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KTFA
Clare » August 24th, 2024
More than 100 tons.. Iraq is the ninth largest buyer of gold in 2024
8/24/2024 Economy
Iraq ranked ninth globally among the top 10 countries buying gold this year. What is meant by gold is converting foreign currency reserves into gold, not the gold of goldsmiths and citizens.
Iraq bought 100 tons of gold this year, coming in ninth out of the top 10 countries buying gold this year, compared to 1,298 tons bought by Russia, as interest in buying gold is growing amid rising geopolitical tensions and economic fluctuations.
This comes as the precious metal hit an all-time high of $2,531.75 an ounce after breaking above $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
Bullion typically benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield properties. LINK
Iraq and America to resume negotiations on the banking sector next Monday
8/24/2024 Baghdad
A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.
An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.
He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.
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He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks. LINK
Source: Dinar Recaps
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