"Tidbits From TNT" Saturday Morning 1-7-2023

TNT:

Tishwash:  Iran's New Central Bank Chief Says 'Economic Indicators Improving'

The new chairman of the Central Bank of Iran (CBI), amid a serious economic crisis, said Friday that macroeconomic indicators show signs of improvement.

Mohammad-Reza Farzin, appointed last week, did not explain which economic indicators show improvement. His predecessor was sacked because of a serious financial and currency crisis.

The Iranian rial has lost 50 percent of its value since mid-2021 and 30 percent this year, raising fears of higher inflation. Iran’s annual inflation rate is al,ost 50 percent, with food prices averaging 78 percent increase in the past 12-month period.

The financial crisis comes at a time of antigovernment protests, instilling anger among the population impoverished in the past five years after the United States imposed sanctions on Iran’s economy.

Farzin was speaking at his first meeting of a government outfit called “Headquarters for Economic Information and Propaganda” established in 2018 to fight against “psychological warfare” in markets. Iranian officials often blame poor economic performance on “enemy” conspiracies.

Farzin strongly intervened in the currency market on December 31 as the rial sank to 440,000 to the US dollar last week. The amount of foreign currency injected into the market was kept secret, but the rial regained close to 10 percent of its value but remained at almost an all-time low of 400,000 to the US dollar. Subsequent interventions only had a temporary impact.

The rial has been steadily losing value since the Islamic Republic was established in 1979, when the dollar equaled just 70 rials.  link

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Tishwash:  The anger of the Iraqi street: the decline of the dinar fuels the high prices in the markets

Iraqi society lives in a state of anticipation and anxiety, amid the contraction of economic activities, due to the instability of the exchange rate of the dinar against the dollar and the escalation of speculation, which negatively affected the instability of the market movement, with the rise in the prices of commodities and consumables, in addition to the impact of that rise on the increase in poverty rates according to The latest statistics of the Iraqi Ministry of Labor and Social Affairs indicate 25 percent of the total population.

The exchange rate of $100 reached more than 155,000 Iraqi dinars, an increase of about $3 (equivalent to 4,500 dinars) over the official exchange rate approved by the Central Bank of Iraq, while fears are growing that the rising crisis will continue to increase merchants’ losses due to stagnation and increased unrest. Social, including the rise in suicides due to the deterioration of the economic and living situation to more than 700 cases, according to the Strategic Center for Human Rights in Iraq.

The Al-Shorja market in central Baghdad is one of the largest major markets in Iraq, and it includes a large number of the largest merchants in the country.

 New changes to the dollar exchange rate.

Trader Qais Abdul Karim says that they have incurred great losses due to the high exchange rate of the dollar against the dinar, the stagnation that has occurred, and the shrinking percentage of sales compared to previous periods, in addition to the difficulty in obtaining hard currency to cover import expenses due to the control of influential parties that carry out speculation operations. Abdel Karim added to The New Arab that the rise in the exchange rate of the dollar was directly reflected in the prices of commodities and basic and luxury materials, which created fear and caution among consumers that prices would continue to rise further.

Abdul Karim reveals that a number of merchants were exposed to health crises as a result of the great shock and material losses they received due to the sudden rise in the dollar exchange rate. The impact of the rise of the dollar against the dinar was not limited to merchants and the market only, but was reflected in a deterioration in the lives of citizens and their social reality.

In an interview with Al-Araby Al-Jadeed, social researcher Wali Al-Khafaji said that the huge inflation in the market, along with the fixed salaries of state employees in the local currency, and the high unemployment rate, have greatly affected the citizen's living conditions, and his inability to meet his basic needs. Al-Khafaji explained to Al-Araby Al-Jadeed that there are basic requirements that the Iraqi family needs. Among the costs of alternative electricity (civilian generators), wages for children's education, food and transportation, all of which are essentials that the Iraqi citizen has become unable to meet their expenses.

He explains that the citizen's inability to meet the family's requirements has increased social problems, as the rates of divorce, drug abuse, selling human organs, and family quarrels have increased, which led to deliberate killings, stressing that many suicides occurred due to the father's inability to provide the basic needs of his children. 

Al-Khafaji underestimates the importance of the impact of the rise of the dollar on merchants and owners of exchange companies, because their work is linked to the market movement, and the higher the price of the dollar, they in turn raise the prices of goods and services, and the only one affected by this measure is the citizen and those with limited income.

The Iraqi government is facing widespread pressure due to the continuous decline in the exchange rate of the local currency, as there has been talk of the return of popular demonstrations and the launch of a new round of protests, as a result of the excessive drop in the exchange rate of the dinar against the dollar, and the resulting stagnation in the markets and an increase in the prices of goods and services.

Economic researcher Abd al-Salam Hassan believes that the Iraqi street is in a state of anger, which calls for the possibility of renewed demonstrations and the occurrence of a "hungry revolution" that may overthrow large heads, as happened in the past demonstrations that lasted for a period and carried social and economic demands that are still unfulfilled to this day.

Hassan indicates, in his interview with Al-Araby Al-Jadeed, that the rise in the price of the dollar has special accounts behind which there are political agendas, targeting the Iraqi citizen and fighting him in his daily strength, as he described, expecting the continuation of the rise in the price of the dollar until it exceeds 160,000 Iraqi dinars for every 100 dollars. . 

Regarding the losses of merchants and owners of exchange companies in Iraq, Abdel Salam Hassan believes that they are not considered large losses, and that owners of capital in the market took advantage of the rise in the dollar to achieve additional profits, by raising the prices of basic and consumable materials.

Hassan describes the solutions presented by the Iraqi government in the face of this crisis as "random solutions", adding that the financial authorities in Iraq are still unable to achieve balance in the market, and provide the necessary strategic solutions to ensure financial and economic stability in the country.

link

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Tishwash:  Al-Sudani plans to visit Washington: Reconsidering the US military presence in Iraq

Yesterday, Thursday, two Iraqi officials in Baghdad told Al-Araby Al-Jadeed that Prime Minister Muhammad Shia Al-Sudani plans to make an official visit to Washington during the coming period, at the head of a large ministerial delegation from his government.

While they indicated that he is coordinating this file with the US embassy in the capital, Baghdad, which has not yet responded with a clear position on this matter, it is likely that the reason for this is waiting for the US administration to know the directions of the new government formed by the "Coordination Framework" coalition, which is supported by Tehran.

Iraqi official: Al-Sudani received the approval of the coordination framework to visit Washington

Al-Sudani's upcoming visit to Washington is a protocol procedure used by all successive Iraqi heads of government after 2003, in the first months of their assumption of power. However, Al-Sudani’s visit, in his capacity as the head of a government emanating from a political alliance, declared on more than one occasion his opposition to the United States and work to remove its military presence from the country, may take it out of its usual context this time, especially since the files of Al-Sudani, which he wants to carry to Washington, will not be American accepted.

Al-Sudani, whose government was voted on by parliament on October 27 last year, put forward a broad security, service and political program, the most prominent of which was holding early elections within one year, resolving the file of the displaced and depopulated cities controlled by militias allied to Iran, and improving relations with countries. Neighborhood, and being careful not to engage in the politics of axes in the region.

However, doubts are growing about the extent to which he has fulfilled his promises, after a series of measures that contributed to the escalation of the influence of armed groups within state institutions, by naming figures affiliated with them, especially in the National Security and Intelligence Services, and the Ministries of Defense and Interior.

This matter may be the first source of concern for the United States in the manner of dealing with the ninth Iraqi government since the American invasion of the country in 2003, in addition to questioning the eligibility of the current parliament, after the withdrawal of the first winner in the elections, which is the Sadrist movement, after pressures he was exposed to while trying to form a majority government. .

Two Iraqi officials in Baghdad, one of them in the prime minister's office, confirmed that Al-Sudani "is planning to visit the United States at the head of a large ministerial and security delegation, to discuss a number of files, on top of which is security."

The approval of the "coordinating framework" for the visit

The official in the prime minister's office said that al-Sudani "had the approval of the coordination framework for the visit before moving to the US ambassador to Baghdad, Alina Romanowski, who did not clarify any position regarding the visit's arrangements or timing."

For his part, the other, a member of the Foreign Relations Committee in the Iraqi parliament, who asked not to be named, confirmed in a phone call to Al-Araby Al-Jadeed that Al-Sudani wants to discuss " the file of the American military presence in Iraq."

He explained, "The coordination framework seeks to renegotiate and cancel an agreement that took place during the government of Mustafa Al-Kazemi that transformed the status of the American forces from combat to an advisory force inside Iraq, and pushes towards ending the entire American military human presence. Instead, it will be an agreement related to assisting Iraq in other military fields." including providing him with arms and ammunition.

He pointed out that " political parties inside Iraq have reservations about this approach, such as the Kurdistan region, which sees the American presence at the Harir Air Base, north of Erbil, as a necessity for the security of the region." He said, "The available information confirms that there is no obstacle for the prime minister to go to Washington, but so far the timing has not been determined."

In his latest remarkable position, Al-Sudani criticized the former US administration, regarding the killing of the leader of the "Quds Force" Qassem Soleimani, whom he described as "the guest of Iraq", with the deputy leader of the "Popular Mobilization" Abu Mahdi Al-Muhandis, in the American raid on January 3. January 2020.

He said, during a memorial ceremony in Baghdad sponsored by the "Popular Mobilization Forces", last Thursday, that "the previous US administration's doing this act is a flagrant assault on Iraqi territory and sovereignty." However, Al-Sudani avoided the method of other Iraqi officials and politicians in attacking the United States and its policy in Iraq , as he focused on criticizing the administration of former President Donald Trump only.

In this context, Mahmoud al-Hayani, a leader in the "Coordination Framework" coalition, confirmed, in an interview with Al-Araby Al-Jadeed, that there is an upcoming visit by Al-Sudani to Washington, but he also confirmed that "no date has been set for it yet, and it is within the framework of diplomatic coordination."

Examine the file of the American presence in Iraq

Al-Hayani added, "The most prominent files that Al-Sudani will discuss in Washington is the file of the American presence in Iraq, and this file is one of the government's priorities, which Al-Sudani promised to resolve according to his government program, after which he was granted confidence by the House of Representatives."

He continued, "The forces of the coordination framework, and the armed factions, do not oppose having diplomatic relations with the United States of America based on respect for sovereignty. Iraq needs relations with Washington in the field of economy, investment, and even security and military expertise, but according to agreements that respect Iraq's sovereignty and prevent any interference in its internal affairs." political or otherwise.

The removal of American forces is an Iranian demand

However, a member of the Iraqi Civil Movement, Hussein Al-Sheikhly, considered that the return of the demands to remove the US forces from Iraq is "an Iranian demand, and the Iraqis have nothing to do with it."
Al-Sheikhly added, to Al-Araby Al-Jadeed, that "the Americans may respond to any new pressures or demands, but this will be at the expense of a new isolation of Iraq. The Iraqis will gradually find themselves besieged by a number of measures and decisions that are economically harmful to them."

Hussein Al-Sheikhly: The return of the demands to remove the American forces from Iraq is an Iranian demand

On the other hand, the head of the "Iraqi Center for Strategic Studies", Ghazi Faisal, considered, "Al-Sudani's upcoming visit to Washington is a matter of protocol, which all previous heads of government worked on, and this visit is always devoid of any real practical agreements, and it is only limited to discussing some files." joint ventures, especially the security ones.

Faisal suggested that Al-Sudani's upcoming visit to Washington would be devoid of "discussing the new escalation by the armed factions, as well as some forces close to Tehran against the Americans in Iraq, especially with the passing of the third anniversary of the assassination of Qassem Soleimani and Abu Mahdi Al-Muhandis. There will be direct American messages to Al-Sudani to stop this ." Threats to prevent any US reactions against these parties at the military level or to impose sanctions.

And he talked about "pressures exerted on Al-Sudani by armed factions, in addition to political forces within the coordination framework regarding his movement towards the file of the American presence in the country, but Al-Sudani is aware of the danger of opening this file now, and for this he is working to postpone the presentation of this file, until after his visit to Washington." But the pressure on him is too great."

And Iraq had officially announced the transformation of the tasks of the American forces into advisory ones on December 31, 2021, within the agreement signed between the two countries, with a number not exceeding two thousand soldiers.

These forces are located in three main locations in Iraq, namely the "Ain al-Assad" base, located 130 kilometers from the city of Ramadi, the center of Anbar Governorate, in the west of the country, and the "Harir" base, north of Erbil, within the Kurdistan region of Iraq, along with Camp Victoria. ", adjacent to Baghdad Airport, in which there is a task unit and intelligence analysis, in addition to the US embassy in central Baghdad.

(Muhammad Ali contributed reporting from Baghdad)   link

Mot:  HAPPINESS IS....

Mot:  .... Things that Make a Seasoned Soul Happy!!!

Some "Vietnam News" Posted by Henig at KTFA 1-6-2023

KTFA:  Vietnam

Henig:  Nghe An Province increases local content of industrial products

06:00 | 06/01/2023

(VEN) - Nghe An is one of the chosen destinations of large international investors shifting their supply chains to Vietnam, providing businesses in the north-central province with access to new opportunities for support industry development.

The Nghe An industry and trade sector has set specific goals, aiming for an average annual growth rate of 12-13 percent in support industry production value, accounting for more than 20 percent of industrial production value by 2025 and gradually increasing in the future. The industry will also enhance investment, especially foreign direct investment (FDI), to encourage rapid domestic support industry growth.

According to a draft report on the development of support industries in Nghe An Province, by 2025, the province will aim for domestic support industry companies to account for 10-12 percent of the total number of firms and for 20-30 support industry enterprises to participate in corporate supply chains.

By 2030, the sector will attempt to achieve a localization rate of 30 to 35 percent in a number of development-prioritized industries, such as electronics, mechanical assembly, and energy, and over 45 percent in textiles. All support industry enterprises are expected to use digital technology for administration, production, and trading.

The impact of COVID-19 closures and shutdowns greatly affected suppliers of industrial components in China, the Republic of Korea, and Japan, hampering Vietnam’s domestic production. However, Vietnam’s industries are now recovering with a return of raw materials from their suppliers.

Nghe An’s processing and manufacturing industries depend greatly on imported materials, especially its key industries such as electronics, textiles, leather, and automobile manufacturing.

The study on the development of support industries in Nghe An has concluded that the industrialization process in the province remains sluggish. Specifically, labor productivity is low in comparison to other regions. In addition, the industry’s autonomy is limited because Nghe An must import the majority of input materials for large sectors, such as textiles, garments, leather and footwear, and electronics. Vietnam imports over 90 percent of its raw resources and is overly reliant on markets such as China, the Republic of Korea, and Chinese Taipei. In the global value chain, the province’s industry serves mostly as an outsourcing location for exports, with a low profit margin of only 5-10 percent.

According to Pham Van Hoa, Director of the Nghe An Department of Industry and Trade, the province intends to push the development of support industry products to service local manufacturing industries and the national market, establishing support sectors for the textile and apparel industries, wood processing and furniture manufacturing, packaging production and additives for plastic granules.

According to the Nghe An Department of Industry and Trade, the province’s industrial production index grew by 10.07 percent during the first ten months of 2022 compared to the same period in 2021. The processing and manufacturing industries were the primary growth driver.

Hoang Trinh  LINK

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Henig: Wind energy prices in Vietnam still higher than in other countries

09:31 | 05/12/2022

Prime Minister Phạm Minh Chinh requested relevant stakeholders to work together to bring down wind energy prices in Vietnam, which are now higher than in other countries.

During his work trip to the southern province of Bac Lieu, Prime Minister Phạm Minh Chinh said Bac Lieu is among the localities with great potential to develop renewable energy.

In the past few years, the country has issued mechanisms to encourage the development of wind energy, however, the prices of wind energy in Vietnam are higher than in the world and than energy generated from other sources. He also noted that many investors are also interested in investing in wind energy in Vietnam.

The PM stressed that it is important to review wind energy investment in Vietnam, especially the price factor, to ensure the harmony of interests between investors, the State and people.

He also requested the acceleration of the transfer of technology as well as training of human resources and the development of the renewable energy industry, including the manufacturing of such products as engines, turbines, and wind turbine blades to reduce imports and reduce the prices of electricity. Investors and the locality must also consider the circular economy model, developing wind energy along with hydrogen production, agriculture, and aquaculture farming.

During his trip, the PM also worked with key leaders of the province to discuss the socio-economic development in 2022 and the goals for the next year. He also inspected key infrastructures of Bac Lieu including the Can Tho-Ca Mau highway section that crosses the province.

He said this highway project is an important one that people are anticipating, so it must be done promptly.

He ordered relevant stakeholders to ensure the highway would be as short and convenient as possible as well as to speed up the progress of the project and avoid corruption and wrongdoings.

Can Thơ-Ca Mau highway is about 110km long, crossing five localities in the Mekong Delta region namely Can Tho City, and Hau Giang, Bạc Lieu, Kien Giang and Ca Mau provinces. It has a total investment of about VND27.5 trillion (US$1.16 billion). The project affects about 3,800 households in terms of land clearance.

VNS   LINK

Iraqi News Highlights Friday Afternoon 1-6-23

Iraqi News Highlights Friday Afternoon 1-6-23

Tlm724 Administrator Bondlady’s Corner

Al-Hakim And Al-Halbousi Stress The Importance Of Passing Important Laws To Complete The Structure Of The Political System

The leader of the Wisdom Movement, Ammar al-Hakim, and the Speaker of Parliament, Muhammad al-Halbousi, stressed the importance of passing important laws to complete the structure of the political system.   Al-Hakim said in a statement, "During our reception of Parliament Speaker Muhammad al-Halbousi, we discussed developments in the political scene and the role of Parliament in the upcoming legislative term."

He added, "The importance of everyone uniting for the success of the government's work in the next stage was emphasized, and we indicated the need to invest the precious opportunity in providing services, providing job opportunities, and combating corruption."

He continued, "We stressed the importance of the House of Representatives playing its oversight and legislative role and approving important laws to complete the structure of the political system, as well as laws that have direct contact with the concerns of citizens."

And he continued: "We referred to the complementarity between the work of parliamentary committees and ministries, and we called for the return of the displaced and the continuation of preemptive operations to strike the remnants of terrorism." https://www.radionawa.com/all-detail.aspx?jimare=32896

A New Rise In The Exchange Rate Of The Dollar In The Iraqi Market

Economie| 09:51 - 06/01/2023   Baghdad - Mawazine News  Today, Friday, the exchange rates of the dollar witnessed a new rise in the Iraqi markets.

And the selling prices of the dollar were recorded at 156,750 dinars per 100 dollars, while the buying prices of the dollar were recorded at 155,750 dinars per 100 dollars. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=215987

Oil Prices Rose By About 1% Thanks To US Inventory Data

Economie| 08:50 - 06/01/2023  Baghdad - Mawazine News   Oil prices rose about 1 percent on Friday, continuing gains from the previous session, after data showed a decrease in fuel stocks in the wake of the winter storm that swept the United States at the end of last year.

US Energy Information Administration data showed Thursday that distillate stocks, which include diesel and heating oil, fell more than expected during the week ending December 30. It decreased by 1.4 million, compared to expectations for a decline of 396 thousand barrels.

The administration also said that US gasoline stocks fell by 346,000 barrels last week, compared to analysts' expectations for a decline of 486,000 barrels.

While service activity in China contracted in December for the fourth consecutive month amid an increase in COVID-19 infections, the pace of declines slowed while business confidence rose to a 17-month high.

China, the world's largest importer of crude oil, took a sudden turn in its strict "zero Covid" policy in early December after rare protests there, which led to a surge in infections across the country.

Price movements

Brent crude futures rose 79 cents, or 1 percent, to $79.48 a barrel, after rising 85 cents to $78.69 at the settlement on Thursday, according to Reuters data.

And by 0203 GMT, US West Texas Intermediate crude futures rose 80 cents, or 1.1 percent, to $ 74.47 a barrel. And it had recorded a rise of 83 cents to 73.67 dollars when settling in the previous session.

And oil prices are on their way to end the week, down by about 7 percent from the previous week. Ended 29 / h   https://www.mawazin.net/Details.aspx?jimare=215982

The Central Bank Denies Stopping The Housing Initiative Loans

Economie| 12:11 - 06/01/2023  Baghdad - Mawazine News, on Friday, the Central Bank of Iraq denied stopping loans for the housing initiative.

"The housing loan initiative provided by the Central Bank to the Housing Fund for the purpose of construction and the Real Estate Bank for the purpose of purchase continues," said the Central Bank's advisor, Ihsan Shamran Al-Yasiri.

He added, "There is no direction by the Central Bank to stop this initiative, and the same applies to the loans of the Agricultural and Industrial Banks."

And the media and social networking sites had circulated earlier news that the Central Bank of Iraq had stopped the housing loan initiative.    https://www.mawazin.net/Details.aspx?jimare=216002

United Nations Mission: We Share Iraq's Joy And Enthusiasm For Hosting The Gulf 25

political| 03:04 - 06/01/2023   Baghdad - Mawazine News, today, Friday, the United Nations Mission in Iraq confirmed that it shares Iraq's joy and enthusiasm for hosting the Gulf 25.

The mission stated in a statement that Mawazine News received, a copy of it, "We share Iraq's joy and enthusiasm for hosting the Gulf 25, and that by hosting it For the Cup, Iraq demonstrates the unifying power of sport and its ability to embrace peaceful and respectful competition, and we wish Iraq and its people a successful tournament.   https://www.mawazin.net/Details.aspx?jimare=216023

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

https://www.bondladyscorner.com/

Friday Morning Iraq Economic News Highlights 1-6-23

Friday Morning Iraq Economic News Highlights  1-6-23

Sudanese Advisor: The Price Of The Dollar Will Settle Between 145 To 146 Thousand Soon

Economy |Yesterday, 12:52 |  Baghdad today – Baghdad Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Muhammad Shia' al-Sudani, commented today, Thursday, on the return of the dollar's exchange rate against the Iraqi dinar in the local market, confirming its stability soon.

Saleh said to (Baghdad Today), that "with the improvement in the degree of disclosure in commercial transactions and the increase in their transparency that requires financing, in the dollar currency from the window of the Central Bank of Iraq, the temporary gap between supply and demand for foreign currency will shrink.”

He added that "the flexibility of monetary policy intervention in the exchange market to restore market stability will accelerate its pace, and during the coming days the exchange rate of the dollar against the Iraqi dinar will stabilize between the price of 1455-1460 dinars per dollar." , meaning 145 and 146 thousand dinars per 100 dollars.

He stressed that "the monetary authority seeks to protect economic stability."

Earlier, the House of Representatives held a special session to discuss raising the exchange rate of the dinar and maintaining its stability, as the signatures of more than 80 deputies were collected so far and sent to the Presidency of the Council, at a time when fluctuations in exchange rates confused the markets, causing concern among the earners.

It is noteworthy that the exchange rate of 100 dollars recently approached 160 thousand dinars, which is the first time that the exchange rate of the dinars decreased in this way, while the Central Bank imposed sanctions on 18 banks in order to restore balance to the markets. , and to satisfy the United States, which accuses Iraq of transferring the dollar to the outside.   Edit: R.p   LINK

Sudanese Economic Adviser: The Iraqi Dinar Is In Its Strongest Degree Of Stability

Economy |Yesterday, 21:39 |Baghdad today – Baghdad   Today, Thursday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, saw that the Iraqi dinar is in the strongest degree of its stability.

Saleh said, to (Baghdad Today), that "the Iraqi dinar is in its strongest degree of stability, the instability of the exchange rate of the dollar against the dinar is caused by international compliance controls that require transparency and broader governance in the behavior of Merchants in foreign currency through financing foreign trade from the window of the central bank, and this lack of stability is my time, and it will be back very soon.”

And he indicated that "the balance of foreign currency reserves is around 100 billion dollars, which is the highest in Iraq's financial history, and this confirms that the Iraqi dinar is in the strongest degree of stability. Back to normal as it was before.

This comes as the exchange rate of the dollar has been fluctuating for days, after reaching the threshold of 160,000 dinars for every 100 dollars. It later declined and then rose to about 156,000 dinars, amid government pledges to control the exchange rate.   Edit: G.F    LINK

A Political Movement Invites The Sudanese: The Dollar Is Fleeing By Land And Must Be Intervened

Politics / Economics |Today, 10:28 |Baghdad today – Baghdad Today, Friday, the Secretary-General of the "Enough" movement, former MP Rahim al-Darraji, called on the Iraqi government headed by Muhammad Shia' al-Sudanese to activate "economic security."

Al-Daraji told (Baghdad Today) that "the Iraqi government is required to activate the role of economic security and grant powers to close exchange companies and banks that violate the official rate," calling, "the security authorities to stop the currency smuggling by land, which is no less important than the smuggling of oil derivatives.”

And Al-Daraji, a former member of the Parliamentary Finance Committee, stated that “the absence of any accountability by the Central Bank for banks and banking companies that violates the instructions of the Central Bank, especially since this generates a lack of confidence in the US Federal Reserve in the control of the Central Bank of Iraq over dollar sales and attempts to smuggle it, with the presence of operations smuggling currency overland by means of bags and vehicles.  Edit: G.F    LINK

Angry Protests In Front Of The Central Bank To Demand A Reduction In The Dollar

Posted On2023-01-05 By Sotaliraq   Baghdad - Ibtihal Al-Arabi   Citizens protested yesterday, in front of the Central Bank building in the middle of Al-Rashid Street in Baghdad, after the currency exchange rate rose again and reached the threshold of 156 thousand dinars per hundred dollars, and demanded a reduction in the price of the dollar against the dinar. The security forces closed the street leading to the bank.

Witnesses said that (the demonstrators held banners calling on the Central Bank to reduce the price of the dollar against the dinar, blaming it for the high exchange rate). The demonstrations coincided with continuous showers of rain, and the security forces closed Al-Rashid Street in anticipation of any emergency. The dollar exchange rate rose on the local stock exchange.

The selling prices were recorded at 156,000 dinars per 100 dollars, while the buying prices of the dollar were 155,500 dinars per 100 dollars. And the bank decided earlier to adjust the exchange rate of the dollar against the dinar, as the price of buying a dollar from the Ministry of Finance reached 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen was 1470 dinars per dollar. LINK

The President Of The Republic Calls For Speeding Up The Approval Of The Budget

Policy  2023-01-05 | 09:20   2,001 views  Today, Thursday, the President of the Republic, Abdul Latif Jamal Rashid, stressed the need to expedite the approval of the budget to provide the requirements for reconstruction in Iraq.

Rashid's office said, in a statement received by Alsumaria News, that the latter "received at the Baghdad Palace, Finance Minister Taif Sami, and discussed with her developments in the financial and economic situation in the country."

The President of the Republic spoke, according to the statement, about "Iraq's upcoming participation in the Davos conference, and his determination to work for Iraq to have a pivotal role by encouraging businessmen and capital to invest in projects that will contribute to the development of the local economic reality, especially after Iraq witnessed security and economic stability." He stressed that supporting the private sector is a national necessity to be a catalyst in supporting the country's economy.

He pointed to "the need to expedite the approval of the draft budget law, to ensure the provision of the requirements for reconstruction in the country and the continuation of the wheel of progress and the development of the service and living reality for citizens in a manner that meets their legitimate rights to a free and dignified life."

The president stressed, "the need to carry out appropriate reforms to combat corruption, which is an obstacle to any progress in the country, noting the importance of relying on electronic governance to reduce financial waste and undermine corruption."

In turn, the Minister of Finance gave an explanation of the developments in the financial situation and the obstacles facing the advancement of the economy and the ways to overcome them, expressing her thanks to the President for his support for everything that would achieve stability in the country at various levels.   LINK

The President Of The Republic Stresses The Need To Expedite The Approval Of The Budget To Provide The Requirements For Reconstruction In The Country

Iraq   17:33 - 2023-01-05   His Excellency the President of the Republic, Dr. Abdul Latif Jamal Rashid, received, at the Baghdad Palace, the Minister of Finance, Taif Sami, and discussed with her the developments of the financial and economic situation in the country.

At the beginning of the meeting, the President of the Republic spoke about Iraq's upcoming participation in the Davos Conference, and His Excellency's determination to work for Iraq to have a pivotal role by encouraging businessmen and capital to invest in projects that will contribute to the development of the local economic reality, especially after Iraq witnessed security and economic stability. , stressing that supporting the private sector is a national necessity to be a catalyst in supporting the country's economy.

His Excellency the President stressed the need to expedite the approval of the draft budget law, to ensure the provision of the requirements for reconstruction in the country and the continuation of the wheel of progress and the development of the service and living reality for citizens in a way that meets their legitimate rights to a free and dignified life.

Mr. President stressed the need for appropriate reforms to combat corruption, which is an obstacle to any progress in the country. In this context, His Excellency referred to the importance of relying on electronic governance to reduce financial waste and undermine corruption.

In turn, the Minister of Finance gave an explanation of the developments in the financial situation and the obstacles facing the advancement of the economy and the ways to overcome them, expressing her thanks to His Excellency the President for his support for everything that would achieve stability in the country at various levels.    https://kirkuktv.net/AR/Details/12162

"Tidbits From TNT" Friday Morning 1-6-2023

TNT:

Tishwash:  just proof they can bring them out whenever they want

Giant screens in 5 districts in Baghdad to broadcast the opening ceremony and Gulf 25 matches

Today, Friday, the Municipality of Baghdad announced the installation of giant television screens in 5 main areas in the capital, Baghdad, to broadcast the opening ceremony and the Gulf 25 matches in Basra.

And the Municipality stated, in a statement received by (Baghdad Today), that "the Mayor of Baghdad, Ammar Musa Kazem, directed the installation of giant TV screens in Al-Mansour Mall, Al-Umma Park, Al-Wathiq Square, Abu Tayara Square in the Dora area, and Baghdad Park in Al-Bayaa, to broadcast the opening ceremony and the Gulf 25 matches in Basra."

She added, "This initiative comes to support Iraq's hosting of an important Arab Gulf sports event, and for the participation of the Iraqi public in their celebrations of the occasion, and to support the Iraqi national team and other Gulf teams hosted by Basra."  link

CandyKisses:  An economist expects the price of a barrel of oil to reach $100 a barrel

Information / Baghdad..

The economist, Dr. Nasser Al-Kinani, suggested that the price of a barrel of oil would reach the threshold of $100 during the coming period, with the rise in tension between the East and West camps and the entry of Belarus on the front line in the Ukrainian crisis. 

Al-Kinani told Al-Maalouma, "The government set the price of oil in the budget at $75, and this number means that Iraq exports 4 million and 650 thousand barrels of oil per day to achieve revenue for the budget."

He added, "Iraq's annual revenue is supposed to be 127 billion dollars if the price of a barrel of oil is set at 75 dollars, while the price of oil currently sold exceeds 80 dollars a barrel."

And he indicated that "the coming months may witness a rise in the price of oil, reaching $100 a barrel, especially with Belarus entering the Russian-Ukrainian crisis and the heightened tension between the eastern and western militaries."

He pointed out that "the UAE's withdrawal from OPEC confirms its endeavor to sell oil at the price it finds suitable for itself, and to move away from OPEC's determinants in oil prices." 

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CandyKisses:  Iraq is heading to approve the largest budget in its history

Baghdad - Iraq Today:

MP Muhammad Al-Shammari said that the reason for the delay in approving the budget is the delay in sending the government to the House of Representatives, stressing that it will be the largest in the history of Iraq.

Al-Shammari said in a press interview, "The delay in approving the budget is the delay in sending the government of the budget to Parliament," explaining that "members of the House of Representatives are determined to continue their work to approve the budget as soon as it arrives from the government."

He added: "Their contracts were terminated by the Ministry of Interior and Defense and the National Security and Intelligence Service, in addition to the awakenings, their number reached about 107 thousand, and 78 thousand of them were returned and amounts were allocated to them within the Food Security Law of up to 300 billion enough for one year," noting that "the next budget will be the largest in the history of Iraq and up to 200 trillion dinars, due to financial abundance and the high price of a barrel of oil, and I think that the budget will provide them with sufficient allocations."

Al-Shammari pointed out that "regarding the military personnel in the Ministry of Interior who have certificates to transfer them to civilian staff, the issue of their transfer was within the law, and we submitted a request to the Minister of Interior to transfer them to civilian staff, and there is no information about their inclusion in the current budget."

"As for the Ministry of Defense, they have a problem when they are transferred to civilians, some of them have been added to military service and some have not, and we have sent a letter to the concerned department and we have not received any answer so far," he said.

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Tishwash:  Bypassing US sanctions, Iraq plans to increase imports of Iranian gas

Iraqi officials confirmed the government's determination to increase the import of Iranian gas, which is used to operate electric power stations in the country, in which processing hours have decreased, which heralds a new energy crisis.

Recently, the hours of supplying electric power have decreased in a number of the country’s governorates, including the capital, Baghdad, Diyala, and a number of southern governorates. Bad weather conditions, including winds and rain, affected some of them, and they were quickly dealt with, and the Ministry was keen to provide a complete exception for all hospitals, water drainage stations, and water projects.

In the wake of the significant decline in the supply of electricity in Diyala Governorate, a parliamentary delegation from the province met with the Iraqi Minister of Electricity in Baghdad, Ziyad Ali Fadel, and discussed with him the causes of the energy crisis in the province, and the lack of supply at a very high rate in recent weeks, which led to a great impact on the lives of the people. .

Representative Muhammad Qutayba al-Bayati said, "The meeting resulted in an agreement on several solutions, most notably increasing the quantities of gas imported from Iran in the coming period or increasing the import of electric energy from it (Iran) to fill the shortfall in electricity," stressing that "the minister pledged to present solutions to Cabinet table at the next meeting in order to agree on it.

Al-Sudani chaired a meeting with ministry officials to discuss the file, and the meeting included the Minister of Electricity and a number of consultants and private sector investors in the electricity sector, to discuss the electricity file, and the most important strategic projects that the government intends to launch in cooperation with the private sector, to develop the electricity system and increase the efficiency of the electric power grid, in The field of production, transportation and distribution.

According to a statement by the Prime Minister’s Media Office, “Al-Sudani stressed that the government attaches great importance to the electricity file, and is determined to develop this sector, which is suffering despite huge government spending, and basic economic sectors such as industry, agriculture, investment, etc. have been affected because of this,” noting that “the government believes in The importance of the private sector and the successful partnership with it, and its ability to contribute to the growth of the Iraqi economy, in its various sectors, including electricity, and that the government has strategic plans to address this sector and advance its reality.

Iraq relies on Iranian gas to operate power plants, and the former Iraqi Minister of Electricity, Adel Karim, confirmed the need for Iranian gas for a period between 5 and 10 years.

Iraq faced major crises in providing electric power, due to the Iranian side's failure to export the quantities of gas contracted with Iraq to operate its power stations, as the quantities of gas were cut off or the quantities exported to Iraq were reduced several times last summer, which embarrassed the Iraqi government to provide energy, and caused a wave of Demonstrations and popular anger in a number of provinces.  link

Mot: ... Dedicated and Making it Happen in the New Year!! ~~~

Mot:  .. Yeppers! - More Than One Way to Beat Those Resolutions! ~

Thursday Evening Iraq Economic News Highlights 1-5-23

Thursday Evening Iraq Economic News Highlights 1-5-23

A New Parliamentary Talk Regarding The Exchange Rate Of The Dollar

Political | 10:35 - 05/01/2023   Baghdad - Mawazine News, a member of the Parliamentary Finance Committee, Jamal Cougar, said, on Thursday, that the issue of the rise in dollar exchange rates "is due to political and economic speculation," indicating that the government is not seeking to raise exchange rates.   In an interview with the official newspaper, "Al-Sabah", which was followed by Mawazine News, Cougar added, "Things are still under the control of the government and the central bank, which has high currency reserves."

He continued, "The government will restore the exchange rate to its previous price of 148,000 dinars," considering that "any talk about returning prices to 120,000 dinars has become past and impossible." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=215921

Al-Sudani: We Are Working To Control The Border Crossings And Uproot The Phenomenon Of Currency Smuggling

Policy- 05-01-2023 11:18 AM - Number of readings: 5421   Today, Thursday, Prime Minister Muhammad Shia al-Sudani described the "corruption pandemic" as the most serious challenge in Iraq, while stressing that his government is working to control border crossings to "uproot out" the phenomenon of currency smuggling.

Al-Sudani said, "Our government is working to build a solid foundation for Iraqi sovereignty," noting that "an independent Iraq distances itself from regional and international conflicts and plays its important role in seeking to resolve them."

Al-Sudanese added, "We will continue our path of economic reform and fight the corruption pandemic," considering that "the corruption pandemic represents the most serious current challenge."

And he added, "We are working without hesitation to control the border crossings and uproot the phenomenon of currency smuggling."

https://www-dijlah-tv.translate.goog/index.php?page=article&id=322457&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

State Of Law: Al-Halbousi Is Behind The Disruption Of The Emergency Dollar Session

Policy,  01/05/2023 09:17  , Number of readings: 171    Baghdad - Iraq today:   The Deputy of the State of Law Coalition, Muhammad Hassan al-Qadri, held Parliament Speaker Muhammad al-Halbousi responsible for not convening the special session on the crisis of the rise of the dollar, while stressing that the general situation needs to hold a session in order to discuss the repercussions of the depreciation of the Iraqi dinar.

Al-Qadri said in a press interview, "Al-Halbousi has not yet set a date for holding the special session in order to discuss the repercussions of the crisis of the dollar's rise and the depreciation of the dinar in front of him."

And he continued, "Members of parliament collected more than fifty parliamentary signatures in order to take decisions to preserve the value of the Iraqi dinar, but the parliamentary presidency did not work to hold the session despite the urgent circumstances and the urgent need for it. "

He pointed out that "some deputies called for official books from Parliament Speaker Muhammad al-Halbousi, but the latter has not set a date for the session yet."  LINK

Parliamentary Finance: Returning The Exchange Rate Of The Dollar To 120,000 Dinars Is Impossible

2023-01-05 04:21   Shafaq News/ Jamal Cougar, a member of the Parliamentary Finance Committee, attributed, on Thursday, the reasons for the rise in the exchange rates of the US dollar against the Iraqi dinar to political and economic factors and speculation, stressing that exchange rates will return to normal.

Cougar told Shafaq News agency, that the government does not seek or aim to raise dollar prices, but the price imbalance is a result of economic and political speculation, in addition to the creation of the electronic platform that was created under pressure from the US Federal Reserve, as well as the illegal withdrawal of hard currency from Iraq by neighboring countries.

He added, that matters are still under the control of the central bank and the government because of the cash reserves the country possesses, but it needs time until the Central Bank of Iraq, and through it the banks participating in the currency auction, commit to the new electronic platform on the one hand, and combating dollar smuggling to neighboring countries as well as controlling the process Money laundering and reduction on the other hand,

Cougar confirmed, "The government will restore the exchange rate to its previous price of 148,000 dinars," stressing that "returning prices to 120,000 dinars is impossible and may not return."

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

 Integrity Clarifies The Details Of Recovering Inflation With The Money Of A Former Official, At A Value Of 4 Billion Dinars

Integrity clarifies the details of recovering inflation with the money of a former official, at a va 8101

Money and business   Economy News – Baghdad On Wednesday, the head of the Integrity Commission, Judge Haidar Hanoun, explained the details of recovering inflation with the money of a former official, whose value amounted to 4 billion dinars.

And the authority said in a statement, “The head of the Supreme Commission for Combating Corruption, head of the Federal Integrity Commission, Judge Haider Hanoun, revealed during a press conference held by the commission to disclose the refund of sums of money to the state treasury that the commission was able to return illegally obtained funds to the state treasury.”

Hanoun added, "The Commission was able to return part of the inflation value in the funds of one of the former officials, after the Prevention Department concluded that the total increase in his money, real estate, and other properties was not commensurate with his financial interests that he disclosed in the disclosure form." .

He pointed out that "the amounts that have been refunded are about four billion dinars, and that this amount represents part of the value of inflation in the accused's money, which amounted to a total of more than (17,413,000,000) billion dinars,"

noting that "the accused will represent Before the judiciary for trial after the Supreme Commission for Combating Corruption was able to implement the arrest warrant issued against him, as a result of charges related to the inflation of his funds and his enrichment at the expense of public money,” stressing that “the Commission will provide public opinion with judicial decisions as soon as they are issued, and state the rationale and details of the decision in its entirety.”

Hanoun stated, according to the statement, that "the commission has opened two accounts in the Rafidain Bank - the branch of the Ministry of Defense in Iraqi dinars and US dollars; in order to deposit the refunds obtained from corruption in agreement with the Ministry of Finance,"

noting that "the amounts recovered in this case and the amounts of tax deposits withdrawn and funds The resulting inflation and the recovery of smuggled assets will be deposited in these two accounts, in addition to that this will be followed by transferring the sums accumulated at the end of each month to the two accounts opened with the Central Bank of Iraq.

And the statement continued, "The press conference included other issues being investigated by the commission, and issues related to the work of the Iraq Money Recovery Fund, which is concerned with recovering the financial rights of the Republic of Iraq that others obtained illegally, as a result of misuse of the oil-for-food program, blockade, smuggling, or sabotage."

Economic or exploiting the sanctions imposed on Iraq at the time to achieve financial gains at the expense of the Iraqi people, as the Chairman of the Board of Directors of the Fund, Haider Hanoun, revealed the imminent arrival of tens of millions of dollars in refunds from the funds of the former regime.

Hanoun noted, according to the statement, that "the commission will continue its work and efforts in combating corruption and extending the rule of law in cooperation with other national institutions," praising the "remarkable cooperation with the government and the judiciary, represented by their two presidents, who support the efforts of the commission, as these three institutions have become the anti-corruption triangle that supports each other."

The other sides are in order to serve the citizen, achieve justice, ensure that state institutions are run in accordance with the laws in force, and not commit anything that contravenes the duties of the public office and encroach on state funds.

According to the statement, Hanoun stopped short of "preventing an official in the state, the team of the Integrity Commission, from obtaining documents that incriminate the accused," describing this as "an act outside the law that bears its consequences, including the escape of the accused and those banned from traveling or hiding documents and the loss of people's money,"

pointing to That "the official exercises his work and duties in accordance with the law, and that using his authority to obstruct the provisions of the law and the procedures of the Integrity Commission is an act that violates the law and enters the framework of encouraging the corrupt to their corruption and hinders the fight against corruption and prevents the people from reaping the fruits of combating this scourge," threatening "everyone who abstains and obstructs The work of the commission’s teams or refuses to hand over the documents, firsts, and submissions it requests by resorting to the judiciary, because what they did is considered a crime for which the law is held accountable.

And the statement continued, “Article (15) of the Commission’s law obligates all public departments and institutions of the state to provide the Commission with the documents, priorities and information it requests related to the case that is to be investigated or investigated, and to cooperate with it to enable it to perform its investigative tasks stipulated in its law in force, while ensuring The commission, while carrying out its investigative duty, is not to interfere in the work of ministries and official institutions, and to respect the powers and competences of its legal leaders and employees, and for its investigators to carry out investigative procedures in a separate manner that does not negatively affect the work, specializations, and powers of technicians and those concerned.

Views 379  Added 01/04/2023 - 7:24 PM  Updated 01/05/2023 - 11:09 AM

https://economy-news.net/content.php?id=31709

The US Federal Reserve Exposes 60 Banks And A New Way To Smuggle Dollars By Forging Airline Tickets

Posted On2023-01-05 By Sotaliraq   Baghdad / Tamim Al-Hassan   The exchange rate of the dollar has risen again after a limited decline, while the fate of those involved in what is known as the “theft of the century” is still unknown.

The US intervention in preventing currency smuggling was exposed by dozens of banks in Iraq that were described as "shops" for currency smuggling.

On the other hand, operations to circumvent the new conditions to maintain the stability of the dollar price are still going on, the latest of which is the forgery of “travel tickets”!

In conjunction with these events, the issue of theft of tax secretaries interacts after the government announced the recovery of another small batch of money equal to 1% of the remaining amount.

According to information, the theft case may end with only one accused being held accountable, and it is likely that his trial will take place after a few days, in return for covering up for the rest of the parties.

In addition, the security forces cut off yesterday evening, Al-Rashid Street in central Baghdad, due to demonstrations against the Central Bank, in protest against the continued high price of the dollar.

The exchange rate of the dollar had fallen last week to the threshold of 1,500 dinars after the government announced a number of measures to control the foreign currency, but with the beginning of this week it returned to nearly 1,600.

And about that crisis, an informed political source says in an interview with (Al-Mada) that “the rise of the dollar continues because private banks have not yet adapted to the American conditions.”

Al-Mada had revealed, earlier, direct American intervention in the process of controlling currency smuggling, which was then supported by the statements of Finance Minister Taif Sami.

And the source, who asked not to be named, said, "The American conditions have exposed more than 60 private banks so far because they do not have a real banking system."

The source described those banks as "shops that forge import bills and smuggle foreign currency."

Only about 20 private banks out of more than 80 banks entered the new system established by the US Federal Bank within the Central Bank.

The source revealed that "some of the banks that entered the new platform continued the process of forging invoices and were exposed."

On the other hand, the source confirmed the existence of a new circumvention of these procedures, represented by the fact that “some banks provide fake travel tickets in cooperation with travel companies for the purpose of obtaining the dollar, which is given at the original price from the Central Bank, which is 1475 dinars for one dollar.”

Al-Mada viewed a document issued by the Tourism Authority addressed to travel agencies asking them to “commit not to issue incorrect or cancelable travel tickets after the non-traveling citizen receives the amount allocated to the traveler for the purpose of trading hard currency (dollars).”[/size]

The tourism book warned companies that do not comply with these conditions of exposure to "immediate legal accountability."

According to previous information received by Al-Mada, the volume of hard currency smuggled every week ranges from 100 to 250 million dollars, at least half of which goes to Tehran and the rest goes to 3 neighboring countries.

In the meantime, the former member of the Parliamentary Integrity Committee, Rahim al-Darraji, revealed that the currency had escaped just days after it entered Iraq.

Al-Darraji said in an interview with (Al-Mada) that "when the money from selling oil is converted into dollars, the currency has serial numbers, and the US Federal Bank discovers after two or three days that the currency has moved to another country."

Al-Darraji, who is the head of the Kafa movement, said that “banking companies manipulate the exchange rate despite the existence of a rate from the Central Bank,” noting that “there is a special section in the National Security Agency, which is (economic security) concerned with monitoring these companies, and it must move to close the violating offices.”

The Central Bank had decided to expand the number of bank outlets for selling foreign currency to 20 banks.[/size]

And a statement by the bank stated last Monday, “It was decided to expand the number of bank outlets for selling foreign currency from 10 banks to 20 banks.”

He added, "The Central Bank also decided 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."

In addition, the controversy has returned again over the issue of stealing the century, after the integrity announced the recovery of 4 billion dinars.

The head of the commission, Haider Hanoun, refused in a press conference held the day before yesterday to mention the name of the person who returned the money, but the leaks indicated that he was an advisor to former Prime Minister Haitham al-Jubouri.

According to information received by (Al-Mada), “The wife of Haitham Al-Jubouri, who has been imprisoned for a month, returned the money after selling a house in the Al-Qadisiyah area, west of Baghdad.”

According to the information, "Al-Jabouri will be tried next week in place of all those accused of theft because the incident is linked to parties and factions."

In this regard, the deputy close to the coordination framework, Mustafa Sanad, said in a post on Telegram that “the accused Haitham al-Jubouri asked to be released on bail and pledged to recover the inflated amounts, following the example of the model Nour Zuhair.”

Al-Jubouri, the former head of the Parliament's Finance Committee, was arrested at the end of last year, on the grounds of "theft of the century" and his wealth ballooning to 16 billion dinars.

More than two weeks ago, the government announced the recovery of the second batch of Nour Zuhair, the most prominent of those involved in the theft, bringing the total amount recovered to 300 billion dinars out of about 4 trillion dinars.

In the last conference held by the Chairman of the Integrity Committee, he said, "The funds recovered today amounted to 4 billion Iraqi dinars, which is part of a total of more than 17 billion."[/size]

The head of the Integrity Commission stated that “13 billion dinars and some millions are still owed by the accused, stressing that work is being done to recover them,” adding, “The trial of the accused will take place on January 12,” but he refused to reveal his name.

Hanoun noted that "Iraq will recover, during the next two days, 80 million dollars from the United States of America, smuggled since the time of the former regime."    LINK

KTFA Members "Iraq and Vietnam News and Views" 1-5-2023

KTFA: 

Clare:  For the first time.. The Central Bank of Iraq's dollar sales are devoid of foreign remittances

1/05/2023

The Central Bank's sales of dollars in an auction today, Thursday, were devoid of any external transfers, so sales were limited to cash only.

Shafaq News agency reporter stated, "The Central Bank sold today, during its auction for buying and selling the US dollar, 43 million and 500 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar.

Our correspondent added that sales were limited to cash only, which amounted to 43,500,000 dollars, while sales were devoid of any foreign transfers.

Our correspondent indicated that the banks that bought the cash dollar amounted to 21 banks. LINK

Clare:  The appearance of Muhammad Salih for / NINA / The dinar is in its strongest degree of stability..and the fluctuation of the currency price is caused by an external regulatory constraint

05 January 2023

The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: The dinar is in the strongest degree of stability..and the fluctuation of the currency price is caused by an external regulatory constraint.

He told the National Iraqi News Agency ( NINA ): The fluctuations in the exchange rate came due to a regulatory restriction imposed by international compliance mechanisms on the countries of the dollar region, including Iraq.

Saleh added: There is a surplus in the current account of the balance of payments that is not less than (15%) of the country's gross domestic product, which is a really high number, while the balance of foreign currency reserves amounted to about 100 billion dollars, which is the highest in Iraq's financial history.

He explained: The Iraqi dinar is theoretically at its strongest degree of stability, but the international compliance controls that required greater transparency and governance in the behavior of traders in foreign currency through financing foreign trade from the window of the Central Bank in foreign currency is the reason for the temporary supply of foreign currency in response to demand.   LINK

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Henig:  Nassif: Al-Sudani found the governor of the Central Bank below the standard, and political forces prevented him from being replaced. Urgent

Baghdad today-Baghdad

A member of the House of Representatives for the coordination framework, Alia Nassif, confirmed that the dismissal and replacement of the Governor of the Central Bank, Mustafa Ghaleb Makhaif, may take place during the coming period, noting that political pressures stopped the matter of changing him.

Nassif said in a televised statement, followed by (Baghdad Today), that "Prime Minister Muhammad Shia' al-Sudani evaluated the performance of the central bank governor and found him below the required level," noting that "Al-Sudani sent a letter to replace the governor, but political forces stopped him."

Regarding the identity of these political forces, Nassif explained that "all political forces, even the 'withdrawals', still have influence in the political arena," indicating that "the decision to exempt the bank's governor exists and may take place during the coming period in the event that the exchange rate of the dollar in the markets is not controlled."   LINK

Patriots12:  Interesting... so only IMO we know the Framework is in control  of Parlament but we don't know to what extent they control Sudani... after all he is from the Framework    right ?   Do they want to remove the CBI gov for the benefit of the the citizens or the for the benefit of the corrupt ? 

I personally can not figure that out as on we go into January still at a program rate...  lots of good info but also lots of concerning ... in my opinion only ...

If this in fact does get pushed past January into a March time frame then IMO it is no different then the time frames of interest we have been interested  in many times before.... when we/me  have thought is was always close until the next event...  but we shall see and have hopium...  only IMO    not being negative, just real ... it just is what it is... until it isn't    all IMO   

Change the rate Iraq ... nothing holding you back if it’s going to happen!

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Blkfish:  This is getting ready to happen!  IMO

GMan:  I agree. Recalling some of the things that were brought to our attention to look for at the end of this journey. We are in a fantastic spot. Too many to mention. So, I'll mention 2 things I personally am excited about.

1. Recent WTO article.

2. Flying car article. (Saw this some place else).

AlsoI believe that our days on KTFA as we know it (current setup) are numbered. Gman out. IMO

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Henig:  A technical delegation from the region intends to visit Baghdad to complete understandings on the budget

On Thursday, the leader of the Patriotic Union of Kurdistan, Ahmed Al-Harki, revealed the imminent arrival of a technical delegation from the Kurdistan region of Iraq to complete the understandings related to the region's budget.

Al-Harki said in a press interview seen by “Takadum” that “a technical delegation from the Kurdistan region of Iraq will arrive in the capital, Baghdad, to complete the understandings regarding the region’s share of the current year’s budget.”

He added that "the return of the delegation to the region was due to the Christmas holidays," suggesting that "the task will be completed within days, and therefore the budget bill will be sent to Parliament for the purpose of voting."    LINK

Vietnam News

Henig:  Customs sector leads in IT application

06:00 | 05/01/2023 

(VEN) - A new information technology (IT) system developed by the General Department of Vietnam Customs (Vietnam Customs) under its administrative reform is expected to generate savings of about VND920 billion in the next five years for 92,000 importers, exporters and operators of warehouses, yards and ports.

Clearance time: One to three seconds

Vietnam Customs has synchronously implemented administrative procedure reform. In 2020 and 2021, it studied and proposed to reduce and simplify five percent of regulations and five percent of costs related to business activities, according to government Resolution 68/NQ-CP dated May 12, 2020.
It has also regularly assessed the impacts of administrative procedures on law-making, helping ensure the necessity, legitimacy and reasonability of regulations on administrative procedures; regularly and promptly publicized administrative procedures to ensure accessibility to information for individuals, organizations and businesses; and strengthened control of administrative procedures throughout the sector.

Notably, the customs agency has built a number of key IT systems to serve the implementation of customs procedures, automated customs inspection and supervision. Core customs procedures are already completely automated through the automated clearance system VNACCS/VCIS at all customs units nationwide with more than 99 percent of enterprises. More than 99.8 percent of customs declarations are processed on these systems and customs clearance time for green channel goods only takes one to three seconds.

Vietnam Customs also signed agreements with 44 banks on budget collection cooperation, with tax revenue through banks to account for 99.8 percent of total revenues, and 98 online public services have been integrated into the National Public Service Portal.

In addition, Vietnam Customs has deployed the Automated Customs Management System (VASSCM), connecting to 495 enterprises operating in ports, airports, warehouses, yards and locations subject to customs supervision.

Significant savings

Since early 2021, Vietnam Customs has focused on building digital customs. The smart customs model will be based on a high degree of automation and apply scientific achievements on digital platforms, ensuring transparency, fairness, efficiency, and the ability to forecast and adapt to fluctuations of international trade and management requirements of customs authorities.

It is expected that in the next five years, 92,000 importers, exporters and operators of warehouses, yards and ports will save about VND920 billion by using the new customs IT system, and be able to declare customs procedures anytime, anywhere on all available tools.

Deputy Director General of Vietnam Customs Luu Manh Tuong said that in recent years, the customs sector has speeded up reforms and modernization and has been a pioneer in developing and applying IT. Consequently, administrative procedure reform and modernization in the sector have made remarkable progress, creating a favorable environment for import and export activities, immigration, and implementation of international integration commitments.

So far, all basic customs procedures have been automated and all customs departments and branches carry out electronic procedures with 99.65 percent of enterprises.

Quynh Nga   LINK

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Henig:  Vietnamese real estate has mixed outcomes but positive outlook

January, 05/2023

Vietnamese real estate began to decline in the late months of 2022 as a result of a change in the governmental stance on bank credits and corporate bonds.

HÀ NỘI — The Vietnamese real estate market showed mixed results in 2022 with a boom in the first half of the year and a downturn in the second half, according to Nguyễn Mạnh Hà, deputy chairman of the Vietnam National Real Estate Association.

Hà was speaking at the seminar 'Vietnamese real estate: outcome and outlook' on Tuesday.

The deputy chairman said the tide of cheap money in late 2021 had lifted many boats in the early months of 2022, including real estate. Housing prices were soaring on the back of the post-pandemic economic recovery and the growing demand from homebuyers.

However, the industry began to go into reverse in the late months of the year as a result of a change in the governmental stance on bank credit and corporate bonds. The government's tightening up on the two capital channels has caused worries among investors and brought it to a halt.

"The number of estate agents now stands at around 30 to 40 per cent of that in the early half of 2022," said Hà.

Still, he has an optimistic outlook for the industry in the short term as the completion of some huge social housing projects this year is expected to encourage sales to low-income homebuyers.

Nguyễn Mạnh Quỳnh, chief of staff of the Vietnam Association of Realtors, held that the supply of commercial real estate was tight in 2022 with around 48,500 products for sale, equaling just 28 per cent of the figure in 2018.

"The market was facing a shortage of affordable housing and, at the same time, witnessing a surge in luxury housing," said Quỳnh.

By product types, land slots took up 44 per cent of the pie and high-end housing followed with 37 per cent. Middle-end housing came next with 15 per cent whereas low-end apartments stayed at rock bottom with 4 per cent.

The chief of staff forecast that real estate sales would remain low in Q1/2023 but begin to improve in Q2/2023 on the grounds of a better macroeconomic situation. Average prices, meanwhile, are expected to fall slightly until mid-Q2 and then level off towards the end of the year.

Phạm Lâm, chairman of the DKRA Group, revealed that 1,081 real estate enterprises were dissolved and 2,379 temporarily ceased their operation in the first 11 months of 2022.

The situation is not better now as real estate enterprises face many setbacks. One of the setbacks is the tight supply of land, which falls between 40 to 83 per cent year-by-year across segments.

Lâm urged the enterprises to cut costs and cut staff wisely to get through this tough time. He said digital transition is a solution to the cost-saving problem as it significantly reduces overheads.

"My message for the enterprises in 2023 is 'tighten your belts'," Lâm added.

Cấn Văn Lực, chief economist at the JS Commercial Bank for Investment and Development of Vietnam, estimated total capital funneled to real estate in 2022 at VNĐ507 trillion (US$21.5 billion), of which 71.0 per cent come from bank loans and 10.8 per cent from corporate bonds.

"Corporate bonds normally account for about 22 per cent of real estate capital. Unfortunately, this source of financing was reduced by half last year," said Lực.

The economist also revealed that he was urging the government to introduce a favourable mechanism to support the industry in its effort to repay VNĐ120 trillion worth of corporate bonds in 2023 and VNĐ110 trillion in 2024. —VNS     LINK

Iraqi News Highlights Thursday Afternoon 1-5-23

Iraqi News Highlights Thursday Afternoon 1-5-23

Tlm724 Administrator Bondlady’s Corner

For The First Time, The Central Bank's Sales Of Dollars Are Devoid Of Foreign Remittances

Thursday 05 January 2023 14:23 | Economical Number of readings: 260 Baghdad / NINA / - The Central Bank of Iraq's sales of dollars in an auction, today, Thursday, were devoid of any external transfers, so that sales were limited to cash only.

And according to a document: that the Central Bank sold today, during its auction for buying and selling the US dollar, 43 million and 500 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar. Sales were limited to cash only, which amounted to 43 million and 500 thousand dollars./ LINK

The Appearance Of Muhammad Salih For / NINA / The Dinar Is In Its Strongest Degree Of Stability..And The Fluctuation Of The Currency Price Is Caused By An External Regulatory Constraint

Thursday 05 January 2023 15:12 | Economical Number of readings: 302  Baghdad / NINA / - The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: The dinar is in the strongest degree of stability..and the fluctuation of the currency price is caused by an external regulatory constraint.

He told the National Iraqi News Agency ( NINA ): The fluctuations in the exchange rate came due to a regulatory restriction imposed by international compliance mechanisms on the countries of the dollar region, including Iraq.

Saleh added: There is a surplus in the current account of the balance of payments that is not less than (15%) of the country's gross domestic product, which is a really high number, while the balance of foreign currency reserves amounted to about 100 billion dollars, which is the highest in Iraq's financial history.

He explained: The Iraqi dinar is theoretically at its strongest degree of stability, but the international compliance controls that required greater transparency and governance in the behavior of traders in foreign currency through financing foreign trade from the window of the Central Bank in foreign currency is the reason for the temporary supply of foreign currency in response to demand./ End 3

https://ninanews.com/Website/News/Details?key=1024550

The President of the Republic stresses the need to expedite the approval of the budget to provide the Requirements For Reconstruction In The Country

Thursday 05 January 2023 17:38 | Economical Number of readings: 195

Baghdad / NINA / - The President of the Republic, Abdul Latif Jamal Rashid, stressed the need to expedite the approval of the budget to provide the requirements for reconstruction in the country.

A presidential statement stated that the President of the Republic received, at the Baghdad Palace, the Minister of Finance, Taif Sami, and discussed with her the developments in the financial and economic situation in the country.

According to the statement, the President of the Republic spoke at the outset of the meeting about Iraq's upcoming participation in the Davos conference, and his intention to work to ensure that Iraq will have a pivotal role by encouraging businessmen and capital to invest in projects that will contribute to the development of the local economic reality, especially after Iraq witnessed security and economic stability, indicating that supporting the private sector is a national necessity to be a catalyst in supporting the country's economy.

And the President of the Republic stressed the need to expedite the approval of the draft budget law, to ensure the provision of the requirements for reconstruction in the country and the continuation of the wheel of progress and the development of the service and living conditions of citizens in a manner that meets their legitimate rights to a free and dignified life.

The President stressed the need to conduct appropriate reforms to combat corruption, which is an obstacle to any progress. In this context, he pointed out the importance of relying on electronic governance to reduce financial waste and undermine corruption.

In turn, the Minister of Finance gave an explanation of the developments in the financial situation and the obstacles facing the advancement of the economy and the ways to overcome them, expressing her thanks to the President of the Republic for his support for everything that would achieve stability in the country at various levels./ End 2   https://ninanews.com/Website/News/Details?key=1024581

The Circulation Of The Iraq Stock Exchange Exceeds Three Billion Dinars In The First Week Of 2023

Market   Economy News / Baghdad  The Iraqi Stock Exchange announced, on Thursday, that more than three billion dinars were traded in the first week of 2023.

And the market media stated in a statement that "the first week of January / 2023 witnessed three trading sessions, and the number of shares traded during this week amounted to more than (2) billion shares."

He added, "The value of shares traded this week is more than (3) billion dinars," noting that "the trading index in the market for the first session of the week closed at (591.89) points, while the index closed at the end of the week at (586.02) points, thus achieving a decrease. The amount is (1.00%) for closing it at the beginning of the session.

And executed during the week, "more than (1700) sale and purchase contracts on the shares of companies listed in the market."  Views 225   Added 01/05/2023 - 3:03 PM Updated 01/05/2023 - 7:34 PM   https://economy-news.net/content.php?id=31723   

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

Economie| 09:32 - 05/01/2023   Baghdad - Mawazine News  Today, Thursday, the exchange rates of the dollar witnessed a slight increase in the local stock exchange.   Selling price: 156,200 dinars per 100 dollars   Buying price: 156,000 dinars per 100 dollars

https://www.mawazin.net/Details.aspx?jimare=215917

Oil Prices Rose After Two Days Of Sharp Decline

Economie| 09:16 - 05/01/2023  Follow-up - Mawazine News   Oil prices rebounded, Thursday, after falling more than 9% at the beginning of the new year, in the worst annual start in more than 30 years, as investors took advantage of the decline to buy futures contracts based on expectations that demand for fuel will remain stable in the long term.

The rebound came after two days of sharp declines as investors worried about a possible global recession and short-term economic indicators in the world's two largest oil consumers, the United States and China, appeared weak.

Brent crude futures rose 82 cents to $78.65 a barrel, at 04:34 GMT, while West Texas Intermediate crude futures rose 81 cents to $73.65 a barrel.

During the previous two sessions, Brent and US crude fell by more than 9%, the largest loss in two days at the beginning of a year since January 1991. End 29/N33

https://www.mawazin.net/Details.aspx?jimare=215913

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"Tidbits From TNT" Thursday Morning 1-5-2023

TNT:

Tishwash:  For the first time, Central Bank sales are devoid of foreign remittances

Today, Thursday, the Central Bank’s sales of dollars in an auction were devoid of any foreign transfers, so that sales were limited to cash only.

According to the currency window, "the central bank sold today, during its auction for buying and selling US dollars, 43 million and 500 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar."

The window also showed that "sales were limited to cash only, which amounted to 43 million and 500 thousand dollars, while sales were devoid of any foreign transfers."

The number of local banks and banks that bought the dollar currency reached 21 banks and local banks.

link

Tishwash:  US Removes some Iraqi Entities from Sanctions List

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has deleted the following Iraq-related entities from its Specially Designated Nationals (SDN) list:

MIDCO FINANCE S.A. (a.k.a. MIDCO FINANCIAL S.A.; a.k.a. MONTANA MANAGEMENT INC.), 57 Rue du Rhone, Geneva CH-1204, Switzerland; Panama; US FEIN CH-660-0-469-982-0 (United States); Switzerland [IRAQ2].

MIDCO FINANCIAL S.A. (a.k.a. MIDCO FINANCE S.A.; a.k.a. MONTANA MANAGEMENT INC.), 57 Rue du Rhone, Geneva CH-1204, Switzerland; Panama; US FEIN CH-660-0-469-982-0 (United States); Switzerland [IRAQ2].

MONTANA MANAGEMENT INC. (a.k.a. MIDCO FINANCE S.A.; a.k.a. MIDCO FINANCIAL S.A.), 57 Rue du Rhone, Geneva CH-1204, Switzerland; Panama; US FEIN CH-660-0-469-982-0 (United States); Switzerland [IRAQ2].

AL-DULAIMI, Khalaf (a.k.a. AL-DULAYMI, Khalaf M.M.); DOB 25 Jan 1932; Passport #H0044232 (Iraq) (individual) [IRAQ2].

AL-DULAYMI, Khalaf M.M. (a.k.a. AL-DULAIMI, Khalaf); DOB 25 Jan 1932; Passport #H0044232 (Iraq) (individual) [IRAQ2].

The United Nations Security Council had also removed them from its Sanctions List of individuals and entities in May 2022.

Khalaf Al-Dulaymi, also associated with Midco Financial, was a principal of Montana Management, which reportedly owned substantial shares of stock in one or more French firms on behalf of senior officials of the former regime of Saddam Hussein.  link

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Tishwash:  Disclosure of preliminary indicators for the 2023 budget: the largest public expenditures in the history of Iraq

Economic expert Nabil Al-Marsoumi revealed, today, Thursday, preliminary indicators for the 2023 budget.

Al-Marsoumi said in a post entitled "Preliminary Indicators for the 2023 Budget," that "the assumptions on which the budget is based:

The official exchange rate for the dollar = 1450 dinars.
The price of a barrel of exported crude oil = 65 dollars.
Oil exports withKurdistan= 3.550 million barrels per day.

Public expenditures = 180 trillion dinars = 124 billion dollars, which is the largest in historyIraq.
The budget deficit = 40 trillion dinars, which is the largest in the history of budgets.

The economist explained, "The conclusions: -
Oil revenues = 122 trillion dinars.
Non-oil revenues = 18 trillion dinars.
Public revenues = 140 trillion dinars.
- Covering the deficit will be from the fiscal surplus achieved in 2022

Public expenditures for the 2023 budget exceed the 2021 budget and actual spending for 2022 by about 50 trillion dinars.   link

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Tishwash:  The Kurdistan Parliament’s finances are dissatisfied with the region’s share of the budget: it does not match the needs

The Deputy Chairman of the Finance Committee in the Parliament of the Kurdistan Region, Havidar Ahmed, confirmed today, Thursday, that the region's share of the federal financial budget for the year 2023 still constitutes a dispute with the federal government.

Ahmed told (Baghdad Today), "The file of the region's share is still an obstacle, because there are political and parliamentary parties trying to impede reaching an agreement with Baghdad that guarantees Kurdistan's share and raises the percentage to at least 14%."

He added, "The current quota is absolutely not commensurate with the region's needs, since salaries only need more than 900 billion dinars, in addition to the accumulated debts of businessmen and banks and the debts of oil companies, and other obligations related to building strategic projects and providing services to the citizen."

 Earlier, the President of the Kurdistan Region, Nechirvan Barzani, visited the capital, Baghdad, to complete the existing negotiations between Erbil and Baghdad on the outstanding issues between the two parties.

 After his return from the Iraqi capital, the Presidency of the Kurdistan Region issued a statement confirming the cooperation of Erbil and Baghdad, and "coordination between all parties to support the new federal government and the successful implementation of its ministerial platform, and work together to resolve outstanding problems between Erbil and Baghdad, starting with Article (140) of the constitution, the budget, and dues." Finance and leading to the normalization of the situation in Sinjar and the country's problems in general, through dialogue and on the basis of the constitution and preserving the country's stability and sovereignty.

 The two sides stressed "not allowing any threats or military operations targeting neighboring countries across the borders of Iraq and the Kurdistan Region, while ensuring the provision of aid and humanitarian assistance to refugees, and not allowing the presence of armed factions in the Kurdistan Region," stressing "the cooperation of Erbil and Baghdad and coordination to protect security." borders, as well as coordination with neighboring countries and taking the necessary measures in this regard," according to the statement

 It is noteworthy that the House of Representatives is awaiting the arrival of the Iraq budget bill for the year 2023 to the parliament hall, and it is likely that disputes will begin after the draft law reaches the Finance Committee, due to the disagreement of the political blocs and parties about confirming their demands in the draft state budget law.

 It is worth noting that the Kurdistan Region’s share of the general financial budget in Iraq for the year 2021 was determined at 11 trillion and 482 billion and 394 million dinars, which included 8 trillion and 161 billion dinars as operating expenses, 3 trillion and 271 billion dinars for investment, and 923 billion and 434 million dinars as ruling expenses. .

 The size of the Iraqi federal general budget for the year 2021 was more than 101 trillion dinars, and the price of oil was estimated at $45 per barrel, but the price of oil has risen to nearly double that price.

It is noteworthy that Iraq did not vote on the 2022 budget, due to differences between the political parties, which followed the parliamentary elections.   link

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Thursday Morning Iraq Economic News Highlights 1-5-23

Thursday Morning Iraq Economic News Highlights 1-5-23

A New Parliamentary Talk Regarding The Exchange Rate Of The Dollar

political| 10:35 - 05/01/2023   Baghdad - Mawazine News, a member of the Parliamentary Finance Committee, Jamal Cougar, said, on Thursday, that the issue of the rise in dollar exchange rates "is due to political and economic speculation," indicating that the government is not seeking to raise exchange rates.

In an interview with the official newspaper, "Al-Sabah", which was followed by Mawazine News, Cougar added, "Things are still under the control of the government and the central bank, which has high currency reserves."

He continued, "The government will restore the exchange rate to its previous price of 148,000 dinars," considering that "any talk about returning prices to 120,000 dinars has become past and impossible." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=215921

Parliamentary Finance: Returning The Exchange Rate Of The Dollar To 120,000 Dinars Is Impossible

2023-01-05 04:21   Shafaq News/ Jamal Cougar, a member of the Parliamentary Finance Committee, attributed, on Thursday, the reasons for the rise in the exchange rates of the US dollar against the Iraqi dinar to political and economic factors and speculation, stressing that exchange rates will return to normal.

Cougar told Shafaq News agency, that the government does not seek or aim to raise dollar prices, but the price imbalance is a result of economic and political speculation, in addition to the creation of the electronic platform that was created under pressure from the US Federal Reserve, as well as the illegal withdrawal of hard currency from Iraq by neighboring countries.

He added, that matters are still under the control of the central bank and the government because of the cash reserves the country possesses, but it needs time until the Central Bank of Iraq, and through it the banks participating in the currency auction, commit to the new electronic platform on the one hand, and combating dollar smuggling to neighboring countries as well as controlling the process Money laundering and reduction on the other hand,

Cougar confirmed, "The government will restore the exchange rate to its previous price of 148,000 dinars," stressing that "returning prices to 120,000 dinars is impossible and may not return."

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

 Nassif: Al-Sudanese put his hand on the wound by smuggling currency and started holding the dollar file instead of the bank (video)

https://www-dijlah-tv.translate.goog/index.php?page=article&id=322442&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

An Economist Warns Of Dollar Speculation.. “It Will Raise Food Prices”

1,308   Economic expert Nabil Al-Marsoumi warned, on Wednesday, of the continued rise in commodity and food prices as a result of; Speculation of dollar prices in the local markets, while stressing that prices do not return directly if the dollar prices return.

Al-Marsoumi said in a press interview seen by “Takadam” that “the prices of commodities and foodstuffs will remain high even if the dollar prices decrease against the Iraqi dinar,” noting that “entry tax prices are raised on goods, services and foodstuffs entering Iraq during the period of high exchange rate.” .

And he continued, "Speculation of dollar prices caused prices to rise in the local markets, especially the main commodities and foodstuffs for citizens," pointing out that "the period of the rise in the price of the dollar against the Iraqi dinar has not been determined so far, and there are government measures that we do not know if they will control the rise or not." .

And between Al-Marsoumi, “The Central Bank is the party concerned mainly with finding solutions to the problem of the crisis of the high price of the dollar and controlling it in the coming period.”

https://takadum-news.com/archives/141032

State Of Law: Al-Halbousi Is Behind The Disruption Of The Emergency Dollar Session

Policy ,  01/05/2023 09:17, Number of readings: 171    Baghdad - Iraq today:  The Deputy of the State of Law Coalition, Muhammad Hassan al-Qadri, held Parliament Speaker Muhammad al-Halbousi responsible for not convening the special session on the crisis of the rise of the dollar, while stressing that the general situation needs to hold a session in order to discuss the repercussions of the depreciation of the Iraqi dinar.

Al-Qadri said in a press interview, "Al-Halbousi has not yet set a date for holding the special session in order to discuss the repercussions of the crisis of the dollar's rise and the depreciation of the dinar in front of him."

And he continued, "Members of parliament collected more than fifty parliamentary signatures in order to take decisions to preserve the value of the Iraqi dinar, but the parliamentary presidency did not work to hold the session despite the urgent circumstances and the urgent need for it. "

He pointed out that "some deputies called for official books from Parliament Speaker Muhammad al-Halbousi, but the latter has not set a date for the session yet."   LINK

Disclosure Of Preliminary Indicators For The 2023 Budget: The Largest Public Expenditures In The History Of Iraq

Economie  2023-01-05 | 05:00  Source:  Alsumaria news  714 views  Alsumaria News -  Economic expert Nabil Al-Marsoumi revealed, today, Thursday, preliminary indicators for the 2023 budget.

Al-Marsoumi said in a post entitled "Preliminary Indicators for the 2023 Budget," that "the assumptions on which the budget is based: -

The official exchange rate for the dollar = 1450 dinars.

The price of a barrel of exported crude oil = 65 dollars.

Oil exports with Kurdistan = 3.550 million barrels per day.”

Public expenditures = 180 trillion dinars = 124 billion dollars, which is the largest in the history of Iraq.

The budget deficit = 40 trillion dinars, which is the largest in the history of budgets.

The economist explained, "The conclusions: -

Oil revenues = 122 trillion dinars.

Non-oil revenues = 18 trillion dinars.

Public revenues = 140 trillion dinars.

- Covering the deficit will be from the fiscal surplus achieved in 2022."

Public expenditures for the 2023 budget exceed the 2021 budget and actual spending for 2022 by about 50 trillion dinars.   LINK

It Is Expected That The Budget Will Be Presented To The Government Next Week For Approval In Mid-February

Posted On2023-01-05 By Sotaliraq  Baghdad / Firas Adnan   The Parliamentary Finance Committee expected to present the draft budget law to the Council of Ministers in its next session, pointing out that its arrival will be days later to Parliament in order to pave the way for its approval in mid-February, pointing out that the priorities of the law will be to provide services, especially the health, education and housing sectors as well as a large number of functional grades.

Committee member Mueen Al-Kazemi said, "Our confirmed information indicates that the Ministry of Finance has completed the budget law and referred it to the Council of Ministers."

Al-Kazemi added, "The Economic Ministerial Council met yesterday, headed by Prime Minister Muhammad Shia'a Al-Sudani, and discussed the project and made some amendments to it."

He pointed out, "Expectations indicate that the law will be presented to the government at its next meeting in order to vote on it."

And Al-Kazemi indicated that “the law will reach parliament on the ninth or tenth of this month,” stressing that “the consensuses that have taken place regarding the law between the political blocs, especially the recent visits of the delegations of the Kurdistan region and the meeting with Al-Sudani, will help resolve many differences.”

And he talked about "a great desire of the political blocs to ratify the law as soon as possible and start working in the provinces and complete projects for what these provinces need in terms of real service."

Al-Kazemi hopes that "this cooperation between the political blocs will lead to approving the budget in mid-February, so that the government will start implementing projects in early March."

He stressed, "There are many projects awaiting funds, some of which are ongoing, and others are lagging, in addition to starting new projects required by the current stage in accordance with the ministerial curriculum."

Al-Kazemi continues, "The Ministry of Planning has completed the investment side of the budget, while the Ministry of Finance has undertaken the preparation of the operational side of it."

And he stated, “Some remarks may be made by ministers at the government meeting devoted to discussing and approving the budget, and amendments may be made in preparation for their transmission to Parliament.”

Al-Kazemi believes, "These observations will shorten many of the differences within the parliament, since most of the ministers represent political blocs that have a parliamentary presence."

And he finds that “everyone is looking forward to this current consensus between the coalition blocs within the State Framework Alliance contributing to the completion of the budget as soon as possible.”

Al-Kazemi pointed out, "The political forces hope to implement the budget according to what was planned in the ministerial curriculum, which included the document of the political agreement."

And he talked about “the possibility of including in the law 250,000 job degrees for lecturers in order to fill the vacancy in the Ministry of Education and 74,000 degrees for first-graders and holders of higher degrees, and to install contract employees in institutions that are able to secure the salary difference for their employees through collection, as is the case with the Ministry of Electricity.”

Al-Kadhimi stressed, “the need to pay attention to the investment aspect, such as service projects and their implementation, and what supports the regional development file for the governorates,” calling for “taking advantage of the money allocated by the Emergency Support for Food Security and Development Law for provincial projects amounting to 9 trillion dinars.”

He stressed, "The government is also heading to pay attention to the poor and vulnerable classes, including those covered by social care, in conjunction with the economic fluctuations resulting from the change in the exchange rate of the dollar."

Al-Kadhimi went on, to "the importance of including the lower classes of pensioners with support, in order to improve their economic situation by increasing their salaries through the budget."

And he warned, "The money will also go to service projects such as electric power in order to raise production levels and pay attention to the transportation and distribution sectors."

Al-Kadhimi concluded, "The great port of Faw is also waiting for financial allocations to complete its projects, because this project is of great importance to the Iraqi economic situation."

Informed sources confirm that “the government’s delay in preparing the draft budget has many reasons, most notably the delay in forming the cabinet and the confusion caused by the discrepancy in oil prices, in addition to the appointments that came in the project.”

For his part, Bahaa al-Nuri, a member of the State of Law Coalition, said, "Iraqis have become accustomed to the emergence of disputes in the budget laws of the past years. There are political parties that had reservations about some articles and refrained from voting on them."

Al-Nouri continued, "The situation at this stage has changed, and the reason is the state of consensus within the state administration coalition on the need to approve it in accordance with the constitution and the public interest."

He agrees with Al-Kadhimi, that "the law will be voted on in the middle of next month, to be implemented about two weeks later."

He pointed out, "Parliament will resume its work immediately after the end of its legislative recess on the eighth of this month, and at that time we believe that the government has completed the project and referred it to us."

Al-Nouri concluded, "There is a desire among the political blocs for the current year not to pass without approving the budget because of its great impact on the Iraqi economic situation and as it is considered the most important means of implementing the ministerial curriculum of the Sudanese government."

On a related note, the representative of the Al-Fateh Alliance, Abbas Al-Zamili, said, "The budget file and its completion is the responsibility of the government, which must complete it within the shortest possible period."

Al-Zamili stressed, "The need for" the draft budget law to reach the parliament at the end of the current month or the beginning of the second month.

He pointed out, "The budget law will need to be amended by the House of Representatives, and it is necessary for it to arrive as soon as possible so that it can be returned to the Council of Ministers after the amendment and its completion in the first quarter of the year."

Al-Zamili concluded, "The House of Representatives will begin its work on the ninth of this month and will reconvene its official session. Among its most important projects is the budget, the completion of parliamentary committees, and the election of committee heads."

The ministerial curriculum of the government of Muhammad Shia' al-Sudani, which was voted on by parliament at the end of last October, included a number of paragraphs, most notably the speedy submission of the federal budget bill in order to vote on it, including many paragraphs that would revive the economic situation and provide services to the Iraqis.  LINK

Wednesday Evening Iraq Economic News Highlights 1-4-23

Wednesday Evening Iraq Economic News Highlights 1-4-23

Government Movement To Complete The Requirements For Iraq's Accession To The World Trade Organization

Money and business    Economy News – Baghdad   On Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization.

The media center in the ministry stated to the official news agency, "The committee concerned with Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies as well as representatives from the private sector, is working to complete the requirements for Iraq's accession to the organization."

He explained, "The ministry's plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization."

He pointed out that "the plan includes holding official meetings in the organization in Geneva, and that there be high coordination with the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq's integration into the International Economy".

He pointed out that "the Minister of Trade confirmed - within the prepared plan - the preparation of the Iraqi negotiating team, which will engage in negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of the members and benefiting from the experiences of the countries."  Views 27  Added 01/04/2023 - 3:56 PM Updated 01/04/2023 - 4:37 PM

https://economy-news.net/content.php?id=31703

The Ministry Of Finance Is Working To Reduce Operating Expenses And Make A Final Adjustment To The Budget

2023-01-04 05:58   Shafaq News/ An informed source in the Iraqi Council of Ministers stated, on Wednesday, that the Federal Ministry of Finance is working to reduce operating expenses in the draft of the general budget bill for the current year.

The source told Shafaq News agency that the Ministry of Finance has completed the draft general budget law for the year 2023 by 90%, adding that the final draft of the budget law will reach the Council of Ministers after adding the financial allocation for lecturers and contracts in ministries and state institutions who have fixed permanent staffing.

He explained that the total amount of the budget law amounted to 180 trillion dinars, with a deficit rate of 40 trillion dinars, indicating that the price of one barrel of oil was calculated at 65 dollars, while the exchange rate of one dollar was calculated at 1450 dinars.

The source went on to say that the Ministry of Finance is currently working to reduce operating expenses and make a final amendment to the budget law before sending the final draft of the law to the Council of Ministers, pointing out that the Ministry of Finance will send the budget to the government next week.

On Tuesday, Prime Minister Muhammad Shia al-Sudani announced an increase in the amount of salaries in the general budget for the year 2023, realizing that the draft law needs a lot of time.

"The amount of salaries in the budget increased from 41 to 62 trillion dinars," Al-Sudani said, in a press conference attended by Shafaq News Agency's correspondent, explaining that "the budget needs a lot of time" in order to be approved.

And Finance Minister Taif Sami had revealed, at the end of last year 2022, 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 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 past year 2022 was not approved by the Council of Ministers and the House of 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 security forces, which claimed lives. Dozens and hundreds injured.

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

Parliamentary Finance: Amendments To The 2023 Budget And The Completion Of Its Investment And Operational Draft

A member of the Parliamentary Finance Committee revealed amendments to the draft federal budget law for the year 2023.

Committee member Mueen Al-Kazemi said in a televised statement this evening: “The Economic Ministerial Council made amendments to the budget in its last meeting, and the Cabinet will approve them in the coming sessions.”

And he indicated that “the Ministries of Planning and Finance have completed the draft budget, with its investment and operational parts, and it is assumed that the government will hand over the draft budget to Parliament after the end of its legislative recess on January 8th.”

Al-Kazemi explained, "The consensus between the political forces and the visit of the Kurdish delegations to Baghdad resolved many differences, and the blocs have a desire to approve the budget to start work and complete projects in a way that reflects on the service of citizens."

And he continued, “We hope that the blocs will cooperate in a way that leads to approving the budget in the middle of next February, so that the government will start at the beginning of March to complete projects and start others.”

Al-Kadhimi stressed, "The political consensus will have a role in accelerating the budget legislation, and we hope through it to implement the government program presented by the Prime Minister."

https://takadum-news.com/archives/140853

New Movements In The Budget File After A Period Of Stagnation

01-04-2023 | 06:29     Source:  Sumerian   The street is waiting, moment by moment, to vote on the country's draft general budget law in order to proceed with many stalled matters, most notably service projects. Responsible sources confirmed that the budget is just around the corner from being sent to parliament.

New movements are taking place in the budget file after a long stagnation, most notably the Ministerial Council's discussion of the draft law, which will focus on developing the economy and services in various sectors in order to achieve the basic points included in the ministerial curriculum, In addition to other strategic axes such as health, education, industry, agriculture and all aspects of service, not to mention About those related to investment plans and spending chapters.

Regarding the negotiations, members of the Kurdistan Democratic Party revealed a near agreement between the central government and the region regarding the share of the Kurdish component, which will reach fourteen percent during the delegation's recent visit to the capital.

As for the members of the Parliamentary Finance Committee, they confirmed that the budget for the year two thousand and twenty-three will be the same as its predecessors, ruling out any real change to the draft project that is to be voted on by the federal government. government and sent to Parliament for approval within days, indicating that the Ministry of Finance calculated the price of a barrel of oil at sixty-five dollars, and that the total amount of the law may exceed one hundred and forty trillion dinars.

The Minister of Finance had previously announced that the budget would focus primarily on the health sector, support for vulnerable classes, social care and people with disabilities, and raise the loan capital ceiling for small projects in the Ministry of Labor.   LINK

Parliamentary Speculation: Operational Costs In The Budget Will Reach 90 Trillion Dinars

Iraq 01/04/2023   Baghdad: Shaima Rashid  Parliament's estimate of operational costs in the 2023 federal budget summarizes much of the explanation for an upcoming scene if global oil prices drop. Three previous governments have undertaken to add no less than 20 trillion dinars of financial burdens as salaries only, without clear reforms in the administrative structure in the public office. .

The Parliamentary Finance Committee estimated that the government will need about 70 trillion dinars in the future to pay the salaries of employees from the operating budget.

Committee member Jamal Cougar said, in an interview with "Al-Sabah": "Parliament is ignorant of the reason for the delay in transmitting the draft budget law from the Council of Ministers, although Parliament will end its legislative recess next week," reassuring the employees that “there is no fear for salaries and it will not be delayed, but it will proceed according to the principle of the exchange rule 1 on 12.”

Cougar added, "The government can resort to the bank reserve as an advance to release the salaries of employees, provided that these amounts are added to the salary tabs after referring the draft budget to Parliament."

Regarding the increase in the number of employees, Cougar explained that "the citizen has the right to the government to provide job opportunities, and to clarify, the salaries of employees cost the budget a large number, as in the year 2021 it reached about 54 dinars, so that the Al-Kazemi government will add about 10 trillion dinars, and today the government will add the new Sudanese between 7 and 10 trillion dinars, meaning that the salaries of employees alone will be around seventy trillion dinars.

According to the deputy, Iraq will "need annually seventy trillion only to pay salaries, while the operational budget, which is the salaries and expenses of the entire government, will reach 85 to 90 trillion dinars."

Member of the Kurdistan Democratic Party, Representative Mahma Khalil, touched on the conditions of the political agreement between the Kurdish blocs and their counterparts in Baghdad, and indicated that the 2023 budget will differ from its predecessors due to the change in the work mechanism and the development of understandings.

Khalil said in a press statement, "The previous budgets included political targeting, and despite this, the region respects the mandatory decisions of the Federal Court."

As for his colleague in the Kurdistan Democratic Party, Rebin Salam, he accused unnamed political parties of obstructing communication between Baghdad and Erbil regarding the budget law.

Salam said, in a press statement: "The region's share of the budget is not the only problem. There are those who try to mislead public opinion to incite against the region, and this is totally unacceptable, because there are other files that hinder its approval."

A spokesman for the Kurdistan Regional Government, Jutiar Adel, expressed the Kurdistan government's readiness to visit Baghdad, whenever necessary, pointing out that it "seeks to discuss important issues with the federal government."

Adel added, "The ninth cabinet of the Kurdistan Regional Government, since its formation, has maintained its relations with the federal government, and has conducted a series of visits to Baghdad."

And he continued regarding those visits, "Several committees were formed regarding many issues, such as the draft budget law, oil issues, and financial control," noting that there is "coordination between the financial supervision offices in the regional government and the federal government." .”  LINK