"Tidbits From TNT" Thursday Morning 3-30-2023
TNT:
CandyKisses: China, Brazil agree to abandon dollar in bilateral trade
BAGHDAD (Reuters) - The Brazilian government announced that it has reached an agreement with China to abandon the dollar and use their local currencies in their bilateral trade transactions.
The deal will allow China, the biggest rival of U.S. economic dominance, and Brazil, Latin America's largest economy, to make their massive trade deals directly and exchange the yuan for the rial and vice versa instead of relying on the dollar.
The Brazilian Agency for the Promotion of Trade and Investment (APEXBRSIL) said in a statement last night that there are expectations that this will reduce costs, further boost bilateral trade and facilitate investment.
China is Brazil's largest trading partner, with trade worth about $150 billion last year.
The agreement was announced at a high-level China-Brazil business forum in Beijing and follows a preliminary agreement in January.
Brazilian President Luiz Inácio Lula da Silva was due to attend the forum, but was forced to postpone his visit to China after suffering from pneumonia.
Officials said the Industrial and Commercial Bank of China and BPM Bank would carry out the transactions.
China has also abandoned dealing in dollars with Russia, Pakistan and several other countries.
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CandyKisses: IMF: Global economy to face another difficult year in 2023
Baghdad Today - Follow-up
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said the global economy faces another difficult year in 2023, due to the crisis in Ukraine and ongoing monetary tightening measures.
Georgieva said at the Boao Forum for Asia 2023 in China: "We expect 2023 to be another difficult year, as global growth eases below 3 percent, as a result of the repercussions of the conflict in Ukraine and continued monetary tightening measures."
The IMF chief added that a rapid transition from low to higher interest rates was necessary to fight inflation, but that this necessarily led to disruptions in the banking sector in some advanced economies, making policymaking difficult.
Trade integration has become a key component of strong economic growth for decades, but it is important to make supply chains safer and more diversified.
"Addressing these concerns requires a pragmatic approach – working together where it is most needed, for example, to revive international trade in a fair way and diversify supply chains based on economic logic," she said.
In this context, Georgieva called on States to stand in solidarity with those who need it most, and stressed the importance of protecting vulnerable individuals and providing them with targeted support
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Tishwash: The new salary scale law between processing and passing
So far, the General Secretariat of the Council of Ministers has not finished amending the new salary scale, while the Legislative House stresses the need to make adjustments with the current year's budget.
Until now, the salary scale law has not reached the legislative house, as it is still included in the General Secretariat ofCouncil of Ministers Specifically at the competent committees. On the other hand, Parliament intends to pass it with the budget in one basket.
The competent parliamentary committees say that the salary scale law is independent of the budget law, and this means that the ground is ready for its passage without any obstacles, as the weightings indicate that it will reach Parliament next week. link
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Tishwash: Central Bank: There are 4 measures to support the strength of the Iraqi dinar
Today, Thursday, the Central Bank of Iraq announced the identification of four measures to support the strength of the Iraqi dinar, stressing that its packages met most of the market’s requests and contributed to the decline of the dollar.
The assistant general manager of the investment department in the bank, Muhammad Yunus, said in a press statement followed by NRT Arabia, that "the central bank has taken a group of packages to support the process of the strength of the Iraqi dinar and to enhance external transfer and financing of trade, study and others," noting that "the signs of these packages on the strength of the dinar Al-Iraqi started showing up today
Younes added, "The dollar began to decline continuously against the dinar as a result of these packages that met most of the Iraqi market's requests," noting that "this contributed to reducing the difference between the official and parallel exchange rate."
He explained, "Iraq is an importer of everything, and therefore the large volume of its demand for the dollar sometimes makes it strong against the dinar," noting that "the central bank's actions are supported by the decisions of the Prime Minister and the Council of Ministers."
Younes stressed, "The need for all efforts to come together to support the strength of the dinar through measures represented first by supporting the local product, second by reducing import operations, third by controlling markets, and fourth by controlling border crossings," explaining that "most markets have started dealing in the Iraqi dinar, and this will contribute to its support."
He pointed out that "some departments faced a problem because their contracts are in dollars, but the Council of Ministers and the Central Bank began to solve these problems," stressing that "Iraq has more than 130 tons of gold." link
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