Mazhar Saleh: Geopolitical controls push towards switching to official channels for currency trading
Mazhar Mohammed Saleh, the financial adviser to the Prime Minister, stressed that the geopolitical controls imposed on informal trade contribute to expanding dealing with official outlets of foreign currency, which contributes to financing foreign trade through the sober international financial system
He pointed out in his speech to {Euphrates News} that “this shift aims to move away from informal financing from the parallel market to the dollar intensively, especially with changing the behavior of small traders in avoiding the parallel market associated with the problems of regional and geopolitical countries.”
Saleh added that “this transformation comes in the context of the importance of rising foreign reserves for Iraq and confronting money smuggling operations, as well as facilitating external transfers through Iraqi banks that deal with international banking correspondents, at an official exchange rate of 1,320 dinars per dollar.”
He also stressed that the end of the compliance platform phase adopted by the Central Bank of Iraq in the past two years and the country’s entry into a new stage have contributed to providing great flexibility in financial transfers through official channels.
