Member of the Finance Committee, Mudhar Maan, confirmed on Friday that Iraq has increased its balance of what he called safe havens.
Maan said in an interview with Al-Maalouma that “Iraq has adopted a good strategy in diversifying the financial reserves available to it in the Central Bank, especially gold, the balance of which has risen according to the latest readings to about 150 tons.”
He added that “there are 3 positives to Iraq’s strengthening of its gold balance, the most prominent of which is confronting the fluctuations in international financial markets, as it represents a desirable guarantee in the markets, in addition to strengthening the country’s financial capacity.”
He pointed out that “Iraq is adopting a vision in increasing its reserves at the Central Bank, expressing his hope to move to dealing with a diverse basket of currencies and committing to setting sufficient reserves that make us more able to confront any financial fluctuations in global markets.”
It is noteworthy that gold reserves in banks affect financial dealings by adding another advantage to the strength of the currency and the economy and the possibility of resorting to them in times of need.”
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