Sunday, January 12, 2025
Iraq among the five major Arab countries in gold reserves, 12 JAN
Iraq among the five major Arab countries in gold reserves
Economy News _ Baghdad
The World Gold Council announced on Saturday that central banks in five Arab countries have gold reserves exceeding one thousand tons out of 100 countries included in the table of the largest gold reserves in the world.
According to the latest schedule published by the Council in 2025, and seen by “Economy News”, “central banks in the top five Arab countries have gold reserves of up to 1,082 tons.”
The council explained that “Saudi Arabia leads the Arab countries with the largest reserves of gold, where it has 323.1 tons, followed by Lebanon with 286.8 tons, then Algeria in third place with 173.6 tons, and Iraq in fourth place with 152.7 tons, while Libya came fifth with 146.7 tons. ”
The Council Pointed Out That “The United States Of America Leads The World With The Largest Gold Possession, With 8,133.5 Tons, Followed By Germany With 3,351.5 Tons, Then Italy With 2,451 Tons, While Haiti Attook The List With 1.8 Tons.”
The Council also explained that “the total gold reserves in the world are 36,165 tons, of which 10,770 tons represent the reserves of the euro area.”
The World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors affecting the gold market, and its members consist of the world’s largest and most advanced gold mining companies.
EXCERPTS FROM MARKZ, 12 JAN
EXCERPTS FROM MARKZ
Member: so you hold it in an account like that to just wait for an increase in it's value? Sounds good
MZ: In today’s banking world where we do not have parity (same rate values) currencies fluctuate against each other. If you hold currency in a multi currency account –held in the bank account as Iraqi dinars…..not US dollars. Then if the currency rate goes up…..my bank account goes up as well.
Member: If I could bring in 25,000 IQD and hold the rest for later I would jump!
Member: Still hearing no RV until after the inauguration.
MZ: It’s possible. Mr. C is of that belief. But my banking sources still believe there is a good possibility we will have a rate change this evening…… ..late this evening
MZ: if the news is so good after this evening…..I will be here tomorrow to let you all know.
MZ: It always was stated that the best time to do this was between 11PM est and 2AM est on a Saturday night into a Sunday Morning …so maybe?
MZ: But a number of bond contacts told me very clearly it will happen after the 21st or 22nd.
Member: MilitiaMan is excited
MZ: Yes- we spoke yesterday ….He is excited and I am also very excited…there is a lot of good news coming out of Iraq this weekend.
It hosts an international summit.” Fouad Hussein visits Saudi Arabia today, 12 JAN
It hosts an international summit.” Fouad Hussein visits Saudi Arabia today
Iraq’s Foreign Minister, Fouad Hussein, is expected to make an official visit to Saudi Arabia, during which he will meet the leaders of the Kingdom and two counterparts from countries in the region and the world.
A source, who declined to be named, told the Mountain Platform on Saturday that “Foreign Minister Fouad Hussein will head to the Saudi capital Riyadh, at 4:00 pm today, with an official visit.”
Hussein’s visit to Saudi Arabia coincides with the political and security developments left by the fall of Bashar al-Assad’s rule in Syria on December 8, and amid diplomatic activity in the region since then.
According to the official Turkish news agency “Anatolia”, today, the event in Riyadh “will bring together the foreign ministers of Iraq, Syria, Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, Oman, Lebanon, and Jordan.”
The foreign ministers of Britain and Germany will also attend the planned meeting in the Saudi capital, along with the deputy foreign ministers of the United States of America and Italy.
Hussein was scheduled to receive Syrian Foreign Minister Asaad Al-Shaibani today in the Iraqi capital Baghdad, before the latter announced the postponement of his trip to Iraq until further notice.
TIDBIT FROM FRANK26, 12 JAN
Frank26
Question: "What do you think Iraq's time to allow international to exchange our notes?
That's their prerogative. Normally when something like this happens the IMF works with that central bank of that country and they figure out a time frame.
It can be three months...six months. It can be a year. The Untied Sates of America never cancelled our 3 zero notes... America never stopped allowing 3 zero notes to be exchanged but I got a feeling Iraq will and they should.
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