Iraqi News Highlights Thursday Afternoon 12-29-22

Iraqi News Highlights Thursday Afternoon 12-29-22

Tlm724 Administrator Bondlady’s Corner

A Sudanese Advisor Explains The (Fluctuations) Of The Dollar Exchange Rate

Economie| 10:59 - 12/29/2022   Baghdad - Mawazine News, Advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Thursday, regarding fluctuations in the exchange rate of the dollar in the Iraqi market, while confirming that the external transfer platform meets 90% of the market demand for foreign currency.

Salih said in an interview with the official news agency, followed by Mawazine News, that "Iraq is one of the largest countries in the region in terms of its current reserve financial capabilities," explaining that "rumors and gossip began to circulate among people as a result of the fluctuations in the exchange market following the adoption of international controls that surrounded the work of The external transfer platform, which meets 90 percent of the market demand for foreign currency.

He added, "We would like to reassure everyone that, with the increasing transparency of information provided by the commercial community requesting financing its import in foreign currency through effective mediation by the Central Bank and passing through the international auditing platform, the collection of foreign currency is increasing to meet the requirements of foreign trade and is achieved immediately and at the official exchange rate of 1460 dinars to the dollar.

He pointed out that "the financial market is in an adjustment phase to rearrange its conditions in the correct and orderly direction, and there are no concerns," noting that "the government economy constitutes the center of gravity in organizing economic life and possesses sufficient basic ingredients in supporting and stabilizing the market economy."

The prime minister's advisor called for "rejecting misleading rumors launched by speculators and enemies of stability." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=215397

A New Decline In The Exchange Rate Of The Dollar Against The Dinar

Economie| 08:50 - 12/29/2022   Baghdad - Mawazine News  Today, Thursday, the exchange rates of the dollar witnessed a decline in the local stock exchange.  Selling price: 151,700 dinars per 100 dollars  Buying price: 151,500 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=215386

The World Bank Warns Iraq Against Relying Entirely On Oil

Economie| 09:39 - 12/29/2022   Baghdad - Mawazine News   The World Bank warned Iraq against relying entirely on oil, pointing to the need to move towards other sectors.

"The World Bank does not have detailed information or analysis about the fluctuation of oil prices in conjunction with global changes, as a result of going to global economies that are less carbon-emitting," Salim Rouhana, official of sustainable development programs at the World Bank, said in an interview with the official newspaper, followed by Mawazine News.

Rouhana added, "The demand has begun to decrease for gas, as the world has begun to turn to it as a transformational source, and to replace it with clean energy such as the sun and air," noting that "the decrease in demand is matched by a decrease in the prices of petroleum materials, and therefore a country like Iraq that depends entirely on oil will decrease its revenues." the other too."

And he continued, "The Climate and Development Report, which was issued recently, confirmed that there is a huge amount of investments that Iraq must make in terms of adapting to climate change, such as water, agriculture, etc., and within the framework of the strategic shift to alternative energies such as sun and air in Iraq to more than 31% of production capacity." By 2040, and this requires a lot of investment, whether on the short or medium level.

Rouhana warned that in the event of "a decrease in oil revenues and a lack of direction towards these sectors that require investments during the near stage, there will be no opportunity to adapt and adapt to global changes."     https://www.mawazin.net/Details.aspx?jimare=215389

Economist: Any Talk About Returning The Exchange Rate Of The Dollar To 1,200 Dinars (Unrealistic)

Economie| 03:16 - 12/29/2022  Exclusive - Mawazine News, economist Nabil Al-Marsoumi considered, on Thursday, that any talk about returning the exchange rate of the dollar to 1,200 dinars per dollar is "unrealistic and not possible."

Al-Marsoumi said, "Despite the measures taken by the government and managed to reduce the exchange rate to 151,000 dinars per 100 dollars, the talk and ambition is to return the exchange rate to 145,000 dinars, because this rise in the exchange rate led to an increase in commodity prices and caused damage." great for the citizens.

Al-Marsoumi added, "With every rise in the exchange rate, there is a rise in prices, but it is difficult for the prices of goods and commodities to decline again, even if the exchange rate returns to its normal state."

Al-Marsoumi added, in an interview with Mawazine News, that "any talk about returning the exchange rate to 1,200 dinars is unrealistic and not possible." https://www.mawazin.net/Details.aspx?jimare=215416

The Baghdad Stock Exchange Closes At A New High In Dollar Prices

Economie| 05:37 - 12/29/2022   Baghdad - Mawazine News   The exchange rates of the US dollar rose against the Iraqi dinar, this evening, with the closure of the main stock exchange in Baghdad.

And the selling prices of the dollar in the local markets recorded 153,500 Iraqi dinars, while the purchase prices recorded 152,500 dinars for every 100 dollars.

It is noteworthy that the exchange rates recorded, this morning, Thursday, 151,700 for sale, and the purchase prices recorded 151,500 dinars per 100 dollars. Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=215424

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

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Thursday Morning Iraq Economic News Highlights 12-29-22

Thursday Morning Iraq Economic News Highlights 12-29-22

Will The US “Dollar” Policies Affect The Items Of The Next Year’s Budget?

America continues to impose its policies on Iraq since it started about two years ago by pushing the Al-Kazemi government to change the exchange rate in line with the policy of the US Federal Bank and achieves its interests, to return and impose new policies under the pretext of legalizing the exit of foreign currency from Iraq and controlling the outlets for currency smuggling and punishing some countries, which It caused a significant rise in exchange rates and negatively affected the citizen's living conditions, and it may lead the government to review the budget items to determine the exchange rate and make some changes in its paragraphs.

Former MP Jassim Al-Bayati said in a press interview seen by “Takadam” that “the delay in the budget was not due to the high exchange rate of the dollar because the government will spend the money according to the Central Bank rate of 1465, as the delay is related to political and administrative problems, especially regarding the ministries’ claims to pay off their debts and complete the stalled projects.” ".

On the other hand, the representative of the Sadiqoun Parliamentary Bloc, Ahmed Al-Moussawi, confirmed that “Iraqi oil exports are subject to American control, as the US Federal Bank worked to send a small part of the oil money, which caused a rise in the exchange rate of the dollar, and therefore the United States of America controls the Iraqi market and does not It is necessary to get rid of this dominance, and in the event that the Federal Bank continues to send insufficient funds to the market, it will make the government have the option of reducing the quantities of oil exported.

On the other hand, the head of the Rafd Center for Strategic Studies, Abbas al-Jubouri, said in a press interview seen by Taqaddam that “the American practices imposed on Iraq will reach the exchange rate of the dollar to 1,700 dinars in the next week, indicating that some outlets selling the currency have the upper hand.” in implementing the American project in Iraq. https://takadum-news.com/archives/139746

Does The US Federal Reserve Intervene To Reduce The Exchange Rates Of The Dollar In Iraq?

December 29, 2022  Baghdad / Obelisk: Legal expert Ali Al-Tamimi said that the United States is obliged to help Iraq economically and in times of crisis, especially when the price of the dollar rises, which Washington controls through the US federal system.

Al-Tamimi added, in a statement to Al-Masalla, that “according to the bilateral agreement between Iraq and the United States of America for the year 2008 in Article 27 of it, the United States of America committed itself to assisting Iraq economically and in times of crisis, especially if the price of the dollar, which is controlled by the US federal government, and foreign remittances rise.”

He stressed that "Iraq can approach America by implementing this agreement directly, or through the United Nations, as this agreement is international and deposited with the United Nations under Article 102 of the Charter of the United Nations."

And he continued, "The United States of America is obligated under the Fourth Geneva Convention to help Iraq, as it is an occupied country, and according to this agreement, it is obligated to help the country that occupied it."

Representative Mustafa Sanad, on Sunday, accused America of leading international colonialism and blackmail against Iraq by causing a rise in the exchange rate of the dollar, criticizing the silence of the political blocs on this matter.

Sanad said that the rise of the dollar these days is completely different. It came because of America itself, without a mediator, and the purpose is to prevent the dollar from entering Iraq in the first place, for the purpose of punishing it lightly, and it is waiting for it at the dialogue table in early 2023 for the purpose of understanding about hot files such as the Iranian file and the file Energy and the future of US forces and security agreements.

There is popular dissatisfaction with the rise in prices in the Iraqi markets, after the exchange rate of the US dollar rose against the Iraqi dinar, at a time when the Iraqi street was waiting for government decisions leading to the return of the exchange rate to its previous state.

The Central Bank attributed the rise, in a statement, to temporary pressures resulting from external and internal factors that led to the rise of the dollar against the Iraqi dinar.

However, Iraqi economists question the justifications of the Iraqi Central Bank, pointing to fears of a possible continuation of the increase in exchange rates during the coming period, which may mean that Iraq enters a new phase of inflation, especially with its dependence on imports for everything.

Experts point out that what was known as the “theft of the century” had consequences that affected the movement of liquidity and remittances, and prompted an unjustified increase in exchange rates.

The economic expert, Dr. Diaa Mohsen, says, “The rise in the exchange rates of the Iraqi dinar against the US dollar cannot be considered economic as much as it is political, because after the advent of Prime Minister Muhammad Shia al-Sudani, developments took place in the Iraqi economic system, especially with regard to fighting corruption.

The US Treasury Department and the Central Bank of Iraq monitor dollar transactions in Iraq through an electronic system that will take 10 to 15 days, which in turn will affect the dollar's appreciation, according to deputies.   Prepared by Mohamed Salah   https://almasalah.com/archives/35160  

The Storm Of The High Price Of The Dollar Is Blowing In The Face Of The Governor Of The Central Bank Of Iraq

December 29, 2022  Baghdad / Obelisk: After the level of criticism of the performance of the Central Bank of Iraq rose, in the face of the rise in the exchange rate of the dollar, which occurs from time to time, calls are escalating for the dismissal of the bank's governor, Mustafa Makhaif.

The head of the awareness movement, Salah al-Arabawi, said that the central bank governor had failed to control the dollar and the government should dismiss him and appoint a competent person capable of managing the crisis.

Representative Majid Shankali explained that the reason for the dollar's rise is the central bank's failure to draw up monetary policy, to stop illegal foreign transfers, and to combat money laundering and laundering of some facades of blocs and parties, who were falsely named businessmen.

He wondered: Where is the central bank that did not make any statement on the subject, especially the governor who has nothing to do with money and the economy, but this is our case in which a legal person can assume the highest banking position in the state!

A member of the European Institute of Corporate Governance (ECG), Wadah Taha @waltaha, said that the Central Bank must exercise its role in accordance with the law in applying all means to achieve the national economic interest of Iraq and impose strict control on banks and transfers instead of imposing sanctions from abroad, which we are indispensable.

In an examination of the causes of the crisis, the advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Thursday, regarding fluctuations in the exchange rate of the dollar in the Iraqi market, that the external transfer platform meets 90% of the market demand for foreign currency.

On Thursday, the judge and politician, Wael Abdel Latif, spoke about the fact that political parties and armed factions have a major role in raising the price of the dollar recently in the Iraqi market.

Abdul Latif confirmed in a televised statement, followed by (Baghdad Today), that “there are three opinions regarding the rise of the dollar, including those who say that the Federal Bank has begun to audit private banks and 4 banks have been suspended from work, indicating that “these banks belong to political parties and figures.”

He added, “The second aspect is represented by the opinion that $4 billion was paid to Iran, represented by gas and electricity debts, but it was paid in Iraqi dinars, so Iran has lowered these amounts to the Iraqi market to buy dollars at any possible price, which caused the withdrawal of large quantities of dollars and an increase in its prices.”

He explained that "the opinion and the third scenario, it lies in the existence of a lot of money in the Iraqi dinars with the political parties and some factions get them, and they do not deposit money in banks, so they put it in the market to convert it into dollars."

Professor of Economics at the University of Basra, Nabil Al-Marsoumi, pointed out that the central bank is unable, until now, to use cash reserves to support the dollar, despite the insane rise in Iraq.

Coinciding with the wave of criticism, calls for the dismissal of the central bank governor, Mustafa Makhaif, rose, due to his failure to perform his duties after the current crisis.

And the former member of the Parliamentary Finance Committee, Abdul Hadi Al-Saadawi, called for changing the governor of the Central Bank, indicating that the current governor is not qualified to manage the Central Bank.

A member of the Finance Committee in the former parliament, Rahim al-Darraji, said that the central bank is the cause of all the problems in Iraq, revealing the reason for canceling a frightening interrogation.

Al-Darraji made it clear that many personalities called and intervened to cancel Al-Darraji's interrogation, and indeed that happened.

Representative Kazem Al-Sayyadi called for the dismissal of Makhaif and for not defending him from political forces.

Social studies teacher Hatem Al-Ajibi said that the failure of the governor of the central bank to maintain the stability of the exchange rate of the dollar necessitates that the Sudanese dismiss him for failing in his duties.

Representative Basem Khashan said that the governor of the Central Bank is legal and has no experience in managing banks, funds, accounting, or any specialization close to banking.

He added that Mustafa Makhaif reached this position through a political party and influential bank owners, while he remains in his position and expands in the government of Muhammad Shia, surprisingly: we do not know the reason for his survival or the reasons for his expansion!

Prepared by Sajjad Al-Khafaji   https://almasalah.com/archives/35170

To Prevent The Collapse Of The Dinar.. The Deputy Speaker Of Parliament Calls For "Not Enabling" Speculators In The Black Markets

2022-12-28 08:12    Shafaq News/ The Second Deputy Speaker of Parliament, Shah Wan Abdullah, called today, Wednesday, to "not enable" those who control the "black markets" to take advantage of the exchange rate disturbances, and to enhance the demand for the Iraqi currency through the state's spending on infrastructure projects to counter the rise of the dollar against the dinar. .

The media office of the second deputy speaker of parliament said in a statement received by Shafaq News agency, "The deputy speaker of the Iraqi parliament, Shahe, and Abdullah Ahmed, called on the cabinet in the federal government, the Ministry of Finance, and the Central Bank of Iraq to reconsider financial policy, take sound measures and decisions, and increase the opening of sales outlets." Foreign currency in banks and at the government rate, in order to prevent a rise in the exchange rate of the US dollar.

Abdullah added that this rise "has recently negatively affected markets and basic food commodities, which has burdened the citizen."

The Deputy Speaker of Parliament pointed out, "The need to implement precautionary financial policies to maintain the exchange rates of the dollar against the Iraqi dinar, and to enhance the demand for the national currency through the continued state spending on infrastructure projects, the acceleration of economic growth rates and the increase in internal demand."

Abdullah continued, "Those who control black markets must not be enabled to benefit from exchange rate turmoil, and to surround wrong monetary practices that harm the economy and commercial activity throughout the country."

The economic and financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the exchange rate of the dollar against the Iraqi dinar is on its way to stability in its normal state.

Yesterday, Tuesday, Prime Minister Muhammad Shia al-Sudani directed the Central Bank of Iraq to activate steps to sell foreign currency at official rates to the population, with the aim of curbing the rise in the exchange rate of the dollar against the local currency in the markets.

The rise of the dollar in the Iraqi local markets led to an increase in the prices of foodstuffs in the wholesale markets, which are considered the main artery of the citizen's life.   LINK

An Emergency Meeting Of The Ministerial Council For The Economy And The Central Bank Announces The Facilitation Of Procedures For Travelers To Obtain Dollars

2022-12-28 08:23  Shafaq News/ The Deputy Prime Minister - Minister of Planning, Muhammad Ali Tamim, chaired, on Wednesday, an emergency session of the Ministerial Council of Economy, during which he hosted the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif.

According to a statement by the Ministry of Planning received by Shafaq News agency, Makhaif reviewed the measures taken by the bank's management to control monetary policy and limit the rise in the exchange rate of the dollar in the local markets.

"The measures taken will contribute to achieving monetary stability in Iraq," he said, stressing "the bank's keenness and readiness to fully cover the documentary credits for food imports and to provide foreign currency to citizens."

The members of the Ministerial Council for the Economy expressed the government's full support for the Central Bank's measures that would achieve a state of stability and reduce the exchange rates of the dollar in the markets.

In addition, the Ministerial Council of Economy discussed the Ministry of Commerce's procedures regarding securing foodstuffs, and praised the ministry's simplification of its procedures by granting import licenses within one day, and securing strategic storage of foodstuffs. The council also discussed a number of recommendations related to amending the customs tariff in accordance with economic requirements, with the exception of foodstuffs and medicines from those procedures.

For his part, the Central Bank of Iraq announced facilitating procedures for travelers to obtain foreign currency (dollars) for travel purposes by expanding the outlets for selling foreign currency (dollars) in cash by increasing the shares of bank outlets.

A bank statement indicated, "The increase in the shares of the banks mentioned in the table published by Shafaq News Agency, below, will begin.

And the statement continued, “As for the outlets of the rest of the banks, they will be expanded later. The employees of this bank will follow up the performance to support the banks’ efforts to enable customers to obtain foreign currency (dollars) easily, and the bank branches shown in the table below will meet customers’ requests starting from Thursday 12/2022 29/ And during the upcoming official holidays (Friday, Saturday and Sunday) and throughout the following working days:   LINK

"Tidbits From TNT" Thursday Morning 12-29-2022

TNT:

CandyKisses:  Officially.. Suspension of official working hours next Sunday

Suspension of official working hours on the occasion of the New Year  

It was decided to suspend official working hours in ministries and entities not related to the Ministry and all state institutions, next Sunday, corresponding to the first of January 2023, on the occasion of the New Year.  

General Secretariat of the Council of Ministers  

29 December 2022  

CandyKisses:  Al-Sudani: The government is working to make Iraq an attractive environment for investment in various fields

 Baghdad - Mawazine News

Prime Minister Muhammad Shia Al-Sudani affirmed today, Wednesday, his sponsorship of creative people, while calling for the repetition of activities that attract young energies.

The media office of the Prime Minister said in a statement, a copy of which was received by Mawazine News, that "Al-Sudani received a number of Iraqi creators participating in the TAX Baghdad conference."
Al-Sudani expressed his high appreciation and thanks on behalf of the government for the participants who have ideas and creative works.

The Prime Minister affirmed his sponsorship of the creators, calling for "repeating these participations and activities in Baghdad periodically, in order to attract more creative young energies to serve our dear country, and to create inspiring success stories through them."

He explained that "the government is working to make Iraq an attractive environment for investment in various fields, and ambitious investment projects that will attract innovators from the people of Iraq."

For their part, the creative participants in the conference expressed their desire to provide their services to Iraq, by presenting ideas to enter into strategic projects that make a difference and promote the country's renaissance.

And the Prime Minister directed to honor the creative members of the delegation. 

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

CandyKisses:  A banking expert blows up a major surprise: Iraq's reserves of dollars and gold are not in the coffers of the Central Bank

Baghdad - Iraq Today:

Banking expert Abdul Rahman Al-Sheikhly revealed that the cash reserves, gold and valuables are not deposited in Iraq, but in banks outside the country, explaining that Iraq cannot move a single dollar without the approval of the Federal Bank.

Al-Sheikhly said in a press interview, "The coffers of the Central Bank of Iraq do not contain any monetary mass for the total financial reserve, amounting to 90 billion dollars, but in the US Federal Bank, in addition to gold bullion, which is estimated at 70 tons, which were deposited in several foreign banks outside the country, and the reason for this is the application of a previous agreement concluded between Iraq and the United States in 2004, which restricted the movement of Iraqi oil revenues through the Federal Reserve exclusively."

He added, "Under the Iraqi-American agreement, the American bank gives Iraq its financial needs through official requests and at the same time does not allow it to invest this money except with the permission of the Fed, and after announcing its approval to exchange releases the specified amounts, but the United States did not do this agreement literally, but continued to release the amounts, especially with regard to the so-called (currency auction) in the Central Bank to cover the needs of the market, but today it returned to the implementation of the agreement literally after confirming that a lot of money goes In parallel with political moves to conclude alliances with countries that Washington had imposed restrictions on and were listed as rogue states, which prompted them to reconsider their policy with Iraq."

Al-Sheikhly pointed out that "Iraq cannot move a single dollar of the value of its oil revenues without the approval of the US Federal Bank for many reasons, including claiming to protect Iraqi funds from manipulation and loss and investing them commercially, as well as covering the expenses of sanctions and compensation for countries, companies and institutions affected by the occupation of Kuwait by the former regime."

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

Tishwash:  Economic war and direct blackmail.. America is waging a "dollar" war on Iraq

Changing the direction of the new Iraqi government, which is looking for the benefit of its people before submitting to international administration like its predecessors, disturbed Washington a lot, which prompted it to "punish" the country in new ways that differ from its usual strategic tools.

Al-Sudani's visit to the Arab-Chinese summit and his attendance at the Baghdad 2 summit in Jordan showed Washington well what the Iraqi government is trying to offer. Getting out of the US "commandments" is not easy, especially since the White House regards Mesopotamia as its "precious treasure."

* America's pressure
this time America will not come to Baghdad to occupy it with the military or warplanes to get rid of a government that caused it problems at the beginning of its era, but rather tried to thwart it and inflame the people against it through a paper that is considered the strongest and puts great pressure on it, which is the "economy" by raising the exchange rates dollar.

And speaking of the American interference in the policy of the central bank and the crisis of the rise in the dollar exchange rate, Jabbar Odeh, a member of the coordination framework, says in an interview with Al-Maalouma that “the recent dollar crisis was caused by Washington in an attempt to put pressure on the source of the decision in Baghdad in order to achieve several goals, the most prominent of which is the closure of 10 activities.” Private banks under the pretext that they are smuggling dollars outside the borders.

And he adds, "What is happening represents a transgression and violation of the country's sovereignty and an attempt to exploit Iraq's dollar reserves in America to weaken its economy and seek to implement a very dangerous agenda," calling for "changing the compass of reserves as many countries do to avoid any economic pressure from the White House."

Ambassador's movements 
Meanwhile, the leader of the Al-Fateh Alliance, Ali Al-Fatlawi, said in an interview with Al-Maalouma, that "the stage that Iraq has reached does not need additional problems as much as it needs calm and correction for the previous stage," stressing that "the movements and meetings of the American ambassador are suspicious."

And he added, "The legacies of the American ambassador will not affect Iraq's decisions, and dictates will not affect the political reality," noting that "Iraq needs to take sovereign decisions that serve its interests, away from all the pressures exerted by some countries."
And Al-Fatlawi continues his speech, "In this period, Iraq has become at the forefront of international sites and global agreements by virtue of its geographical location and the new policy pursued by the new government."

* American war on Iraq
On the other hand, a member of the Human Rights Movement, Hussein Al-Karawi, said in an interview with Al-Maalouma Agency, that "what the White House is practicing is a declared war on the Iraqi people," noting that "the policy of imposing wills by force that the United States is doing must put an end to it, since it has been for decades." The Iraqi people are being suppressed under various pretexts.”  
He adds, “There is clear inaction on the part of many Iraqi politicians, without any difference between them 

Crisis, and there are many methods and means of deterrence, and Iraq can take, for example, selling Iraqi oil in Iraqi dinars, stopping dealings in dollars, and forcefully introducing China and Russia into the Iraqi arena.

American plans and fixed interests in Iraq may hinder the Iraqi government's progress in the path of achieving the interests of the people. Going to China or countries hostile to Washington requires a strong administration and people who support its decisions to get rid of the White House's domination of Iraq  link

Mot:  ...... Ooooooh Nooooo - NOT Again!!! ~~~~~~

Mot: .. Remember When You were ~~~

Iraqi News Highlights Wednesday Evening 12-28-22

Iraqi News Highlights Wednesday Evening 12-28-22

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Affirms The Bank's Keenness To Provide Foreign Currency To Citizens

Political | 05:07 - 12/28/2022 The Governor of the Central Bank affirms the bank's keenness to provide foreign currency to citizens   https://www.mawazin.net/Details.aspx?jimare=215354

Central Bank: New Instructions Will Be Issued To A Number Of Banks Regarding The Price Of The Dollar

political| 01:37 - 12/28/2022   Baghdad - Mawazine News  The Central Bank of Iraq confirmed, on Wednesday, that it had taken several measures since last week to stabilize the exchange rate of the dollar, while referring to the nomination of a number of banks to sell the dollar currency to citizens on official holidays.

The Deputy Governor of the Central Bank, Ihsan al-Yasiri, said in an interview with the official news agency, followed by Mawazine News, that "the central bank has taken several measures to provide foreign currency since last week, which resulted in a decrease in the exchange rate in the local market."

And he pointed out that “the bank will issue instructions to a number of banks that were chosen by it, to work on official holidays, which are tomorrow, Thursday, Friday, Saturday and Sunday, in order to continue selling dollars to the public, which will work to meet the requirements of those who need foreign exchange for the purposes of travel, treatment and study.” , stressing that "the coming days will witness the presentation of the cash dollar currency in full."

Regarding the spread of information stating that banks refrain from disbursing citizens’ balances in dinars and repeating Lebanon’s experience, Al-Yasiri explained, “This information is completely incorrect, and the Iraqi dinar is abundantly available in banks and in the central bank’s coffers,” noting that “these are rumors spread by conflicting parties.” Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=215337

Sudanese Advisor: The Launch Of Development Depends On Reducing The Cost Of Corruption And Dismantling Its Systems

Economie| 11:35 - 12/28/2022   Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, on Wednesday, identified two things to sustain the domestic product and reduce unemployment rates, while contingent on the start of development by reducing the cost of corruption and dismantling its systems.

Saleh said, "The sustainability of growth in the country's gross domestic product is linked to the ability to provide two things, the first: immediate investment in the country's infrastructure, specifically the water and electricity networks, roads, transportation and the digital sector,

and the second thing: launching the initiative for joint projects in financing and management between the state and the private sector in Areas that have the first priority, such as large agricultural production, related industries and others, and the development of various services, which requires the immediate implementation of the government program regarding the importance of development funds and the roles they play in sustaining financing sectoral economic development in a manner that achieves two important goals.

He pointed out that "the two goals for achieving economic prosperity are: reducing unemployment rates to their minimum natural fractions, and the other is achieving growth rates in the gross domestic product that exceed population growth rates in order to sustain prosperity and capital accumulation together, and in a way that maximizes continuous investment in the life cycle of economic development in our country."

And he continued, "The progress of economic development and advancement, which we aspire to, requires combating corruption and its roots, which still cost the development bill additional burdens by about 40% above the costs of regular investment projects, which are additional unreal costs borne by development projects, in addition to delaying their implementation and suppressing their paths."

In an interview with the official news agency, Salih affirmed, "The launch of development depends on reducing the cost of corruption and dismantling its systems as a necessary condition for the stability of building the foundations for the future that the government program brought." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=215329

The decline in the exchange rates of the dollar against the dinar

Economie| 10:16 - 12/28/2022   Baghdad - Mawazine News   The exchange rates of the dollar witnessed, today, Wednesday, a decline in the local stock exchange.  Selling price: 156,300 dinars per 100 dollars  . Buying price: 156,200 dinars per 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=215324

Central Bank: Facilitating Procedures For Travelers To Obtain Foreign Currency

Wednesday 28 December 2022 17:33 | Economical Number of readings: 117  Baghdad / NINA / - The Central Bank of Iraq announced today, Wednesday, the facilitation of procedures for travelers to obtain foreign currency (dollar).

The bank said in a statement: "The facilitation of procedures was done by expanding the outlets for selling foreign currency (dollar) in cash by increasing the shares of bank outlets, and an increase in their shares will be initiated."

He explained: "The outlets of the banks will be expanded, and the central bank staff will follow up the performance to support the efforts of the banks in enabling customers to obtain foreign currency (the dollar) easily."

And he added: “The bank branches shown in the table will meet customers’ requests, starting from Thursday, corresponding to 12/29/2022, and during the upcoming official holidays (Friday, Saturday and Sunday) and throughout the following working days.”/ End

https://ninanews.com/Website/News/Details?Key=1023075

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

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Iraqi News Highlights Wednesday Afternoon 12-28-22

Iraqi News Highlights Wednesday Afternoon 12-28-22

Tlm724 Administrator Bondlady’s Corner

An Iraqi Bank Takes The Initiative To Sell The US Dollar At The Old Price

Political | 03:36 - 12/28/2022   Baghdad - Mawazine News Today, Wednesday, the Islamic World Bank announced its initiative to sell the dollar at the old official rate of the Central Bank (1465) dinars.

The bank stated, in a statement received by Mawazine News, that it "will sell the US dollar at the official price (1465), at the rate of (2000) dollars for each citizen throughout the week, including holidays (Fridays and Saturdays)."  He added, "This initiative came to relieve the burden of the citizen and in line with the plan of the government and the Central Bank to reduce the exchange rate."

https://www.mawazin.net/Details.aspx?jimare=215344 

Central Bank Governor: The Measures Taken Will Contribute To Achieving Monetary Stability

Money and business   Economy News – Baghdad On Wednesday, the Deputy Prime Minister and Minister of Planning, Muhammad Tamim, chaired an emergency session of the Ministerial Council for the Economy, during which he hosted the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, who reviewed the measures taken by the bank’s administration to control monetary policy and limit the rise in the dollar exchange rate in the local markets.

He explained, according to a statement by the Ministry of Planning, that "the measures taken will contribute to achieving monetary stability in Iraq," stressing "the bank's keenness and readiness to fully cover documentary credits for food imports and provide foreign currency for citizens."

The statement added, "Members of the Ministerial Council for the Economy expressed the government's full support for the central bank's measures that would achieve a state of stability and reduce the exchange rates of the dollar in the markets."

According to the statement, "The Ministerial Council of Economy discussed the Ministry of Commerce's procedures regarding securing foodstuffs, and praised the ministry's simplification of its procedures by granting import licenses within one day and securing strategic storage of foodstuffs."

The council also discussed "a number of recommendations related to amending customs tariffs in accordance with economic requirements, with the exception of foodstuffs and medicines from those procedures."  Views 55  Added 12/28/2022 - 5:12 PM  Updated 12/28/2022 - 5:48 PM

https://economy-news.net/content.php?id=31572

Shakhwan Abdullah Calls For A Review Of Fiscal Policy To Prevent A Rise In The Exchange Rate Of The Dollar

Wednesday 28 December 2022 17:39 | Economical Number of readings: 81  Baghdad / NINA / - Deputy Speaker of Parliament, Shakhwan Abdullah Ahmed, called for a review of fiscal policy to prevent a rise in the exchange rate of the dollar.

Abdullah stressed, according to a statement by his media office, the need to implement precautionary financial policies to maintain the exchange rates of the dollar against the Iraqi dinar, and to enhance the demand for the national currency through the continuation of state spending on infrastructure projects, the acceleration of economic growth rates and the increase in internal demand.

And he stressed, "The necessity of not enabling those who control the black markets to benefit from the exchange rate turmoil, and to cordon off wrong monetary practices that harm the economy and commercial activity throughout the country."/ End

https://ninanews.com/Website/News/Details?Key=1023076

The Minister Of Planning Presides Over An Emergency Session Of The Ministerial Council Of The Economy To Limit The Rise In The Exchange Rate Of The Dollar

Wednesday 28 December 2022 17:13 | Economical Number of readings: 94  Baghdad / NINA / The Deputy Prime Minister - Minister of Planning, Muhammad Ali Tamim, chaired this evening, Wednesday, an emergency session of the Ministerial Council for the Economy, during which the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, guested.

And the Ministry of Planning said in a statement, "The governor of the bank reviewed the measures taken by the bank's management to control monetary policy, and limit the rise in the exchange rate of the dollar in the local markets."

"The measures taken will contribute to achieving monetary stability in Iraq," he said, stressing the bank's keenness and readiness to fully cover the documentary credits for food imports and provide foreign currency to citizens.

The members of the Ministerial Council for the Economy affirmed the government's full support for the Central Bank's measures that would achieve a state of stability and reduce the exchange rates of the dollar in the markets.

The statement added, "The council discussed the Ministry of Commerce's procedures regarding securing foodstuffs, and praised the ministry's simplification of its procedures by granting import licenses within one day and securing strategic storage of foodstuffs."

The council also discussed a number of recommendations related to adjusting the customs tariff in accordance with economic requirements, with the exception of foodstuffs and medicines from those procedures.   https://ninanews.com/Website/News/Details?key=1023074

Hamoudi: The Time Has Come To Turn The Challenge Of The Dollar's Rise Into An Opportunity To Reorganize Our Country's Financial Management

Wednesday 28 December 2022 12:10 | Economical Number of readings: 288  Baghdad / NINA / - The head of the Islamic Supreme Council of Iraq, Hammam Hammoudi, said: It is time to turn the challenge of the crisis of the rise of the dollar into an opportunity to reorganize the financial management of our country, and to improve the economic performance that produces it, not just the consumer.

Hammoudi indicated in a statement, "This responsibility is not borne by the state with its government and parliament only, but rather requires a general, popular, elite, media and political stand, and for all of us to unite, opposition and loyalists, those inside and outside Parliament, and those in power and outside it to develop a vision to liberate their money as they liberated them." their homeland, and directing the compass of their economy to what benefits them all and makes them live a decent life, without Iraq, its money, its land and its future being a victim of this pole or that, or in the hands of this side or that.

Hamoudi called for an authentic and inclusive Iraqi stand and brotherhood to turn the challenge into an opportunity for all Iraqis and for their future./ End

https://ninanews.com/Website/News/Details?key=1023010

Parliamentary Finance For / NINA /: Iraq Is On The Verge Of A Major Economic Recession..And The Concerned Authorities Must Put An End To The Fluctuation Of The Dollar Against The Dinar

Wednesday 28 December 2022 09:49 | Economical Number of readings: 396  Baghdad / NINA / - A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that Iraq is on the verge of a major economic recession, while attributing this to the fluctuation of dollar prices against the dinar.

Cougar said in a statement to the National Iraqi News Agency ( NINA ) that "the current fluctuation of the exchange rate of the dollar against the Iraqi dinar will lead to economic stagnation and thus reflect negatively on the country's economy," noting that the Iraqi citizen is a victim of this fluctuation and we are waiting for the measures of the Central Bank and the Ministry of Finance in the price of the dollar. ".

He pointed out that "the foreign investor and the Iraqi trader are afraid of practicing their work with the fluctuation of the dollar, which prompts them to stop their investments and wait for the government's actions, and thus stop the wheel of the economy."

Cougar called on the concerned authorities to "take decisive measures to end this fluctuation, put an end to it, and restore confidence in the Iraqi dinar."/ End

https://ninanews.com/Website/News/Details?key=1022960

High Oil Prices In World Markets

Economie| 08:43 - 12/28/2022  Follow-up - Mawazine News

Oil prices rose, on Wednesday, with market optimism about a recovery in fuel demand as China continues to ease restrictions to combat “Covid-19”.

And by 01:17 GMT, Brent crude futures for February delivery rose 31 cents, or 0.4%, to $84.64 a barrel.

West Texas Intermediate crude futures rose 22 cents, or 0.3%, to $79.75 a barrel, according to Reuters.

https://www.mawazin.net/Details.aspx?jimare=215312

The President Of The Republic: Iraq Today Is On The Path Of Development, Progress, Reconstruction And Stability

Political | 03:06 - 12/28/2022  Baghdad - Mawazine News, President of the Republic Abdul Latif Jamal Rashid affirmed today, Wednesday, that Iraq is on the path of development, progress, reconstruction and stability.

The Presidency of the Republic said in a statement, a copy of which Mawazine News received, that "The President of the Republic, Abd al-Latif Jamal Rashid, visited today the Al-Tahira Church in the city of Mosul and a number of other nearby churches."

She added, "The president toured the area and was briefed on the ongoing reconstruction of a number of churches that were destroyed during the criminal ISIS terror period."

And he stressed that "the dark era of ISIS ended with the end of this criminal group," pointing out that "Iraq today is on the path of development, progress, reconstruction, and stability at all levels." Ended 29/M99   https://www.mawazin.net/Details.aspx?jimare=215343

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

https://www.bondladyscorner.com/

"Iraq and Vietnam News" Posted by Henig at KTFA 12-28-2022

KTFA:

Henig:  The prices of oil are close to $86 a barrel

Baghdad / NINA / - Before closing today, Tuesday, global oil prices approached the barrier of $86 a barrel.

Brent crude futures reached $85.82 a barrel, more than a dollar higher than yesterday's price.

US crude futures contracts reached $80.59, also higher by more than $1.   LINK

Henig:  Legal expert: The US is obliged to salvage the economic situation in the country

Baghdad / NINA / - Legal expert Ali Al-Tamimi confirmed: The United States is obligated to save the economic situation in the country.

He told the National Iraqi News Agency / NINA /: The strategic agreement between Iraq and the United States, according to Article 27 of it in all its paragraphs, made it clear that the United States of America is obligated to assist Iraq economically in the event of crises and to intervene to save the situation if it deteriorates economically in Iraq.

Al-Tamimi added: This article is binding on the United States, and Iraq can demand it formally first through bilateral communication, especially in light of the significant shift in the dollar price, which came due to the procedures of the US Federal Bank with regard to foreign transfers, and Iraq can ask it to implement the provisions of the agreement in force.

He explained: In the event of non-implementation, Iraq can resort to the United Nations and ask it to oblige the United States to implement it, because the strategic agreement is deposited with the United Nations under Article 102 of its charter.

Al-Tamimi continued: The United States is an occupying country and it is obligated under the four Geneva Conventions to help countries economically in light of its control over the price of the dollar in the world, and Iraq can benefit from that to solve its current crisis.   LINK

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Henig:  Iraqi dinar trembles as US fights currency flow to Iran

For years dollars have been channeled to Iran and Syria, which are under US sanctions, via state-run foreign currency auctions

 Sinan Mahmoud  Baghdad  Dec 26, 2022

Recent measures taken by US authorities to tighten the channelling of dollars to Iran from Iraq have decreased the value of the Iraqi dinar on the black market, government officials and traders said on Monday.

The Iran-backed Iraqi government has been struggling to control the exchange rate to contain mounting public anger over soaring goods prices.

The dollar exchange rate in the black market has been hovering around 1,550 Iraqi dinars from around 1,470 dinars, Dhirgham Hameed, owner of a Baghdad-based exchange company, told The National.

“The dinar has been trembling against the dollar since early this month, wreaking havoc in the market,” Mr Hameed, 44, said.

In 2004, the Central Bank of Iraq introduced the foreign currency auction as one of its policy tools to achieve monetary stability.

Through that auction, the government has succeeded in controlling the exchange rate on the black market.

For years, the official rate for banks and exchange companies was 1,182 dinars, while the rate on the street was around 1,200 dinars.

However, the process has been mired with accusations of corruption, money laundering and the channelling of dollars to Iraq’s neighbours, Iran and Syria, using forged bills. Both countries are under punishing US sanctions.

Since then, the US has blacklisted a number of Iraqi banks that deal mainly with Iran. The US sanctioned Iraq's Al Bilad Islamic Bank for dealing with Iran's Islamic Revolutionary Guard Corps in May 2018.

Amid a liquidity crisis due to plummeting oil prices on the international market, Iraq’s Central Bank devalued the dinar in December 2020 to 1,460 dinars per dollar for banks and 1,470 dinars for individuals.

The interim government argued the move would also curb the flight of the “cheap dollar” outside the country.

But that didn’t stop the outflow of much-needed hard currency.

The US Ambassador to Iraq has complained to Iraqi officials on many occasions that the dollar was still being sent to Iran, a Central Bank official and a lawmaker said.

But Mohammed Shia Al Sudani's government, which took office in late October and is close to Iran, has not taken any action, they said.

“When there was no action from the government, the Federal Reserve bank started to apply scrutiny measures on foreign transactions and that has delayed the process of releasing the money from the US to cover the imports and other needs,” the Central Bank official said.

Both spoke on condition of anonymity as there is no government statement on the latest US measures.

How the process goes

Each dollar Iraq gains from selling crude oil goes to an account at the Federal Reserve Bank of New York, and Iraq makes withdrawals to pay government salaries and imports.

Oil revenue makes up nearly 95 per cent of the federal budget and the war-torn country depends heavily on imports to meet the demand for food and materials for key sectors of the economy.

The Federal Reserve Bank of New York supplies Iraq with hard currency on request from the Iraqi government, either in cash or foreign transactions.

While some of these funds are used to cover government imports and other requirements, much of it is passed on to commercial banks, ostensibly for private sector imports in a process that was hijacked long ago by Iraq’s money-laundering cartels.

The rest of the money is added to the international reserve.

Thanks to Iraq’s growing oil revenue, the Central Bank of Iraq has about $96 billion in foreign exchange reserves, Mr Al Sudani announced early this month.

As of last month, the CBI sold an average of $240 million to $250 million a day, said another owner of an exchange company, who asked to remain anonymous.

Only 10 per cent to 20 per cent of the money was cashed out to be distributed to banks and exchange companies and then to individuals, while the rest was sent to accounts in Dubai, Turkey, Amman and China to cover private sector imports, he said.

“Iraq has no problem with the money at all, it has good reserves,” the exchange company owner said. “It sounds as if the issue is politically motivated because the Americans are upset.”

Over the past 19 years, the Federal Reserve has never delayed a request or transaction from Iraq, he said. “They used to approve any bill immediately,” he added.

“But since early this month, the Americans have started applying scrutiny measures on foreign transactions and the new process has delayed each transaction for up to two weeks,” the exchange company owner said.

He added that most of the requests were being rejected due to suspicions that some banks are linked to Iran.

Since then, daily transactions have dropped from around $200 million to between $20 and $30 million a day.

“The reserves have been dried up in the accounts abroad and that has pushed up the demand for the dollar in the local market to cover imports,” he said.

To control the rate at the black market, the government has asked the CBI to take urgent steps to compensate for a dollar shortage in the local market.

It reduced the exchange rate for individuals from 1,470 dinars to 1,465 dinars to cover travel for the Hajj pilgrimage, medical treatment and study.

It also asked the CBI to help private banks strengthen their non-US dollar foreign currency reserves such as the Chinese yuan, the euro, the Emirati dirham and the Jordanian dinar.

But these measures failed to strengthen the currency.

“We are not optimistic and we believe that the worst is yet to come unless the government applies urgent, immediate and effective measures,” Mr Hameed said.

The current official dinar to dollar exchange rate is 158,000  LINK

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

Henig:  CBI issues recommendations to merchants and banks regarding exchange rates

Baghdad-INA

The Central Bank of Iraq-CBI issued on Tuesday, its recommendations to the merchants and banks regarding exchange rates.

“CBI Board of Directors held a meeting to discuss the repercussions and indicators of the rise in exchange rates in the local markets, the temporary pressures resulted from effect of the internal and external factors on foreign currency exchange rate," CBI media office stated, in a statement received by the Iraqi News Agency (INA).

The statement  added, "due to adopting mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."

CBI called on merchants to exchange currency with the  banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce excess loops, ease procedures, and remove costs resulting from pre-set prices problems.”
 
CBI stressed, "Banks must assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements."    LINK

Vietnam:

Henig:  Agro-forestry-fishery exports to UK overcome barriers

06:00 | 28/12/2022

(VEN) - The UK-Vietnam Free Trade Agreement (UKVFTA), effective since May 1, 2021, has created favorable conditions as well as challenges for Vietnamese agro-forestry-fishery exports to this market.

The UKVFTA’s tax reduction commitments benefit many Vietnamese export products, especially agro-forestry-fishery products. It has eliminated taxes for more than 94 percent of the total 547 tariff lines applied to fruit and vegetables. The import tax rate applied to Vietnamese shrimp has also been reduced from 10-20 percent to zero. Many wood products will also be tax-free within the next five years.

The UK is one of the top five export markets for Vietnamese seafood and one of the three largest importers of Vietnamese wood products. Cashew nuts, coffee and rice are among traditional Vietnamese exports to the UK. In 2021, Vietnam exported to the UK 34,650 tonnes of coffee worth US$66.16 million. In the first half of 2022, coffee exports increased 180 percent year-on-year.

At a recent workshop on taking advantage of the UKVFTA to tap the potential of the UK market, Consul General of the UK in Ho Chi Minh City Oliver Todd said the UK considers Vietnam an important trading partner in Southeast Asia and believes it can compete with India and Indonesia to become a new agro-forestry-fishery supplier for the UK.

However, Vietnamese agro-forestry-fishery exporters have to meet strict UK requirements. Moreover, the UK will sign FTAs with 19 countries and territories, while at the same time preparing for participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, making the UKVFTA less beneficial to Vietnamese businesses. “Although it faces a scarcity of supply, the UK market demands high-quality, low-cost products - this is a hindrance for Vietnamese exporters,” said Nguyen Canh Cuong, Vietnamese Trade Counselor in the UK.

To promote Vietnamese farm produce exports to the UK, the Vietnamese Trade Office has organized workshops and online meetings to connect Vietnamese exporters with UK importers. Through such activities, some Vietnamese companies have found opportunities to export fruit and vegetables to the Birmingham Wholesale Market - one of the largest integrated wholesale markets in Europe. Some UK companies also have plans to import Vietnamese products, such as cashew nuts and coconut meat jam.

The Vietnamese Trade Office in the UK provides Vietnamese exporters with updated information about the UK market. Nguyen Canh Cuong said the office will diversify activities to expand access to the UK market for Vietnamese exporters, especially those operating in the agro-forestry-fishery sector.

The UK applies a free trade policy and has high demand for farm produce imports. Vietnamese agro-forestry-fishery exporters should take advantage of the UKVFTA and adopt a strategy to access potential partners for increased exports.

Bao Thoa   LINK

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Henig:  FTAs boost Vietnam-Latin America trade

06:00 | 27/12/2022

(VEN) - Trade between Vietnam and Latin America has experienced impressive growth thanks to efficient implementation of free trade agreements (FTAs).

Tremendous growth

In the first 10 months of 2022, trade between Vietnam and Latin American countries reached US$18.7 billion (up 10.5 percent from the same period in 2021), including Vietnam’s exports worth US$10.2 billion (up 5.3 percent) and Vietnam's imports worth US$8.6 billion (up 17.3 percent). Apart from major markets of Brazil, Mexico, Argentina and Chile, newly emerging markets of Panama, Colombia and Peru have become bright spots in Vietnam's trade with Latin America.

In terms of Vietnam’s trade exchange, Latin America has always been among the markets with the highest growth. Not only a potential export market for Vietnam's key products such as garment and textile, footwear, and agricultural and aquatic products, Latin America is also an important source of raw materials for the Vietnamese processing industry with such products as corn, soybean, and animal feed.

Vietnam and its Latin American partners are efficiently implementing free trade deals to create leverage in economic, trade and investment ties, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-Chile Free Trade Agreement and the Vietnam-Cuba Trade Agreement, which have all been boosting trade and investment relations.

Phan Minh Thong, Chair of Phuc Sinh Group, a successful exporter to Latin America, said his group has sold goods to Colombia, Chile, Peru, and Mexico and imported a number of items from these countries. Phuc Sinh also bought pepper from Brazil, he added. In 2019, before the pandemic, Phuc Sinh exported goods worth US$830,000 to Latin American markets, with the value growing more than 450 percent to reach US$4.6 million in 2021. The Latin American market has its own unique, interesting business and indigenous cultures, and market approach suitable to this market would help exporters improve their niches and efficiency, Thong said.

Major room for trade

Despite its growth, the US$21.4-billion bilateral trade accounts for only three percent of Vietnam’s global trade, suggesting major room for trade development with Latin America.

Ngo Manh Khoi, Head of the Vietnam Trade Office in Argentina, said Argentina is one of the four members of the Southern Common Market (MERCOSUR) with nearly 300 million residents and a gross domestic product (GDP) of US$2.2 trillion, which has a high demand for textiles, garments and agricultural products. Argentina imports 45 million tonnes of coffee each year, 80 percent from Brazil. In recent years, Vietnamese coffee enterprises have surveyed the Argentinian market and see potential opportunities to increase coffee exports, he said.

However, according to Phan Minh Thong, Chair of Phuc Sinh Group, the cost of transportation to Latin American markets is too high, importers often make deferred payments, and the language barrier is also a problem, as Spanish is more popular than English in these markets.

Thong advised exporters to Latin America to study their customers, norms, standards and regulations/trade barriers of regional markets if they are to reach favorable, efficient trade.

Vo Thi Phuong Lan, Chair and General Director of Amerasian Shipping Logistics Corp (ASL) recommends that enterprises choose shipping lines going directly to Latin American ports such as those in Mexico, Cuba, and Argentina, and leading logistics companies that offer package solutions to save time and reduce costs.

The Ministry of Industry and Trade is building a project for sustainable development of trade and industrial cooperation with Latin American markets to 2030.

Duyen Duong   LINK

Wednesday Morning Iraq News Highlights 12-28-22

Wednesday Morning Iraq News Highlights 12-28-22

Amid Talk Of American Blackmail.. Calls To The Sudanese To Negotiate With Washington Regarding The Price Of The Dollar

December 27, 2022   Baghdad/The Obelisk: The Obelisk publishes the most prominent interactions of TV dialogues and tweets about the rise in dollar prices, Monday, January 26, 2022.

Sudanese advisor for financial affairs, Mazhar Muhammad Salih:

- The slight fluctuations in the exchange rate outside the current central rate have come for internal and external reasons - the internal reasons are related to the cash dollar

- there is monopolistic activity inside the market that acts outside the regulatory controls

- the monetary authority works to stabilize the exchange market in two tracks: the first: is represented by monitoring the exchange market and the second: related In dollars transferred

- There are objections from international compliance control regarding some transfers with incomplete information submitted by private banks

- There is a rejection of a number of transfers issued by requests from some private banks from the international compliance departments

- Private banks have become obligated to follow the standard principles in their numbers and processing of transfer messages External

- Foreign reserves have become the strongest in Iraq's financial history, and their balance may have exceeded one hundred billion dollars

- There is no fear or concern about Iraq's financial capabilities in imposing stability in the exchange rates of the dinar

Professor of fiscal and monetary policy during Hussein Shinawa's dialogue:

There are many reasons for the rise in the price of the dollar in Iraq, including trade financing

. The central bank and the government must negotiate with the US side to reduce the exchange rate of the dollar

. To steal the century

- the trend to invest in foreign currencies such as the Chinese yuan is a successful policy for the dollar's appreciation

Representative Mustafa Jabbar Sanad, in a post on Facebook:

– The rise of the dollar these days is due to the suspension of the transfer of Iraq’s entitlements from dollars by the US Federal Reserve for the purpose of political blackmail and understanding, he said.

- The rise of the dollar these days came because of America and the purpose is to prevent the dollar from entering Iraq

- the accumulation of foreign currency reserves in the Central Bank of Iraq and deposited with the US Federal Reserve, which will exceed 100 billion dollars

- it is difficult for Iraq to dispose of this large number, only America allowed five shipments per month of Entering the country

- it is cowardly not to criticize the current government and the current parliament for watching the rise of the dollar

- it is cowardly and inferior not to criticize the negative role of the Americans, to diagnose the colonial role and international blackmail, to prevent the financing of our money and the silence of the political leadership

State of Law MP Alia Nassif tweeted:

– On the occasion of the rise of the dollar to 154 and its direction towards 160, we say (you are sleeping, you ash-soul, and the dollar is suffocating your people)

– Sharif al-Suf is not a person, but rather a system that deserves a curse for its corruption

– the curse begins with those who have the idea of​​​​raising the dollar and ends with those who oppose its return to 120

Journalist Mostafa Kamel in a tweet on Twitter:

- It is expected that the exchange rate of $ will reach 2000 dinars

- The increase in prices came due to the new dealings of the US Federal Bank with the new government

- The first decision of the Federal Bank after the advent of Al-Sudani was to stop the work of four Iraqi banks without mentioning any reasons for the suspension

- to stop strengthening the $ for the rest Banks that take an official stake

The Secretary-General of the Nujaba Movement, Akram Al-Kaabi, in a previous interview:

- The state controls its economy, America

- Its oil revenues are in American banks

- A country whose budget is signed by the American president.

State of Law MP Hanan Al-Fatlawi tweeted:

Where is the central bank governor?

- The dollar has climbed to the ceiling, and our wallets can be merry!

– A state of panic afflicts the markets due to the rapid rise in the exchange rate of the dollar

– the government is required to clarify to reassure the people and clarify their measures to prevent the collapse

– it seems that the Governor of the Central Bank is fasting Zakaria from talking

Representative Bassem Al-Gharibawi during a televised interview:

– The rise in the exchange rate of the dollar is one of the repercussions of the measures taken by the government against the theft of the century

– American pressure exerted on the government in order to negotiate a number of political matters

– there is a clear weakness in the procedures of the Central Bank and the solutions that were proposed did not find any benefit

– the price of the dollar is a paper that Washington is pressing to keep it its forces on Iraqi soil

A member of the Parliamentary Education Committee, Mahmoud Hussein Al-Qaisi, tweeted:

– Hundreds of billions stacked in the Central Bank’s receivables

– Tons of gold stored and treasury bonds are in the US Federal Bank

– Market control is subject to a government decision capable of curbing the dollar at any moment the government wants

Political activist Abd al-Rahman al-Jubouri tweeted:

- The framework government, if the issue of dollar exchange is not resolved with institutional financial policies, the rope of the dinar and its weak purchasing power will be wrapped around its neck.

– Emotional solutions and marketing the narrative of the conspiracy, its oxygen is not enough to save

– black money transfers (in galfi) mean smuggling dollars with black wheels to neighboring countries, and from there they disappear.

- I mean, the method of smuggling Nour was developed, but this is a second generation, improved and protected

Political analyst Ibrahim Al-Dulaimi during a televised interview:

- Trailers following the parties carried the dollar from the stock exchange to struggle Friday

- I challenge analysts who were vowing to lower the dollar to do something now

Head of the Parliamentary Rights Bloc, Saud Al-Saadi:

- We call on the Speaker of the House of Representatives to hold an extraordinary session to discuss the reasons for the rise in the exchange rate of the dollar

- to take urgent and decisive measures to liberate the Iraqi sovereign decision

Prepared by Muhammad Al-Khafaji    https://almasalah.com/archives/34949

What Is The Deepest Reason For The Rise In The Dollar Exchange Rate?

December 28, 2022  Baghdad/Obelisk:  Haitham Khazali   The most important thing that concerns the Iraqi citizen and the Iraqi government recently is the rise in the exchange rate of the dollar to reach 1600 dinars per dollar, which prompted the Iraqi government to take several measures in order to reduce the exchange rate to 154 thousand dinars per dollar, so what is the reason for this rise?

Yes, the US Treasury imposed a platform to monitor the currency sale window in Iraq and link it to the (OFAC) system to monitor the movement of imports and check the name of the importer, the beneficiary, and the imported commodity, and this led to the rejection of approximately 40% of cash transfers, although Iraq’s financial situation is very excellent, as it has a balance of $ 100 billion in addition to $ 18 billion for the account of the Ministry of Finance, all of which are in the US Federal Bank.

But the most important question is why did the US treasury apply these conditions now and without gradation?

The truth is ((The US Treasury does not have more than $98 billion in cash, according to Bloomberg newspaper)), and this is what Janet Yellen, the US Treasury Secretary, warned about last September, and she asked Congress to raise the government debt ceiling or Dept selling to more than 31%. $4 trillion to enable the government to borrow, as the US government finances its activities without taxes by selling treasury bonds, i.e. borrowing and paying interest, and this situation led to an inflation of the US debt.

This is the highest US public debt ratio in history, and the reason for the increase in the US public debt for the year 2022 is due to two reasons:

1- The huge US spending this year, reaching $6.175, six trillion, one hundred and seventy-five billion dollars.

2- The US Federal Reserve raised interest rates, which amounted to 4.25%, which means higher costs of servicing the US debt, as the United States paid

$103 million debt service for the month of September, and you only drink the first of this year.

In this situation, the US government may resort to temporary (exceptional measures) until Congress agrees to lift or suspend the debt ceiling law. lowers its international credit rating or confuses its financial markets.

The year 1979 was the first time that the United States defaulted on its debts, which led to a 60-point increase in the cost of borrowing service for America.

In the event that the default is repeated again, the US national product will decrease by 4%, 6 million people will lose their jobs, unemployment rates will rise by 9%, the stock market will lose a third of its value, and American families will lose $15 trillion of their wealth.

It is expected that the Congress will agree to raise the debt ceiling at the beginning of the year 2023, as it did previously and for more than 100 times.

Or the American president resorts to the Fourteenth Amendment of the Constitution and borrows without the approval of Congress.

In both cases, most of the exceptional measures are canceled, which means that the conditions for releasing transfers to Iraq may be eased, and dollar prices will drop again.

We believe that this economic situation is the real reason for the sudden exceptional measures that led to a rise in the exchange rate of the dollar against the Iraqi dinar.

Hopefully the next one will be better...      https://almasalah.com/archives/35227

The Iraqi Dinar Falls Dead In The Conflict Between America And Iran

Policy 2022/12/28 09:28 number of readings: 189   Baghdad - Iraq today:  The exchange rate of the dollar in Iraq recorded an unprecedented increase in years, reaching 160 thousand dinars for every 100 US dollars, after the market witnessed a gradual rise in the past weeks, which negatively affected the prices of basic commodities in the country.

While some link what is happening to the weakness of monetary policies in the country, observers believe that the US-Iranian conflict is the main reason for what is happening, amid fears that the crisis will deepen if the Sudanese Prime Minister, Muhammad Shia'a , does not provide sufficient guarantees.

[rtl] Al-Sudanese called on the Central Bank of Iraq to achieve general stability in prices and the exchange rate of the dollar in accordance with the tasks stipulated in the Iraqi Central Bank Law.

And Al-Sudanese explained during his meeting with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, that the Central Bank Law provides for achieving stability in the local exchange rate, organizing and monitoring the work of banks, enhancing the safety and efficiency of payment systems, and developing the payment system.

And he stressed "the need for the Central Bank of Iraq to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to higher prices."

However, former member of the Finance Committee in the Iraqi Parliament, Ahmed Haj Rashid, attributed the reasons for the rise in the exchange rate of the dollar against the Iraqi dinar to the ongoing political conflicts between the United States and Iran.

He said in a press interview, "What is happening now has nothing to do with the Central Bank of Iraq. Rather, the United States believes that the dollars that the Central Bank of Iraq is pumping into the Iraqi markets go to Iran, so the prime minister must make up his mind in this regard,

and if he acts with sophistication and rationality, he will be able to restore the exchange rate to 148 thousand dinars, but if he acts otherwise, he is expected that the exchange rate is of the dollar Against the Iraqi dinar will reach 175 thousand dinars.

According to al-Hajj Rashid, the United States asked al-Sudanese to pay a visit to Washington to decide whether he would be with it or within Iran's circle. And then you will decide.

[rtl] Hajj Rashid confirms that Washington knows very well that Tehran's continued steadfastness throughout this period in front of the pressures it imposes on it is due to the trade exchange taking place with Iraq, so it wants to prevent Baghdad from dealing with Tehran even in Iraqi dinars.

He pointed out that the United States plans to prevent Iran from exporting gas and electricity to Iraq in the coming period. Hajj Rashid believes that this measure, if it takes place, will cause great damage to the value of the Iraqi dinar. It is not excluded that Al-Sudani and his framework government will be subjected to pressure if he chooses to be within the circle of Iran.

He continued, "If Al-Sudanese does not make up his mind during the coming period and does not join the American camp, demonstrations and protests by the Sadrists (the Sadrist movement) will begin, and Al-Sudanese government will be subject to completion. paralysis."

[rtl]The Kurdish parliamentarian from Sulaymaniyah Governorate, Soran Omar, revealed what he called a "scandal" of a commercial bank that carried out a money laundering operation.

Omar said in a press interview, "10 commercial companies were established in the names of citizens from the people of Sulaymaniyah without those knowing about them," pointing out that "the establishment of these commercial companies was with the aim of money laundering and currency smuggling abroad."

He pointed out that this process was carried out through the branch of the Middle East Bank in Sulaymaniyah, which took advantage of clients' documents to establish fictitious companies that obtained billions in loans and then smuggled the money abroad under the pretext of importing goods.

Soran Omar, who takes a position opposing the authorities, explained that the bank branch official in Sulaymaniyah is a Kurdish citizen and a resident of Sulaymaniyah, and many customers filed lawsuits against the bank after the Federal Intelligence Directorate investigated the names of the owners of those companies and cut off the ration card from them.   LINK

Tidbits From TNT" Wednesday Morning 12-28-2022

TNT:

Tishwash:   Economist: Central is the basis of the dollar problem in Iraq

The financial expert, Dawad Zayer, attributed, on Wednesday, the continued smuggling and laundering of money to the policy of the Central Bank of Iraq, indicating that 
the transfers. . 

He added, "The main problem is related to the place of undisciplined procedures, which are not subject to international conditions, but are subject to pressures and personal relationships, and thus led to the imposition of sanctions regarding financial transfers."

Indicating that "the banking policy of the Central Bank regarding financial transfers is an important part of the reasons for smuggling and laundering money in the field of foreign transfers, leaving the banking system through banks and banks, and going to exchange and financial transfer companies."   link

Tishwash:  Disclosure of a large parliamentary rally to hold an extraordinary session regarding the price of the dollar

Representative Muhammad Qutayba al-Bayati revealed, on Tuesday, that he had collected the signatures of 100 deputies to request that the special session be held to discuss the dollar crisis in Iraq.

Al-Bayati said in an interview with Al-Maalouma, that "holding an extraordinary session to discuss the dollar crisis in Iraq is necessary to find out its causes, while hosting the relevant authorities to give a clear picture of the course of what is happening," stressing that "100 deputies signed the official request to hold the session."

He added, "The recent rise has serious repercussions on the Iraqi markets in terms of pushing the prices of basic materials, especially foodstuffs, to rise, which constitutes a burden on more than 13 million people who are below the poverty line, according to government statistics," noting that "the situation may worsen if the fever persists." Non-stop rising.
pointed to "

The dollar exchange markets have been witnessing an escalating rise for days, amid concern that it will lead to severe damage and push prices to rise, especially foodstuffs.  link

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

Tishwash:  Hamoudi calls for a unified stand to turn the "dollar crisis" into an opportunity to liberate Iraq's money

Today, Wednesday, the head of the Iraqi Islamic Supreme Council, Hammam Hamoudi, called for a unified stand to turn the "dollar crisis" into an opportunity to liberate Iraq's money

Hamoudi said in a statement received by Alsumaria News, "Can we turn the dollar crisis into an opportunity?", adding, "We believe it is time to turn the challenge of the dollar's rise into an opportunity to reorganize the financial management of our country, and to improve the economic performance that produces it, not just the consumer.

He added, "This responsibility is not only borne by the state, with its government and parliament, but rather requires a public, popular, elite, media and political stand, and for all of us to unite, opposition and loyalists, those inside and outside Parliament, and those in power and outside it."

Hamoudi stressed the need to "devise a vision to liberate their money as they liberated their homeland, and direct the compass of their economy to what benefits them all and makes them live a decent life, without Iraq, its money, its land and its future being a victim of this pole or that, or in the hands of this side or that."

He called for, "an authentic and inclusive Iraqi stand and brotherhood to turn the challenge into an opportunity for all Iraqis and for their future.  link

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

CandyKisses:  Iraq and Japan sign an economic agreement worth 1.2 billion dollars

 {Economic: Al Furat News} Today, Wednesday, the Ministry of Finance signed an agreement to finance the Basra refinery development project with the Japanese International Cooperation Agency (JICA), the fourth phase, at a value of one billion and 200 million dollars, within the framework of the joint bilateral cooperation agreement between Iraq and Japan.

And the Minister of Finance, Taif Sami Muhammad, signed the letters exchanged with the Chargé d'Affaires of the Japanese Embassy in Baghdad, Masamoto Kenichi, on behalf of the Iraqi side. She also signed the loan agreement with the Executive Director of JICA's Iraq office {Yonida Jin}.

The financing of the FCC catalyst cracking project is considered one of the giant and important projects in the field of developing the oil industry, which will contribute to the provision of oil products that Iraq is currently importing, and will bridge the gap between supply and demand for oil derivatives, and the new plant will reduce the environmental burden by introducing a unit Desulfurization of light gas oil, bearing in mind that there is an intention to sign a loan agreement for the fifth and final stage of the project next year.

And the Minister of Finance stated, “The completion of the implementation of the project phases will activate the participation of the private sector in the energy industry in Iraq and provide economic opportunities for the Iraqi people.” In enhancing the ability of the workforce to provide petroleum products of all kinds to citizens.

The Minister of Finance indicated, "We are in the process of directing the focus of the ministerial curriculum towards the priorities of reforming the economic and financial sectors, and strengthening the requirements for creating a comprehensive and sustainable development environment in accordance with the ministry's strategy to improve the conditions for establishing and financing projects in partnership with international financial organizations."

It is noteworthy that the Council of Ministers authorized the Minister of Finance, in its session held on December 19, 2022, to sign a loan agreement financing the Basra Refinery Project / Phase Four, based on the provisions of Article (5 / First) of the Emergency Support for Food Security and Development Law (2 of 2022). ), provided that the implementation of the fifth phase of the project is included in the 2023 budget.

Mot: .. Let it Snow - let it Snow ---- in da ole Winter Wonderland! ~

Mot:  .... hmmmmmm - Must Be a Girly Thingy!! ~~~~

Iraqi News Highlights Tuesday Evening 12-27-22

Iraqi News Highlights Tuesday Evening 12-27-22

Tlm724 Administrator Bondlady’s Corner

The Central Bank Is Taking Steps To Address The Appreciation Of The Exchange Rate

The Central Bank decided to stop the work of collecting taxes in advance to deal with the high exchange rate.   And a letter to the bank addressed to licensed banks stated, “Based on Cabinet Resolution No. (351) for the year 2022 that includes not working on collecting customs duties and tax amounts in advance stipulated in Article (16 / Fourth) of the Federal General Budget Law for the fiscal year 2021, for work to end By the end of the fiscal year 2021, with confirmation that the General Authority for Customs and the General Authority for Taxes have fulfilled those fees and tax amounts on goods entering Iraq at the border crossings, for your kind review, informing customers and acting accordingly and preventing double taxation.    https://www.radionawa.com/all-detail.aspx?jimare=32727 

The Central Bank Issues A Statement Regarding The Rise In Exchange Rates In The Local Markets

Tuesday, December 27, 2022 1:24 PM   Statement  The Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures the foreign currency exchange rate has been exposed to for days resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system.

Whereas, all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars per dollar for documentary credits and (1470) dinars per dollar for transfers.

Therefore, we call upon the merchants to review the banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will lead This aims to reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.

At the same time, we urge banks to assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.

Central Bank of Iraq   Media Office   12/27/2022  https://nnciraq.com/175266/

The Central Bank Discusses The Repercussions Of The Rise In Exchange Rates In The Local Markets

Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates.

The media office of the bank stated in a statement, "The Board of Directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to, resulting from internal and external factors, for days."

He added that "given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."

The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”

The Central Bank stressed, "Banks must shoulder their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements."

https://www.radionawa.com/all-detail.aspx?jimare=32736

Central Bank: The Exchange Rate Of The Dollar Is Exposed To Internal And External Pressures

Economie| 01:23 - 12/27/2022   Baghdad - Mawazine News  The Central Bank of Iraq confirmed today, Tuesday, that the foreign currency exchange rate is subject to temporary pressures resulting from internal and external factors.

The media office of the bank stated in a statement, a copy of which Mawazine News received, that "the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to for days, resulting from internal and external factors." ".

He added, "Given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."

The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”

And the Central Bank stressed, "Banks must assume their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements." Ended 29 / M99

https://www.mawazin.net/Details.aspx?jimare=215246

Al-Sudani Urges Activating Steps To Sell Foreign Currency At The Official Rates For Citizens

Political | 01:26 - 12/27/2022  Baghdad - Mawazine News  The Prime Minister, Muhammad Shia' al-Sudani, urged today, Tuesday, the Central Bank to activate steps to sell foreign currency at official rates to citizens, stressing the need to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to higher prices.

A statement by the media office of the Prime Minister, a copy of which Mawazine News received, stated that "Al-Sudani met with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, where he listened to a detailed presentation on the rise in the foreign exchange rate, and the most important measures taken by the bank in this field."

Al-Sudani urged the Central Bank to achieve general stability of prices and the exchange rate, in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the Central Bank aims to achieve stability in the local exchange rate, organize and monitor the work of banks and enhance the integrity and efficiency of banking systems. Payment and payment system development.

He stressed, "The need for the bank to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to higher prices."

And the statement continued, "Al-Sudani also urged the activation of steps to sell foreign currency at official prices to citizens by purchasing with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances."

The governor of the bank presented to the Prime Minister the positive position of the financial situation, stressing that "the crisis regarding foreign currency is an emergency crisis for technical reasons, and coincided with the work on the new electronic platform and the delay in transfers due to the Christmas holidays."

And the governor praised "Cabinet Resolution No. 352 of 2022 to stop the work of pre-collection of taxes and customs for goods entering through government outlets and to prevent double taxation, and to collect them according to the approved contexts at border crossings." Ended 29 / M99

https://www.mawazin.net/Details.aspx?jimare=215247

Iraq Market: Trading Volume Exceeded Half A Trillion Dinars In 2022

Market  Economy News / Baghdad  The Iraqi Stock Exchange disclosed, on Tuesday, the indicators achieved during the year 2022, indicating that the number of shares traded is (564) billion shares, with a value of (521) billion dinars.

A market statement stated that the year 2022 witnessed "the holding of (236) trading sessions on shares of listed joint-stock companies for the year 2022, except for official holidays."

The number of companies registered in the market reached (103) joint-stock companies representing the following sectors: (43) companies in the banking sector. (2) a company in the telecommunications sector. (5) a company in the insurance sector. (6) a company in the financial investment sector. ( 11) companies in the services sector (21) companies in the industry sector (9) companies in the hotels and tourism sector (6) companies in the agricultural sector.

The number of companies whose shares have been traded has reached (92) representing the following sectors: (36) a banking company. (2) a communications company. (5) an insurance company. (4) a financial investment company. (10) a service company. (20) An industrial company (9) a hotel company (6) an agricultural company.

The statement pointed to "the number of shares traded (564) billion shares, at a value of (521) billion dinars, while the number of executed contracts reached (135,597) contracts."

The traded stock price index closed at the close of December 2021 at (569.2) points, and at (585.9) points at the close of December 2022, achieving an increase of (3.53).

The number of companies that held a meeting of their general assemblies reached “(79) joint stock companies, and the number of companies that distributed dividends was (21) joint stock companies.”

He pointed out that "the first stock trading session for the year 2023 will be held on Monday, January 2, 2023."   Views 84   Added 12/27/2022 - 4:09 PM  Updated 12/27/2022 - 5:51 PM

https://economy-news.net/content.php?id=31553

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

https://www.bondladyscorner.com/

Iraqi News Highlights Tuesday Afternoon 12-27-22

Iraqi News Highlights Tuesday Afternoon 12-27-22

Tlm724 Administrator Bondlady’s Corner

Solving The Dollar Exchange Crisis Requires Swift Government Action

Amer Al-Jawahiry to / NINA /: Tuesday 27 December 2022 12:31 | Economical Number of readings: 320 Baghdad / NINA / - The consultant on economic development and investment, Amer Al-Jawahiry, affirmed: The solution to the dollar exchange crisis requires rapid government measures, ruling out the collapse of the local currency.

He told the National Iraqi News Agency / NINA /: The complications of the exchange rate are caused by the economic reality, its fragility, and its dependence on oil rents. Noting: The recent deterioration is obstructing cash transfers, which were 200 million dollars per day and decreased to 60 million dollars.

Al-Jawahiri added: Among the reasons are also internal unrest and corruption, which have a major role in bringing the exchange rate to this level.

He ruled out: the collapse of the local currency as long as there is a rentier economy that bears this burden, indicating the need for all ministerial committees to develop plans for a solution by holding very intensive tables and workshops to develop a strategy to diversify the economy and immediate, medium and long-term implementation plans.

Al-Jawahiry stressed: the necessity of directing government and investment projects from the next budget to diversify the economy and move away from a single resource for the state budget./ End 3

https://ninanews.com/Website/News/Details?Key=1022787

Association of Banks: The government has taken several steps to limit the rise in the exchange rate

Baghdad - Mawazine News  The Iraqi Private Banks Association confirmed today, Tuesday, that the government and the Central Bank have taken several steps to limit the rise in the exchange rate of the dollar against the dinar.

In a statement received by Mawazine News, the Association said, "The Association of Iraqi Private Banks and its member banks are monitoring the recent rise in the exchange rate and confirming that this rise is a result of modifying the mechanism of the foreign currency sale window in the Central Bank of Iraq and according to the requirements of international transactions, and that the Iraqi government Measures have been taken related to the method of collecting tax and customs fees at the border crossings to encourage merchants to work directly with banks and to prevent double taxation.

The statement added, "The Central Bank of Iraq has also taken several measures that will limit the rise in the exchange rate, and the Association affirms its support for government efforts and the efforts of the Central Bank, and confirms the readiness of its banks to sell foreign currency to merchants wishing to open documentary credits at the official price for import purposes, and invites merchants to benefit from that." ".

The Association stressed the need for "the media to play a positive role in raising awareness and to stay away from undocumented news that contributes to undermining confidence in the Iraqi currency, financial and monetary policies, and Iraqi banks." https://www.mawazin.net/Details.aspx?jimare=215237

Al-Sudani Urges, In His Meeting With The Governor Of The Central Bank, To Achieve General Stability In Prices And The Exchange Rate

Tuesday 27 December 2022 13:34 | Economical Number of readings: 417  Baghdad / NINA / The Prime Minister, Muhammad Shia'a Al-Sudani, urged achieving general stability in prices and the exchange rate in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the central bank aims to achieve stability in the local exchange rate, and organize and monitor the work of Banks, enhancing the safety and efficiency of payment systems, and developing the payments system.

And he stressed during his meeting today, Tuesday, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, after listening to a detailed presentation from the bank’s governor regarding the rise in the exchange rate of foreign currency, and the most important measures taken by the bank in this field, the need for the bank to take the necessary measures to prevent illegal speculation, and everything that harms in the local market and lead to higher prices.

He also urged activating steps to sell foreign currency at official prices to citizens through buying with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.

The governor of the bank presented the positive position of the financial situation, stressing that the foreign currency crisis is an emergency crisis for technical reasons, and coincided with the work of the new electronic platform and the delay in transfers due to the Christmas holidays.

And he praised Cabinet Resolution No. 352 of 2022 to stop the work of pre-collection of taxes and customs duties on goods entering through government ports, prevent double taxation, and collect them according to the approved contexts at border crossings./ End3

https://ninanews.com/Website/News/Details?key=1022827

The Central Bank: What The Foreign Exchange Rate Is Exposed To..Temporary Pressures Resulting From Internal And External Factors

Tuesday 27 December 2022 13:28 | Economical Number of readings: 260  Baghdad / NINA / - The Central Bank of Iraq confirmed that what the exchange rate of foreign currencies is exposed to... temporary pressures resulting from internal and external factors.

And he stated in a statement: The Board of Directors of the Central Bank of Iraq met today and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days from temporary pressures resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system.

The bank called on merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will This aims to reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.

He also called on banks to assume their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and the least amount of loops, taking into account the established legal requirements./ End 3

https://ninanews.com/Website/News/Details?key=1022826

Ali Al-Tamimi To / NINA /: The United States Is Obligated To Save The Economic Situation In The Country

Tuesday, December 27, 2022 13:47 | political Number of readings: 268 Baghdad / NINA / - Legal expert Ali Al-Tamimi confirmed: The United States is obligated to save the economic situation in the country.

He told the National Iraqi News Agency / NINA /: The strategic agreement between Iraq and the United States, according to Article 27 of it in all its paragraphs, made it clear that the United States of America is obligated to assist Iraq economically in the event of crises and to intervene to save the situation if it deteriorates economically in Iraq.

Al-Tamimi added: This article is binding on the United States, and Iraq can demand it formally first through bilateral communication, especially in light of the great shift in the dollar price, which came due to the procedures of the US Federal Bank with regard to foreign transfers, and Iraq can ask it to implement the provisions of the agreement in force.

He explained: In the event of non-implementation, Iraq can resort to the United Nations and ask it to oblige the United States to implement it, because the strategic agreement is deposited with the United Nations under Article 102 of its charter.

Al-Tamimi continued: The United States is an occupying country and it is obligated under the four Geneva Conventions to help countries economically in light of its control over the price of the dollar in the world, and Iraq can benefit from that to solve its current crisis./ End 3

https://ninanews.com/Website/News/Details?Key=1022832

The Appearance Of Muhammad Salih Sets Out To / Nina / The Axes For Rebuilding The Iraqi Industry And Its Launch

Tuesday 27 December 2022 09:44 | General Number of readings: 277

Baghdad / NINA / - The financial expert, Mazhar Muhammad Salih, identified the axes for rebuilding the Iraqi industry and launching it to be a new tributary for the state budget and reduce dependence on oil as a basic resource.

He told the National Iraqi News Agency / NINA /: The priority is for industries that are based on the availability and abundance of raw materials, which is the comparative advantage provided by raw materials to start the industry, and among those industries that are given priority in our country without a doubt: petrochemical industry, fertilizers, oil refining, cement industry and construction industries Other and electrical supplies industry.

Saleh added: These industries mostly have high export capabilities due to their automatic connection to the global market (as they were not destined to recover in our country) in addition to the internal demand for the outputs of these important industries.

He explained: There are industries closely related to domestic production, especially agricultural industries, such as the manufacture of tractors, sprayers, pesticides, modern technologies related to economical watering that saves water use, the manufacture of silos, air-conditioned warehouses, seed purification, and many agricultural production supplies.

Salih pointed out: The rebuilding and launch of the Iraqi industry starts from these axes without neglecting the small and medium industries with flexible digital technologies that produce dozens of intermediate or consumer goods that we currently import and can employ thousands of unemployed./ End 3   https://ninanews.com/Website/News/Details?Key=1022765

Oil Prices Are Rising And A Barrel Of Brent Is Approaching $85

Economie| 08:50 - 12/27/2022 Follow-up - Mawazine News  Oil prices rose, on Tuesday, in global markets due to fears of the impact of winter storms across the United States on logistics, petroleum production and shale oil.  Brent crude futures rose 73 cents, or 0.9%, to $84.65 a barrel.  West Texas Intermediate crude futures rose 85 cents, or 1.1%, to $80.41 a barrel. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=215227

Learn About The Exchange Rates Of The Dollar Against The Dinar

12/27/2022  Baghdad - Mawazine News   Today, Tuesday, the exchange rates of the dollar witnessed an increase in the local stock exchange.  Selling price: 157,600 dinars per 100 dollars  Buying price: 157,500 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=215232

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

https://www.bondladyscorner.com/

Some "Tuesday News" Posted by Clare at KTFA 12-27-2022

KTFA:

Clare:  A third of Parliament mobilizes.. The special session on the "dollar crisis" is approaching

 Baghdad

Today, Tuesday, Representative Muhammad Qutayba al-Bayati revealed the date of the special session on the dollar crisis in the Iraqi markets, indicating that the situation is dangerous and its consequences may be reflected in the markets and the economy in general.

Al-Bayati said in an interview with (Baghdad Today), that "so far, the total number of parliamentary signatures in support of holding an extraordinary session to discuss the dollar crisis file, after an unprecedented rise in exchange rates recently, has reached 100." deputies, and the numbers are constantly increasing.”

He added, "It is expected that the session will be held next week after submitting the request to the Presidency of the House of Representatives," pointing out that "the situation is dangerous for various reasons, given the economic pressure it causes, not on the weak segments, but even on traders due to the continuous rise in exchange rates.”

He pointed out that "the situation needs immediate and other solutions on the medium and long distances in order to avoid any similar cases that will negatively affect the markets and the economy in general."   LINK

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

Clare:  CBI statment

December 27, 2022

The Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures the foreign currency exchange rate has been exposed to for days resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system.

Whereas, all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars per dollar for documentary credits and (1470) dinars per dollar for transfers.

Therefore, we call upon the merchants to review the banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will lead This aims to reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.

At the same time, we urge banks to assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.

Central Bank of Iraq
Media Office
12/27/2022

https://cbi.iq/news/view/2182

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

Clare:  Urgent.. Governor of the Central Bank of Sudan: The foreign currency crisis is urgent for technical reasons

12/27/2022 

Prime Minister Muhammad Shia Al-Sudani met, this morning, Tuesday, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif.

Al-Sudani listened to a detailed presentation by the bank's governor regarding the rise in the foreign currency exchange rate, and the most important measures taken by the bank in this field.

The Prime Minister urged the Central Bank to achieve general stability of prices and the exchange rate, in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the Central Bank aims to achieve stability in the local exchange rate, organize and monitor the work of banks and enhance safety and efficiency. Payment systems and payment system development.

The prime minister stressed the need for the bank to take the necessary measures to prevent illegal speculation and everything that harms the local market and leads to higher prices.

 Al-Sudani also urged the activation of steps to sell foreign currency at the official prices to citizens by purchasing with electronic cards, opening sales outlets for travelers or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.

The governor of the bank presented to the Prime Minister the positive position of the financial situation, stressing that the crisis over foreign currency is an emergency crisis for technical reasons, and coincided with the work of the new electronic platform and the delay in transfers due to the Christmas holidays.

The Governor of the Bank praised Cabinet Resolution No. 352 of 2022 to stop the work of pre-collection of taxes and customs for goods entering through government outlets, to prevent double taxation, and to collect them according to the approved contexts at border crossings.    LINK

 ATPInfinity:  IMO:  The TRIGGER*************************************

"*****urged the activation of steps to sell foreign currency at the official prices to citizens by purchasing with electronic cards, opening sales outlets for travelers or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.>>>>>>>>>>>>"

The Budget has the gun powder?

Clare:  Central Bank of Iraq: The rise of the dollar due to temporary pressures resulting from internal and external factors

2022-12-27 

The Central Bank of Iraq explained, on Tuesday, the reasons for the rise in the exchange rate of the US dollar.

And the exchange rates of the US dollar continued to rise against the Iraqi dinar, today, Tuesday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region, to approach 160,000 dinars against 100 dollars, for the first time since its price was officially approved in the state budget at 146,000 dinars per year. 2020.

The bank stated in a statement received by Shafaq News agency; That "the Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days from temporary pressures resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system."

And since all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.

The statement added; “We urge merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Cabinet in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will lead to This aims to reduce extra rings, ease procedures, and remove costs resulting from pre-demarcation problems.”

The Iraqi Central Bank called on "banks to shoulder their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and the least amount of episodes, taking into account the established legal requirements."    LINK

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Clare:  Documents .. The Iraqi finance stops appointments, transfers and bonuses until the approval of the 2023 budget

2022-12-27

 Today, Tuesday, the Ministry of Finance issued instructions regarding the authority to spend money in ministries and non-related agencies.

And the ministry stated in a statement today that, based on the powers vested in the Ministry of Finance under the provisions of Article (13 - First) of Chapter Three of the Federal Financial Management Law No. (6) of 2019 as amended.

The ministry also decided to "stop appointments, transfers, placements, promotions, bonuses and promotions, as of January 1, 2023, and that the regulation of financial and legal matters will be according to the 12/1 exchange rate until the enactment of the general federal budget law for the year 2023."  LINK

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Clare:  The stock market holds its last session this year

12/27/2022

The Iraqi Stock Exchange held today, Tuesday, the last trading session for the year 2022.

And a statement of the market, received by the Iraqi News Agency (INA), stated that, according to Law No. 74 of 2004 and the regulation issued by the Securities Commission, the Iraq Stock Exchange held the last trading session for the year 2022 in the shares of Iraqi joint stock companies.

The year 2022 is the organization of 236 trading sessions on the shares of listed joint-stock companies for the year 2022, except for official holidays,” pointing out that “the number of companies registered in the market reached (103) joint-stock companies, representing 43 companies in the banking sector, two companies in the communications sector, and five companies in the insurance sector.” Six companies in the financial investment sector, 11 companies in the services sector, 21 companies in the industrial sector, nine companies in the hotel and tourism sector, and six companies in the agricultural sector.

And he indicated that "the number of companies whose shares were traded amounted to 92 companies, including 36 banking companies, two telecommunications companies, five insurance companies, four financial investment companies, 10 service companies, 20 industrial companies, nine hotel companies and six agricultural companies," noting that "the number of shares traded amounted to (564) One billion shares, while the value of traded shares amounted to (521) billion dinars, and the number of executed contracts reached (135,597) contracts.

He continued, "The index of stock prices traded in December 2022 closed at (585.9) points, an increase of (3.53)."

He pointed out that "the number of companies that held a meeting of their public bodies amounted to (79) joint-stock companies, while the number of companies that distributed dividends amounted to (21) joint-stock companies."

Zanza referred to “the first stock trading session for the year 2023, which will be held on Monday, January 2, 2023.”   LINK