August 1, 2011Central Bank announces annual inflation fell for the first time in Iraq Pencah 3%
Central Bank of Iraq, on Monday, down annual inflation rate for the first time in Iraq, to 3 percent, while pointing out that the doubling of rates of inflation after the month of February of this year was due to increased inflation region Ataraly the global level, expressed the readiness of the Bank to intervene to maintain monetary stability in the If inflation exceeds the red line.
The adviser said the Central Bank of Iraq the appearance of Mohammed Saleh, said in an interview for "Alsumaria News", "The level of annual inflation fell for the first time in Iraq, to 3%," adding that "a victory for economic and monetary policy in Iraq in particular."
However, Saleh said, "but he observed since last February and even today, a rise in the level of inflation," noting that "inflation is due to the vulnerability to the phenomenon of inflation in the dollar on the global level, and because Iraq has used the dollar in import operations," noting that "food rose from July 2010 until July 2011 by 40%, and industrial materials by about 38%. "
He adviser to the CBI, "the bank's readiness to intervene in order to maintain monetary stability in case the inflation rate exceeds the red line, and approached the two places, or places them at a rate less certain."
With regard to the financial budget for Iraq Saleh explained that "the general budget or planning for Iraq estimated for one year and not of income, capital," noting that "the expenditure extends throughout the year and therefore, there is a balance between revenues and expenditures."
He continued, "it was the budget at a deficit of about 17 trillion Iraqi dinars, and based on the price of $ 76 and a half of a barrel of oil, with export capacity of 2.0002 million barrels a day," adding, "But if Iraq sold its oil at a higher price of $ 76 and a half, it is this would achieve a surplus budget. "
The Central Bank of Iraq was established as a bank independent under the law of the Central Bank of Iraq issued on March 6, 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, as well to regulate the banking sector to promote a competitive financial system and independently.
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