bullionstreet.com / Tuesday, January 8th 04:50 PM IST
Iraq is probably the country that is most in need of a great deal of gold reserves given its succession of political and economic crises.
BAGHDAD(BullionStreet): War torn Iraq considering gold as one of the first shelter in times of crisis, according to a parliament committee led by country’s prime minister Nouri al-Maliki.
The Dawlat al-Kanoun parliamentary bloc said gold is the most stable component of official reserves. It will result in the stability and possibly the improvement of dinar exchange rates.
The Iraqi dinar exchange rate is based on the amount of cash reserves, which include not only money but gold as well.
Iraq’s gold holdings quadrupled to 31 tons, the first time something like this has happened in years.