Inflation Rate is Almost not Present in Iraq: Iraqi Banks Association

On Saturday, the Iraqi banks association issued a statement that the estimated increase of prices in Iraq is almost not present. It is also indicated in the statement that some unexplained reasons caused fear and tension in the Iraqi domestic market. The head of the Association and the Governor of the Iraqi Central Bank issued a joint statement that the inflation rate in Iraq is amounting at 1.7 percent and they stressed that inflation rate is almost not present in Iraq.

He further added that some undependable remarks and unexplained reasons caused problems and instability of the Iraqi dinar exchange rate in the Iraqi domestic and local markets. He further added that after lifting the 8 percent from customs and income tax would improve the Iraqi economic condition. He added that extra taxes and customs would be an extra burden on the Iraqi citizens and transferring of funds means to give soothing in these circumstances to the Iraqi people. Most of the financial and economic experts believe that elimination the 8 percent customs and taxes would provide a relief to the Iraqi people and it will be more helpful in the Iraqi development phase. They believe that extra customs and taxes should not be implemented till the execution of the project of issuing new Iraqi dinar currency.

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