The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, attributed the relative stability in the dollar exchange rate in the parallel market to stability in commercial bank financing.
Saleh told {Al-Furat News} agency, “The stability of the dollar exchange rates in the parallel market is due to the stability in bank financing of foreign trade for the private sector, which has begun to rely on stable official exchange rates on a large scale and is more flexible.”
He noted that “the demand for foreign currency for the purposes of financing the country’s foreign trade, on the part of the private sector, is today supported by large foreign currency reserves, which are the highest in the modern economic history of Iraq, which today touch approximately 111 billion dollars.”
Saleh stressed that “those high foreign currency reserves indicate the country’s annual trade efficiency of more than 16 months of import at least compared to the global standard for the trade efficiency of foreign reserves, which is set at only about three months.”
alforatnews.iq
