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Tuesday, November 29, 2011

Will Iraqi Dinar revalue 2012

Will Iraqi Dinar revalue 2012 : Iraqi Prime Minister Nuri Al Maliki said he expects a decrease in Iraqi revenues in 2012. An economic world crisis in Europe and the US will damage Iraq’s economy, Maliki indicated while affirming that electricity and oil sectors will make progress in the upcoming year.

“The financial situation is not promising,” Maliki said during a visit to Babel Province. “We raised the State’s budget to 136 trillion Dinars but we could be facing a potential new economic world crisis in Europe and the US,” he revealed.

“The crisis will cause an economic freeze that will affect Iraq since 90% of its budget relies on oil incomes,” he pointed out.

“As soon as companies working hard in all Iraqi regions deliver their projects in the electricity sector, 13 thousand megawatts of electricity will be produced and distributed in the country starting next summer and until two years,” Maliki assured. “Oil production is increasing. And we plan to inaugurate at the end of this year export stations producing 900 thousand barrels that will be followed by other export stations producing another 900 thousand barrels in the first quarter of next year,” he concluded.

Iraq’s gross domestic product growth should rise to 9 percent in 2012 from around 6 percent currently, mainly driven by an expected increase in oil production and exports, a senior central bank official said on Sunday.

Iraq has some of the world’s largest oil reserves and is currently producing about 2.9 million barrels per day (bpd). High oil prices have helped the country earn billions of dollars more than projected this year.

The International Monetary Fund has projected the Iraqi economy to grow at a faster pace than China or India over the next two to three years.

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