http://www.albaghdadia.com/n/economy/30594-2011-08-13-07-54-56.html
Central Bank: the crisis of the dollar led to a large increase for inflation in Iraq
Saturday, August 13 - August 2011 10:51
alt said deputy central bank governor, said there were no alternatives to a current of the dollar as the main currency in the world within the global monetary policies, both for the cash reserves or to cover the cash, noting that the global crisis led to high rates of inflation in Iraq, pointing to the existence of concern, but he stopped short of fear on the Iraqi economy, despite lower prices because of the dollar coincided with the rise in oil prices.
The deputy governor of Central Bank of Iraq the appearance of Dr. Mohamed Saleh, in a dialogue to him about the "keep the crisis debt the U.S. and its repercussions on Iraq and the countries that deal in dollars," that Iraq had "influenced by the global crisis the new light of the emergence of the so-called imported inflation during the last three months, which reflected clearly on the rate of inflation in the country. "He added that" high food prices in world markets because of the low value of the dollar, in addition to the high value of imported goods led to a rise in the number basis of the prices of 3% as big as annual inflation in January of this year , to 6.4% during the month of June, beginning of the year, where he was within acceptable limits, while it had risen to unacceptable levels in recent months. "
"The reason the dollar crisis is that there are two tracks, first track and a cover of cash through the reserve to cover the trade deficit, which resort has a habit of developing countries where there are reserves in the world of about $ 9 trillion, China's share, which represents a reserve of cash world's largest and is about a third the size of reserves to the dollar zone, while has the East Asian countries more than half of the cash reserves. "Salih noted that" developing countries retain up to 55 percent of its reserves in the form of dollars, while keeping the developed countries about 60 percent of its reserves in the form of dollars, This means in total that between 55 to 60 percent of the volume of foreign currency reserves in the world is in dollars, while a dollar, 87 percent of the volume of world trade, and give more than 50 percent of global banks loans in dollars. "He added that" the dollar for each of those Alosab currency of dominance on the balance of trade payments world, with more than 90 percent of dollar reserves invested Khawwalat U.S. Treasury, even though the U.S. economy is only 25 percent of the gross total, in the world, but the effect of dominance for the U.S. economy comes from three points
The first is the focus of Tknlogi as the standard technological as the U.S. lead of nearly five years on the technology globally competitive, and the second is the military dominance and the third economic dominance that the U.S. economy inherited the international monetary system after World War II in 1945 and turned it from a gold system to the International Monetary Fund The dollar is considered the main currency in the world. "
He noted that "these three elements made of U.S. domination of economic dominance Marictalah what is known as the concept of Almarictalah new, which is that it has the force has the wealth," noting that "Almarictalah old was driven by the Spaniards in the sixteenth century through the adoption of military force to control the sources of wealth that is gold, fell through the industrial revolution and technological progress, which pushed Spain to Britain and France. "
And went on: "Because of the dominance of U.S. military current economic weight of a U.S. currency current admissibility of a global, but also represents at the same time an obligation is deferred to the U.S. government, so the subject of religion deferred the U.S. is 100 percent of gross U.S. national, if not more, and this negative index large as the real growth rate in the U.S. economy about the size of debt, the U.S. economy will collapse and the size of growth required to reach the stage of coverage of public debt is five and a half percent growth in net to overcome the debt problem, but this ratio is difficult to access them now. "
On the economy, which could play the role of the alternative for the U.S. economy in the event of collapse, Saleh explained that "the European economy and the Chinese economy are that come after the U.S. economy, and they suffer in turn from the problems as the crisis facing the European economy because of the crises in Italy, Spain and Greece make the economy EU is a realistic alternative in addition to link China's economy, which is witnessing strong growth and a giant, but he linked to a large U.S. economy, which can not make it an alternative which makes the situation complicated world out of this crisis. "
He said that "some countries have resorted to gold as an alternative to hedge the cash, even if informally, where not considered the gold cover of cash he is not a monetary system, but it is a system of cash floating subject to supply and demand, and is considered a hedge to see prices of growth in the light of falling currencies."
On the concept of dollarization and its hegemony over the Iraqi market and the possibility of bringing other currencies replace the dollar, Saleh said that "the concept of dollarization does not mean to bring the dollar given to the local currency, but rather is a process to bring any foreign currency alongside the national currency in the balance of payments, due to the fact that Iraq is located within the area the dollar in the trade balance, because it depends on oil and oil commodity dollar, in addition to international restrictions on the dealings of cash as the incubator Amlath basic and garrison them in the present time is the United States of America, There can shift from the dollar at the present time. "
He noted that monetary policy in Iraq "is concerned about the future, but it does not feel fear, the fact that the crisis is global and specializes in a country without the other and Iraq within the system of global economic, and the secretions of the past years that have led to a reduction of dollar exchange rates, offset by a rise in oil prices more of the value decline, which makes the Iraqi economy does not seem in danger. "
Central Bank: the crisis of the dollar led to a large increase for inflation in Iraq
Saturday, August 13 - August 2011 10:51
alt said deputy central bank governor, said there were no alternatives to a current of the dollar as the main currency in the world within the global monetary policies, both for the cash reserves or to cover the cash, noting that the global crisis led to high rates of inflation in Iraq, pointing to the existence of concern, but he stopped short of fear on the Iraqi economy, despite lower prices because of the dollar coincided with the rise in oil prices.
The deputy governor of Central Bank of Iraq the appearance of Dr. Mohamed Saleh, in a dialogue to him about the "keep the crisis debt the U.S. and its repercussions on Iraq and the countries that deal in dollars," that Iraq had "influenced by the global crisis the new light of the emergence of the so-called imported inflation during the last three months, which reflected clearly on the rate of inflation in the country. "He added that" high food prices in world markets because of the low value of the dollar, in addition to the high value of imported goods led to a rise in the number basis of the prices of 3% as big as annual inflation in January of this year , to 6.4% during the month of June, beginning of the year, where he was within acceptable limits, while it had risen to unacceptable levels in recent months. "
"The reason the dollar crisis is that there are two tracks, first track and a cover of cash through the reserve to cover the trade deficit, which resort has a habit of developing countries where there are reserves in the world of about $ 9 trillion, China's share, which represents a reserve of cash world's largest and is about a third the size of reserves to the dollar zone, while has the East Asian countries more than half of the cash reserves. "Salih noted that" developing countries retain up to 55 percent of its reserves in the form of dollars, while keeping the developed countries about 60 percent of its reserves in the form of dollars, This means in total that between 55 to 60 percent of the volume of foreign currency reserves in the world is in dollars, while a dollar, 87 percent of the volume of world trade, and give more than 50 percent of global banks loans in dollars. "He added that" the dollar for each of those Alosab currency of dominance on the balance of trade payments world, with more than 90 percent of dollar reserves invested Khawwalat U.S. Treasury, even though the U.S. economy is only 25 percent of the gross total, in the world, but the effect of dominance for the U.S. economy comes from three points
The first is the focus of Tknlogi as the standard technological as the U.S. lead of nearly five years on the technology globally competitive, and the second is the military dominance and the third economic dominance that the U.S. economy inherited the international monetary system after World War II in 1945 and turned it from a gold system to the International Monetary Fund The dollar is considered the main currency in the world. "
He noted that "these three elements made of U.S. domination of economic dominance Marictalah what is known as the concept of Almarictalah new, which is that it has the force has the wealth," noting that "Almarictalah old was driven by the Spaniards in the sixteenth century through the adoption of military force to control the sources of wealth that is gold, fell through the industrial revolution and technological progress, which pushed Spain to Britain and France. "
And went on: "Because of the dominance of U.S. military current economic weight of a U.S. currency current admissibility of a global, but also represents at the same time an obligation is deferred to the U.S. government, so the subject of religion deferred the U.S. is 100 percent of gross U.S. national, if not more, and this negative index large as the real growth rate in the U.S. economy about the size of debt, the U.S. economy will collapse and the size of growth required to reach the stage of coverage of public debt is five and a half percent growth in net to overcome the debt problem, but this ratio is difficult to access them now. "
On the economy, which could play the role of the alternative for the U.S. economy in the event of collapse, Saleh explained that "the European economy and the Chinese economy are that come after the U.S. economy, and they suffer in turn from the problems as the crisis facing the European economy because of the crises in Italy, Spain and Greece make the economy EU is a realistic alternative in addition to link China's economy, which is witnessing strong growth and a giant, but he linked to a large U.S. economy, which can not make it an alternative which makes the situation complicated world out of this crisis. "
He said that "some countries have resorted to gold as an alternative to hedge the cash, even if informally, where not considered the gold cover of cash he is not a monetary system, but it is a system of cash floating subject to supply and demand, and is considered a hedge to see prices of growth in the light of falling currencies."
On the concept of dollarization and its hegemony over the Iraqi market and the possibility of bringing other currencies replace the dollar, Saleh said that "the concept of dollarization does not mean to bring the dollar given to the local currency, but rather is a process to bring any foreign currency alongside the national currency in the balance of payments, due to the fact that Iraq is located within the area the dollar in the trade balance, because it depends on oil and oil commodity dollar, in addition to international restrictions on the dealings of cash as the incubator Amlath basic and garrison them in the present time is the United States of America, There can shift from the dollar at the present time. "
He noted that monetary policy in Iraq "is concerned about the future, but it does not feel fear, the fact that the crisis is global and specializes in a country without the other and Iraq within the system of global economic, and the secretions of the past years that have led to a reduction of dollar exchange rates, offset by a rise in oil prices more of the value decline, which makes the Iraqi economy does not seem in danger. "