Today, Thursday, the Iraqi Central Bank offered its thoughts regarding the preparation of the upcoming budget.
“The government must prepare the budget for years based on the average price of a barrel of oil, not for each year,” Central Bank Board Member Ahmed Brihi stated.
“Even if the price of oil reaches $50, this measure prevents the Iraqi economy from being affected,” he explained.
“Countries whose economies depend on these commodities, including Iraq, must adapt their financial base according to these changes,” he continued. “It is well known that the prices of oil, minerals, and strategic agricultural materials are always changing.”
“Since Iraq’s economy still depends on oil by more than 90%,” he continued, “it must prepare its budgets based on the average price of a barrel of oil for a long period of time rather than for each year.”
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