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Foley commented: Consumers dont expect any relief from the Budget and the recent fall in the exchange rate is likely to add to pressures. Iraqs main exports partners are the United States India China South Korea Japan and the Netherlands.

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He acknowledged that government decision-making had slowed down and said often this was on account of hesitation on the part of officials to make critical decisions. Despite noting that a local trader had played a part in the Libor rigging that has rocked confidence in the financial world and saying the actions could undermine the market integrity the regulator issued little more than a ticking off. Gold rose bucking a fall in other commodities after a slide to two-year lows this week lured Asian buyers but sentiment was still severely shaken by the biggest two-day loss in 30 years.

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