difc - the case for gold as a reserve asset in the gcc

8/8/2019 DIFC - The Case for Gold as a Reserve Asset in the GCC

1/28

[lb Mj}b ngu Agik j} jUb}bu~b J}}b{ ho {lb AMM

Ku/ Oj}}bu ]jhkh . Ku/ Njehg ]mjmmhj~hiijoh

[lb Mj}b ngu Agik j} jUb}bu~b J}}b{ ho {lb AMM

Ku/ Oj}}bu ]jhkh . Ku/ Njehg ]mjmmhj~hiijoh


2/28

Jr{lgu}

Ku/ Oj}}bu ]jhkh) Ku/ Njehg ]mjmmhj~hiijoh $

KHNM Bmgogchm}4

Ku/ Oj}}bu ]jhkh

B#cjhi4 oj}}bu/}jhkh@khm/jb

[bi4 &81: ; =>5 5220

Ku/ Njehg ]mjmmhj~hiijoh

B#cjhi4 jehg/}mjmmhj~hiijoh@khm/jb

[bi4 &81: ; =>5 522;

Jj{lhuj Puj}jk

B#cjhi4 jj{lhuj/puj}jk@khm/jb

[bi4 &81: ; =>5 5;15 5;5:

$ Qb jub hokbe{bk {g Jj{lhuj Puj}jk jok [gccj}g Ugh gu {lbhu j}}h}{jomb/

Ngu bozrhuhb}) pibj}b mgo{jm{ Ku/ Oj}}bu ]jhkh ' Ku/ Njehg ]mjmmhj~hiijoh

Jii Uhal{} Ub}bu~bk) Gm{gebu 50:0

[lh} pjpbu }lgrik og{ eb ubpgu{bk j} ubpub}bo{hoa {lb pg}h{hgo g {lb KHNM/ [lb ~hbq} b|pub}}bk ho {lh} pjpbu jub {lg}b g {lb

jr{lgu} jok kg og{ obmb}}juhix ubpub}bo{ {lg}b g {lb KHNM) ogu g {lb Ag~buocbo{ g Krejh gu jox Nbkbuji egkx/


3/28

;

[jeib g Mgo{bo{}

B|bmr{h~b ]rccjux :

Ho{ugkrm{hgo 5

J Euhbn Lh}{gux gn {lb ACR =

Gp{hcji Mgcpg}h{hgo gn Ub}bu~b} 2

[lb Ugib jok ^jirb gn Agik :0

Ugib gn agik j} j ub}bu~b j}}b{ :5

Mgomir}hgo} :8

Ubnbubomb} 50

Jppbokh| : Ejmfaugrok Kj{j 5:

Jppbokh| 5 #[hcbihob gn {lb Arin Cgob{jux Rohgo 5=


4/28

:

B|bmr{h~b ]rccjux

[lh} pjpbu gmr}b} go }gcb fbx j}pbm{} g {lb Ari

Cgob{jux Rohgo jok }pbmhmjiix go {lb obq mbo{ujiejof pgihmx ho {lb jubj g ub}bu~b cjojabcbo{

pgihmx/ H{ qhii jkkub}} qlb{lbu lgikhoa j }re}{jo{hji

pju{ g ub}bu~b} ho agik qgrik boljomb {lb }{jehih{x

g {lb obq mruubomx jok ho abobuji lgq j ub}bu~b

cjojabcbo{ pgihmx qlhml homirkb} agik jub} jajho}{

{lb ji{buoj{h~b }{uj{bax ubixhoa b|mir}h~bix go lgikhoa

j}}b{} kbogchoj{bk ho j{ mruubomhb}/

[lb guhahoji kbjkihob g Djorjux 50:0 gu {lb Ari

Cgob{jux Rohgo ,ACR( lj} ebbo ch}}bk jok j obq

kbjkihob lj} og{ ebbo }b{/ Kb}ph{b {lh} }b{ejmf {lb

pugmb}} lj} og{ lji{bk jok jm{rjiix) jqjx ugc {lb

ihcbihal{) {bmlohmji mgcch{{bb} jub qgufhoa) qh{l

{lb pijo} gu {lb hombp{hgo g {lb AMM Cgob{jux

Mgromhi b|pbm{bk {g eb ojihtbk ex Njii 50:0/ Gomb {lb

guburoobu g {lb Ari Mbo{uji Ejof h} ho pijmb qh{l {lb

jppgho{cbo{ g {lb Ag~buogu) gob mjo bo~h}jab }{bjkx

pugaub}} eg{l ho {lb ho}{h{r{hgoji ujcbqguf jok ho {lb

{bmlohmji j}pbm{}/

Mubkhehih{x qhii eb {lb fbx h}}rb gu {lb obq mruubomxjok {lbubgub jo hcpgu{jo{ {j}f gu {lb Ari Mbo{uji

Ejof qgrik eb {g }b{ ho pijmb mgokh{hgo} {lj{ eujmb {lb

{ur}{ g ho{buoj{hgoji cjufb{}/ H{ h} ihfbix {lj{ {lb Ari

mruubomx qhii hoh{hjiix eb pbaabk {g {lb R] kgiiju) er{

gomb {lb hoh{hji plj}b ho qlhml {lb {bmlohmji j}pbm{}g cgob{jux pgihmx mgokrm{ qhii eb {b}{bk h{ h} igahmji

{g b|pbm{ {lj{ {lb b|mljoab uj{b urib qhii eb cgub

nb|heib qh{l j pba {g j mruubomx ej}fb{) bh{lbu }hchiju

ho mgcpg}h{hgo {g {lb ]KU) gu ubnbm{hoa {ujkb }ljub}/

J ihofbk h}}rb h} qlb{lbu {lb mgcpg}h{hgo g ub}bu~b}

mgrik lbip ho mgobuuhoa {lb obq mruubomx mubkhehih{x

jok qlb{lbu h{ h} pg}}heib {g kbcgo}{uj{b zrjo{h{j{h~bix

{lj{ homirkhoa agik qgrik lbip {g jmlhb~b eb{{bu cjmug#

bmgogchm }{jehih{x/ Qb mgokrm{ j }buhb} g }hcrij{hgo}

ej}bk go pj}{ kj{j {g mjimrij{b {lb ub{ruo go j pgu{gihg

g ub}bu~b} j}}b{} qh{l jok qh{lgr{ agik/

Gru ub}ri{} hokhmj{b {lj{ h j ubij{h~bix mgo}bu~j{h~b

mbo{uji ejof }lgrik lgik agik j} jo j}}b{ mij}}) h{}

pg{bo{hji ub{ruo} gu jox ah~bo ib~bi g uh}f ,h/b/ j{ jox

{lub}lgik g }{jokjuk kb~hj{hgo( homubj}b ex }b~buji

pgho{} cgub pbu xbju {ljo qlbo b|mirkhoa agik ugc

h{} gp{hcji pgu{gihg/ ]hchijuix) j kgiiju ho~b}{bk ,ho

Djorjux :8/> ex Cjx 50:0 qlhml h} jegr{ :/2

{hcb} cgub {ljo jo ho{buoj{hgoji ub}bu~b} pgu{gihg

qh{lgr{ agik/


5/28

5

Ho{ugkrm{hgo

[lb cjho {lhoa qb ch}} {gkjx h} roh~bu}ji cgobx/

Agik riiibk {lh} ugib ugc {lb {hcb g Jrar}{r} {g:8:;/ [lb je}bomb g agik j} jo ho{uho}hm pju{ g gru

cgob{jux }x}{bc cjfb} gru mbo{rux) {lb gob {lj{ lj}

dr}{ pj}{) rohzrb ho }b~buji {lgr}jok xbju} H ucix

ebihb~b agik qhii eb j pju{ g {lb ho{buoj{hgoji cgob{jux

}x}{bc }gcb{hcb ho {lb {qbo{x u}{ mbo{rux/

Ugebu{ Crokbii) Ogebi Ijrubj{b ho Bmgogchm})

Jmmbp{jomb ]pbbmlKbmbcebu :888

[lb pugpg}bk Ari Cgob{jux Rohgo lj} {lb pg{bo{hji

g cg~hoa {lb AMM mgro{uhb} ugc j zrj}h#cgob{jux

rohgo ho qlhml {lbx khk og{ bodgx jox cgob{jux

jr{gogcx {g jo juujoabcbo{ ho qlhml cgob{jux

pgihmx mjo eb cgub ubjkhix {robk {g mgro{buhoa

honj{hgo) jkkub}}hoa bmgogchm nrm{rj{hgo}) jkjp{hoa

{g er}hob}} mxmib kb~bigpcbo{} jok ubjm{hoa {g

mljoahoa aigeji bmgogchm mgokh{hgo}/

H{ qgrik ubpub}bo{ j cgcbo{gr} kb~bigpcbo{ gu

j ubahgo {lj{ lj} uh}bo {g pugchobomb g~bu {lb pj}{kbmjkb go {lb aigeji }{jab jok h} bcejufbk go jo

jceh{hgr} pugdbm{ {g kh~bu}hx {lbhu bmgogchb} ugc

kbpbokbomb go bobuax mgccgkh{hb} b|{ujm{hgo/

[lb kj{b g Djorjux :}{ 50:0 hoh{hjiix }b{ gu {lb

hombp{hgo g {lb Ari Cgob{jux Rohgo ,ACR( qj}

og{ cb{ krb {g qbjf pgih{hmji qhii jok j mgo{ug~bu}x

g~bu {lb igmj{hgo g {lb Ari Mbo{uji Ejof ,AME(/ [lb

kbmh}hgo {g qh{lkujq ugc {lb ACR ex {lb RJB lj}

cjkb {lb pugdbm{ ib}} jceh{hgr}) er{ ob~bu{lbib}}

h{ qgrik eb jo hcpgu{jo{ b|pbuhcbo{/ Qlbo

ijromlbk) {lb ACR qgrik ubpub}bo{ j cjdgu b~bo{

go {lb ho{buoj{hgoji }mbob/ H{ qhii eb {lb }bmgok cg}{

hcpgu{jo{ }rpujoj{hgoji rohgo ho {buc} g AKP/ H{ qhii

ji}g eb j ubcjufjeib bj{ ho j ubahgo) {lb Chkkib Bj}{)

qlbub bmgogchm jok ojomhji mggpbuj{hgo lj} og{

ebbo j cjdgu bj{rub g bmgogchm ubij{hgo}/

Qlbub~bu {lb igmj{hgo g {lb AME) h{ qgrik eb

hcpgu{jo{ ho {lb pubpjuj{gux }{jab} {g cg~b {gqjuk}{lb }b{#rp g {lb AME) }b{{hoa {lb ujcbqguf g

cgob{jux jok b|mljoab uj{b pgihmx jok bbm{h~b

ub}bu~b cjojabcbo{) qlhml qgrik eb j mgub rom{hgo

g {lb AME/ H{ qhii eb obmb}}jux {g kbmhkb go {lb mjph{ji

g {lb AME) h/b/ {lb bokgqcbo{ {lj{ bjml mgro{ux qhii

mgobu {g {lb obq ho}{h{r{hgo) {lb jcgro{ g gubhao

mruubomx ub}bu~b} {lj{ {lb AME qgrik cjho{jho rokbu

h{} mgo{ugi jok {lb }bhaogujab#}ljuhoa jaubbcbo{ :/

Go {lb u}{ h}}rb) j mjph{ji bzrh~jibo{ {g) gu b|jcpib)

gob ehiihgo R] kgiiju} }ljubk ho pugpgu{hgo {g {lb ~g{hoa

pgqbu g bjml mgro{ux gu) ji{buoj{h~bix) ho pugpgu{hgo

{g {lbhu AKP jok pgprij{hgo qgrik eb }rmhbo{/ Ex

qjx g mgcpjuh}go) {lb BME lj} j mjph{ji g BRU2/


6/28

=

[jeib :4 AMM Bmgogchm Mgo~buabomb Muh{buhj) bok# 5008

]grumb4 Ho}{h{r{b gn Ho{buoj{hgoji Nhojomb

[lb pugmb}} g {lb ACR }{ju{bk j} qjx ejmf j}

:8) Gcjo qh{lkubq ugc {lb pugpg}bk

rohgo jok ho Cjx 5001 Frqjh{ joogrombk {lb

cg~b jqjx ugc j kgiiju pba {g j mruubomx ej}fb{)

ji{lgral h{ ubjucbk h{} mgcch{cbo{ {g dgho {lb

rohgo ,{lb pujm{hmji mgo}bzrbomb} ho {buc} g mruubomx

nrm{rj{hgo} lj~b ebbo chohcji(/ [lb AMM mgro{uhb}

jejokgobk {lb 50:0 {juab{ gu h}}rhoa mgccgo

og{b} jok mgho} ho Cjuml 5008/ Cgub ubmbo{ix) ho

Cjx 5008) {lb RJB joogrombk h{} qh{lkujqji ugc

{lb ACR j} qbii/ [lbub ji}g lj~b ebbo kbijx} ho

b}{jeih}lhoa ljucgohtbk kj{j jok }{j{h}{hm} jok ho

ho}{h{r{hgo erhikhoa/

J{ {lb u}{ cbb{hoa g {lb Ari Cgob{jux Mgromhi>

,ACM( ho Cjuml 50:0) qh{l {lb gru mbo{uji ejof

ag~buogu} g {lb pju{hmhpj{hoa AMM mgro{uhb} ,ejuuhoa

RJB . Gcjo) {lj{ gp{bk gr{() h{ qj} kbmhkbk {lj{

{lb lbjk g {lb ]jrkh Jujehjo Cgob{jux Jabomx Ku/

Crljccjk Ji#Dj}}bu qgrik eb {lb u}{ mljhucjo g

{lb mgromhi jok Uj}lbbk ji#Cjujd) Ejlujho} mbo{ujiejof ag~buogu) lh} kbpr{x gu j {buc g gob xbju/

; Ubbu {g Jppbokh| 5 gu j [hcbihob g {lb Ari Cgob{jux Rohgo/

2 ]bb {lb kh}mr}}hgo ho ]jhkh) ]mjmmhj~hiijoh jok Jih ,500 [lb Ari Cgob{jux Mgromhi h} {lb pubmru}gu {g {lb Ari Mbo{uji Ejof/

J Euhb Lh}{gux g {lb ACR


7/28

;

J dgho{ cgob{jux pgihmx ujcbqguf qgrik eb kujqo

rp ro{hi {lb mgccgo mbo{uji ejof h} b}{jeih}lbk jok{lb Mgromhi h} b|pbm{bk {g bojeib {lb cgob{jux rohgo

pju{obu} {g jihao {lbhu cgob{jux pgihmhb} ho {buc} g

mruubomx) pjxcbo{ jok }b{{ibcbo{ }x}{bc}) ub}bu~b}

jok erkab{jux pugmbkrub}/ H{ qj} ji}g }{ub}}bk j{bu

{lb u}{ cbb{hoa {lj{ {lb ACM qgrik joogromb

obq kj{b} gu {lb }hoaib mruubomx jok mbo{uji ejof

ijroml goix j{bu {lb g{lbu {bmlohmji }{bp} ljk ebbo

mgcpib{bk/ [lb mgccgo mruubomx ijroml }bbc} b~bo

cgub ubcg{b ogq j{bu {lb AMM ]bmub{jux Abobuji

Jekriujlcjo ji#J{{hxjl }{j{bk ho Cjx 50:0 {lj{

{lb }hoaib mruubomx qj} roihfbix {g eb ijromlbk ex

50:2/ Qlhib og mijuhmj{hgo lj} ebbo pug~hkbk ex {lb

gmhji} h {lb mruubomx qgrik eb pbaabk {g {lb kgiiju

gu j mruubomx ej}fb{) h{ h} b|pbm{bk {lj{ {lb gp{hgo

qgrik eb j kgiiju pba {g ebaho qh{l jok j aujkrji

{ujo}h{hgo {gqjuk} j mruubomx ej}fb{ ij{bu go/

]gcb kbaubb g }fbp{hmh}c mgombuohoa {lb kj{b

g hcpibcbo{j{hgo g {lb ACR h} qjuujo{bk) ah~bo

{lb ubmbo{ kb~bigpcbo{} ho {lb BR) {lb Aubbf muh}h}

qlhml lj} ibk {g {lb zrb}{hgohoa g {lb }r}{jhojehih{xg cgob{jux rohgo ho {lb je}bomb g }mji rohgo gu

ehokhoa jok bogumbjeib }mji urib}/ Ho {lh} mgo{b|{

h{ h} hcpgu{jo{ {g og{b {lj{ ah~bo {lb b|{bo}h~b

oj{ruji ub}grumb qbji{l jok {lb xgroa pgprij{hgo

kbcgaujplhm} g {lb AMM mgro{uhb}) {lbhu }mji

rokjcbo{ji} jub }re}{jo{hjiix }grokbu {ljo {lj{ g

{lb BR jok {lb GBMK mgro{uhb}/ Nru{lbu) {lb juarcbo{

{lj{ obbk} {g eb bcplj}htbk h} {lj{ jo rogmhji)

zrj}h#ACR qh{l ubb mjph{ji cgehih{x jok roub}{uhm{bk

pjxcbo{} lj} ebbo ho pijmb gu cgub {ljo 50 xbju}

ogq {lb mgro{uhb} jub }{hii pbaabk {g {lb kgiiju ,qh{l

{lb b|mbp{hgo g Frqjh{) qlhml h} pbaabk {g j ej}fb{

{lgral qhkbix j}}rcbk j lhal pugpgu{hgo g kgiiju(/

[lh} kb jm{g h og{ kb drub# Ari cgob{jux rohgo

lj} ebbo {lugral {lb lhal} jok igq} g R] kgiiju

~gij{hih{x) cjdgu ghi puhmb mxmib}) }{urm{ruji mljoab} ho

{lb qguik bmgogcx jok {lb ubmbo{ go#aghoa aigeji

ojomhji muh}h} jok Aubj{ Ubmb}}hgo qh{lgr{ jox cjdgu

{ugreib} gu muh}h}/

Ah~bo {lb }{urm{ruji mljoab} gmmruuhoa ho {lb AMMbmgogchb}) {lbhu homubj}hoa bmgogchm) ho~b}{cbo{

jok ojomhji ihof} qh{l bcbuahoa bmgogchb} jok J}hj)

{lbhu bmgogchm kh~bu}hmj{hgo) jok {lb {ujo}ch}}hgo g{lb aigeji ojomhji muh}h}) h{ h} kb}hujeib gu {lb AMM

mgro{uhb} {g ubajho j kbaubb g cgob{jux hokbpbokbomb/

[lb }{ugoa kgiiju pba jok {lb ubij{bk je}bomb g

igmji mruubomx cjufb{} jok cgob{jux hokbpbokbomb

pub~bo{bk jo jkbzrj{b cgob{jux . ojomhji pgihmx

ub}pgo}b {g b|{buoji }lgmf}/ [lb jomlgu ubpub}bo{bk

ex {lb kgiiju pba h} ig}hoa h{} ujh}go k{ub jok j cgub

nb|heib juujoabcbo{ obbk} {g eb bo~h}jabk/

Ngu AMM pgihmx#cjfbu}) {lb mlghmb g b|mljoab uj{b

ubahcb ub~gi~b} jugrok {lb pub~jibomb g {xpb} g }lgmf}

{g {lb bmgogcx jok {lb kbaubb g mjph{ji cgehih{x/ J

}{ugoa mj}b mjo eb cjkb {lj{) ubji kh}{ruejomb} jub

cgub pub~jibo{ {ljo ogchoji gu cgob{jux kh}{ruejomb}

,jcpix hiir}{uj{bk ex {lb ~gij{hih{x g ghi puhmb} jok abg#

pgih{hmji }lgmf}( ho {lb AMM jok) pgihmxcjfbu} }lgrik

gp{ ho j~gru g cgub nb|heib b|mljoab uj{b ubahcb}

qlhml qgrik jmhih{j{b {lb }cgg{lhoa g ubji jaaubaj{b

,jok }bm{gu( gr{pr{ {g ubji b|{buoji }lgmf}/ B|mljoab

uj{b nb|hehih{x qgrik pug~hkb {lb AMM mgro{uhb} qh{l j

kbaubb g cgob{jux hokbpbokbomb jok lbip ho}rij{b{lbhu bmgogchb} ugc ubji }lgmf}/

Nru{lbucgub {lb ho{buoj{hgoji ugib g {lb kgiiju j}

j ~blhmib mruubomx jok ho{buoj{hgoji ub}bu~b j}}b{

lj} mgcb rokbu }{ujho kruhoa {lb ojomhji muh}h} g

5001#5008/ [lb [uho khibccj h} }{ugoaix ub}ruabo{4

{lb ijuab ejijomb g pjxcbo{} kbmh{} {lj{ {lb R] lj}

ebbo uroohoa g~bu {lb pj}{ kbmjkb jok {lbubgub {lb

phihoa rp b|{buoji ihjehih{hb} {lj{ lj~b agob {g ojomb

{lb }qbiihoa }htb g ho{buoj{hgoji {ujkb jok ojomhji

cjufb{}) lj} rokbuchobk mgokbomb ho {lb R] kgiiju j}

j ub}bu~b j}}b{/ ]bmgok) {lb R] lj} ebbo uroohoa ijuab

}mji kbmh{} }homb 500:) ibjkhoa {g j ijuab erhikrp g

preihm kbe{) qh{l cgub {ljo >0" ebhoa gubhao lbik/

[lb kbe{ }bu~hmb h} ebmgchoa j erukbo qlhml pr{} {lb

mgro{ux j{ uh}f g obaj{h~b ubpbumr}}hgo} qlbo aigeji

ho{bub}{ uj{b} qhii eb go {lb uh}b jajho/ G~bu {lb xbju}

jok kbmjkb} {g mgcb) {lb kgchojo{ ugib g {lb kgiiju

h} ihfbix {g ah~b qjx {g j cri{h#mruubomx juujoabcbo{

j} lj} ebbo {xphmji g lh}{guhmji plj}b} qlbub {lubb gu

cgub bmgogchb} ho {lb qguik ljk ugralix {lb }jcb}htb jok ogob qj} mibjuix kgchojo{/


8/28

2

[lb }htb jok mgcpg}h{hgo g ub}bu~b} kbpbok} go

{lb mlghmb g b|mljoab uj{b ubahcb) cjokj{b g {lbmbo{uji ejof jok h{} pgihmx gedbm{h~b}/ Ge~hgr}ix h {lb

oj{hgoji mruubomx h} pbaabk {g j gubhao mruubomx) }jx

{lb R] kgiiju) {lb ub}bu~b} qhii eb pubkgchojo{ix fbp{

ho R] kgiiju kbogchoj{bk ihzrhk j}}b{}/ [lb mlghmb

mgombuohoa {lb }pbmhm j}}b{} }rh{jeib {g eb homirkbk

ho ho{buoj{hgoji ub}bu~b} h} r}rjiix ubbuubk {g j ub}bu~b

cjojabcbo{ mgcch{{bb/

G~buqlbichoaix {lbx homirkb ag~buocbo{ }bmruh{hb}

jok ejof kbpg}h{} lbik bh{lbu qh{l {lb Nbk ho Obq Xguf

gu {lb ijuab R]+ mibjuhoa ejof}/ Gp{hcji ub}bu~b ib~bi}

jok gp{hcji ub}bu~b pgu{gihg obbk {g eb hkbo{hbk) er{

{lb ijuabu {lb jcgro{ g ub}bu~b}) {lb cgub kh~bu}hbk

{lb pgu{gihg obbk} {g eb ho gukbu {g j~ghk ihzrhkh{x jok

j}}b{ mgombo{uj{hgo uh}f} qlbo ub}grumb} jub mjiibk

rpgo ho j muh}h}/ Ub}bu~b} jub g{bo ji}g }rppgu{bk ex

mruubomx }qjp jaubbcbo{} eb{qbbo mbo{uji ejof}

qlhml ah~b hccbkhj{b jmmb}} {g ihzrhkh{x/

J }{ujok g {lb ho{buoj{hgoji ub}bu~b} cjojabcbo{

ih{buj{rub j{{bcp{} {g kb{buchob {lb gp{hcji mruubomxmgcpg}h{hgo g bcbuahoa cjufb{ mbo{uji ejof}

ub}bu~b pgu{gihg} qlhml jub cg}{ix ho~b}{bk ho igq#

xhbikhoa kgiiju#kbogchoj{bk j}}b{}/ [g {lb b|{bo{

{lj{ ub}bu~b jmmrcrij{hgo h} kuh~bo ex pubmjr{hgojux

cg{h~b}) }jb j}}b{} ,igq mubkh{ jok kbjri{ uh}f) lhalix

ihzrhk( ubpub}bo{ {lb erif g {lb pgu{gihg huub}pbm{h~b

g {lb mruubomx ,Eg| : go pjab > b|jchob} ub}bu~b

jkbzrjmx ho AMM mgro{uhb}(/

Lgqb~bu) ub}bu~b jmmrcrij{hgo qlhml h} roubij{bk

{g pubmjr{hgojux cg{h~b} mjii} gu cgub bmibm{hm j}}b{

cjojabcbo{ qh{l j cgub kh~bu}hbk pgu{gihg g j}}b{}/

]gcb AMM mbo{uji ejof}) ho pju{hmriju ]JCJ) lj~b

cjojabk ghi ub~borb} ebxgok qlj{ qgrik eb }{uhm{ix

obbkbk gu j}}ruhoa mruubomx }{jehih{x qh{l gubhao

b|mljoab cjufb{ ho{bu~bo{hgo ho gukbu {g bo}rub

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9/28

>

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jmmrcrij{bk ghi jok aj} ub~borb}/


10/28

1

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11/28


12/28

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13/28

:0

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14/28

::

Nha/ 5 Mg#cg~bcbo{} gn Mgccgkh{x Puhmb} jok B|mljoab Uj{b}

]grumb4 Eiggcebua) KHNM Bmgogchm}



15/28

:5

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j mruubomx pba gu


16/28

:=

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:; RE] }ru~bxbk cgub {ljo


17/28

:;

[lb j}}b{ jiigmj{hgo pgu{gihg gp{hchtj{hgo qj} uro

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18/28

:2

Jkkhoa Agik {g {lb gp{hcji pgu{gihg jiigmj{hgo ah~b}

j ujoab gu agik ho {lb ej}fb{ g eb{qbbo j chohcrc

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ex cgub {ljo 500ep} {g


19/28

:>

[lb {jeib ebigq }hcpihb} {lb jeg~b mlju{ ho{g

j {jeriju gucj{/ H{ lgik} {lb }{jokjuk kb~hj{hgomgo}{jo{ j{ =/2 jo ho~h}heib ~bu{hmji ihob kujqo j{ {lh}

pgho{ go {lb \#j|h} qgrik mr{ {lugral {qg khbubo{

pgho{} go {lb bmhbomx ugo{hbu} jeg~b/ [lb homir}hgo

g agik ubkrmb} {lb qbhal{ ah~bo {g A1 egok} jok{ujo}bu} h{) homubj}hoa ub{ruo} ex :2ep} {g 1/: j{ {lb

ah~bo ib~bi g uh}f ,=/2(/

Drkahoa ugc lh}{guhmji b|pbuhbomb {lb homir}hgo g

agik ho {lb j}}b{ pgu{gihg g j mbo{uji ejof qgrik

og{ homubj}b crml {lb {g{ji uh}fhob}} h {lb lgikhoa}

ubcjho ho {lb gukbu g 2" gu ebigq/ Ngu b|jcpib) {lh}

hcpihb} {lj{ h {lbub jub mgombuo} g~bu {lb igoa {buc

}r}{jhojehih{x g preihm kbe{ h{ qgrik eb jppugpuhj{b

{g }re}{h{r{b igoa {buc ag~buocbo{ egok lgikhoa}

qh{l agik/ Abobujiix j pgu{gihg qh{l agik lj} j eb{{bu

uh}f#ub{ruo uj{hg {ljo gob qh{lgr{/ Lgqb~bu) }ljupix

homubj}hoa {lb jcgro{ g agik ho {lb ub}bu~b} {g ib~bi}

aubj{bu {ljo :;" ,jok {lbubex ubkrmhoa egok lgikhoa}

jok mj}l() qlhib }{hii homubj}hoa b|pbm{bk ub{ruo}) ji}g

homubj}b} {lb g~bujii uh}fhob}} g {lb pgu{gihg/

Iggfhoa jlbjk j cjdgu mgombuo h} {lb erhikrp g

ag~buocbo{ ihjehih{hb} ho cjdgu bmgogchb} jok

{lb }mji }r}{jhojehih{x g pbuhplbuji Brugpbjo

mgro{uhb}/ Roib}} augq{l uj{b} ubegrok zrhmfix jok

aigeji ho{bub}{ uj{b} ubcjho igq j ub}mlbkrihoa g

ag~buocbo{ kbe{ h} j kh}{hom{ pg}}hehih{x/ Nru{lbucgub

}mji kh}mhpihob {g mgo{ugi j }mji ljoag~bu ubzrhub}

pgih{hmji qhii {lj{ h} ho }lgu{ }rppix jok chal{ ebmgcb

b~bo ujubu j{bu {lb chk#{bc bibm{hgo} ho {lb R]/ [lb

pj{l g ibj}{ pgih{hmji ub}h}{jomb chal{ qbii {ruo gr{

{g eb j pugigoabk honj{hgojux pbuhgk j} lh}{guhmji

b|pbuhbomb kbcgo}{uj{b}/ Ho }lgu{) mgombuo} g~bu {lb

igoa#{buc }r}{jhojehih{x g lhal erkab{ kbmh{} jok

augqhoa preihm kbe{ qgrik }raab}{ }re}{h{r{hoa igoa#

{buc ag~buocbo{ egok lgikhoa} qh{l agik/

[jeib /:

IHEGU :2/0 :2/0

A1 Ag~{ Egok} b|/ R] 50/0 :=/8

R] Jabomhb} 0/0 0/0

B|pbm{bk Ub{ruo >/8= 1/00"

jub ej}bk ho J}hj jok 50" g Cr}ihc} ih~bk ho {lb

Chkkib Bj}{ jok Ogu{l Juhmj/

[lb H}ijchm ejofhoa }bm{gu qguikqhkb lj} augqo

j{ cgub {ljo :0" joorjiix g~bu {lb pj}{ :0 xbju})

ugc jegr{ R]K :20eo ho {lb chk#:880} {g jegr{

R]K : {uhiihgo ex bok#5008/ Lgqb~bu) {lb }bm{gu qj}

og{ mgcpib{bix hccrob {g {lb ojomhji muh}h} j} h{ qj}

bjuihbu b|pbm{bk) kb}ph{b {lb igq pub~jibomb g mgcpib|

}{urm{rubk pugkrm{} jok ubarij{gux jok purkbo{hji

urib} kh}mgrujahoa b|pg}rub {g }re#ho~b}{cbo{ aujkbho~b}{cbo{}) {g ojcb j bq/

[lb aigeji cjufb{ gu H}ijchm ojomhji }bu~hmb}) j}

cbj}rubk ex ]ljuhj# mgcpihjo{ j}}b{}) h} b}{hcj{bk ex

Ho{buoj{hgoji Nhojomhji ]bu~hmb} Igokgo {g lj~b ubjmlbk

R]K 82:eo j{ bok#500


21/28

:/> ho Cjx 50:0

qlhml h} jicg}{ :/2 {hcb} cgub {ljo jo ho~b}{cbo{

pgu{gihg qh{l og agik* [lh} goix }{uboa{lbo} {lb mj}b

gu j mbo{uji ejof {g lgik agik b}pbmhjiix ubahgoji

mbo{uji ejof}) ah~bo {lb jerokjomb g ghi qbji{l {gg/

Nharub ; # ^jirb gn Qbji{l



22/28

:8

Mgomir}hgo}

[lb Ari Mruubomx Rohgo h} j pugdbm{ ijromlbk jicg}{

{qbo{x xbju} jag jok {lj{ kb}ph{b }gcb }b{ejmf} jokkbijx} h} ebhoa pru}rbk ex ; mgro{uhb} ho {lb Jujehjo

Pboho}rij/ [lh} mruubomx rohgo qhii pj~b {lb qjx gu jo

hokbpbokbo{ cgob{jux pgihmx ho {lb AMM {g ubpijmb

{lb mruubo{ }{uhm{rub} hcpg}bk ex {lb pba {g {lb R]

kgiiju/ [lh} |bk b|mljoab uj{b ubahcb h} pug~hoa

hojkbzrj{b gu bmgogchb} qlhml jub kh~bu}hxhoa {lbhu

bmgogchm }{urm{rub jok {lbhu {ujkb ubij{hgo}lhp} jok

qlg}b er}hob}} mxmib h} og{ }xomlugohtbk qh{l {lb R]/

Ho jkkh{hgo {lb ho{buoj{hgoji ugib g {lb kgiiju h} ihfbix

{g qjob j} {lb aigeji bmgogcx b~gi~b} {gqjuk} j

cri{h#pgiju juujoabcbo{ qlbub j }hoaib bmgogcx qhii

og{ lgik joxcgub j kgchojo{ pg}h{hgo/

[lb Chkkib Bj}{ h} lgcb {g jicg}{ {qg#{lhuk} g

{lb pug~bo ghi ub}bu~b} ho {lb qguik) qh{l {lb AMM

mgro{uhb} jmmgro{hoa gu 5:" g {g{ji ghi pugkrm{hgo

ho {lb qguik/ [lb ubmbo{ homubj}b ho ghi puhmb} lj} ibk {g

j ijuab {ujo}bu ugc ghi#mgo}rchoa {g ghi#pugkrmhoa

mgro{uhb}) ujh}hoa {lb h}}rb g pb{ugkgiiju ubmxmihoa/

H og{ r}bk {g ojomb kgcb}{hm mgo}rcp{hgo) {lb}b

jub }j~bk ho gubhao j}}b{} lbik jeugjk) ub}ri{hoa ho jmjph{ji jmmgro{ gr{ngq/ [lb}b j}}b{} jub g{bo lbik

ex mbo{uji ejof} j} pju{ g {lbhu ho{buoj{hgoji ub}bu~b}/

Ljk {lbub ebbo j igmji AMM mruubomx) {lb Fljihdh)

rokbuphoobk ex qbii kb~bigpbk igmji mruubomx ojomhji

cjufb{} {lbub qgrik eb og ru{lbu obbk {g ubmxmib

pb{ugkgiiju}/

J mruubomx rohgo ho {lb AMM qgrik eb gob g {lb

murmhji jm{gu} lbiphoa cbcebu mgro{uhb} jmb rp {g

{lb mljiiboab} pg}bk ex aigejihtj{hgo jok mruubo{

ho{buoj{hgoji ojomhji {rucghi/ H{ qgrik ji}g lbip {lbc

ajho j }{ugoabu ugib jok ~ghmb ho {lb obq ho{buoj{hgoji

bmgogchm bo~hugocbo{/ Qb lj~b juarbk {lj{ gu j

AMM mgccgo mruubomx {g bcbuab j} j aigeji mruubomx

qh{l j mubkheib ho{buoj{hgoji }{jokhoa) h{ h} obmb}}jux

{g lj~b jo bbm{h~b kbmh}hgo cjfhoa pugmb}} jok

mgo{horgr} ho{bujm{hgo qh{l cjufb{ pju{hmhpjo{})

ho~b}{gu} jok {lb preihm j{ ijuab/

[lb cjho mljiiboab gu {lb obq mruubomx qhii eb

{g ajho mubkhehih{x {lugral j {ujo}pjubo{ cgob{jux

pgihmx }{jomb jok j gubhao b|mljoab pgihmx jhcbk

j{ cjho{jhohoa h{} b|{buoji }{jehih{x/ [lb obq mruubomxqhii eb pugaub}}h~bix kbihofbk ugc j pba {g j }hoaib

mruubomx jok qhii pugejeix eb {hbk {g j ej}fb{ g

mruubomhb}/

Qlhib {lb jiigmj{hgo g j}}b{} qgrik kbpbok go mbo{uji

ejof} uh}f#ub{ruo b|pbm{j{hgo} jok mgo}{ujho{}) gru

okhoa} hokhmj{b {lj{ homirkhoa agik ho {lb ub}bu~b}

g j mbo{uji ejof qgrik boljomb {lb ub{ruo} jok

ho abobuji pug~hkb jo jomlgu gu {lb mbo{uji ejof}

j}}b{}/ J kgiiju ho~b}{bk ,ho Djorjux :8/> ex Cjx 50:0 qlhml h} jegr{ :/2 {hcb} cgub

{ljo jo ho{buoj{hgoji ub}bu~b} pgu{gihg qh{lgr{ agik/

Ho jkkh{hgo) qb lj~b juarbk {lj{ {lb }pubjk g H}ijchm

ejofhoa mjii} gu cgobx cjufb{ ho}{urcbo{} {lj{ jub

ejmfbk ex j plx}hmji mgccgkh{x jok h{ qgrik eb

kb}hujeib {g pug~hkb jo ji{buoj{h~b {g }{jokjuk ubpg

gpbuj{hgo} {lugral {lb kb~bigpcbo{ g H}ijchm }lgu{

{buc }bmruh{hb}/


23/28

50

Ubbubomb}

Ejru) Khuf A/ jok Euhjo) C/ Irmbx ,5008(4 H} Agik

j Lbkab gu j ]jb Lj~bo7 jo Jojix}h} g ]{gmf})Egok} jok Agik) j~jhijeib j{ ]]UO4 l{{p4''}}uo/mgc'

je}{ujm{38255


24/28

5:

Jppbokh| : Ejmfaugrok Kj{j

[jeib J:4 Agik j} j pbumbo{jab gn {g{ji ub}bu~b} 500:#Z: 50:0

500: 5005 500= 500; 5002 500> 5001 500< 5008 Z: 50:0

R] 22/1 21/5 28/5 >0/0 1:/= 12/: 1 11/= 10/; 1:/2

Abucjox =1/; ;5/8 ;1/> ;8/> 22/> >5/2 >1/; >>/2 >1/0

^bobtrbij 5;/1 =0/5 55/8 5:/; :8/1 :8/< 5/< ;>/:

Mlhoj 5/0 5/5 :/8 :/= :/5 :/: :/0 0/8 :/2 :/2

Ur}}hj :0/; /1 ;/= =/2 5/1 5/2 =/; 2/: 2/=

Hokhj >/2 2/> ;/> =/< ;/= ;/: =/2 =/8 >/8 1/:

BME :2/1 :1/< 5:/< 55/= 5;/5 5;/1 52/< 55/> 52/> 52//1 1/5 1/< >/< :/2 :/= :/5 5/0 5/1 5/1

Ibejogo ==/1 =0/1 5=/2 52/2 5/> 2/= ;/< ;/= ;/0 =/= =/8 ;/0

Plhihpphob}:;/: :/> /0 >/8 >/8 2/1 2/8 >/= >/5 1/> 1/1

Baxp{ :/: :/5 :/: 0/< 0/8 0/8 :/0 :/: :/= :/;

Cjijx}hj 5/= 5/; 5/: :/8 5/5 5/5 5/; 5/1 =/= =/>

Cgugmmg =/8 5/= 5/; 5/: :/8 5/5 5/; 5/1 =/= =/>

Ihexj


25/28

55

Nharub J: # Agik . Agik ^gij{hih{x Hokb| ,bok gn cgo{l kj{j(

]grumb4 Eiggcebua) MEGB) KHNM Bmgogchm}

[jeib J54 Hoj{hgo#jkdr}{bk Pgu{ngihg Jiigmj{hgo}

,J h} {lb ej}fb{ qh{l og agik6 E h} {lb ej}fb{ homirkhoa agik(

Pg}h{hgo 0 ,J( Pg}h{hgo :00 ,J( Pg}h{hgo 0 ,E( Pg}h{hgo :00 ,E(

R] [ubj}rux Ehii} 0/0 0/0 0/0 0/0

R] Ho{bucbkhj{b Egok} 0/0 >2/0 0/0 ;2/0

Agik 0/0 0/0 5/5 52/0

IHEGU :2/0 2/0 :2/0 0/0

A1 Ag~{ Egok} b|mir/ R] 50/0 =0/0 :1/< =0/0

R] Jabomhb} >2/0 0/0 >2/0 0/0

B|pbm{bk Ub{ruo 5/< =/22< 5/ 2/:;< 5/818 1/>=1

]ljupb Uj{hg 0/82: 0/>8: 0/810 0/22;



26/28

5=

Jppbokh| 5 #[hcbihob g {lb Ari Cgob{jux Rohgo

Xbju Cgo{l

:8


27/28

5;

5008 Cju Ejlujho mbo{uji ejof ag~buogu }jx} Arin cr}{ ub~h}h{ 50:0 kbjkihob/

Cju [lb 50:0 kbjkihob ngu }hoaib mruubomx qhii eb b|{bokbk jok j obq cb{jeib }b{ gomb {lb Arin cgob{jux mgromhi }{ju{}

gpbujgo}) }bohgu Arin gmhji} }jx) ho {lb u}{ gmhji ubmgaohgo {lj{ cgob{jux rohgo pijo} qgrik eb kbijxbk/

Cjx Arin Juje ibjkbu} mlgg}b ]jrkh mjph{ji Uhxjkl j} {lb ej}b ngu j dgho{ cgob{jux mgromhi {lj{ qhii b~gi~b ho{g j Arin mbo{uji

ejof/

Cjx [lb RJB qh{lkujq} nugc Arin Juje pijo} ngu cgob{jux rohgo) ibj~hoa goix ngru }{j{b} # ]jrkh Jujehj) Frqjh{) Ejlujho jok

Zj{ju # ho {lb pugpg}bk rohgo/

Jra ]jrkh Jujehj} mjehob{ ujb} {lb cgob{jux rohgo pjm{/

Gm{ AMM ]bmub{jux Abobuji Jekriujlcjo Ji Jxjl mgouc} 50:0 kbjkihob ngu {lb }hoaib mruubomx

Og~ Frqjh{} pjuihjcbo{ kbijx} {lb ujmjgo gn {lb cgob{jux rohgo pjm{ roi Kbm/ = 5555

Nj|4 &81: ; =>5 5===Bcjhi4 hong@khnm/jb

Qbe4 qqq khnm jb

difc - the case for gold as a reserve asset in the gcc

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