News, Rumors and Opinions Monday 10-5-2020
TNT:
Harambe: Vietnam News: First Vietnamese bank allows transactions in South Korea for local card holders
(10/5/20)
HÀ NỘI — TPBank has become the first bank in Việt Nam to allow all domestic cardholders to make payment and withdrawal transactions in South Korea in addition to international debit cards or credit cards.
TPBank, the National Payment Corporation of Việt Nam (NAPAS) and BC Card – the largest credit card network in South Korea with more than a quarter market share – successfully implemented the project to connect trans-international payment services.
Accordingly, all TPBank’s ATM cardholders can immediately implement payment and withdrawal transactions at some three million locations accepting card payments and nearly 40,000 ATMs in South Korea.
With the service, TPBank has helped customers completely eliminate worries of having to buy foreign currency in time to open an international debit card or credit card for travelling, business trips or transferring money to their children to study in South Korea. Moreover, keeping a local card in their wallet for direct payments via POS machines or withdrawing an amount of spending money at an ATM when needed will be much safer than carrying a large amount of foreign currency.
Nguyễn Hưng, TPBank’s general director, said: “Through this project, TPBank hopes to bring the best services and experiences to Vietnamese customers who have been living, working, studying and travelling in Korea as well as contribute to promoting the Viet Nam - Korea strategic co-operation partnership.”
Hưng added that with the dynamism, enthusiasm and the forefront in applying new technologies, TPBank is expected to join State agencies to expand this feature in other countries such as Thailand, China and Japan to give customers the best experience when using their bank's services.
In recent years, South Korea has become one of the most popular destinations for Vietnamese to travel, work and study. The Korea Tourism Board said that in 2019 there were more than half a million Vietnamese travelling in South Korea, representing a 22 per cent year-on-year increase. The number of Vietnamese students studying in the country has reached 37,426 people, an increase of more than 10,000 compared to 2018.
In 2020, tourism activities from Việt Nam to South Korea were interrupted due to COVID-19. However, when the pandemic is controlled, the number of Vietnamese tourists travelling to the country will increase again. Korea has also implemented many policies to support Vietnamese students.
According to statistics from the Payment Department under the State Bank of Việt Nam, by the end of the second quarter of 2020, the total number of cards in circulation in Việt Nam reached more than 106 million, of which the number of domestic cards accounted for more than 90 million, nearly six times the number of credit cards. At TPBank, the growth rate of cards is always very high, at 50 per cent a year compared to the market. — VNS
Tishwash: The Central Bank begins implementing steps to reform the banking sector (CBI site)
Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank.
This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector.
This bank confirms that it had previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders.
Finally, we announce that the next stage will include the process of "reforming government banks as well," noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued pursuant to them
The Central Bank of Iraq Information Office,5th of October 2020 Baghdad link
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Cutebwoy: Governor of the Central Bank: We intend to implement the reform plan to upgrade the banking sector
Banks October 4, 2020
Economy News – Baghdad
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, confirmed that the Central Bank is determined to implement the reform plan that contributes to the promotion of the banking sector.
A press release issued by the Central Bank said, “Al-Iqtisad News” received a copy of it. The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, met the President of the Republic, Dr. Barham Salih, today, Sunday.
According to the statement, the President of the Republic congratulated the Governor of the Central Bank who took the position, wishing him success in performing his duties.
The governor of the bank stressed during the meeting that this bank is determined to implement the reform plan that would help in the promotion of the Iraqi banking sector in light of the current challenges to serve the country’s economy.
For his part, the President of the Republic stressed the need for the independence of the Central Bank, the strengthening of the country’s financial position by diversifying the state’s resources and following a balanced monetary policy, and taking all measures to combat administrative and financial corruption, especially in the current circumstances in which the country is facing the Corona pandemic, and the decline in oil imports
RVALready: Very Good. If I remember correctly, the first item on the reform list is the RV. Hopefully, they can get started right away!
Samson: Finance Minister: $ 250 billion has been stolen from Iraq since 2003
4th October, 2020
Finance Minister Ali Allawi said that the economic reform paper that will be presented soon includes the activation of the partnership between the public and private sectors, explaining that 250 billion dollars have been stolen from Iraq since 2003
Allawi added, in a seminar organized at the headquarters of the guest house in the Green Zone, and I saw the Economy News on a video of the session published on the Institute’s Economic Reform page, that my vision includes making the private sector the main and pivotal engine in the economy, adding that the compass of the Iraqi economy must change towards free work. And not to rely on government sector work
He stressed that the private sector should benefit from the Iraqi market as well as the Arab and international markets, explaining that the state’s resources management must be in partnership with the private sector and gradually because the public sector currently provides very weak services
He noted that the agricultural sector in Iraq is subsidized by the state at an amount of 6 trillion dinars, pointing out that the tax sector in Iraq is very weak, and the citizen has the right to not pay taxes in exchange for weak services provided by the public sector
He noted that Iraq's revenues from the border outlets are less than 1% due to the large exceptions and exemptions granted
He explained that the main decisions affecting the economy are mostly politicized, and they began to increase and not decrease, and this issue has been inherited since 2003, and most of these decisions are related to the economic relations of the parties with the parties that can help them
He indicated that 250 billion dollars were stolen from Iraq since 2003 and until now, and this amount is built by several countries, explaining that spending this money was not an economic goal but rather a financial benefit to some parties, which led to a decline in the state's capabilities, pointing out that this matter would not be changed overnight
He stressed that Iraq imports from Iran electricity and gas annually at an amount of 4 trillion dinars, but the Ministry of Electricity is unable to pay these funds from the collection, explaining that 30% of Iraq's imports pass from the northern ports and tax revenues are not subject to the control of the center VIDEO LINK
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Courtesy of Dinar Guru
Pimpy I love the fact that the rate talk has been going on - period. Good, bad and ugly. The fact that they're talking about it seems to give me the impression that they know something needs to be done. What that is for sure I'm not sure myself but we're going to find out...
Jeff I recently checked Iraq's inflation and I think it was down to about 1/2 percent. It was very low. Iraq will not be deleting the zeros off the notes. They will delete the zeros off the rate. But when they delete the zeros off the rate that essentially makes it 1 to 1 with the dollar. Once they make it 1 to 1 with the dollar that makes it too valuable so they have to bring out new notes. Two different currencies will coexist for a period of time. Smaller notes and larger notes. They have to bring out smaller notes because the currency will have too high of a value...
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