The Central Bank of Iraq commented, today, Thursday, on preparing the budget for the coming year.
Central Bank Board Member Ahmed Brihi told Al-Maalouma Agency, “The government must prepare the budget for years based on the average price of a barrel of oil, not for each year.”
He explained, “This measure prevents the Iraqi economy from being affected even if the price of oil reaches $50.”
He added, “It is well known that the prices of oil, minerals and strategic agricultural materials are always changing, so countries whose economies depend on these commodities, including Iraq, must adapt their financial base according to these changes.”
He added, “Since Iraq’s economy still depends on oil by more than 90%, it must prepare its budgets based on the average price of a barrel of oil for a long period and not for each year.”
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