Iraqi News Highlights Monday Afternoon 1-2-23

Iraqi News Highlights Monday Afternoon 1-2-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Expectations Of The Arrival Of The Federal Budget To Parliament Next Week

Monday 02 January 2023 16:36 | political Number of readings: 161   Baghdad / NINA / Representatives from different blocs expected the arrival of the federal budget law with the beginning of the legislative term on the ninth of this month./   https://ninanews.com/Website/News/Details?key=1023901

Central Bank: We Need The Cooperation Of The Ministries Of Commerce And Finance To Control The Price Of The Dollar

Money and business  Economy News-Baghdad   A member of the Board of Directors of the Central Bank, Majed Al-Suri, called, on Monday, for government measures to be taken to support the bank's measures in the face of the rise in the exchange rate.

Al-Suri told "Al-Iqtisad News" that "the central bank moved through monetary policy tools to control the price hike by facilitating access to the dollar and allowing cash sales to travelers, whether for tourism, study or treatment, through the electronic card, at a value of 10 thousand dollars."

He explained that "the monetary measures of the Central Bank will not be integrated or achieve their fruits without being matched by financial measures by the government, which is to control borders and taxes and check import licenses."

Al-Suri, a representative of the private sector in the Central Bank, pointed out that "the government's financial policy must be carried out by the Ministry of Finance by controlling borders and taxes, and by the Ministry of Commerce by checking import licenses."

He pointed out that without communication between these agencies and focusing spending on economic development, the measures of the Central Bank alone are not sufficient in addressing the issue of the exchange rate.  Views 218  Added 01/02/2023 - 12:40 PM  Updated 01/02/2023 - 6:08 PM

https://economy-news.net/content.php?id=31652

Al-Sudani: The Fluctuations In The Exchange Rate Made Us Adhere To The Inevitability Of Economic Reform

political| 02:18 - 02/01/2023   Baghdad - Mawazine News, Prime Minister Muhammad Shia Al-Sudani, today, Monday, made an inspection visit to the Ministry of Industry and Minerals.

Al-Sudani was briefed, according to a statement by his office, on "the progress of work in the ministry's factories and companies, and he also chaired a meeting of the advanced staff, and listened to a briefing by the Minister of Industry about the ministry's investment plan for development, its vision towards supporting strategic industries, and the obstacles facing upgrading the industrial reality in Iraq, as well as Learn about lagging projects and ways to address them.

Al-Sudani stressed that "his visit to the ministry at the beginning of the new year reflects the government's keenness to implement its ministerial curriculum that focuses on services and the economy," noting that "economic reform is an introduction to social reform, and it is not an intellectual luxury or media consumption."

He added, "The exchange rate fluctuations and their impact on the Iraqi economy made us adhere to the inevitability of economic reform, support for agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a passage for smuggling hard currency and money laundering," noting that "Iraq has an opportunity to rise as an industrial country." , with an industrial identity, and that the government is supportive of the industrial sector in this path.

And he stressed the need for "the industry to be far from political investment, and for partnership with the private sector to contribute to the advancement of the Iraqi industry." He also directed "to work to protect the local product as a means to support the private sector, and to reduce dumping of the local market with imported goods."

The Prime Minister also directed, to "audit industrial development licenses, and sponsor small and medium enterprises, as they establish major projects, and contribute to providing job opportunities." Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=215696

Financial Advisor: 93% Of The Demand For Dollars Goes Abroad

Money and business  Economy News-Baghdad   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Monday, that 93% of the demand for the dollar goes to foreign transfers, stressing that the new central bank measures imposed discipline on the currency market.

Saleh told "Al-Iqtisad News" that "what is happening in terms of the rise and slight fluctuation in the exchange rate in favor of the dollar in the parallel market is not caused by a problem with the adequacy of foreign reserves, as it is a force to intervene in the exchange market and provide sufficient supply to meet the demand for foreign exchange (as everyone knows The net reserves of the Central Bank of Iraq in foreign currency, which amounted to nearly $100 billion with government reserves, which is the highest in Iraq’s financial history), especially in reaching levels of adequacy, as those foreign reserves cover the value of the national currency issued into circulation by about (one and a half times) as These reserves cover about 20 months of importation, while the international standard does not exceed 3-6 as a maximum.

He explained, "What happened in terms of a slight decrease in the external value of the dinar or the exchange rate, as it represents a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency, as work was done a while ago (on an advanced electronic platform).

It links the request for transfers by local banks with correspondents from international banks and the relevant global compliance bodies at the same time, due to the fact that oil revenues are in dollars at the Federal Reserve Bank as a result of a previous UN Security Council Resolution No. 1483 in May 2003.

And he continued, "During the start of experimentation with the platform for checking external transfer requests a few weeks ago (and at the stage of submitting requests for foreign currency by private banks to the window for selling foreign currency at the Iraqi Central Bank in order to transfer it to their correspondents around the world) it became clear that there are shortcomings and information deficiencies that are not consistent with governance Transfers flowed through the global banking system, which returned some of them again or were rejected to complete the standard submission requirements again and follow the standard bases in disclosing the final beneficiary and other terms of bank disclosure and compliance.

He pointed out that "the new procedures have imposed discipline on the supply of foreign currency temporarily, requiring an adjustment period in order for private banks to practice global compliance rules in transferring for the benefit of beneficiaries from foreign trade financing operations to the private sector."

And he pointed out that "the problem is rooted in regulating the supply of foreign currency and not in the availability of foreign currency, which is, as we mentioned, in an abundant and more efficient manner, since the surplus rate in the hot account of the balance of payments touched positive 15% to the gross domestic product, which is a high indicator of external economic stability."

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

The financial advisor confirmed that "the sales of the Central Bank of Iraq's window still meet the demand for foreign currency in full, including the cash dollar for the purposes of travel and tourism, but the demand of private banks remains mostly on behalf of the bank's customers from merchants and others, which focuses on external transfers of dollars, which represents a demand for commodities."

And foreign services and benefits, as the percentage of requests for external transfer in dollars to foreign banks amounts to 93% of the total demand for foreign exchange from the window of the Central Bank and transferred to correspondent banks to pay import bills or what is called foreign trade financing for the private sector, trade finance.The problem is very temporary and applied.

Purely technical in the transfer procedures via the digital platform and not in the conduct of the country's monetary policy at all.  Views 206  Added 01/02/2023 - 1:28 PM  Updated 01/02/2023 - 6:25 PM    https://economy-news.net/content.php?id=31653

More Than 48 Billion Dollars... Central Bank Of Iraq Auction Sales In 2022

Monday, January 2, 2023 9:40 am  Follow-up / National News Center

The Central Bank’s sales in the hard currency auction of the US dollar during 2022 amounted to more than $48 billion.

And the Central Bank sold during the 12 months of last year 2022 in the days when it opened its auction for buying and selling US dollars 48 billion and 509 million and 271 thousand dollars, at a rate of 4 billion and 42 million and 439 thousand dollars per month.

The highest sales were in June, amounting to 5,300,417,000, while the lowest sales were in December, at 2,409,116,000 dollars.

These sales were distributed between remittances abroad to finance foreign trade, and cash sales to banks, while the sale price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 Iraqi dinars per dollar.    https://nnciraq.com/176409/

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

 https://www.bondladyscorner.com/

Monday Morning Iraq Economic News Highlights 1-2-23

Monday Morning Iraq Economic News Highlights 1-2-23

A New Decision From The Central Bank To Deal With The Dollar Crisis

01/02/2023   Earth News / The Central Bank of Iraq announced today, Monday, an increase in the number of banks selling foreign currency.

“After the success achieved by its initiative to enhance the stability of the currency market, the Central Bank of Iraq decided, today, Monday, to expand the number of bank outlets for selling foreign currency from 10 to 20 banks,” the bank said in a statement, which Earth News received, a copy of.

The bank also decided, according to the statement, “to increase the amounts allocated to these banks weekly to meet the largest possible number of those covered by the purchase of foreign currency in accordance with the instructions and controls issued by the bank,” revealing “the names of the banks covered by its new decision according to the table below.”

https://www.nasnews.com/me_ga.php?id=44463

https://earthiq.news/archives/182679

A New Decision From The Central Bank To Deal With The Dollar Crisis

Central Bank: We need the cooperation of the Ministries of Commerce and Finance to control the price of the dollar

Money and business  Economy News-Baghdad   A member of the Board of Directors of the Central Bank, Majed Al-Suri, called, on Monday, for government measures to be taken to support the bank's measures in the face of the rise in the exchange rate.

Al-Suri told "Al-Iqtisad News" that "the central bank moved through monetary policy tools to control the price hike by facilitating access to the dollar and allowing cash sales to travelers, whether for tourism, study or treatment, through the electronic card, at a value of 10 thousand dollars."

He explained that "the monetary measures of the Central Bank will not be integrated or achieve their fruits without being matched by financial measures by the government, which is to control borders and taxes and check import licenses."

Al-Suri, a representative of the private sector in the Central Bank, pointed out that "the government's financial policy must be carried out by the Ministry of Finance by controlling borders and taxes, and by the Ministry of Commerce by checking import licenses."

He pointed out that without communication between these agencies and focusing spending on economic development, the measures of the Central Bank alone are not sufficient in addressing the issue of the exchange rate.  Views 87   Added 01/02/2023 - 12:40 PM    Updated 01/02/2023 - 1:48 PM

https://economy-news.net/content.php?id=31

The Dollar Settles At 153 Thousand In The Iraqi Market

Economie| 10:07 - 02/01/2023   Baghdad - Mawazine News   The exchange rates of the dollar stabilized today, Monday, in the local markets.  Selling price: 153,000 dinars per 100 dollars  Buying price: 152,800 dinars per 100 dollars  https://www.mawazin.net/Details.aspx?jimare=215677

Parliamentary Finance Reveals The Date For Voting On The Budget Law For The Year 2023

01/02/2023   2117   Earth News / The Parliamentary Finance Committee revealed, today, Monday, the date for the House of Representatives to vote on the draft budget law for the year 2023.

Committee member Jamal Cougar told “Earth News” agency, “Until this moment, we do not know the reason for not completing the draft budget bill for the year 2023. By the Iraqi government, and we also do not know the reason for the delay in sending it to Parliament, as it is still with the government and is under construction, according to the latest information that has reached us.

And Cougar indicated that “we believe that the draft budget bill for the year 2023 will reach the House of Representatives during the current month, and after Parliament holds its sessions, and if it reaches us, we need more than two months to pass this law, and for this law it may be legislated next March.”

https://earthiq.news/archives/182657

Why is Iraq depositing oil revenues in the US Federal Reserve

Baghdad-Iraq today:   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified regarding depositing the revenues obtained for Iraq from the sale of oil.

Salih said, in an explanation, “(externally) and according to Security Council Resolution 1483 in May 2003, the revenues of the Ministry of Finance from crude oil, gas, exported derivatives, and other funds are deposited in the Federal Reserve Bank in New York, all of which are deposited in an account that was called DFI or its current alternative, Iraq / 2 And held by the Central Bank of Iraq on behalf of the state to deduct compensation for the Kuwait war that ended more than a year ago from crude oil, derivatives and gas (if any). The reserve is called Iraq/1.

And he added, "As a result, the protection of the former United Nations and the protection of the United States over Iraq's funds according to the presidential executive order annually is issued on the funds of the Central Bank of Iraq deposited in the US Federal Reserve In the United States specifically, (internal) all the aforementioned funds and others belonging to the Ministry of Finance are recorded in an account Internal in dinars 600/300 for settlement purposes.     LINK

Al-Sudani: The Fluctuations In The Exchange Rate Made Us Adhere To The Inevitability Of Economic Reform - Urgent

Policy  2023-01-02 | 06:17  Al-Sudani: The fluctuations in the exchange rate made us adhere to the inevitability of economic ref Default-Document-Picture

Al-Sudani: The exchange rate fluctuations made us adhere to the inevitability of economic reform LINK

The Dollar And The Crisis

22-12-27 13:14:00   Dr. Mustafa Al-Naji    political advisor   Book talk  13   The change in the exchange rate entered the country since its implementation in 2020 from 1182 to 1460 dinars to compensate for the decline in oil revenues at the time, in a spiral that hit the originally unstable Iraqi market.

Since the first formation of the current service government, the exchange rate has witnessed a change due to many factors, the first of which is the application of a regulatory system (the platform) to monitor financial transfers to and from Iraq, and the corruption prevailing in the money sector (the central bank - banks - remittance offices), as well as a major factor related to the United States.

America and its impact on the movement of hard currency, with conditions and restrictions that it considers as means of pressure on the Iraqi government and its dealings with countries that fall under US sanctions. All this and more, especially the fragility of the Iraqi financial sector and its impact on the news, data and positions published by social media.

The current government is concerned with confronting this crisis, and I am assured that it will take measures to ensure financial stability, and will address the change and change of the exchange rate in the next few days because it has the ability and capabilities to play this responsible role. Because it is a government that came from the suffering of the people and will not shirk its national mandate.

In this context, the following points are required:

1- Reassuring the Iraqi street by addressing it directly and clearly, and not leaving that space for tendentious media platforms. This is done through two paths:

The first is to invite all satellite channels to a government conference on the exchange rate crisis.

Second: Covering the government's activities with all its details related to the crisis.

2- The prime minister summoned the governor of the central bank (the governor did not perform his role as a competent authority in the crisis as required) and gave him 24 hours to provide practical solutions.

3- The possibility of pumping 10 million dollars into the market at the official exchange rate of 146 in the stock exchanges Al-Kifah - Al-Samuel - Al-Kadhimiya - Al-Harithiya - Basra - Mosul) within the next 24 hours.

These (simple and possible) procedures are sufficient to provide time space for the government to arrange its papers and determine the next paths of action.

https://www.alahad.iq/?page=article&itemId=148429

Hamoudi: The Dollar Crisis Is Our Chance To End Financial Tutelage

2023-01-01 | 06:58   Source:  Alsumaria News  3,896 views  Alsumaria News – Localities The head of the Islamic Supreme Council of Iraq, Hammam Hamoudi, confirmed today, Sunday, that the dollar crisis is an opportunity for Iraq to liberate itself from financial tutelage.

Hammoudi said in a statement received by Alsumaria News, "The dollar crisis is an opportunity for Iraq to liberate from financial tutelage, calling for rationing imports, involving national banks in development, investing savings and balances in vital projects, and betting on the national product, praising the government's measures to address the crisis by expanding sales outlets." currency, and what is related to preserving food prices and increasing the ration for those covered by care.

He stressed that "any renaissance that we aspire to will not be achieved without the role of the people and their cooperation with the government, as they are required to play a real role in follow-up, oversight, and constructive criticism, and not stand by in the face of any imbalance or tampering, and at the same time support any positive effort that serves their interests and future."

He urged the cadres of the Supreme Council to "activate its role in follow-up and oversight, and to harness all its activities and capabilities for service and social effort, with a pure intention of God," noting that "Iraq cannot be compared with other countries, because it is a country rich in its natural resources, human forces and scientific competencies, and its people possess the will Strong and self-pride, that is why we made our motto "Live on Dignity" because we are optimistic that the next phase is transitional towards a better reality.   LINK

Al-Sudani: The Exchange Rate Fluctuations And Their Impact Made Us Adhere To The Inevitability Of Economic Reform

Money and business  Economy News _ Baghdad  Prime Minister Muhammad Shia al-Sudani affirmed today, Monday, that the fluctuations in the exchange rate made the government adhere to the inevitability of economic reform, while he directed to scrutinize industrial development licenses.

The media office of the Prime Minister said, in a statement received by "Al-Iqtisad News", that "the Prime Minister, Muhammad Shia'a Al-Sudani, conducted an inspection visit today to the Ministry of Industry and Minerals," noting that "he was briefed on the progress of work in the ministry's factories and companies, and he also chaired a meeting of the staff."

He listened to a briefing by the Minister of Industry on the ministry's investment plan for development, its vision towards supporting strategic industries, and the obstacles facing the upgrading of the industrial reality in Iraq, and he was briefed on lagging projects and ways to address them.

Al-Sudani stressed that "his visit to the ministry at the beginning of the new year reflects the government's keenness to implement its ministerial curriculum that focuses on services and the economy," noting that "economic reform is a prelude to social reform, and it is not an intellectual luxury or media consumption."

The Prime Minister stated that "the exchange rate fluctuations and their impact on the Iraqi economy made us stick to the inevitability of economic reform, support for agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a passage for smuggling hard currency and money laundering," pointing out that "Iraq has an opportunity To rise as an industrial country, with an industrial identity, and that the government is supportive of the industrial sector in this path.

The Prime Minister stressed "the need for the industry to be far from political investment, and for partnership with the private sector to contribute to the advancement of the Iraqi industry," directing "to work to protect the local product as a means to support the private sector, and to reduce dumping of the local market with imported goods."

Al-Sudani also directed "to review permits for industrial development, and to sponsor small and medium enterprises, as they establish major projects, and contribute to providing job opportunities."

Views 77  Added 01/02/2023 - 2:36 PM   Updated 01/02/2023 - 4:07 PM

https://economy-news.net/content.php?id=31656

"Tidbits From TNT" Monday Morning 1-2-2023

TNT:

CandyKisses:  The Central Bank confirms its openness to strengthening its banking relations with the countries of the world

 The Central Bank of Iraq confirmed on Monday its openness to strengthening its banking relations with countries of the world.

"The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, received the Ambassador of the People's Republic of China to Iraq, Cui Wei, to discuss aspects of bilateral cooperation between Baghdad and Beijing and facilitate the movement of banking transactions and trade exchange in accordance with international standards," a statement by the bank said.

The governor stressed that "the Central Bank of Iraq is open to strengthening its banking relations with the countries of the world in the interest of the Iraqi banking sector

Tishwash:  Central Bank: Hard currency reserves amounted to more than $99 billion

The Central Bank of Iraq announced, today, Monday, the launch of the electronic platform for foreign trade, while noting that hard currency reserves amounted to more than 99 billion dollars.  link

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

Tishwash:  Parliamentary Finance expects the budget to reach Parliament next week

A member of the Parliamentary Finance Committee expected the arrival of the draft federal budget law for the year 2023 to the House of Representatives next week.

"We expect the budget law to arrive with the beginning of the legislative term, that is, a week from now," Moein Al-Kadhimi told the Euphrates News Agency.

He added, "The government is supposed to now put the final touches to be referred to the House of Representatives, that is, up to the ninth parliament of this month."

And the Minister of Finance, Taif Sami, announced in a press statement last Friday that the 2023 budget had not been sent to the Council of Ministers - yet - and that work is underway to complete it, "noting that" the general budget will focus on the health sector, supporting vulnerable classes, and raising the ceiling of loan capital for small projects.

Sami explained that "the price of a barrel, which has been placed so far in the budget, amounts to 65 dollars and may reach 70 dollars," pointing out that "the draft general budget law may include a study to impose some taxes on the oil derivatives sector."  link

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

CandyKisses:  Financial advisor: 93% of the demand for dollars goes abroad

Economy News-Baghdad

Financial adviser to Prime Minister Mazhar Mohamed Saleh revealed on Monday that 93% of the demand for the dollar goes to foreign remittances, stressing that the new central bank measures imposed discipline on the currency market.

Saleh told "Economy News", "What is happening from the rise and slight volatility in the exchange rate in favor of the dollar in the parallel market is not caused by a problem in the adequacy of foreign reserves as a force that enters the exchange market and provides sufficient supply to meet the demand for foreign exchange (as everyone knows that the net reserves of the Central Bank of Iraq of foreign currency, which amounted with government reserves to approximately ١٠٠ Billion dollars, which is the highest in the history of Iraq financial), especially in reaching levels of Their adequacy, as these foreign reserves cover the value of the national currency exported to circulation by about (one and a half times) and these reserves cover about 20 months of import, while the global standard does not exceed 3-6 as a maximum.

He explained that "what happened from a slight decrease in the external value of the dinar or the exchange rate represents a temporary phenomenon dictated by regulatory conditions in the procedures for managing external transfer requests (submitted by local banks) on foreign currency, as an advanced electronic platform linked the request for transfers by local banks with correspondents from international banks and relevant global compliance bodies at the same time because oil revenues in dollars at the Federal Reserve Bank are due to a previous decision of the International Security No. 1483 in May 2003."

He continued, "During the start of the experimentation of the external transfer requests audit platform a few weeks ago (and at the stage of submitting applications for foreign currency by private banks to the window of selling foreign currency at the Iraqi Central Bank in order to transfer it to their correspondents around the world), it became clear that there are information deficiencies and deficiencies that are inconsistent with the governance of the flow of remittances through the global banking system, which brought some of them back or were rejected to complete the standard application requirements again and follow the standard principles in disclosing the final beneficiary. and other requirements for bank disclosure and compliance."

He pointed out that "the new measures have imposed a temporary discipline on the supply of foreign currency, which requires an adjustment period until private banks exercise global compliance rules in transferring for the benefit of beneficiaries of foreign trade financing operations for the private sector."

He pointed out that "the problem is rooted in the regulation of the supply of foreign currency and not in the availability of foreign currency, which is, as we mentioned, abundant and more efficient, as the percentage of surplus in the free account of the balance of payments touched positive 15% to GDP, which is a high indicator of external economic stability, and thus it takes some time to reorganize requests and their consistency with the global requirements for conversion through the digital platform, which has become the new tool in dealing with the central bank window. Iraqi to buy and sell foreign currency."

The financial advisor stressed that "the sales of the Central Bank of Iraq window still meet the demand for foreign currency in full, including the cash dollar for travel and tourism purposes, but the demand of private banks remains mostly on behalf of the bank's customers from merchants and others, which focuses on foreign transfers from the dollar, which represents a demand for foreign goods, services and benefits, as the percentage of requests for external transfer in dollars to foreign banks is 93% of the total demand for foreign exchange from the central bank window and transferred To correspondent banks to pay import bills or the so-called foreign trade financing for the private sector. The problem is very temporary and purely technical in the transfer procedures through the digital platform, not in the conduct of the country's monetary policy at all

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

Tishwash:  Do international audit firms contribute to curbing financial corruption in Iraq?

Questions are raised about the role of financial control and auditing companies in state institutions, after increasing cases of corruption and looting of public money, especially after the theft of tax money, at a time when the mechanisms of financial and banking operations are outdated, in light of an economic system that is backward in origin, while the infrastructure The banking outlets are dilapidated and do not rise to the levels of those in developed countries.

The economist, Salam Sumaisem, had said during a televised interview on 12/15/2022 that Iraqi banks had expelled international companies that audit their accounts, and that Iraq had not taken measures to preserve its currency.

And a special source revealed to Al-Masalla that the oldest international auditing companies in Iraq after 3003 are E & Y, Ernst & Yang, as well as KPMG, and they mostly acquire the majority of audits in Iraq, and Deloitte and PricewaterhouseCoopers, which most likely audit oil companies, work in Iraq. Kurdistan.

The source, an expert in Iraqi financial affairs, said that the Iraqi Auditors Union law gives priority to Iraqi auditing companies, and with the exception of that, the foreign auditing company should partner with an Iraqi office.

And he went on: Things did not go well, revealing two parties in Iraq that bring in a foreign auditor directly, as stipulated in their laws: the Central Bank of Iraq and the Iraqi Trade Bank, and there may be another party as well.

And the economist went on about giving America waiver permission for Iraq to buy electricity and gas from Iran, and whether that includes allowing Iraq to pay the dues for those purchases in a specific currency, that it is not permissible to pay in any currency and an Iraqi company was established to supply (neighbors) with wheat, foodstuffs and pharmaceuticals under the supervision of relevant local and international parties Relationship….

He said: There are reports that this same company has faltered because of deficiencies in transparency, pointing out that the issue is confusing, solutions are few, and dues accumulate every minute, as we consume gas supplied to power plants inside the country, as well as electricity imported from neighbors.

The consulting engineer interested in economic affairs, Jacob Al-Khidr, had asked the question via Twitter: Why does the Prime Minister not meet with the general managers of the seven government banks, especially the Rafidain and Al-Rasheed Banks, and ask them to work on modernizing banking methods, diversifying banking services, training and qualifying its cadres, and restoring And modernizing the buildings of the branches and increasing their number, and equipping them with the latest electronic systems within 6 months, while the academic and political activist Laith Shubar says that the banking system in Iraq is backward and represents a major obstacle to development and the development of the Iraqi economy, and an integrated and detailed plan must be drawn up to develop the work of the banking system.

The financial adviser to the Iraqi Prime Minister, Mazhar Muhammad Salih, says that the rentier nature in the work of the governmental and private banking system is one of the biggest restrictions on the development of banking culture and the push towards expanding banking opportunities.  link

Mot: .... so What Exactly is a New Years Resolution!!??

Mot: and Yet Another ""Mot"" Tip on Making Ur Resolutions Work! ~~~

KTFA Members "News and Views" Sunday Evening 1-1-2023

 KTFA:

Clare: Where are the Iraqi oil revenues deposited? Sudanese advisor answers

01/01/2023

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified regarding depositing the revenues1/ obtained for Iraq from the sale of oil.

Saleh said, “(Externally) and according to Security Council Resolution 1483 in May 2003, the revenues of the Ministry of Finance from crude oil, gas, exported derivatives, and other funds are deposited in the Federal Reserve Bank in New York, all of which are deposited in an account called DFI or its current alternative, Iraq/2, which is held by The Central Bank of Iraq, on behalf of the state, to deduct the compensation for the Kuwait war, which ended more than a year ago, from crude oil, derivatives, and gas (if any). Iraq/1".

And he added, "As a result, the protection of the United Nations previously and the protection of the United States over Iraq's funds according to the presidential executive order annually is issued on the funds of the Central Bank of Iraq deposited in the US Federal Reserve in the United States in particular, (internal) all the aforementioned and other funds belonging to the Ministry of Finance are recorded in an account Internal in dinars 600/300 for settlement purposes.   LINK

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

Clare:  Hamoudi: The dollar crisis is our chance to end financial tutelage

2023-01-01

The head of the Islamic Supreme Council of Iraq, Hammam Hamoudi, confirmed today, Sunday, that the dollar crisis is an opportunity for Iraq to liberate itself from financial tutelage.

Hammoudi said in a statement received by Alsumaria news, "The dollar crisis is an opportunity for Iraq to liberate from financial tutelage, calling for rationing imports, involving national banks in development, investing savings and balances in vital projects, and betting on the national product, praising the government's measures to address the crisis by expanding sales outlets." currency, and what is related to preserving food prices and increasing the ration for those covered by care.

He stressed that "any renaissance that we aspire to will not be achieved without the role of the people and their cooperation with the government, as they are required to play a real role in follow-up, oversight, and constructive criticism, and not stand by in the face of any imbalance or tampering, and at the same time support any positive effort that serves their interests and future."

He urged the cadres of the Supreme Council to "activate their role in follow-up and oversight, and to harness all their activities and capabilities for service and social efforts, with a pure intention of God," noting that "Iraq It cannot be compared to other countries, because it is a country rich in its natural resources, human resources and scientific competencies, and its people have a strong will and self-esteem. That is why we made our motto "Live on Dignity" because we are optimistic that the next stage is transitional towards a better reality.   LINK

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

Clare:  The rise of the dollar.. The Federation of Iraqi Industries proposes 3 solutions to address the imbalance

2023-01-01 

The Federation of Iraqi Industries confirmed today, Sunday, that the high exchange rate of the dollar against the Iraqi dinar "paralyzed the local industry", proposing three "real" solutions to address the imbalance.

The head of the union, Adel Akab, told Shafaq News agency, "The rise in the price of the dollar caused problems for the Iraqi industry, because the price of the local product is fixed, and it cannot be changed in the face of the rise in the prices of raw materials, transportation and other accompanying details as a result of the rise in the dollar."

Akab added, "The street, the citizen, and the industrialist are calling for the stability and stability of prices, so that they can settle their financial affairs, after the confusion in the exchange rate paralyzed the Iraqi industry and all aspects of life."

He pointed out that "the real solutions lie in the industry, as it is able to absorb the masses of the unemployed, in addition to strengthening the Iraqi dinar, and not relying on oil, which in the event of a drop in its prices, there will be great repercussions on the lives of citizens."

Akkab continued, "Tomorrow there will be a meeting with the Prime Minister's advisor to develop some solutions to address the imbalance we have."

Earlier, the Iraqi Finance Minister, Taif Sami, revealed that the draft federal budget law for the year 2023 included a fixed exchange rate for the dollar at 1450,000 dinars.   LINK

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

Clare:  Abdul Hassan Al-Shammari to / NINA /: I do not worry about the stability of the local currency, with the large reserves of the dollar and gold

 1/01/2023

The economic expert, Abdul Hassan Al-Shammari, confirmed that he is not concerned about the stability of the local currency, with the large reserves of the dollar and gold.

He told the National Iraqi News Agency ( NINA ) that what happened during the last period of the rise in the dollar against the local currency was caused by a lack of supply and an increase in demand for it.

Al-Shammari added that external factors stand behind this rise, including Iraq's payment of dues to Iran in the national currency, which is around 3-5 trillion dinars.

He explained that these sums were pumped into the Iraqi market in one way or another to buy dollars in light of Iran's need for foreign currency more than the Iraqi dinar to revitalize its tired economic situation.

Al-Shammari stressed that with these factors in addition to others, there is no fear or concern for the Iraqi dinar in light of the presence of large reserves of dollars and gold, in addition to that the continuous flow of foreign currency from the export of oil in particular.   LINK

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

Clare:  Parliamentary agreement on the legislation of the oil and gas law

Baghdad-INA  2023-01-01 

The Kurdistan Democratic Party announced today, Sunday, an agreement to legislate the oil and gas law, while noting that the law will solve one of the most prominent outstanding problems between Baghdad and Erbil.
 
"Both Kurdish parties have their interests, and the dispute between them is a very natural issue, provided that the differences do not affect the interests of the Kurdistan region," said Majid Shankali, a representative of the party, in a statement.

He added, "The best way is the dialogue, to reach a formula of understanding between the two parties, and go to Baghdad unified to resolve contentious points, especially the region's share of the budget," noting that "everyone agrees on the oil and gas law, and it will be legislated during the coming period."  LINK

Paulette:  Huuuuuge.......WE always believed the Kurds would never agree until the last minute......Waiting for it to be legislated  

KandG:  Hi Paulette - MANY over MANY years, including Frank of course, have said when this bad boy gets signed - we have a rate VERY soon after.  Thanks for your post!!  IMO

Clare:  What is meant by currency float? What are its advantages and disadvantages?

2022-12-27

The floating currency is intended to leave the value of a country's currency to supply and demand when compared to another currency. There are millions of traders around the world buying and selling currencies, which helps determine their value for others.

The floating exchange rate is determined by these daily interactions between traders. If investors By buying the US dollar heavily, it is likely that its value will rise against other currencies, and this means that more dollars will be needed to purchase the same number of goods from abroad.

The author, Mohamed Abdel-Khaleq, an economic analyst,

how does the currency floating system work?
The basis of the currency floating system is supply and demand. If the supply is greater than the demand, the value of the currency will decrease. On the contrary, if the demand is greater than the supply, its value will increase.

In the short term, the float can be affected by factors such as speculation, natural disasters, and political news, for example: elections can often lead to periods of negative sentiment if an extremist party has a chance to grab power.

As for the long term, it is inclined A floating exchange rate in the forex trading market indicates volatility based on economic performance For the country and its balance of trade, if the economy is performing poorly it tends to see less investment from abroad, this means that less demand is made for the currency and thus exert negative pressure on its value.

The trade balance is the net of what a country exports and imports, so if a country imports more than it exports it has a net flow of its currency, this is because it demands more goods from other countries than those countries demand from them domestically, in return, the country sends more of its currency to abroad, thus increasing the market supply and decreasing its value.

Theoretically, a flotation mechanism can help countries recover from recession. This is because their currency tends to weaken as a result of poor economic performance. In turn, exports become more competitive because they are cheaper in the international market. This can help provide a boost to local exporters. At the same time, imports become more expensive. This may make goods more expensive in the short term but has the potential to boost alternative domestic suppliers who become relatively cheaper.

Advantages of floating the exchange rate

1. Stability in the trade balance

 The trade balance is the difference between what a country imports and what it exports. It may also be known as "net imports". This is an important economic aspect because it is a component of a country's economic output.

A floating exchange rate allows for more stability in this region as the currency is volatile. When a currency depreciates it means that exports become cheaper to the rest of the world. This provides a boost to the balance of trade between countries as they can export more because they are relatively cheaper than their competitors.

By contrast, when a country sells a large number of goods abroad and has a positive trade balance, its currency is likely to strengthen, meaning that other countries will start to find it more expensive to import from that country. In turn, countries may look where Another about cheaper goods, which negatively affects the exchange rate.

2. Stability of inflation
One of the main drawbacks of a fixed exchange rate is that countries will naturally “import” higher prices, so the benefit of floating is that hyperinflationary countries will experience a depreciation of their currency, and this will then help offset the inflationary effect on other countries.

3. Decrease in foreign exchange reserves
By working under a system of floating exchange rate, the central bank in the country no longer needs large reserve currencies to stabilize the exchange rate, under the system of fixed exchange rate central banks need a wide range of currencies, and this means that if Needed to strengthen its currency it will sell foreign reserves thus increasing other supply in the market and lowering the value.
Instead, under a system of floating exchange rates, that same money can be used in a way that benefits the broader economy.

4. Independence
under a fixed rate system shall operate central banks For different countries in line with each other, for example: if a country raises interest rates to deal with inflation other central banks will need to respond, this is because what happens in one country is likely to affect monetary conditions in another country.
When currencies are linked to the dollar, changes in the value of the dollar will have an impact on the value of other currencies. In contrast, these countries are subject to the feelings of the US Federal Reserve Bank and its monetary policy. By contrast, floating the exchange rate allows countries to decide on their monetary policy. Without focusing only on other countries.

5. Fewer speculative attacks
When a currency is artificially forced to stay at a fixed level, there is often bubbles in market activity. Investors know that a currency is undervalued, but with a fixed exchange rate central banks struggle to maintain the exchange rate. Constant.

There is a point where the countries currency remains stagnant, but the fundamentals appear to be undervalued or overvalued, this opens the door to speculative attacks on the currency as it seeks to make some easy money, and this in turn can lead to drastic shifts in the foreign exchange market which can cause great distress to national economies.
In contrast, a floating exchange rate is constantly changing reflecting a wide range of underlying conditions ranging from inflation to economic performance, so the exchange rate is largely in line with its underlying value.

Disadvantages of floating the exchange rate

1. Exacerbation of economic issues Countries
may face economic difficulties at home, there may be excessive inflation rates, economic stagnation or poor job opportunities, all of which can play a role in the foreign exchange market.
As a result of the flotation, investors look at the basic features of the economy to determine its value, and these basics include economic indicators such as growth and inflation, so when these indicators perform poorly, they are likely to lose value against other currencies.

The float also has the potential to drive the economy down as a weak currency puts pricing pressures on its imports, so for countries that import heavily they may face higher prices that will likely reduce consumer demand.

2. Possible volatility
One of the main problems with a flotation is that it can create volatile conditions for companies and countries, a sharp depreciation in the value of a currency can greatly affect the dynamics of its economy, imports become significantly more expensive which puts pressure on value-adding exporters, moreover Companies that import raw materials will see higher prices as a result.
If the economy is formed in such a way that imports are a major component, it may struggle more during periods of currency weakness.

By contrast, countries such as export-led China may benefit, since most of their business is focused on exporting their goods become cheaper abroad and thus Increased demand and improved economic conditions at home.

3. Weak monetary policy
excuses flotation system The central bank has the responsibility of maintaining its currency peg, instead, it has the autonomy to pursue its monetary policy and economic agenda.

This is a two-sided coin. On the one hand, a well-managed monetary system can take advantage of this freedom, and on the other hand, mismanagement can lead to hyperinflation and financial crisis.
Many countries have tried to work their way out of debt by floating the currency, but the result has always been excessive levels of inflation and a bad credit rating. Instead, countries that may struggle to manage their monetary policy are better off having a fixed exchange rate.   LINK

KandG:  Very interesting to see an article such as this - WHY would you ever talk about about a float - to educate the Iraqi citizens maybe? - maybe you have just told on yourself on what are doing??  BET Frank covers this one in the next conf call IMO - any takers on this bet LOLOLOL

Iraqi News Highlights Sunday Afternoon 1-1-23

Iraqi News Highlights Sunday Afternoon 1-1-23

Tlm724 Administrator Bondlady’s Corner

Adnan Al-Sarraj To NINA: The Current Economic Situation Will Not Create A Political Crisis, And The Sudanese Government Is Able To Overcome It

Sunday, January 01, 2023 11:56 | political Number of readings: 326  Baghdad / NINA / - The head of the Iraqi Center for Media Development, Adnan Al-Sarraj, affirmed that the current economic situation will not create a political crisis..and the Sudanese government is able to overcome it.

He told the National Iraqi News Agency ( NINA ) that the current economic situation will not create a political crisis.. The government is strongly supported by the forces of the coordination framework and state administration, indicating that there are those trying to destabilize political stability by creating an economic crisis.

Al-Sarraj added: The Sudanese government is able to overcome the current economic crisis, indicating that the measures taken by the state will limit the rise of the dollar.

And he explained: that government measures will limit its rise in the future and its negative impact on the people, due to the rise in foodstuffs and others./ End 3

https://ninanews.com/Website/News/Details?Key=1023656

Abdul Hassan Al-Shammari To / NINA /: I Do Not Worry About The Stability Of The Local Currency, With The Large Reserves Of The Dollar And Gold

Sunday, January 01, 2023 10:16 | Economical Number of readings: 369  Baghdad / NINA / - The economic expert, Abdul Hassan Al-Shammari, confirmed that he is not concerned about the stability of the local currency, with the large reserves of the dollar and gold.

He told the National Iraqi News Agency ( NINA ) that what happened during the last period of the rise in the dollar against the local currency was caused by a lack of supply and an increase in demand for it.

Al-Shammari added that external factors stand behind this rise, including Iraq's payment of dues to Iran in the national currency, which is around 3-5 trillion dinars.

He explained that these sums were pumped into the Iraqi market in one way or another to buy dollars in light of Iran's need for foreign currency more than the Iraqi dinar to revitalize its tired economic situation.

Al-Shammari stressed that with these factors in addition to others, there is no fear or concern for the Iraqi dinar in light of the presence of large reserves of dollars and gold, in addition to that the continuous flow of foreign currency from the export of oil in particular./ End 3

https://ninanews.com/Website/News/Details?Key=1023641

Where Are The Iraqi Oil Revenues Deposited? Sudanese Advisor Answers

Money and business   Economy News – Baghdad   Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified regarding depositing the revenues obtained for Iraq from the sale of oil.

Saleh said, “(Externally) and according to Security Council Resolution 1483 in May 2003, the revenues of the Ministry of Finance from crude oil, gas, exported derivatives, and other funds are deposited in the Federal Reserve Bank in New York, all of which are deposited in an account called DFI or its current alternative, Iraq/2, which is held by The Central Bank of Iraq, on behalf of the state, to deduct the compensation for the Kuwait war, which ended more than a year ago, from crude oil, derivatives, and gas (if any). Iraq/1".

And he added, "As a result, the protection of the United Nations previously and the protection of the United States over Iraq's funds according to the presidential executive order annually is issued on the funds of the Central Bank of Iraq deposited in the US Federal Reserve in the United States in particular, (internal) all the aforementioned and other funds belonging to the Ministry of Finance are recorded in an account Internal in dinars 600/300 for settlement purposes.

Views 270   Added 01/01/2023 - 5:24 PM   Updated 01/01/2023 - 7:15 PM

https://economy-news.net/content.php?id=31636

The Rise In The Exchange Rate Of The Dollar In The Local Markets

Economie| 09:59 - 01/01/2023  Baghdad - Mawazine News  Today, Sunday, the exchange rates of the dollar witnessed a slight increase in the local markets.  Selling price: 153,000 dinars per 100 dollars  . Buying price: 152,800 dinars per 100 dollars.  https://www.mawazin.net/Details.aspx?jimare=215605

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

https://www.bondladyscorner.com/

"Vietnam News" Posted by Henig at KTFA 1-1-2023

KTFA: Vietnam

Henig:  FDI disbursement exceeds US$20 billion

06:00 | 01/01/2023

(VEN) - Foreign direct investment (FDI) disbursement reached more than US$20 billion in 2022 - the highest level in five years, aiding post-pandemic recovery.

Renewed trust

In the first 11 months of 2022, FDI disbursement reached US$19.7 billion, up 15.1 percent year-on-year. Economists forecast the sum would exceed US$20 billion or even reach US$21-22 billion by year’s end.

Nguyen Van Toan, Vice President of the Vietnam Association of Foreign Invested Enterprises, said the 11-month FDI disbursement result was impressive, especially in the context of a slowdown in registered capital.

 “In my opinion, FDI disbursement is important, and FDI can contribute to the Vietnamese economy only when it is disbursed,” Toan emphasized.

Dr. Nguyen Quoc Viet, Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR) under the University of Economics and Business, Vietnam National University, Hanoi, affirmed that FDI disbursement contributed significantly to Vietnam’s economic growth in 2022.

According to Nguyen Thi Huong, Director General of the General Statistics Office of Vietnam under the Ministry of Planning and Investment, the new record of FDI disbursement shows foreign investors’ increased trust in the Vietnamese investment and business environment and their willingness to expand operations in the country.

Orientations for 2023

Despite the record set in 2022, economists believe there is still much room for Vietnam to attract additional FDI and use it more effectively to promote economic growth in 2023 and ensuing years.

Dau Anh Tuan, Director of the Legislation Department of the Vietnam Chamber of Commerce and Industry (VCCI), said that 35 years since Vietnam promulgated its Law on Foreign Investment in 1987, the country has become an attractive destination for foreign investors. In 1991, the amounts of FDI registered and disbursed in Vietnam were US$1.28 billion and US$428.5 million, respectively. In 2021, these increased respectively by 30 times and 38 times, despite the heavy impacts of the COVID-19 pandemic.

FDI companies are an important part of the Vietnamese economy, contributing about 72 percent to Vietnam’s export value, helping maintain the country’s trade surplus in recent years.

However, Vietnam has faced some problems related to FDI, such as transfer pricing and tax evasions, with some FDI companies yet to abide seriously by Vietnam’s environmental regulations.

To attract quality FDI projects in 2023 and ensuing years, VCCI recently introduced a set of tools for screening FDI projects in Vietnam. The tools include assessment of investment based on factors such as employment generation, technology transfer, infrastructure development, linkages with local businesses, labor conditions, and environmental impact. The screening tools are expected to help improve the quality and effectiveness of FDI.

Vietnam is becoming more selective in attracting FDI projects to ensure their positive contributions to its economic growth.

Chu Huynh   LINK

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

Vietnam:  The construction industry's growth rate surpasses set plan

December, 31/2022

Timely control of the real estate market is one of the recognised successes in the State management of the Ministry of Construction.

HÀ NỘI — Despite being affected by general difficulties, the growth rate of the construction industry achieved about 8-8.5 per cent this year, contributing to bringing the economy's overall growth rate surpassing the 6-6.5 per cent plan set by the Government.

Timely control of the real estate market is one of the recognised successes in the State management of the Ministry of Construction.

The Ministry of Construction has comprehensively assessed the market to point out the shortcomings and propose solutions to ensure the real estate market's safe, healthy and sustainable development.

The Minister of Construction Nguyễn Thanh Nghị has worked immediately with several localities such as Hà Nội, HCM City, Đà Nẵng, Cần Thơ, Hải Phòng and real estate businesses to review, urge and guide to remove difficulties and obstacles in project implementation.

Along with regularly monitoring market developments, the Ministry of Construction proactively informs, forecasts and promptly takes measures to respond to abnormal market fluctuations, and promptly handles "hot" issues.

Typically, it has reported to the Prime Minister and the Standing Committee of the National Assembly's Economic Committee on the impact of the unusually-high land use right auction winning results on the real estate market; proposed several solutions related to the amendment of policies and laws on auction and strengthen the management, inspection and handling of violations in the auction of land use rights in the localities.

In addition, the ministry coordinated with the State Bank of Việt Nam to assess the situation and evolution of capital flows into the real estate market and propose appropriate solutions.

The real estate market has shown signs of recovery and development, with the total number of transactions of apartments, individual houses and land plots higher than last year.

The product absorption rate in most segments is high, and the rate of office vacancy and commercial space for rent gradually decreased.

The market has re-balanced between investment and business activities, and buying and selling for use. However, the market still faces a supply shortage in all product segments, an inappropriate structure of goods, a severe lack of affordable social and commercial housing, and high transaction prices.

Real estate supply is limited in all segments. Transaction prices in many segments remained at a high level at the end of the second quarter of this year, affecting the liquidity and trading volume of the market, especially the secondary market.

To "take the reins" of the real estate market, Minister Nguyễn Thanh Nghị requested to review and reduce procedures in the direction of reform to "open up" investment activities but still ensure compliance with legal regulations.

The minister asked to continue to study and develop mechanisms, policies and solutions to encourage and attract foreign investment into the real estate market in the coming time, overcome the supply-demand mismatch of real estate products, focus on promoting the development of real estate products to meet the significant needs of the society such as social housing, commercial housing at reasonable prices.

At the same time, he also noted to complete and regularly maintain information systems and databases on the housing and real estate market; regularly follows the real estate market situation to adjust and promptly remove difficulties caused by limitations and inadequacies of mechanisms, policies, laws; natural disasters; impacts of the COVID-19 pandemic on real estate market; to ensure the stable and healthy development of the market.

These "supports" were the leverage to help the construction industry complete the year's tasks and proactively identify the new year's challenges to maintain a sustainable growth rate, said Nghị. — VNS

LINK

Henig:  Expanded trade opportunities with US

06:00 | 31/12/2022

(VEN) - US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses in the post-pandemic era. However, the opportunities also face challenges.

Largest export market

“Vietnam considers the US one of the most important partners. Since upgrading bilateral relations to a comprehensive partnership in 2013, the two countries have deepened cooperation, focusing on trade and investment. The business communities of the two countries have played a very important role in this process,” said Deputy Minister of Industry and Trade Do Thang Hai at a recent Vietnam-US trade forum jointly held by the Ministry of Industry and Trade, the US Chamber of Commerce in Vietnam, and the US-ASEAN Business Council.

According to Deputy Minister Hai, bilateral trade between Vietnam and the US grew from US$450 million in 1995 to nearly US$113 billion in 2021, despite supply chain disruptions caused by the COVID-19 pandemic. The US has become Vietnam’s second largest trading partner, with annual bilateral trade exceeding US$100 billion. The US has been Vietnam’s largest and most important export market for many years, while Vietnam has become the eighth largest trading partner of the US.

“The US is also one of the largest foreign investors in Vietnam, with nearly 1,150 projects currently operating with total registered capital of more than US$10.3 billion, ranking 11th among 141 economies investing in Vietnam,” Deputy Minister Hai said.

Trade defense measures

However, Vietnam has faced challenges in trade with the US, including the increased frequency of US trade defense investigations of Vietnamese goods. Moreover, the US has not recognized Vietnam as a market-driven economy.

Phan Thi Thang, Vice Chair of the Ho Chi Minh City People’s Committee, proposed that the US assist the city in a prefeasibility study for the establishment of an export goods irradiation center and provide technical assistance for Mekong Delta cities and provinces to ensure the quality of farm produce exports to the US.

Thang also expressed the wish for increased cooperation between Ho Chi Minh City and the US in the fields of logistics, digital economy, sharing economy, circular economy, smart city development, and building international financial centers.

According to Michael Vu Nguyen, Country Director of Boeing Vietnam, US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses.

Chung Seck, Vice Chair of Amcham Vietnam Digital Economy Committee, said to attract more US investment, the Vietnamese government should adopt a secure legal framework for safe cross-border data transfer and pay attention to intellectual property in the digital business environment.

Within the framework of the Vietnam-US Trade Forum 2022, Deputy Minister of Industry and Trade Do Thang Hai and Oregon State officials signed a memorandum of understanding to facilitate trade exchange and investment in the industry and energy fields.

Ngoc Thao   LINK

Sunday Morning Iraq Economic News Highlights 1-1-23

Sunday Morning Iraq Economic News Highlights 1-1-23

Al-Maliki's Coalition Reveals The Shape Of The 2023 Budget, The Price Of A Barrel Of Oil And The Dollar In It

Localities / Economy |Yesterday, 18:29 |Baghdad today – Baghdad Today, Saturday, the State of Law Coalition, led by Nuri al-Maliki, revealed the form of the 2023 budget law, the price of a barrel of oil and the dollar in it.  Muhammad al-Shammari, a representative of the coalition, told (Baghdad Today) that "the shape of the budget law for the year 2023 will be completely different from previous budgets."

Al-Shammari explained that "the budget will focus on reforming the service, health and economic sectors and addressing poverty, and this matter is one of the first ministerial approaches to the government of Muhammad Shia'a al-Sudani."

And that “the price of a barrel of oil in the budget will be (65) dollars per barrel, and the exchange rate of the dollar will be (1145) dinars, and this matter will provide good amounts to support service and economic reforms. "

Al-Shammari added, "The Iraqi government will work to send the draft law to Parliament with the beginning of the new legislative term in the coming days."   Editing: Linda R   LINK

Parliamentary Finance: The 2023 Budget Is Similar To Its Predecessors, And There Is No Real Change In It

2022-12-31 05:45  Shafaq News/ A member of the Parliamentary Finance Committee, Muhammad Nuri, saw, on Saturday, that the 2023 budget will be the same as its predecessors, ruling out any real change to its draft bill, which is to be voted on by the federal government and sent to Parliament for approval in the coming days.

Nuri told Shafaq News agency that the Ministry of Finance is working on completing the draft general budget law for the year 2023 and finalizing the law.

He added that the Ministry of Finance will send the final draft of the law to the Council of Ministers in the coming days.

He continued by saying that the draft budget for the year 2023 is somewhat similar to previous budgets, and there is no update or economic vision according to the country's financial abundance," adding that "there is no real change in this budget."

Nuri noted that the Ministry of Finance calculated the price of a barrel of oil at 65 dollars and that the total amount of the budget law may exceed 180 trillion dinars.

And Minister of Finance, Taif Sami, had revealed, on Friday, that “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 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."

It is noteworthy that the financial budget for the current year 2022, which is nearing completion, was not approved by the Council of Ministers and Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, which escalated to dangerous levels that ended with the events of the Green Zone, with armed confrontations between supporters of the Sadrist movement and the forces. security forces, which claimed dozens of lives and injured hundreds.

After the end of the crisis, with the agreement of the political blocs to elect the President of the Republic and to grant confidence to the government of Prime Minister Muhammad Shia’a al-Sudani, the latter pledged that he would present the draft federal budget law for the year 2023 as soon as possible. LINK

Central Bank: Banks' Outlets For Selling Foreign Currency Will Be Doubled

December 31, 2022 9 Views   Conscious / Baghdad / MA  The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed today, Saturday, that the high exchange rate is a temporary situation, while indicating that the outlets for selling the currency will be doubled.

The bank said, in a statement received by (Iraqi Media News Agency / INA), that "the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, conducted a field visit to a number of banks that began selling foreign currency."

The statement added, “The governor urged, during his meeting with 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 of Iraq has taken a number of decisions that contribute to achieving stability in the foreign currency market.” .

And he 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 share allocated to banks.”

He described Mukhaif, 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, stressing not to raise public concerns about the rise in dollar exchange rates, and the need to take deterrent measures against it.” Speculators, stressing that the situation in Iraq is much better than other countries and there is no way to compare it.

And the statement continued, "During the tour, Mukhaif met with a number of citizens who wanted to buy foreign currency."

It is mentioned, “The Central Bank of Iraq has taken a series of decisions to return the foreign currency market to its normal position.”   T/MM https://1-al--iraqinews-com.translate.goog/archives/323468?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_enc=1

Our Economy Is In The Crosshairs Of American Targeting.. What Next!

December 31, 2022  Baghdad / Obelisk: Muhammad Hassan Al-Saadi

Despite the pledges made by the United States towards Iraq, to ​​protect its security and economy since its invasion in 2003, and its signing of the strategic framework paper between the two countries, indicators of this support are completely missing on the ground, as we do not find any evidence of support in adopting construction and reconstruction of infrastructure or major projects , or support the institutionalization of the government and the protection of public money from theft, and all these promises and pledges remained a dead letter, and did not reach the degree of implementation because of the US policy toward Iraq.

The United States, since its inception, and its entry into the global economy, we have never seen it enter into support for the economy of any country, except in what serves it, and reaps a double interest from it..

When we find it supported many countries, not for the interest of those countries, but rather for the ends that it wants for itself. It reaps its higher interests behind it, and unfortunately, many Arab regimes were supportive, and even instrumental, to this authoritarian approach, which made them submissive and servile to the expansionist policies of the White House.

Washington decided to reduce financial support for Iraq, from the money in the Iraqi Development Fund from oil sales, in a dangerous precedent that threatens its economy and warns of its collapse, and the fall of its currency “the dinar” against the dollar, which means losing its value internally, and this method of war against countries that Its economy relies on the dollar, which is a direct confrontation and an attempt to starve it economically, in a way that affects its economic security in general and food security in particular.

In the face of this political and economic pressure, the Iraqi government should take measures to neutralize Washington's pressure policy, provided that it suffices internally with hard currencies and relies on the Iraqi dinar, and takes measures to protect its currency by curtailing the role of private banks and trying to dominate the market, in addition to To completely control the stock market, and to remove the corrupt from playing a role in buying and selling currency, and to work to return smuggled funds abroad, through agreements with the smuggled state, in a way that achieves financial self-sufficiency, away from the policy of speculation and the threat to the economy, and to stop The country's financial hemorrhage.

It is believed, as seen by many observers and economic analysts, that Iraq can open up to the global economy, and open channels of communication with the rest of the international companies working in the field of building, construction and infrastructure, while maintaining a balance between Washington and these companies, in a way that strengthens partnership balanced on the one hand, and openness on the other hand, thus achieving partnership with everyone and controlling the Iraqi economy internally according to a studied, realistic and effective approach..

On the contrary, the government and the country behind it will remain hostage to the desires of other countries, and the policies and interests of those countries, not the interest of Iraq and its people.. At the forefront of that country is America, which is a country whose economic or political influence is not to be underestimated, especially in the situation of a country like Iraq.. https://almasalah.com/archives/35655

After An Imperfect End To 2022... Aspirations For A Recovery In Oil Demand In 2023

economy |Today, 08:31 |  Baghdad today - follow-up

The year 2022 is considered one of the most difficult years for the crude oil market, due to the Russian-Ukrainian war, which began on February 24 of last year, and its repercussions on the oil market will continue indefinitely.

The war caused a huge jump in oil prices in the aftermath of the war, reaching $140 a barrel, before it declined in the subsequent months under the pressure of fears of economic recession and the frequent rise of interest rates to contain inflation in the United States And several other major competitions, in addition to renewed infections with the Corona pandemic in China. Crude oil prices fell below $100 a barrel.

October 2022 also witnessed the largest move by the “OPEC +” coalition to reduce production after several years of gradually raising production to compensate for what happened in 2020 due to the outbreak of the Corona pandemic, and the alliance cut production by two million barrels per day after the expansion of global economic recession fears, and work extends to cuts. Until June 2023.

The "World Oil" international oil report stated that the crude oil industry during 2022 achieved positive results with regard to crude oil exports, which broke record levels, and the launch of oil projects worth billions of dollars.

The report pointed out that crude oil prices witnessed a special year of sharp fluctuations, as the US market was desperately looking for more supplies even as the main prices fluctuated due to fears of a global recession.

The report stated that the major international energy companies had extensive achievements due to the wide revenues they achieved, noting that ExxonMobil is moving forward with the $10 billion Guyana offshore oil project.

The report indicated that last year witnessed US President Joe Biden's call to unleash shale oil to confront the worsening energy crisis, after a period when the US administration was deliberately avoiding supporting US shale oil projects.

The report that Lukoil was the only Russian oil company that stated for a "quick solution to the military conflict" in Ukraine, explaining that on the other hand, Canadian oil exports to Asia reached a record level, as Canadian oil sands producers were able to export a record amount of oil. Crude oil to foreign markets thanks to a new link to the US Gulf Coast.

The international “Reg Zone” report stated that crude oil prices ended a volatile year with an increase, as investors look forward to a possible recovery in Chinese demand during 2023.

The report indicated that the price closing at the end of 2022 was far from the triple digits seen earlier. , after the Russo-Ukrainian war upended global supplies and pushed up prices.

At the end of 2022, crude oil prices recorded the second consecutive annual gain, as Brent crude gained 10 percent, compared to 50 percent in 2020, while American crude gained 7 percent after an increase of 55 percent in 2021.

Oil prices also made gains. . A weekly increase of 3 percent for Brent crude, 2.4 percent for US crude, due to the easing of lockdown measures in China, the continued production cuts in the “OPEC +” alliance, and the repercussions of the stoppage of US refineries.

The report stated that the global Brent crude index witnessed the largest weekly fluctuations ever, while the lack of liquidity continued, and sharp fluctuations grew, explaining that the gains had largely evaporated due to fears that the central bank's efforts to curb inflation would affect growth, in addition to the state of uncertainty. on the demand outlook in China.

The report pointed out that China is currently working to cope with the increasing cases of infection with the virus, and fears are growing about a new global outbreak, but there is optimism that demand will eventually recover in the largest importer of crude oil in the world .

The report noted the emergence of supply chain problems again, as the impact of the virus on China's economy has multiplying effects around the world, pointing out that, in return, China said "it will open its country to international travelers in the next month." "

The report that the ban imposed by Russia on selling oil to countries that imposed a maximum price per barrel of $60 appears to have had little impact on prices so far, as India, China and Turkey will continue to provide outlets for selling Russian crude Urals , because these countries do not participate in the price ceiling.

The report quoted the Energy Information Administration last week as confirming that commercial crude oil stocks rose slightly by 718,000 barrels to 419 million, which reduced the deficit to 6 percent below the normal level for this time in 2022, as the gains are back to an extent . Significant to the release of more oil from the US Strategic Petroleum Reserve.

The report indicated that crude oil prices were unable to achieve strong gains despite the decline in the dollar, which has an inverse relationship with crude oil prices.

The report pointed to the significant impact of the winter storm "Elliott" on oil and fuel production on the US east coast, suggesting that thousands of flights that were canceled in conjunction with the outbreak of the storm would lead to an increase in distillate stocks.

On the other hand, the “Oil Price” international oil report highlighted Russian President Vladimir Putin's assertions that Russia has become one of the main suppliers of oil and gas to China, as 13.8 billion cubic meters of gas were shipped to China in the first 11 months. months of 2022. The

report indicated that Russia will gain larger shares in the Chinese market thanks to the availability of crude oil supplies from the Russian Urals Mountains at huge price reductions.

The report added that "China and India have become among the largest buyers of Russian oil and gas as a result of the fact that Russian crude oil from the Urals is traded at a huge discount of more than $30 per barrel, or about 40 percent." less than the international level.”

The report promised that Moscow could lose about four billion dollars a month in energy revenues - according to data from international bodies. The report indicated that commodity trading in the festive week between Christmas and New Year's was very light, but whether it was for oil or metals markets in general. We find that China continues to set the tone for the general sentiment of the oil market.

The report added that the high “presumed, but not reported” cases of Corona virus greatly affected prices, as well as the gradual recovery of the United States from the polar ice weather crisis last week, which marginally boosted prices, but the overall market situation led to a decline in West Crude. Texas median to below $80 a barrel again.

The report noted the impact of Russia's ban on oil exports to the coalition of countries that applied the price ceiling on Russian oil sales, referring to the decision of Russian President Vladimir Putin to ban the supply of oil and petroleum products to countries that adhere to the Oil price ceiling, with the application of the procedure at all stages of supply until the final buyer, provided that the decision will enter into force on the first of next February.

The report highlighted the efforts of US refineries to recover and return to operation quickly, as refineries in the US Gulf Coast seek to resume work in dozens of facilities that stopped their operations due to the recent ice crisis, with a total of 3.6 million barrels per day of operable capacity.

On the other hand, with regard to prices at the end of last week, oil prices recorded significant gains in their last trading session in 2022, and recorded the second consecutive annual gains.

Upon settlement, Brent crude rose by about 3 percent, recording $85.91 a barrel, recording an annual gain of 10 percent, after rising 50 percent during 2021.

US crude also rose 2.4 percent, to $80.26 a barrel, recording an annual gain of 7 percent. after an increase of about 55 percent in 2021.

Oil prices witnessed sharp fluctuations in 2022, as they rose, supported by the decline in supplies, coinciding with the Russian-Ukrainian war.

But prices have since given up most of the gains recorded at the start of the war amid weak demand from China - the largest consumer of crude in the world - and fears of an economic recession.

On the other hand, there was no change in the total number of active drilling rigs in the United States this week, as the total number of rigs remained at 779 this week, 193 rigs higher than the number of rigs this time in 2021 and 296 rigs less than the number of rigs at the beginning of the year. 2019 before the epidemic.

The weekly report of the American "Baker Hughes" company indicated that oil rigs in the United States decreased by one rig this week, to 621, as gas rigs increased by 1 to 156, while the various rigs remained unchanged at two.

The report pointed out that the number of rigs in the Permian Basin increased by one this week to 353, while the rigs in "Eagle Ford" remained unchanged.

The report noted the decline in crude oil production in the United States to the level of 12 million barrels per day in the week ending December 23, according to the latest weekly Energy Information Administration estimates, while production levels in the United States increased by 300 thousand. barrels per day in 2022 and only 200 thousand barrels compared to the previous year. . Edit: A.F   LINK

A Neighboring Country To Iraq Reduces Fuel Prices For Its Citizens By 2023

Arab and international  Economy News-Baghdad   Jordan announced a reduction in fuel prices, starting next January

The Jordanian Petroleum Derivatives Pricing Committee, during its meeting today, Saturday, issued a decision to reduce the prices of gasoline (octane 90) by 20 fils, and gasoline (octane 95) by 30 fils, according to the Jordanian "Ammon" agency.

With these amendments, the selling price of 90-octane gasoline in January will be 900 fils/liter instead of 920 fils/liter, and the price of (95-octane) gasoline will be 1140 fils/liter instead of 1170 fils/liter.

The committee also decided to reduce the price of diesel for the month of January, by 75 fils, to 820 fils/liter instead of 895 fils/liter, and to reduce the price of kerosene by 75 fils, to 785 fils instead of 860 fils/liter.

The decision of the Petroleum Derivatives Pricing Committee in Jordan to reduce fuel prices for the month of January was a reflection of the average international prices during the month of December, and the amendment of the pricing system for petroleum derivatives contributed to reducing them.

Views 350   Added 12/31/2022 - 9:16 PM   Updated 01/01/2023 - 12:42 PM

https://economy-news.net/content.php?id=31622

"Tidbits From TNT" Sunday Morning 1-1-2023

TNT:

Tishwash:  Expert: There is no concern about the stability of the dinar, with the large reserves of dollars and gold

Al-Shammari said in a press statement, followed by the Independent, that what happened during the last period of the rise in the dollar against the local currency was caused by a lack of supply and an increase in demand for it.

Al-Shammari added that external factors stand behind this rise, including Iraq's payment of dues to Iran in the national currency, which is around 3-5 trillion dinars.

He explained that these sums were pumped into the Iraqi market in one way or another to buy dollars in light of Iran's need for foreign currency more than the Iraqi dinar to revitalize its tired economic situation.

Al-Shammari stressed that with these factors, in addition to others, there is no fear or concern for the Iraqi dinar, in light of the presence of large reserves of dollars and gold, in addition to the continuous flow of foreign currency from the export of oil in particular.  link

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

CandyKisses:  Al-Kinani: America has taken the dollar as a pressure card to keep Iraq away from China

Information / Baghdad... 

Political analyst Hussein Al-Kinani saw that America took the dollar as a pressure card against the government to keep it away from China and its projects and push Baghdad towards Washington's allies in the region, pointing out that America seeks to make the Sudanese government like its predecessor in order to serve its interests. 

Al-Kinani told Al-Maalouma, "The American administration does not want Iraq to contract with China and implement its agreement with Beijing, and goes beyond that towards the survival of American forces inside Iraq and an attempt to force Baghdad to conclude agreements with Washington's allies." 
He added, "America used the dollar bill as a factor of pressure on the Sudanese government in order to ensure that this government does not succeed, in addition to its attempt not to continue to remain in power." 

Al-Kinani explained, "There is an American effort to make the Sudanese government the same as its predecessor headed by Al-Kazemi, especially since it came from blocs that are not allies of Washington, which makes America push towards thwarting the government and its projects in order to obstruct its projects in various fields." 

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

Tishwash:  An "angry" demonstration is expected in front of the US embassy in Baghdad

A member of the Coordinating Body of the Popular Movement for the Belt and Road, Hussein Ali Al-Karawi, announced on Sunday that he is preparing to demonstrate in front of the US embassy in response to its interference in Iraqi affairs . 

Al-Karawi said in a statement to Al-Maalouma, "The popular movement for the Belt and Road is in the process of preparing to demonstrate in front of the American embassy of Iraq, to ​​demand that the US not interfere in determining Iraq's evil economic destination." and conclude agreements that would build Iraq. 

He added, "The popular movement calls on the Iraqi people to go out in this upcoming demonstration to save what remains of their wealth and build a future for future generations," noting that "the date for the demonstration will be determined after coordination with independent representatives, independent forces and trade unions."

Al-Karawi called on the independent members of the House of Representatives to "convene a session to reduce the servility and subjugation of the political forces and their leaders to the Americans who will preserve their gains and their partisanship and personal interests."  link

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

Tishwash:  The Federal Court talks about corruption in Iraq and sets a condition for ending it

On Sunday, the President of the Federal Supreme Court, Jassem Muhammad Abboud, spoke about the causes of widespread corruption in Iraq, stressing that it is practiced by junior and senior employees.  

Abboud said in an interview with the Iraqi News Agency, which was seen by "Al-Iqtisad News", that "corruption in Iraq is of two types: large and small," noting that "small corruption is what is committed by junior employees, and this leads to the loss of confidence of the Iraqi citizen in the public office, so Now most Iraqi citizens have lost their confidence in the public office, although sometimes there are a large number of employees who enjoy high integrity, but this culture is currently prevalent in Iraqi society based on foundations that led to the spread of this culture.

He pointed out that "for example, when an Iraqi citizen goes to any of the state departments, he is exposed to blackmail in order for his transaction to be completed. This corruption led to the citizen's loss of confidence in the public office, while the administrative system in Iraq was one of the most prominent administrative systems in the Middle East." Pointing out that "great corruption is committed by senior officials or by some political parties. This corruption is what impedes state building."

And he indicated that "the failure to find a real national strategy and intention to fight corruption is the reason for not putting an end to this corruption, and therefore when there is a real political intention to end corruption, it will end, and when we do not find this real intention, this corruption will not end      link

Mot: .... to be Honest Here!!! - I .........

Mot: .... Blessings fer the new Year these is! ~~~~

Iraqi News Highlights Saturday Evening 12-31-22

Iraqi News Highlights Saturday Evening 12-31-22

Tlm724 Administrator Bondlady’s Corner

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 271  Added 12/31/2022 - 12:07 PM   Updated 12/31/2022 - 6:12 PM      https://economy-news.net/content.php?id=31611

Central Bank: Banks' Outlets For Selling Foreign Currency Will Be Doubled

Economie| 03:22 - 12/31/2022   Baghdad - Mawazine News   The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed today, Saturday, that the high exchange rate is a temporary situation, while indicating that the outlets for selling the currency will be doubled.

The bank said in a statement, a copy of which Mawazine News received, that "the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, conducted a field visit to a number of banks that began selling foreign currency."

The statement added, "The governor urged, during his meeting with 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 of Iraq has taken a number of decisions that contribute to achieving stability in the foreign currency market."

He 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."

Mukhaif 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, stressing not to raise public concerns about the rise in dollar exchange rates, and the need to take deterrent measures against speculators." , stressing that the situation in Iraq is much better than other countries and there is no room for comparison with it.

"During the tour, Mukhaif met a number of citizens who wanted to buy foreign currency," the statement added. It is noteworthy that "the Central Bank of Iraq took a series of decisions to return the foreign currency market to its normal position." https://www.mawazin.net/Details.aspx?jimare=215562

Al-Rafidain: Bank Branches Will Open Their Doors Tomorrow To Sell Dollars To Citizens

Economie| 12:02 - 12/30/2022    Baghdad - Mawazine News   Al-Rafidain Bank announced, on Thursday, that its branches will open their doors tomorrow to sell dollars to citizens.

And the bank stated in a statement, which Mawazine News received a copy of, that it “announces the continuation of the process of selling dollar currency to citizens during holidays for travel purposes, not exceeding 10 thousand US dollars per customer at a price of 1455 dinars per dollar deposited in the Master Card issued by Al-Rafidain Bank and from Through the branches of Palestine Street on the side of Al-Rusafa and the Arab neighborhood in Al-Mansour next to Al-Karkh.

He added, "The branches will open their doors on Friday 12/30/2022, Saturday 12/31/2023, and Sunday 1/1/2023." Ended 29/h    https://www.mawazin.net/Details.aspx?jimare=215458

Exchange Rates Of The Dollar Against The Dinar

Economie| 10:09 - 12/31/2022   Baghdad - Mawazine News  Today, Saturday, the exchange rates of the dollar witnessed stability in the local markets.  Selling price: 152,800 dinars per 100 dollars  Buying price: 152,700 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=215539

Sudanese Advisor: The Government Program Addresses The Unilateralism Of The Economy And The Almost Absolute Dominance Of Oil

Economie| 11:08 - 12/31/2022   Baghdad - Mawazine News  , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Saturday, two directions for the essential features drawn by the government curriculum, and while calling for a reconsideration of activating the national strategy for the advancement of the private sector, he stressed that the government program addresses the unilateralism of the economy and the almost absolute dominance of oil.

Salih said in an interview with the official news agency, followed by Mawazine News, that "the essential features drawn by the government curriculum, which was approved by Parliament in October 2022, are moving in two directions within the scope of addressing the unilateralism of the economy and the almost absolute dominance of oil over the conduct of economic life in Iraq."

He added, "The first trend is represented in the field of public finance, which looks forward to the percentage of the contribution of oil revenues to total public revenues gradually falling from 93% to 80%, which requires accuracy and speed in obtaining public finances for smuggled tax assets, in addition to the availability of supportive policies for private activities that It contributes to maximizing levels of individual income and gross domestic product in general, and is the source of tax bases supporting public finances from non-oil revenues.

He pointed out that "the second trend is to actively spread the role of development funds funded by oil revenues, which the government program referred to in order to provide concessional financing that encourages development in the activities that the private sector contributes to its advancement, especially industrial, service, digital and agricultural activities, in a way that guarantees economic diversification." Gradually, the national economy will be freed from the bondage of oil unilateralism.

He continued: “I believe that it is necessary to reconsider the activation of the national strategy for the advancement of the private sector, which was adopted years ago, to ensure an increase in the contribution of civil activity to the gross domestic product, and to lift the productive private sector from its current situation, whose contribution to the annual national product does not exceed 35% to become 53%.” % during the stages of economic development, particularly in the current decade, provided that this strategy guarantees the reduction of unemployment and its rates from its current levels of two decimal places to become one decimal place at the acceptable natural fraction of unemployment in Iraq, which does not exceed 3% of the total economically active population or the total planned labor force or desirable. Ended    https://www.mawazin.net/Details.aspx?jimare=215544

Al-Rasheed Allocates 3 Branches To Issue A Master Card For Those Wishing To Buy Dollars

Local | 01:45 - 12/31/2022   Baghdad - Mawazine News  Al-Rashid Bank announced, on Saturday, the allocation of 3 branches to issue a Master Card for those wishing to buy dollars.

The bank said, in a statement, that "the main (Main / Raghba Khatoun / Yarmouk) branches in Baghdad have been allocated to issue a palm card for those wishing to buy the dollar, which was announced a few days ago, at the exchange rate (1465) dinars per dollar."

The statement indicated, "This card is issued for purchase purposes and to all interested citizens who do not have a credit card other than employees." https://www.mawazin.net/Details.aspx?jimare=215556

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

https://www.bondladyscorner.com/

KTFA Members "Iraq and Vietnam News" Saturday Afternoon 12-31-2022

KTFA:

Henig:  The rise in world oil prices

Baghdad / NINA / - Oil prices rose today, Friday, and are on their way to achieving gains for the second year in a row.

Brent crude futures rose 44 cents, or 0.5%, to $83.9 a barrel, after falling 1.2% at settlement in the previous session.

West US Intermediate crude reached $78.88 a barrel, up 48 cents, or 0.6%, after it closed down 0.7% on Thursday.    LINK

Al-Rafidain Bank continues to sell dollars to citizens on holidays

Baghdad / NINA / - Al-Rafidain Bank announced that it opened the doors of its branches on holidays to sell dollars to citizens.

The bank stated in a statement: “The process of selling dollars to citizens continues during the holidays, from the two branches of Palestine Street in Rusafa and the Arab neighborhood in Mansour in the Karkh side.”   LINK

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

Clare:  Parliamentary Finance: The government is able to control the exchange rate of the dollar and its rise is not intended

12/31/2022

The Parliamentary Finance Committee confirmed, today, Saturday, the government's ability to control the rise in dollar exchange rates in Iraq during the past few days, stressing at the same time that this rise is not intended.

Committee member Jamal Cougar said in a statement to {Euphrates News} agency, "We believe that the fluctuation in the exchange rates of the dollar is pure speculation and the matter is not intended," noting that "the government does not want to raise the exchange rate of the dollar against the dinar."

Cougar explained that "what happened is speculation on the one hand and pressure on the other, and things cannot get out of control," noting that "the government is able to control the exchange rate and return it to 148 as it was circulating in the market."

Raghad Daham  LINK

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

Clare:  Central Bank: We have taken a series of decisions to return the dollar market to its normal position

The Central Bank of Iraq stated, on Saturday, that it had taken a series of decisions to restore the dollar market to its normal state.

The media office of the Central Bank of Iraq said in a statement received by {Euphrates News} that "the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, conducted a field visit to a number of banks that began selling foreign currency."

He added, "The governor urged, during his meeting with 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 of Iraq has taken a number of decisions that contribute to achieving stability in the foreign currency market."

"The bank's 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 said.

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," stressing not to raise public concerns about the rise in dollar exchange rates, and the need to take deterrent measures against speculators. He stressed that "the situation in Iraq is much better than other countries, and there is no way to compare it."  LINK

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

Henig:  Putin in conversation with Xi Jinping: Russian-Chinese cooperation is a factor of international stability and work is underway to strengthen it

Baghdad / NINA / - Russian President Vladimir Putin affirmed: "The Russian-Chinese cooperation is increasing in all fields, and work is under way to strengthen it," while expressing his country's readiness to increase natural gas supplies to China.

"Russia stands against the growing tensions in the world," Putin said, during a video conference meeting with Chinese President Xi Jinping, on Friday, expressing his confidence that relations between Russia and China show stability and a model of cooperation.

While Chinese President Xi Jinping stressed that China is ready to raise the level of political interaction with Russia and to be an international partner in light of the difficult global situation.   LINK

Vietnam:

Henig:     Expanded trade opportunities with US

06:00 | 31/12/2022 

(VEN) - US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses in the post-pandemic era. However, the opportunities also face challenges.

Largest export market
“Vietnam considers the US one of the most important partners. Since upgrading bilateral relations to a comprehensive partnership in 2013, the two countries have deepened cooperation, focusing on trade and investment. The business communities of the two countries have played a very important role in this process,” said Deputy Minister of Industry and Trade Do Thang Hai at a recent Vietnam-US trade forum jointly held by the Ministry of Industry and Trade, the US Chamber of Commerce in Vietnam, and the US-ASEAN Business Council.

According to Deputy Minister Hai, bilateral trade between Vietnam and the US grew from US$450 million in 1995 to nearly US$113 billion in 2021, despite supply chain disruptions caused by the COVID-19 pandemic. The US has become Vietnam’s second largest trading partner, with annual bilateral trade exceeding US$100 billion. The US has been Vietnam’s largest and most important export market for many years, while Vietnam has become the eighth largest trading partner of the US.

“The US is also one of the largest foreign investors in Vietnam, with nearly 1,150 projects currently operating with total registered capital of more than US$10.3 billion, ranking 11th among 141 economies investing in Vietnam,” Deputy Minister Hai said.

Trade defense measures

However, Vietnam has faced challenges in trade with the US, including the increased frequency of US trade defense investigations of Vietnamese goods. Moreover, the US has not recognized Vietnam as a market-driven economy.

Phan Thi Thang, Vice Chair of the Ho Chi Minh City People’s Committee, proposed that the US assist the city in a prefeasibility study for the establishment of an export goods irradiation center and provide technical assistance for Mekong Delta cities and provinces to ensure the quality of farm produce exports to the US.

Thang also expressed the wish for increased cooperation between Ho Chi Minh City and the US in the fields of logistics, digital economy, sharing economy, circular economy, smart city development, and building international financial centers.

According to Michael Vu Nguyen, Country Director of Boeing Vietnam, US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses.

Chung Seck, Vice Chair of Amcham Vietnam Digital Economy Committee, said to attract more US investment, the Vietnamese government should adopt a secure legal framework for safe cross-border data transfer and pay attention to intellectual property in the digital business environment.

Within the framework of the Vietnam-US Trade Forum 2022, Deputy Minister of Industry and Trade Do Thang Hai and Oregon State officials signed a memorandum of understanding to facilitate trade exchange and investment in the industry and energy fields.

Ngoc ThaoLINK 

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

Henig:  MM Mega Market launches a new modern Giá tốt business model

16:18 | 30/12/2022

Recognizing changes in shopping behaviors, MM Mega Market has publicly launched its new business model – Giá tốt. Giá tốt is currently present in big cities and provinces in Vietnam with more than 250 Giá tốt partners, including Ho Chi Minh City, Hanoi, Da Nang, Binh Duong, Bien Hoa, Quy Nhon, Buon Ma Thuot, Rach Gia, etc.

MM Mega Market expects to reach the target of 10,000 stores by 2026.

This is a cooperation model between MM Mega Market and individual partners who desire to run convenience stores, minimarts or together with traditional shop owners to build new modern stores or transform a traditional grocery into a modern retail trader.

Its ultimate goal is to make the traditional retail model be modern in appearance and management system.

Giá tốt offers a holistic approach for shop owners to optimize business performance and provide customers with better shopping experience, high-quality products at the most competitive prices in professional look.

Giá tốt partner benefits from “4 No” model, including: No franchise fees; No exclusive offer; No declare on sale price; No required purchase funds.

Giá tốt provides maximum financial support, such as: Financial support package up to VND70 million (including exterior and interior design, product display consulting, facility and equipment investment, sales management system, sales training and development); Support debit transactions up to VND500 million and payment term up to 15 days with diversified payment methods.

Giá tốt partner benefits from technological advances, such as: “One-touch” application supports shop owners to make quick and convenient order from MMPro website and integrated benefits on MCard app; Efficient time management through technological applications allows shop owners to devote more time to their family and personal life.

Bruno Jousselin, Managing Director of MM Mega Market Vietnam, said: “According to the annual report by Nielsen in 2020, Vietnam had around 1.4 million grocery stores and 9,000 traditional markets with the total sales of US$10 billion per year, constituting 75 percent of retail market share. With Giá tốt, thousands of enterprises, manufacturers will do business better, millions of groceries operate more efficiently, offering to consumers authentic, high-quality products at competitive prices. I firmly believe with well-prepared strategies and aggressive plans, Giá tốt will soon increase its coverage nationwide in the context of evolving tougher competition in retail market. By this way, MM expects to make a significant contribution to the sustainable economic growth in Vietnam”.

My Phung   LINK

Iraqi News Highlights Saturday Afternoon 12-31-22

Iraqi News Highlights Saturday Afternoon 12-31-22

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic Congratulated The New Year: We All Hope That It Will Be A Year Of Peace And Harmony

political| 01:51 - 12/31/2022   Baghdad - Mawazine News  , President of the Republic Abdul Latif Rashid congratulated, on Saturday, the Iraqis on the new Gregorian year, expressing his hope that it will be a year of "peace and harmony."   https://www.mawazin.net/Details.aspx?jimare=215557

Central Bank Governor: The Rise In The Dollar Is A Temporary Situation, And We Succeeded In Addressing It

Money  and business  Economy News / Baghdad  The Governor of the Central Bank, Mustafa Ghaleb Makhaif, considered, on Saturday, that the rise in the exchange rate was a temporary situation, stressing that the bank had succeeded in dealing with it.

"The banks' 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," Makhaif said in a statement on the sidelines of his visit to a number of 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," stressing that "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 exchange rates of the dollar, and the need to take deterrent measures against speculators," pointing out that "Iraq's situation is much better than other countries and there is no way to compare it."

He urged bank departments to facilitate the procedures for selling foreign currency to citizens wishing to obtain it for travel, treatment and other purposes, noting that the Central Bank of Iraq had taken a number of decisions that contribute to achieving stability in the foreign currency market.

100 views   Added 12/31/2022 - 3:35 PM  Updated 12/31/2022 - 6:18 PM

https://economy-news.net/content.php?id=31613

Governor Of The Bank: High Exchange Rate Is A Temporary Situation

Saturday 31 December 2022 15:52 | Economical Number of readings: 181  Baghdad / NINA / - The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed that the exchange rate hike is a temporary situation.

A bank statement said, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, conducted a field visit to a number of banks that started selling foreign currency."

The statement added, "The governor urged, during his meeting with 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 of Iraq has taken a number of decisions that contribute to achieving stability in the foreign currency market."

He stressed 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 share allocated to banks."

Mukhaif 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, stressing not to raise public concerns about the rise in dollar exchange rates, and the need to take deterrent measures against speculators." , stressing that the situation of Iraq is much better than other countries, and there is no room for comparison with it

https://ninanews.com/Website/News/Details?key=1023545

Member Of Parliamentary Finance: The 2023 Budget May Exceed 180 Trillion Dinars

Money  and business  Economy News – Baghdad  A member of the Parliamentary Finance Committee, Muhammad Nuri, said, on Saturday, that the Ministry of Finance is working to complete the 2023 budget and put the final touches to the law, indicating that the Ministry of Finance will send the final draft of the law to the Council of Ministers in the coming days.

Nuri added, "The draft budget for the year 2023 is somewhat similar to previous budgets, and there is no update or economic vision according to the country's financial abundance," adding that "there is no real change in this budget."

"The Ministry of Finance calculated the price of a barrel of oil at 65 dollars, and that the total amount of the budget law may exceed 180 trillion dinars," Nuri added, in an interview with "Shafaq News" agency, followed by "Al-Iqtisad News".  Views 58   Added 12/31/2022 - 5:09 PM  Updated 12/31/2022 - 6:03 PM

https://economy-news.net/content.php?id=31616

Ihsan Al-Shammari to / NINA /: The crisis of the dollar's rise is caused by the US "cold" economic war / Expanded

Saturday 31 December 2022 10:41 | political Number of readings: 399  Baghdad / NINA / - The head of the Center for Political Thinking, Ihsan Al-Shammari, confirmed: "The crisis of the rise in dollar prices was caused by the US economic" cold "war, and it was exploited by internal parties to blackmail the government.

Al-Shammari said in a statement to the National Iraqi News Agency / NINA /: "The cold war The current relationship between the United States of America and Iran has an economic aspect, given that the first exerts maximum pressure on the second, and thus obliged Iraq not to make financial transfers to Iran, other than electrical energy transfers, in which there was a previous exception during previous governments.”

He added:There seem to be financial transfers with attempts by political parties to control some important financial positions for the purpose of circumventing US sanctions, and therefore everything that is happening is the result of the US-Iranian conflict, and it is not a matter of closing banks.

Al-Shammari continued: "The United States committed Iraq not to transfer money to Iran at all, and this is the reason for the dollar's rise simply."

He pointed out: "External parties have blackmailed the government in an attempt to obtain some financial positions, and an attempt to put pressure on the current prime minister, if he thinks of moving forward with a policy of balance in Iraq's foreign relations, and its internal and external dealings."

Al-Shammari explained: "These parties are unable to find an achievement for them at the level of political performance, and therefore they found from the crisis of the rise of the dollar the best issue to be a lever for them."

He pointed out that the collapse of the currency greatly affects the standard of living of the poor and middle classes, and this matter is reflected in the Sudanese government, which has developed a promising and ambitious ministerial platform, and is trying to take good measures, so this crisis will shake confidence in the current government.

He concluded by saying: "The state administration coalition failed to support the Sudanese government and undermine the repercussions of the dollar crisis."/ End

https://ninanews.com/Website/News/Details?Key=1023494

Barzani: There Is A New Opportunity To Resolve Issues Between Baghdad And Erbil

Political | 12:06 - 12/31/2022   Baghdad - Mawazine News  The head of the Kurdistan Democratic Party, Massoud Barzani, expressed, on Saturday, his support for the implementation of the political agreement reached between all Iraqi parties participating in the political process and the Kurdistan Regional Government.

Barzani said, in the context of a statement he made on the occasion of the new Gregorian year, "We believe that there is a new opportunity to resolve issues between the Kurdistan region and the federal government in Iraq."

He added, "We support the implementation of the political agreement that was reached between all Iraqi parties participating in the political process and between the Kurdistan Regional Government." Ended   https://www.mawazin.net/Details.aspx?jimare=215548

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

https://www.bondladyscorner.com/