Saturday Morning Iraq Economic News Highlights 12-31-22

Saturday Morning Iraq Economic News Highlights 12-31-22

State Law Accuses Washington Of Creating An Economic Crisis To Obstruct The Government

The State of Law parliamentary bloc described the rise in the dollar exchange rate as a “fabricated crisis,” stressing that the US Treasury’s decision carries a political aspect against the Sudanese government.

“The recent US Treasury measures to restrict the movement of foreign remittances with Iraq at this time carries political signals and aspects directed against the young Sudanese government, which is no more than three months old,” the bloc’s spokesman, Representative Bahaa al-Nouri, said in a press interview seen by Taqaddam.

Its purpose is to negatively affect the Iraqi street and the performance of the government in front of the people through the economic file, by creating crises and problems to obstruct the implementation of the government program by reducing the currency pumping into the local market by 70 million dollars, after it was no less than 200 million dollars per day. ''.

He added that “reducing the rate of currency sale from the Central Bank of Iraq by two-thirds from the natural need, represents signs of an economic crisis, both at the government and private sector levels, affecting the life and sustenance of the citizen,” noting that “the government took quick steps during which it was able to control the price hike.” in the market and ending the state of confusion, but it is temporary and requires other radical solutions.”

Al-Nouri called on "the Ministry of Foreign Affairs, the Parliamentary Foreign Relations Committee, and government decision-makers to find real understandings with the American side to end any unilateral action that harms Iraq's interest, especially by respecting sovereignty and balance in relations between the two parties in accordance with common interests.  https://takadum-news.com/archives/140163

The Dollar Crisis Opens The Eyes Of The Iraqis On The Association Of Private Banks.. An Entity Whose Effectiveness Is Unknown

Economy / Special Files |Yesterday, 22:36 | With the outbreak of the dollar crisis in the Iraqi markets during the past days, which came as a result of the involvement of private banks in smuggling dollars from Iraq and through the currency sale window in which dozens of private banks participate, the Iraqis turned their attention towards the "Association of Iraqi Private Banks."

This "mysterious entity", according to the description of popular circles, has an unknown role in Iraq, amid the presence of the Central Bank, which is responsible for regulating the work of banks, whether governmental or private, while this entity is known to be an "umbrella" for all banks, including private banks that have been found to be involved. By smuggling the currency and causing the dollar to rise in the Iraqi markets after the US Federal Reserve clamped down on it.

In browsing the most prominent thefts and corruption scandals that have emerged in the recent period and during this year that is nearing the end, we find that the heroes of these thefts are private banks or personalities and businessmen who own private banks "affiliated" under the umbrella of the Association of Banks, whose role is unknown or understood.

Amidst accusations of “covering up” the activities of private banks, especially those involved in currency smuggling, which immediately after being banned from the currency sale window from the Central Bank, went down to the markets and stock exchanges and made huge purchases of dollars from the market, which caused the dollar to rise to unprecedented levels until it touched 160 thousand dinars per 100 dollars, and caused an increase in the prices of commodities and foodstuffs for citizens.

Although the first accused of the dollar crisis are banks under the umbrella of the Association of Banks, the latter issued a statement that did not rise to the scale of the crisis.

The association began its statement by saying that it and its member banks are "monitoring" the recent rise in the exchange rate, while reviewing the Central Bank's procedures that the bank had previously revealed in its repeated statements.

This statement prompted a number of bankers to deplore the role of the Association and the weakness of its position on the implicated banks affiliated with it.

At the same time, the Association is accused of acquiring the Central Bank’s initiatives for loans in various sectors, which reached, as of the third quarter of this year, more than 2 trillion dinars, as most of these loans were given through the Association’s banks and benefiting from the benefits accrued from the lending.

Bankers and specialists stress the need to "dissolve" the association, which did not provide anything to the Iraqis or the banking sector in general amid its unknown and ambiguous role, while they called for the formation of a new association that includes private banks and organizes their work and has a tangible role in improving and reforming the banking sector.

Perhaps the most prominent indication of the failure of the banking sector in Iraq, especially the private one, is that the number of private private banks in Iraq has reached more than 40 banks, but the money accumulated in the homes of citizens amounts to 70 trillion dinars, or about 40% of the Iraqi monetary mass. It is outside the banking system, due to Citizens' lack of confidence in banks and the failure of these private banks to attract citizens' money and gain their trust.   LINK

An Expert Determines The Reason For The "Inability" Of The Central Bank's Measures To Solve The Dollar Crisis

economy |12-29-2022, 22:20 |Baghdad today-Baghdad  Today, Thursday, economist Nabil Al-Marsoumi revealed the reason for the "ineffectiveness" of the Central Bank's measures towards the dollar crisis, while noting that the Central Bank deals with cash sales, while the problem is in foreign remittances.

Al-Marsoumi said, in a clarification received by (Baghdad Today), that "the high exchange rate of the dollar against the dinar is linked to the restriction of bank transfers, meaning that the problem is with the remittance dollar or the import dollar, not the cash dollar."

He added, "Therefore, the Central Bank of Iraq's treatments in the face of the dinar crisis seem ineffective, which is summarized by increasing cash sales, which amounted to 84.900 million dollars per day, compared to 23 million dollars for foreign transfers, meaning that the percentage of cash sales amounted to 78%, while it did not exceed before the crisis." 10%.

Earlier, the expert in financial and economic affairs, Nabil Jabbar Al-Tamimi, described today, Thursday, the solutions that the Iraqi government is working on to reduce the price of the dollar as "patchwork and temporary."

Al-Tamimi told (Baghdad Today) that "the government's measures to strengthen dollar cash in the markets is a temporary patchwork measure that contributes to a temporary reduction of exchange rates, but it will not represent a financial and economic solution."

And he added: "The Fed may object to the amount of money fed by the Central Bank of Iraq and the government as local cash, and the crisis may return again, and for this it is very necessary for the government and the Central Bank to contribute to resolving the issue of remittances, which are committed to international standards, and it is a priority to fully resolve the crisis, rather than any patchwork and temporary measure." ". LINK

Central Bank: Continuous Measures To Control The Exchange Rate Of The Dollar

Economy News-Baghdad   Deputy Governor of the Central Bank, Ammar Hamid, confirmed that the bank is continuing its measures to control the exchange rate of the dollar.

Hamid said in a press statement, "The Central Bank has taken several measures to control the stability of the exchange rate, including those related to merchants and citizens. As for citizens, the dollar is sold directly for travel purposes, through banks and using the salary card to obtain a lower price, which is 1465."

He added, "Al-Rasheed and Al-Rafidian Banks launched an initiative to issue a dollar card at a value of 10,000 dollars at a subsidized price."

Views 105   Added 12/31/2022 - 12:07 PM   Updated 12/31/2022 - 1:37 PM

https://economy-news.net/content.php?id=31611

Al-Jubouri: The Government Has A Set Of Options To Rectify US Policy And Control The Dollar

The head of the Al-Rafd Center for Strategic Studies, Abbas Al-Jubouri, confirmed on Friday that the government has many options that can reduce the exchange rate of the dollar and rectify US policies seeking to reduce the value of the dinar.

Al-Jubouri said in a press interview seen by “Takadum” that “America has practiced policies that would raise the exchange rate of the dollar in the local markets, with the help of some parties supporting its policies inside Iraq.”

He added, “There is a possibility to ensure a reduction in the exchange rate by disbursing some social protection salaries in foreign currency, especially since the salaries of this segment may not exceed $200 per person, and the process is repeated with retirees in the next month, as such a proposal was submitted to Prime Minister Muhammad Shia’ al-Sudani from through the center so as to reduce the demand for this currency by speculators.

And he indicated that "the outlets for selling the currency belong mostly to political parties, and despite the American policies, these parties are working to raise the exchange rate, while the government can control the price by tightening its control over the outlets for selling the currency."

https://takadum-news.com/archives/140091

Temporary Solutions.” An Economist Criticizes The Government's Measures To Address The Dollar Crisis

Today, Thursday, the economist Nabil Al-Ali criticized the government's measures to address the crisis of the dollar's high exchange rates in the local markets, while stressing the need to solve the issue of "remittances."

Al-Ali said, in a press interview seen by Taqaddam, that “the government’s measures to strengthen dollar cash in the markets to try to end the crisis of the recent rise in dollar exchange rates are patchwork and temporary.”

He added, "This measure contributes to a temporary reduction of exchange rates, but it will not represent a financial and economic solution," noting that "the Federal Bank may object to the amount of money fed by the central bank and the government as local cash, and the crisis may return again."

The economist stressed, “The need for the government and the central bank to contribute to resolving the issue of remittances that adhere to international standards, which is a priority to fully resolve the crisis.”

Earlier, the Central Bank took several decisions to reduce the exchange rates of the dollar after the major crisis that hit the local markets, which caused great boredom among the Iraqi people.

https://takadum-news.com/archives/139998

Will The Exchange Rate Reach “200,000 Dinars”?.. An Expert Explains And Monitors The Reasons For The Rise

That is, the Iraqi economist Ahmed Saddam, today, Monday, that one condition may save the stability of the exchange rates of the dollar in the local market, while he explained the possibility of prices reaching up to 200 thousand Iraqi dinars for every 100 dollars.

Saddam stated in a press interview seen by “Takadam” that “the reasons for the high exchange rate of the dollar are due to preventing 4 banks from selling the currency,” noting that “they previously acquired 40% of the currency sale in the central bank.”

Among other reasons, Saddam refers to “the platform that the Central Bank created in cooperation with a specialized company,” and the Central Bank of Iraq identified it in a previous statement.

The economist added, “This platform contains data for all banks, which are very accurate and with names, and are subject to the US Federal Bank, in order to notice whether there are suspicions, and therefore there is a slowdown in procedures, and these strict measures led to an increase in the exchange rate of the dollar.”

He stressed that "the central bank is required today to pump 170 million dollars daily in order to control the rise of the dollar in the Iraqi market, as a result of the heavy reliance on imports."

Saddam revealed, “The existence of an American decision that subjects Iraqi banks to the control of 3 regulatory bodies, as a result of the increasing demand for the dollar, due to the lack of internal production,” noting that “it is not possible to be pessimistic and say that the dollar will reach 200 thousand dinars for every 100 dollars, because this The matter is governed by supply and demand, the role of monetary policy in the country, and the extent of the Iraqi Central Bank's understanding with the US Federal Reserve regarding accelerating control procedures.

The Central Bank had commented on the high exchange rate, saying that Iraq is still complying with international requirements on the issue of the dollar, combating money laundering, and terrorist financing, and that some banks took time to implement these requests, stressing that it is working to return it to its price. , Within two weeks.   https://takadum-news.com/archives/140142

"Tidbits From TNT" Saturday Morning 12-31-2022

TNT:

Tishwash:  Central Bank Governor: The rise in the exchange rate of the dollar is “temporary”

Central Bank Governor Mustafa Ghaleb Makhaif confirmed today, Saturday, that the rise in the dollar exchange rate is temporary.

The media office of the Central Bank stated in a statement, "The governor made a field visit to a number of banks that started selling foreign currency."

He added, "The governor urged bank departments to facilitate the procedures for selling foreign currency to citizens wishing to obtain it for the purposes of travel, treatment, and others," noting that "the central bank has taken a number of decisions that contribute to achieving stability in the foreign currency market."

And Makhaif confirmed, according to the statement, that “bank outlets for selling foreign currency will be doubled to meet the needs of travelers, with the possibility of increasing the amount of the weekly quota allocated to banks.”

He described that "the rise in the exchange rate is a temporary situation that came after internal and external effects of applying international standards, as the bank succeeded in addressing it and minimizing its effects on the Iraqi economy."

And he stressed "not to raise public opinion's concerns about the high dollar exchange rates, and the need to take deterrent measures against speculators," noting that "Iraq's situation is much better than other countries and there is no way to compare it."

It is noteworthy that the Central Bank of Iraq has taken a series of decisions to restore the foreign currency market to its normal position .   ink

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Tishwash:  Hit and run between the dollar and the dinar, the compass of commodities is lost

On these days, two years ago from now, the government of former Prime Minister Mustafa Al-Kazemi took a decision that economists considered the worst, to raise the exchange rate of the US dollar against the Iraqi dinar, for justifications and reasons that later turned out to be flimsy.

Since that date, the Iraqis have been living in a spiral of economic crises that have negatively affected their living conditions, as the prices of many commodities, goods, products, and foodstuffs have doubled or more, which has burdened the poor and middle classes, before the dollar witnessed a new rise during the past few days, which led to Its rise to about 158 ​​thousand dinars per 100 dollars. 

Many commodity prices recorded a new rise due to the sudden rise of the dollar, which specialists confirm was due to US measures to undermine the government of Prime Minister Muhammad Shia al-Sudani and the coordination framework, which prompted the head of the Conquest Alliance Hadi al-Amiri to call for the liberation of the Iraqi economy from American hegemony. 

In this regard, Representative Muhammad Al-Saihoud says, "There are three directions that must be followed by the first government in order to return the exchange rate of the dollar to its normal and specified position in the budget and to stabilize it," noting that "the first direction is to preserve foodstuffs and stabilize their prices, and the second direction is to activate the product The local agricultural sector is supported by various means, and the second and last approach lies in protecting the local product through the Ministries of Agriculture and Commerce and controlling markets through strict monitoring of merchants.

Al-Saihoud affirmed in a statement to Al-Maalouma, "We still trust the Sudanese government because its directions continue to challenge it to confront international pressures that seek to raise the exchange rate of the dollar, and our support is still continuing to implement the government service program."
Meanwhile, Representative Muhammad Al-Shammari stated in a statement to Al-Maalouma, that "the monetary measures taken by the government and the Central Bank were effective, which showed positive results that contributed to a sharp decline in the exchange rate of the dollar against the dinar." 

Al-Shammari stressed the need for "there to be tight control by the agencies concerned with monitoring the markets and holding those manipulating the prices of foodstuffs and other commodities to account, at the expense of the citizen's sustenance, severely."

As the Iraqis, like the rest of the peoples of the world, prepare to bid farewell to the year 2022 and welcome the year 2023, economic and livelihood concerns top the priorities of wishes, while there is a great state of optimism about the possibility of reforming the economic conditions in light of the Sudanese government’s measures and its orientation towards services and the fight against corruption. 

link

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Tishwash:  The war of rumors in Iraq: electronic armies manipulate the currency markets

The decline in the value of the Iraqi currency to record levels amounted to about 1580 dinars per dollar on the black market, while its official price is 1460 dinars, in raising the rate of inflation and high prices, and the decline in the purchasing power of Iraqis. 

Despite the government and the central bank’s quick and continuous efforts to control the markets, officials and observers confirm that the rumors launched by the electronic armies associated with private banks and various companies, after the central bank’s sales of dollars decreased, stating that the dollar will rise more during the coming periods, caused a state of panic. Confusion in the market Many citizens tended to transfer their money from the Iraqi dinar to the dollar. 

Rumor effect

The economist, Bassem Jamil Antoine, believes that the rumors directly affected the market, creating a state of confusion and imbalance due to the lack of outlets for selling the dollar at the official price, and the exploitation of this situation by brokers and speculators.

Antoine stressed, through his interview with Al-Araby Al-Jadeed, that the media should take its role in limiting this crisis and paving the way for educating citizens with the aim of reducing the large rumors that the Iraqi local market is subject to.

Antoine underestimated the fears of the lack of dollars in the central bank, which has a cash reserve of hard currency exceeding 90 billion dollars. rise in the US currency.

Electronic armies

Electronic armies, supported by parties controlling the market, contributed to spreading rumors that greatly affected the exchange rate of the dollar and the decline of the Iraqi dinar.

The economic researcher, Omar al-Halbousi, said that what these armies publish confirmed that their activity was systematic and planned in an upward manner, which made the dollar rise rapidly with every rumor spread by these armies.

Al-Halbousi added, to Al-Araby Al-Jadeed, that there are influential parties that control the currency market and have power in sales outlets within the central bank, working in the field of money laundering, as well as using forged invoices to buy dollars, with the aim of achieving the greatest amount of gains and profits as they buy dollars. at a reduced price and sell it on the black market at a great profit.

Al-Halbousi indicated that the government and the central bank should make maximum efforts to combat and address such rumors, especially since there are a number of banks, exchange companies and currency dealers belonging to partisan parties that control the monetary policy of the central bank. He stressed the importance of taking other measures that would reduce the exchange rate by imposing a specific price ceiling, and stopping dollar smuggling operations by land towards neighboring countries.

contrived crisis

For his part, the researcher on Iraqi affairs, Abd al-Qadir al-Fahdawi, believes that the rise in the value of the dollar and the decline of the Iraqi currency is a fabricated internal crisis and there are no external influences.

Electronic armies, supported by parties controlling the market, contributed to spreading rumors that greatly affected the dollar exchange rate

Al-Fahdawi explained to Al-Araby Al-Jadeed that the current crisis results from fabricated measures and policies by private banks affiliated with political parties that relied on money laundering and currency smuggling out of Iraq, in addition to monopolizing the dollar to raise its price in order to achieve large profits at the expense of the suffering of the Iraqi people. And Al-Fahdawi indicated that the electronic armies of those parties played an important role in the rise of the dollar and exacerbated the crisis by spreading various rumors that aim to sell the dollar to citizens and businessmen until the amount of purchase runs out on the one hand, and to divert attention from currency smuggling operations on the other hand.

He stressed that the main parties supervising the spread of rumors belong to parties that control the government and economic policy, their main goal is to distort the facts and the continued preoccupation of citizens with the rise in dollar-dependent commodities and their continued control of private banks and the delay in the issuance of the US Federal Reserve’s decisions against six other banks accused of corruption, money laundering and currency smuggling to Iran. besieged by the US Treasury Department.

Al-Fahdawi stressed that the real confrontation of these electronic armies lies in clarifying the facts to the people through the media, and involving all popular activities to put pressure on the Central Bank by adopting a real mechanism and treatment, stopping dealing with banks affiliated with the parties, and reducing money laundering and currency smuggling abroad.  link

CandyKisses:  A NEW YEAR'S RESOLUTION-

CandyKisses:  NEVER TAKE NEW YEAR'S RESOLUTIONS SERIOUSLY

Mot: ....... Baaaaaaaaaaaa Bye! ~~~~~2022

The U.S. Dollar Surrendered Its Status as the World’s Premier Safe Haven In Q4

The U.S. Dollar Surrendered Its Status as the World’s Premier Safe Haven In Q4. Here’s How.

Dec. 30, 2022   By Joseph Adinolfi  Market Watch

The U.S. dollar’s status as one of the few dependable safe havens for investors during this year’s market mayhem started to erode during the fourth quarter, even as the greenback posted its biggest yearly advance since 2015.

For much of the year, the dollar’s strength was blamed for helping to weigh on stocks, as a more expensive currency ate into export revenues and corporate profits while higher Treasury yields made bonds increasingly attractive relative to stocks.

But something changed for the dollar around the beginning of the fourth quarter. Central banks in Europe and — more recently — Japan applied a more aggressive monetary policy, signaling that they intend to close the gap with higher U.S. yields created by the Federal Reserve. This helped to drive their currencies higher.

At the same time, investors in the U.S. were betting that the Fed’s campaign of interest rate rises was drawing nearer to its end.

This resulted in the euro EURUSD, +0.37% rising roughly 8.8% against the dollar, its biggest quarterly gain since 2010, according to Dow Jones Market Data.

Meanwhile, the ICE U.S. Dollar Index DXY, -0.33%, a gauge of the dollar’s strength against a basket of six major currencies, is on track to fall 7.7%, its biggest quarterly drop since the second half of 2010, Dow Jones Market Data show. The yen USDJPY, -1.44% and British pound GBPUSD, +0.36% also strengthened, along with many emerging markets currencies, and in the span of a single quarter, the dollar’s year-to-date advance was cut almost in half.

Despite this, the dollar index still rose 7.9% this year, its biggest calendar-year gain since 2015, when it rose 9.3% amid the eurozone debt crisis that stoked fears that the Greeks might abandon the euro.

Just before the start of the fourth quarter, the dollar index reached 114.11, its highest settlement level of the year, on Sept. 27, according to FactSet data. At that point, the popular gauge of the dollar’s value was up roughly 19% for the year.

 To continue reading, please go to the original article here:

https://www.marketwatch.com/story/the-u-s-dollar-surrendered-its-status-as-the-worlds-premier-safe-haven-in-q4-heres-how-11672430163?siteid=yhoof2

News, Rumors and Humor Friday Night 12-30-2022

KTFA:

Frank26:  "FROM HOT POTATOES TO HOT TAMALES THE EXCHANGE RATE IS MUY CALIENTE!!!".......F26

 Potato: Al-Sudani's measures to reduce the exchange rate contributed to the stability of the local markets

 12/30/2022

Today, Thursday, the representative of the Tasmeem Taher Al-Battat movement confirmed that the measures taken by the Prime Minister, Muhammad Shia'a Al-Sudani, to reduce the exchange rate of the dollar against the dinar, contributed effectively to the stability of the local markets .

Al-Battat said in a statement received by the Iraqi News Agency (INA): "The step of selling the dollar directly to citizens for the purpose of travel will greatly limit the corrupt control of the hard currency."

He added, "Such steps increase the citizen's confidence in the government, maintain market stability and reduce high prices."  LINK

Frank26:  "OH MY GOODNESS!!!... THE WHOLE WORLD IS DEPENDING ON THE IRAQI DINAR TO MAKE IRAQ A CENTRAL HUB!!!"....... F26

Association of Banks: Central Bank measures will restore the money market to balance

12/29/2022

On Thursday, the Association of Iraqi Private Banks confirmed its support for the Central Bank's measures to control the money market.

The Association's advisor, Samir Al-Nusairi, said in a statement, "Our banks, which were identified by the Central Bank, considered them additional outlets for providing US dollars to traveling citizens, which they need for the purposes of travel and treatment, at the price of 1470 dinars, with borders and a flexible and smooth mechanism throughout the days of the week, in addition to Fridays, Saturdays and official holidays." 

He added, "The Central Bank worked to increase the weekly share of these banks to 1,800,000 dollars, and under on-site and field follow-up by the bank," noting that "our banks have always been known for their national and supportive role to support the central bank's measures in the economic crises that Iraq has gone through previously and now." .

He stressed that “the decisions issued by the Central Bank, and the new mechanisms and instructions related to raising interest rates and the special commission for the investment financial products of the Central Bank, so that banks can invest their surplus liquidity with the bank according to special details, and open the windows of forward investment (90 days, 182 days, 364 days) and issue new mechanisms.” For deposits for banks wishing to participate in the currency window, it allows banks to purchase any amounts in foreign currency and deposit them in accounts used for external transfers only, and interest / returns are paid on those balances according to the new mechanism.

He pointed out that "the Central Bank took measures during the past two weeks to increase the supply and provision of the dollar to merchants, businessmen and importers through banking outlets directly without the mediation of intermediaries, which will restore the money market to its balance regardless of any political news, fabrications, fabrications and non-specialized analyzes."

Al-Nusairi explained, "The central bank's assurances of the availability of foreign cash reserves exceeding $96 billion and its ability to supply dollars in sufficient quantities to meet the requirements of demand will inevitably enable it to control the money market quickly."

Al-Nusairi called on the competent government agencies to "assign the Central Bank's procedures in accordance with its tasks and duties contained in its law in force and its previous successful experiences, to control the exchange rate," calling on "the national media with all its visual, audio and print means to support the procedures and decisions issued by the Central Bank."

He pointed out that "the governor of the Central Bank confirmed that the economic situation of our resources from the US dollar cannot be compared to the case of Lebanon and neighboring countries," stressing that "the current rise is temporary and will return to its previous levels, and the Iraqi dinar will continue to be strong and stable."  LINK

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Frank26:  "THE INTERNATIONAL PLATFORMS WHERE THE IQD WILL FLOAT ARE AT 100%!!!".........F26

Al-Sudani Advisor: The external transfer platform meets 90% of the market demand for currency

12/29/2022

Baghdad - Conscious - Nassar Al-Hajj

Today, Thursday, the advisor to the Prime Minister, Mazhar Muhammad Salih, clarified about 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.

Saleh said, to the Iraqi News Agency (INA), that "Iraq is one of the largest countries in the region in 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 the 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."  LINK

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Courtesy of Dinar Guru

Frank26  Article:  "Urgent.. Governor of the Central Bank of Sudan: The foreign currency crisis is urgent for technical reasons"  THE MIDDLE EASTERN CURRENCIES THAT WILL BE IN A BASKET SOON ARE DEPENDING HEAVILY ON THE IQD TO GAIN POWER TO LEAD THEM.

Militia Man  The UST has Iraq's CBI in a position to make a exchange rate change, imo.. They are likely at a point now there is no looking back in not doing so.  Show time? It looks that way. There were meetings today with the CBI Governor.

TNT:

Mot:  .. oooooh Nooooo - Blonde Men Jokes! ~~~~

Mot ... Getting REady fer da New Year I am! ~~

CandyKisses:  OUR NEW YEAR'S RESOLUTIONS BEGIN IN TEN MINUTES

Iraqi News Highlights Friday Afternoon 12-30-22

Iraqi News Highlights Friday Afternoon 12-30-22

Tlm724 Administrator Bondlady’s Corner

Al-Amiri: The Rise In The Dollar Exchange Rate Is A Scheme To Control The Economy In Iraq

Friday, December 30, 2022 16:08 | political Number of readings: 188

Baghdad / NINA / - The head of the Al-Fateh Alliance, Hadi Al-Amiri, described today, Friday, the rise in the exchange rate of the dollar against the dinar as a plan to control the economy in Iraq.

Al-Amiri said in his speech at the Perfume Al-Sawater Festival: "We remember these days the third anniversary of the martyrdom of the leaders of victory, and we ask God to follow their path," noting that "the two martyr leaders, Abu Mahdi Al-Muhandis and Qassem Soleimani, dedicated themselves to Islam."

He added, "I thank the doctors who were crowding into the fields of death to save the fighters defending Iraq, and the logistical support processions for their great contribution to the arenas of jihad," hoping that there would be a special festival to honor media professionals, doctors, engineers, and logistical support processions.

And he continued, "The Jihad fatwa was able to unite all energies to fight ISIS," noting that "we have another battle that is no less important than the previous stage, which is the soft war, and we must contribute to this battle," noting that "fighting the scourge of drugs is no less important than fighting ISIS, if it is not as dangerous.”/ End 8   https://ninanews.com/Website/News/Details?key=1023410

Minister Of Finance: The Budget Was Not Sent To The Council Of Ministers.. And These Are Its Most Important Priorities

Friday, December 30, 2022 11:27 | Economical Number of readings: 576  Baghdad / NINA / - The Minister of Finance, Taif Sami, revealed today, Friday, the fate of the draft general budget law for the year 2023, and the most important paragraphs that she will focus on.

Sami said in a statement to the official agency, "The ministerial program approved by the Council of Ministers includes the current expenditures of some ministries, and other investment projects that the Ministry of Planning worked on and were included in the 2023 budget."

She added: "The general budget will focus primarily on the health sector." Supporting hospitals, reducing the conduct of operations abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for small projects in the Ministry of Labor.

She explained that "the Ministry of Finance is still working on completing the general budget law for the year 2023, and there are meetings held with the Prime Minister to include the directives, and they have not yet been sent to the Council of Ministers," stressing that "the budget will include the establishment of a development fund, and we set its allocations for the investment platform with a text In the law on how to support it and prepare its internal system and draft within a year.

And the Minister of Finance continued, "The price of a barrel of oil, which has been placed so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and the total amount of the budget has not yet been set, while the exchange rate has been fixed at 1450."

And she stressed that "the draft general budget law may include a study to impose some taxes on the oil derivatives sector if approved by the House of Representatives, which would enhance revenues."/ End 9

https://ninanews.com/Website/News/Details?Key=1023364

The High Exchange Rate Of The Dollar In The Iraqi Market

Economie| 09:54 - 12/30/2022   Baghdad - Mawazine News  The exchange rates of the dollar witnessed, on Friday, an increase in the local markets in Iraq.  The selling price of the dollar was 153,750 dinars per 100 dollars.  And the purchase price of the dollar was recorded at 152,750 dinars per 100 dollars. Ended 29 / h   https://www.mawazin.net/Details.aspx?jimare=215466

Finance Announces The Resumption Of Working Hours For The Budget And Accounting Departments On Official Holidays

Economy News – Baghdad The Ministry of Finance announced, on Friday, the resumption of working hours for the staff of the budget and accounting departments during official holidays.

And the ministry stated in a statement, that “in the presence and direct guidance of the Minister of Finance, Taif Sami, the cadres of the budget and accounting departments in the Ministry of Finance continue to work on official days (Fridays, Saturdays and Sundays), in order to complete the audit procedures related to fixing the contract segment in state departments and the politically dismissed, and completing compensation.”

Victims of terrorism and war operations, in addition to the continuation of the accounting department with financing procedures for the current month of December, and financing of completed work items for investment projects, according to what was stated in Food Security Law No. (2) of 2022.

The statement added: “With exceptional efforts, these measures come in implementation of the ministerial program, in light of upgrading the mechanisms for managing public funds and guaranteeing the rights of all segments and groups of society in accordance with the instructions stipulated, in addition to improving the level of services provided, and the optimal application of the government program in the field of financial management and control of public expenditures.” ".

Views 93  Added 12/30/2022 - 4:41 PM  Updated 12/30/2022 - 7:39 PM

https://economy-news.net/content.php?id=31601

Al-Hakim Calls For Drawing Up The Relationship Between Baghdad And The Region According To The Principle Of Concession In The Public Interest

Friday, December 30, 2022 15:40 | political Number of readings: 216  Baghdad / NINA / - The head of the Wisdom Movement, Ammar al-Hakim, called for drawing up the relationship between Baghdad and the Kurdistan region according to the principle of concession in the public interest and the principle of rights and duties to resolve differences and outstanding issues between the two sides.

Al-Hakim's office said in a statement, "Al-Hakim received the President of the Patriotic Union of Kurdistan, Pavel Talabani, and they discussed developments in the political scene in Iraq and the region, and the relationship between Baghdad and the Kurdistan region."

Al-Hakim stressed, according to the statement, the importance of supporting the government and standing with it so that it can bridge the relationship between the citizen and the political forces

He referred to "the need for security coordination," noting that "terrorism represents a security threat that requires concerted efforts, exchange of information, and movement in a team spirit to monitor any movement of terrorists while maintaining proactive operations and benefiting from terrorism's loss of its social incubators."/ End 8   https://ninanews.com/Website/News/Details?key=1023408

High Oil Prices In World Markets

Economie| 09:09 - 12/30/2022   BAGHDAD - Mawazine News  Oil prices rose today, Friday, and are on track for gains for the second year in a row, albeit small ones, in a year characterized by tight supplies due to the conflict in Ukraine, the strength of the dollar and weak demand from China, the largest importer of crude in the world.

Brent crude futures rose 44 cents, or 0.5%, to $83.9 a barrel, after settling down 1.2% in the previous session.  US West Intermediate crude was $78.88 a barrel, up 48 cents, or 0.6%, after closing 0.7% lower on Thursday.   It is expected that Brent crude will end the year 2022 with gains of 5.76%, after rising by 50.2% in 2021.   https://www.mawazin.net/Details.aspx?jimare=215463

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

https://www.bondladyscorner.com/

KTFA Members "Iraq and Vietnam News" Friday 12-30-2022

KTFA:

Clare:  Finance: The resumption of working hours for the staff of the budget and accounting departments during official holidays

12/30/2022

The Ministry of Finance announced the resumption of working hours for the staff of the Budget and Accounting Departments during official holidays.

A statement by the ministry stated: “The cadres of the budget and accounting departments in the Ministry of Finance continue to work on official days (Fridays, Saturdays and Sundays), in order to complete the audit procedures related to fixing the contracts segment in state departments and political dismissals and completing compensation for victims of terrorism and war operations, in addition to the continuation of the accounting department with financing procedures.

” For the current month of December, and financing the completed work items for investment projects, according to what is stated in Food Security Law No. (2) for the year 2022.

He added, "With exceptional efforts, these measures come in implementation of the ministerial program, in light of upgrading the mechanisms of managing public funds and guaranteeing the rights of all segments and groups of society in accordance with the instructions stipulated, in addition to improving the level of services provided, and the optimal application of the government program in the field of financial management and control of public expenditures." .  LINK

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Henig:  Minister of Finance: The budget was not sent to the Council of Ministers.. and these are its most important priorities

Baghdad / NINA /- The Minister of Finance, Taif Sami, revealed today, Friday, the fate of the draft general budget law for the year 2023, and the most important paragraphs that it will focus on.

Sami said, in a statement to the official News Agency, that "the ministerial program approved by the Council of Ministers includes current expenditures for some Ministries, and other investment projects that the Ministry of Planning worked on and were included in the 2023 budget."

She added, "The general budget will focus primarily on the health sector, supporting hospitals, reducing surgical procedures abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for small projects in the Ministry of Labor."

She explained, "The Ministry of Finance is still working on completing the general budget law for the year 2023, and there are meetings held with the Prime Minister to include the directives, and they have not yet been sent to the Council of Ministers," stressing that "the budget will include the establishment of a development fund, and we set its allocations for the investment platform with a text in the law on how to support it and prepare its internal system and draft within a year.

The Minister of Finance continued, "The price of a barrel of oil, which has been placed so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and the total amount of the budget has not yet been set, while the exchange rate has been fixed at 1450."

She stressed that "the draft general budget law may include a study to impose some taxes on the oil derivatives sector, if approved by the House of Representatives, which would enhance revenues." LINK

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Vietnam

Henig:  China reopening will give Việt Nam GDP 2%pts boost in 2023: Vinacapital economist

December, 30/2022 - 08:22

China’s reopening is expected to boost Việt Nam’s GDP growth by over 2 percentage points next year, driven by the full resumption of Chinese tourist arrivals in the second half of 2023, Michael Kokalari, chief economist at investment fund VinaCapital, has said.

HCM CITY — China’s reopening is expected to boost Việt Nam’s GDP growth by over 2 percentage points next year, driven by the full resumption of Chinese tourist arrivals in the second half of 2023, Michael Kokalari, chief economist at investment fund VinaCapital, said in a recent report.

“We expect China's reopening will have a bigger impact on the economies of other ASEAN countries than it will for Việt Nam due to those countries’ greater exposure to China’s domestic economy," the report said.

“The most immediate impact of China’s scrapping of its COVID restrictions has been a circa 5 per cent appreciation in the value of the đồng, driven by a 5 per cent appreciation in the value of China’s currency. 

“That said, the major benefit that Việt Nam will accrue from China’s re-opening is likely to be a circa 2 percentage point boost to GDP growth next year driven by a resumption of Chinese tourist arrivals.” 

But China’s reopening is also likely to cause some inflationary pressure in Việt Nam though the impact could be mitigated by several factors, including a more prolonged reopening compared to the US and Europe as well as less pent-up savings and demand in China compared to the US and EU.

Though China is Việt Nam's largest trading partner, Việt Nam’s exposure to China’s domestic economy was quite modest, resulting in Việt Nam’s GDP growth not being significantly hindered by COVID restrictions and resultant economic problems in that country.

Việt Nam’s export growth to China was nearly flat in the first nine months, but since only 14 per cent of its exports went to China its GDP had soared 8.8 per cent year-on-year despite China’s lockdowns in part because exports to the US and the EU, which accounted for nearly half of all exports, grew by 25 per cent in the first nine months of the year.

Furthermore, most of Việt Nam’s exports to (and imports from) China were of production inputs and/or other intermediate goods used in the manufacture of electronics and garments. 

Some Vietnamese companies would benefit from China’s reopening, such as those that sell seafood and farm produce, but exports of products consumed by Chinese customers only accounted for around 5 per cent of Việt Nam’s total exports.

Foreign tourism had contributed about 10 per cent of Việt Nam’s GDP pre-COVID, and tourist arrivals were on track to reach 25 per cent of pre-pandemic levels this year.

“We expect the number of foreign tourists will climb above 50 per cent of pre-COVID levels in 2023 based on the assumption that Chinese tourist arrivals fully recover in the second half of next year," the report added.

“However, the pace of recent developments in China point to a possible faster full resumption of Chinese tourist arrivals, which could lead to an even larger contribution to Việt Nam’s GDP growth next year than we currently expect.

“We are aware of concerns some investors have that the reopening of China’s economy could detract from Việt Nam’s appeal as a destination for FDI investment. We see no possibility of this happening given that China has irrevocably damaged its appeal as an investment destination for multinational firms, and US-China trade tensions have dramatically escalated this year.”

Besides, there had been strong structural factors prompting FDI inflows to Việt Nam even before US-China trade tensions had emerged. 

Factory wages in Việt Nam were around two-thirds less than in China, but the quality of Việt Nam’s workforce was comparable to that of China according to surveys by JETRO and others.

Also, Japan and South Korea, which accounted for over half of Việt Nam’s FDI inflows, both faced serious demographic and intractable economic issues that compelled companies in both countries to invest abroad. — VNS   LINK

Henig:  The path to fostering green exports

06:00 | 30/12/2022

(VEN) - Data from the recent Vietnam Export Promotion Forum 2022 organized by the Ministry of Industry and Trade and the European Chamber of Commerce (EuroCham) in Vietnam show that businesses in various sectors have renewed production to meet green manufacturing standards for exports, enhancing the competitiveness of Vietnamese goods in the international market. 

Competitive advantages

Minister of Industry and Trade Nguyen Hong Dien told forum participants that in the first 10 months of 2022, total import-export value reached nearly US$620 billion, up 14 percent year-on-year, with a trade surplus of US$9.4 billion. The foreign trade value is expected to reach US$750 billion by year’s end, up 16 percent compared with 2021, and trade surplus to be maintained, contributing significantly to Vietnam’s economic growth.

Despite favorable export results, Minister Dien warned Vietnamese exporters of numerous difficulties. Specifically, global trade is being affected by growing geopolitical tensions and fierce strategic competition between major countries. Meanwhile, rising inflation has forced many governments to tighten their fiscal and monetary policies. Notably, global supply chains continue to risk disruptions that will affect import-export activities and the growth of the Vietnamese economy due to its high degree of openness (more than 200 percent). Moreover, many importing countries apply strict regulations in terms of environment and social responsibility on imports from Vietnam.

“To achieve sustainable export growth, Vietnamese businesses should promote green manufacturing and join global supply chains to meet strict technical requirements of importing markets. Further, businesses should improve product quality and packaging to enhance their competitiveness,” Minister Dien emphasized.

EuroCham Vietnam Vice Chair Jean-Jacques Bouflet said Vietnam has taken advantage of free trade agreements (FTAs) to diversify and increase exports. However, he added, Vietnam is one of the world’s most vulnerable countries to climate change, and therefore it should focus on ping a green, sustainable economy.

“FTAs involving Vietnam, especially the EU-Vietnam Free Trade Agreement (EVFTA), have commitments to green, sustainable development. EU consumers prefer to buy products made according to green, sustainable production processes. The EU also has very high technical standards for production. Therefore, Vietnamese businesses have to restructure production in this direction. EuroCham pledges to support and cooperate with Vietnam in this field,” Bouflet said, adding that European companies wish to take advantage of the EVFTA to increase investment in Vietnam.

Green growth strategy

The Communist Party and the State of Vietnam have put in place policies and mechanisms creating conditions to develop a green, circular and environmentally friendly economy. The latest one among those is Prime Ministerial Decision 493/QD-TTg approving Vietnam’s goods import-export strategy to 2030.

Businesses in many sectors have increased investment in production equipment and human resource training, while at the same time promoting digital and green transformation to meet the growing customer demand for environmentally friendly products and services.

Bartosz Cieleszynski, Deputy Head of the Trade Section of the EU Delegation to Vietnam:

Creating green product flows

The EU-Vietnam Free Trade Agreement (EVFTA) has a chapter on green growth, helping create “flows” for green products and sustainable development. Vietnam will benefit from green technology application and development. Exporting green products is a promising way, and green technology is not beyond the reach of Vietnamese businesses. To produce green, sustainable products, Vietnamese businesses should apply green technology, starting from key export sectors such as agriculture, forestry and fishery.

Materials used to make products for export to Europe should also abide by sustainability principles and food safety regulations. Vietnamese authorities should help farmers and producers improve product quality to meet sustainable development criteria, including good agricultural practices and organic farming.

Other products such as footwear, textiles and garments can also participate in voluntary certification programs such as the Better Cotton Initiative (BCI), Global Organic Textile Standard (GOTS), and People for the Ethical Treatment of Animals (PETA). EU consumers and importers are very interested in these certification programs, which require biodiversity and soil conservation, sustainable water management, reduced use of pesticide, ensuring minimum and fair wages, elimination of child labor and animal maltreatment. Therefore, Vietnamese manufacturers and trade managers should pay attention to the shopping orientations of EU consumers.

Assoc. Prof. Dr. Nguyen Hong Quan, Director of the Institute for Circular Economy Development under the Vietnam National University, Ho Chi Minh City:

Opening new doors for exports

According to an International Labor Organization (ILO) 2022 report, a shift to green economy models can generate 24 million new jobs by 2030, and 63 percent of consumers consider sustainable development factors of brands when making purchasing decisions, according to a 2022 McKinsey survey. Nielsen’s 2022 Global Annual Marketing Report shows that the global market of green products is growing faster and bringing higher benefits compared with “brown” products of the same categories.

The green economy opens new doors for increased exports through green technology development, enhancing productivity and efficiency, strengthening investor trust, opening new markets, increasing budget revenues through green taxes, and reducing risks in the business environment.

To shift to a green economy, we have to attract investment in eco-industrial parks and build agro-industrial parks to prevent pollution, share energy resources, and develop transport, logistics, human resources and finance. Coordination is required between sectors such as agriculture, industry and trade, natural resources and environment, science and technology, planning and investment, finance, education, transport, and tourism. Breakthrough policies and mechanisms are needed in planning, project preparation, and investment attraction.

Truong Dinh Hoe, Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP):

Positive changes in the seafood sector

Green export strategies have strong impacts on the competitive advantages of seafood processing companies, making their products more attractive to foreign customers, helping build their green business image in the market.

This competitive advantage helps seafood companies achieve high financial efficiency. However, it will take time for seafood companies to implement green export strategies to build this competitive advantage. Therefore, businesses should be encouraged to take the initiative in promoting green production.

Nguyen Thi Lien, Deputy Director of the Phong Phu International Joint Stock Company:

Prioritizing environmentally friendly materials

In the past, the company had to use 40 liters of water to produce a pair of jeans. Today, with support of modern machinery and technology using ozone and laser, we need only four liters of water to make a similar product. Modern technology has also enabled the company to avoid using harmful chemicals, reduce power consumption and minimize industrial exhaust fumes, helping us create sustainable, user-friendly products and protect the environment.

The company also prioritizes the use of organic and recycled materials to meet consumer demand in the era of green, circular economy trends.

Sustainable production helps the company manage the consumption of power, water and chemicals, as well as the discharge of exhaust fumes, creating a better working environment. Our products meet growing customer requirements, enhancing the company’s prestige and helping it attract more orders in the context of increasingly fierce competition.

Ha Duyen & Ngoc Thuy   LINK

"Tidbits From TNT" Friday Morning 12-30-2022

TNT:

Alf:  Well we got one day to go until this hectic year is a memory. any ideas how we should remember it?

Ivantulafitov:  Did you all see that they are legalizing hopium in January?

RVAlready:  Morning guys!!! Waiting for CBI and bankers again, for the millionth time.

Alf:  rvalready, I'm not looking for any movement until 1-2-23!

RVAlready:  Me either. I think the IMF was planning nothing until Jan 2023. Just a pain for us and the citizens.  Just hope they are fully ready for January.

MuddyRiver:  The budget process, imo, will take 30 to 45 days. They never do anything on time.

RVAlready:  We are not waiting on the budget… Only parliament thinks the budget has any relevance…. CBI just needs to issue the rate, and all will be good.

Tishwash:  Al-Amiri: The dollar's rise is part of a scheme to control the Iraqi economy

The head of Al-Fateh Alliance, Hadi Al-Amiri described, on Friday, the rise in the exchange rate of the dollar against the dinar as a plan to control the economy in Iraq

This came during a speech by Al-Amiri during the "Perfume Al-Sawater" festival, which coincides with the third anniversary of the assassination of the deputy head of the Popular Mobilization Forces, "Abu Mahdi Al-Muhandis," and the prominent Iranian general, Qassem Soleimani, with an American air strike in early 2020.

Al-Amiri said during the speech, "The Jihad Fatwa was able to unite all energies to fight ISIS."

The head of the Al-Fateh Alliance indicated that "we have another battle that is no less important than the previous stage, which is the soft war, and we must contribute to this battle," noting that "fighting the scourge of drugs is no less important than fighting ISIS, if not as dangerous."

Al-Amiri warned that "the battle today must be a battle for economic independence and the rise of the dollar is part of a scheme to control the economy."   link

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CandyKisses:  Al-Sudani's private lawyer reveals the details of the lawsuit against the governor of the Central Bank and the position of the Sadrist movement

Baghdad - Iraq Today:

The lawyer of the Prime Minister, Muhammad Majeed Al-Saadi, the author of the lawsuit against the Governor of the Central Bank, revealed that the current head of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, does not have an important condition of the bank's conditions and lacks economic experience, ruling out the relationship of the Sadrist movement to support the governor in this regard, given his complete withdrawal from the state.

Al-Saadi said, in press statements, we have already filed a call to the Federal Court on this day, regarding the Central Bank of Iraq and its governor, because it is not possible to manage crises under exceptional circumstances, as he does not have an important condition of the Central Bank, namely to be a banking or economic man, but the governor is a man specialized in law, and we based the lawsuit on Article 13 of the Central Bank Law, which is the lack of conditions for the current governor of the Central Bank of Iraq.

The lawyer who filed the lawsuit against the governor of the Central Bank pointed out that his lawsuit will be held next Monday before the Federal Court, in person, and in the presence of his representative, Ahmed Mazen Makiya.

Mohammed Majeed al-Saadi pointed out that Central Bank Governor Mustafa Ghaleb Makhif "does not have any experience in this field in terms of financial and economic banking, as he is a jurist".

He said the central bank "was run in a period where there were no economic crises".

"The importance of management and leadership in light of crises is highlighted, and the management of the Central Bank was good until two crises appeared, the first in the time of Al-Kadhimi when the dollar exchange rate rose to more than 20 points, and now it has risen by more than 10 points, in addition to their financial and economic policy in other aspects that are not visible to the public," he said.

"The matter has not been addressed by the central bank, as is the case experienced by the Russian government and currency, despite US pressure from the Federal Bank, due to political demands to pressure the Iraqi Prime Minister, Mohammed Shia al-Sudani," he said.

The prime minister's lawyer, Mohammed Majid al-Saadi, stated that he "went down the legal path in this file, not the political one."

The Sadrist movement has withdrawn all its activities from the Iraqi state, he said, ruling out that the Sadrist movement is "supportive of the governor of the Central Bank".

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Tishwash:  Iraq remains under the tutelage of the corrupt." Research centers describe combating corruption as a "joke

Today, Friday, The National International News Network described the anti-corruption efforts of the Iraqi authorities as a "joke", while confirming the country's complete fall under the control of corruption sponsorship networks affiliated with official political parties. 

In a report translated by the network (Baghdad Today), the network stated that "Iraq is waging today a losing battle against corruption that lasted for more than twenty years, during which it was unable to achieve any significant victory," noting that "the defendants in the case of the theft of the century escaped from legal accountability." 

The network stated that "experts emphasized that the problem of Iraq, which represents an obstacle preventing its ability to win the war on corruption, is the involvement of many political parties in corruption networks and their direct sponsorship," noting that "it is unlikely that the Sudanese government or its anti-corruption committees will be able to hold high-level officials accountable." In the state apparatus and the political parties that form the government. 

 One of the officials of the former government records review committee, confidentially told Al-Shabaka, assuring it that "any research into a major corruption case leads to links to high-ranking political parties. There is no major theft that these parties were not given a share of." 

He went on to say that "special grades are one of the biggest factors of great corruption in the country, as they are appointed by the Council of Ministers and it is impossible to remove them from their positions or transfer them even by the minister responsible for the institution in which they work, as this requires direct approval from the Council of Ministers itself, the matter Which makes removing the corrupt among them impossible, especially if they have close ties to political parties within the Council of Ministers. 

The network also indicated that "other experts and local officials in Iraq, who refused to reveal their identities, confirmed that" special positions are usually granted to incompetent personalities or those linked to influential political parties, who usually use their positions to obtain illegal funds through which they finance these parties.

For his part, Omar al-Nadawi, a researcher at the Peace Empowerment Center in Iraq, told Al-Shabaka also that "the biggest challenge facing anti-corruption committees in Iraq is the absence of qualified cadres or those who are not afraid of being intimidated by political parties," stressing, "after twenty years." Due to the growth of the system of official corruption sponsorship networks, there are simply no longer many honest officials or those who are able to assume the responsibility of combating corruption in official circles and to engage in war with those parties," as he put it. 

The director of the Etoica Rescue Consulting Center, Kiroc Soel, described anti-corruption efforts in Iraq as a "joke," explaining that "the new and former head of the Commission, with political connections, failed under the administration of two authorities to achieve any tangible results with anti-corruption efforts," he said.   link

Mot:  ......... those few moments Just After the Tree is ----

Mot:  ...... Putting da Tree Away - ""Tip"" ~~ from Mot of Course! ~~~

Friday Morning Iraq Economic News Highlights 12-30-22

Friday Morning Iraq Economic News Highlights 12-30-22

Fixing The Dollar And Oil In The 2023 Budget And The Truth About US Sanctions.. "Sami's Spectrum" Reveals The Details

2022-12-30 03:28  Shafaq News / The Minister of Finance, Taif Sami, revealed, on Friday, new details related to the draft federal budget law for the year 2023, while indicating that it included a fixed price for the exchange of the dollar, in addition to the file of installing lecturers and contracts in all state institutions.

Sami said, in an interview with the official agency, followed by Shafaq News Agency, that "the general budget will focus primarily on the health sector, supporting hospitals, reducing operations abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for projects." small in the Ministry of Labor.

She added, "The price of a barrel of oil, which has been set so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and it has not yet set the total amount of the budget, while the dollar exchange rate has been fixed at 1450."

And the Minister of Finance indicated that "the draft general budget law may include a study to impose some taxes on the oil derivatives sector, if approved by the House of Representatives, which would enhance revenues."

And Sami pointed out, "Monetary policy is the responsibility of the Central Bank of Iraq, but there is an act of solidarity, and an example of this is the central bank's directives to banks affiliated with the Ministry of Finance to sell the dollar at the official price for travel purposes," noting that "there is a committee formed on the file of the high exchange rate that will be presented." The Council of Ministers to vote on new matters.

And the minister refuted the current talk about the American side’s intention to impose restrictions and penalties on the banking sector and others, adding: “There is a platform and a joint system between the Federal Bank and the Central Bank that was supposed to work on it since 2018, but it was implemented for auditing purposes now, so it caused Temporary rise in the exchange rate and it will return to its normal stability.   LINK

Minister Of Finance: The Exchange Rate Of The Dollar Was Fixed At 1450 Dinars In The Budget

Economie  - 12-30-2022 Number of readings: 3644  Friday, Finance Minister Taif Sami informed the Iraqis about the general budget and dollar exchange rates, in addition to fixing contracts and lecturers.

Sami said, in an interview with the official agency, that “the ministerial program that was approved by the Council of Ministers includes the current expenditures of some ministries, and other investment projects that the Ministry of Planning worked on and included in the 2023 budget, noting that “the Ministry of Finance received the ministerial curriculum and its expenditures from the ministries that were included within the Public Budget.”

Sami added, “The general budget will focus primarily on the health sector, supporting hospitals, reducing operations abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for small projects in the Ministry of Labor.”

And she explained that “the Ministry of Finance is still working on completing the general budget law for the year 2023, and there are meetings held with the Prime Minister to include the directors, and they have not yet been sent to the Council of Ministers, Stressing that “the budget will include the establishment of a development fund, and we set its allocations for the investment platform with a text in the law on how to support it and prepare its internal system and draft within a year.

And the Minister of Finance continued, “The price of a barrel of oil, which has been set so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and the total amount of the budget has not yet been set, while the exchange rate has been fixed at 1450.”

And she stressed that “the draft general budget law may include a study to impose some taxes on the oil derivatives sector, if approved by the House of Representatives, which would enhance revenues.”

Lecturers File

Sami said, "The lecturers' file took a large part with the government, which is working to end it," noting that "all the lecturers who were included in the financial allocation decision by granting them 250,000 are covered by the confirmation decision, and They are considered contracts from the date of 2019, amounting to 289,000.”

Regarding the file of the 2020 lecturers, Sami explained that “the lecturers for the year 2020 have not had funds allocated for them within the Food Security Law, and they need to raise their costs by the Minister of Education and present them to the Council of Ministers, and calculate their costs within Resolution 315.”

Install Contracts

And Sami indicated that “the file for installing contractors and workers in state institutions will include everyone who has two actual contract years, and the mechanism for installing them will be from two directions: the first is the departments that will bear the costs in full, And the other there are allocations for high ministries through transfers, while the state bears the financial differences for the ministries that have numbers.” Large allocations are not enough to cover it.

Exchange Rate

And Sami noted that “monetary policy is the responsibility of the Central Bank of Iraq, but there is an act of solidarity, and an example of this is the central bank's directives to banks affiliated with the Ministry of Finance to sell the dollar at the official price for travel purposes,” noting that “there is a committee formed on the file of the high exchange rate that will be presented to the Council of Ministers to vote on new matters.

She explained that “talk about the American side's intention to impose restrictions and sanctions on the banking sector and others is untrue,” noting that “there is a platform and a joint system between the Federal Bank and the Central Bank that was supposed to work on it since 2018, but it has been implemented for auditing purposes now.” Therefore, it caused a temporary rise in the exchange rate, and it will return to its normal stability.

And she indicated that “there are other measures taken to address the high exchange rate, including working on customs exemptions and providing facilities to merchants to prevent smuggling and extortion, and this will achieve positive purposes, including higher revenues,” noting that “the Ministry of Agriculture will approve the import license, and the mechanism for issuing it will be within one day.”

The White Paper

Sami added, "The ministerial curriculum included a large number of paragraphs of the white paper, especially the automation of customs and taxes, the comprehensive banking system, the unified treasury, and other files."

Theft Of The Century

And she pointed out that "there are two batches that have been returned from the refunded amounts related to tax insurances, and there are other payments that will be returned and delivered to the Integrity Commission in a special account in coordination with the investigation court."

https://www-dijlah-tv.translate.goog/index.php?page=article&id=322221&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The budget was not sent to the Council of Ministers and work is underway to complete it.. Important statements by Finance Minister Taif Sami

Finance Minister Taif Sami:

🔴 The budget was not sent to the Council of Ministers and work is under way to complete it.

🔴 The general budget will focus on the health sector, supporting vulnerable classes, and raising the ceiling of loan capital for small projects.

🔴 The budget will include the establishment of a development fund and we have established its allocations for the investment platform.

🔴 The price of a barrel that has been set so far in the budget is $65, and it may reach $70

. 🔴 The general budget bill may include a study to impose some taxes on the oil derivatives sector.

🔴 The government is working to finish the lecturers file.

🔴 All lecturers who were included in the financial allocation decision to give them 250 thousand are covered by the installation decision.

🔴 289 thousand records included with installation.

🔴 The 2020 lecturers were not allocated funds within the Food Security Act.

🔴 The 2020 lecturers need to raise their cost from the Minister of Education, present it to the Council of Ministers, and calculate their cost within Resolution 315.

🔴 There is a committee formed on the exchange rate hike file and it will be presented to the Cabinet to vote on new matters.

🔴 Talking about the American side's determination to impose restrictions and penalties on the banking sector and others is a disgrace to health.

🔴 There is a common platform and system between the Federal and Central Banks that were supposed to be working on since 2018, but the work has been applied for audit purposes now.

🔴 The application of the platform has caused a temporary increase in the exchange rate and will return to its normal stability.

🔴 There are other measures taken to address the high exchange rate, including working on customs exemptions and providing facilities to merchants to prevent smuggling and extortion.

🔴 The file for installing contractors and procedures in state institutions will include everyone who has two actual contract years.

🔴 The mechanism for installing contractors and the procedure will be from two directions: the first: the departments that will fully bear the costs, and the other there are allocations for high ministries through transfers, and the state bears the financial differences for the ministries that They have large numbers and allocations that are not enough to fill them.

🔴 The exchange rate of the dollar was fixed at 1450 dinars in the budget.

🔴 New batches of theft of the century will be returned

LINK

Deputy: All Blocs Support The Sudanese Government, And For This Reason The Budget Has Been Delayed

Policy  2022-12-29 | 13:25  Source:  Alsumaria News  2,886 views  Member of Parliament Souad al-Maliki stressed, today, Thursday, that the delay in completing the federal budget law was due to the fixation of service contracts and projects, explaining that all blocs support the Sudanese government for its success.

Al-Maliki said in an interview with the program "Publicly", which is broadcastSumeriansatellite channel, that "the budget law was not completed, but we see that it included jobs, fixing contracts, and fairness to the poor classes by allocating large sums of money to these files."

She added: "The draft budget did not reach the Strategic Committee and Parliament, and there are still great efforts to complete the budget, and there are important projects that are fixing contracts, electricity and other service projects, and there is a study with The Ministry of Planning And the  Ministry of Finance to finalize the budget.

Al-Maliki indicated that "the instability of international oil prices also delays the adoption of the budget."    LINK

Iraqi News Highlights Thursday Evening 12-29-22

Iraqi News Highlights Thursday Evening 12-29-22

Tlm724 Administrator Bondlady’s Corner

The Stability Of The Price Of The Dollar In The Upcoming Budget Is One Of The Reasons For Its Price Fluctuation

Jalil Al-Lami to / NINA /: Thursday 29 December 2022 14:20 | Economical Number of readings: 345  Baghdad / NINA / - The economist, Jalil Al-Lami, confirmed that the stability of the dollar price in the next budget is one of the reasons for its price fluctuation.

He told the National Iraqi News Agency / NINA /: The reasons for the recent rise in exchange rates are not due to poor coverage in meeting the needs of the local market. But due to technical conditions that caused confusion in the arrival of remittances to their destination.

Al-Lami added: There are other reasons related to the high demand during this period, including loans granted by the state to buy residential homes and cars that need hard currency.

He continued: The Iraqi citizen is greatly affected by rumors, which is another factor in the rise in dollar prices.

Al-Lami indicated that merchants were convinced of the stability of the dollar's price and that it would not be changed again in the general budget. What prompted them to buy the dollar in order to finance their foreign trade after they refrained from buying the dollar during the last period./ Ended 3

https://ninanews.com/Website/News/Details?Key=1023211

Mazhar Muhammad Saleh: The External Transfer Platform Meets 90% Of The Market Demand For Dollars

Money and business   Economy News-Baghdad   Today, Thursday, the advisor to the Prime Minister, Mazhar Muhammad Salih, clarified about 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.

Saleh said, to the Iraqi News Agency (INA), that "Iraq is one of the largest countries in the region in 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."   Views 232   Added 12/29/2022 - 12:23 PM   Updated 12/29/2022 - 8:31 PM

https://economy-news.net/content.php?id=31590

Association Of Banks: Central Bank Measures Will Restore The Money Market To Balance

Money and business  Economy News – Baghdad On Thursday, the Association of Iraqi Private Banks confirmed its support for the Central Bank's measures to control the money market.

The Association's advisor, Samir Al-Nusairi, said in a statement, "Our banks, which were identified by the Central Bank, considered them additional outlets for providing US dollars to traveling citizens, which they need for the purposes of travel and treatment, at the price of 1470 dinars, with borders and a flexible and smooth mechanism throughout the days of the week, in addition to Fridays, Saturdays and official holidays."

He added, "The Central Bank worked to increase the weekly share of these banks to 1,800,000 dollars, and under on-site and field follow-up by the bank," noting that "our banks have always been known for their national and supportive role to support the central bank's measures in the economic crises that Iraq has gone through previously and now." .

He stressed that “the decisions issued by the Central Bank, and the new mechanisms and instructions related to raising interest rates and the special commission for the investment financial products of the Central Bank, so that banks can invest their surplus liquidity with the bank according to special details, and open the windows of forward investment (90 days, 182 days, 364 days) and issue new mechanisms.”

For deposits for banks wishing to participate in the currency window, it allows banks to purchase any amounts in foreign currency and deposit them in accounts used for external transfers only, and interest / returns are paid on those balances according to the new mechanism.

He pointed out that "the Central Bank took measures during the past two weeks to increase the supply and provision of the dollar to merchants, businessmen and importers through banking outlets directly without the mediation of intermediaries, which will restore the money market to its balance regardless of any political news, fabrications, fabrications and non-specialized analyzes."

Al-Nusairi explained, "The central bank's assurances of the availability of foreign cash reserves exceeding $96 billion and its ability to supply dollars in sufficient quantities to meet the requirements of demand will inevitably enable it to control the money market quickly."

Al-Nusairi called on the competent government agencies to "assign the central bank's procedures in accordance with its tasks and duties contained in its law in force and its previous successful experiences, to control the exchange rate," calling on "the national media with all its visual, audio and print means to support the procedures and decisions issued by the central bank."

He pointed out that "the governor of the Central Bank confirmed that the economic situation of our resources from the US dollar cannot be compared to the case of Lebanon and neighboring countries," stressing that "the current rise is temporary and will return to its previous levels, and the Iraqi dinar will continue to be strong and stable."

Views 205   Added 12/29/2022 - 3:46 PM  Updated 12/29/2022 - 8:30 PM

https://economy-news.net/content.php?id=31593

An Expert Comments On Expectations Of A Rise In Oil Prices To $120

Energy    Economy News – Baghdad   On Thursday, oil expert Bassem Anton predicted a limited drop in oil prices, to range between 70 and 75 dollars per barrel, if a settlement is reached between Russia and Ukraine.

Anton said that expectations of a rise in oil prices to $120 a barrel in 2023 is illogical, as this level is unacceptable by many international bodies, who believe that it will reflect inflation in the prices of all goods and commodities, in addition to the levels of demand for oil. You will not be able to bring it to these levels.

According to Anton, the continuation of the Russian-Ukrainian war will keep oil moving within the current price margin, while if a settlement is reached between the two parties, a limited and not significant decrease will occur, so that prices range between 70 and 75 dollars a barrel, with OPEC + confirming that it will adopt the proactive method in its future decisions. Just as it did about two months ago when it decided to reduce its production by two million barrels to create a balance in the market.

Anton indicated that OPEC expected global oil demand to rise by about 2.2 million barrels per day in 2023 to 101.77 million barrels, noting that easing the zero-Covid policy in China would provide some upward support for prices, according to Sky News Arabia. .

Views 197   Added 12/29/2022 - 5:25 PM   Updated 12/29/2022 - 8:43 PM

https://economy-news.net/content.php?id=31595

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

https://www.bondladyscorner.com/

Vietnam News Posted by Henig at KTFA 12-29-2022

KTFA:   Vietnam:

Henig:  Efforts underway to boost trade with UK

06:00 | 29/12/2022

(VEN) - Both capital and production technology of domestic enterprises remain modest, it is necessary to connect resources in order to help businesses efficiently take advantage of the UK-Vietnam Free Trade Agreement (UKVFTA), said Ngo Chung Khanh, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Multilateral Trade Policy Department in a talk with Vietnam Economic News’ Hoa Quynh.

What is your assessment of the UKVFTA’s impact on UK-Vietnam trade?

We have seen that the UKVFTA has benefited both sides. The UK’s exports to Vietnam are increasing significantly, helping to balance the bilateral trade and at the same time enabling Vietnamese manufacturers to make use of more UK sources of raw materials, technologies and products to improve production capacity.

Vietnamese enterprises export coffee, pepper, vegetables, garments, and footwear to the UK, achieving growth of almost 100 percent and implementing market diversification strategies.

To what standards and practices should Vietnamese exporters pay attention in trade with the UK?

In addition to preferential tariffs under the UKVFTA, other advantages for exports to the UK are related to that market’s diversification of supply sources. However, the UK’s high standards and different thinking about environmental and labor issues are factors to which businesses need to pay attention. The UK has a traditional relationship with its former colonial countries, India and Pakistan for example, which compete with Vietnam’s strong products, such as rice.

Despite certain difficulties, the UK is a high-potential market for Vietnamese exports. However, many Vietnamese exporters are not confident of entering a new market with strict standards and barriers like the UK, hampering achievement of Vietnam’s targets related to the UKVFTA. While both capital and production technology of domestic enterprises remain modest, it is necessary to connect resources in order to help businesses efficiently take advantage of the UKVFTA.

What will the Ministry of Industry and Trade do to help enterprises take advantage of the UKVFTA?

The relevant authority needs to replicate successful export models and implement market access sharing programs for businesses in order to maintain export growth to the UK.

Based on the experience of UKVFTA implementation since May 2021, the Ministry of Industry and Trade will work with localities and sectors to promote the agreement in accordance with the actual needs of enterprises. The ministry will build and operate an FTA portal to increase regular interaction with businesses.

We expect that local authorities will have a stronger involvement in the UKVFTA implementation. The government recently approved a project to evaluate FTA implementation efficiency in localities, which is expected to boost local authorities’ activity in accompanying enterprises’ FTA exploitation.

Hoa Quynh   LINK

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Henig:  Potential remains for Vietnam’s exports to EU

10:49 | 28/12/2022

The Ministry of Industry and Trade (MoIT) on December 27 organized a conference to review the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) over the last two years.

Speaking at the event, Deputy Minister of Industry and Trade Tran Quoc Khanh said that since August 2020, Vietnam and the EU have seen positive results in their two-way trade despite the COVID-19 pandemic.

In the first year of the EVFTA’s implementation, bilateral trade between Vietnam and the EU reached US$54.9 billion, up 12.1 percent over the same period the previous year, of which export revenue reached US$34.5 billion, up 11.3 percent.

In the second year, it reached US$61.4 billion, up nearly 11.9 percent, of which exports reached US$45 billion, up 17 percent.

In the first 11 months of 2022, two-way trade turnover reached US$57 billion, up 14 percent over the same period last year, of which exports reached US$43.5 billion, up 21 percent. Key export products from Vietnam recorded positive growth such as textiles, footwear, and seafood, with year-on-year increases of 24 percent, 19 percent and 41 percent, respectively.

The results show that Vietnamese enterprises have taken advantage of the EVFTA. Four out of ten Vietnamese enterprises have benefited from the EVFTA, according to the Vietnam Chamber of Commerce and Industry.

However, according to the MoIT, the EU market still offers opportunities for Vietnamese enterprises despite facing difficulties in accessing the market.

Deputy Minister Khanh said that Vietnam's brand has not been built or is not popular in European countries.

The value and benefits that Vietnamese businesses earn are not commensurate with their potential, he added.

Ngo Chung Khanh, Deputy Director General of the MoIT’s Multilateral Trade Policy Department, said that the ministry plans to coordinate with other ministries and agencies to further provide enterprises with EVFTA-relating information.

Besides, the ministry will also assess the implementation of the EVFTA in provinces and cities nationwide through FTA INDEX which is expected to launch in late 2023.

The ministry will open training courses for enterprises, and speed up solutions to support enterprises in accessing and taking advantage of the EVFTA.

VNA    LINK

KTFA Members "News and Views" Thursday Afternoon 12-29-2022

KTFA:

Clare:  In numbers, the central bank reserves increased by 46% of the foreign currency

12/29/2022

The Central Bank of Iraq achieved a value of assets amounting to about 200 trillion dinars during the month of November, with an annual increase of 36%.

The economist Manar Al-Obeidi said in a statement, which {Euphrates News} received a copy of, "The central bank's reserves amounted to 96 billion US dollars, an annual increase of 46%, and the value of the cash currency exported increased to reach more than 84 trillion Iraqi dinars, an annual increase of 10%.

And that, "depending on the value of reserves in foreign currencies, the value of the exported monetary currency, and the value of gold in the global markets."

He pointed out, "The value of one gram of gold is equivalent to 46,000 Iraqi dinars, with an annual increase in the value of the dinar, which amounted to 84%, as the value of one gram of gold was equivalent to 67,000 dinars in November of last year." 

Al-Obaidi continued, "The lowest actual value of the Iraqi dinar against gold reached in the fifth month of 2021, when one gram of gold reached its actual value of 72,000 dinars."

He explained that "this rise in the value of the Iraqi dinar as a result of the growth of reserves and offset by less growth in the exported monetary currency, which contributed to strengthening the actual value of the Iraqi dinar against the price of gold."     LINK

Zeeman:  good article claire. this clearly shows that the cbi is making big money while the citizens are getting shafted. imo the pressure is mounting from all sides for a big change soon

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Henig:  MP from Maysan: The government is required to be frank with the people about the party responsible for the high price of the dollar

Al-Amarah / NINA / - The MP of Maysan Governorate, Ruqayyah Al-Nuri, confirmed: "The high price of the dollar represents a great suffering added to the poor citizen."

Al-Nouri added, "The government must work hard to save the poor from the catastrophe of the rising dollar and market prices and foodstuffs," calling on the government to quickly address this problem as it threatens the food and life security of poor citizens.

She explained that: "The rise in the price of the dollar certainly came with American interventions and measures hostile to the power of the Iraqi people, to fight them at their foodstuffs to inflame the street against the current government of services and reconstruction."

She indicated that the government is required to be honest with the people and announce the party that caused the rise in the price of the dollar.   LINK

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Henig:  Parliamentary Finance: The Central Bank bears the rise of the dollar and the government's move to the US Federal Reserve

  {Economic: Al Furat News} The Parliamentary Finance Committee held the Central Bank of Iraq responsible for the rise in dollar prices, while it revealed a government move by the US Federal Reserve.

Committee member Moein Al-Kazemi said; For the program “Alam al-Mustra” broadcast by Al-Furat satellite channel this evening: “It is known that the House of Representatives is in a state of legislative recess, and it ends on the 8th of next month, and on the 9th of it, the parliament meets and the Speaker of the House of Representatives is absent from this event. The rise in the price of the dollar.

He pointed out, "The problem of the House of Representatives is the delay in resolving the 25 specialized committees and their incompleteness until this moment, and 70 replacement deputies have not been distributed, and the committee chairs are still run by the elderly."

Al-Kazemi added, "The Central Bank of Iraq bears the responsibility for raising the exchange rate, and the government must take serious measures to rein in this hike, and there should be a ready plan to address errors in the window for selling the currency."

And he stated, "The Iraqi-Iranian circulation was more during the time of the past government than the current government, and about 7 million dollars were spent, with the knowledge of the American side; but there are mistakes on the part of the Central Bank on the part of the currency window, and the money is not transferred to import."

He pointed out, "The central bank's agreement now with an international company to verify Iraqi financial transfers, and we should communicate with experts and the private sector in discussing this crisis and benefit from economic experts," calling for "the formation of a staff to deal with raising the price of the dollar." 

Al-Kazemi continued, "There is a race today to buy the dollar, unlike yesterday, because of the media and psychological obsession, and the government must work hard not to keep any justification in front of the American side, and there must be a new method for disbursing the dollar through direct dealings with merchants instead of dealing with the window of private banks."

He attributed the rise in dollar prices to "several reasons, including the imposition of the US ban on 4 Iraqi banks, and then informing the Central Bank of the procedures for money transfers," describing them as "shocking measures that were not in prior coordination with the Iraqi government." 

And Al-Kazemi added, "The measures taken that stopped some money transfers and the ban led to other banks' apprehension and fear of entering the currency auction in addition to political reasons, and the Council of Ministers assigned the Minister of Finance to approach the US Federal Reserve, so that there would be coordination with the Central Bank of Iraq in this regard."

On the other hand, Al-Kazemi criticized the dollar exchange procedure for travelers via Master Card, describing it as "it will not work to provide dollars in the local market, which is a discouraging experience."    LINK

Clare:  After a rapid collapse of the Iranian currency.. the resignation of the head of the Central Bank of Iran

12/29/2022 

 Days after the historic collapse of the Iranian currency in the markets, the head of the Central Bank of Iran, Ali Saleh Abadi, resigned from his post today, Thursday.

 The official Iranian news agency, IRNA, confirmed that in the meeting of the Iranian cabinet headed by Ibrahim Raisi, “Ali Salehabadi” resigned and “Mohammed Reza Farzin” was appointed as his successor.

Mohammad Reza Farzin is a professor at Allameh Tabatabazi University in Iran and has a proven track record in the banking sector, including the CEO of the Iranian “Melli” Bank, the head of the “Karavrin” bank, and a member of the board of directors of the “Kashwarzi” bank.

Farzin also held the position of Chairman of the National Development Fund of Iran and Deputy Minister of Economy for Economic Affairs in the government of Mahmoud Ahmadinejad.

Iran witnessed a historical decline in the exchange rate, as the dollar traded in the local markets at more than 440,000 Iranian riyals.     LINK

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Clare:  Association of Banks: Central Bank measures will restore the money market to balance

12/29/2022

On Thursday, the Association of Iraqi Private Banks confirmed its support for the Central Bank's measures to control the money market.

The Association's advisor, Samir Al-Nusairi, said in a statement, "Our banks, which were identified by the Central Bank, considered them additional outlets for providing US dollars to traveling citizens, which they need for the purposes of travel and treatment, at the price of 1470 dinars, with borders and a flexible and smooth mechanism throughout the days of the week, in addition to Fridays, Saturdays and official holidays." 

He added, "The Central Bank worked to increase the weekly share of these banks to 1,800,000 dollars, and under on-site and field follow-up by the bank," noting that "our banks have always been known for their national and supportive role to support the central bank's measures in the economic crises that Iraq has gone through previously and now." .

He stressed that “the decisions issued by the Central Bank, and the new mechanisms and instructions related to raising interest rates and the special commission for the investment financial products of the Central Bank, so that banks can invest their surplus liquidity with the bank according to special details, and open the windows of forward investment (90 days, 182 days, 364 days) and issue new mechanisms.” For deposits for banks wishing to participate in the currency window, it allows banks to purchase any amounts in foreign currency and deposit them in accounts used for external transfers only, and interest / returns are paid on those balances according to the new mechanism.

He pointed out that "the Central Bank took measures during the past two weeks to increase the supply and provision of the dollar to merchants, businessmen and importers through banking outlets directly without the mediation of intermediaries, which will restore the money market to its balance regardless of any political news, fabrications, fabrications and non-specialized analyzes."

Al-Nusairi explained, "The central bank's assurances of the availability of foreign cash reserves exceeding $96 billion and its ability to supply dollars in sufficient quantities to meet the requirements of demand will inevitably enable it to control the money market quickly."

Al-Nusairi called on the competent government agencies to "assign the Central Bank's procedures in accordance with its tasks and duties contained in its law in force and its previous successful experiences, to control the exchange rate," calling on "the national media with all its visual, audio and print means to support the procedures and decisions issued by the Central Bank."

He pointed out that "the governor of the Central Bank confirmed that the economic situation of our resources from the US dollar cannot be compared to the case of Lebanon and neighboring countries," stressing that "the current rise is temporary and will return to its previous levels, and the Iraqi dinar will continue to be strong and stable."   LINK

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

Clare:  Al-Sudani Advisor: The external transfer platform meets 90% of the market demand for currency

12/29/2022

Baghdad - Conscious - Nassar Al-Hajj

Today, Thursday, the advisor to the Prime Minister, Mazhar Muhammad Salih, clarified about 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.

Saleh said, to the Iraqi News Agency (INA), that "Iraq is one of the largest countries in the region in 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 the 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."   LINK