It has been reported that Iraq’s inflation rate is well over 100% and there is a strong desire from the Iraq Central bank to lower the inflation to a manageable level like the 10-15% very soon. Iraq could take the same step this country has just announced who will be introducing a new currency and lopping a few zeros.
I wonder if Dr. Shabibi reads the Financial Times.
The National Assembly Finance Committee, some directors of the Central Bank of Venezuela (BCV) and the Finance vice-minister believe those days when people deposited VEB 500,000 (USD 233) in their accounts and spent it all in an afternoon to purchase two pairs of shoes should be over.
After reading the above quote from this article I bet the Iraqi’s feel the same way.
You can read it here.