Official: CBI News 05/30/2023

[6ly410]

 

The Central Bank of Iraq strengthens its balance of gold by buying new quantities

Posted 10 seconds ago

 

Iraq Today (iraqtoday-com.translate.goog)

News Source /Iraq Today Agency

Baghdad - Iraq Today:

Iraq's central bank boosted its gold reserves by about 2% in a single day last week as part of what it calls a gradual plan to stock up on the precious metal seen as a traditional haven in times of economic crisis.

Mazen Sabah, director general of the Central Bank of Iraq's Investment Department, said in an interview in Baghdad that Iraq bought 2.5 tons of bullion on Thursday to raise its gold reserves to 132.73 tons.

Sabah said the strategy is to get more gold in the second half of the year, according to Bloomberg.

"Our current plan is to buy small quantities several times and not a large amount at once," Sabah said.

Central banks around the world are expanding their bullion holdings amid mounting geopolitical and economic risks. Iraq, OPEC's second-largest oil producer, resumed gold purchases in 2022 after a four-year hiatus, as part of a program to diversify its roughly $100 billion in foreign assets.

Add more gold

The Central Bank of Iraq bought 34 tons of gold last June, an increase of 35 percent in its reserves.

As the Central Bank of Iraq stores bullion at the Bank of England and the Bank of France.

Sabah said the central bank's approach is to add more gold to its reserves whenever the price of the precious metal reaches a commensurate level with the investment ministry's guidelines.

[6ly410]

Storage in Britain and France. Central Bank of Iraq plans to buy "tons of gold"

Economy | Yesterday, 22:13 | 

    Storage in Britain and France. Plan for the Central Bank of Iraq to buy "tons of gold" » Baghdad News Agency Today (baghdadtoday.news)

 

Baghdad Today - Translation

Revealed magazine Mining on natural resources, on Monday, the rise of Iraq's strategic storage of gold by 2% after intermittent purchases said they "come within the strategy of the Central Bank to obtain "tons of gold" as a source of reserve funds. "

The magazine explained, according to what was translated (Baghdad Today), that "Iraq raised its reserves of gold by 2% in just one day after buying 2.5 tons of gold last Tuesday," stressing that "the strategy of the Central Bank will include the purchase of "tons of gold" intermittently during the remaining half of this year. "

The magazine also said that "Iraq, which now owns 132 tons of precious metal, is storing those quantities in the "French and British Bank," stressing that they are "not inside Iraq," stressing the importance of gold current in the economy due to the deterioration of the US economy and the Washington government to raise interest rates on the dollar continuously.

The magazine also pointed out that the current Central Bank strategy to buy quantities of gold intermittently comes in conjunction with a continuous rise in gold prices may lead to the cost of Iraq additional funds due to the demand of investors to buy the precious metal in an attempt to avoid the negative effects of raising interest on the price of the dollar, as described.

[NMP2017]

huh...all that gold...all that oil...and a worthless dinar at 1320-1? uh huh, sumthin gotta change! and soon! 😁

Edited May 29, 2023 by NMP2017

[cjdavid]

I thought there is a gold shortage? 

[T B]

yea its a shortage from our pockets to the corrupt , you know whats! they cant live forever and wont take it where they are going! get em JESUS !  BE BLESSED, WONT BE LONG THIS GAME WILL BE OVER! I WAITED ALL THESE YEARS SO GUESS I CAN HANG ON!😂

[screwball]

1 hour ago, T B said:

yea its a shortage from our pockets to the corrupt , you know whats! they cant live forever and wont take it where they are going! get em JESUS !  BE BLESSED, WONT BE LONG THIS GAME WILL BE OVER! I WAITED ALL THESE YEARS SO GUESS I CAN HANG ON!😂

now thats the attitude! THATS WHAT I AM TALKING ABOUT!!!

[Officiallytook]

Yeah I'm trying to increase my gold position too.. now bless our 🏦's

[yota691]

The Central Bank announces the purchase of gold of approximately 2.3 tons and maintains its rank globally

 

  

May 30, 2023

 

---

---

The Central Bank of Iraq announced the purchase of new quantities of gold of approximately 2.3 tons, which resulted in an increase in its holdings of this metal by 1.79%, bringing its total to (132.74) tons, maintaining its sequence in rank (30) in the order of gold holdings. to the countries of the world.
The Investments Department of the Central Bank of Iraq stated that the purchase came with the aim of increasing its holdings of gold in light of the economic and political conditions that the world is witnessing.
It is noteworthy that gold is one of the most important components of the reserves held by banks and international financial institutions, as these banks and institutions constantly increase their reserves of this metal, because of this measure’s positive impact on the financial solvency of these institutions and the creditworthiness of their countries.

 

The Central Bank of Iraq,
Media Office,
May 30, 2023

[yota691]

Iraq storms the gold market with massive purchases!

2023.05.29 - 16:29

 

Baghdad - Nas  

Iraq's central bank boosted its gold reserves by about 2% in one day last week as part of what it calls a gradual plan to stockpile the precious metal, which is seen as a traditional haven in times of economic crisis.  

  

  

  

Mazen Sabah, Director General of the Investments Department of the Central Bank of Iraq, said in an interview in Baghdad that Iraq bought 2.5 tons of bullion on Thursday, raising its gold reserves to 132.73 tons.  

  

Sabah explained that the strategy is to get more gold in the second half of the year, according to Bloomberg.  

  

He continued, "Our current plan is to buy small quantities several times, not a large amount at once."  

  

Central banks around the world are expanding their bullion holdings amid mounting geopolitical and economic risks. Iraq, OPEC's second-largest oil producer, resumed gold purchases in 2022 after a four-year hiatus, as part of a program to diversify its roughly $100 billion in foreign assets.  

  

Add more gold  

  

The Central Bank of Iraq bought 34 tons of gold last June, an increase of 35 percent in its reserves. As the Central Bank of Iraq stores bullion at the Bank of England and the Bank of France.  

  

Sabah said the central bank's approach is to add more gold to its reserves whenever the price of the precious metal reaches a level commensurate with the investment ministry's guidelines.  

  

Gold, which was within striking distance of a record earlier this month, suffered its third consecutive weekly loss as signs of resilience in the US economy increased the likelihood that the Federal Reserve would continue to raise interest rates.  

  

Demand for gold from central banks fell to 228.4 tons in the first quarter, down 40% from the previous three months, according to a report by the World Gold Council. While this is still strong, it is the second consecutive quarter of decline, in a sign that bullion purchases by institutions may be coming to an end.  

[yota691]

The Central Bank announces the purchase of gold of approximately 2.3 tons and maintains its rank globally

• Time: 05/30/2023 08:30:26
•  
• Read: 1,443 times

  

{Economic: Al Furat News} The Central Bank of Iraq announced, today, Tuesday, the purchase of new quantities of gold of approximately 2.3 tons, which resulted in an increase in its holdings of this metal by 1.79%, bringing its total to (132.74) tons, maintaining its sequence Ranked (30) in the ranking of world gold holdings.

The Investments Department of the Central Bank of Iraq stated, "The purchase came with the aim of increasing its holdings of gold in light of the economic and political conditions that the world is witnessing."

It is noteworthy that gold is one of the most important components of the reserves held by banks and international financial institutions, as these banks and institutions constantly increase their reserves of this metal, because of this measure’s positive impact on the financial solvency of these institutions and the creditworthiness of their countries.

[yota691]

Iraq raises its gold holdings by purchasing more than two tons of the yellow metal

2023-05-30 01:47

 

 

Shafaq News/ The Central Bank of Iraq announced, on Tuesday, the purchase of new quantities of gold, approximately 2.3 tons, which resulted in an increase in its holdings of this metal by 1.79%.

 

Thus, the total possession of Iraq becomes (132.74) tons, maintaining its sequence in the (30th) rank in the arrangement of gold holdings for the countries of the world.

 

The Investments Department of the Central Bank of Iraq said in a statement today that the purchase came with the aim of increasing its holdings of gold in light of the economic and political conditions the world is witnessing.

 

The statement indicated that gold is one of the most important components of the reserves held by banks and international financial institutions, as these banks and institutions constantly increase their reserves of this metal, because of this measure’s positive impact on the financial solvency of these institutions and the creditworthiness of their countries.

[boosterbglee]

Would be interesting to know without being lied to....how much gold does the US hold!

["Fred"]

A news source mentioned a few months ago the US doesn’t have an actual count on our gold and that’s how this administration wants it 

 

don’t shoot the messenger just passing it a long 

 

 

[Mary B]

its easy to count nothing

[Laid Back]

-Foreign Currency Reserves Growing 

-Gold Reserves Growing

-US dollar banned inside Iraq 

-The biggest budget in Iraq history 

-Oil agreement between the Kurds and the federal government 

-New salary Scale

-Enhancing the banking system 

-Developing non oil sector

 

All of the above make me believe we will see a stronger dinar.

 

GO STRONGER DINAR $1+

[Dretown39]

1 hour ago, Laid Back said:

-Foreign Currency Reserves Growing 

-Gold Reserves Growing

-US dollar banned inside Iraq 

-The biggest budget in Iraq history 

-Oil agreement between the Kurds and the federal government 

-New salary Scale

-Enhancing the banking system 

-Developing non oil sector

 

All of the above make me believe we will see a stronger dinar.

 

GO STRONGER DINAR $1+

Yes sir & hopefully this year!

[Officiallytook]

33 minutes ago, Dretown39 said:

Yes sir & hopefully this year!

Hopefully today! 😆

[SocalDinar]

Every Fiat currency eventually fails. Everyone loves the shiney shiney.  Smart move to have gold in your portfolio and not paper gold. Gold is real money 

[SocalDinar]

23 hours ago, cjdavid said:

I thought there is a gold shortage? 

Not on my claims HAHA. Its gonna be a great year to mine the rivers in Northern CA this year.

[cjdavid]

When investing in physical gold and silver, make sure it’s smaller coins/pieces. You don’t want to give an ounce of gold for a loaf of bread when a 10th might do. 

[coorslite21]

https://www.rs.iq/iraq_news/view/22599

[yota691]

Iraq boosts its reserves of "precious metal"

Economical  06/03/2023

 

 

 Baghdad: Shukran Al-Fatlawi

 

Experts and researchers in the economic affairs considered the purchase of new quantities of the yellow metal as a "right direction" by the Central Bank of Iraq, pointing out that many countries of the world are striving to possess it in support of their reserves due to the state of apprehension resulting from the geopolitical and economic instability that dominates the global scene. . 

 

The Central Bank of Iraq recently announced the purchase of new quantities of gold of approximately 2.3 tons, which resulted in an increase in its possession of this metal by 1.79 percent, bringing the total that Iraq possesses (132.74) tons, maintaining its sequence in the rank (30) in the ranking. Possession of gold for the countries of the world.

 

Economist Dr. Nabil Al-Marsoumi said to "Al-Sabah": "The trend towards the acquisition of the precious metal represents an important and desirable matter in monetary policy, in addition to being a wise act by the Central Bank of Iraq that simulates the behavior of central banks in the world."

 

Al-Marsoumi added, "The United States of America has the largest gold reserves in the world, estimated at 8,000 tons, followed by Germany, and Iraq is currently moving in this direction to diversify its investment portfolio," noting that "gold constitutes about 9 percent of international reserves."

 

The spokesman believes that the acquisition of gold represents a correct global trend by central banks as a result of its continuous rise, so that global central banks go to buy more of it in support of international reserves due to fears of an imminent economic recession, which leads to preferring hedging from it to avoid global inflation.

 

Al-Marsoumi indicated that it is expected that central banks will continue to purchase the precious metal in the short term due to the state of geopolitical and economic instability that dominates the global scene as a result of the Ukrainian war and before that the Corona pandemic, pointing out that Iraq is working to maintain its thirtieth position in the ranking of countries in possession of gold. 

 

In turn, the researcher in economic affairs, Imad Al-Muhammadawi, told Al-Sabah: Several countries are seeking to possess gold, with the aim of doubling their reserves of the precious metal and thus increasing their hedges to confront inflation due to their apprehension about the future of the global economy, pointing out that Iraq is not the only country that seeks that, but most International banks tend to support their international reserves.

 

Al-Muhammadawi confirmed that the data issued by the World Gold Council indicated that international investment funds purchased 32 tons of gold last March for the current year 2023, equivalent to $1.9 billion.

 

It is noteworthy that the Investments Department of the Central Bank of Iraq made it clear that the purchase process came with the aim of increasing its possession of gold in light of the economic and political conditions that the world is witnessing, noting that gold is one of the most important components of the reserves held by banks and international financial institutions, as these banks and institutions deliberately To increase its reserves of this metal on an ongoing basis, because this procedure has a positive impact on the financial solvency of these institutions and the creditworthiness of their countries.

[yota691]

A 'right direction'.. Iraq is boosting its reserves of the 'precious metal'

2023.06.03 - 10:04

 

Baghdad - Nas  

Experts and researchers in the economic affairs considered the purchase of new quantities of the yellow metal as a "right direction" by the Central Bank of Iraq, pointing out that many countries of the world are striving to possess it in support of their reserves due to the state of apprehension resulting from the geopolitical and economic instability that dominates the global scene. .  

 

  

  

The Central Bank of Iraq recently announced the purchase of new quantities of gold of approximately 2.3 tons, which resulted in an increase in its possession of this metal by 1.79 percent, bringing the total that Iraq possesses (132.74) tons, maintaining its sequence in the rank (30) in the ranking. Possession of gold for the countries of the world.  

  

Economist Dr. Nabil Al-Marsoumi said in a statement to the official newspaper, followed by "NAS" (June 3, 2023), that "the trend towards the acquisition of precious metal represents an important and desirable matter in monetary policy, in addition to being a wise act by the Central Bank of Iraq that simulates the behavior of central banks." In the world".  

  

Al-Marsoumi added, "The United States of America has the largest gold reserves in the world, estimated at 8,000 tons, followed by Germany, and Iraq is currently moving in this direction to diversify its investment portfolio," noting that "gold constitutes about 9 percent of international reserves."  

  

The spokesman believes that the acquisition of gold represents a correct global trend by central banks as a result of its continuous rise, so that global central banks go to buy more of it in support of international reserves due to fears of an imminent economic recession, which leads to preferring hedging from it to avoid global inflation.  

  

Al-Marsoumi indicated that it is expected that central banks will continue to purchase the precious metal in the short term due to the state of geopolitical and economic instability that dominates the global scene as a result of the Ukrainian war and before that the Corona pandemic, pointing out that Iraq is working to maintain its thirtieth position in the ranking of countries in possession of gold.  

  

In turn, the researcher in the economic affairs, Imad Al-Muhammadawi, said in a statement to the official newspaper, that several countries are seeking to possess gold, with the aim of doubling their reserves of the precious metal and thus increasing their hedges to confront inflation due to their apprehension about the future of the global economy, pointing out that Iraq is not the only country that seeks that, but most International banks tend to support their international reserves.  

  

Al-Muhammadawi confirmed that the data issued by the World Gold Council indicated that international investment funds purchased 32 tons of gold last March for the current year 2023, equivalent to $1.9 billion.  

  

It is noteworthy that the Investments Department of the Central Bank of Iraq made it clear that the purchase process came with the aim of increasing its possession of gold in light of the economic and political conditions that the world is witnessing, noting that gold is one of the most important components of the reserves held by banks and international financial institutions, as these banks and institutions deliberately To increase its reserves of this metal on an ongoing basis, because this procedure has a positive impact on the financial solvency of these institutions and the creditworthiness of their countries.