Business | Economy

Iraq inflation continues to remain low

No intention to change the exchange rate of the Iraqi dinar

  • Dow Jones
  • Published: 00:00 July 26, 2010
  • Gulf News

Baghdad: Iraq's inflation rate remained at its lowest level in three decades for the second straight month in May due to lower prices for food, non-alcoholic beverages, communications and energy, a senior central bank official said yesterday.

Inflation was unchanged at three per cent in May versus April, and down from 4.7 per cent in May 2009, Mudher Qasim, the central bank's adviser, said in an exclusive interview in Iraq's capital, Baghdad.

Last cut

Qasim said the central bank has no plans to cut interest rates. Iraq's central bank last cut its base interest rate by 100 basis points to six per cent in April.

The bank also has no intention to change the exchange rate of the Iraqi dinar, which has been at 1,170 to the US dollar for more than a year, in the foreseeable future, he added.

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