CBI: Iraq’s inflation less than neighboring countries; However its reliance on oil is structurally wrong for the economy

Posted by on Oct 28, 2013 | Leave a Comment

Central Bank: inflation in Iraq is scary, which is less than neighboring countries
16/10/2013 – 11:04

Considered the Iraqi Central Bank, on Wednesday that inflation in Iraq is scary which is less than neighboring countries, stressing its ability to curb any inflation in the event of a rally.

The central bank governor said Abdul Basit Abdul Samad said in an interview for “Alsumaria News”, “inflation in Iraq is scary and represents a modest compared to the size of inflation known,” adding that “the latest statistics indicate that the rate of inflation in Iraq is 3.5% and if added her housing becomes 5.02%. “

Abdul Basit added that “our existing inflation is less than nearby areas of Iraq,” explaining that “the bank is able to curb any in the event of rising inflation, however, must be sacrificed part of its reserves of hard currency.”

According to Abdel Basset to “draw on the reserve Iraq of hard currency to reduce inflation due to the economy of Iraq is an economic yield unilateral depends on oil for its revenue in return is a net importer of many commodities,” stressing that “it is wrong structurally in the economy” .

The Ministry of Planning announced (October 12 of the current) for the stability of the monthly inflation for the month of September and the annual amount of 0.05% compared to prices in the month of August as a result of the stability of most of the material prices and lower prices of some food materials, especially at the level of Iraq.

It is noteworthy that the Iraqi Central Bank announced in (the sixth of October, current) high hard currency reserves to more than $ 76 billion, confirming that it is the largest in the history of Iraq.

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