KTFA Members "Vietnam and iraq News" Tuesday 2-6-2022
KTFA:
Toyvp: This was done in August!!!!!!
Exchange Rate in Vietnam
Vietnam - Exchange Rate
Central Bank devalues dong, widens trading band
On 19 August, the State Bank of Vietnam (SBV) announced an adjustment to the average inter-bank VND/USD exchange rate, raising the rate from 21,673 VND/USD to 21,890 VND/USD, the equivalent of a 1.0% increase.
The Bank also decided to widen the exchange rate trading band from +/-2.0% to +/-3.0%, spreading the floor and ceiling exchange rates to 21,233 and 22,547 VND per USD, respectively. The move follows two prior devaluations of the dong this year of 1.0 percentage points each in January and May.
The move to devalue the currency comes in response to the depreciation of the Chinese yuan earlier this month, and will help support Vietnam’s external position as currencies in the region lose ground against the greenback. A weaker dong also means the SBV is able to use less resources in order to maintain the exchange rate as strengthened expectations of the Fed’s interest rate hike later this year put downward pressure on the currency.
The decision to widen the dong’s trading band follows a similar action on 12 August to expand the band from +/-1.0% to +/-2.0% around the previous midpoint of 21,673 VND/USD. The SBV had defended that decision stating that a stronger recovery in the U.S. and uncertainty in Europe over the Greek debt fallout, as well as other external factors, required a more flexible trading band.
The list of adjustments made by the SBV in August is indicative of a host of pressures affecting Asian forex markets. With these changes, the SBV hopes to safeguard the dong against fluctuation in domestic and international markets, and maintain the competitiveness of Vietnam’s exporters.
FocusEconomics Consensus Forecast panellists expect the dong to trade at 21,812 per USD at the end of this year. For 2016, the panel projects the dong to trade at 22,108 per USD.
https://www.focus-economics.com/country-indicator/vietnam/exchange-rate
****************
Toyvp: Market extends rallies, VN-Index inches close to 1,100 points
December, 06/2022 - 05:45
The VN-Index opened the new week on a positive note as it headed toward the 1,100 point-level.
HÀ NỘI — Benchmark indices extended rallies on Monday, boosted by the market's bullish sentiment and strong net inflows from foreign investors.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index opened the new week on a positive note as it headed toward the 1,100-point level. The index closed the day at 1,093.67 points, a gain of 13.66 points, or 1.26 per cent. It gained more than 11 per cent last week.
The market's breadth was positive as many stocks tilted to the uptrend. Of which, 244 stocks on the southern bourse advanced, while 122 stocks inched lower. Liquidity remained at a high level. Accordingly, nearly 1.3 billion shares were traded on HoSE, worth more than VNĐ20.97 trillion (US$875.2 million).
Saigon - Hanoi Securities JSC expected the VN-Index to fluctuate in a range of 1,000-1,150 points and create a wide accumulation area.
The VN30-Index, which tracks the 30 biggest stocks on HoSE, also posted an increase of 17.95 points, or 1.64 per cent, to 1,110.94 points. In the VN30 basket, 25 stocks added points with four stocks hitting ceiling prices, while three stocks declined. And two stocks stayed flat.
Statistics from a finance website vietstock.vn showed that banking, realty, and manufacturing industries continued to lead the market's rally. Specifically, VPBank was the biggest gainer yesterday, up 4.91 per cent.
Others in the top five stocks influencing the trend were Vinhomes (VHM), PV Gas (GAS), Hòa Phát Group (HPG), and Vietinbank (CTG). The stocks rose by 1.8-2.83 per cent.
The HNX-Index on the Hà Nội Stock Exchange (HNX) also finished higher yesterday, marking its eighth gaining session in a row. It gained 4 points, or 1.85 per cent, to 219.96 points.
During the session, investors poured nearly VNĐ1.8 trillion into the northern market, equivalent to a trading volume of nearly 123.2 million shares.
Supporting the Vietnamese stock market, foreign investors continued to net buy a large value on both main exchanges. Of which, they net bought nearly VNĐ1.4 trillion on HoSE and VNĐ22.62 billion on HNX. VNS
****************
Clare: Source: Iraqi Parliament to approve 2023 budget of 140 trillion dinars soon
2022-12-05
Iraq's Parliament will approve the 2023 budget of 140 trillion Iraqi dinars in the coming days as the country wrestles with an economic and financial crisis.
A source in the Parliamentary Finance committee, Mouin Al-Kadhimi, revealed to Shafaq News Agency that Prime Minister Muhammad S. Al-Sudani directed the minister of finance to complete the 140-trillion-dinars budget law to approve it and then refer it to the Parliament.
The budget deficit is estimated at 20 trillion Iraqi dinars, he said.
The 2023 budget set an oil price between $60-65 a barrel.
It is worth noting that Iraq depends on oil revenue for 95 percent of its income. LINK
*************
Clare: A parliamentarian attacks the governor of the Central Bank for his “insistence” on raising the exchange rate and threatens to question him
2022-12-06
A member of Parliament for the "Sadiqun" parliamentary bloc, Rafik al-Salhi, accused, on Tuesday, the governor of the Central Bank of Iraq of insisting on keeping the exchange rate of the US dollar against the dinar, hinting at the possibility of interrogating the governor under the dome of parliament in the event that the exchange rate is not restored as it was in Previous.
Al-Salhi said in a press conference held today, that "with the rise in crude oil prices and the growth of oil revenues, the governor of the Central Bank is still insisting on raising the exchange rate of the dollar, and restricting citizens, especially those with limited income."
And he added, "We have followed with great astonishment during the past days about the central bank's inability to change the exchange rate of the dollar, and that the decision was taken in consultation with the International Monetary Fund, and we do not know whether the governor of the central bank lives in Iraq or in another country, and he is not aware of the extent of the damage that he suffered." Over the past two years, the simple citizen has witnessed an insane rise in the prices of consumer goods, which added another burden on the shoulders of the poor.
And Al-Salhi considered that mortgaging the Iraqi economy with the dictates of the International Monetary Fund represents a dangerous turning point that affects the future of the country and it.
The parliamentarian also called on the government and the governor of the central bank to expedite the reduction of the exchange rate of the dollar to what it was previously, adding that the House of Representatives has the final word, otherwise it is possible to correct the decision by the legislative authority, even if it is necessary to amend the central bank law.
He went on to say that the House of Representatives demands its moral and constitutional responsibility and work to correct the decision to raise the exchange rate of the dollar and look at the size of the injustice and the harm that befell millions of the poor and those with no income.
Al-Salhi pointed out that in the event that the governor of the Central Bank does not respond by returning the exchange rate of the dollar to the old price, we have no choice but to collect parliamentary signatures to interrogate the governor of the Central Bank inside the dome of Parliament.
And at the end of 2020, the Central Bank of Iraq decided to reduce the value of the local dinar against the dollar from 1190 dinars per dollar to 1450 dinars, to contain a financial crisis that Baghdad was suffering from due to a significant decline in oil prices due to the repercussions of the Corona pandemic.
The decision caused an increase in prices in the local markets by more than 20 percent, which negatively affected low-income and middle-class people. LINK
Clare: With the participation of Iraq, the Chinese president will visit Saudi Arabia on Thursday to attend a joint summit
12/06/2022
The Chinese President, {Xi Jinping}, will visit Saudi Arabia the day after tomorrow, Thursday, on an official visit to the Queen, which will last for two days.
CNN quoted a source familiar with the trip, an Arab diplomatic source and a senior Arab official as saying that "two conferences will be held during Xi's trip to Riyadh, a Chinese-Arab conference and a Chinese-Gulf conference."
It is expected that at least 14 Arab heads of state will attend the Chinese-Arab conference, including Iraq, according to the Arab diplomatic source, who described the trip as a "milestone" for Arab-Chinese relations. LINK
************
Henig: Urgent: Nineveh Governor announces the suspension of tomorrow's working hours in the province
{Local: Al-Furat News} Nineveh Governor Najm Al-Jubouri announced the suspension of official working hours for tomorrow, Tuesday, for the city center of Mosul only, with the exception of service departments, in order to complete projects.
Al-Jubouri called on "citizens to reduce vehicle movement to serve the public interest." LINK
************
Henig: Integrity: Recruiting the former governor of Babylon for violating his job duties
Baghdad / NINA / - The Integrity Commission revealed that an order had been issued to bring in the former governor of Babylon, on the grounds that he had deliberately committed a breach of his job duties.
The Commission’s Investigation Department stated in a statement, “The Hilla Investigation Court, which specializes in integrity issues, decided to bring in the former governor of Babylon, regarding the violations that occurred in the record of allocating plots of land to the martyrs and wounded segment in the Hilla Municipality Directorate, pointing out that the governor signed and approved the allocation record, despite these Violations; after him, Chairman of the Land Allocation Committee. LINK
************
Henig: Nabil Al-Marsoumi to / NINA /: 4-5 billion dollars annually are the government's loss from unofficial outlets
Baghdad / NINA / - The economic expert, Nabil Al-Marsoumi, confirmed that: 4-5 billion dollars annually are the government's loss from unofficial outlets.
He told the National Iraqi News Agency / NINA /: that customs protection and tariffs are a global system applied in varying proportions to achieve the protection of the local product, combat some types of commodities, and obtain new financial revenues.
Al-Marsoumi added: The policy of trade openness, the lack of fees, and the entry of goods through unofficial outlets deprives the government of 5 billion annually.
Al-Marsoumi called on the government to activate the customs tariff system and include it for imported goods, in addition to stopping smuggling. LINK
************
Henig: Political analyst: The coming months will reveal the involvement of statesmen in corruption files
{Politics: Al-Furat News} The political analyst, Adel Al-Manea, expected today, Monday, to reveal the involvement of state officials in corruption files in the coming months.
The useful summary.. On important news, you can find it on Al-Furat News channel on Telegram.. To subscribe, click here
Al-Manea told Al-Furat News that: "Al-Sudani's government differs greatly from the previous government, so it is the one that started pursuing the corrupt."
He added, "In other words, there is seriousness in fighting corruption and the corrupt, and perhaps the coming months will reveal the involvement of senior statesmen and parties in corruption files."
Al-Manea stressed "the need for the parliament to be supportive of the government with a number of legislations, to be politically supportive of the government, and not to cover up personalities from within its political formation."
"No matter how serious the government is in providing services to people, it must be based on a lot of legislation," he added. LINK