CBI: per capita income will reach 6 thousand dollars a year and 67 billion reserve
September 16 / September 2012 06:59| |
Expect the central bank to reach GDP per capita per year during the next few years to 6 thousand dollars at least, an increase of 50 percent from the per capita income for the current and $ 4 thousand dollars, stressing the need to increase oil exports, given their yields positive to double domestic production, according to Bank that drives the investment process in all provinces, and improves the standard of living.
In what was seen that the rate of inflation in Iraq acceptable, showing its ability to reduce by 3 percent if available services, and solved the housing crisis that which constitutes 30 percent of the installed number Almkiesa of consumer prices, pointed out that Iraq has a hedge well by 67 billion dollars, سيحميه of any unforeseen circumstances that may beset the region.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, said that “high GDP drives investment in all provinces gradually, because it increases the investment budget,” stressing “the need to raise oil exports because it contributes to the doubling of GDP.”
Saleh explained that “Iraq break the 3 million barrels per day, and the decisions of the oil turns to GDP,” noting that “growth rates of local exceeded 9 percent, but the oil sector has its limits, will not continue in this way, so you should diversify domestic production , because oil prices are currently higher than determined in previous budgets. ” He added that “every 100 thousand barrels increase export to Iraq are worth $ 3.5 billion,” pointing out that “Iraqi production will double in the past 5 or 6 the next easily, not because of rising oil exports alone, but because of the growth of other sectors.”
He noted the benefit that “doubling output improves the standard of living, too, because the per capita income is now up to more than 4 thousand dollars per capita per year, and will recover in the coming years to reach in the future to 6 thousand dollars a year per capita, in the coming years,” noting “The increase in Iraqi exports to 6 million barrels per day over the next two years conditional on infrastructure development for export.”
He added that “this increase will contribute to the increase of GDP and rising operating budget, in the sense that the other productive sectors will recover within a short period, especially the agricultural and industrial sectors.”
Deputy advised the central bank “to find a strategy to invest in parallel with the gas oil investment current,” stressing that “gas investment would maximize local production in Iraq, and thus improving the standard of living of the individual.”
He added, “Historically, Iraq began to contract with oil companies in 1952, and was living on taxes in Hiking operating budget which constituted 70 percent of its budget public, and I rate the budget at a time that preceded the export of oil by 50 percent,” stressing ” the need to hedge financially, in anticipation of any decline or volatility in the price of oil. “
Saleh said that “hedge Iraq inadmissible because GDP up this year to 140 dollars, and the Bank has the hedge good by 67 billion dollars, and this hedge is excellent, as if there were in the region any unforeseen circumstances, Iraq will not be affected economically,” noting that ” hedge future high GDP reduces the rate of inflation in the country. “
He added that “the central bank of its functions to work on reducing inflation, and one of his methods is to keep the dinar exchange rate by selling the dollar, as commodity lead to mitigation for goods and services,” noting, “If lost goods and services has become to be selling the dollar because it resembles Item. “
Accurate and inflation rates in Iraq, Saleh explained that “inflation in Iraq decreased significantly and now stands at 5.9 percent after it reached in previous years about 40 percent,” pointing out that “the disparity in the prices of goods and evolution cause inflation.” He considered the current ratio acceptable in a country like Iraq, and went on saying that “inflation in Iraq could drop if there services to citizens, and solved the housing crisis by 2 to 3 percent, the housing and shelter for the consumer accounts for 30 percent of the installed number Almkiesa of consumer prices, as well as what caused the operation and move to basic services for citizens. “