Central Bank announces increase the base annual inflation in April to 6.7%

22-05-2012 | (Voice of Iraq) - Add a comment -
Sumerian News / Baghdad

Central Bank of Iraq, Tuesday, the high annual inflation basis for the month of April, to 6.7 per cent, as pointed out that the housing sector and fluctuations in the exchange rate has an impact on raising the rate of inflation, he stressed that this increase is still "not worrying".

The deputy governor of Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "the foundation's annual inflation rose in the month of April, to 6.7% compared with the annual inflation basis for the month of March, who scored 6.2%, up by 1.0%."

Saleh added that "there are two important factors to raise the impact of inflation in Iraq are the housing sector due to rising rents, electricity, housing, in addition to the fluctuations that occurred in the exchange rate of the Iraqi dinar in recent times."

Saleh pointed out that "the goal of the Bank President is to reduce prices and to address inflation," noting that "the Bank seeks to raise the value of Iraqi dinar exchange rate in proportion to the surplus in the balance of payments of Iraq and especially the current account that a surplus of which 8 to 10% of the GDP."

Saleh pointed out that "the surplus in the balance of payments to him from the economic power of the financial impact on the rise in bank reserves to 18 percent," pointing out that "the economic power of Iraq's financial must be reflected on the strength of the Iraqi dinar, which in turn will be able to reduce inflation."

The Deputy Governor of Central Bank of Iraq that "this rise in inflation is still troubling," stressing that "monetary policy is able to accommodate inflation and that he would intervene strongly to curb inflation in the moments when what he found up to the stages of worry about stability."

It is intended mainly to inflation is the percentage change in the index of consumer prices calculated after excluding petroleum products (oil, gas) within the Department of Housing and the two sets of fruits and vegetables sub-section within the food and non-alcoholic beverages.

The Ministry of Planning on 12 May of the current rise in the annual inflation index for the month of April, in Iraq, to ​​8.7 percent, and attributed the reason because of the high prices of food and non-alcoholic beverages.

The Iraqi Central Bank, with headquarters in Baghdad and has four branches in Basra and Sulaymaniyah, Erbil and Mosul, he founded the bank an independent Iraqi under the law of the Central Bank of Iraq issued on March 6, 2004, and be responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management foreign reserves and the issuance of currency management, as well as to regulate the banking sector.

Read more: http://translate.googleusercontent.com/translate_c?hl=en&ie=UTF8&langpair=ar%7Cen&oe=UTF8&prev=/language_tools&rurl=translate.google.com&u=http://www.sotaliraq.com/mobile-news.php%3Fid%3D57658&usg=ALkJrhgGZIMP1wjG5PZ1D1hvK4HQcTG9Rw#ixzz1vdI3Og2z