Government consultant exposes Iraq’s gold reserves and hedges from “unconsidered races” to buy it
The economic adviser to the Prime Minister, Mazhar Mohammed Saleh, revealed Iraq’s gold reserves, which are estimated at 152 tons.
The useful summary.. In the important news, you will find it on the Al-Furat News channel on Telegram.To subscribe, click here
Saleh said {For the Furat News} that: “Gold reserves are undoubtedly an important part of Iraq’s foreign exchange reserves, as it contributes to strengthening financial stability and confidence in the national currency, and according to the announced data, gold reserves amounted to about 152 tons.”
He added, “The approximate value of it in the country’s foreign investment portfolio is about $14 billion, which constitutes about 13% of the total diversification of that portfolio, which is distributed in standard proportions among other foreign currencies.”
Waad Saleh, gold is “a safe haven for the balance of the aforementioned investment portfolio, especially when the exchange rates of some currencies or the volatility of interest on the investment of those currencies are exposed to uncalculated risks in the short term as a result of decline or volatility.”
He pointed out that “central banks often follow the standard guidelines, including our country in diversifying their investment portfolios in foreign currency, which adopt many standards, including the intensity of the commercial areas with which it deals in global trade and investment.”
“Our country is monitoring this diversification with high accuracy and careful advisory precaution, Saleh said, and it is not necessarily entering into unconsidered races in the yellow metal markets,” Saleh said, noting that “gold often bears the costs of managing it, whether from securing and storage wages in international gold vaults and according to high-precision mechanisms.”
He stressed that “its importance represents the possibility of issuing bonds when needed called gold bonds guaranteed in gold,” pointing to “the existence of donations currently in the world due to the change of the US administration and the rise in its prices.”
According to the Sudanese adviser’s statement, “the state of uncertainty surrounding the new administration of the United States has led to high gold prices globally, as gold is a safe haven for investors in times of instability,” pointing out that “nevertheless, strengthening of gold reserves depends on the decisions of the monetary authority and its strategies in maintaining economic stability, and taking the necessary measures in a timely manner.”
