August 28, 2011
Central Bank announces rise in the inflation rate to more than 7% in July
Deputy Governor of the Central Bank of the appearance of Mohammed Saleh
السومرية نيوز/ بغداد Alsumaria News / Baghdad
Central Bank of Iraq, Sunday, the high inflation rate to more than 7% during the month of July, while expressing concern about the aspect ratio in spite of it under the mattress decimal one, he stressed that monetary policy would curb this trend and absorb part of the pressure demand and inflation expectations.
The deputy governor of Central Bank of Iraq the appearance of Mohammed in an interview for "Alsumaria News", "Iraq has begun bear inflation dollar area and beyond, where the inflation rate during the month of July 7.1%," asserting that "the country was affected by inflation because Astiradadtha and the weakness of the dollar."
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Saleh added that "if the dollar was weak in his area, there is no problem," noting that "the problem is the high inflation in the dollar zone."
Saleh continued that "the number of inflation is still under the mattress decimal one, but he began to worry," pointing out that "monetary policy is monitoring the situation in the case continued to escalate and reached two places decimal, it will limit this trend and absorb part of the demand pressures and inflation expectations."
Saleh pointed out that "the issue of runaway inflation had ended in Iraq," stressing at the same time "the existence of waves of inflation between now and then remain in place under the decimal point one has close to ten-ranked," he says.
The Vice Governor of the Central Bank to "a failure of development policy in Iraq and the structural weaknesses in the conduct of economic policy," calling to "amend this policy has continued for seven years."
He also explained that "the rate of sales of Central Bank of Iraq in one day some 150million dollars," noting that "this number is comfortable for Iraq's foreign trade despite some fluctuations."
The CBI predicted in the 22 of June, the volume of inflation in Iraq during the same month to 7%, and while he noted that the rise in oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National weak compared with the production service which is witnessing a rise.
Has already said the Ministry of Planning and Development Cooperation of Iraq, last June, the inflation index has been rising slightly in May 2011, compared to the previous month, stressing that the rate of inflation rose by a large margin compared with May of last year 2010, while the ministry announced, during the last April , a decline in the inflation index for the month of March last, by 7% compared to the previous month, and a height of Bamar compared to 2010.
The Central Bank of Iraq was established as a bank independent under the law of the Central Bank of Iraq issued on the sixth of March of 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, and management of foreign reserves, and the issuance of currency management, Add to regulate the banking sector to promote a competitive financial system and independently.
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