Head: central bank adviser follows a distorted and inconsistent policy in light of the financial crisis

Saturday January 23, 2016 - 10:40


Central Bank of Iraq building in Baghdad
Accused of Economic Affairs Adviser to the Prime Minister Abdel Hussein Al-Anbuge, the central bank following the distorted policy, and is inconsistent, in light of the financial crisis in the country.

He said Anbuge in a press statement followed tow that the central bank supports the current time monetary policy is inconsistent, it is an incentive on the part of cross-lend banks up to 6.5 trillion dinars to support investment in important productive sectors to confront the slide toward the massive contraction that may wait for the country and that is probably due to the decline Iraq's foreign exchange earnings, and this is true depends conduct while deflationary policy on the part of another in the same time, when it insists on maintaining the exchange rate inordinate much of the Iraqi dinar, and so the stimulus that creates the right hand Eekpha left hand.

He pointed out that the bank has a much-delayed making the exchange rate adapts to the size of the deficit in the public budget, after the budget deficit great rates exceeding 30% of GDP reached, adding that if the central bank insisted on maintaining the high rate of the dinar against the the dollar for fear of compromising the Iraqi dinar, the entire Iraqi economy will be threatened, and will be placed at the head of the crisis sweeping instead of put it in less danger angle, according to the saying.

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