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Prime Minister's Advisor: Central Bank Decisions Contribute to Reducing Inflation Rates in the Country
Economic 09/08/2024
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The financial advisor to the Prime Minister, Mazhar Mohammed Salih, explained that the decisions of the Central Bank contribute to reducing inflation rates in the country, and pointed out that economic growth contributes to strengthening the value of the local currency.
Salih said in a statement to “Al-Sabah”: “The policies of the Central Bank play a major role in stabilizing the currency, which achieves harmony between the internal value of the currency and its external value,” explaining that “decisions to raise or lower interest rates as part of monetary policy work will undoubtedly be reflected in reducing inflation rates and maintaining the stability of the currency value.”
He added that prosperous and sustainable economic growth in the gross domestic product contributes to strengthening the value and stability of the currency, indicating that the real factors affecting the strength of the national currency include high productivity, high employment of the workforce, in addition to real investment and innovation, especially technological development.
Salih pointed out that technology and innovation can lead to improved productivity and economic growth, which enhances the value of the currency, all of which are factors generated by the real sector in the economy or the national development policy.
He pointed out the importance of political stability and the strength of the administrative system and its governance, which are important behavioral factors in enhancing confidence in the national currency.
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