Central Bank: We have the power to rein in inflation in moments if you reached the decimal two places
06/11/2011 PM - 2:31 PM
Central Bank of Iraq, Sunday, he would intervene strongly to curb inflation if arrived at two places decimal places, while he called for review of operating expenses in the general budget, he noted that there are a lot of doors in the exchange operating budget is incorrect.
The deputy governor of the Iraqi Central Bank Mazhar Mohammad Saleh in an interview for "Alsumaria News", "Iraq has not seen since the 20-year decline in annual inflation to the level of one decimal place only during the year 2011, which reached the rate in the month of February to 3 per ten to rise then gradually to reach in August to 7.6 per ten to fall in September to 7.3 per ten. "
Saleh added that "the Iraqi Central Bank monitors the indicators of inflation in Iraq with the gradual rise during the past months," adding that "the Bank will intervene strongly to curb inflation in the moments when what he found up to the stages of worry about the stability and close to two places decimal places and up to 10% or more, the fact that monetary policy is able to accommodate inflation. "
Saleh continued that "inflation in Iraq in most facets importer due to the importation of food and rising global oil prices, in addition to higher pay rent houses internally," pointing out that "the Bank is able to tackle inflation through the use of tools the bank cash correctly to support the attribution of Iraqi currency by controlling the levels of cash flow and enhance the purchasing power of the Iraqi dinar by using the signals of exchange and interest rate. "
In another context, called the deputy governor of the Central Bank of the government of "the need to reconsider the operational expenses of the Iraqi budget full public through re-engineering and study of the operating budget," asserting that "the operating budget where the waste of a lot."
Saleh indicated that "there are a lot of doors of exchange in the operating budget is incorrect and poor management, corruption, mismanagement and waste and expenses are incorrect," noting that "there are institutions that have been created since the beginning of the establishment of the Iraqi government after 2003, and expired."
"Truth is everlasting, but our ideas about truth are changeable. Only a little of the first fruits of wisdom, only a few fragments of the boundless heights and depths of truth, have I been able to gather"