The consultant of private banks association, Salam Sumaisem described officials’ statements in the Iraqi Central Bank on increasing gold reserves of the central bank to stabilize the price of the national currency against the foreign currency , as “foggy.”
She told the National Iraqi News Agency / NINA/ that “rising gold reserves of the central bank to 90 tons is a positive sign to support the level of stability in the price of the national currency , but the central bank cut the price of the Iraqi dinar in currency’s auction to 1,200 dinar against the U.S. dollar after it was 1180 – 1185 dinars to the dollar and that raises the question. “
She added, “The decision to increase the reserve of gold was taken by chance without plan or economic vision and did not combine with cutting price of the dinar with the increase in the reserve of gold ,” noting that ” the central bank’s plans are still and inaccurate .”
She continued: “All the plans for the central bank are controlled by the practices of central and totalitarian regime in all its actions” calling the central bank to “take advantage of this reserve for more freedom from the constraints imposed by the monetary policy that affects the real price of the dinar and the level of monetary stability in Iraq.
The central bank announced a rise in its reserves of pure gold about / 90 / ton, after baying 60 tons during the last two months.
A statement of the Central Bank of Iraq , said that ” the bank’s reserves of pure gold reached 90 tons , after baying 60 tons during the last two months in a policy to support the value of the Iraqi dinar .”
The central bank said that “its gold reserves have doubled to three times of the end of 2012.”