CBI warns of collapse of IQD and the fall of the Iraqi econo
Posted: Mon Nov 14, 2011 10:00 amCBI warns of collapse of IQD and the fall of the Iraqi economy; Inflation
Warned the Iraqi Central Bank of the vicious circle of inflation in the Iraqi economy and the collapse of the currency in light of the economic data and inflation present in the next two years.
“Deputy central bank d. The appearance of Mohammed Saleh said that” the overall rate of inflation will continue to rise over the coming months, and will not do any good monetary policy instruments of the Central Bank in the restrained sense, because the supply of commodity and service is still absent from the local economic landscape. “
He added that “the continuing high rates of inflation below the 3% earlier this year to 7.6% currently, due to import sub-total for food products, which are bourse down to a wave of speculation, which led to high prices of these materials by 140% until the year 2011.”
He pointed to “waste and extravagance and corruption in the operating budget of the Iraqi state, the corresponding increase in the operational budget and a decline in production, as well as the waste in government expenditures of consumption as well as the purchase of furniture, cars, and the like,” noting that “the Bank monitors continuously levels inflation, and will not hesitate to intervene strongly in the event of a rise of two places decimal places or more over the monetary policy tools of Baharta exchange rate and interest of the Iraqi dinar “
The government said it would discuss the country’s budget for 2012 in preparation for approval and sent to the House of Representatives.
Government figures indicate that Iraq’s budget for next year will amount to 131 trillion dinars (About $ 112 billion), up 36% from the current year budget and a deficit of 23.3 trillion Iraqi dinars (20 billion dollars)
The government says the deficit will be covered by the amounts of cash retained from the current year budget 2011 is internal and external borrowing and the proportion of savings is expected to increase selling prices or increased oil production or borrowing from the IMF and the World Bank. “
The value of the current year budget which was approved on 20 February, of which $ 82.6 billion $ 25.7 billion of investments. Iraq has suffered from dilapidated infrastructure sectors in the overall result of long years of siege and war during the last two decades of the last century.
http://bit.ly/vb3cEN
Warned the Iraqi Central Bank of the vicious circle of inflation in the Iraqi economy and the collapse of the currency in light of the economic data and inflation present in the next two years.
“Deputy central bank d. The appearance of Mohammed Saleh said that” the overall rate of inflation will continue to rise over the coming months, and will not do any good monetary policy instruments of the Central Bank in the restrained sense, because the supply of commodity and service is still absent from the local economic landscape. “
He added that “the continuing high rates of inflation below the 3% earlier this year to 7.6% currently, due to import sub-total for food products, which are bourse down to a wave of speculation, which led to high prices of these materials by 140% until the year 2011.”
He pointed to “waste and extravagance and corruption in the operating budget of the Iraqi state, the corresponding increase in the operational budget and a decline in production, as well as the waste in government expenditures of consumption as well as the purchase of furniture, cars, and the like,” noting that “the Bank monitors continuously levels inflation, and will not hesitate to intervene strongly in the event of a rise of two places decimal places or more over the monetary policy tools of Baharta exchange rate and interest of the Iraqi dinar “
The government said it would discuss the country’s budget for 2012 in preparation for approval and sent to the House of Representatives.
Government figures indicate that Iraq’s budget for next year will amount to 131 trillion dinars (About $ 112 billion), up 36% from the current year budget and a deficit of 23.3 trillion Iraqi dinars (20 billion dollars)
The government says the deficit will be covered by the amounts of cash retained from the current year budget 2011 is internal and external borrowing and the proportion of savings is expected to increase selling prices or increased oil production or borrowing from the IMF and the World Bank. “
The value of the current year budget which was approved on 20 February, of which $ 82.6 billion $ 25.7 billion of investments. Iraq has suffered from dilapidated infrastructure sectors in the overall result of long years of siege and war during the last two decades of the last century.
http://bit.ly/vb3cEN