Information/Baghdad… A member of the Finance Committee, Mudar Maan, confirmed on Friday that Iraq had increased its balance in what he called a safe haven. Maan said in an interview with Al-Ma’louma,
“Iraq has adopted a good strategy in diversifying the financial reserves it has in the Central Bank, especially gold, the balance of which has risen according to the latest readings to about 150 tons.”
He added, "There are three positives to Iraq's strengthening of its gold balance, the most notable of which is
confronting the fluctuations of the international financial markets. It also represents a
desirable guarantee in the markets, in addition to
strengthening the country's financial capacity."
He pointed out that "Iraq is adopting a vision to increase its reserves with the Central Bank, expressing his hope to move to dealing in a diversified basket of currencies and
committing to setting sufficient reserves that will make us more capable of facing any financial fluctuations in global markets."
It is noteworthy that gold reserves in banks affect financial dealings by adding another advantage to the strength of the currency and the economy and the possibility of resorting to them in times of need.
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