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Deputy Governor of the Central Bank's (morning):
10/08/2011
Decline in revenues of Iraq's financial highlighted the risks of continued crisis, the U.S.
BAGHDAD - Haider Flaih Rubaie
experts played down the economy the risk of crisis Alaalmihalta began rocking the U.S. economy and what can be reflected on the economic reality of Iraq, is that economists have called for the importance that the government undertakes the responsibility to find other outlets for diversification sources of income and not rely heavily on oil imports, in time, which amounted to world oil prices around $ 88 after contact with price limits of the 110 before the crisis, U.S. officials have warned in the economic aspect of that that decline may serve to create confusion in Iraq's budget for the coming years , critics at the same time to calculate the price of a barrel of oil in the general budget for 2011, which amounted to $ 85 ..
it noted economist and Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh during his (morning) that the issue of reducing the credit rating of the United States can cause Banhaddarat significant economic for many countries, especially those that rely mainly on the sale of oil to support their balance sheets of financial, indicating that the risk of declining world oil prices may continue in the major markets during the coming period, which means financial losses to the largest exporting countries after reaching the price of a barrel nearly $ 85 in approached before the crisis to the borders of the $ 110 ..
With regard to the economic reality of Iraq and the possibility of the impact of the crisis the U.S. by Saleh said that Iraq as a country subject to economy-General of the variables stakeholders and both, unfortunately, is not subject to state control, the two oil prices in the global market, a key article that support the All the budgets of the country financially, as well as, the dollar, which is the main currency for oil prices, a category of cash selling Iraq through which all exports of petroleum, they are also subject to change by the risks to global economies of major countries and therefore, the returns can be negative on the ground Iraq's economic in general about these two variables, which Atgman economy, Iraq, the internal one way or another ..
but the expert pointed out that the central bank hedge quite a bit to face such a crisis can be reflected on the economic reality in the country, and among the general budget for Iraq for a year next 2011 will not be affected significantly by the hedges of the Bank of the Central, who owns a financial surpluses that were small to cope with such risks of a global economic, stressing that the central works in earnest and for years to control such crises as they occur due to fiscal policy can address the deficit made in the returns Finance of the country by the decline in oil prices, for example ..
The expert warned of the risk to keep on oil as the sole can be relied upon to support the budgets of Iraq, calling on makers country's economic policy to diversify sources of income in Iraq in various ways and not rely mainly on the export of oil in the implementation of investment plans , indicating that this dependence leaves us more vulnerable to such crises, and can cause collapses serious economic future if it was retained in place (economic rent) upon which Iraq is a great ..
and noted expert that there are significant problems in the balance of payments of Iraq, which made central to the hedge in large part by financial reserves, which he in favor of it exported the most prominent of the landing and income of the State Finance from global economic volatility .. to that proposed by the Parliamentary Energy Committee to increase production and increase exports in order to address the decline in imports of the country that could be affected by global economic crisis, the new noting that this might be reflected in a negative and dangerous to balance the country's future and lead to a financial deficit hinder the implementation of dozens of investment projects .. A member of the Committee on Energy and Oil parliamentary hospitality in a press statement he made earlier: that the decline in oil prices will affect negatively on the budget, especially after that select specialists in studies accounting and economic experts the price of a barrel of oil to offset the country for the next year to (85) dollars, in the event of continued decline we will work to raise production and increase exports to ensure the stability of Iraq's money. " said Fayad: We seek to improve the level of oil production, through the laws that have been submitted to the House of Representatives .. For the first time since 1941, announced that Standard & Poor's a week ago to reduce the credit rating of the degree of the United States and one of the state. er. er. to er. er. Plus, because of the inability of the U.S. administration has recently resolved the debt problem. The agency noted in a statement to be made to reduce the deficit, which was agreed upon last week in Washington, does not amount to control the growing debt crisis has said that its outlook on the U.S. debt is still negative, which means the possibility of reducing this category once again to the degree of uh, uh, only during the next two years if the situation continues as it is. are likely to increase the move borrowing costs at the end of Alomrbalnsph the U.S. government, companies and consumers , is also expected to be the decision of Standard & Poor's negative repercussions on the global financial markets ..
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