On Wednesday, the Central Bank of Iraq announced that the country’s inflation rate had significantly decreased in August 2023, dropping to approximately 3.7%. This is a positive development considering the growing problem of inflation in many Arab and neighboring countries.
Economic data indicate that Iraq has relatively low inflation compared to other countries in the region, where inflation rates have reached two or three decimal places.
Despite high inflation in Iraq’s main trading partners Iran and Turkey, Iraq maintained price stability.
This announcement is in response to modernized economic conditions and major transformations in the region. Trade data reveals that 46% of Iraq’s foreign trade is with Iran, and 57% is with Turkey.
This number reflects the success of the Central Bank of Iraq’sIraq’sy in achieving price stability and controlling inflation rates.
