wmawhite Quote: “Central banks are buying gold coins called gold and confirms the arrival of the 100 dinar coin” ...this new CBI announcement appears to be straight forward and is in keeping with what they said they would do four weeks ago.
At that time the CBI stated that 70% of all of the currency that is out in Iraq was being kept by individual citizens and that they (CBI) had plans to draw that currency into the banks.
Well, here it is. However, what is more amazing is what appears to be the placing of a value upon the individual dinar based upon a world accept value of gold.
If the translation is correct the CBI is stating that they are selling 15 and 25 gram coins for 100 IQD and 250 IQD. The current spot price of gold is $1,100 per ounce. 25 grams is .77 oz. .77 of $1,100 is $847. Divide $847 by the 250 IQD and you have an equal value of $3.38 per IQD.