2011-08-23
Central Bank: ready to intervene in the case of the inflation rate exceeds the red line
Interact issue of rising inflation rates in the country and many specialists as well as citizens concerned about the news related to this, especially since the rise in inflation was not a bit within a year as it ranged from 6 7%.
The central bank announced that the annual inflation rate in the country amounted to more than 6 percent this year, with the exception that this rise is equal to twice what it was last year, attributing it to increased inflation, the dollar area at the global level.
The central bank adviser said the appearance of Mohammed in an interview for "Alsumaria News", "rate of inflation in the country since February, and to June of this year amounted to 6.4%after it was 3%, in 2010," indicating it was due to " vulnerable to the phenomenon of inflation in the dollar on the global level, and because Iraq used the dollar in import operations.
Saleh added that "food have risen since July 2010 to July 2011 increased by 40%, and industrial materials by about 38%," pointing to "ready the central bank to intervene in order to maintain monetary stability in the event exceeded the rate of inflation, the red line and approached the two places decimal places or less of them a certain rate. "
Saleh pointed out that "the general budget or planning for Iraq estimated for one year and not of income, capital," pointing out that "the expenditure extends throughout the year, and therefore, there is a balance between revenues and expenditures."
He noted the benefit that it "has been developed a budget based on an estimated 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," stressing that "if Iraq sold its oil at a higher price of 76 dollars and a half it would be a surplus budget. "
The CBI predicted in the 22 of June, the volume of inflation in Iraq during the month to 7%, while noting that high oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National weak compared with the service production which is witnessing a rise.
Has already said the Ministry of Planning and Development Cooperation, in the 19 of 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.
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.
And the central bank denied that there was fraud, entered the country which led to the postponement of the project to delete the three zeros, adding that the process of removing the zeros facing the reactions of the strong points.
The central bank adviser said the appearance of Mohammed Saleh: No health on the entry of counterfeit currency into the country led to the postponement of the deletion of zeros to the notice, and that the project still exists, but ink on paper was not being implemented yet.
Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world.
And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.
And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, in addition to the replacement of groups 250 and 500 dinars metal currencies to facilitate a lot of things.
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