KTFA Members "Iraq and Vietnam News" Tuesday 12-20-2022

KTFA:

Henig:  After falling by more than two dollars a barrel, oil prices are rising again

Baghdad / NINA / - Oil prices regained their strength today, Monday, after falling by more than two dollars a barrel in the previous session, with optimism about the reopening of China and the recovery of oil demand, which overshadowed fears of a global recession.

Brent crude futures rose 77 cents, or 0.97 %, to 79.81 dollars a barrel.

US West Texas Intermediate crude oil recorded $75.01 a barrel, up 72 %.   LINK

Clare:  The Democrat reveals the scenes of the Kurdish delegation's visits to Baghdad... wholesale agreement

12/20/2022 

Today, Tuesday, the leader of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed the scenes of the Kurdish delegation's visits to the capital, Baghdad.

 Karim told Al-Furat News that: "The region's repeated visits to Baghdad proved a number of positive things between the two parties, such as Article 140 and determining the region's share in the federal budget."

"It was also agreed to activate the joint forces between the Iraqi army and the Peshmerga on the borders," he added.

Karim continued, "All these understandings took place during the repeated meetings of the delegation of the Kurdistan region to Baghdad, in addition to stopping all legal procedures against oil companies in the Kurdistan region by order of the Sudanese Prime Minister, Muhammad Shia'a, and it is also one of the positive points."   LINK

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Clare:  Parliament intends to hold an extraordinary session to read the 2023 budget

The Finance Committee in the House of Representatives revealed the parliament's intention to hold an extraordinary session of the parliament for the purpose of starting the first and second reading of the budget, in the event that it was sent by the government to the legislative authority, while It indicated that the budget is still present in the corridors of the Ministry of Finance and was not sent to the Council of Ministers for the purpose of passing it.

Committee member Jamal Cougar told (Baghdad Today) that "there are obstacles that delay sending the budget, including the birth of a full government with full powers on October 27, while the law stipulates that the budget be sent on October 15, and accordingly the government was then to conduct business and this is the first reason. As for the reason the second is the arrival of oil prices to approximately 79 or 80 dollars, and this confused the parties that prepare the budget, as they do not know how much the The price they are currently setting in the budget, how much is the total value of it, and how much is the deficit in it.All of them are confusing accounts now.

Cougar added, “A country like Iraq lives on oil, which greatly affects it if prices drop from $100 to a number lower than that, and therefore we in the committee and parliament are waiting for the budget to arrive for the purpose of discussing and passing it, even if we are in the legislative season recess. LINK

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Henig:  Mahmoud Al-Shennawy to / NINA /: The presence of Iran and Turkey in the Amman Conference for Cooperation and Partnership .. may contribute to drawing a new map of relations in the region

Baghdad / NINA / - Editor-in-Chief of the Middle East News Agency and expert in regional affairs, Mahmoud Al-Shennawi, confirmed: The presence of Iran and Turkey as major actors on the Iraqi scene at the Amman Summit for Iraq's neighboring countries sends many important messages.

He told the National Iraqi News Agency / NINA /: The presence of the two countries indicates the possibility of settlements and consensus that could contribute to drawing a new map of relations in the region, in light of the rapid developments on various fronts.

Al-Shennawi added: Any positive results in this field will be positively reflected on regional files directly linked to what is happening in Iraq and some Arab countries, especially with regard to the Iranian nuclear file.

He pointed out: From this standpoint, the major powers will seek to contain positions towards finding a formula of cooperation, turning a blind eye to direct talk or merely waving condemnation of Iranian and Turkish encroachments on Iraqi sovereignty.   LINK

Vietnam News

Henig:  Trade deals: The good, bad and unpredictable

06:00 | 20/12/2022

(VEN) -  Free Trade Agreements (FTAs) provide ample opportunities for trade. However, since many countries are constantly changing their policies with the aim of sustainable growth, businesses need to be more innovative to effectively penetrate these markets.

Positive results

At a recent Ho Chi Minh City-based seminar on exporting to FTA markets, managers, experts, and business people agreed that FTAs have generated many positive results for Vietnamese exports.

Nguyen Thao Hien, Deputy Director of the European-American Market Department (Ministry of Industry and Trade), said that since the EU-Vietnam Free Trade Agreement (EVFTA) went into effect in August 2020, exports to the European markets have recorded positive results.

Bilateral trade between Vietnam and EU member states has significantly recovered and increased compared to pre-pandemic levels. In the first 10 months of 2022, the import and export turnover of goods between Vietnam and the EU exceeded US$52.5 billion, up 14 percent compared to the same period last year. Exports accounted for US$39.7 billion, up 23.5 percent.

To Thi Tuong Lan, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), said Vietnam has become the third largest seafood exporter in the world after Norway and China. Its largest export markets are the US, China, and the Republic of Korea (RoK). Meanwhile, Vietnam's seafood exports to the markets of member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) account for nearly 27 percent of its total. By the end of October 2022, the export value to this market has reached nearly US$2.3 billion, an increase of 14 percent compared to 2018 (before the signing of the CPTPP Agreement) and a rise of about 40 percent over the same period in 2021.

Regarding the wood industry, according to Tran Quoc Manh, Chair of the Saigon Trade and Production Development Corporation (SADACO), while the economy faces many challenges, FTAs provide many business opportunities. The CPTPP has greatly aided corporate integration into global supply chains over the past three years, while Vietnam's wood products have made their way into a number of markets, both established and new. Vietnam's wood exports to the US market account for about 60 percent of this commodity’s total export volume.

Catching up with “green sustainable” trend

Despite the great potential for Vietnamese enterprises, many limitations hamper exports and production, especially given increasingly complicated and unpredictable economic forecasts, with risks of recession and high inflation, as well as food and energy crises. Many of Vietnam’s export markets have also been imposed non-tariff trade barriers as they recover from the pandemic and its effects.

Vice President of European Chamber of Commerce (EuroCham) in Vietnam Jean Jacques Bouflet advised businesses to concentrate on creating sustainable production in order to expand their markets. Additionally, in order to effectively utilize the EVFTA, Vietnamese exporters must strengthen their processing capabilities, limit the export of raw materials, and develop their own brands.

Regarding the wood industry, Nguyen Chanh Phuong, Vice Chair of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), said the wood industry must adopt and abide by environmental regulations to ensure sustainable exports. If good plans are made and followed, Vietnam can meet 60 percent of its raw material demand, and import the remaining 40 percent from the US and Chile, Phuong said. Businesses must ensure environmental standards both locally and globally, he added.

Similarly, Ly Trung Kien, Group Logistics Manager, Nestle Vietnam, said the company has built a sustainable coffee value chain by developing sustainable raw coffee. The NESCAFÉ Plan, a prime example of this initiative, aims to improve the productivity and quality of Vietnamese coffee through sustainable farming methods, raised farmer incomes and reduced greenhouse gas emissions.

To effectively take advantage of FTA opportunities, Vietnamese exporters need to develop their own brands, limit raw exports, and improve processing capacity.

Ngoc Thao & Ha Duyen   LINK

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Henig:  Mitsubishi Power to upgrade two gas turbines at Tuas Power

09:45 | 20/12/2022 

(VEN) - Introduction of the latest technologies for two M701F gas turbines will help enhance plant’s output and generating efficiency; Upgrade of two 360MW GTCC power plants can cut CO2 emissions by 16.9 kilo-tonnes annually, with work scheduled for completion in 2023.

Tokyo, November 30, 2022 – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), has received a contract from Tuas Power Generation Pte. Ltd., a major power company in Singapore, for upgrades to two of the four M701F gas turbines (CCP3 and CCP4) in its gas turbine combined cycle (GTCC) power generation facility.

 This upgrade is part of Tuas Power’s efforts to achieve energy efficiency improvements and fulfil decarbonization measures in accordance with the Singaporean government’s energy policies. It was adopted following a positive assessment of a proposal from Mitsubishi Power, which drew on the company’s extensive experience in gas turbine technologies. The project is scheduled for completion in 2023.

The Tuas Power facility is located in the southwest region of Singapore. Since 2001, Mitsubishi Power had supplied four gas turbines to Tuas Power, each with a rated output of 360 megawatts (MW).

The upgrade will introduce the latest gas turbine technologies, achieving a heat rate improvement by reducing the volume of cooling air, which allows for reduced carbon emissions of approximately 16.9 kilo-tonnes annually combined for the two CCPs.

Commenting on the conclusion of this contract, Cheng Tin Swan, Vice President (Generation)/Plant Manager) of Tuas Power said, “As one of Singapore’s leading power generation companies, we are dedicated to the country’s decarbonization efforts, and this gas turbine upgrade marks another step in our journey of innovation and sustainability. This upgrade will enable us to generate power while reducing emissions, yet without compromising the energy supply at our power plant. Tuas Power is happy to have a company like Mitsubishi Power that has superior technical expertise to help us achieve high levels of energy efficiency improvements.”

Osamu Ono, Managing Director and Chief Executive Officer of Mitsubishi Power Asia Pacific commented, “Mitsubishi Power has not only supplied Tuas Power with power generation equipment, but also provides support under a long-term service agreement (LTSA) to ensure a high operating rate of its facilities, for stable and efficient power generation. We have developed a long-standing relationship with Tuas Power, and it is an honor to receive this contract, which plays an important role in Singapore’s clean power generation while enhancing the asset value of Tuas Power’s facilities.”

Mitsubishi Power will continue to focus on similar projects covering renovation and performance improvements of existing facilities, along with its services business. Building on this contract from Tuas Power, Mitsubishi Power will remain committed to helping customers achieve stable and efficient power generation, and will continue to contribute to furthering decarbonization and the production of sustainable energy.    PV  LINK

"Tidbits From TNT" Tuesday Morning 12-20-2022

TNT:

Candykisses:  Shiite-Kurdish agreement to pass oil and gas law

Baghdad, Iraq Today:

Patriotic Union of Kurdistan (PUK) MP Nermin Maarouf revealed the formation of a joint committee between the Baghdad and Erbil government to prepare a draft oil and gas law.

Maarouf said in a press interview that "the current discussions, according to the agreement between Baghdad and Erbil, are taking place to legislate the oil and gas law while resolving differences and outstanding issues between the region and the center."

She added that "the agreement concluded between the political forces stipulates the legislation of the oil and gas law within a period of 6 months from the age of the formation of the government."

She pointed out that "the adoption of the law within the House of Representatives will contribute to solving the problems between Baghdad and Erbil," pointing out that "the oil and gas law has political dimensions, as it is linked to relations between the Baghdad government and the Kurdistan Regional Government."

CandyKisses:  :  Sudani Arrives In Jordan To Attend Baghdad Summit

On Tuesday, Prime Minister Mohammed Shia al-Sudani arrived in the Jordanian capital Amman to attend the Baghdad summit.

The media office of the Sudanese in a statement received by Earth News, that "took place this morning at Queen Alia Airport in the Jordanian capital Amman an official reception ceremony for Prime Minister Mohammed Shia Sudani."

The statement continued, "At the official reception of Sudani, Crown Prince of the Hashemite Kingdom of Jordan Prince Hussein bin Abdullah II, where the ceremony witnessed the playing of the national anthems of Iraq and Jordan, and the parade of the honor guard, according to the statement.

According to the statement, Al-Sudani is heading a high-level government delegation to participate in the second Baghdad Summit for Cooperation and Partnership, hosted by Jordan. During the summit, they will discuss bilateral relations with the leaders of the participating countries, mechanisms of cooperation and partnership in facing the current economic, security and climate challenges, and achieving integration with the countries of the region in the service aspect and economic partnership, in a way that enhances the security and stability of the region.

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Tishwash:  The full text of Al-Sudani's speech at the second Baghdad conference in the Jordanian capital

Today, Tuesday, Prime Minister Muhammad Shia' al-Sudani called on the countries participating in the second Baghdad Summit in the Jordanian capital, Amman, to cooperate with Iraq regarding recovering its smuggled funds, while stressing work to find solutions to the water crisis with Turkey and Iran.

This is the text of the  most important things that came in the speech of the Prime Minister, Muhammad Shia’ al-Sudani, during the second Baghdad conference:


We meet today in Amman with the hope that we will move towards strengthening the process of relations between our countries in various fields, and developing their pace in a way that contributes to establishing the foundations of stability and development in the region, and opens The field is wide for means of dialogue and discussion to exchange views and deepen concepts.

- The idea of ​​establishing the Baghdad conference stems from Iraq's desire to establish and strengthen the bases of cooperation and partnership between it and the countries of its geographical and regional neighbors, in addition to friendly countries.

- Our government adopts an open approach aimed at building regional and international partnerships based on common interests, including the establishment of complementary strategic projects to link Iraq with its regional environment.

 - We see that the priority now lies in strengthening the bonds of cooperation and partnership between our countries through interdependence in infrastructure, economic integration, and mutual investments that strengthen the bonds of brotherhood and friendship between our countries and peoples.

- We seek to work together to transform into industrialized countries, through the establishment of joint industrial zones, which enhance our joint industrial capacity, and link value-added chains for each of us, within an integrated chain capable of competing in global markets; Launching giant projects in various sectors.

- It is necessary to focus on the service sector and its development, considering it one of the most important engines of the economy in our countries and our region. In addition to addressing the problem of unemployment through developing the productive private sector, improving working conditions in it, and providing guarantees for workers.

- On the internal level, we have put the fight against financial and administrative corruption at the center of our priorities, and we have practically started the anti-corruption campaign, starting from the highest levels, and we ask brotherly and friendly countries to help us recover the looted and smuggled funds of Iraq and hand over the wanted persons who take these countries as their place of residence.

- Our government is working hard to improve the investment environment in Iraq, in terms of legislation, procedures and guarantees, to enable investors to enter our markets and benefit from the great opportunities in them.

- The appropriate investment environment needs to establish security, and we have achieved security stability in Iraq after the great victories over the remnants of terrorism and takfiri groups, and I do not fail here to pay tribute to the pure blood and sacrifices made by our armed forces, in self-defense, the region and the world.

 - We must all continue to work together and unite to combat extremist ideology in all its forms, and put in place real mechanisms and programs to expose the malicious intentions of terrorists who recruit young people with their destructive ideas.

- Iraq faces an existential threat due to water scarcity, and we are determined to work hard with our neighbors in the Republic of Turkey and the Islamic Republic of Iran to ensure our water security, and to reach the best ways for joint management of transboundary water resources, and to reach our water share in accordance with international agreements and laws.

 - In parallel with that, we started taking practical steps to promote the use of modern irrigation systems and stop wasting water in storage and agriculture.

- We consider environmental pollution - in the air, water and soil - as one of the most important risks to the future of our people, especially in the southern regions, and we have begun serious work to address the burning of associated gas in the oil fields.

We call on international companies to invest in this field in order to transform the use of this important source of energy for the purposes of electricity generation, in an effort to achieve self-sufficiency in the use of gas to generate electricity in the medium term, and to reduce greenhouse gas emissions and global warming.

- Iraq is committed to building balanced cooperative relations with all regional and international partners, and it distances itself from alignments of axes and an atmosphere of escalation, and seeks a policy of calm and reducing tensions; At the same time, it refuses to interfere in its internal affairs, violate its sovereignty, or attack its lands.

- The principle of force cannot be adopted in efforts to resolve disputes or disagreements. We do not allow this principle to be used against Iraq, and we do not accept any threat from Iraq against any of the neighboring countries or the region.

Our duty is to adopt dialogue and understanding to solve our problems, and build on what brings us together to open horizons towards establishing comprehensive regional partnerships, maximizing dependence between our countries, and establishing stability and prosperity in the region.  

- Iraq seeks to be a sponsor of communication and dialogue, as a basic way to resolve differences, with the aim of calming the atmosphere and bringing the views of the parties closer, and has strengthened its diplomatic efforts to defuse crises in the region.  link

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Tishwash:  The imbalance of the dinar and the toman against the dollar caused a loss of 80% of Sulaymaniyah merchants

Specialists in the field of financial transactions in Sulaymaniyah Governorate confirmed today, Tuesday, that 80% of the currency dealers in the province incurred losses due to the instability of the price of the Iranian "Toman" and the Iraqi dinar against the foreign currency, "the dollar"

The financial expert, Shwan Muhammad, told Shafaq News agency that the instability of the Iranian "toman" price against the foreign currency "dollar" is due to the instability of the positions of the Islamic Republic of Iran in its negotiations with the United States of America, stressing that Iran's instability in those negotiations negatively affected the reality of the Iranian currency. In global markets, it was also reflected in the economic reality of Iranian citizens and everyone who deals in the Iranian currency.

Shwan pointed out that the value of the Iranian “toman” declined today by 6.5 points compared to yesterday, as the price of (100) US dollars yesterday amounted to (3.925) million Iranian “tomans.” Today, the “toman” decreased against the dollar to reach a value of (100). Dollars to (3.980) million "tomans".

As for the situation of the Iraqi dinar against the US dollar, Schwan indicated that the situation of the dinar suffers from a clear fluctuation against the US dollar, and this is due to the economic policy of the Iraqi government and the smuggling of about 60% of the dollar out of the country, which is pumped by the Central Bank of Iraq to the markets through commercial banks in Iraq.

He explained that all the steps that the Iraqi government intends to follow in the face of the instability of the value of the local currency against the foreign currency will not succeed if the transactions of private banks that take dollars from the Central Bank of Iraq are controlled.

Regarding the repercussions of the instability of the price of the Toman and the dinar in financial transactions, Shwan confirmed that 80% of the currency dealers in Sulaymaniyah were affected by that situation and incurred great losses.  link

Mot:  . ooooh Deeer - the Stress of the Season! ~~~~

Mot: Why Christmas Pets are so much Fun - Already Broken in they is! 

Tuesday Morning Iraq Central Bank News Highlights 12-20-22

Tuesday Morning Iraq Central Bank News Highlights 12-20-22

The Central Bank Launches A Package Of Measures To Control The Exchange Rate Of The Dollar

2022-12-19 10:14   Shafaq News/ The Central Bank of Iraq launched, on Monday, a package of measures to improve the performance of dollar-related transactions, weeks after the rise in the exchange rate of the dollar against the Iraqi dinar.

In a statement received by Shafaq News agency, the bank said, "These measures would restore the foreign currency market to its normal state."

And the bank decided, “To allow the banks participating in the foreign currency buying and selling window to buy any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and to pay interest / returns on those balances according to what this bank decides.”

The bank also decided, "Facilitating the financing of private sector trade through Iraqi banks and meeting the request for foreign transfers by strengthening the balances of banks with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the UAE dirham, the Jordanian dinar, and others)."

And the bank announced, “Opening outlets for selling foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

The statement referred to "reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price of (1455). ) dinars to the dollar instead of (1460) dinars to the dollar. LINK

Absolutely A Package Of Measures.. The Iraqi Central Bank Sets A Condition For Reducing The Selling Price Of The Dollar

The Central Bank launches a package of measures to control the exchange rate of the dollar

Calendar 12/19/2022   Baghdad / resource news   Today, Monday, the Central Bank of Iraq announced the launch of a package of measures to improve the performance of transactions related to the dollar, while setting a condition for reducing the selling price of the dollar.

The Iraqi Central Bank stated, in a statement, that "a package of measures has been launched to improve the performance of dollar-related transactions."

He added, "The banks participating in the window for buying and selling foreign currency were allowed to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes," noting that "financing private sector trade was facilitated through Iraqi banks and meeting the request for external transfers by strengthening Bank balances with their correspondents in other currencies.

And he continued, "Outlets have been opened to sell foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.) Travel or pay his purchases via the Internet to be at the price of (1465) dinars to the dollar instead of (1470) dinars to the dollar.

https://almawrid.news/contents/view/details?id=57963

In Detail.. 4 Measures From The Central Bank To Counter The Rise In The Dollar Exchange Rate

Money and business      Economy News – Baghdad   The Central Bank launched a package of measures to improve the performance of dollar-related transactions.

According to the bank's media office, the Central Bank of Iraq announced, on Monday, "a package of decisions that would restore the foreign currency market to its normal state, as follows:

1- Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and to pay interest / returns on those balances according to what this bank decides.

2- Facilitating the financing of private sector trade through Iraqi banks and meeting the demand for foreign transfers by strengthening the balances of banks with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar, and others).

3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)

4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at (1465) dinars to the dollar instead of (1470) dinars to the dollar. As the dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar.

Views 543   Added 12/19/2022 - 6:45 PM   Updated 12/20/2022 - 2:03 PM

https://economy-news.net/content.php?id=31417

Currency Auction Sale.. Central Bank Sales Decreased To 104 Million Dollars

2022-12-20 03:48   Shafaq News/ The Central Bank's dollar sales decreased, on Tuesday, to 100 million dollars in today's auction, with the participation of 28 banks.

Shafaq News agency reporter stated, "The Central Bank sold today, during its auction for buying and selling the US dollar, 104 million 272 thousand and 839 dollars, which is less than yesterday, Monday, in which sales amounted to 135 million and 226 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar.

Our correspondent added that the sales went part of them to enhance the balances abroad (remittances, credits) and by 57 million and 762 thousand and 839 dollars, while the other went in the form of cash sales amounting to 46 million and 510 thousand dollars.

Our correspondent indicated that the number of banks that bought the cash dollar amounted to 16, while the number of banks that responded to requests for strengthening balances abroad reached 12, while the total number of exchange and mediation companies participating in the auction was 212 companies.    LINK

Al-Sudani Announces The Increase In The Reserves Of The Central Bank To 96 Billion Dollars

Political | 10:46 - 12/19/2022   Baghdad - Mawazine News  , Prime Minister Muhammad Shia Al-Sudani announced, on Monday, that the reserves of the Central Bank of Iraq had increased to 96 billion dollars.

Al-Sudani said in a press conference held after the cabinet session, which was attended by Mawazine News, that "the financial situation of Iraq today is at its best. The central bank's reserves have reached the level of $96 billion, and this is what enables the central bank to achieve stability in the exchange rate."

He added, "Our vision is clear to invest in the current good financial situation to build a solid economic base and reduce total dependence on oil, and there is more than one program, policy and procedures for the government in the field of revitalizing and reforming the private sector from banks to be a strong supportive base for investment." https://www.mawazin.net/Details.aspx?jimare=214609

Among Them Is The Reduction Of A Category.. The Iraqi Central Bank Issues Decisions To Restore The Price Of The Dollar To Its Normal Position

Economie| 06:38 - 12/19/2022   Baghdad - Mawazine News   The Central Bank of Iraq announced, on Monday, a package of decisions that would restore the foreign currency market to its normal state.

In a statement, Mawazine News received a copy of it, the Central Bank stated, “The decisions are as follows:

1- Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and interest is paid on those balances.” Returns according to what this bank decides

3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)

4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars per dollar instead of (1460) dinars per dollar.”

https://www.mawazin.net/Details.aspx?jimare=214582

The Central Bank Issues 4 Decisions To Control The Dollar

12-19-2022 | 10:41   13,210 views   The Central Bank emphasized, “Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price ( 1455) dinars to the dollar instead of (1460) dinars to the dollar.   LINK

Iraqi News Highlights Monday Evening 12-19-22

Iraqi News Highlights Monday Evening 12-19-22

Tlm724 Administrator Bondlady’s Corner

The Central Bank Announces Its Dollar Sales For Today

Monday 19, December 2022 14:06 | Economical Number of readings: 213  Baghdad / NINA / - Today, Monday, the Central Bank of Iraq's cash sales amounted to about $60 million in a currency auction in which 35 banks participated.

And the Central Bank stated, in a statement, that it sold today, during its auction for the sale and purchase of US dollars, 135 million and 226 thousand and 314 dollars, which it covered at a basic exchange rate of 1460 dinars per dollar

. thousand dollars compared to yesterday, Sunday, in which cash sales amounted to 22 million dollars, while remittances and external credits amounted to 76 million, 186 thousand and 314 dollars

. Requests to strengthen balances abroad 19 banks, and the total number of exchange and mediation companies participating in the auction reached 212 companies./ End 8

https://ninanews.com/Website/News/Details?key=1021266

With the document .. Collecting parliamentary signatures to hold an extraordinary session to discuss the rise in the dollar exchange rate

Monday 19, December 2022 16:23 | Economical Number of readings: 196  Baghdad / NINA /- A number of members of the House of Representatives adopted collecting parliamentary signatures to hold an extraordinary session of the House of Representatives to discuss the rise in the exchange rate of the dollar./ https://ninanews.com/Website/News/Details?key=1021290

Launching The First Online Financial Trading System In Iraq

political| 04:42 - 12/19/2022   Baghdad - Mawazine News  The Iraqi Stock Exchange announced, today, Monday, the launch of the trading system for the shares of Iraqi joint-stock companies via the Internet - for investors.

And the market stated in a statement that Mawazine News received a copy of it, that "based on the regulatory regulation" trading in securities via the Internet - for investors "and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraqi Stock Exchange and on the occasion of the completion of the implementation plan of the trading system project With the shares of Iraqi joint-stock companies listed on the Internet - for investors by the Carmel Brokerage Company with the Iraqi Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.

He added, "The online trading system for the shares of Iraqi joint-stock companies will be launched - for Go Life investors, starting from the session on Sunday 1/29/2023," stressing that "this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations." Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository  https://www.mawazin.net/Details.aspx?jimare=214572

Launching The First Electronic Platform For Financial Trading Via The Internet

Money and business   Economy News – Baghdad   Today, Monday, the Iraq Stock Exchange announced the launch of the Internet trading system for the shares of Iraqi joint-stock companies - for investors.

The market said in a statement, that "based on the regulation" trading in securities via the Internet - for investors "and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraq Stock Exchange and on the occasion of the completion of the implementation plan for the project of the trading system for the shares of Iraqi joint-stock companies listed via the Internet –

For investors by the Carmel Brokerage Company with the Iraq Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.

He added, "The online trading system for the shares of Iraqi joint-stock companies will be launched - for Go Life investors, starting from the session on Sunday 1/29/2023," stressing that "this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations." Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository.

Views 74   Added 12/19/2022 - 4:48 PM  Updated 12/19/2022 - 6:36 PM

https://economy-news.net/content.php?id=31412

Al-Nusairi: O Speculators And Rumor Mongers, Stop Insulting Our National Economy

Money and business  Economy News-Baghdad  Today, Monday, Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, called on speculators in the foreign currency market, their media and analysts with bad intent and special goals, and those who spread rumors to influence the monetary authority's procedures and harm the people's livelihood with the aim of private political and economic interests, forgetting that the insistence on trading fabricated news, rumors and media analyzes From personalities who are not specialized in economics and monetary policy.

Its clear goal is to confuse the money market and the movement of the commercial market, and they are trying to suggest that there is a new price for the Iraqi dinar, on the basis of which the 2023 budget will be calculated.

Al-Nusairi stressed that the data, clarifications, and procedures that the Central Bank has carried out and is taking place in accordance with its responsibilities stipulated in its law in force, to intervene in controlling and maintaining the exchange rate if necessary, and it is a procedure that all banks in the world take when needed.

He also made it clear repeatedly that one of the reasons for the rise in the exchange rate is It is the electronic platform and the audit procedures practiced by the Central Bank to control foreign transfers and ensure the safety of their arrival to the final beneficiary. He also clarified that the news about the existence of new sanctions on our banks is incorrect.

He pointed out that the Prime Minister had previously confirmed, in an explicit statement, that the government supports the measures of the Central Bank, and the price will return to its previous rates during the coming period, and that the Central Bank is the body responsible for changing the exchange rate.

Al-Nusairi hinted that the speculators' plans will fail, and we say to them and other rumor mongers, stop manipulating the feelings of the poor and vulnerable segments of the citizens, directing their statements, messages, and calls towards urging the government and Parliament to expedite the issuance of the 2023 budget, finding solutions and remedies for new appointments, activating economic sectors other than oil, and developing the food ration.

In the ration card, increasing social welfare allocations, issuing the retirement law for the private sector, establishing the sovereign fund for generations, and forming the private sector development council in its final form.

Al-Nusairi concluded by calling for some banks and exchange offices to adhere strictly and nationally to implement the instructions and procedures of the Central Bank to control the currency market and not to withhold the dollar for the purposes of merchants, businessmen and citizens, which they must obtain at the price set by the Central Bank.

Because certainly the money market is now under internal and external control and supervision, and we have great hope for our banks, which had honorable and supportive positions in all previous economic and financial crises that the country went through.

Views 132 Added 12/19/2022 - 12:29 PM   Updated 12/19/2022 - 6:33 PM

https://economy-news.net/content.php?id=31407

To read more current and reliable Iraqi news please visit BondLady’s Corner:

 https://www.bondladyscorner.com/

More "News and Views" From KTFA Members Monday PM 12-19-2022

KTFA:

Frank26:  "INTERNATIONAL PLATFORM FROM THE CBI TO REMOVE THE BLUES OF THE CITIZENS".......F26

Final article 2287: 

New App allows Iraqis to trade US-Listed Stocks

18th December 2022   By John Lee.

Ishtar Gate Company for E-Payment Systems and Services, an Iraq-based fintech company, has reportedly released an app that allows users to trade US-listed stocks via a mobile app called Bluepay.

According to Newsfile, the company was recently approved by the Central Bank in Iraq (CBI) as the "first and only company to offer international money transfer service."

It says the service also facilitates financial transactions to and from China.

Blue CEO Ali Al-Saeed, said:

"This is an unprecedented technology solution built and provided locally in Iraq. It has triggered other fintech-provided services such as a multi-currency solution that opens up a new horizon of opportunities in the Iraqi market."

(Source: Newsfile)  LINK    ISHTAR GATE FOR E- PAYMENT SYSTEMS AND SERVICES

~~~~~~~~~~

Margarita:  Final Article 2287 is about Bluepay.  Well I went on the old google machine and found an email to the Bluepay site.  I wrote one and asked how long they have been doing business in Iraq.  I got a response that they have been working in Iraq since October of 2021. So...they have been doing this thing for over a year now.  

Toyvp: THEY HAVE BEEN SETTING UP AND GETTING READY AND WORKING INTENALLY FOR QUITE A WHILE AS THEY JUST TOLD YOU, AND NOW HAVE BEEN GIVEN THE GREEN LIGHT TO TAKE IT INTERNATIONAL.........IT TAKES TIME TO DO THAT MUCH WORK AND YOU SURE AREN'T GOING TO TELEGRAPH SOMETHING LIKE THAT FOR A YEAR OR 2............................I AM GLAD THEY ARE "INTERNATIONAL" NOW

P.S.
THEY WILL BE ABLE TO WORK IN 10 DIFFERENT CURRENCIES INCLUDING USD AND......................MY FAVAORITE.............................IQD...........YOU DO UNDERSTAND THAT BLUEPAY CAN TAKE IT OUTSIDE IRAQ BORDERS?................................HINT.....HINT.....IT MEANS TAKE IT INTERNATIONAL

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Clare:  Launching the first electronic platform for financial trading via the Internet

 12/19/2022

Today, Monday, the Iraq Stock Exchange announced the launch of the Internet trading system for the shares of Iraqi joint-stock companies - for investors.

The market said in a statement, that "based on the regulation" trading in securities via the Internet - for investors "and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraq Stock Exchange and on the occasion of the completion of the implementation plan for the project of the trading system for the shares of Iraqi joint-stock companies listed via the Internet – For investors by the Carmel Brokerage Company with the Iraq Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.

He added, "The online trading system for the shares of Iraqi joint-stock companies will be launched - for Go Life investors, starting from the session on Sunday 1/29/2023," stressing that "this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations."

Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository.   LINK

##########

Launching the first online financial trading system in Iraq

12/19/2022

The Iraqi Stock Exchange announced, today, Monday, the launch of the trading system for the shares of Iraqi joint-stock companies via the Internet - for investors.

And the market stated in a statement that Mawazine News received a copy of it, that "based on the regulatory regulation" trading in securities via the Internet - for investors "and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraqi Stock Exchange and on the occasion of the completion of the implementation plan of the trading system project With the shares of Iraqi joint-stock companies listed on the Internet - for investors by the Carmel Brokerage Company with the Iraqi Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.

He added, "The online trading system for the shares of Iraqi joint-stock companies will be launched - for Go Life investors, starting from the session on Sunday 1/29/2023," stressing that "this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations." Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository   LINK

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Clare:  The Iraqi Stock Exchange will stop for one day

2022-12-19 

The market said in a statement, received by Shafaq News agency, that, "Based on the cabinet's decision to declare an official holiday for one day, starting from Sunday, December 25, on the occasion of the birth of Christ (PBUH), the market will not organize the stock trading session."

He added, "The activity will be practiced after the official holiday, starting from Monday, December 26, according to its official timings."

It is noteworthy that it organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint-stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.   LINK

Clare:  The Central Bank launches a package of measures to improve the performance of dollar-related transactions

12/19/2022

Today, Monday, the Central Bank of Iraq launched a package of measures to improve the performance of transactions related to the dollar.

 The media office of the Central Bank said, in a statement received by the Iraqi News Agency (INA), that "this package of decisions would restore the foreign currency market to its normal state."
He added, "The package included:

1- Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and pay interest / returns on those balances according to what this bank decides

2- Trade financing facilitation The private sector through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies in addition to the US dollar (Chinese yuan, euro, UAE dirham, Jordanian dinar and others).

3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)

4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar, as the dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar.   LINK

Iraqi News Highlights Monday Afternoon 12-19-22

Iraqi News Highlights Monday Afternoon 12-19-22

Tlm724 Administrator Bondlady’s Corner

Parliamentary Economy: The Delay In Approving The Budget Negatively Affects The Completion Of Projects And Investments

Political | 03:11 - 12/19/2022  Baghdad - Mawazine News  The Parliamentary Economy and Investment Committee confirmed today, Monday, that the delay in approving the budget negatively affects the completion of projects and investments, while indicating that there is a parliamentary movement to speed up the approval of the budget and improve the economy and investment in Iraq.

"The delay in approving the budget greatly affects the completion of projects," said member of the committee, Representative Sardi Nayef, noting that "the budget constitutes 50 percent of the gross domestic product in Iraq."

Nayef added, "The financial system in Iraq hedges with the financial management law in the event of any political emergency such as delay in approving the budget," noting that "the financial management law replaces the budget, especially in regulating expenditures and revenues."

He pointed out that "the budget is considered an annual plan for a period of one year, and in the absence of an annual plan, the actual current expenditures for the past year are used, and the old 1/12 of the actual current expenditures of salaries, wages and continuous payment obligations is repeated," explaining that "this is not in it economic planning and vision.

And he continued: "Whenever the financial budget is disrupted and the months pass, this will repeat the goals of the previous fiscal year, and this will result in a contraction in projects and investments," pointing to "intensified efforts in the House of Representatives to approve the budget as quickly as possible, address errors and aspire to improve the economy and investment in Iraq." Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=214560

Expert: The Economic Decision In Iraq (Not Independent) And The Problem Of The Exchange Rate Is Not Technical

Economie| 11:11 - 12/19/2022   Baghdad - Mawazine News, economist Nabil Al-Marsoumi considered that the economic decision in Iraq is "not independent" and that the United States can "tamper" with the Iraqi economy and "disable its engines", saying that the problem of the exchange rate is not technical but rather a political-economic one.

Al-Marsoumi wrote on his Facebook mural, "He studied the electronic platform!! The Americans suddenly discovered, after 18 years, that the window for selling foreign currencies in the Central Bank of Iraq contains loopholes that allow the smuggling of dollars to countries hostile to America and to armed groups, although this window is an industry."

Purely American!! Therefore, the Americans once again created an electronic platform linking the US Federal Bank and the Central Bank of Iraq to track and restrict foreign transfers, which led to an increase in the price of the dollar in the Iraqi market.

He added, "What should be concluded here is that the economic decision in Iraq is not independent, and the United States can tamper with the Iraqi economy and disable its engines, and that the problem of the exchange rate is not technical, but rather political-economic, and the platform may be a warning or a prelude to subsequent American actions if Iraqi politics and its orientations deviate from it." American visions and interests!!    https://www.mawazin.net/Details.aspx?jimare=214540

The Rise In The Exchange Rates Of The Dollar Against The Dinar

Economie| 10:42 - 12/19/2022   Baghdad - Mawazine News   The exchange rates of the dollar witnessed, on Monday, a slight increase in the local markets.  Selling price: 151,600 dinars per 100 dollars  Buying price: 151,500 dinars per 100 dollars  https://www.mawazin.net/Details.aspx?jimare=214536

To Improve The Performance Of Dollar Transactions.. The Central Bank Issues Several Decisions

Monday, December 19, 2022 6:44 PM   Baghdad / The National News Center   The Central Bank of Iraq announced today, Monday, a package of decisions that would return the foreign currency market to its normal state.

In a statement received by the National News Center, the media office stated that “the Central Bank launched a package of measures to improve the performance of transactions related to the dollar, as follows:

1- Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and to pay interest / returns on those balances according to what this bank decides.

2- Facilitating the financing of private sector trade through Iraqi banks and meeting the request for foreign transfers by strengthening the balances of banks with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar, and others).

3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)

4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar.

https://nnciraq.com/173399/

The Recovery Of Demand In China Raises Global Oil Prices

Economie| 08:36 - 12/19/2022   Follow-up - Mawazine News   Oil prices regained their strength, Monday, after falling by more than two dollars a barrel in the previous session, with optimism about the reopening of China and the recovery of oil demand overshadowing fears of a global recession.

Brent crude futures rose 77 cents, or 0.97 percent, to $79.81 a barrel by 03:30 GMT.

US West Texas Intermediate crude recorded $75.01 a barrel, up 72 cents.

https://www.mawazin.net/Details.aspx?jimare=214525

The House Of Representatives Promises To Legislate The Oil And Gas Law Away From Political Tensions

Monday 19, December 2022 11:24 | Economical Number of readings: 260  Baghdad / NINA / - The House of Representatives pledged to seek to legislate the oil and gas law in a way that secures a solid legal environment for work and investment in the oil and gas sector, away from political tensions.

The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, said, during the preparatory forum for the “Iraq Eighth International Conference and Exhibition for Oil, Gas and Energy,” which kicked off Monday morning in the capital, Baghdad, that “the obvious and undeniable fact is that oil is of great importance in the present and future of Iraq.”

We must strive to perpetuate this wealth and develop it in industry, production and organization,” referring to the importance of the gas wealth that is still being lost to us despite its global importance, which requires all of us to address this imbalance and start real gas production in a way that makes it synonymous with oil wealth.

He added, "The export of oil after 2003 witnessed a remarkable development through a significant

And he continued: "This year witnessed the opening of the Karbala refinery, and we aspire to build refineries in other governorates and develop the existing ones to achieve self-sufficiency, in a way that secures the need for oil derivatives for local consumption, operating power stations and securing what the private industrial sector needs," calling for seriously developing work to develop the sector. Oil, whether the relevant ministries or national companies and the local and investment private sector.

Al-Mandalawi urged the political forces to work seriously to resolve all problems related to this file so that the House of Representatives could move forward to legislate the long-awaited oil and gas law./ End 5    https://ninanews.com/Website/News/Details?key=1021233

To read more current and reliable Iraqi news please visit BondLady’s Corner:

 https://www.bondladyscorner.com/

KTFA Members "News and Views" Monday 12-19-2022

KTFA:

ToyVP:  IT IS A VERY LONG STORY WHICH ACTUALLY STARTED IN 1990 (I WILL DO A QUICK DIGEST VERSION,) WHERE THE CURRENCY WAS VALUED AT $3.2169 TO 1 IQD, WHEN SADDAM HUSIEN INVADED KUWAIT AND THE UN TOOK ACTION OF SANCTIONING IRAQ AND DEVALUING THE IQD

THEN THE US STEPPED IN AND BEAT SADDAM HUSSIEN OUT OF KUWAIT, THEN THROUGH THE YEARS SADDAM DID NOT DO WHAT HE WAS TOLD TO DO AND STARTED DEVELOPING WMD (I KNOW I KNOW LEAVE IT AT THAT)

IN 2003 WE WENT IN TO REMOVE HIS REGIME AND REMOVED ALL THE SADDAM CURRENCY, CONTRACTED DE LA RUE TO REPLACE IT AND SET THE EXCHANGE RATE AT A MARSHAL PLAN PROGRAM RATE OF APPROXIMATELY 3000 IQD TO $1 AND USING 3 000 NOTES TO KEEP THE INFLATION DOWN WHILE THE MARSHAL PLAN WAS IMPLIMENTED..........

What was the Marshall Plan simple definition?

 It became known as the Marshall Plan, named for Secretary of State George Marshall, who in 1947 proposed that the United States provide economic assistance to restore the economic infrastructure of postwar Europe.

AND SINCE THEN HAS BEEN ALTERED TO DO THE SAME FOR OTHER WAR TORN ECONOMIES.
 
NEED LESS TO SAY A PROGRAM RATE IS CONTROLLED BY THE IMF/UN/UST/WB AND IS NOT ALLOWED TO FLOAT WITH THE ECOMIC GROWTH OF GDP, AND THE COUNTRY IS NOT ALLOWED TO HANDLE THEIR FINANCES UN SUPERVISED UNTIL ALL SANCTIONS HAVE BEEN MET
 
I HOPE THIS HELPS. 

WHERE AS VIET NAM IS A FULLY FUNCTIONING ECONOMY IN CONTROL OF THEIR OWN CENTRAL BANK AND FINANCES WITH NO SANCTIONS AND, THEY CHOOSE TO KEEP THEIR CURRENCY LOW TO MAKE MORE MONEY OFF THE CHEAP LABOR 

~~~~~~~~~~

Billuke:  Thank you TOY - I believe that will help some understand.

Allow me to add...imo...when all sanctions are lifted and the "program" part of the program rate is lifted, there have been different speculations & beliefs where the rate of the IQD will start. Some believe at 1 to 1, some at various rates higher or lower, and some believe it will start at whatever the rate is at the time (1460 or 1190) and go from there.

And there are various beliefs that the IQD starting 1190 or 1460 - won't help Iraq.  How will their economy grow at those low currency rates?

My whole thing is when I hear people say "toilet paper rate" how is that toilet paper rate going to help Iraq, who is going to invest in Iraq with a currency at a toilet paper rate?

Well, as pointed out several times over several years - companies and countries have been doing business and investing in Vietnam and South Korea with their low rates for how long now?

that's all .....  just IMO

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Clare:  An upcoming parliamentary meeting to discuss the emergency rise in the exchange rate

12/19/2022

Parliamentary circles said that the coming days will witness a meeting in Parliament to discuss the crisis of the emergency rise in the exchange rate of the dollar against the Iraqi dinar, expressing the hope that it will return to its official rates soon. 

Representative Muhammad Qutayba said, in a statement followed by (Al-Mada), that "an upcoming parliamentary session will be held to discuss the rise in the exchange rates of the dollar."

Qutayba continued, "Parliament is following the rise in the exchange rate of the dollar in the Iraqi markets with great concern because of the pressure it causes on the prices of basic materials, especially foodstuffs, which constitutes an additional burden on the shoulders of millions of poor, simple and displaced people."

He pointed out, "The rise in the exchange rate of the dollar in a few days is still ambiguous, and we did not receive any government indication that would reveal the reasons." And Qutiba stated, “The session that is being prepared will witness the hosting of those concerned with the financial file to find out the reasons behind the recent rise in exchange rates and what are the solutions on offer.”

And he stressed, "The need for there to be control over the high fever to prevent the worsening of the economic conditions in the country, especially since any rise will push the segments below the poverty line."

For his part, the other representative, Thaer Makhaif, stated that “the rise in the exchange rates of the dollar, we expect it to be temporary, and due to external influences far from everyone’s will.”

He added, "Speculations and countries that interfere in the country's economic policy have a stake in the issue of Iraq's economies, as is the case in their interference in political affairs."

And he feared that "prices will return to decline and stability during the coming period, especially after the recent government measures to increase the shares of banks."

On a related note, Representative Baqir Kazem said, "The rise in the exchange rate these days will not last more than a month, after the new measures that are being implemented by the Central Bank."

Kazem added, "The latter will work to sell the dollar to merchants in the circle of new credits, at subsidized prices, directly."

He pointed out, "The reason for the increase is that many merchants transfer millions of dollars to money exchangers and fake companies working to smuggle it out of Iraq," stressing that "the exchange rate after the new procedures will settle at 146 thousand Iraqi dinars compared to 100 dollars."

Observers had confirmed that the reason for the rise in the dollar was the measures taken by the US Federal Bank against a number of Iraqi banks participating in the auction of selling the currency, which led to its exclusion, and a deficit in demand. %.   LINK

Henig:  The Preparatory forum for the "Iraq International Oil and Gas" exhibition and conference will start tomorrow in Baghdad

Baghdad / NINA / - The activities of the preparatory forum for the "Eighth International Iraq Oil, Gas and Energy" exhibition and conference will start tomorrow morning, Monday, in the capital, Baghdad,, in the official presence of the Council of Ministers, the House of Representatives, representatives of diplomatic missions and cadres of the sector, to highlight the promising opportunities in the field of oil in Iraq and the role of the private sector in developing Iraqi oil resources.

The preparatory forum, which will continue for Monday and Tuesday, comes as part of the preparations for the largest event in the field of oil, gas and energy, which will be held in Basra Governorate for the period 16-19 March 2023, in cooperation with the Parliamentary Oil, Gas and Natural Resources Committee, and with the support of the Ministry of Oil, the National Investment Commission, and the Ministries of Transportation, Electricity, and Environment, in addition to the Media and Communications Authority, the Iraqi Economic Council, and the organizing company, Pyramids International.   LINK

******************

Henig:  Iraq and India discuss the development of bilateral relations and joint cooperation

Baghdad / NINA/- Head of the Asia and Australia Department at the Ministry of Foreign Affairs, Ambassador Dr. Hisham Al-Alawi, received Prashant Bisai, the Indian ambassador to Iraq, at the headquarters of the Ministry of Foreign Affairs.

Al-Alawi indicated during the meeting, according to a statement by the Ministry, that the Ministry is interested in following up bilateral files between Iraq and India, and supporting the work of the Indian Embassy in Iraq and cooperating with it to develop bilateral relations between the two countries, stressing the Iraqi government's endeavor to expand its partnerships with the countries of the Asian continent.

During the meeting, they also discussed future steps to strengthen bilateral relations between Iraq and India, and ways to increase coordination between the two sides to overcome difficulties and expand bilateral cooperation in all fields.

For his part, the Indian Ambassador affirmed his country's keenness to push relations with Iraq forward, stressing the Embassy's readiness to follow up the implementation of what was agreed upon during the Ambassador's meeting with the Undersecretary of the Indian Ministry of Foreign Affairs in New Delhi on the sidelines of his visit to India to attend the International Conference on Combating the Financing of Terrorism last month.    LINK

"Tidbits From TNT" Monday AM 12-19-2022

TNT:

Tishwash:  18 deputies call for holding an extraordinary session to discuss the rise in the price of the dollar (document)

A number of deputies demanded, on Monday, to hold an extraordinary session to discuss the rise in the exchange rate of the dollar and its impact on citizens.

According to a document obtained by {Euphrates News} that, "18 deputies called for holding an extraordinary session to discuss the high exchange rate of the dollar and its negative impact on the lives of citizens."   link

Maggie:  I heard the same thing 10 years ago " Better buy it quick, it will RV any day. "

RVAlready:  This is a far different circumstance than 15 years ago. We have a PM who said the RV was his first priority.

Yada:  Agreed rvalready regarding 15 years since comment. The whole time, there had been hinderences to keep it from happening and they've been removed. Government is set, banking internationally has been established, and when it is all said and done, via Bluepay, they will be the hub of converting multiple currencies through their banks.

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Tishwash:  Iraq launches the first electronic platform for trading securities

Today, Monday, the "Carmel" company affiliated with the Iraqi Stock Exchange announced that it had obtained official approvals to grant it the first license to launch the Iraq electronic platform for trading securities.

The company said in a statement that "official approvals have been obtained to grant it the first license to launch the Iraq platform for trading securities, IRAKA trade platform, after the success of all the required technical tests under the supervision of the Iraqi Stock Exchange, as well as the success of the security and cyber examination, which was carried out by KPMG International Auditing Company, And the completion of all the obligations contained in the Internet trading instructions approved by the Securities Commission.

She pointed out that "this project, which we adopted as a service to the investors of the Iraqi Stock Exchange, is considered this type of platform at the present time, and due to the great technological development in the world and the increasing number of users of smart devices. bigger than investors”, indicating that “the IRAKA platform contains wizards for building the trading strategy of the investor, which allows traders to decide from a list of multiple options that can be easily accessed to create a set of orders that may be traded automatically.”

She added, "The IRAKA trading platform (IKTP) is the first trading platform for online trading in Iraq and is licensed by the Iraqi Securities Commission (ISC) and the Iraq Stock Exchange (ISX)," stressing that "the only way now is for the customer to submit buy and sell orders in the market." Iraq Stock Exchange (ISX) online via a secure platform.

She pointed out that "all types of stocks and bonds listed on the Iraq Stock Exchange can be traded using the IRAKA platform, as IRAKA allows users to make online trading in the Iraq market more accessible and from anywhere in the world and at any time during the day instead of the traditional trading methods that have been adopted." over the past years.”

And she indicated that “the IRAKA platform will broadcast live market prices and through its website, and the user can also use additional trading tools such as chart analysis reports, news feeds, and account management functions,” explaining that “the IRAKA platform (IKTP) will be available on all Windows systems.” And Mac, IOS and Androi".  link

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Tiswhwash:  Who is behind the looting and smuggling of Iraq's money?

Private banks were established in Iraq to be a main supporter of the economic development process, but what happened is the exact opposite, as these banks became a demolition factor for development and corruption became one of the problems that the banking system in Mesopotamia suffers from, in addition to the low level of Services provided by these banks to customers.

Economist Diaa Al-Mohsen explains this, saying, “These banks granted hundreds of millions of dollars to finance projects, and in fact, these funds went into the pockets of the corrupt because most of these projects had no basis in reality, rather they were fake projects.”

He explained that "private banks are a front for political parties and a cover for corruption, and the process of selling foreign currency from the window of the Central Bank of Iraq, which is ongoing in inevitable cooperation with these banks, is only one of these manifestations."

Who protects the smuggled money?

Al-Mohsen explains that what he called “the theft of the century” is a good example of bank corruption, as the value of the stolen amount amounted to more than two billion and 500 million dollars, and government and private banks participated in smuggling it out of Iraq, in addition to the money laundering operations that these banks indulged in, which called for The representative of the US Treasury Department warned 14 commercial banks of the need to improve their financial conditions and monitor the transfers they make for the benefit of clients.

He proposed a solution to the problem, saying, “It is required to restore the external transfer department of the Central Bank of Iraq and notify the correspondent banks (which the external transfer department previously dealt with) in order to resume work again, provided that importers are required to limit their commercial transactions to the Central Bank of Iraq, otherwise they will not be allowed to transfer any amounts in foreign currency.” Abroad".

The economist Bassem Antoine comments on the issue, saying, “Financial and banking corruption has become rampant in Iraq recently, in particular, as a result of the poor follow-up of the regulatory agencies, as it found refuge in some countries that hope that money smuggling will increase to start laundering operations, according to reports received from the Iraqi Integrity Commission, And it is money that is not easy to control due to the weak capabilities of the regulatory agencies in terms of following up on its destination, in addition to the adoption and protection of some politicians for corrupt money smugglers, and most of all, the control agencies are afraid of pursuing the beneficiary parties and personalities.

He adds, “These mafias used methods that are difficult to pursue because they do not deal with official departments or government banks directly. Rather, they use some banks, which were reported to be four important banks that deal with cash liquidity, and they are assisted in this by the currency auction that is not controlled by the responsible authorities.” He points out that “there are houses and treasuries full of Iraqi currency (cash), which constitutes three-quarters of the printed matter outside the banking system, and it is difficult to control it, whether in Iraqi currency or in dollars, knowing that the dollar controls its amount, not the US treasury, not Iraq.”

Antoine indicated that from time to time the dens of these people are raided and penalties are taken against them, and great scandals were announced that were revealed by the Prime Minister, but there are quite a few of them supported by blocs and political parties, and he concluded, “We need the cooperation of citizens and the cessation of the facilities provided by states.” The money is smuggled to it, and there must be efficient and impartial agencies that limit that organized smuggling, as corruption is a major economic terrorism.”

inexperienced positions

Representative Bassem Khashan says that a person who is not specialized in money assumed the presidency of the Central Bank was due to quotas. As for the “Al-Rasheed” and “Al-Rafidian” banks, many complaints were filed against them even before the recent theft crimes, but to no avail or any action was taken against them. . Holding accountable those involved in administrative and financial violations, whether serious or minor, has not been achieved due to the lack of serious investigations in corruption cases.

Khashan reveals that “cases of money smuggling are many and take several patterns, including what is in the form of deposits or property and real estate in some countries.” He calls for the need to reconfigure the oversight bodies, such as the change that took place in the Integrity Commission when Judge Haider Hanoun assumed the presidency of the commission, threatening the corrupt and those behind them in Interview with the press, and he says:

 “We need to develop investigative procedures in the commission and integrity courts to hold all those involved in all crimes accountable, not to attribute the crime to one person, while the number of those involved in it is dozens of people,” expressing his lack of optimism about this government because of what he described as its superficial procedures in dealing with it.

Stressing that it “did not achieve anything, whether in terms of the state’s economic policy or combating corruption, and the past months were disappointing.”

Coin on newsprint

The former head of the Integrity Commission, Musa Faraj, enumerates the reasons that led to the aggravation of the problem that emerged after 2003, saying, “The first is the conditions of corruption and chaos, and the second is the creation of private banks, which we described as shops for corruption and currency smuggling, and the most prominent and unfortunate factor is the role played by the government in excluding an international banker, Sinan Al-Shabibi And replacing him with personalities who dared to include their name on the Iraqi currency in a precedent that the country had not witnessed, in addition to entering the currency auction file, which caused, according to former Prime Minister Haider al-Abadi, the loss of 300 billion dollars from the Iraqi treasury between smuggling and money laundering.

And he adds, "It is no secret to anyone what happened in terms of servitude between government and private banks due to the interference of politicians in government decisions and their dominance over government banks, which have become a channel for stealing money and handing it over to the corrupt and their banks."

As for the roots of this deterioration, Faraj mentions, “It started since the start of the Iran-Iraq war and the stage of the siege, which witnessed the printing of the currency on newspaper paper, and the circulation of a statement by the Governor of the Central Bank, Issam Mulla Huweish, in which he says (we don’t need currency reserves in the first place, because Leader Saddam is the solid support of the Iraqi dinar) ".

For his part, the advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, rules out linking financial and banking corruption in Iraq to some countries. Corruption is often transboundary, as it is born in a country to establish values, money and practices, and then migrates to another by passing corrupt money, and this is typical of money crimes. He added, "Corruption in the banking sector unfortunately exists like any sector, but the Central Bank is now shouldering the burden of combating it through vigorous oversight, and it needs the concerted efforts of all concerned parties to be able to perform its mission."

Iraq has the Anti-Money Laundering and Terrorist Financing Office, which is an important institution that follows up and investigates money laundering and terrorist financing practices, but the persistence and legitimacy of corruption and the infiltration of the corrupt in sensitive institutions in the country are indicators of weak law enforcement, according to Al-Yasiri, who explains how to acquire tax secretariats and large sums, saying, “In In fact, this process cannot be completed without the completion of its management links between the (Tax Secretariats Unit) located in each customs port. It is the first circle that markets the information, receives and completes the forms for the owners of the trusts, and then sends them to the General Authority for Taxes (the financial department). the second".

He continues, “As for the third link, it is the bank that is responsible for being sensitive to the intensity of cash withdrawals of embezzled funds, and that all operations were withdrawn in cash in an urgent manner. And the management of the Rafidain Bank was supposed to be sensitive to its branches, because the density of clouds should arouse the attention of the bank.

And Al-Yasiri continues, “Whoever has trusts in large amounts is better not to withdraw them, but rather transfer them from the tax department’s account, either by check or by a cash payment order, and deposit them in his bank account. Therefore, it is unreasonable for someone to withdraw tax trusts in the hundreds of billions unless he is in a hurry in the withdrawal process for the purpose of smuggling.” funds.”

Major sin and routine episodes

Al-Yasiri mentions that “the theft of the century passed over the shoulders of the oversight apparatus.” And he points out that “a deputy asked to suffice with the audit of the tax department and prevent the Office of Financial Supervision from auditing, with the aim of facilitating the payment of tax secretariats to the beneficiaries. This is a major sin committed by the promoter of this decision, and the biggest mistake falls on the Board of Financial Supervision, which responded to the prohibition order when it had to reject it.

Al-Yasiri justifies, “The Iraqi Financial Supervision Bureau was known for its serious follow-up and audit, but raising its hand from this audit process made it reveal the process late. The bank with bank departments and the Ministry of Finance, the latest of which was the fruitful cooperation between the Governor of the Central Bank and former Finance Minister Ali Allawi, who intervened positively and interacted with the reports of the Central Bank and held emergency meetings on the basis of them between the bank’s leaders and cadres with other banks to discuss the reports.

He explains, “The Central Bank has made great efforts for years to reform the banking sector and improve its performance. We have promising banks that show promise, and some of them are under reform and evaluation. We also have banks that are difficult to reform and do not seek benefit from them, and the Central Bank has taken measures with them, either by managing them or by placing them under guardianship or liquidating them in the event that there is no change in their performance.

For his part, the head of the “Al-Nahrain” Foundation for Transparency and Anti-Corruption, Muhammad Al-Rubaie, confirms that the Iraqi government’s follow-up of the looted funds exhausts a full cycle and revolves in routine circles between several parties and takes a long period of time, and he suggests that the Iraqi government form the Financial Intelligence Unit, through which people are pursued and funds seized. And recover it in a record time, knowing that there are several departments to recover money in independent bodies and ministries, such as the recovery department in the Federal Integrity Commission, the Ministry of Justice, the Ministry of Interior, the Ministry of Foreign Affairs and the Intelligence Agency.   link

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Iraqi News Highlights Sunday Evening 12-18-22

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A Parliamentarian Reveals The Date Of The Decline In The Dollar Exchange Rate

Posted On2022-12-18 By Sotaliraq   A member of the House of Representatives, Baqir Kazem, revealed, on Saturday, the new measures taken by the Central Bank in order to reduce the exchange rate in the local markets, while confirming that the rise in the price of the dollar will decrease within a month from now.

Kazem said in an interview, "The Central Bank is working to form a new appropriation department for the import of goods in order to control the parties that used to monopolize the dollar in the local markets," noting that "these measures came after the escalation of smuggling operations in the previous period, which led to the rise that is happening." right Now".

And he continued, “The high exchange rate these days will not last more than a month after the new procedures that are being implemented by the Central Bank,” noting that “the latter will work to sell the dollar to merchants in the circle of new credits, at subsidized prices, directly.”

He noted that "the reason for the increase is that many merchants transfer millions of dollars to money exchangers and fake companies working to smuggle it out of Iraq," stressing that "the exchange rate after the new procedures will settle at 146,000 Iraqi dinars for 100 dollars."

The Prime Minister called for “opening the file of the currency auction, the exchange rate, and the state of chaos in the markets within the agenda of the next cabinet session, and taking immediate and urgent measures to address this file, which has become an unacceptable door to corruption and waste of public money.”

The Finance Committee in the House of Representatives attributed earlier the reasons for the high price of the dollar against the Iraqi dinar to the pressure exerted by the US Federal Bank on the Central Bank of Iraq. LINK

Mazhar Muhammad Saleh To / NINA /: The Central Bank’s Reserves Cover 20 Import Months

Sunday 18 December 2022 12:10 | Economical Number of readings: 282

Baghdad / NINA / - The financial expert, Mazhar Muhammad Salih, confirmed that: The Central Bank's hard currency reserves cover 20 import months.

He told the National Iraqi News Agency ( NINA ) that the net foreign currency reserves of the Central Bank of Iraq, along with the government's reserves, amounted to more than 90 billion dollars, which is the highest in Iraq's financial history.

Saleh added that these reserves cover the value of the national currency exported to circulation by about one and a half times, and also cover about 20 import months, while the international standard does not exceed 3-6 months as a maximum./ End 3 https://ninanews.com/Website/News/Details?Key=1020941

The Stock Market Closed Up By 0.06% At The Beginning Of The Week's Trading

Stock market   Market   Economy News – Baghdad   The Iraqi Stock Exchange closed higher at the beginning of the week by 0.06%.

The rise was supported by the banking sector, whose shares rose, as the International Trust Bank closed up by 16%, the Islamic Spectrum 11.7%, and the Trans-Iraq Bank, up 7.27%.

The general price index closed at 590.98 point, as the number of traded shares amounted to 260.4 million, with a value of 433.7 million dinars.

Views 88   Added 12/18/2022 - 2:24 PM  Updated 12/18/2022 - 5:27 PM

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Planning: We Seek To Automate The Banking Sector Within Two Years

Money and business  Economy News-Baghdad   The Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, met today, Sunday, with a large Turkish delegation, which included a number of businessmen and investors in various fields, in the presence of the Turkish Ambassador to Iraq, Ali Reza Konay.

During the meeting, the minister said that the government's priorities during the next two years will focus on developing infrastructure, roads, bridges and railways, implementing service projects in the field of water and sewage, as well as working on automating the banking sector and addressing the housing crisis in Iraq, indicating that these sectors represent Good investment opportunities, which Turkish companies can benefit from through cooperation and coordination with the Iraqi private sector.

For his part, the Turkish ambassador expressed his country's readiness for serious cooperation with Iraq in all fields, and joint work to develop investments and increase the volume of trade exchange between the two countries, which contributes to achieving economic stability in both Iraq and Turkey.

A statement issued by the Ministry of Planning stated that during the meeting, which was attended by the Undersecretaries of the Ministry of Planning, the Director General of International Cooperation and a number of officials in the Ministry, a number of issues related to the investment environment in Iraq were raised, and the need for joint work to provide appropriate conditions for the work of investors in both countries, and to facilitate Procedures for granting entry visas to businessmen.

Views 106   Added 12/18/2022 - 1:26 PM   Updated 12/18/2022 - 4:59 PM

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Amid A Government Deficit, About 400,000 Barrels Of Crude Oil Are Stolen Daily In Iraq

Reports   Economy News / Baghdad  Several influential parties and armed groups steal more than 375,000 barrels of crude oil per month in Iraq, in addition to more than 10 million liters of fuel, which costs the state millions of dollars annually.

Al-Eqtisad News met with sources familiar with the details of smuggling oil derivatives. They said that oil smuggling is carried out by some armed groups that have a great connection with the ruling parties, noting that there are several parties that smuggle oil, but what was recently revealed is the wrong party. The party-supported party, headed by the Director of Operations Affairs at the Intelligence Agency, Diaa al-Moussawi, and the membership of the Energy Police Commander and a number of other officers.

And it indicated that "oil smuggling operations are still ongoing and cannot be approached, because they are protected by the state, and whoever approaches them may lead to his death." She pointed out that "smuggling operations are continuing to Syria and Lebanon by some armed parties," adding that "fuel oil is being smuggled by Kurdistan by filling it in boxes and bags and goes towards Iran and then Pakistan and Afghanistan."

Iraq ranks second in OPEC in terms of oil production, after Saudi Arabia, with a daily production of more than 4.6 million barrels per day, and oil contributes to supporting the budget by more than 93% of revenues.

The province of Basra is considered the most oil-producing place, and pipelines depart from it towards the north, as well as towards the oil ports on the Gulf.

In turn, a member of the Integrity Committee in Parliament, Hadi al-Salami, told Al-Iqtisad News that oil and oil derivatives are smuggled in large quantities from Iraq towards the Gulf states, Turkey and Iran in addition to the Kurdistan region, pointing out that all oversight bodies such as the Integrity Committee and the Integrity Commission The Office of Financial Supervision and others are aware of smuggling and are trying hard to fight it.”

He added, "The main problem that stands in the failure to eliminate oil smuggling is that the ruling parties are behind the smuggling operations through the presence of personalities in positions that support the smuggling operations."

Iraq has the Extractive Industries Transparency Initiative headed by the Minister of Oil, which obliges the government to disclose oil quantities, production, exports, and more.

A member of the Transparency Initiative for Extractive Industries in Iraq, Muhammad Rahim, told Al-Eqtisad News that "the volume of smuggled oil, especially from production fields, cannot be counted because Iraq does not have regular reservoirs."

He added that "the oil marketing company, known as SOMO, is the only one that can determine the quantities of stolen oil, because it compares the quantities received for export and produced."

Rahim called on the government to control the smuggled oil, because the smuggled money goes to parties classified as terrorist, and in the end it is a curse on the Iraqi people.

Meanwhile, the oil expert, Hamza Al-Jawahiri, explained to Al-Iqtisad News the oil smuggling operations taking place in Iraq, which exceed 370 thousand barrels per month, in addition to 10-14 million liters of oil derivatives per day.

Al-Jawahiry said that smuggling exists, and it is a major security breach and is classified as a terrorist operation, indicating that the inspection body for oil smuggling within the Ministry of Oil was unable to deal with the smuggling file, because it arrested dozens of smugglers and handed them over to the energy police, and the latter released them.

He confirmed that the inspection body met with the Minister of Interior and National Security, and they revealed that the Energy Protection Police were behind the large smuggling operations of crude oil and oil derivatives to Kurdistan and other countries.

He added that the smuggling operations take place in three lines, the first towards the Gulf countries, as there is an Iraqi residing in the territorial waters and he is the first responsible for this line, and the second line goes towards Iran, then Afghanistan and Pakistan, and the third, towards Turkey and Syria.

He emphasized that Iraq buys oil derivatives from global markets at huge prices and considering the price of fuel is very subsidized, so these groups smuggle it to the Kurdistan region, Turkey, Pakistan, Afghanistan and others, to benefit financially.

Al-Jawahiry pointed out that if we assume that the global price of crude oil is current, smugglers sell it to traders for $25, and those sell it at higher prices, reaching the beneficiary countries at prices of about $66.

And he indicated that the station for smuggling oil and derivatives is the Kifri area in Diyala, and then it goes towards the Kurdistan region, and then to the other side, indicating that the stations near Kurdistan receive their shares, but sell a quarter of them to citizens, and the rest flees to Kurdistan for financial benefit.

And he indicated that all smuggling operations were conducted officially, through government telegrams, and this network is responsible for the energy police.

Views 96   Added 12/18/2022 - 3:14 PM   Updated 12/18/2022 - 5:24 PM

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The National Bank Of Iraq Gets An Advanced Rating In Moody's At B3 And Caa1

Economy News / Baghdad   Moody's credit rating agency announced the long- and short-term deposits rating of the National Bank of Iraq - affiliated to the Capital Bank Group - in local currency for the first time at B3, and the long- and short-term deposits rating in foreign currency at Caa1, driven by the decision to raise the modified basic credit assessment of the bank (Baseline Credit Assessment) to caa2 from B3.

The agency also raised the long- and short-term counterparty risk ratings to B3, with a stable outlook for all ratings on long-term deposits.

And taking into account the classification of long-term deposits in the local currency of the National Bank of Iraq, the basic credit rating is at Caa2 and two degrees of rise, which reflects the possibility of obtaining a high level of support from the parent company (Capital Bank of Jordan), which was rated B1 with a stable outlook and low support. From the Iraqi government, according to Moody's expectations.

Commenting on this rating, Daoud Al-Ghoul, CEO of Capital Bank Group, said: "This global rating reflects the strong financial position of the National Bank of Iraq, and will support its directions for growth and prosperity by opening new horizons for cooperation with regional and international financial institutions."

He added, "The classification will enhance the group's competitive position in the regional markets in which it operates, foremost of which is the Saudi market, in which the National Bank of Iraq recently opened its first branch," stressing that "the group will continue to support the bank to raise its classification to higher levels in the near future."

For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, confirmed, saying: “We are very pleased that the National Bank of Iraq obtained for the first time a credit rating by Moody’s Investors Services, as this reflects a very positive outcome in light of the current circumstances, and we are We are certain that this rating will rise in the future as we continue to implement strategies and plans to expand our business, which will lead to an improvement in the financial strength of the Bank and a decrease in the level of surrounding risks.”

It should be noted that the National Bank of Iraq is a private joint stock company registered and established in Iraq since 1995, and provides banking and financial services through 23 branches in Iraq. The registered and paid-up capital is 270 billion Iraqi dinars, equivalent to about 185 million US dollars.

Capital Bank of Jordan is the largest shareholder in the National Bank of Iraq with a majority stake of 61.85%. In March 2021, Capital Bank Group completed the acquisition of all the assets, operations and branches of Bank Audi in Jordan and Iraq.

Views 57   Added 12/18/2022 - 3:29 PM  Updated 12/18/2022 - 5:24 PM

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Planning: The Private Sector Completed 17,000 Buildings In 2021

Reconstruction and building   Economy News / Baghdad   On Sunday, the Central Statistical Organization of the Iraqi Ministry of Planning announced an increase in the number of completed buildings for the private sector by 114% in 2021.

The device said in a report; The number of completed buildings in the private sector amounted to 17,392 thousand buildings for the year 2021, recording an increase in the number of completed buildings compared to last year, indicating that the number of completed new residential and non-residential buildings amounted to 13,663 thousand buildings, while the buildings that were added accordingly amounted to 3,729. Building".

He added, "The cost of construction materials used in the construction of buildings for the year 2021 amounted to 914 billion dinars, which constituted 49% of the total cost spent," noting that "the value of wages paid to workers for the year 2021 amounted to 938 billion dinars, recording an increase of 72% over last year." Where the value of wages paid to workers in 2020 amounted to 545 billion dinars.

60 views   Added 12/18/2022 - 3:53 PM  Updated 12/18/2022 - 5:21 PM

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Sunday Morning Iraq Economic News Highlights 12-18-22

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Newspapers Continue To Follow The Rise In The Exchange Rate Of The Dollar And Talk About Measures Taken By The House Of Representatives After The End Of Its Legislative Recess

Saturday 17 December 2022   Baghdad / NINA / - The newspapers published in Baghdad today, Saturday, the seventeenth of December, continued the issue of the rise in the exchange rate of the dollar, and talked about procedures for the House of Representatives in this regard after the end of its legislative recess.

Al-Zaman newspaper said: "The government has renewed its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the dinar, confirming support for the central bank's steps in this regard."

It quoted a government statement: “The rise in the exchange rate is temporary as a result of changing the mechanism by which the foreign currency sale window operates in the Central Bank, and we assure citizens that the financial situation of Iraq is in its best condition .”

She referred to the government's call on all dealers, including investors and merchants, to cooperate with banks and the central bank by working in accordance with the commercial contexts in force globally, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, insures the imported goods, and enables him to benefit from banking facilities to cover the value of goods. Accreditation.

Economic expert Taha Al-Dhaif said, according to the newspaper: “There are measures capable of reducing the exchange rate of the dollar and its stability, including the payment of salaries of retirees in dollars and at the official exchange rate set by the Central Bank , and experimenting with that for a period of two months, so there is no loss for the state or for the retirees, which will contribute to the recovery of local markets.” according to supply and demand.

The economist emphasized the limitation of selling dollars by the Central Bank, which amounted to $266 million per day under the justification of opening documentary credits for commodity import purposes, indicating:

“This process aims to smuggle currency and money laundering, because the corresponding imports are often worthless.” Its harm is more than its benefit and without its real prices, which affected even adulterated and expired medicines whose new dates have been reinstalled on their covers, in addition to the poor quality of their origins.”

He called for a review of the $10 million that is sold to every private bank per week at the official price, since these banks are used to selling them to exchange companies at the market price and making profits from the official price difference.

As for Al-Sabah newspaper, published by the Iraqi Media Network, it said: “After the end of the legislative recess, Parliament heads to interrogate the Prime Minister and the Governor of the Central Bank after the end of the legislative recess in the House of Representatives, in the event that the measures taken fail to restore the exchange rate to its normal state, although expectations indicate the end of the rise in the exchange rate of the dollar against the Iraqi dinar this week.

A member of the Parliamentary Legal Committee, Raed Al-Maliki, said in an interview with Al-Sabah: “The government has begun work to restore the exchange rate by taking some measures,” noting: “Parliament, by virtue of its oversight work , has monitored the government's work, and two points or two violations have been diagnosed so far.The failure in fiscal policy and the exchange rate, a failure that demonstrated the government's inability to control the issue of the exchange rate and fiscal and monetary policy.

He added, "Parliament is monitoring the government's actions during this period, and will await the results of these measures until the end of the legislative recess," waving a demand to interrogate the prime minister and the governor of the central bank, if no results are reached in this regard and the exchange rate returns to its previous state.

A member of the Finance Committee, Jamal Cougar, explained in an interview with Al-Sabah that the US Federal Bank's pressure on the Central Bank of Iraq increased the dollar's exchange rate, as some banks participating in the currency auction were excluded, and the bills of other banks participating in the currency auction were excluded.

Cougar expects that the exchange rate will stabilize after completing the government's procedures to reduce the exchange rate, and as soon as everyone knows the need to submit accurate bills, and upon submission, the issue will be resolved, indicating that "during the next week or its end, we will witness a decline in the exchange rate,” stressing that: “it is impossible to stop the sale of foreign currency, since the country's resources are based on it.”/

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A Parliamentarian Reveals The Date Of The Decline In The Dollar Exchange Rate

Baghdad Today – Baghdad   Economist Nabil Al-Marsoumi linked on Saturday the rise in the dollar exchange rate to the growth of Iraqi-Chinese relations and the recent US warning about them.

Al-Marsoomi wrote on his Facebook page followed by (Baghdad Today) that "the rise in the exchange rate of the dollar against the dinar by 4% in the parallel market is linked to the establishment of the electronic platform between the Central Bank of Iraq and the US Federal Bank, to conduct real external transfer requests, but it led to a decrease in the total sale of dollars in the Central Bank of Iraq, for the purposes of enhancing balances abroad (remittances, credits), to less than half, which led to restricting the supply of dollars and rejecting 30% of the funds transferred from Iraq to the world external".

He pointed out that "this matter led to an increase in demand for dollar remittances and then a rise in the dollar exchange rate, and it is remarkable that the activation of this electronic platform and the rise in the dollar came a few days after the US Pentagon warned countries in the Middle East, including Iraq, because of its extensive relations with China."

Last Thursday, the Central Bank of Iraq attributed the rise in dollar exchange rates in local markets during the previous days to the construction of an electronic platform that meets the requests of banks through it.

A statement by the Central Bank quoted an authorized source as saying that "the slight rise in the dollar exchange rate in the local markets during the previous days is due to some factors, including the construction of an electronic platform through which banks raise the requests of their customers," noting that "the bank began months ago to build that platform in coordination with international bodies for the purpose of governing and organizing the operations of the window of buying and selling foreign currency and ensuring the effectiveness of control over it, as a specialized international company was assigned to build it and link banks with the Central Bank from During it.

"The platform requires providing information about customers requesting transfers, beneficiaries, correspondent banks, etc.," he said, explaining that "due to the novelty of using this platform, many errors are being discovered, which requires the bank to re-upload them. These procedures take additional time to accept the application and pass it through the global financial system."

The source said, according to the statement, that "in this regard, the reserves of the Central Bank and the 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 exceeded in the coming days in addition to that."

He stressed that "the Central Bank has taken a number of measures to expand the foreign exchange supply to meet the public's demand for cash dollars, and the window management has been directed to meet the requests of banks for the coming days faster by implementing double requests and a preferential rate has been given for the implementation of documentary credits, and for the purpose of covering domestic demand," according to a statement received by Baghdad Today.

A member of the Finance Committee, Jamal Kojar, had revealed on Friday, the reasons for the fluctuation and rise in dollar prices in the local markets, noting that "after 42 banks were participating in the auction of the sale of currency in the Central Bank, 7 banks were excluded from the auction due to US pressure on the Central Bank of Iraq due to corruption and money laundering."   LINK

Economist Links The Rise Of The Dollar Against The Dinar To The Growth Of Iraqi-Chinese Relations

Economist Nabil Al-Marsoumi linked on Saturday the rise in the dollar exchange rate to the growth of Iraqi-Chinese relations and the recent US warning about them.

Al-Marsoomi wrote on his Facebook page followed by (Baghdad Today) that "the rise in the exchange rate of the dollar against the dinar by 4% in the parallel market is linked to the establishment of the electronic platform between the Central Bank of Iraq and the US Federal Bank, to conduct real external transfer requests,

but it led to a decrease in the total sale of dollars in the Central Bank of Iraq, for the purposes of enhancing balances abroad (remittances, credits), to less than half, which led to restricting the supply of dollars and rejecting 30% of the funds transferred from Iraq to the world external".

He pointed out that "this matter led to an increase in demand for dollar remittances and then a rise in the dollar exchange rate, and it is remarkable that the activation of this electronic platform and the rise in the dollar came a few days after the US Pentagon warned countries in the Middle East, including Iraq, because of its extensive relations with China."

Last Thursday, the Central Bank of Iraq attributed the rise in dollar exchange rates in local markets during the previous days to the construction of an electronic platform that meets the requests of banks through it.

A statement by the Central Bank quoted an authorized source as saying that "the slight rise in the dollar exchange rate in the local markets during the previous days is due to some factors, including the construction of an electronic platform through which banks raise the requests of their customers,"

noting that "the bank began months ago to build that platform in coordination with international bodies for the purpose of governing and organizing the operations of the window of buying and selling foreign currency and ensuring the effectiveness of control over it, as a specialized international company was assigned to build it and link banks with the Central Bank from During it.

"The platform requires providing information about customers requesting transfers, beneficiaries, correspondent banks, etc.," he said, explaining that "due to the novelty of using this platform, many errors are being discovered, which requires the bank to re-upload them. These procedures take additional time to accept the application and pass it through the global financial system."

The source said, according to the statement, that "in this regard, the reserves of the Central Bank and the 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 exceeded in the coming days in addition to that."

He stressed that "the Central Bank has taken a number of measures to expand the foreign exchange supply to meet the public's demand for cash dollars, and the window management has been directed to meet the requests of banks for the coming days faster by implementing double requests and a preferential rate has been given for the implementation of documentary credits, and for the purpose of covering domestic demand," according to a statement received by Baghdad Today.

A member of the Finance Committee, Jamal Kojar, had revealed on Friday, the reasons for the fluctuation and rise in dollar prices in the local markets, noting that "after 42 banks were participating in the auction of the sale of currency in the Central Bank, 7 banks were excluded from the auction due to US pressure on the Central Bank of Iraq due to corruption and money laundering."  LINK

The Effectiveness Of Monetary Policy Between Anti-Money Laundering Measures And The Threat Of The Fixed Exchange System

Dr.. Haitham Hamid Mutlaq Al-Mansour     Monetary policy is the main macroeconomic arm through which the overall monetary balance is controlled by the central bank formulating its operational objectives to achieve price stability, through its quantitative and qualitative tools, to pass its control measures on commercial banks by reducing the money supply and reducing inflationary pressures, and continuing to Maintaining the stability of low inflation levels, through the fixed exchange rate system.

And due to the importance of the fixed exchange rate system that has been followed by the monetary authority in Iraq for many years, the directly related parties must work to protect this system from its low effectiveness, as it constitutes an objective guarantee in the reality of the rentier economy to maintain real income levels when planned and within the level of safety. required by the government.

And whoever tracks the current economic facts, it is noted at the level of monetary policy in Iraq, and after the response of the supervisory role of the Central Bank to international requirements in managing the exchange rate of the dollar and combating money laundering and financing terrorism,

including the ban on the activity of some banks from dealing in dollars, as they are internationally condemned for the suspicious operations they run to smuggle the currency , and money laundering, and then preventing these banks from dealing in dollars has led to a sharp decline in the supply of dollars, after the Central Bank was selling more than 280 billion dollars, it now sells about 75 million dollars,

most of these sales go in the form of transfers abroad to finance trade Foreign affairs, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, reached 1460 dinars per dollar. It was reflected in the high demand for the dollar for import purposes, which made the market exchange rate rise clearly.

Turning to the fixed exchange rate system, the decrease in the supply of the dollar resulted in an alarming rise in the exchange rates of the dollar, as the exchange rate of one dollar exceeded the limits of 1460 to 1500 dinars, but seriously indicates a decline in decisiveness in monetary policy measures towards inflation rates resulting from the continuous rises since More than two weeks in the local markets (despite the rise in the balance of foreign reserves to the threshold of 90 billion dollars),

so that the exchange rate of the US dollar rose to more than 0150 Iraqi dinars, with a price difference of 3 dollars, or approximately 5000 dinars per hundred dollars from the price of The official exchange in which the dollar is sold to commercial banks.

The real fears could come that the continued rise in demand for the dollar will raise the level of the dollar exchange rate threshold and move it from 1460 to 1500, and thus the level of inflation will move to other stages that may lead to difficulty returning to the 1460 threshold, especially in light of media statements close to a decision Central that the price of 1460 is no longer commensurate with the market.

There is no doubt that the rise in the exchange rate of the dollar and its fluctuation in the direction of the rise, are reflected realistically and directly on the prices of commodities and basic and luxury materials, and in the midst of the increasing fears of the Iraqi consumer about the continued reflection of the sharpness of the continuous rises in the exchange rate of the dollar on the real value of money,

especially for those with limited and middle-income as well For vulnerable groups, which constitutes a real obstacle to the stability of the standard of living, and the significant impact of the aforementioned increases on inflation levels and its negative impact on the performance of the private investment sector is evident through the fluctuation in investor expectations and the prevailing atmosphere of uncertainty arising from the continuous announcement of the central bank about the reduction,

and the lack of response to prices The exchange of policy measures in the markets, which raises a real question about the extent of the effectiveness of these measures and the extent to which they touch the reality and the suffering witnessed by the various social segments as a result of the apparent decrease in the value of money.

Turning to the inflation targeting policy, it is inferred from the above-mentioned effects, the low performance of the inflation targeting policy through the fixed exchange system in a way that does not guarantee financial stability in the Iraqi markets, including the difference in the value of the Iraqi dinar and its decline to new, lower limits, which will threaten the stability of real income and financial and macro balance, which It requires the Central Bank to enter into more effective measures to return to the limits that prevailed in the past year, at least 146-147.

  Therefore, to maintain the effectiveness of monetary policy in its direction of curbing inflation and to achieve its strategic goal of low and stable inflation, two pivotal steps can be identified:

1- The central bank should take a short-term strategy commensurate with the recent supervisory role and limit its effects on the reality of local exchange rates and the general level of prices, in order to achieve low and stable inflation, by regulating the money supply by following a deflationary policy that seeks to absorb liquidity and spare the country the risks of an increasing rise in the general level. prices by increasing the supply of dollars through the window.

2- Inventing and implementing new mechanisms that contribute to compensating for the decrease in the Central Bank's dollar sales.  441 views   Added 12/17/2022 - 10:30 AM  Updated 12/18/2022 - 12:55 PM    https://economy-news.net/content.php?id=31381

Iraq Increases Its Holdings Of US Bonds To Nearly $38 Billion

2022-12-18 00:05   Shafaq News/ The US Treasury Department announced, on Sunday, that Iraq increased its holdings of US bonds to more than one billion dollars during the month of October.

And the treasury stated in its latest table, seen by Shafaq News agency, that "Iraq's possession of US Treasury bonds for the month of October of the year 2022 increased by 1.063 billion dollars, to reach 37.968 billion dollars, after it was 36.905 billion dollars last September," indicating that " These bonds increased by 86.27% over the same month last year 2021, when Iraq's possession of bonds amounted to $20.4 billion.

And she added, "Iraqi bonds, including long-term guarantees of $26.363 billion and short-term guarantees of $11.605 billion," noting that "these bonds represent 0.51% of the world's bonds."

In the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 121.095 billion dollars, and the UAE comes second with 53.935 billion dollars, then Kuwait comes third with 50.285 billion dollars, and then Iraq fourth, and the Sultanate of Oman fifth with 6.948 billion dollars, then Morocco with 3.761 billion dollars.

The treasury indicated that "the most holders of US bonds are Japan with 1.078.241 trillion dollars, followed by China with 909.554 billion dollars, followed by the United Kingdom with 638.539 billion dollars, and then comes Belgium with 327.294 billion dollars."   LINK

"Tidbits From TNT" Sunday 12-18-2022

TNT:

Tishwash:  The National Bank of Iraq gets an advanced rating in Moody's at B3 and Caa1

Moody's credit rating agency announced the long- and short-term deposits rating of the National Bank of Iraq - affiliated to the Capital Bank Group - in local currency for the first time at B3, and the long- and short-term deposits rating in foreign currency at Caa1, driven by the decision to raise the modified basic credit assessment of the bank (Baseline Credit Assessment) to caa2 from B3.

The agency also raised the long- and short-term counterparty risk ratings to B3, with a stable outlook for all ratings on long-term deposits.

And taking into account the classification of long-term deposits in the local currency of the National Bank of Iraq, the basic credit rating is at Caa2 and two degrees of rise, which reflects the possibility of obtaining a high level of support from the parent company (Capital Bank of Jordan), which was rated B1 with a stable outlook and low support. From the Iraqi government, according to Moody's expectations.

Commenting on this rating, Daoud Al-Ghoul, CEO of Capital Bank Group, said: "This global rating reflects the strong financial position of the National Bank of Iraq, and will support its directions for growth and prosperity by opening new horizons for cooperation with regional and international financial institutions."

He added, "The classification will enhance the group's competitive position in the regional markets in which it operates, foremost of which is the Saudi market, in which the National Bank of Iraq recently opened its first branch," stressing that "the group will continue to support the bank to raise its classification to higher levels in the near future."

For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, confirmed, saying: “We are very pleased that the National Bank of Iraq obtained for the first time a credit rating by Moody’s Investors Services, as this reflects a very positive outcome in light of the current circumstances, and we are We are certain that this rating will rise in the future as we continue to implement strategies and plans to expand our business, which will lead to an improvement in the financial strength of the Bank and a decrease in the level of surrounding risks.”

It should be noted that the National Bank of Iraq is a private joint stock company registered and established in Iraq since 1995, and provides banking and financial services through 23 branches in Iraq. The registered and paid-up capital is 270 billion Iraqi dinars, equivalent to about 185 million US dollars.

Capital Bank of Jordan is the largest shareholder in the National Bank of Iraq with a majority stake of 61.85%. In March 2021, Capital Bank Group completed the acquisition of all the assets, operations and branches of Bank Audi in Jordan and Iraq    link

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CharlieOK:  At around 20:40 on the call, Tony discusses his opinion that the GCR can happen first prior to the Iraq RV.

Mountain Mole:  CharlieOK does that mean that the kingpin has been removed temporarily, perhaps delayed. It’s been stated that the Dinar had to go first but then secret meetings have been going on. Shift and transitioning is in the air

CharlieOK:  Mountain Mole: I would defer that to Tony; but I think most of us have been thinking (and been told) that it has looked like lately, Iraq seems to be wanting to play the float first, prior to the GCR. Tony thinks it can happen either way. Like he has said for quite a long time, alot of people are going to make alot of money if they wait to gcr until after Iraq goes,

CharlieOK:  I think Tony has stressed Iraq' s role more in the role of being the kingpin/spring board for all the other currencies to then revalue, and it all goes at the same tiime. That was the concept of the Iraqi oil contract scenario with the US, which apparently would be a springboard for everything else to go,

SueMC:  Charlie I think he said that the raise in rate could happen first and then, when the RV happens, the GCR will happen.

Dutchie:  10 days, the new rate will be revealed in 10 days, according to some that was today or tomorrow and others Monday, but, this is Iraq

PaperChaser:  Here is someone from the streets of Iraq : “Iraq dinar currency RV, news update IQD “Sounds like good news to me. https://www.youtube.com/watch?v=tb_xyCxuhds

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CandyKisses:  The government works to provide wealth-optimal investment through economic reforms, says PM Al-Sudani

Baghdad-INA
 
Prime Minister, Mohammad Shia'a Al-Sudani, confirmed on Saturday, that the government is working to provide everything that achieves the optimal investment of natural and human resources through economic reforms.

The Prime minister’s media office said in a statement, received by the Iraqi News Agency (INA), that "Al-Sudani inaugurated the work of the 29th session of the Arab Engineering Conference, which is being hosted by the capital, Baghdad."

He added, "Al-Sudani welcomed convening78th  session of the Supreme Council of the Federation of Arab Engineers in Baghdad, welcoming  the work of the conference held under the title (Information Society and Advanced Technologies in the Arab World), organized by the Iraqi Engineers Union and the Federation of Arab Engineers."

Al-Sudani said in his speech during the inauguration ceremonies: "Today we evoke history and civilization in your conference. The term engineering and the engineering mindset in the comprehensive sense means the backbone of most of the civilizations that have risen," noting that "engineering sciences have contributed to the remarkable and spectacular development of societies, provided better, easier and more structured life, and participated in the improvement of services."

He noted that "The Iraqi Engineers' Union, founded in 1959, which hosts this conference, is one of the oldest professional unions in the Arab world. It has contributed significantly to professional leadership of engineering work, gained the confidence of the community in what made it the safe house to protect the profession and care for the interests of the beneficiaries, a center of expertise and professional consultation, and led the engineering community to be a regional and global competitor". 

He continued: "At a time when I commend the role of Iraqi engineers through all the circumstances that our dear homeland went through, I salute their patience, their commitment to their high professionalism, and their keenness to provide the best in their different fields. I also commend the creative work of a number of Iraqi figures that the world witnessed in the field of engineering. And I urge them to play a distinctive role in the next phase and in the vital sectors to which we have referred in our ministerial approach, which has won the trust of the parliament. "

Al-Sudani stressed that "The government is working to provide everything that achieves the optimal investment of natural and human resources through economic reforms that focus on improving the working environment and overcoming obstacles for the expertise and competencies, and diversifying sources of income cannot be achieved without a clear and serious partnership with the private sector."

He concluded his speech by saying: "I congratulate the Supreme Council of the Federation of Arab Engineers for holding their 78th meeting in the capital, Baghdad, the place where this ancient council was founded, and I call on the members of the council to take a decision to return the council's headquarters to the place of its foundation, so that Baghdad will embrace it again, and we will provide all forms of necessary support for that." 

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CandyKisses:  Will Haider al-Abadi be chosen for the position of Vice President?

Baghdad - Iraq Today:

Iraqi political forces in Baghdad are discussing the restoration of the position of Vice President of the Republic, which was in force between 2004 and June of 2015, when former Prime Minister Haider al-Abadi took a package of decisions aimed at reducing financial expenditures in the country and closing the state's insignificant exchange doors at the height of the war on ISIS, which accompanied a severe financial crisis with the decline in oil

prices. The number of vice presidents reached three in 2015, with Nouri al-Maliki, Osama al-Nujaifi, and Iyad Allawi each serving as vice presidents, with allocations and financial expenditures amounting to about one million dollars per month for each of the offices of the three deputies.

In this context, the spokeswoman for the Victory Coalition, Ayat Muzaffar Nouri, told a press interview that "the position of vice president of the republic is considered one of the non-essential supporting positions in the Iraqi government."

Al-Mudhaffar pointed out that "the current stage, it is possible that these positions will take their role in accordance with the government program, adopted by Prime Minister Mohamed Shia Al-Sudani to fight corruption, provide a service to the people and restore confidence between the citizen and the political process," noting that the position of the two vice presidents is subject to weights and electoral merit, in addition to the weight of political blocs and political consensuses to present candidates.

With regard to the nomination of former Prime Minister Haider al-Abadi for this position, Al-Muzaffar denied the official nomination for him, noting that "there is a media circulation only for the names of the candidates."

She added that "this file will be resolved through an official meeting, to be announced in the session of the House of Representatives, if there is a political agreement on the names of the candidates."

Al-Mudhaffar concluded her speech by saying that "the Victory Coalition will be supportive of the position of the President of the Republic, provided that his work supports the government program and the work of the Prime Minister, without causing slouching and burdening the government," noting that "this position must determine its tasks, according to the conditions set by the Iraqi constitution.

CandyKisses: BE NAUGHTY 

Mot: ~~~ Special Day This Thursday - Just fir the Guys! ~~Dec 22