Central deny the existence of a risk to the national currency by the high rates of inflation
He said that Iraq had large cash reserves to support
BAGHDAD - Fulayyih Heidar al-Rubaie
Denied the central bank reports by some media about the dangers that can affect the process of economic damage and lead to the collapse of the currency by the high rates of inflation, saying that Iraq has a reserve major financial could by him from the face of any damages which may cause high rates of inflation significantly or lead to vibrations Finance in the national currency, and the Deputy Governor of the Central Bank during the interview (morning).
That inflation is happening in the country is not a natural pass the ratios that could pose a threat to the economic structure of the country, and denied what was attributed to him by permits releases on the possibility of the collapse of the currency in the light of current economic data and rising rates of inflation. In the meantime, economists played down the risk as high rates of inflation at the present time, revealing the potential of what could be played by the Iraqi central role in monetary policy, which serve the interests of absorption of inflation as well as having financial reserves they said a great supporter of the national currency of Iraq.
The appearance of Dr. Mohamed Saleh: It's a result of the high cost of food globally as well as increasing oil prices, there has been enlarged slightly in the prices of some goods and services as a result of these two reasons, stressing that the public budget and financial plans and the efforts exerted by the Central Bank are all factors that would rein in inflation in future periods, confirming The economic situation in Iraq is witnessing a significant improvement can be inferred from a substantial surplus in the current account, one of the things that he said would serve the interests of supporting the economic process in Iraq.
He noted the benefit that the CBI has a financial reserve of an estimated $ 60 billion, which he called the deputy governor cover protective important for the national currency, noting that those reserves can play a significant role in raising the value of Iraqi dinar compared to the other currencies in the coming years, pointing to the that these reserve amounts that enable monetary policy in Iraq from the face of any serious economic conditions, especially inflation and address and correct the path of many of the plans and programs developed by the Government or the Central Bank.
Saleh explained that the central bank is working to reconsider some of what came by the general budget of the country and in harmony with the aspirations of development and reform programs, saying that the economic realities of the future of Iraq refers to the existence of a significant improvement can be touched in the coming days, after the rise in world oil prices and increased exports from Iraq , It is said he will double imports from the country and thus achieve financial dozens of plans and programs of development and implementation of several strategic projects giant ..
Government sources said it would discuss the country's budget for 2012 in preparation for approval and sent to the House of Representatives. The figures indicate that Iraq's budget for next year will amount to 131 trillion dinars (about $ 112 billion), up 36 percent from the current year budget and a deficit of 23.3 trillion Iraqi dinars (20 billion dollars), sources indicate that the deficit will be covered by the amounts of cash retained from the previous year's budget. the current 2011 is internal and external borrowing and the percentage of the savings expected from the increase in 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, 82.6 billion dollars, including $ 25.7 billion of investments.
To that played by economists from the risks of high inflation rates low levels in recent months, Aazin to an increase in the volume of imports from abroad and rising food prices globally, and economic researcher raised good that imports increased working to raise prices as a result of link prices, mainly in global markets, which saw heights are the other recently, saying that Iraq imported more than 80 percent of the needs of the various global markets, which affected the value of the prices at home and led to the rise as a result of the relevance of those imported materials at world prices.
Hassan stressed the need to activate some aspects of local production in order to fill part of the requirements membranes and thus the stability of prices locally, pointing to the importance of activating the agricultural and industrial sectors and enable them to production and competition, which can contribute dismissed the Chief Financial domestic market with some needs that are imported at the present time, which said it would cut prices significantly.
"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"