CBI raises interest rate to 16%

May 8 2012 11:18

Detect the Iraqi Central Bank for the high rates of inflation in the month of October increased by 2.7% from the previous month, pointing to the adoption of hard-line policy in the interest rates and submit them to the 16% to pay for commercial banks to make substantial modifications in the interest rates various bank to deal with this inflation.

A statement issued by the Central Bank, “The index of consumer prices in Iraq in October 2006,” disclosed an increase in the inflation rate amounted to approximately 2.7% compared with September of the same year. “

The statement added that the increase “showed different altitudes in the prices of goods and all services, reflected more or less at the level of annual inflation, which has seen a remarkable increase of about 9.52% according to indicators of the month last October compared to September, amounting to 6.51%.”

The Central Bank states that “despite the slight decline in the annual rate of core inflation in the month of October 2006, the index of consumer prices .. are excluded from the paragraphs of fuel and lighting, transport and communications.