Iraq to cut rates

The Central Bank of Iraq has announced that it will reduce its key policy rate by 1 percentage point to 14%, starting next year.

The central bank said the decision to cut rates reflects declining inflation. In a statement the central bank stated that inflation in November fell to 12.7% from the 13.6% registered in the previous month.

Inflation in Iraq rose as high as 69.6% at the end of 2006, but has since fallen sharply. The country registered price increases of 32% in early 2007, which was re

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