Iraqi hard cash and gold reserves hit new highs
By Abbas Al-Baghdadi
Iraq’s hard cash and gold reserves are surging and their sheer volume makes it difficult to decide how to invest them, Iraqi lawmakers said.
Hard cash reserves, they said, have skyrocketed to $76 billion and god bullions to 30 tons.
“We are in need of a sound economic policy to invest our reserves,” said Salman Mohammed who sits on the parliament’s Economic Commission.
Salman hinted that the country lacked a clear and transparent policy on how to invest its reserves, which are rising almost on a monthly basis due to the influx of royalties from increased levels of oil exports.
“It is necessary to preserve these reserves through well-planned investment with good and guaranteed returns,” Mohammed said.
Another deputy, Kadhem al-Shamari said quick and sound measures were required on how to invest the country’s “$76 billion and gold bullions of 30 tons.”
Last week, the Central Bank predicted a bright future for Iraqis, saying the economy was strong with the potential to address any future economic and financial hurdles facing the country.
The country’s massive hard cash and gold reserves have prompted the parliament to expedite its debate and approval of a draft law that will make it incumbent on the government to set up a generations fund to guarantee that Iraq’s future generations will also have a chance to benefit from the current riches.Source
By Abbas Al-Baghdadi
Iraq’s hard cash and gold reserves are surging and their sheer volume makes it difficult to decide how to invest them, Iraqi lawmakers said.
Hard cash reserves, they said, have skyrocketed to $76 billion and god bullions to 30 tons.
“We are in need of a sound economic policy to invest our reserves,” said Salman Mohammed who sits on the parliament’s Economic Commission.
Salman hinted that the country lacked a clear and transparent policy on how to invest its reserves, which are rising almost on a monthly basis due to the influx of royalties from increased levels of oil exports.
“It is necessary to preserve these reserves through well-planned investment with good and guaranteed returns,” Mohammed said.
Another deputy, Kadhem al-Shamari said quick and sound measures were required on how to invest the country’s “$76 billion and gold bullions of 30 tons.”
Last week, the Central Bank predicted a bright future for Iraqis, saying the economy was strong with the potential to address any future economic and financial hurdles facing the country.
The country’s massive hard cash and gold reserves have prompted the parliament to expedite its debate and approval of a draft law that will make it incumbent on the government to set up a generations fund to guarantee that Iraq’s future generations will also have a chance to benefit from the current riches.Source