Iraq Central Bank Cuts Key Rate to 6%

Bloomberg reports that the Iraqi Central Bank cut its key interest rate by one percentage point to 6%, to boost economic growth as inflation slows, according to figures posted on the bank’s website.

The country’s real growth in gross domestic product probably slowed to 4.3 percent in 2009, from 9.5 percent the previous year, as lower oil prices damped government spending, the International Monetary Fund has previously reported.

Inflation is expected to slow to 6 percent this year, from 6.9 percent, according to IMF estimates.

Source: Bloomberg

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