GOVERNMENT ADVISOR: ELECTRONIC PAYMENT ENHANCES DINAR STABILITY, SHRINKS PARALLEL MARKET
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the public’s increasing conviction in using electronic payment cards for travel purposes or paying dues to small companies has achieved great success in reducing the size of the parallel market for the US dollar, which has contributed to its gradual decline.
Saleh explained in a statement to {Euphrates News} agency, that “the modern monetary policies that were recently implemented have proven their effectiveness in achieving financial and economic stability, as annual inflation rates have decreased to levels not exceeding 3%, which reflects the strength and stability of the Iraqi dinar against foreign currencies.
The financial advisor pointed out that the new monetary policy tools adopted by the Iraqi government, in cooperation with the Central Bank, have directly contributed to directing cash liquidity towards official channels, which has enhanced public confidence in the dinar and led to a reduction in informal transactions in the dollar.
Saleh stressed the importance of continuing efforts to enhance the use of electronic means in financial transactions, given its pivotal role in supporting the national economy and combating illegal practices associated with the parallel currency market.
He stressed that these achievements come within the framework of a comprehensive strategy aimed at achieving sustainable financial stability and enhancing the confidence of citizens and investors in the future of the Iraqi economy, calling on all segments of society to engage more in the use of electronic payment tools in the interest of the national economy.
