Tidbits From TNT" Tuesday Morning 12-27-2022
TNT:
Harambe: Improved forex market (Vietnamese Dong) helps central bank buy greenback
(12/27/22)
The foreign exchange market has been improved and the Vietnamese đồngcurrently devalued by about 3.81 per cent against the US dollar compared to the beginning of this year, deputy governor of the State Bank of Vietnam (SBV) Đào Minh Tú said on Tuesday.
At a press conference to implement works of the banking industry in 2023 held on Tuesday, Tú said the devaluation rate of the đồng was lower than that of many countries in the world.
According to Tú, maintaining the exchange rate stability was one of the most difficult tasks for the SBV in 2022. However, the local forex market is basically going smoothly and credit institutions can meet the legal foreign currency needs of customers.
Notably, he said, after it was forced to sell a large amount of greenback earlier in the year to support the đồng, the SBV now can buy the US dollar to increase the nation’s foreign exchange reserves thanks to the improvement in the forex market.…
https://vietnamnews.vn/economy/1442398/improved-forex-market-helps-central-bank-buy-greenback.html
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Tishwash: The Central Bank issues recommendations to merchants and banks regarding exchange rates
Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates .
The bank's media office stated, in a statement received by the Iraqi News Agency (INA), that "the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to for days, resulting from internal and external factors."
He added that "given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."
The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”
The Central Bank stressed, "Banks must shoulder their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements." link
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Tishwash: America is waging an economic war through the dollar
Today, Tuesday, a member of the Syrian People's Assembly, Mahmoud Jokhadar, accused the United States of practicing an economic war to stifle the Syrian people through the price of the dollar, indicating that America persists in imposing its siege on the country.
Jokhadar said, in a statement followed by (Iraqi Media News Agency / INA), that "in order for America to ensure the continuation of the bloodshed of the steadfast Syrian people and to continue plundering Syria's wealth of oil and wheat, it persists in imposing its siege on the people."
He added, “The American blockade is on the Syrian people, who are living in their worst conditions these days, from a winter without fuel and an exorbitant price hike, and its attempts to destroy the exchange rate and raise the price of its dollar, and this is all not only under the eyes of Syria’s Arab brothers, but also with its support and support from some of them in implementing this unjust siege.” ".
Jokhadar pointed out that "Syria considers America a permanent enemy, but what can we say about our Arab brothers who participate in strangling us, starving us, and continuing our bleeding to strangle the Syrian people financially and economically?"
The leader of the Al-Fateh Alliance, Ali Al-Fatlawi, called earlier on the government of Prime Minister Muhammad Shia'a Al-Sudani to reveal to the Iraqi people the new conspiracy that the United States of America is weaving by reducing financial transfers to Iraq, which led to raising the exchange rate of the dollar against the Iraqi dinar. link
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Tishwash: Al-Sudani issues a package of "necessary" directives to end the dollar crisis – Urgent
The Prime Minister, Mr. Muhammad Shia'a Al-Sudani, met today, Tuesday morning, with the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif.
His Excellency listened to a detailed presentation by the Governor of the Bank regarding the rise in the exchange rate of foreign currency, and the most important measures taken by the Bank in this field.
The Prime Minister urged the Central Bank to achieve general stability of prices and the exchange rate, in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the Central Bank aims to achieve stability in the local exchange rate, organize and monitor the work of banks and enhance the safety of The efficiency of payment systems and the development of the payments system.
The Prime Minister stressed the need for the bank to take the necessary measures to prevent illegal speculation and everything that harms the local market and leads to higher prices.
He also urged His Excellency to activate the steps of selling foreign currency at official prices to citizens through purchasing with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.
The Governor of the Bank presented to the Prime Minister the positive position of the financial situation, stressing that the crisis regarding foreign currency is an emergency crisis for technical reasons, and coincided with the work of the new electronic platform and the delay in transfers due to the Christmas holidays.
The governor praised Cabinet Resolution No. 352 of 2022 to stop the pre-collection of taxes and customs duties on goods entering government ports, prevent double taxation, and collect them according to the approved contexts at border crossings.
Prime Minister's Media Office
27-December-2022 link
Mot: ..... Can't Hold Back Any Looooonger! ~~~~
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