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[size=36]Al-Kazemi’s advisor: The Food Security Law supports prices and combats poverty[/size]
political| 12:19 - 14/05/2022
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Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Saturday, the Central Bank's measures to stabilize prices and reduce inflation, while stressing that the Food Security Law supports prices and combats poverty.
Saleh told the official news agency, Mawazine News, that "the main source of inflation or the rise in the general level of prices in Iraq is mainly caused by what is called transitional or imported inflation," noting that "the country is currently dependent in an unprecedented way on imported supply chains that have been affected." All of them are with different degrees of price growth due to the rise in global energy prices and the food shortage crisis in the world and under the influence of the aggravation of the war in Eurasia.”
He added that "to confront the burdens of inflation on economic life in Iraq, the Iraqi financial policy, through the indicators stipulated in the emergency law for food security and development, has pledged to achieve broad support for food prices and limited cash incomes and to combat poverty in its various forms, as preceded by a package of measures taken by the fiscal policy." And supportive of prices, including (zero taxes and customs duties) on a wide range of food and essential imports, as well as the stability of selling prices of all government goods and services, including, for example, fuel and electricity, as well as the expansion of ration card materials at subsidized prices, indicating that “the support clause in spending The government's relative to GDP will remain high, which is directly estimated at 15% of Iraq's GDP.
Salih added that "the monetary policy of the Central Bank of Iraq carefully monitors all price developments and that it is still interfering with the exchange market on a regular basis in providing foreign currency at a fixed exchange rate to ensure the stability of the external value of money and financing trade at the same time and with clear assessment methods for levels of public liquidity, in order to ensure the stability of the level." The monetary authority regularly reviews the movement of the current account of the Iraqi balance of payments and calculates the positive effects on the stability of the Iraqi dinar exchange rate and the stability of the purchasing power of cash income, explaining that “the monetary policy of the Central Bank realizes that there are red lines that price movements should not cross. and its general trends in order to allow the monetary policy of the Central Bank to act according to a strict program to confront the manifestations of hyperinflation if the annual growth in prices exceeds high alarming levels and enters the midst of the two decimal places.
He pointed out that "the precautionary measures of monetary policy to ensure general price stability and combat inflationary activities are definitely ready, and implemented when necessary, through a strict monetary policy in the interest of the strength and stability of the national currency and in coordination with fiscal policy and general economic policy." Ended 29 / M 99
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Saturday, the Central Bank's measures to stabilize prices and reduce inflation, while stressing that the Food Security Law supports prices and combats poverty.
Saleh told the official news agency, Mawazine News, that "the main source of inflation or the rise in the general level of prices in Iraq is mainly caused by what is called transitional or imported inflation," noting that "the country is currently dependent in an unprecedented way on imported supply chains that have been affected." All of them are with different degrees of price growth due to the rise in global energy prices and the food shortage crisis in the world and under the influence of the aggravation of the war in Eurasia.”
He added that "to confront the burdens of inflation on economic life in Iraq, the Iraqi financial policy, through the indicators stipulated in the emergency law for food security and development, has pledged to achieve broad support for food prices and limited cash incomes and to combat poverty in its various forms, as preceded by a package of measures taken by the fiscal policy." And supportive of prices, including (zero taxes and customs duties) on a wide range of food and essential imports, as well as the stability of selling prices of all government goods and services, including, for example, fuel and electricity, as well as the expansion of ration card materials at subsidized prices, indicating that “the support clause in spending The government's relative to GDP will remain high, which is directly estimated at 15% of Iraq's GDP.
Salih added that "the monetary policy of the Central Bank of Iraq carefully monitors all price developments and that it is still interfering with the exchange market on a regular basis in providing foreign currency at a fixed exchange rate to ensure the stability of the external value of money and financing trade at the same time and with clear assessment methods for levels of public liquidity, in order to ensure the stability of the level." The monetary authority regularly reviews the movement of the current account of the Iraqi balance of payments and calculates the positive effects on the stability of the Iraqi dinar exchange rate and the stability of the purchasing power of cash income, explaining that “the monetary policy of the Central Bank realizes that there are red lines that price movements should not cross. and its general trends in order to allow the monetary policy of the Central Bank to act according to a strict program to confront the manifestations of hyperinflation if the annual growth in prices exceeds high alarming levels and enters the midst of the two decimal places.
He pointed out that "the precautionary measures of monetary policy to ensure general price stability and combat inflationary activities are definitely ready, and implemented when necessary, through a strict monetary policy in the interest of the strength and stability of the national currency and in coordination with fiscal policy and general economic policy." Ended 29 / M 99
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