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Senior Economist: Iraq is Suffering From Deterioration of the Actual Value of the National Currency
2010-07-14 14:38:50

BAGHDAD (Iba) .. Economic expert has warned that the peace Sumaisem Iraq is suffering from deterioration in the actual value of the dinar despite the improvement in monetary value.

She Sumaisem in contact with the agency, the independent press (Iba) that the actual value of the currency represents the volume of goods and materials that could be available for a monetary union and that are related to rates of per-capita spending.

She said the central bank monetary policies implemented purely for the purpose of raising the value of the dinar against foreign currency but the application of these policies has been limited to glance away from the rest of the files or other economic attention to the implications that may arise, leading to a severe inflation of expenditure.

And because she raise the prices of petroleum products and electricity crisis has increased the rate of expenditure of the Iraqi family, and during the past four years the volume of inflation in the expenditure ratio of 45% in spite of the stability of the national currency according to reports by Human Development at the United Nations.

They noted that the Department of Statistics, Ministry of Planning indicated in 2006 that the Iraqi individual spends almost 40% of average income on energy file, which includes the purchase of fuel and electricity supply, which reflected the actual value of the national currency.

Showed Sumaisem hand he figures we find improvement of the currency in monetary terms, but in practice we find a significant difference in goods and supplies that we can get it because of the low rate of real per capita income, and she some employees are paid 200 thousand dinars per month, but in practice how goods and supplies could also benefited from and get through this salary.

She noted that the process to support the currency brought us the illusion of cash due to higher spending and prices in the Iraqi market.