3/23/99 - BAGHDAD, Iraq, Mar 23, 1999 (AP Worldstream via COMTEX) -- Iraq has abolished restrictions on the import of gold, according to a Central Bank ruling published Tuesday. The ruling is aimed at encouraging Iraqis living abroad to bring in the precious metal.
The directive, carried by the weekly al-Iktisadi, said Iraqis need only to declare the gold they have with them to customs officials on the border.
""The gold entering Iraq will be exempt from tariffs,"" the bank directive said. A limit of 5 grams remains on people leaving the country, the paper said.
Before U.N. economic sanctions were imposed in 1990 to punish Iraq for its invasion of Kuwait, the Central Bank was the sole importer of gold.
After sanctions, private traders were allowed to import the precious metal, but they had to pay a 10 percent duty. Licenses also were required.
Demand for the gold has risen dramatically in recent years because Iraqis want to hold it as a hedge against depreciation of the Iraqi dinar. ------
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