Iraq announces rise in the inflation rate by 2% last month

Baghdad, February 14 (Rn) – The Ministry of Planning and Development Cooperation Federal, Monday, the high inflation rate of 2% for the month of January last for the month of December the previous year.

Said Abdul Zahra al-Hindawi told the Kurdish news agency (Rn) that “the average inflation rate in Iraq rose last January by 2% from the previous month, according to reports by the committees of the Ministry of Planning.”

Hindawi said that “the reasons for the high inflation rate due to higher rental rates in addition to the high prices of food entering the country.”

And suggested the Ministry of Planning and Development Cooperation of Iraq on Sunday to postpone the federal government work customs law, which passed last week which will hopefully be operational in March next year.

The Iraqi government late last month issued a decree introducing a system of customs tariffs on imported goods starting from next March.

It is the right of the Presidency of Ministers to amend the law if requested by the Minister of Finance that.

He said al-Hindawi said that “the annual inflation rate amounted to 5.8% from last year, which is supposed to be addressed during the next phase of the stability of the rate of inflation.”

And impose customs fees on imported goods not included in the agenda tariff of customs duties by not more than 20% of Qimitھa The Council of Ministers upon the proposal of the Federal Minister of Finance modified ھzh ratio for the same reasons contained in the item is the increase of customs a temporary measure until the lifting of the causes of economic increase.

The Central Bank of Iraq announced in October last for a low rate of inflation in Iraq to 2.7% compared with the month of September the previous year, which encouraged the launch of liquidity for banks by 5% of the cash reserves of the existing legal to have, in order to expand operations lending and advancing development.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

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