Brule: Iraq Buys 36 Tonnes Of Gold To The Strengthening Of The Currency
2 28 2015 BAGHDAD / .. of the Finance Committee in the House of Representatives on Saturday revealed, for the purchase of Iraq's 36 tons of gold bullion to strengthen the Iraqi currency
Said committee member Ahmed Hama, told the "eye Iraq News," The Iraqi government has bought 36 tons of gold bullion to raise the value of the Iraqi currency in the global markets and thereby became Iraq is ranked 37 among the nations of the world. "
G-Lin "the move to buy gold will lead to raising the efficiency of the Iraqi economy in the near future,"
I like that. TY Brule. ;)
Mike Thanks, Brule. This is the second time in six months Iraq's media has put out this article from their 2014 gold purchase, I wonder why? I mean, it's accurate, Iraq has the 37th largest gold reserve in the world, and they did purchase the 36 tons.
Maybe they're trying to tell the world that their reserves in both currency and gold are solid and they're ready for a change, here's hoping!
( I can't find anything current that talks about this large of a purchase, if anyone else can, please post )
Livefree Apparently this is in addition to the 43 tonnes they bought not too long ago, so why would they need so much gold, which they've admitted is to help increase the value of the dinar, if they planned on free floating from 1166? Wouldn't make sense would it?
Flyboy Here's hoping...you got that right...!!! Thanks G-Lin
Rocko The last purchase was in 2014 and it was 36 tonnes. They currently have about 90 tonnes.
Scroll down to the bottom of the chart where Iraq sits.
Mike Livefree, I believe Iraq bought 48 tons of gold during all of 2014......
Iraq buys 48 tonnes of gold
Announced the World Gold Council (WGC) for the purchase of the Central Bank of Iraq's 48 tonnes of gold during 2014, bringing the Iraq reserves of gold material and contribute to the diversification of its reserves.
In an interview with Radio Free Iraq, the economic advisor to Prime Wazzramzar Mohammed Saleh importance that Iraq diversify its reserves of gold and the dollar so that the cover of the Iraqi currency, pointing at the same time that the states do not prefer gold much of the difficulty of his investment and the cost of flooring that paid for the country equipped fees.
Saleh pointed out that gold typically constitute 6% of central bank reserves of hard currency, noting that "48 tonnes of gold at the moment, a gold in the bank the amount is sufficient and commensurate with the hard currency reserves."
It is believed a member of the Parliamentary Finance Committee MP Ahmed Rasheed flesh to buy this amount of gold may be used by the central bank as a cover for the new currency, which purports Bank issued and is also used as a cover for the process of deletion of zeros from the Iraqi currency.
Rashid pointed to the current financial situation does not encourage the purchase of larger quantities of gold material.
To that count economist Bassem Jamil Antoine purchase this large gold "good gesture to diversify currency amounts and not limited balances at the central bank on the dollar only", pointing out that gold is one of the balances guarantor of the Iraqi economy, which contribute to maintaining the value of the Iraqi dinar .
The CBI had announced in 2013, on his quest to find a balanced ratio of gold with hard currency reserves, saying that as the size of the reserve increases less than the contribution of the other ingredients.
It is noteworthy that the International Monetary Fund said in 2012 that Iraq had boosted its gold reserves to reach more than 31 tons, explaining that Iraq bought 23.9 tons of gold in the month of August of the same year.
Iraq has been yelling as loud as they can about their reserves in both dollars and gold, maybe they're trying to tell the world something?
Livefree Yeah Mike and I seem to remember calculating that amount into tons and it was something like 53 tons. And now 36 more, so inlight of this and the way the article is worded is it safe to 'assume' that they wouldn't need 90 tonnes like rocko pointed out if they were to free float from 1166?
Brule The World Gold Council report, dated Feb 2015, although notes data was collected through December 2014 for most countries, lists the CBI with 89.8 tonnes, which is 5% of CBI's reserves according to the report. The price came from the London Gold Market Fixing December rate of $1206. per ounce.
With those numbers, the value of CBI's gold reserves is $3,820,127,745, making total CBI reserves $76,402,554,900.
Yeah man they trying to build confidence in the Iraqi economy. They saying yeah boyz, look at us, look how much gold we got, we just about to explode our economy and yall better get in quick. Word!
Schiz I'm pretty sure I remember them hitting 100 tons........but saying that my memory really is terrible and it is quite possible I could have dreamt it :P
I think they got more than we know...or they announce.
Maybe they have re released this article because another 36 tons have been bought, we know from experience they will re-use an old article if they can in true iraqi lazyness
Mike Yes, livefree and Schiz, it's pretty amazing how much gold Iraq has. Here's an excerpt from Goldcore talking about the 36 tonnes they bought in March 2014:
The Central Bank of Iraq said it bought 36 tons of gold this month to help stabilise the Iraqi dinar against foreign currencies, according to a statement from the bank that was emailed this morning.
It is very large in tonnage terms and Iraq’s purchases this month alone surpasses the entire demand of many large industrial nations in all of 2013. It surpasses the entire demand of large countries such as France, Taiwan, South Korea, Malaysia, Singapore, Italy, Japan, the UK, Brazil and Mexico. Indeed, it is just below the entire gold demand of voracious Hong Kong for all of 2013 according to GFMS data (see chart
Schiz Cheers Mike, excellent stuff. I get moments of excitement when I think of the rate they could have. I just hope they get going soon. I really do think we are on the home straight now, watching currency reform unfold right before our eyes.... just iraqi style, slo-mo
Rockstar Yes Mike really makes you wonder why they keep recycling this article! The original date of this article is March 25th 2014.
Tlar Schiz, you have a good memory. At one time in 2013 the CBI reported in the press that the foriegn currency reserves had hit 100 billion, they immediately followed up with an other article stating their gold reserves were equal to their currency reserves. So where did it all go?
We only saw one article in middle of 2014 that stated the CBI was planning depositing another billion in BIS. They have been very quiet about their holdings and deposits at BIS.
This is after we know they had opened up an account wirh BIS in December of 2013 and started making deposits in January 2014. And that article followed an article released in 2013 stating the US was releasing 82 billion to Iraq of their assets that had been held for years while Iraq was under Chapter VII.
Where is that money? I have said all along that the assets they continue to state as reserves is not the full picture. We will never have a full picture of their reserves until we know how much is truly deposited in BIS both gold and currencies.
I always figured that they were hiding th money from the Maliki government as they also took the base reserves at the CBI and secured those in other countries toward the end of 2013. I am not sure what they have anymore but I feel pretty good that there is alot deposited with BIS today tlar
Jb Where does a country claiming to be broke get the money to buy that much gold. Beats the heck out of me. I don't understand that country at all or any of it's doing's. Not trying to be negative, just confused!
Flyboy jb, it not the CBI claining to be broke..it the GOI. Very different...