An economist explains why the Central Bank of Iraq wanted to buy gold

  • Time: 08/04/2022 20:32:37
  • Reading: 2,496 times
An economist explains why the Central Bank of Iraq wanted to buy gold

  {Economic: Al Furat News} The economic expert, Duraid Al-Anzi, explained, today, Thursday, the reason for the desire of the Central Bank of Iraq to buy gold.

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Al-Enezi said (to Euphrates News) that: “The global economic situation is fluctuating, as dollar prices are falling and reflected in the decline in gold prices, as well as the euro has declined historically, and oil prices today have clearly fallen.” 
He added, “Gold is not infallible from the decline in its prices, and it is not excluded from its impact on the global market,” justifying the reason for the Iraqi Central Bank’s purchase of gold quantities “to be the first in the world to buy gold as a result of the economic vacuum in the country.” 
Al-Enezi pointed out, “The lack of exchange outlets is caused by the lack of political and economic stability and the lack of administrative authority of the government.” 
And the Central Bank of Iraq announced that Iraq advanced ten ranks in the list of countries with the most gold reserves, bringing its total possessions to (130.39) tons, ranking thirty in the world and fourth in the Arab world.
The price of gold globally is affected by the extent of raising and decreasing the value of the dollar, as it is in an inverse relationship between gold and the basket of global currencies such as: the dollar, the euro, the Japanese yen, the British pound, the Chinese yuan, and other currencies. The value of currencies fell, the price of gold rose, while the local market in the Kingdom is directly affected by the global market.

From: Raghad Daham
Editing: Wafaa Al-Fatlawy

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