Saturday, March 26, 2011

Central Bank warns of continuing high inflation rates in Iraq

Adviser warned the Iraqi Central Bank of the continuing high rates of inflation as a result of near total dependence on oil imports.
And the appearance of Mohammed Saleh said during a press statement on Saturday that inflation will continue to rise unless it is handled that economic development and diversification of funding sources other than oil towards the development of agricultural and industrial projects and support domestic production.
Saleh added that monetary policy in the country will continue to rise in the event of continued development of gross domestic product unable to meet the imported materials to match supply with demand of economic goods.
He said the natural events that took place in some economically important countries such as Japan led to the rise in food prices as well as a shift of some food ingredients such as corn to fuel, so the inflation will continue to rise in Iraq and rising oil prices in the interest of Iraq
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