Source: Dinar Daddy’s Tidbits
Economic Adviser to the Prime Minister stressed the appearance of Mohammed Saleh, in an interview, Monday, that Iraq imports annually about 70 tons of gold, while pointing out that the decline in gold shows the strength of the Iraqi dinar.
Saleh said, “The large amounts of gold per year intervention in Iraq, ranging between 60-70 tons,” adding that “the abundance of gold with the power of the Iraqi dinar led to lower prices in the local markets.”
Saleh added, that “the global gold prices have fallen dramatically, and decline to make the price of gold is currently less than it was in 1978,” attributing the cause to “purchasing power of the citizen, which was low at the time compared to the current time enjoyed by Iraqi high purchasing power,” explaining that “Other causes that have led to a decline in the price of gold, is the stability of the Iraqi dinar and the high associated with the high dollar is also globally against other currencies.”
The price of gold in the Iraqi market dropped below 200 thousand dinars per weight after it was ranging between 250 thousand to 300 thousand dinars per weight.