Mazhar Saleh: Geopolitical controls push towards shifting to official channels for currency trading
Mazhar Saleh: Geopolitical controls push towards shifting to official channels for currency trading
2025/03/03
Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed that the geopolitical controls imposed on informal trade contribute to expanding dealings with official outlets for foreign currency, which contributes to financing foreign trade through the sound international financial system.
He pointed out in his statement to {Euphrates News} that “this shift aims to move away from informal financing from the parallel dollar market intensively, especially with the change in the behavior of small traders in avoiding the parallel market linked to the countries’ regional and geopolitical problems.”
Saleh added that “this shift comes in the context of the importance of increasing Iraq’s foreign reserves and confronting money smuggling operations, in addition to facilitating external transfer operations 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 phase has contributed to providing great flexibility in financial transfers through official channels.
alforatnews.iq
