KTFA Members "Vietnam and Iraq News" Thursday 12-15-2022

KTFA:

Henig:  Vietnam poised for record trade

By Anh Tu   December 14, 2022 | 07:11 pm PT

Vietnam’s foreign trade is set to exceed US$700 billion this year, the highest ever, the customs department said.

It has risen steadily from $500 billion in 2020 and $600 billion last year.

In the first 11 months exports rose by 13.4% from a year earlier to $342.2 billion, and imports were up 10% to $331.6 billion, resulting in a surplus of $10.6 billion.

 Exports to the U.S. alone, the largest export market, were worth $101.5 billion. Imports from China, the country’s biggest source, topped $109.9 billion.

According to the General Department of Vietnam Customs, the country’s global import-export ranking will go up this year.

In 2021 the World Trade Organization had ranked Vietnam 23rd in terms of exports and 20th in imports.

In the 10-member ASEAN, Vietnam ranked second behind only Singapore.   LINK

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Henig:  ADB ups Vietnam growth forecast to 7.5%

By Duc Minh   December 14, 2022 | 07:56 am PT

The Asian Development Bank (ADB) has lifted its growth forecast for Vietnam for this year from 6.5% to 7.5%.

Inflation is projected to be at 3.5%, down 0.3 percentage points from its earlier estimate in September.

Vietnam’s economy is operating well amid instabilities but is facing rising risks.

Global demand for Vietnamese exports is weakening, and for this reason the bank lowered its growth forecast for the country for next year to 6.3%.

The World Bank also warned Vietnam of slowing exports in a report released Wednesday.

Last month, exports fell for the first time since October last year. Exports declined by 8.4% year-on-year and imports fell by 7.2%, it added.

The World Bank said that the fall in exports was broad based. The decline was partly due to weakening external demand but also reflected high-base effects as both registered exceptional growth rates in November 2021 due to the reopening of the economy after months of lockdown.

All major import products experienced sharp declines compared to a year earlier, except for imports of fuel, which increased by 61.7% year-on-year in November 2022.   LINK

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Henig:  The Korea-Vietnam Economic Cooperation Forum 2022

NEWS PROVIDED BY    Korea Herald 

Dec 14, 2022, 21:15 ET

SEOUL, South Korea, Dec. 14, 2022 /PRNewswire/ -- The Korea-Vietnam Economic Cooperation Forum 2022 is hosting a series of special speeches and panel discussions on Dec. 16 from 1 p.m. to 6 p.m. at Grand Ballroom, InterContinental Hanoi Landmark72 in Hanoi, Vietnam. The event is co-hosted by Herald Corp., publisher of The Korea Herald and Herald Business, the Korea International Trade Association, the Vietnam Chamber of Commerce and Industry, and the Vietnam-Korea Friendship Association.

The event will be held under the tagline of "Great Together, Next Prosperity 100!" aimed at discussing shared prosperity of Korea and Vietnam of the coming century that could be building on top of the 30 years of economic ties.

The Korea-Vietnam Economic Cooperation Forum 2022 expects to host more than 500 participants from political and business circles in Korea and Vietnam, including Rep. Kim Tae-nyeon of the Democratic Party, who heads Korea-Vietnam Parliamentary Friendship Group; North Chungcheong Province Gov. Kim Young-hwan; North Gyeongsang Province Gov. Lee Cheol-woo; Korean Ambassador to Vietnam Oh Young-ju; Hanoi Mayor Tran Sy Thanh; Tran Duy Dong, deputy minister of Planning and Investment of Vietnam; and Ngo Dong Hai, secretary of the Thai Binh Provincial Party Committee.

The forum comes against the backdrop of a strong partnership that Korea and Vietnam has built over the course of three decades since they established the economic ties in December 1992. Korea's trade volume with Vietnam rose 162-fold from $493 million in 1992 to $80.7 billion until 2021. Economic and cultural exchanges in both public and private sectors are thriving, as Vietnam designated the Korean language as one of the major foreign-language electives in 2021.

The event will also invoke discussions over ways to nurture new business opportunities at multiple angles, as Korea and Vietnam are stepping up its bilateral efforts by elevating their ties to comprehensive strategic partnership.

A keynote speech under the theme, "Taking Korea-Vietnam economic ties to the next level" will be delivered by Jeong Man-ki, vice chairman of the Korea International Trade Association. This will be succeeded by a special speech of Thai Binh Provincial Party Committee Secretary Ngo Dong Hai, which will revolve around ways for direct economic cooperation between provincial governments of Korea and Vietnam. Also delivering special speeches are governors of Korean provinces over blueprints for enhanced cooperation with Vietnamese counterparts, involving a nature-based tourism development project by North Chungcheong Province and a metaverse push to attract hallyu fans by North Gyeongsang Province.

Other notable speakers at the panel discussions are thought-leaders such as Choi Joo-ho, president of Samsung Vietnam; Bui Quang Tuan, director general of the Vietnam Institute of Economics; Han Seung, head of overseas development group at Daewoo E&C; Kim Chun-jin, president of the Korea Agro-Fisheries and Food Trade Corp.; and Cho Bong-hyun, vice president of Industrial Bank of Korea.

"Korea and Vietnam is ready to open the new era together based on the strong friendship and trust built over the past 30 years. The forum will lay the basis for the joint prosperity and invite intriguing ideas to outrun competitors in the global power rivalry," The Korea Herald Chief Executive Officer Choi Jin-young said.

The forum will be followed by a networking event. Hosted by Vu Tien Loc, president of Vietnam-Korea Friendship Association, the night event will also feature a Vietnamese traditional folk performance and performance by Korean-Vietnamese singer Hari Won and Korean singer Lee Sun-hee.     LINK

Clare:  Valid appearance: the rise in the price of the dollar is my time and will soon fall

December 14, 2022    Information / special.

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, considered the rise in dollar exchange rates a "temporary phenomenon" and not a problem with the adequacy of foreign reserves, while stressing that the new measures had imposed a restriction or discipline on the supply of foreign currency.

Saleh said in an interview with Al-Maalouma Agency, "The rise in the exchange rate in favor of the dollar is not caused by a problem with the adequacy of foreign reserves, as it is a force to intervene in the exchange market and provide sufficient supply to meet the demand for foreign exchange."

He added, "The rises that occurred are a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency," noting that "work was done a while ago with an advanced (electronic) platform linking the transfer request by banks." with correspondents from international banks and relevant global compliance bodies simultaneously.

Al-Sudani's economic advisor explained: "During the start of the experiment a few weeks ago, it became clear that there were shortcomings and informational shortcomings that were not consistent with the governance of the flow of transfers through the global banking system, which led to some of them being returned again or rejected in order to complete the standard submission requirements and follow the standard principles in disclosing the final beneficiary and other things." Banking Disclosure and Compliance Requirements.

And Mazhar indicated, "It takes some time to reorganize the requests and their consistency with the global requirements for transfer through the digital platform, which has come to represent the new tool in dealing with the window of the Central Bank of Iraq for buying and selling foreign currency."

Earlier in the day, the exchange rates of the dollar recorded an unprecedented rise when the 100 US dollars reached more than 152,000 Iraqi dinars, which angered the Iraqi people who were hoping for the return of dollar prices to their previous state.    LINK

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Clare:  Press Statement

December 15, 2022

An authorized source in the Central Bank of Iraq explained that the slight rise witnessed by the exchange rate of the dollar in the local markets during the previous days is due to some factors, including the building of an electronic platform through which banks raise the requests of their customers.

The Central Bank began building that platform months ago in coordination with international bodies for the purpose Provisions and regulation of the operations of the foreign currency buying and selling window and ensuring effective control over it, as a specialized international company was assigned to build it and link banks with the central bank through it. The platform requires information about customers requesting transfers, beneficiaries, correspondent banks, etc.

Due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system. In this regard, the reserves of the Central Bank and the financial solvency of the state in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources but to administrative and audit procedures, which will be bypassed during the coming days.

 In addition, the Central Bank has taken a number of measures to expand Offer foreign exchange to meet the public’s demand for cash dollars, and the management of the window was directed to meet the requests of banks for the coming days faster by executing double requests, and a preferential price was given for the implementation of documentary credits, and for the purpose of covering the local demand.

Central Bank of Iraq  Media Office

https://cbi.iq/news/view/2175

KTFA Wednesday Night CC: "IQD Update" 12-14-2022

KTFA

Wednesday Night Conference Call

12-14-22……..IQD UPDATE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests.

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=vnnj6Namf_Y

KTFA Members "Iraq and Vietnam News" Wednesday 12-14-2022

KTFA:

Clare:  Al-Sudani: The government is determined to implement its program that includes economic reform

12/13/2022

 Prime Minister Muhammad Shia Al-Sudani affirmed today, Tuesday, that the government is determined to implement its program that includes economic reform and encourage the private sector.

The Prime Minister's Office stated in a statement received by {Euphrates News}, that "the latter" received the delegation of the International Finance Corporation / IFC, headed by the Regional Director for the Middle East in the Corporation, Aftab Ahmed.

The statement added that during the meeting, they discussed various aspects of financial and economic cooperation between Iraq and the International Finance Corporation.

According to the statement, the Prime Minister assured the Foundation's delegation, "Iraq's openness to everything that would advance the wheel of development, and strengthen regional partnership with countries and organizations, for the benefit of the Iraqi people and friendly peoples."

Al-Sudani indicated that "the government is determined to implement its program that includes economic reform, and to encourage the private sector in order to play its positive role in full, in addition to strengthening the environment that attracts investments in Iraq."

For their part, the Foundation delegation expressed their desire to partner with Iraq, and to complete cooperation in development programs, in a way that enhances the infrastructure and long-term development of the Iraqi economy, according to the statement.   LINK

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Clare:  PRESS RELEASE

Ishtar Gate company for E-payment (Bluepay) releases a FinTech super app in Iraq and the Middle East

December 8, 2022 - Bluepay announced its latest technology release providing its users the ability to trade US listed stocks through its mobile app, an unprecedented technology solution built and provided locally.  This...

Thursday, December 8th 2022, 2:28 PM CST

December 8, 2022 - Bluepay announced its latest technology release providing its users the ability to trade US listed stocks through its mobile app, an unprecedented technology solution built and provided locally.  This move followed other Fintech provided services such as the multicurrency solution that unlocked a new horizon of opportunities in the Iraqi market.

Through the multicurrency technology provided for all the app users regardless of the type of cards they possess, help them in topping their accounts by both dollars and Iraqi dinars then use the application to exchange their balances into 10 other currencies.

 For instance, exchanging into Turkish lira helped travelers to turkey to possess a Turkish local-like card and helped small businesses that buy products from turkey to access E-Commerce platforms that only deal with turkish issued financial products.

Additionally, and through the app, users can now issue a Bluepay UnionPay card that helps them perform financial transactions to and from China. This opens the China corridor for small and medium businesses in Iraq and MENA to do more business through Chinese companies.

All of this comes a few months after the inauguration of Blue Platinum, the first platinum prepaid card Bluepay launched in Iraq in partnership with Visa International that aims to provide normal consumers with the platinum add-ons in addition to Bluepay other FinTech technologies such as the multicurrency feature and zero fess on online transaction.

Ali Al-Saeed, Blue CEO, mentioned “Our aim is to build the first super financial app in the region that gives freedom to users, also enable regional banks to give unique services using our technology. We have plans to expand our services in the region in Q1 2023, focusing on Saudi Arabia and UAE.

Ishtar Gate Company for E-Payment Systems and Services (Blue Pay) is an Iraq based Fintech company that provides a wide range of tech driven solutions to customers and recently got the central Bank approval to be the first and only company that have international money transfer service.

Media Contact

 Company Name:  Ishtar Gate Company for E-Payment Systems and Services (Blue Pay)

Contact Person:  Marketing

Email:  Send Email

City:  Bghdad

Country:  Iraq

Website:  http://www.blue.com.iq      LINK

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Henig:  Dollar tumbles at banks

By Dat Nguyen   December 13, 2022 | 01:11 am PT

The U.S. dollar plunges at commercial banks Tuesday afternoon but gained on the black market.

Vietcombank sold the dollar at VND23,750 Tuesday, down 0.38% from Monday.

Eximbank sold the greenback at VND23,750, down 0.71%. The rate at Techcombank is VND23,770, down 0.71%.

The State Bank of Vietnam maintained its reference rate at VND23,655.

The dollar is sold at VND24,230 on the black market, up 0.04%.

The dollar has gained over the dong by 3.62% since the beginning of the year.

The U.S. dollar has been supported by high and rising interest rate expectations as the Fed has hiked its benchmark funds rate to counter inflation, leaving the currency vulnerable to selling if inflation seems to be cooling, Reuters reported.

The dollar index hovered at 105.01 on Tuesday, down from a 20-year high of 114.78 in late September.

Market projections for the peak in U.S. interest rates have also slipped, with futures pricing indicating the Fed funds rate - currently set between 3.75% and 4% - staying below 5%.

The Fed is widely expected to hike the funds rate by 50 basis points on Wednesday, a step down in pace after four consecutive 75 basis-point hikes.   LINK

Henig:  VN-Index gains 15 points

By Dat Nguyen   December 13, 2022 | 01:12 am PT

Vietnam’s benchmark VN-Index rose 1.49% to 1,047.45 points Tuesday.

The index closed 15.38 points higher after losing 19.74 points on Monday.

Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 19.29% to VND13.24 trillion ($560.9 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 24 tickers gain.

SSI of leading brokerage SSI Securities Corporation led with a 6.5% surge, followed by STB of Ho Chi Minh City-based lender Sacombank and TCB of the largest private lender Techcombank, both up 5.9%.

VHM of property giant Vinhomes gained 5% and VRE of retail real estate arm Vincom Retail rose 3.5%.

Four blue chips fell, including VIC of biggest private conglomerate Vingroup with a 2.4% decline.

Foreign investors were net buyers to the tune of VND897.14 billion, mainly buying NVL of property developer Novaland Group and VHM.

The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was up 1.45% while the UPCoM-Index at the Unlisted Public Companies Market was up by 0.48%.   LINK

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Henig:  Hanoi anticipates lower economic growth in 2023

By Vo Hai   December 12, 2022 | 03:00 pm PT

Hanoi authorities have targeted GRDP (gross regional domestic product) growth of 7% next year, down from an expected 8.8% this year amid many difficulties.

At a meeting on socioeconomic development plans for 2023 held Monday, the Hanoi People’s Committee also set a target of increasing GRDP per capita to some VND150 million ($6,250) next year, up from an estimated VND142 million this year.

The local government also aims to keep the consumer price index below 4.5% in 2023.Other targets set for next year include increasing investment by 10.5%, and export turnovers by 6% compared to this year.

Hanoi’s public investment in 2023 will stand at nearly VND47 trillion, said director of the municipal Department of Planning and Investment Le Anh Quan.

The capital city will also lower its number of public servants by 5% in the 2022-2026 period, according to director of the municipal Department of International Affairs Vu Thu Ha.

Chairman of the Hanoi People’s Committee Tran Sy Thanh said global turmoil is expected to remain complicated and unpredictable in terms of politics, security, economy and society in 2023. He said forecasts point to growth slowdowns, while the risk of economic recession and downward trends in the fields of finance, currency, energy and food security being likely to increase next year.

The National Assembly has set an economic growth target for 2023 at 6.5% and GDP per capita at $4,400. Vietnam’s GDP is set to expand by 8% this year, but the economy is set to face many global and domestic challenges next year, with some countries set to post declining growth or even fall into recession, chairman of the National Assembly’s Economic Committee Vu Hong Thanh said in November.

LINK

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Henig:  Vietnam's economic challenges for the year ahead

December 13, 2022 | 04:33 pm PT

Can Van LucEconomist

"Things are pretty difficult these days, aren't they?" This is the most common sentiment I've heard while doing business with both domestic and foreign investors this year.

Online economic forums are crowded with discussions about the economic challenges Vietnam will face next year. An October report by the International Monetary Fund (IMF) highlighted many "headwinds" pushing against both the global and Vietnamese economies. A government report to the Vietnam National Assembly's most recent session repeated the word "difficult" over and over again.

Other utterances I often hear when talking about the future of both the local and global economic landscapes include "recession" and "broken trust."

Meanwhile, reports from various agencies and organizations claim that Vietnam's economy is recovering and strong -- bright spot regionally and globally. They say that Vietnam's credit rating has been upgraded, and that people are looking here as a destination for investment, tourism and settling down after the pandemic.

We need a more comprehensive and multidimensional assessment of Vietnam's place in the global economic situation.

Vietnam's economy recovered well in most fields and localities during 2022. Economic growth for the year is estimated to reach 8%, while average inflation increased by more than 3%, exports increased by about 12%, final consumption increased by over 10% and investment increased by about 9%. The three main reasons for this performance are: 1) Vietnam adjusted quickly to the Covid 19 pandemic, which enabled economic activities to return to normal. 2) The country's economic recovery policies patiently and persistently created macroeconomic stability and controlled inflation. And finally, 3) The growth indicators mentioned above correlate with the relatively low values of the previous year.

Next year, Vietnam’s economic progress should be bolstered by many favorable headwinds blowing from both inside and outside the country.

The favorable external context is clear. The global economy might continue to stumble next year, but this will mainly affect a few specific regions and localities (the U.S., Europe, the U.K., etc.) only mildly and for the short term. Global economic growth of about 2.2% is expected next year (down from 3% in 2022), before returning to pre-epidemic levels of 2.5 to 3%. Global inflation is easing, the price of oil, gasoline and other commodities are decreasing slightly, and the global consumer price index (CPI) is predicted to increase by about 6.5% in 2023 (from an average of 8.5% in 2022) and it might even return to 4% by 2024.

Within this context, countries (especially the U.S.) will tone down the escalation of interest rates, and might even slightly reduce interest rates by the end of 2023. Thus, external pressures on Vietnamese inflation, interest rates and exchange rates will also ease. As a result, risks in the manufacturing, financial-monetary and real estate sectors will also decrease.

Even so, external challenges are still present. The first is that the pandemic has not gone away and different countries are handling it differently. The second is that geopolitical risks and strategic competition between countries are disrupting supply chains, coupled with an increase in trade and investment protectionism. The third is that the global economy minor recession (in which China's growth remains low at about 4.5%) has reduced Vietnam's demand for international trade, investment and tourism. The fourth is that global financial-monetary, liquidity and real estate risks are still high, affecting Vietnam's financial-monetary and real estate markets due to the country's deep integration.

According to the IMF's quantitative model, the latter three challenges caused Vietnam, Singapore and Cambodia to suffer many negative effects (down about 2 percentage points of growth) as they are the three countries with the largest trade and investment openness in Asia.

In that general context, favorable internal winds include Vietnam's 2022 recovery momentum, which has created the foundation and resources for policy management next year. Vietnam's high 2022 growth rate has helped realize the nation's 5-year socio-economic development plan. Well-controlled, prudent and adaptive inflation and monetary policies (rather than just strict tightening across the board), a low budget deficit and meeting state revenue targets have allowed room for expansion in accordance with fiscal policies, etc.

Many medium and long-term development programs and plans have been approved. These include initiatives for public investment disbursement, as well as procedures for packages under the recovery program and national target programs that have been approved. All of the above will allow for the faster implementation of growth policies and projects next year. Some inadequacies in the land, finance, real estate, labor and healthcare markets have also been identified and gradually rectified. With these advantages, Vietnam has a huge opportunity to "overcome difficulties" in the coming year.

But internal headwinds are also numerous. The global economic downturn (albeit local and mild) slowed Vietnamese exports, foreign direct investment (FDI) and the mobilization of external resources. Vietnam's inflation increased due to a lag caused by high imports, resulting in the current larger-than-normal money supply. Next year is also when Vietnam will have to accept increasing some state-managed items such as minimum wages, electricity prices, as well as healthcare and education fees. The pressure of rising interest and exchange rates is still large and a challenge for macroeconomic management. State revenues will also encounter difficulties because businesses are still struggling with profits.

Policies and solutions to make the stock and real estate markets healthier have more or less negatively affected the market and investor sentiment. Legal, capital, market and labor issues for businesses will also take time to be resolved.

Therefore, if Vietnamese management is not serious and clever, achieving a growth target of 6.5%, as well as the average CPI increase target of 4.5% (as well as other goals) will be extremely challenging.

In my opinion, it is necessary to analyze and closely forecast the situation both domestically and abroad, and proactively create both immediate and long-term solutions. Analysis and predictions need to be realistic and ignore fantastical achievement obsessions in order to create these effective solutions. Violations of capital market regulations should be curbed, resolved quickly and fairly, ensuring the legitimate interests of investors.

Other tasks such as harmonizing macroeconomic policies, balancing interest rates and exchange rates, balancing the control of inflation and growth, balancing government support of both individuals and businesses while also balancing immediate and long-term budgets will be key. Removing economic obstacles -- especially in terms of legal red tape surrounding capital -- for businesses and investors will also be crucial. Accelerating the disbursement of public investment and recovery programs while resolving lingering issues will all require a willingness to take responsibility in management.

In 2023, the fight against corruption will continue. The fear of making mistakes, the shying away of taking responsibility may still take place, so we'll need flexible solutions and mechanisms to protect enterprising people. Businesses and investors should also restructure, promote digital transformation, reduce costs, increase openness, transparency, professionalism and employ better risk management.

These policies and solutions should be a crucial therapeutic medicine to help increase the self-reliance and resilience of the Vietnamese economy so we can continue to improve in 2023.

*Can Van Luc is an economist. He currently works as chief economist with state-owned lender BIDV.

LINK

KTFA Monday Night CC "IQD...Welcome To The World!!! 12-12-2022

KTFA

KTFA Monday Night CC

Frank26:   12-12-22……IQD…WELCOME TO THE WORLD !!!

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and other guests.

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=UVDBM6Gw1F8

KTFA Members "Iraq and Vietnam News" 12-12-2022

KTFA:

Henig:  The largest oil producers in the world.. This is the arrangement of Iraq

12/11/2022 11:24:33

{International: Al Furat News} The United States is the world's largest oil producer, far behind its closest competitors, as it produced about 16.6 million barrels of oil on average per day in 2021.

Saudi Arabia and Russia rank second and third, respectively, with production of about 11 and 10.9 million barrels per day of oil, respectively, according to data collected by British Petroleum.

The top three countries produced more oil than the bottom seven countries in the top ten combined.

 Canada ranked fourth, according to the chart prepared by Statista, with a production of 5.4 million barrels per day, followed by Iraq (4.1 million barrels), China (4 million barrels per day), the UAE (3.7 million barrels), and Iran (3.6 million barrels). Daily).

 The first ten countries are completed by Brazil with 3 million barrels per day and Kuwait with 2.7 million barrels.  LINK

Henig:  TBI: one trillion and 500 billion dinars recovered

INA-  Baghdad

The Trade Bank of Iraq announced on Sunday the recovery of one trillion and 500 billion dinars, while confirming the absence of loans for fake projects.

According to a statement of the TBI received by the Iraqi News Agency (INA), "the Trade Bank OF Iraq TBI represents the gateway to contact the world for the implementation of Letters of credit and the issuance of letters of guarantee and foreign transfers with financial institutions with countries of the whole world, and that these banking operations are implemented for the government and private sectors."

Regarding what was published on one of the satellite channels, the statement explained, "The amount of the total loans in the bank is inaccurate because there are financial settlements that have been concluded with the bank's customers and they continue to repay the amounts of loans and their interest without delay."

It stressed, "There are no loans for fictitious projects, as mentioned, and pointed out, "The circulation of this information in the media without verifying its accurate sources directly affects the Trade Bank of Iraq and its relationship with correspondent banks around the world, which is reflected in the Iraqi economy in general."

It added, "The management of the Iraqi Trade Bank is keen to preserve public money and has been working in the last two years in cooperation with the Financial Supervision Bureau, the Integrity Commission and the Supreme Judicial Council on this matter, where nearly an amount of (one trillion and five hundred billion Iraqi dinars) has been obtained.  LINK

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Henig:  Al-Sudani is discussing with the World Bank the establishment of the Reform, Recovery and Reconstruction Fund

Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani affirmed the government's priorities based on the social and economic needs of citizens, and its intention to transform the poor groups from recipients of social welfare into active people in the labor market, through studied and realistic plans.

Al-Sudani discussed, during his meeting today, Sunday, with the World Bank Vice President for Middle East and North Africa Affairs, Farid Belhaj, in the presence of the Regional Director for Eastern Countries and the Director of the World Bank in Iraq, prospects for bilateral cooperation to implement important strategic projects in various fields, and to develop ambitious programs aimed at implementing reforms in the Banking sector and the development of the private sector, and supports government programs to address climate change.

The meeting witnessed discussions regarding the implementation of joint programs in the field of youth employment, unemployment reduction, and the development of the social protection program. The establishment of the Reform, Recovery and Reconstruction Fund was also discussed.  LINK

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Henig:  The President of the Republic discusses with the Governor of the Central Bank the stability of the financial and economic system

2022-12-12 

Today, Monday, the President of the Republic, Abdul Latif Jamal Rashid, discussed with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, the stability of the financial situation and the economy in the country.

During the meeting, according to a statement by the presidency, they discussed "the importance of the role of the central bank in the process of stabilizing the financial and economic system in the country, achieving sustainable development goals, and adopting sober financial policies to overcome the challenges facing the Iraqi economy."

The President stressed, "the importance of diversifying the sources of Iraqi national income," pointing to "the need to control borders, close illegal border crossings, and organize customs imports to be added to the state budget."

President Abd al-Latif Jamal Rashid pointed to "the importance of encouraging and attracting investments by supporting the private sector, meeting the legal and legislative requirements for that, and enacting social and retirement security laws for this important sector that enhances job opportunities," noting that "the stable security situation in the country enhances this aspect."

The president pointed to "the importance of enhancing tourism imports in the country, encouraging religious and archaeological tourism and setting the required controls for it, as it generates financial revenues to the state budget that are no less than investment revenues."   LINK

Henig: Vietnam:  Loosening monetary policy welcome amid credit crunch

December, 12/2022 - 09:00

The SBV last week raised the 2022 credit growth target for the domestic banking system by 1.5-2 percentage points from its previous target of 14 per cent, allowing commercial banks to pump an additional VNĐ240 trillion into the economy.

Compiled by Thu Hà

The State Bank of Việt Nam (SBV)’s recent decision to revise up the 2022 credit growth target of the banking system has eased access to bank loans amid a credit crunch, especially at the peak season to prepare for Lunar New Year (Tết).

The SBV last week raised the 2022 credit growth target for the domestic banking system by 1.5-2 percentage points from its previous target of 14 per cent, allowing commercial banks to pump an additional VNĐ240 trillion into the economy.

According to the SBV’s deputy governor Đào Minh Tú, the revision offers banks relatively large room to provide funds to businesses, individuals and the economy.

Under the new policy, BIDV, for example, has been allowed to lend an additional VNĐ27 trillion, while the amount for Vietcombank is VNĐ5 trillion.

A survey of the National Private Economic Development Research Board showed a severe lack of capital in businesses across industries after combating the COVID-19 impacts for two years, leaving them at risk of being unable to maintain operations and production, purchase raw materials, and pay salaries.

High credit growth rate in the first half of 2022 caused many banks to run out of their credit growth quota granted by the SBV and they couldn’t continue to lend to meet the capital needs of firms and people. Some banks had to stop receiving new loan applications for the last two months as they used all their granted credit growth quota.

Enterprises in Việt Nam had faced difficulties in having access to capital for the past several years, but only in the past 12 months has the situation become more serious.

Worse could still come as the country’s largest holiday Tết approaches and enterprises with business models that revolve around Tết need capital to import goods. They also need money to settle debts, as well as pay salaries and Tết bonuses to their employees.

The increase in credit growth cap at the last month of the year when businesses are in dire need of capital to fulfil their production and business plans to prepare for Tết is considered a timely and positive move to help businesses, and the economy as a whole.

According to experts, the credit growth cap expansion will increase the working capital of enterprises, rather than serve investments or real estate projects.

Banking expert Cấn Văn Lực says raising the credit growth cap is one of the important solutions to deal with the problem of capital bottlenecks of the economy in the short term.

The expansion will also help enterprises build momentum for economic growth next year, explaining that if the SBV waits until 2023 to expand credit, it will be hard to restart a system that has been suspended for a long time.

According to Lâm Thúy Ái, chairwoman of Mebipha Trading Production Company, the news that the SBV raised credit room is very positive, helping many businesses, including her company, have more opportunities to access capital to reactivate their production and business plans in 2023.

Nguyễn Thế Minh, head of Yuanta Vietnam Securities Company’s retail research division, expects the increase in credit growth cap will help reduce pressure on interest rate hikes to support the economy next time.

Minh explains interest rate has increased strongly since August this year as the room for credit growth was limited while capital demand was large. Therefore, when the SBV grants more credit quota for banks, lending rates will tend to cool down gradually in the short term.

Minh believes the credit growth cap expansion of 1.5-2 percentage points, or VNĐ240 trillion, will not significantly affect the country’s inflation, especially when global commodity prices, including oil prices, tend to cool down. Việt Nam’s inflation has averaged 5 per cent since 2013, meaning that inflation, which currently stays at 4.5 per cent, is still below the average rate.

Beneficiaries

According to the SBV’s deputy governor Đào Minh Tú, local banks that meet liquidity requirements and offer low lending interest rates are prioritised for the increase in credit growth cap this time.

The SBV sees it needs to impose credit growth restrictions on lenders with high interest rates. Banks that have not reached the cap do not need a quota increase for now.

However, banks need to actively mobilise deposits to have enough funds to lend. Despite the extra lending room, Việt Nam’s credit growth must follow the safety of lending activities and liquidity.

Saigon Securities Incorporation (SSI)’s analysts also said the pressure on banks to balance capital is huge. Liquidity in the banking system in the medium term has yet to improve as deposit growth is much lower than credit growth. By October 25, credit surged by 11.5 per cent against end-2021 while mobilised deposits rose by only 4.6 per cent.

Several banks and analysts forecast the increased credit quota would not result in a major influx of cash into the economy since many lenders have reached or exceeded the safe loan-to-deposit ratio (LDR).

Yuanta’s Minh says according to the current legal regulations, banks are allowed to lend up to VNĐ85 out of every VNĐ100 they mobilise, but 16 out of 27 listed banks had reached an LDR of more than 100 per cent by the end of the third quarter.

Under the decision on the credit growth cap expansion, the SBV also directs commercial banks to prioritise capital for production and business activities; priority sectors such as agriculture, rural development and export; small and medium enterprises; and supporting industries.

Businesses also agreed, saying the new policy should be limited to beneficiaries with proven track records, as well as those in manufacturing, export, and agriculture sectors that have already secured orders they need to fulfil. — VNS  LINK

Some " Iraq Economic News" posted by Clare at KTFA 12-11-2022

KTFA:

Clare:  Planning and the World Bank are discussing three important files, including financial reform

Deputy Prime Minister - Minister of Planning, Muhammad Ali Tamim, discussed today, Sunday, with the World Bank Vice President for the Middle East and North Africa, Farid Belhaj, 3 important files, including financial reform.

 A statement from his office, which {Euphrates News} received a copy of, stated that: "During the meeting, which was attended by John Kristoff, the Regional Director for the Levant Countries, Paul Numba, Richard Abdel Nour, the Special Representative of the World Bank Mission in Iraq and the Director General of International Cooperation in the Ministry, Saher Abdel Kazim, and a number of officials took place. Exchanging views on a number of issues related to the role of the World Bank in supporting development efforts in Iraq.

He added, "especially with regard to the work of the Recovery Fund, the Social Fund for Development, and carrying out financial reform."

Belhaj expressed "the World Bank's readiness to continue serious and fruitful cooperation with the Iraqi government in everything related to financing development projects."   LINK

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Clare:  The World Bank is "optimistic" about the future of Iraq because of its "rich" resources and looks forward to developing its economy

2022-12-11

A delegation from the World Bank expressed, on Sunday, its optimism about the future of Iraq due to the presence of rich human and natural resources, stressing its aspiration to develop the country's economy.

A statement by the Iraqi Presidency, received by Shafaq News agency, stated that "President Abdul Latif Jamal Rashid received, at the Baghdad Palace, the World Bank delegation,

He said that Iraq is one of the active countries in the international community and one of the founders of the United Nations, the World Bank and the League of Arab States, stressing the need to strengthen and expand relations with the World Bank.

He added, "It is important for the international community to know that Iraq, since the defeat of ISIS, has become more politically, security and economically stable, in order to encourage investments and capital to work in the country."

The President of the Republic noted that "the Iraqi government is serious about developing plans, programs and laws that are directly related to the needs of citizens through the advancement of the economy, infrastructure projects and support for the private sector."

The Iraqi president stated that "the most important challenges facing the country is the climate change crisis that threatens the world as a whole, as well as the water problem with neighboring countries, stressing the presence of joint delegations exchanging dialogues to reach successful solutions for a more equitable distribution of water shares commensurate with the increase in the population."

He continued, "What exacerbates the water crisis is waste and the absence of the required organization, pointing out that the relevant Iraqi government agencies have plans developed by specialists that need work and implementation more than the need for conferences and meetings."

During the meeting, aspects of the existing cooperation between Iraq and the World Bank were reviewed in the financial and economic sectors, and the need for the banking system in Iraq to develop in a way that is more rapid, accurate, safe and transparent was emphasized, in addition to emphasizing the importance of diversifying sources of national income and not relying solely on oil through Strengthening the agricultural and industrial sector.

For its part, the World Bank delegation affirmed its optimism about the future of Iraq due to its rich human and natural resources, expressing the World Bank's aspiration to enhance cooperation with Iraq in order to develop its economy.   LINK

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Clare: In numbers, Parliamentary Finance reveals the features of the 2023 budget and expects its approval date

12/11/2022

The Parliamentary Finance Committee expected the approval of the draft financial budget law for the year 2023 at the beginning of next year.

Committee member Mueen Al-Kadhimi said in a press statement this evening: "The government will present a draft budget law for 2023 in the resumption of parliament sessions next month."

He added, "The budget will reach 130-140 trillion dinars, and its discussion will take two months in the House of Representatives because there are opinions of committees and political blocs, and we hope that it will be approved at the end of February or early March, so that ministries and institutions can launch their service projects."

Al-Kadhimi stressed, "the need to benefit from the surplus of 2022 and the reconstruction fund, which was formed by an Iraqi-Chinese agreement, and it currently contains 3 billion dinars, which would support investment projects."

He noted that "1/12 will be spent until the budget is approved," ruling out that "
He stressed that "the government is very keen to provide citizens with 12 ration rations in 2023," noting that 70% of the budget goes to operating expenses and 30% to investment. The price of oil is conservative with the decline in crude prices, and 65 dollars may be appropriate.”

For his part, Jamal Koujar, a member of the Finance Committee, told Al-Furat News: “We heard that the price of a barrel of oil was approved between 65 to 75 dollars in the 2023 budget, but the exact number is not

It is clear so far.” In the sense that it was for some reason and will rise? Or is it real in the sense that prices will remain at this level?”    LINK

Clare: Parliamentary Finance announces the completion of the touches of the budget and its transfer to the Sudanese office

11/12/2022

The Parliamentary Finance Committee announced, today, Sunday, the completion of the final touches of the budget and its transfer to the Prime Minister's Office, and while it recommended benefiting from the 2022 surplus, it indicated the trend to increase the amounts for the development of the regions.

Committee member Mueen Al-Kadhimi said in a televised interview, followed by Mawazine News, that "the competence of the Ministry of Planning in the 2023 budget is the financial and investment side, while the Ministry of Finance is responsible for operational estimates," noting that "the final touches of the budget have been completed in the two ministries and have been transferred to the head office." Ministers to discuss it and transfer it to the Council of Ministers later.

He added, "The budget will make some amendments to it," noting that "the legislative recess of Parliament does not affect it, and there will be room to complete it."

He emphasized that "the budget will be handed over to the House of Representatives early next year, and its total amounts will range from 130-140 trillion dinars," pointing out that "discussing the budget will take from one to two months in Parliament."

And he stressed the need to "take advantage of the surplus in 2022 in addition to the reconstruction fund, which was formed as a result of the Iraqi-Chinese consensus several years ago," expressing his hope that "the budget will be resolved and approved early."
And that "the operational budget includes the salaries of 4 million employees and social protection, which amounts to 5-6 trillion dinars," explaining that "70 percent of the budget will be operational and 30 percent investment."

He stressed "the importance of benefiting from other aspects, including the Reconstruction Fund funded by the sale of Iraqi oil to China, in which there are currently 3 billion dollars," noting that "

He stated that "this fund would support the investment projects called for by the Prime Minister in the government program," noting that "the price of a barrel of oil in the budget is $75 unrealistic due to the possibility of a drop in oil prices in 2023, so the price of a barrel must be realistic in agreement with the Ministry of Defense." oil.”

Regarding the development of the regions, Al-Kazemi explained that "the budget includes an item for the development of the regions, which is expected to be 5 trillion dinars distributed among 15 governorates according to the population percentage," explaining that "the committee will work to increase the amount of development of the regions if there is room in the budget with the aim of including the provinces with more projects."   LINK

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Clare:  The Central Bank launches an electronic platform for buying and selling the dollar next month

 12/11/2022

 An economist revealed the readiness of the Central Bank of Iraq to launch an electronic platform for buying and selling the dollar.

Ahmed Abd Rabbo said to the program "Unannounced" broadcast by Al-Furat TV channel this evening: "The Central Bank will launch in December next an electronic platform for those who buy and sell dollars."

He added that the bank "directed banks to be more scrutiny of dollar customers, which led to a rise in the currency, but it was slight and took more than its range," expecting that "the central bank will control the price of the dollar in the next two weeks."

Abed Rabbo pointed out that "the central bank has cash reserves that exceed 90 billion dollars, and the Iraqi economy is better than many countries," he said. 

And between "there was a rush to sell the dollar, which led to a drop in the exchange rate a month ago, and what happened today is that the central bank withheld dealing with a number of banks because of the instructions of the US Federal Bank, which stopped dealing with them due to money laundering, which created a gap in the local market between supply and demand for the dollar." .

Abed Rabbo noted that "the fears of citizens and traders prompted more demand for the currency market, and we must send messages of reassurance," stressing that "the central bank is in control of the situation."

He continued, "The central bank is working in a difficult economic situation and cannot stop selling the currency in a country that imports everything, and the government is supposed to know the identity of importers who have large bills."

And he stressed, "The central bank's measures to control the market contributed to raising the price of the dollar and the Iraqi economy is proceeding in a way that warns of the next in the event of a drop in oil prices," noting that "the lack of sales of the central bank affected the imbalance and high prices of the local market."

He stressed that "the US federal monitors the dollar in all countries of the world and the Iraqi Central Bank has no ability to do so, and today there are indications of the recovery of the Iraqi economy."
LINK

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Clare:  An economist expects the dollar to decline within two weeks and warns of rising commodities

12/11/2022

The economist, Safwan Qusay, predicted a decline in dollar prices during the next two weeks, while he warned of a rise in commodities. 

Qusay said; For the program {Unannounced} broadcast by Al-Furat TV channel this evening: “The rise in the exchange rate of the dollar due to the four withdrawn banks, as well as for the purpose of checking the documents that were submitted to the window and verifying the Iraqi gender, in addition to the procedures for money transfers that entered the auditing and then transferring processes according to the new system.”

He added, "The central bank's sales decreased by 90 million dollars per day, and there are rejected transfers due to the inability of some banks to enter the currency auction after the new conditions," expecting "the return of the dollar price to its previous state during the next two weeks."

Qusai pointed out, "The transformation process will not be completely returned to whoever owns the dinar to enter the window, because some of the merchants are not organized. There may be drug dealers or money laundering, and these cannot, with the conditions of the central bank, enter into the currency increase."

He continued, "What tells us, as consumers, is that commodity prices will rise, and currently market prices have risen to 51%, but the central bank has sufficient reserves to meet the market's need." 

Qusai called on the central bank to "track the movement of the dinar outside the banking system, as there is a cash block outside this system, we do not know where it comes from, and the US treasury has observations on the financial system in Iraq, just as the goods that enter the country do not equal the money that goes abroad."

And Balfoul added, "The central bank sells $20 million per day for tourism and treatment purposes, and the money laundering follow-up department in the central bank is demanding that it have offices in the real estate and gold market to know the legitimacy of returns."

Qusai explained, "More than 80% of the banking sector is funded by government banks such as Al-Rafidian and Al-Rasheed, and in practice they are within the misleading law, but tracking the movement of money contributes to controlling the hard currency."

And he continued, "In practice, there is a kind of reducing the burden on Iraq through diversifying currency sources, and there is a basket of global operations, and the Chinese yuan is one of them."

However, Qusay said, "When the port of Faw is completed, there will be a transfer of goods, and the demand for the Iraqi dinar will increase.

 The problem now is the strength of the Iraqi dinar is tied to oil only, and we have to support monetary policy. As for restoring confidence in the Iraqi dinar, it takes time, especially after the theft of the century." LINK

KTFA Members "Vietnam and Iraq News" Saturday 12-10-2022

KTFA:

Clare:  A deputy calls on the central bank and the government to act to stop speculation in dollar prices

12/10/2022

Today, Saturday, a member of the Labor and Social Affairs Committee, Hussein Arab, called on the Central Bank and the government to take action to stop speculation in dollar prices.

Arabs told {Euphrates News}, "Speculation with the exchange rates of the dollar and its rise to this level is unacceptable and undermines the citizen's confidence in the economic process or the country's monetary and financial policy."

He added, "We believe that this issue is orchestrated, and we call on the Central Bank and the government to move quickly to find a solution, as they are concerned and executive," noting that "the duty of parliament is to monitor and legislate."

Arabs pointed out that "solving this issue is not difficult, and that any decision helps the process of stabilizing the exchange rate, except for the traditional methods of currency auction."   LINK

Clare:  The Democrat announces the formation of a committee titled {Article 140}

 12/10/2022

The Kurdistan Democratic Party announced today, Saturday, the formation of a committee between the center and the region, bearing the name {Article 140}.

The leader of the party, Wafaa Muhammad Karim, told the Euphrates News Agency that, "It was agreed to define a committee called the Article 140 Committee between the center and the region, as well as an agreement to legislate the oil and gas law."

He added, "Visits to this committee will be every 10 days, once or twice a month."

And he continued: "With regard to the region's share in the budget, the deductions will be from the region's share according to a deductive case, meaning that the region will not deliver sums of money, but will be deducted from its oil exports according to mechanisms."   LINK

4Cash:  Thanks, Clare, for this article IMO sounds like this thing is settled and they need to make an announcement!!!

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Henig:  From Riyadh .. Al-Sudani: We reject the aggression on our lands and everyone should respect the sovereignty of Iraq / more

Baghdad / NINA / The Prime Minister, Muhammad Al-Sudani, stressed the necessity of not allowing Iraq to be a headquarters or a passage for aggression against neighboring countries, and said "we reject at the same time the aggression on our lands, and everyone must respect the sovereignty of Iraq."

Al-Sudani added in a speech he delivered during the Arab-Chinese summit held in Riyadh: I would like to commend the importance of holding this summit, which comes within a deep understanding of the international arena, so that we can adopt a balanced and complementary foreign policy that serves the interests of our peoples and countries and promotes stability and prosperity.

He stressed that Iraq supports all efforts aimed at strengthening the steady relations of cooperation and friendship between the Arab countries and China.

He pointed out that this summit is an opportunity for economic integration in our region by strengthening cooperation with China, and benefiting from Chinese expertise in various fields, without forgetting the experiences of combating poverty and epidemics, developing saltwater agriculture, and efforts to combat desertification.

He added, Iraq has long-standing relations with China that have gained a growing amount of interest and development over the past years at the governmental and popular levels.

He stressed that Iraq is looking forward to strengthening partnership within the Belt and Road Initiative, and within the fields of investment, energy and infrastructure projects.

He indicated that "our steps in the next stage will focus on a number of areas, including:

First: Developing the economy and providing services, and I invite you today to open up the economy to Iraq, as it represents a promising environment for investment, and has important human and material success ingredients.

Second: Not allowing Iraq to be a base or passage for aggression against neighboring countries. At the same time, we reject aggression on our lands, and everyone must respect Iraq's sovereignty.

Al-Sudani pointed out that our country was subjected to a brutal terrorist attack, which threatened the entire world. However, the Iraqis stood in self-defense, the region and the world, and made great sacrifices and dear blood, and victory was achieved. We know that the countries of the region and the world will not forget that honorable battle of ours, and will stand with us in our renaissance with gratitude and loyalty.

Third: Our region is the heart of the world and the link between the continents of Asia, Africa and Europe. It occupies a distinguished strategic position in the field of energy. Iraq is the center of this region historically and culturally, and among the most important oil-exporting countries in the world.

Al-Sudani stressed Iraq's keenness on the stability of the global economic system through our role as a founding member of OPEC, and we aim with our partners to achieve stability in oil production and prices in a way that achieves the balanced interests of producers and consumers.

Fourth: We affirm Iraq's steadfast and principled commitment, its standing by the Palestinian people, and its defense of its right to its national state, with Al-Quds Al-Sharif as its capital.

He stressed that our region represents an increasing weight in a changing world, and together we must shape our future in it, in a way that achieves our positive openness to all friends on the one hand, and our insistence on imposing respect for our values ​​and privacy on the other hand.

He continued: We extend the hand of brotherhood to our brothers, neighbors, and friends, and we cherish our open relations with the countries of the West and the East on the basis of common interests.  LINK

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Henig:  Chinese President: We will continue to support the reconstruction of Iraq

2022-12-09 00:03

 Shafaq News/ Chinese President Xi Jinping said today, Friday, that China will continue to support the economic reconstruction of Iraq and help it restore industries, improve people's livelihood and achieve sustainable development.

 President Xi made the remarks during his talks with Iraqi Prime Minister Mohammed Shia al-Sudani, according to the Chinese news agency Xinhua.

 Chinese President Xi Jinping - who began yesterday, Wednesday, a visit to Saudi Arabia - is participating in 3 Arab and Gulf summits, in the presence of more than 30 state leaders and international organizations, and Beijing said that it represents its largest diplomatic initiative in the Arab world.

The first summit in the program of the Chinese president's visit to Riyadh will be "Saudi-Chinese", and official Saudi media said that the Chinese delegation is expected to sign agreements with Riyadh worth 30 billion dollars during it.

The visit program will also include the Chinese president's attendance at the "Riyadh Gulf-China Summit for Cooperation and Development", in which the leaders of the Gulf Cooperation Council countries will participate.  LINK

Paulette:  President Xi doesn't make these types of announcements unless he has something to back them up,IMO. Could there be a common denominator that make them both happy?

KTFA:

Henig:  Dollar retreats to 3-month low against dong

By Dat Nguyen   December 9, 2022 | 01:27 am

The U.S. dollar plunged against the Vietnamese dong at banks on Friday to the lowest since early September, continuing its depreciation since last week.

Vietcombank sold it at VND23,640, down 1% from Thursday.

TPBank let the greenback slide by 0.94% to VND23,800, while the rate at Techcombank was 0.82% lower at VND23,730.

The State Bank of Vietnam let its reference rate dropped by 0.008% to VND23,657.

Unofficial exchange points sold the dollar at VND24,231, down 0.77%.

The dollar has gained over the dong by 3.14% since the beginning of the year.

The U.S. Dollar Index, which measures the greenback’s strength against major currencies, however around 104 points, lowest since June.

The dollar is retreating as worries over a slowdown in the U.S. mounted, with traders on guard ahead of a slew of central bank meetings next week, with the Federal Reserve taking centre stage, Reuters reported.   LINK

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Henig:  US to help Vietnamese businesses trade globally

By Tat Dat   December 9, 2022

Containers being transported at Cat Lai Terminal in Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen

The U.S. will help smaller Vietnamese businesses join global markets, said a U.S. trade official who already views the Southeast Asian nation as an integral part of his country’s supply chain.

U.S. Consulate General economic section chief Alexander Tatsis told a forum in HCMC Thursday that Vietnam continues to play an increasingly important role in international commerce by supplying the U.S. with a spectrum of valuable products, from semiconductors used to manufacture smartphones and cars, to solar panels bolstering the clean energy revolution.

At the same time, Vietnam imports computers, wood, cotton and animal feed from the U.S., he said.

Over the first 11 months of 2022, the U.S. was Vietnam's largest export market, with an estimated turnover of %101.5 billion, up 18% year-on-year, according to the General Statistics Office.

This two-way trade helps Vietnam develop its domestic economy while bolstering exports to markets around the world, said Tatsis, noting that the U.S. wants to invest in helping Vietnam strengthen its long-term presence in the global supply chain.

He added that improving the adaptability along supply chains is a top priority of the Biden-Harris Administration.

The U.S. will facilitate trade and support the enhancement of the competitiveness of the private sector in Vietnam, especially among small and medium enterprises, he said.

U.S. agencies will also help Vietnam's small and medium enterprises improve production capacity, access to financial resources, and digital transitioning.

Tatsis said these efforts will help businesses better participate in the global supply chain for the mutual benefit of the two countries.

Over the last several years, Vietnam has been one of the biggest beneficiaries of the supply chain shift away from China. But this shift has also put pressure on Vietnam's infrastructure and customs operations.

To remedy this, the USAID Trade Facilitation Program, a $21-million five-year project, is working with Vietnam Customs to adjust border clearance procedures and reduce congestion at major ports, including Cat Lai Port in Ho Chi Minh City, the largest container shipping hub in Vietnam.   LINK

KTFA Members "Thursday News" 12-8-2022

KTFA:

Henig:  Al-Sudani receives an official invitation to visit the United Arab Emirates

Baghdad / NINA / - The Prime Minister, Muhammad Al-Sudani, received today, Wednesday, an official invitation to visit the United Arab Emirates.

The media office of the Prime Minister said in a statement: "Al-Sudani received the Minister of Justice of the United Arab Emirates, Abdullah Sultan bin Awad Al-Nuaimi, and his accompanying delegation."

Al-Sudani expressed Iraq's relentless endeavor to maintain the best relations with the United Arab Emirates, and to strengthen partnership and cooperation at various levels and fields.

Al-Nuaimi delivered to Al-Sudani an official invitation from the UAE leadership to visit the United Arab Emirates, discuss the development of bilateral relations, and emphasize the strengthening of friendship and cooperation with Iraq.  LINK

Henig:  Al-Sudani inagurates the Iraq International Book Fair

Baghdad / NINA / - The Prime Minister, Muhammad Al-Sudani, inaugurated this evening, Wednesday, the Iraq International Book Fair, which is being held at the Baghdad International Fair.

Al-Sudani toured the corridors of the exhibition, and reviewed the publications of Iraqi, Arab and international publishing houses.

The Prime Minister pointed out the importance of these cultural events, which are of great interest, due to their cultural role, and their importance is derived from the role they play in the field of spreading knowledge.

He stressed that the government supports all cultural initiatives that contribute to the exchange of ideas, and supports all efforts that revive such events, and reflects the bright side of Iraq with its cultural and civilizational dimension.  LINK

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Clare:  Prime Minister Muhammad Shia' al-Sudani arrived today, Thursday, in the Saudi capital, Riyadh, to participate in the Arab-Chinese summit.

12/8/2022

Prime Minister Muhammad Shia' al-Sudani arrived today, Thursday, in the Saudi capital, Riyadh, to participate in the Arab-Chinese summit.

 A brief statement by the Prime Minister's Media Office, received by the Iraqi News Agency (INA), said, "Prime Minister Muhammad Shiaa al-Sudani arrived in the Saudi capital, Riyadh, to participate in the Arab-Chinese summit."  LINK

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Henig:  The Iraqi Prime Minister, Mohammed Shia Al-Sudani, confirmed on Wednesday that the Arab-Chinese summit held in the Saudi capital, Riyadh, coincides with Iraq’s passage through a difficult political stage, according to Al-Sharq Al-Awsat newspaper.

Baghdad (IraqiNews.com) –

Al-Sudani stated that Iraq’s participation in the summit is of a particular importance as it represents an opportunity to share the new economic vision of the government.

Al-Sudani noted that the Arab-Chinese summit in Riyadh comes at a time the world is witnessing major political and economic transformations and conflicts.

The Iraqi Prime Minister confirmed that Iraq is looking forward to quoting China’s successful experiences in various fields.

Al-Sudani elaborated that the Arab-Chinese summit is an explicit call for economic and investment integration between Iraq and the neighboring countries, adding that Iraq’s strategic location gives it the right to play a major role.

Al-Sudani explained that this economic experiment can create a state of Arab economic integration, by benefiting from the presence of the Chinese partner, to develop a sustainable and integrated Arab economy, through the exchange of trade and investment opportunities and technological information.

The Chinese President, Xi Jinping, is visiting Saudi Arabia from December 7 to December 9, after he received an official invitation from King Salman bin Abdulaziz, according to the Saudi Press Agency (SPA).

Jinping will attend two major summits in Riyadh where leaders of the Gulf Cooperation Council and Arab countries will attend, SPA mentioned.

The two summits will address ways to enhance joint relations in all fields, as well as prospects for economic and development cooperation, SPA added.  LINK

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Henig:  The meeting attended by the Governor of Central Bank of Iraq Mustafa Ghaleb, Minister of Finance Taif Sami, the International Monetary Fund mission and other officials.

 Photo: Iraqi News Agency

Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) discussed on Wednesday with the International Monetary Fund (IMF) mission aspects of bilateral cooperation and development, according to the CBI statement cited by the Iraqi News Agency (INA).

The statement mentioned that the CBI governor, Mustafa Ghaleb, received the Minister of Finance, Taif Sami, and the IMF mission that is currently visiting the capital, Baghdad.

The meeting addressed the main policy challenges and ways to develop the bilateral cooperation to serve the banking and economic sectors in Iraq, and to enhance financial stability, the statement added.

The CBI is hosting on Wednesday and Thursday meetings of the IMF mission in the capital, Baghdad, with the participation of the Ministry of Finance and representatives of the ministries of planning, electricity, labor, water resources and environment.

Director of the media office of the CBI, Omar Assem, mentioned earlier that the IMF mission will hold meetings on Thursday with the Iraqi Company for Financing Small and Medium Enterprises (ICFSME), Vitas Company, and senior staff from the CBI’s Banking Control Department, according to INA.

Assem also elaborated that the meeting of the IMF mission with the CBI aims to develop work in the banking sector in Iraq, especially as it gained international confidence and enhanced financial inclusion. LINK

Clare:  Al-Sudani and the International Monetary are discussing reforming the Iraqi banking system and efforts to combat corruption

12/08/2022

Prime Minister Muhammad Shia Al-Sudani received, yesterday, Wednesday, the delegation of the International Monetary Fund, headed by the Resident Representative of the Fund in Iraq, Mr. Ghazi Shbeikat.

Al-Sudani stressed during the meeting, according to a statement issued by his office today, Thursday, "the importance of strengthening aspects of joint cooperation between Iraq and the Fund's development programs, and supporting the path of empowering the Iraqi economy."

"The IMF's support for the economic reform approach adopted by the government was also discussed, as well as cooperation in the field of reforming and developing the Iraqi banking system, and supporting Iraq's efforts to combat corruption," the statement added.  LINK

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Clare:  Planning announces the approval of the ministry's budget for the year 2023

12/08/2022

 The Opinion Committee in the Ministry of Planning, headed by Deputy Prime Minister - Minister of Planning Muhammad Ali Tamim, held today, Thursday, its periodic meeting for the month of December.

 Tamim stressed, by withdrawing his office's statement, a copy of which {Euphrates News} received, during the meeting: "The importance of working in accordance with the directives of the Council of Ministers and in line with the objectives of the ministerial curriculum and the government program," referring to "a number of important directives, foremost of which is adherence to laws and controls."

Tamim directed, "the need to pay attention to the places of reception of auditors, and to equip them with all requirements for comfort," directing that "the tasks of the members of the House of Representatives must be facilitated as the highest oversight body in the country, as well as facilitating the procedures of other oversight bodies represented by the Financial Supervision Bureau and the Integrity Commission, in accordance with the laws and regulations and instructions in force.

In addition, the opinion commission, according to the statement, approved the ministerial program of the Ministry of Planning, which was prepared in light of the government curriculum, and the commission also approved the ministry’s budget for the year 2023, and the approval of the conclusion of a memorandum of understanding between the Iraqi Accreditation Commission of the Iraqi Ministry of Planning, and the Moroccan Accreditation Commission, and the conclusion of a memorandum of understanding Others between the Central Organization for Standardization and Quality Control and the Egyptian Organization for Standardization and Quality.

 The meeting also witnessed a discussion of the proposed amendments to the Ministry of Planning Law No. (19) for the year 2009, and other issues that were on the agenda, and the necessary decisions, procedures and recommendations were taken in their regard.    LINK 

KTFA Wednesday Night CC with Frank26 "CBI Hot Meetings" 12-7-2022

KTFA Wednesday Night CC

12-7-22…. CBI HOT MEETINGS

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=0r7mHkggzEo

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

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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

https://vietnamnews.vn/economy/1401540/market-extends-rallies-vn-index-inches-close-to-1-100-points.html

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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

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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

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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

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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

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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

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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

Monday Night KTFA CC "Let it Snow..Let it Float" 12-5-2022

KTFA

KTFA Monday Night CC

Frank26:  12-5-22…….LET IT SNOW…LET IT FLOAT

This video is in Frank’s and his team’s opinion only

Tonight is a special report from Walkingstick and a nuclear report from Eddie in Iraq.

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=5HsfFPVt3GM