The governor of the Central Bank of Iraq has warned Iraq is facing a critical and real chronic budget deficit. According to him the problem is becoming structural because Iraq remains heavily reliant upon oil revenues. The IMF has been telling Iraq for months and months that you’ve got to strengthen your other streams of income. This is what we’ve always feared…We all know Iraq’s oil revenue dropped significantly…The governor also stated the central bank is focused on maintaining stability in the Iraqi dinar and denies rumors of any planned changes to the exchange rate policy. Of course he has to say that. He’s supposed to say that and we’re supposed to believe him. :Sandy Ingram
