CBI to bolster gold reserve due to decrease gold price

25/07/2013

Member of the Economic Committee & the MP from Al Iraqiya Noura Salem Al Begari, confirmed that low gold on the world market doesn’t effect on the reserve at the Central Bank.
She stated, “Central Bank has $ 76 billion of oil reserves and 7 billion dollars in gold reserves, distributed in the Bank for international settlements as a cover for the Iraqi currency.”
She added that it is in fact a great opportunity for the Central bank to enhance its gold reserve for the future as this is the perfect time to invest on Gold as the market situation is presently down.
It has to be noted that due to the economic crisis in United States, gold price has experienced rapid fall recently. However, investors are considering this as the best opportunity to invest in the gold. On the other hand, Iraq has taken a major step to strengthen its reserves of gold to join other central banks from emerging market economies such as Brazil and Russia to diversify foreign reserves.

Last Update:: 25/07/2013

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