Some "Vietnam News" Posted by Henig at KTFA 1-13-2023

KTFA:

Henig:  Trade with UK: Record growth, untapped potential

06:00 | 13/01/2023

(VEN) - The UK-Vietnam Free Trade Agreement (UKVFTA) officially came into force on May 1, 2021. The two countries have seen bilateral trade growth despite the COVID-19 pandemic, and the UK is forecast to remain a promising export market for Vietnamese goods.

Increased presence in UK

Trade between Vietnam and the UK reached more than US$6.6 billion in 2021, up 17 percent compared with 2020. The sum included nearly US$5.8 billion worth of Vietnamese exports to the UK, up 16.4 percent, and US$849 million worth of UK exports to Vietnam, up 23.6 percent. In the first 11 months of 2022, Vietnam’s exports to the UK reached nearly US$5.63 billion, up 7.4 percent year-on-year. Meanwhile, imports from the UK reached US$700 million, down 10 percent.

Eleven-month bilateral trade reached US$6.33 billion, up 5.2 percent year-on-year, yielding a trade surplus of nearly US$4.93 billion for Vietnam.

Vietnamese Trade Counselor in the UK Nguyen Canh Cuong said British people had never been interested in Vietnamese brands and products as much as today. “In the past, British people and businesses rarely heard about Vietnam or Vietnamese products. Nowadays, when I attend events as Vietnamese Counselor in the UK, I receive many questions from British companies about business opportunities in Vietnam. They want to import Vietnamese goods for distribution in the UK market,” Cuong said.

Significant growth has been recorded for the majority of Vietnam’s key exports to the UK such as coffee, pepper, rubber, vegetables, textiles and footwear, in some cases even doubling in value. The increase in fabric import turnover from the UK shows that some Vietnamese enterprises have used imported fabric to produce items meeting rules of origin.

The UK is a discerning market with strict regulations and high standards. The Ministry of Industry and Trade has guided the Vietnamese Trade Office in the UK to provide domestic companies with consultancy on technical requirements for export to this market. The Europe-American Market Department, the Multilateral Trade Policy Department, and the Vietnam Trade Promotion Agency have disseminated the UKVFTA among businesses and advised them on taking advantage of the trade deal.

The Vietnamese Trade Office in the UK has also provided consultancy on UKCA (UK Conformity Assessed) marking requirements for industrial exports to the UK, as well as other regulations applied to farm produce, wood product and garment exports to this market. In 2022, with support of the office, Vietnamese companies participated in the White Label World Expo in London in March, the Birmingham Furniture Show in April and in VegfestUK in November. The office also organized Vietnamese Goods Festival events in London in June and in Nottingham in July.

New expectations

However, Vietnamese exports still account for less than one percent of the more than US$600 billion worth of the UK’s annual imports. Nguyen Canh Cuong said that during the past two years, COVID-19 prevented direct business meetings. Moreover, the UK has put in place new regulations on technical standards and post-Brexit customs procedures, generating concerns on the part of Vietnamese exporters.

Vietnamese exporters have also been discouraged by the surging maritime transport costs to the UK. Major fluctuations in the exchange rate of the pound sterling (GBP) in the third and fourth quarters of 2022 also hindered Vietnamese exports to the UK.

Despite these challenges, Cuong believes the UKVFTA will create new competitive advantages for Vietnamese exports, especially essential consumer goods such as farm produce, seafood, processed food, footwear, clothing, and furniture.

Cuong said that to access the UK market, domestic companies should participate in major international trade fairs and exhibitions to introduce sample products and talk directly to potential partners.

Cuong believes the Vietnam Trade Promotion Agency, the Ministry of Industry and Trade and localities should financially support business participation in the UK fairs. In his opinion, localities also need to increase investment in human resource training according to European standards to help domestic companies win the trust of UK importers and consumers.

Nguyen Canh Cuong, Vietnamese Trade Counselor in the UK:

In 2023, the Vietnamese Trade Office in the UK will prioritize support for domestic companies to participate in international fairs in order to facilitate their access to this potential market.

Hoa Quynh   LINK

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Henig:  Hà Nội focuses on industrial, commercial development in 2023

January, 13/2023 - 08:52

The Hà Nội Department of Industry and Trade will focus on reviewing and completing industrial, trade and logistics development plans to integrate into the Hà Nội Capital master plan.

HÀ NỘI — The Hà Nội Department of Industry and Trade will focus on reviewing and completing industrial, trade and logistics development plans to integrate into the Hà Nội Capital master plan.

Nguyễn Mạnh Quyền, vice chairman of Hà Nội People's Committee, made the statement at a conference on implementing tasks of Hà Nội's industry and trade sector in 2023 held this week.

Accordingly, the department needs to have specific solutions to develop the industrial sector, including key industries and supporting industries. 

At the same time, the department needs to solve difficulties and obstacles, and support enterprises in restoring production and business and attracting investment to have large industrial projects playing an important role in increasing production capacity.

In addition, the department needs to speed up investment in the infrastructure of industrial clusters, effectively implement the industrial promotion programmes, and strengthen measures on ensuring electricity supply for production, business and people's daily life.

The department also should have a specific roadmap to start the construction of 34 new industrial clusters and improve the operational efficiency of 70 existing industrial clusters.

Quyền also said the department must promote international economic integration, and take advantage of Free Trade Agreements (FTAs). It will also renovate trade promotion activities, and implement market expansion solutions for high value-added products or product groups with a high export turnover.

In 2023, it will continue to support enterprises to bring goods to foreign distribution channels, and promote the development of the domestic market in association with the "Vietnamese people give priority to using Vietnamese goods" campaign.

This department will carry out market stabilisation measures, and propose solutions to increase retail sales of consumer goods and services in the city. 

It will strengthen management for the quality and price of essential commodities to control inflation, especially before and during the Lunar New Year.

It also promote the development and management of e-commerce activities.

In 2022, the Hà Nội Department of Industry and Trade implemented tasks and solutions to restore and promote industrial and commercial development in the city, including the organisation of 45 domestic consumption stimulus events, and the development of more than 20 points of selling products under the One Commune One Product (OCOP) products.

Therefore, they promoted positive recovery of industrial production, domestic commercial activities, import and export in 2022, contributing to the city's GRDP growth of 8.89 per cent.

Notably, the industrial production value increased by about 8 per cent, higher than this year's target of 7.3-7.8 per cent and the figure of 5.37 per cent in 2021.

The municipal total retail sales of consumer goods and services in 2022 was estimated at VNĐ697.7 trillion, up 25.2 per cent compared to 2021 and higher than the target of 9-10 per cent.

VNS   LINK

Henig:  Two economic growth scenarios for 2023

January, 13/2023 - 08:00

The CIEM’s report "Việt Nam’s economy in 2022 and prospects for 2023" offers two scenarios for Vietnamese economic growth this year.

HÀ NỘI — The Central Institute for Economic Management (CIEM) and the Ministry of Planning and Investment, in collaboration with the the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) held a seminar on Việt Nam’s economy in 2022 and prospects for 2023.

CIEM’s report "Việt Nam’s economy in 2022 and prospects for 2023" offers two scenarios for Vietnamese economic growth this year.

Accordingly, in the first, GDP of Việt Nam increases by 6.47 per cent with average inflation at 4.08 per cent, export growth hits 7.21 per cent and the trade balance reaches $5.64 billion.

The second is more positive when labour productivity grows, GDP growth reaches 6.83 per cent; inflation 3.69 per cent; export growth 8.43 per cent and trade balance $8.15 billion.

Speaking at the conference, Trần Thị Hồng Minh, Director of CIEM, said last year was considered to be an extremely difficult and challenging year for the Vietnamese economy and the global economy in general.

In addition to the increase in the prices of commodities such as energy and food, leading to an increase in inflation in many countries, the pandemic developments, the Russia-Ukraine conflict, along with embargo measures of the many economies heavily affected the recovery of the supply chain.

The difficult context requires Việt Nam to constantly monitor and update assessments and recommendations in order to maintain macroeconomic stability, control inflation, and create a favourable environment for socio-economic reform, recovery and development.

With those efforts, Việt Nam's economic picture achieved positive results last year, GDP growth reached 8.02 per cent, the highest in the period from 2011 to 2022, far exceeding the target of 6.5 per cent proposed by the National Assembly.

Inflation control reached 3.15 per cent, reaching the target below 4 per cent, and the macro economy was maintained, said Minh.

Nguyễn Anh Dương, Head of the General Research Department, CIEM, said that Việt Nam's economic growth reached impressive results last year. Besides GDP growth of 8.02 per cent, foreign investment attraction and import-export activities were also evaluated positively.

However, the growth rate was showing signs of slowing down from the fourth quarter of last year, he said.

The problem of lack of orders, leading to underemployment, occurred at many enterprises.

This impact might not only stop at the fourth quarter but could also last until the first months of 2023, he said.

The assessment of the CIEM research team in the report also shows that, compared to previous years, Việt Nam's economic outlook this year might be influenced by more factors than last year.

In particular, these include the ability to control the spread of virus variants and new diseases, thereby facilitating economic activity; and the degree of monetary tightening in key economies to handle inflationary pressures.

Key economies will increase geopolitical competition, the Russia-Ukraine conflict may linger, but "like-minded" economic groups may increase cooperation in many areas.

Along with that, these factors also include the progress of implementing the programme of socio-economic recovery and development.

If macroeconomic stability is maintained, Việt Nam can continue to reform and promote fiscal and monetary measures to help restore economic growth.

Finally, economic growth will depend significantly on the ability to diversify export markets, take advantage of opportunities from free trade agreements (FTAs) and handle risks associated with trade–technology confrontation among superpowers, the downtrend of regional currencies against the US dollars.

The report by CIEM also re-emphasises the message that policy priorities need to continue to focus on improving the microeconomic foundation and reforming the economic institutional system in a direction that is more friendly to innovation and the environment, associated with effectively handling risks in the volatile international economic environment.

— VNS   LINK

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Henig:  Việt Nam's coffee exports exceed the plan

January, 13/2023 - 08:43

Coffee exports have also increased by an impressive 13.8 per cent in volume and 32 per cent in turnover compared to the whole year of 2021.

HÀ NỘI — Việt Nam exported 1.77 million tonnes of coffee of all kinds with a total turnover of over US$4 billion last year, exceeding the set target.

Coffee exports have also increased by an impressive 13.8 per cent in volume and 32 per cent in turnover compared to the whole of 2021.

The General Department of Việt Nam Customs reported that the country exported more than 197,000 tonnes of coffee, worth $425.1 million in December, increasing strongly by 53.5 per cent in volume and 39.7 per cent in value compared to November 2022.

This is the highest export volume of the coffee industry in the past four years and the highest-ever turnover value.

Over the past year, coffee exports have grown strongly thanks to a rebound in demand after the COVID-19 pandemic and high coffee prices in the context of tight global supply due to crop failures and supply chain bottlenecks in large producing countries such as Brazil and Colombia.

On the other hand, the increase in exports was also supported by an improved supply of containers and ships.

Regarding export markets, the amount of coffee exported to some main markets tends to increase last year compared to 2021, such as Russia up by 26.5 per cent, the UK by nearly 40 per cent, and especially India by 123.5 per cent.

However, a decline was recorded in markets such as the US, Japan, and China.

Meanwhile, the European Union (EU) continues to be Việt Nam's largest coffee consumption market with a market share of about 39 per cent of export volume.

Việt Nam's coffee exports to this market reached 689,049 tonnes last year, worth nearly $1.5 billion, up 25.8 per cent in volume and 45.4 per cent in value year-on-year.

Besides, the tariff advantage from the EVFTA also brings great motivation for coffee exporters to this market.

However, the biggest challenge for businesses exporting to the EU is the increasing requirements for quality and sustainability for products.

Most recently, the European Commission (EC) said that the EU had reached an agreement to ban the import of a number of products considered a key factor in promoting deforestation, including coffee, on December 6.

Along with the EU market, China's opening of its border and isolation lifting after lowering the level of COVID-19 control from January 8 is also an opportunity for Việt Nam's coffee exports to regain momentum growth in this market in the near future.

Exports at the beginning of the 2022-2023 crop year are still quite favourable, but some forecasts suggest that coffee exports may decrease this year because the supply is not as abundant as the previous year, while the price of coffee tends to decline due to the coffee supply–demand shifts from shortage to surplus.

Last year’s coffee export price recorded the highest level in many years with an average of $2,282 per tonne, a year-on-year growth of 16 per cent. 

— VNS   LINK

"Tidbits From TNT" Friday Morning 1-13-2023

TNT:

KMan:  If this works as we've been told, I wonder if there is an NDA or if we exchange into fiat dollars, or asset backed as we've heard over the years?

Red:  asset is here now but not everyplace, we are moving to asset backed very quickly, that may be what we are waiting on…..the bank that exchanges us must be basiel 4 compliant, not all are as of today, but must be for the RV to happen at their bank

Speedy:  Earlier today talked to Wells Fargo Manager and asked about selling them Dinar, He said “not quite yet.”

Yada:  Have to laugh with all the statements regarding fiat dollars verses asset backed. Like Red said, some places are gradually moving to asset backed but that is just to cover themselves during this time of recession the world is moving into. Do not believe there will be a removal of any currencies we are using now.

Yada:  And no GCR because not all countries are able to sustain in any increase or decrease in the values of their currencies that affect their economies. I bet if you asked your family members, not invested in the dinar, what they think of the doing away of the fiat system I can guarantee fear would rise up instantly because the can barely keep up with the current system

Yada:  Basiel 3-4? That doesnt make the money at their banks asset back, Basel only make all their business covered if they fail. That includes all their credit cards, mortgages, savings accounts, even their properties, have to have a set amount saved so if they go under, they have to forfeit that asset to keep the rest of the markets from being sucked iin. Look at Greece a few years back, they had to forfeit their assets to fill in the gap of their loses…..That was the year they decided to have the Olympic in Greece. What a mess that was.

RVALready:  In the US the currency will become asset backed without changing its format.

Yada:  Lets just say, when you go into your banks to do your exchanges and request you'd like the asset backed currency in your accounts. They will look at you funny and shake their heads.

RVAlready:  Yada, I have seen several stories from folks at banks who asked about QFS and were told prep was in progress. That will asset back US currency.

Yada:  RValready, QFS doesn't make money asset back, it just secures the transfer of money from one place to another. In the truest sense, to go asset back now, we'd have to slow our economy down because the acquiring of assets would not be able to keep up with the growth. A shortage of money would be realized and those with the greatest of wealth would get the loans and money they need while the smaller business go under. Cant put a gallon of milk in a quart sized carton.

Red:  yada, that is in process now! everything is geared towards shutting down the U S economy, inflation, joblessness, supply chain shortages, airline shutdowns, ect, ect, the commodity backed currency is in progress….when the switchover is complete, the money will flow like a high water flood again inthe good ole USofA

RVAlready:  Yada, I know QFS people. It is ready to gold back the US currency, and cancel corrupt money transfers. The SWIFT system is about to exit stage left.

JCNoble:  red when do you see the switchover being complete?  switchover refers to changing to new US currency that is gold back?

Red:  any day… if you look at the current 100 dollar bill it is 1/3 gold backed with a gold kettle and a gold feather, that was a few years back , we should be just about there by now….no new paper notes needed for the switchover but they will come a little later on

JCNoble:  red so can the current notes with gold kettle and feather be redeemed for gold now?

Red:  nope not just gold but many different commodities…..after the public notice of the switchover, just like the silver certificates were silently removed, the Gold back will be secretly and semi silently introduced

RVAlready:  Yes, all money in bank accounts will automatically convert to gold backed. At some point you will exchange your Fed Reserve Notes for gold backed Treasury Notes.

Ivantulafitov:  If you still have dinars you are either crazy or a genius

Babysmom:  Ivan I vote genius

CandyKisses:  "When you have a dream, you've got to grab it and never let go." — Carol Burnett

CandyKisses:  Enjoy your Friday the 13th today. May it be a lucky day for all of us. " Friday the 13th is considered an unlucky day in Western superstition. It occurs when the 13th day of the month in the Gregorian calendar falls on a Friday, which happens at least once every year but can occur up to three times in the same year."

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CandyKisses:  Rule of Law: The 2023 budget will be passed in record time

A member of the Iraqi Council of Representatives for the State of Law Coalition, Firas Al-Muslimawi, announced today,  that the Council of Representatives seeks to pass the 2023 budget in record time as soon as it arrives from the government, indicating that the amendments are in a "healthy" condition.

Al-Muslimawi said in a press interview seen by Taqadum, that "the 2023 budget is still with the government, and it is expected to reach the House of Representatives in the coming days," noting that "the political blocs and members of the House of Representatives, as well as parliamentary committees, are supportive of the new government, and supportive of the citizen who is waiting for the budget."

Al-Muslimawi added that "the parliament is waiting for the arrival of the budget for review, study and amendment of what can be amended to serve the Iraqi citizen, and there is a real will by all political blocs without exception, including the Kurdish blocs, to pass the budget, and start providing services to citizens."

Al-Muslimawi continued, "The deputy, politician and even executive are aware that its value is what it offers to the citizen and society, so there is a real parliamentary will to pass the budget as soon as possible," noting that "the observations of some political parties on the budget are a healthy condition to discuss and amend, which are respectable views, and with the presence of that sincere will, the 2023 budget will pass in record time."

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CandyKisses:  Gold is getting brighter

Gold prices rose on Friday to head for gains for the fourth consecutive week, supported by a weaker dollar and expectations that the Federal Reserve will raise interest rates at a slower pace.

Spot gold rose 0.1 percent to $1,898.57 an ounce at 0234 GMT. Its prices have risen 1.8 percent so far this week.

U.S. gold futures rose 0.1 percent to $1,899.60.

The dollar index is on track for its worst weekly performance since Nov. 11, 2022. A weaker dollar makes gold more attractive to overseas buyers.

Data on Thursday showed U.S. consumer prices fell for the first time in more than two-and-a-half years in December, giving hope that inflation is on a sustained downward trend.

Edward Meir, metals analyst at Marx, said: "Gold usually rallies when inflation rises. "But we see gold continue to rise despite slowing inflation as the market looks for a lower dollar and a smaller increase in interest rates."

"Prices are facing some resistance around the $1,900 level, so maybe they won't continue to rise, and there may even be some selling at these levels."

The yellow metal is seen as a hedge against inflation, but high interest rates increase the opportunity cost of holding non-yielding gold.

Philadelphia Federal Reserve Chairman Patrick Harker said on Thursday that while the central bank needs to raise interest rates further to cool inflation, it is likely to do so at a much slower pace. Atlanta Fed President Rafael Bostic said inflation data could allow him to reduce the pace of rate hikes to a quarter point at its next meeting.

The Fed raised interest rates 75 basis points four times last year, before slowing them to 50 basis points in December.

Among other precious metals, spot silver rose 0.1 percent to $23.79, while platinum rose 0.1 percent to $1,068.79, while palladium fell 0.6 percent to $1,780.91. All three metals are heading for weekly declines.

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Tishwash:  Muhannad Al-Khazraji: Al-Sudani's visit to Berlin will create a turning point in the Iraqi economy

Member of the Oil, Gas and Natural Resources Committee, Representative Muhannad Al-Khazraji, confirmed that the visit of Prime Minister Muhammad Shia Al-Sudani to Berlin will create a major turning point in the Iraqi economic file, especially with regard to the electricity and associated gas files.

Al-Khazraji said in a statement, "The delegation that will accompany Al-Sudani, the majority of whom are specialists in the economic field, to develop effective solutions to all economic crises," noting that "the electricity file will be a top priority, as it is one of the most important challenges facing Iraq since the change to today, and it is spent on it annually." Billions of dollars in vain.

He added, "The German engineering company (Siemens) is a pioneer in the field of energy production, and it has a plan to raise the rates of electricity supply to Iraq," noting that "Iraq needs 24,000 megawatts annually, and in reality there are only 13,000 megawatts, and this is what causes interruptions." The current lasts for long hours, even in winter.

He explained that Iraq wastes more than 1,500 cubic meters of gas per day, and invests only 1,200 cubic meters, meaning that it loses more than 60% of its associated gas on a daily basis. This left behind environmental problems related to air pollution and greenhouse gas emissions, and deprived the country of an important source of energy, forcing it to import from abroad.

He pointed out that "financial, banking, industrial and technological cooperation files will all be present in the Sudanese agenda, in addition to the electricity and gas files."   link

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Al-Fateh: The return of "Siemens" will break Washington's veto over the energy file

The leader of the Al-Fateh Alliance, Uday Abdul-Hadi, confirmed, on Thursday, that the return of the German company Siemens to Iraq will lead to breaking Washington's veto.

Abdul-Hadi said in an interview with Al-Maalouma, "Washington adopts a multi-directional agenda in Iraq, the most prominent of which is keeping the electric power file chaotic by thwarting any attempt to create a road map that ends the tragedy of more than 40 million people by blocking any endeavors in this direction."

He added, "The German company Siemens, which is the leader in the electricity file, developed a road map to end the energy tragedy in Iraq 7 years ago, but Washington deliberately disrupted it in various ways and there is a lot of evidence." Dialogue with Siemens on the electricity file is a clear signal to break Washington's veto."

He pointed out that "experiences after 2003, after America's slogans regarding the reconstruction of Iraq, are false and illusory, and the results on the ground are the best evidence, and what Washington wants is more chaos and economic crises."

Prior to his trip to Germany, the Prime Minister confirmed his endeavor to revive talks with Siemens for a radical treatment of the energy file in Iraq   link

Mot:  ... I Say! -- I Say!!! ~~~

Mot:  sooo How does the Size of Europe compare to the USA!!!

Friday Morning Iraq Economy News Highlights 1-13-23

Friday Morning Iraq Economy News Highlights 1-13-23

A Researcher Puts Forward A “Terrifying” Scenario Regarding 90% Of The Iraqi Currency Issues..They Were Damaged Or Fled Abroad!

2023-01-13   Yes Iraq: Baghdad    Today, Friday, economic researcher Manar Al-Obeidi put forward a disturbing hypothesis about 90% of the Iraqi currency printed by the Central Bank, which is outside the banking system, as he indicates that this money may not be hoarded by the Iraqis already, but may have been destroyed or fled abroad. .

Al-Obaidi began his article by asking: “Is the Iraqi cash really hoarded?”, Noting that “according to the latest Central Bank data, the volume of cash outside the banking system is around 76 trillion Iraqi dinars, representing more than 90% of the volume of cash issued.”

He explained that “it is always explained that it does not appear in the banking system as being hoarded in homes or with people due to the low level of financial inclusion,” adding, “But there are indications that may indicate that this money may not only part of it be hoarded, but part of it may be deliberately or deliberately destroyed.” fled abroad.”

He added, “The first factor is that the growth rate of cash currency issuance during the past years is not matched by the same growth rate of cash in the banking system, even if the percentage of cash in the banking sector is small, but its growth rate should be almost similar to the growth rate of the total cash currency issued as the currency grew.” Cash issued from 50 trillion to 80 trillion during the past two years, but it did not grow in the banking sector at the same level, as it rose from 5 trillion to 6.5 trillion only during the same period.”

And he continued: “The second matter, depending on the population of Iraq, the level of poverty and unemployment rates, ages, and the rates of residents in Iraq, the rate of hoarding money for every Iraqi person living in Iraq and not below the poverty level is about 3.5 million Iraqi dinars, meaning that the rate of hoarding money for every Iraqi family is about 20 One million Iraqi dinars, and this also contradicts reality.

And he pointed out, “The third thing is that the percentage of cash in banks does not rise much with the increase in interest rates offered by banks and the incentives offered by banks to attract this money, although many of these offers are of great interest and certainly will not attract all the money outside the banks, but it is undoubtedly It should have affected, even if by a small percentage, the percentage of the issued cash.”

And he considered that "all this leads to saying that the cash is not hoarded by the Iraqis, but rather it is either destroyed or fled, or that it is present in a parallel banking system that is far from control and is controlled by parties that have nothing to do with the decision-making authorities in Iraq."  LINK

State Of Law: The 2023 Budget Will Pass In Record Time

2023-01-12 11:25  Shafaq News/ A member of the Iraqi Parliament of the State of Law Coalition, Firas Al-Maslamawi, announced today, Thursday, that the Parliament is seeking to pass the 2023 budget in record time as soon as it arrives from the government, while he indicated that the amendments to it are a "healthy" condition.

Al-Maslamawi told Shafaq News agency, "The 2023 budget is still with the government, and it is expected to reach the House of Representatives in the coming days," noting that "the political blocs and members of the House of Representatives, as well as parliamentary committees, support the new government, and support the citizen who is waiting for the budget."

Al-Maslamawi added, "Parliament is awaiting the arrival of the budget to view it, study it, and amend what can be amended to serve the Iraqi citizen, and there is a real will by all political blocs without exception, including the Kurdish blocs, to pass the budget, and start providing services to citizens."

Al-Maslamawi continued, "The representative, the politician, and even the executive, are aware that his value is in what he presents to the citizen and society, so there is a real parliamentary will to pass the budget as soon as possible," noting that "the observations of some political parties on the budget are a healthy case for discussion and amendment, and they are respectful points of view, and with the existence of That sincere will will pass the 2023 budget in record time.  LINK

In An "Extraordinary" Or Regular Session, The Dollar Is On The Table Of The Iraqi Parliament

2023-01-12 12:07   Shafaq News / The State of Law parliamentary bloc revealed, on Thursday, a parliamentary move to hold an extraordinary session, to discuss the economic crisis in Iraq, which is behind the rise in the exchange rate of the dollar against the dinar.

"Members of the House of Representatives have started collecting signatures to hold an extraordinary session next week, to discuss the economic crisis and to find out the reasons for the rise in the exchange rate of the dollar," Haider al-Azergawi, the representative of the State of Law, told Shafaq News agency.

Al-Azergawi added, "Prime Minister Muhammad Shia'a al-Sudani set the exchange rate in commercial transactions and remittances to control it from the unprecedented rise in currency exchange," stressing that "in the event that an extraordinary session is not agreed upon, this file will be included in the regular session."

Two days ago, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, urged Iraqi merchants to deal directly with authorized banks to obtain hard currency.

The Iraqi government, and all its institutions, have committed to dealing in the dinar in its private and public dealings, for the purpose of supporting the currency against the dollar, and limiting the continuous decline of the dinar against the US dollar.

The exchange rates of the dollar rose against the Iraqi dinar, today, Thursday, with the closure of the main stock exchange in Baghdad and Erbil, the capital of the Kurdistan Region, as it reached 157 thousand dinars, for every 100 dollars.   LINK

Saving Iraq From An Inevitable Collapse..The First Episode: (Oil Refineries - The Solution Through The Technical Revolution)

FRI, 01-13-2023, AM 10:19  TAYSEER AL-ASADI   Written by: Muhammad Tawfiq Allawi  I tell you, with all sincerity and sincerity, if the situation remains as it is now, we are heading towards an inevitable economic collapse, the features of which will start from the year 2025, as confirmed by the global reports of the World Bank and other international economic institutions.

 The ruling political class, especially the House of Representatives, bears full responsibility for this inevitable collapse within a decade.

Do most political parties think about the interest of the country???? Are they still insisting on quotas and presenting their personal interests at the expense of the interest of the country and the Iraqi citizens  !!!!

The near future will reveal where we are heading  !!!!!

 We are all concerned in Iraq with regard to the oil refineries to produce gasoline for cars, which we are still importing; Now the world is heading towards a technical revolution represented by the new generation of oil refineries and green refineries.

These refineries meet the requirements of the global market after the need for car fuel has disappeared, as the percentage of fuel production for cars decreases and other percentages such as hydrogen and ammonia increase, in addition to the revolutionary technology of Aramco in the production of petrochemicals in a direct way, which is what we need in Iraq,

and these refineries must be on the sea ports so that their products can be exported by ships at the lowest costs, and carbon dioxide is also disposed of from these same outlets in order to achieve billions of dollars in granting policies for global climate conferences, now cars have begun to spread that run on hydrogen in the world;

Then most of the developed countries laid the foundations for the use of hydrogen in heating and various domestic uses. Future planes and even ships will work on Ammonia, and this matter if we move on it, ie building the new generation of green refineries and refineries, we can compensate part of our loss with the lack of demand for fossil fuels in the future,

In addition to that, Iraq can obtain tens of billions of dollars, which constitutes 50% of the costs of these green refineries also from Granting global climate policies, but this is not achieved in this situation by any government of ministers, most of whom belong to the parties, are non-professionals and are not at the level of the challenges that the country will face, and the reason is the “a system;

The matter needs to develop a comprehensive plan and an economic policy that we still lack since 2003 until now, and it needs to develop detailed planning for all ministries and state institutions based on this plan and policy, and it needs professional people with a high degree of experience and competence to run the country, and naturally these cannot come from The path of quotas is the same as it was in the past and still is today Green, so we can compensate part of our loss with the lack of demand for fossil fuels in the future,

 Can the country be saved from its current situation?

Our hope is still great in God and in the good and loyal people of our country  .....

https://www-non14-net.translate.goog/public/153926?_x_tr_sch=http&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Parliament Calls On The Government To Expedite The Approval Of The Budget Law, And A Deputy Confirms Its Completion By The Ministry Of Finance

2023-01-12 05:48   Shafaq News/ Independent MP, Yasser Al-Husseini announced, on Thursday, the completion of the draft budget law for the year 2023, and it will be discussed in the next cabinet session, while the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, urged the government to expedite the approval of the budget.

Al-Husseini told Shafaq News agency, "The Ministry of Finance has completed the final draft of the general budget bill for the year 2023, and it is expected to be sent to the General Secretariat of the Council of Ministers next week."

He added, "Next week's session of the Council of Ministers will witness a discussion of the budget law, and then a vote on the law and sending it to the House of Representatives." dollars.”

In turn, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on the government to expedite the submission of the budget law to the House of Representatives for a vote on it.

Al-Mandalawi's media office stated, in a statement received by Shafaq News agency, that the latter met with Prime Minister Muhammad Shia'a al-Sudani, to discuss a number of files and priority issues.

Al-Mandalawi stressed the need to expedite the completion of the draft budget law for the current year, and send it to the House of Representatives to include it in the agenda, read it first and make amendments to it before submitting it to the vote, and stressing the inclusion of contract holders, lecturers, holders of higher degrees, first students and others from various segments of society within its provisions. .   LINK

Thursday Evening Iraq Economy News Highlights 1-12-23

Thursday Evening Iraq Economy News Highlights 1-12-23

The Coordination Framework Confirms The Discussion Of The Exchange Rate Issue At Its Next Meeting

Iraq   12:11 - 2023-01-12  A member of the Coordination Framework, Turki Al-Atbi, announced that the crisis of the rise in the dollar exchange rate will be at the top of the axes of the next framework meeting.

Al-Atbi said that the rise in the exchange rate of the dollar and the state of instability in the markets in the past weeks are worrisome and will be at the top of the axes of the next meeting of the coordination framework with all its leaders.

He added that the change of the head of the Central Bank is possible with the increasing voices calling for this step, especially since the fluctuation of the dollar calls for fundamental changes that contribute to correcting the financial paths in the country and the bank’s policies, which leads to the stability of exchange rates and avoiding sharp vibrations that lead to a rise in prices, which negatively affects millions. the poor and the simple.    https://kirkuktv.net/AR/Details/12371

List Of Sales Of Goods And Services At An Exchange Rate Of (1470) Dinars To The Dollar

Baghdad today - Today, Baghdad publishes a list of sales of goods and services that the Council of Ministers obligated to sell in dinars and at an exchange rate of (1470) dinars to one dollar:

▪ Sales of national and foreign airlines offices

▪ Sales of commercial agencies with all their specialties and dealings

▪ Telecom companies sales

▪ Internet company sales

▪ Sales of residential and commercial investment complexes

▪ Sales and services of all government agencies inside Iraq

LINK

 It Is Dependent On The Delivery Of Oil.. A "Semi-Agreement" Between Baghdad And Erbil On The 2023 Budget

Today, Thursday, an informed Kurdish source revealed that a "semi-agreement" had been reached between Baghdad and Erbil regarding the draft budget law for 2023, during the visit of the President of the Kurdistan Regional Government, Masrour Barzani, yesterday.

The source told (Baghdad Today) that "if the region delivers 250,000 barrels of oil with the revenues of the border crossings, it will get 12.67% of the revenues of the financial budget."

And he added, "In the event that the region delivers 400 thousand barrels of oil and the revenues of the border crossings, it will receive 14%, i.e. the amount of one trillion and 200 billion dinars per month from the federal government, which is an amount that exceeds the salary ceiling allocated to the employees of the regional government, whose value is only 895 billion dinars." .

Yesterday, Wednesday, the Kurdistan Regional Government, Masrour Barzani, arrived, during which he met with Prime Minister Muhammad Shia al-Sudani, the President of the Republic, Abdul Latif Rashid, and the President of the Supreme Judicial Council.

After Barzani's meeting with Al-Sudani, the Kurdistan Regional Government issued a statement saying that "the meeting witnessed a mutual emphasis on the importance of resolving problems between the Kurdistan Region and the federal government on the basis of the constitution and the ministerial platform."

She added, "The discussions mainly included the ongoing preparations regarding the draft federal budget law for the year 2023, and the details related to the share of the Kurdistan region and its financial dues from the federal budget."

She pointed out that "the meeting discussed the implementation of constitutional Article 140, guaranteeing the constitutional rights of the Peshmerga forces as they are part of the Iraqi federal defense system, as well as the implementation of the Sinjar Agreement."  Edit: G. F LINK

Parliament Will Resume Its Sessions Next Saturday And Publish Its Agenda (Document)

Today, Thursday, the House of Representatives announced the agenda for its next Saturday session.

The media department published the agenda, and received it (Baghdad Today), which included taking the constitutional oath for some deputies, as well as voting on new deputies in the permanent parliamentary committees, in addition to a first reading of the draft Communications and Informatics Law, and a report and discussion of the second reading of the draft law of the fourth amendment to the investment law. Industrial for the private and mixed sectors.

The table also included the report of the fact-finding committee on the information contained in the Ministry of Environment’s book on the existence of carcinogenic chemical radiation in the Dab fertilizer produced by the Southern Fertilizer Company, in addition to the report of the Health and Environment Committee participating in the Conference of the States Parties to the United Nations Framework Convention on Climate Change (COC27) on climate change. .  LINK

Oil Revenues.. Will They Reflect Positively On The Iraqi Economy?

with video  2023-01-12 | 05:00   Source:  Sumerian  213 views  Despite the rise in oil revenues, many believe that if these funds are not used to develop the industrial and agricultural sectors, there will be no positive repercussions on the Iraqi economy.

Iraq achieves large revenues from oil sales, which amounted to approximately one hundred and fifteen billion dollars, but the matter that concerns some is where this money goes, stressing the need to invest in developing industrial and agricultural sectors that achieve stability for the country's economy.

This can only be achieved by activating several laws that support the industry, and activating mechanisms to monitor imports resulting from oil revenues to ensure that they are properly exploited.

Economic specialists believe that no matter how high the oil revenues are, this will not reflect positively on the Iraqi economy, due to the latter remaining a rentier, in addition to the weak implementation of economic and financial strategies.   LINK

The Regional Government: Masrour Barzani And Al-Sudani Agreed To Solve The Files Of The Budget And The Oil And Gas Law

Posted On2023-01-11 By Sotaliraq  2023-01-11 The regional government: Masrour Barzani and Al-Sudani agreed to solve the files of the budget and the oil and gas law   LINK

The Delegation Of The Region Begins A Round Of Dialogues With The Federal Government Focusing On The Budget And Oil And Gas

Posted On2023-01-12 By Sotaliraq   The delegation of the Kurdistan region started a visit to Baghdad to discuss the implementation of the agreements with the federal government, where the focus will be on a number of technical issues, most notably determining the region's percentage of the budget law and proceeding with the legislation of the oil and gas law

A statement of the federal government received by (Al-Mada) stated that «Prime Minister Muhammad Shia' al-Sudani received yesterday, Wednesday, the President of the Kurdistan Regional Government of Iraq, Masrour Barzani and his accompanying delegation».

And the statement continued, "The meeting reviewed the most important files at the national level, and ways of integration in the work of the federal government and the regional government in order to provide the best services to citizens in all parts and governorates of Iraq."

He pointed out that "a number of ministers, advisors and officials in the federal government and the regional government attended the meeting."

Later, another government statement received by (Al-Mada) stated that “an extensive technical meeting was held yesterday between the federal government and the delegation of the Kurdistan Regional Government of Iraq.”

The statement continued, “The meeting included the Deputy Prime Minister and Minister of Planning, the Deputy Prime Minister and Minister of Oil, the Ministers of Finance, Construction, Housing and Municipalities, the Head of the Federal Office of Financial Supervision, the Border Crossings Officer, the Economic Adviser to the Prime Minister, and the Head of the Legal Department in the General Secretariat of the Council of Ministers. and General Manager of Sumo Company.

He pointed out that "the delegation of the Kurdistan Region included the Minister of Finance and Economy, the Minister of Electricity and Natural Resources, the Chief of the Cabinet Office in the Kurdistan Region, the Director of the Office of the Prime Minister of the Kurdistan Region, and the representative of the regional government in Baghdad."

The statement stressed, "The meeting witnessed extensive discussions regarding the general federal budget law for the year 2023, and an emphasis on the speed of its resolution, so that strategic plans, programs and projects in the field of services, economy, investment, and other files can be implemented."

And the statement went on, that "a number of contentious issues between Baghdad and Erbil were addressed, especially with regard to the oil and gas law, and an emphasis on resolving them in accordance with what was stated in the constitution."

For his part, a member of the Kurdistan Democratic Party, Ali Al-Faili, stated that "the political agreements that led to the formation of the state administration coalition and then the formation of the government were clear-cut, and were developed within timelines for their implementation."

Al-Faili continued, "The parties to the state administration coalition, as well as the government, are facing a real test," stressing that "the most important points that are being talked about at the present time are the oil and gas law and the Kurdistan region's share of the budget, as well as conducting a population census."

He pointed out, "The previous dialogues led to temporary agreements pending the approval of the budget law, which is to send an amount of 200 billion dinars to the Kurdistan region per month."

Al-Faili believes, "The dialogues between the Kurdistan region and the federal government have a period that may not exceed 4 months to zero oil and gas problems, as well as determine the percentage of the budget law."

And he stressed, "Prime Minister Muhammad Shia' al-Sudani has full knowledge of all previous disputes, and he can resolve them by exploiting the appropriate political atmosphere."

Al-Faili goes on to say that "meetings of an artistic and technical nature are of great importance in ending differences and by technical means away from political influences." LINK

"Vietnam News" Posted by Henig at KTFA Thursday 1-12-2023

KTFA:

Vietnam News:

Henig:  Top 10 ICT developments in 2022

06:00 | 11/01/2023

(VEN) - Vietnam's information and communications technology (ICT) industry entered a post-COVID development phase in 2022, with the Party and government adopting policies to promote the development of the technology sector and businesses. Following are 10 outstanding ICT developments of 2022 as voted by the journalists of the ICT Press Club.

1. National strategy adopted on digital economy and digital society

On March 31, 2022, the prime minister promulgated a national strategy for digital economy and digital society development to 2025, with a vision to 2030. This strategy foresees the centrality of digital development in achieving rapid, sustainable, inclusive development, adaptive and resilient to challenges in a world of unpredictable changes. The vision sets a target for the digital economy to account for 20 and 30 percent of Vietnam’s gross domestic product (GDP) by 2025 and 2030, respectively.

2. Prime ministerial instruction on e-government development

On April 26, 2022, the prime minister issued an instruction on e-government development to promote national digitalization. Accordingly, the prime minister instructed ministries, ministerial-level agencies, government agencies, and local people's committees to carry out their mandatory assignments. Concurrently, the government also requested agencies and units to coordinate with the Ministry of Public Security, the Government Office, and the Ministry of Information and Communications on infrastructure for linking national databases. Priority is to be given to the databases on business, taxation, customs, banking, driver's licenses, health insurance, education and social security.

3. Amendment of the Law on Radio Frequency voted by the National Assembly for ratification

On November 9, 2022, the National Assembly ratified the amended and revised articles of the Law on Radio Frequency in order to manage and rationally and effectively allocate the right to use radio frequencies, create a healthy telecommunications competition environment, promote the development of the telecommunications infrastructure, contribute to national digital transformation and to the formation of a digital economy and digital society.

4. Declaration of National Digital Transformation Day

On April 22, 2022, the prime minister issued a decision designating October 10 as National Digital Transformation Day to be marked annually in order to raise public awareness of the role, meaning and benefits of digital transformation and promote the participation of the entire political system and the population in the country's digital transformation.

5. VinFuture Award honors global network scientists, inventors

Five scientists were awarded the VinFuture Grand Prize, worth US$3 million for their breakthrough inventions in global internet connection technology. They are Sir Timothy John Berners-Lee (UK), Dr. Vinton Gray Cerf (US), Dr. Emmanuel Desurvire (France), Dr. Robert Elliot Kahn (US), and Prof. Sir David Neil Payne (UK).

Global network technology is the result of numerous inventions serving mankind, creating a firm foundation for the knowledge-based economy and a launch pad for further breakthrough technologies, such as Artificial Intelligence, Internet of Things, Cloud Computing, and Big Data.

6. Vietnam becomes microchip supplier

On September 28, 2022, FPT Semiconductor, a unit of Vietnam's leading tech company FPT, launched its first line of semiconductor chips used in medical devices as part of its efforts to enter the competitive global industry.

The company said in a statement it aims to supply 25 million chips globally by 2023 and is eyeing Japan, Chinese Taipei, China and the US as key markets for the chips that are used in everything from consumer electronics to aerospace and have been in high demand due to supply chain disruptions since the pandemic.

The finished FPT design will be transferred to the factory in the Republic of Korea (RoK) for production and packaging.

7. Phasing out 2nd, 3rd network generations

Internet service providers have started turning off 2G signals in some places where the demand is low. Nevertheless, Viettel is the first operator in Vietnam to turn off the nationwide 3G network with its 35,000 stations. Compared to the global practice, Viettel is one of the few pioneering operators to turn off 3G. The general network quality and customer service experience after the 3G phase-out remained steady, efficient and growing.

The 2G and 3G phase-out helps providers simplify networks, optimize the infrastructure for new technology development, optimize operating costs, and add frequency resources to 4G networks for service quality improvement in the context of increasing data traffic and 4G subscribers.

8. Internet providers join force to fight spam calls

On August 29, 2022, Viettel, VNPT, MobiFone, Vietnamobile, Local, Itel and Gmobile signed a joint agreement to prevent and handle spam calls. This is the first time that network operators have joined hands to block spam calls, with their adverse social consequences. The Ministry of Information and Communications affirms that it will resolutely inspect and publicly penalize network operators that do not seriously handle garbage SIMs, while subscriber information must be cleaned to avoid social consequences, rather than to pass off the burden end users.

9. Samsung launches major Hanoi R&D Center

On December 23, Samsung Vietnam officially inaugurated and put into operation a Research and Development (R&D) Center in Hanoi, the company’s largest hub in Southeast Asia.

The US$200 million R&D Center has 16 floors and three basements, covering a total construction area of 11,603 square meters and a floor area of 79,511s.qm. It is the first large-scale high-rise building devoted to technology development in Vietnam.

10. Vietnam holds first blockchain summit

Held for the first time in Vietnam, the Vietnam Blockchain Summit 2022 attracted thousands of delegates, speakers and experts, leading blockchain technology names in the world and Vietnam (such as Kyber Network, Gala Games, Sky Mavis, DFG, FTX, Binance, BNB Chain, Chainalysis, OKC, AAX). The summit creates connections for technology consultation and promotion of the digital economy.

Vietnam is considered a highlight on the world map with a large number of blockchain projects and highly-qualified blockchain human resources.   LINK

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Henig:  Building global brand for Trang An

06:00 | 11/01/2023

(VEN) - Ninh Binh Province has launched a campaign to preserve the integrity and effectively promote the values of its Trang An heritage site, and boost sustainable tourism development in its magnificent landscape.

Tourism growth

Situated near the southern margin of the Red River Delta, the Trang An Landscape Complex is a spectacular landscape of limestone karst peaks permeated with valleys, many of them partly submerged. Exploration of caves at different altitudes has revealed archaeological traces of human activity over a continuous period of more than 30,000 years, illustrating the life of seasonal hunter-gatherers and their adaptation to major climatic and environmental changes, especially the repeated inundation of the landscape by the sea after the last ice age.

Dominating the landscape is a series of steep, almost vertical 200 meter cliffs covered by forests, and rice fields stretching along rivers, with farmers and fishermen living in their traditional ways. Visitors traveling on river boats steered by local guides can experience the natural, peaceful environment.

Hoang Thi Thu Huong, Deputy Head of the Management Board of Trang An Scenic Landscape Complex, said that the tourist area is creating jobs for 1,300 boat drivers, mainly women aged 45-60, with a monthly salary of VND5-6 million (US$212-255).

In 2014, the World Heritage Committee of the United Nations Educational, Scientific and Cultural Organization (UNESCO) added the Trang An scenic landscape complex to the list of World Cultural and Natural Heritage sites. This boosted annual tourism by 5.96 percent between 2015 and 2020, with international visitor growth reaching 11.4 percent a year, and tourism revenue increasing by 27.2 percent annually.

In the first 10 months of 2022, Ninh Binh Province received more than 3.075 million visitors, including over 3.032 million domestic visitors, and 43,400 international arrivals, 3.2 times higher than the same period last year.

Launch of heritage festival

In November 2022, Ninh Binh Province held the first Trang An heritage festival with the participation of 14 provinces and cities from across the nation and the Udomxay Province of neighboring Laos, connecting provinces and cities featuring typical cultural heritages in order to promote them to domestic and foreign tourists and preserve and honor cultural heritages.

Ninh Binh Province wants to turn the festival into a large-scale annual cultural and tourism event towards building a new brand for Ninh Binh culture.

At the recent 50th anniversary of the 1972 Convention, UNESCO Director-General Audrey Azoulay affirmed that Trang An heritage has successfully combined economic development with sustainable tourism development. That is why it was picked to pilot a project on sustainable tourism to enhance the benefits for local communities, especially women.

Nguyen Cao Tan, Deputy Director of the Ninh Binh Department of Tourism, pledged to focus on improving the efficiency of state management relating to the Trang An scenic landscape complex.

Accordingly, functional agencies continue to review and adjust policies and legal documents on heritage conservation, develop tourism in a sustainable and responsible manner, and encourage investment and effective exploitation of Trang An and other beauty spots in Ninh Binh in order to preserve outstanding heritage values for future generations.

Kim Chi & Thu Huyen    LINK

Henig:  How can green trade with EU benefit Vietnam?

06:00 | 12/01/2023

(VEN) - Green trade with the EU will benefit Vietnam. In the opinion of economists, however, both enterprises and government agencies must make a sustained effort to adopt green trade standards.

Green standards

According to Vu Ba Phu, Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, green consumption is becoming more popular in the EU market. In the past, green standards were applied only to high-end products, but today, they have become a requirement for all EU-imported goods in all market segments.

The EU applies green standards to ensure that all types of consumer goods do not pose risks to the environment, residents and supply chains. In 2014, the EU adopted the Non-Financial Reporting Directive. In 2020, the EU Green Deal was approved. In November 2021, the EU promulgated a law preventing the import of goods linked to deforestation. On November 10, 2022, the Corporate Sustainability Reporting Directive was issued, requiring supply chain reports from 50,000 companies.

“Green growth, green development, and the circular economy have become global trends and are prevailing in developed economies like the EU,” Phu said.

Bartosz Cieleszynski, Deputy Head of the Trade Section of the EU Delegation to Vietnam, said the EU-Vietnam Free Trade Agreement (EVFTA) has the potential to boost green trade and support sustainable development goals. The trade deal will remove almost all tariffs for 71 percent of Vietnam’s exports to the EU and 65 percent of EU exports to Vietnam.

Tariff removals and commitments under the EVFTA Chapter on Trade and Sustainable Development will create a strong impulse for trade flows of green products.

Notes from experts

At a recent seminar on promoting green exports, Truong Dinh Hoe, secretary general of the Vietnam Association of Seafood Exporters and Producers (VASEP), said local firms need to pay more attention to the sustainability of their value chains.

He cited an example of a Vietnamese shrimp exporting firm losing an opportunity to ship its products to the European Union (EU) as it uses plastic trays for packaging and was slow to convert to environmentally-friendly packaging products.

Bartosz Cieleszynski affirmed that each company in the Vietnamese business community can apply green technology and green trade. In his opinion, for an export-oriented economy like Vietnam, green technology and sustainable trade should start from key export sectors, such as agriculture, forestry and fishery.

The EU encourages organic farming because of its benefits for the environment, water and soil, as well as farmer incomes and rural development. Given the increasing importance of organic farming in the EU, Vietnamese exporters should pay greater attention to disseminating this concept among farmers so that they can create products meeting the demand of EU consumers.

The Ministry of Industry and Trade plays an important role in promoting green trade between Vietnam and the EU. To promote green exports, the ministry will enhance the awareness of green transformation for officials at different levels and in different sectors, while adopting a specific strategy to position Vietnam as a green manufacturing hub. Green standards will be set for production. Priority will be given to promoting a circular economy and developing green business models. Appropriate mechanisms and policies will be put in place to help businesses apply green standards in production. Trade promotion will be intensified to help businesses increase exports.

Viet Nga     LINK

Iraqi News Highlights Thursday Afternoon 1-12-23

Iraqi News Highlights Thursday Afternoon 1-12-23

Tlm724 Administrator Bondlady’s Corner

The Dollar Is Declining In The Iraqi Market

Economie| 10:22 - 12/01/2023  Baghdad - Mawazine News  The exchange rates of the dollar decreased today, Thursday, on the local stock exchange.   Selling price: 157,000 dinars per 100 dollars  Buying price: 156,500 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=216461

Oil Prices Rise, And A Barrel Of Brent Records 82.74 Dollars

Economie| 10:20 - 12/01/2023  Follow-up - Mawazine News   Oil prices rose in early trading, Thursday, based on gains in the previous session, with improved demand expectations in China and growing concerns about the impact of sanctions on Russian supplies.

Brent crude rose 8 cents, to $82.74 a barrel, by 04:12 GMT.  US West Texas Intermediate crude also rose 9 cents, to $77.50 a barrel.     https://www.mawazin.net/Details.aspx?jimare=216460

Iraq Intends To Launch The Third Phase Of The Poverty Reduction Strategy

Money and business  Economy News-Baghdad   The Ministry of Planning announced, on Thursday, that it will draw during the next few days the third phase of its strategy, which aims to reduce the poverty line in Iraq for the next five years. .

A spokesman for the Ministry of Planning, Abd al-Zahra al-Hindawi, said in a statement, "The ministry, as the body concerned with drawing development policies and economic plans, is preparing to develop a strategy to reduce the poverty line (the third) in Iraq for the next five years," noting that "this strategy will take into account the repercussions that Iraq has witnessed."

During the last two years, which were represented by the health aspects, the Corona pandemic, the economic crisis and the accompanying results, it negatively affected the poor and vulnerable groups in society.

Al-Hindawi added, "This strategy will put issues on the table and seek solutions and remedies for the living requirements of poor families in Iraq," explaining, "We are talking about multidimensional poverty that includes housing, health, education, and income.

As a result, in each of these axes there are policies and procedures that are implemented by the authorities." Related".

And he continued, "With regard to income, it is linked to two main axes: the first is to improve the social protection network by raising the ceilings of salaries granted to those covered and increasing the coverage capacity, meaning the inclusion of a larger number of poor families within the network, and the other axis is related to providing income-generating job opportunities through the rehabilitation and training of young people." from poor families and the creation of small income-generating projects that contribute to creating a sustainable income for these families to protect them from the difficulty of life.

Al-Hindawi pointed out that "in the food aspect, there are several measures, including improving the ration card file by increasing the items within the food basket and improving the quality of items and the regularity of their distribution to poor families."

Views 170   Added 01/12/2023 - 11:27 AM  Updated 01/12/2023 - 5:00 PM

https://economy-news.net/content.php?id=31838

With Five Sessions For The Iraq Market.. 37 Billion Shares Were Traded, With More Than 22 Billion Dinars

Thursday 12 January 2023 Economical Number of readings: 154  Baghdad / NINA / - During the second week of this month, the Iraq Stock Exchange organized five trading sessions, from Sunday to Thursday.

The market stated in a statement: The number of shares traded during this week amounted to more than (37) billion shares, with more than (22) billion dinars.

He added: The trading index in the market closed for the first session of the week at (588.47) points, while the index closed at the end of the week at (601.63) points, achieving an increase of (2.19%) from its closing at the beginning of the session.

And during the week, according to the statement, more than (3,800) buying and selling contracts were executed on the shares of companies listed in the market./End3

https://ninanews.com/Website/News/Details?key=1026109

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

https://www.bondladyscorner.com/

Some Thursday "Iraq News" Posted by KTFA Members 1-12-2023

KTFA:

Henig:  US crude stocks drop global oil prices

Baghdad / NINA / - Oil prices fell today, Wednesday, giving up the gains of the previous session, after data in the sector revealed an unexpected increase in US crude and fuel stocks, which raised concerns about fuel demand.

West Texas Intermediate crude futures fell 59 cents, or 0.8%, to $74.53 a barrel.

Brent crude futures also fell 62 cents, or 0.8%, to $79.48 a barrel.   LINK

Henig:  Including Iraq..Three countries will record the highest economic growth in 2023

Baghdad / NINA / - The World Bank expected, today, Wednesday, that three Arab countries, including Iraq, will witness the highest growth rate during the year 2023.

In a report, the bank stated that "the growth of the countries of the region will decline during the current two years 2023 and the next 2024, to record 3.5% and 2.7%, respectively."

Despite the decline in the economic growth of the Arab countries, the bank stated that "Egypt, the UAE and Iraq have the highest economic growth rate among the other Arab countries during the year 2023, as their growth is expected to exceed 4%, while the growth rate of the rest of the Arab countries will decrease to less than 4%.

The World Bank suggested that the economic growth rate for Egypt would be 4.5%, the economic growth rate for the UAE would be 4.1%, and the economic growth rate for Iraq would reach 4%.

It pointed out that "economic growth is likely to decrease for Iraq and the UAE during the year 2024, to reach 2.9% and 2.3% for both countries, respectively, while the economic growth rate for Egypt will rise to 4.8%."

The World Bank pointed out that "oil-exporting countries obtained unexpected gains thanks to the rise in crude and gas prices and the increase in the volume of production, which was reflected in achieving an increase in gross domestic product at the fastest pace in nearly a decade."

According to the bank, "the growth of the Arab oil countries, by themselves, will slow from 6.1% in 2022 to 3.3% this year, and to 2.3% next year."   LINK

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Henig:  Iraq is the largest importer of Jordanian industries during the year 2022

Baghdad / NINA / - Jordan announced today, Wednesday, that its industrial exports to Iraq amounted to 715 million Jordanian dinars during the year 2022.

The Jordanian Amman- Chamber of Industry said in a report: "The chamber's exports to countries of the world during the past year 2022 amounted to 7.577 billion dinars, compared to 5.296 billion dinars in 2021."

It added that "the exports of Jordanian industry products, which are spread in most regions of the Kingdom, reach more than 148 markets around the world due to the export of 1,400 various commodities."

It indicated that "India, the United States of America, Saudi Arabia and Iraq acquired more than half of the Amman Chamber of Industry's exports during the past year, recording a value of 3.936 billion dinars," noting that "the exports of Amman's industry to Iraq rose during the year 2022 to 715 million dinars, compared to 559 million dinars for the same period of the year 2021, with an increase of 28 percent.

It explained that "the Chamber's exports during the past year 2022 were distributed among the mining, chemical, cosmetic, engineering, electrical and information technology sectors, in addition to the exports of the catering, food, agricultural, livestock and therapeutic industries, medical and leather supplies, and other industries."   LINK

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Clare:  Within a week, the Iraq Stock Exchange traded 37 billion shares, at a value of 22 billion dinars

1/12/2023

The Iraq Stock Exchange announced, on Thursday, that 37 billion shares have been traded, with a value of more than 20 billion dinars, this week.

During the second week of January 2023, the Iraq Stock Exchange organized five trading sessions, from Sunday 01/08/2023 to Thursday 01/12/2023.

These sessions during this week achieved the following indicators:

1. The number of shares traded during this week amounted to more than (37) billion shares.

2. The value of shares traded this week amounted to more than (22) billion dinars.

3. The trading index in the market closed for the first session of the week at (588.47) points, while the index closed at the end of the week at (601.63) points, achieving an increase of (2.19%) from its closing at the beginning of the session.

4. During the week, more than (3800) buying and selling contracts were executed on the shares of the companies listed in the market.   LINK

Clare:  The Iraqi Parliament ends its legislative recess and meets next Saturday. Document

1/12/2023

The Iraqi Parliament announced today, Thursday, the end of its legislative and direct recess, by holding its session next Saturday.

The Parliament's media department published the parliament's agenda, scheduled for eleven o'clock before noon next Saturday, and Shafaq News Agency reviewed it, and it included "taking the constitutional oath for some members of the House of Representatives, voting on new deputies in the permanent parliamentary committees, and discussing the draft law on communications and informatics And the draft law of the Fourth Amendment to the Industrial Investment Law for the private and mixed sectors.

The agenda also included discussing the report of the fact-finding committee on the information contained in the book of the Ministry of Environment, the Radiation Protection Center, on the presence of chemical radiation in the Dab fertilizer produced by the Southern Fertilizer Company, and the report of the Health and Environment Committee participating in the Conference of the States Parties to the United Nations Convention on Climate Change on climate change, as well as public discussions.

And entered the Iraqi parliament, on the eighth of last December in the legislative recess for a period of 30 days.   LINK

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Henig:  In Karbala.. the arrest of an accused who stole more than two billion dinars

Karbala Police Command announced the arrest of a suspect who stole more than two billion dinars belonging to an exchange office.

The police said in a statement, "Under the direction of the provincial police chief Major General Ahmed Ali Zweni, and with careful and distinguished security efforts, the detachments of the Anti-Crime Department were able to arrest an accused of stealing two billion Iraqi dinars from one of the exchange offices in the province.

She added, "The operation began after the Anti-Crime Department was informed about the presence of a suspect who had stolen an amount of money amounting to two billion and 240 million Iraqi dinars from a banking office. The police chief directed the formation of a work team from the aforementioned department and under the supervision of the Director of the Anti-Crime Department."

And the police statement continued, "After that, the collection of sufficient information, careful investigation, and moving in a professional manner and continuous security efforts began with the aim of reaching the thief, while the accused of theft was reached, and within a record time, an arbitrary ambush was set up for him, and he was arrested."    LINK

"Tidbits From TNT" Thursday Morning 1-12-2023

TNT:

CandyKisses:  Among them is an Arab currency. Worst performing currencies in 2022

Baghdad - Iraq Today:

Foreign exchange markets faced a difficult year in 2022 as geopolitical pressures and high inflation pushed central banks in Western countries to tighten monetary policy.

Many emerging market currencies have come under pressure as the greenback appreciates throughout 2022 as investors flock to the dollar, traditionally a safe haven.

At the end of 2022, on December 30, the dollar index, which measures the value of the US currency against a basket of currencies, reached the level of 103.522 points, up from 95.67 points on December 31, 2021.

Economist Alexander Nazarov published on his Telegram channel a list of the worst and best-performing currencies in the past year 2022, and topped the list of the worst performing currencies The Argentine peso, which fell against the dollar more than 40%.

The Argentine currency is followed by the Egyptian pound, which fell by about 35%, followed by the Turkish currency, the lira, which fell below 30% in 2022, and then the Ukrainian hryvnia (27%).

In terms of the best-performing currencies, the Brazilian real, then the Mexican peso and then the Russian ruble topped the list.

Earlier in 2022, Bloomberg ranked the Russian ruble as the strongest currency in terms of strength against the dollar.

Bloomberg said that the Russian currency was able to strengthen its positions thanks to the measures of the Russian authorities to confront Western sanctions, in particular the imposition of capital controls and obliging exporters in Russia to sell the bulk of foreign currency earnings.

At the end of last year, the Russian currency traded at the level of 74 rubles to the dollar, after it had fallen in the second half of March 2022 to historic levels, exceeding the level of 140 rubles to the dollar.

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Tishwash:  Iraqi Govt Props Up Value Of Iraqi Dinar

The Iraqi Cabinet has agreed a package of measures aimed at propping up the value of the Iraqi dinar, following continued downward pressure on the currency relative to the dollar:

All government agencies are required to sell all goods and services inside Iraq based on the Central Bank USD exchange rate of 1470 IQD per 1 USD.

What was stated in Paragraph (1) above includes sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of residential investment complexes. It is emphasized that the prices of goods and services are in Iraqi dinars based on the Central Bank exchange rate.

The Central Bank sells dollars to the parties mentioned in Paragraph (2) at a rate set by the Central Bank of 1460 IQD per 1 USD for remittances and 1455 IQD per 1 USD to cover letters of credit after they pledge to sell using Iraqi Dinar. It will be announced on the official websites of the concerned authorities of sales outlets.

The Central Bank of Iraq develops a streamlined mechanism within one week from the date of the decision, through which the private sector mentioned in paragraphs (2 and 3) above can get US dollars at the official exchange rate. The bank also secures private sector transfers outside Iraq at the official exchange rate to cover their obligations.

The decison was made at this week's cabinet meeting, chaired by Prime Minister Muhammad Shia Al-Sudani.

(Source: Govt of Iraq)   link

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Parliament calls on the government to expedite the approval of the budget law, and a deputy confirms its completion by the Ministry of Finance

Independent MP, Yasser Al-Husseini announced, on Thursday, the completion of the draft budget law for the year 2023, and it will be discussed in the next cabinet session, while the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, urged the government to expedite the approval of the budget.

Al-Husseini told Shafaq News agency, "The Ministry of Finance has completed the final draft of the general budget bill for the year 2023, and it is expected to be sent to the General Secretariat of the Council of Ministers next week."

He added, "Next week's session of the Council of Ministers will witness a discussion of the budget law, and then a vote on the law and sending it to the House of Representatives." dollars.”

In turn, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on the government to expedite the submission of the budget law to the House of Representatives for a vote on it.

Al-Mandalawi's media office stated, in a statement received by Shafaq News agency, that the latter met with Prime Minister Muhammad Shia'a al-Sudani, to discuss a number of files and priority issues.

Al-Mandalawi stressed the need to expedite the completion of the draft budget law for the current year, and send it to the House of Representatives to include it in the agenda, read it first, and make amendments to it before submitting it to the vote, and stressing the inclusion of contract holders, lecturers, holders of higher degrees, top students, and others from various segments of society within its provisions.    link

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Tishwash:  Awaiting approval of the budget

The representative of the Sadiqoun Bloc, Ali Turki Al-Jamali, confirmed today, Thursday, that the issue of the return of the affiliates whose contracts had been terminated will soon be resolved.

Turki said in an interview with Earth News Agency, "The issue of confirming the canceled contracts has reached advanced stages, and those covered by this issue have been examined and awaiting the approval of the budget so that all the canceled contracts will be listed and return as soon as possible."

He added, "Today, at the level of the Ministries of Defense and Interior, they are suffering from a shortage of cadres after converting certificate holders into civil servants."

And he indicated that "during this period and after approving the budget, all those covered will be restored, and their number is estimated at 105,000, including the Ministry of Interior, Defense, the Anti-Terrorism Service and the Popular Mobilization Forces."   ink

Mot:  . Must Say - ole Andy is Soooooo Thoughtful!! ~~

Mot: . oooooh lordy . can you imagine his stories in High School!!

Thursday Morning Iraq Economy News Highlights 1-12-23

Thursday Morning Iraq Economy News Highlights 1-12-23

Deputy: The Dollar Is Constantly Increasing And Signatures Have Been Collected To Change The Exchange Rate

Sumerian special   2023-01-11 | 13:45  Source:  Alsumaria News  8,741 views  A member of the Legal Committee for the State of Law Coalition, MP Aref Al-Hamami, confirmed today, Wednesday, that the exchange rates of the dollar are constantly increasing, while he referred to collecting parliamentary signatures to change the exchange rate.

Al-Hamami said, during his speech to the program "Bel Mukhtaz" broadcast by Alsumaria TV, that "the state of law has objected since the decision was taken regarding the rise in dollar prices, as it is an unfair step on the poor and marginalized classes," noting that "100 parliamentary signatures were gathered to change the exchange rate because the new government drew A citizens' policy in which it confirmed changing prices, but it did not do so.

He added, "On the Prime Minister Mohamed Shiaa Al-Sudani Taking steps opposite to the dollar’s ​​rise,” adding: “We hope that there will be diplomatic steps with the US government that have a role in addressing prices. ” Al- Hamami explained that “the dollar is on a continuous gradual increase and could reach 170 in the absence of new studied steps to control prices.” This matter," stressing that "prices are not controlled until now."

He continued: "Parliamentary committees began the discussion in order to raise the issue of the rise in dollar prices to the Presidency of Parliament in the first sessions after the legislative recess."  LINK

Iraqis Have Lost 32% Of Their Salary Value, And The Currency Is Collapsing.. The Doctors Syndicate Calls For 4 Urgent Solutions

2023-01-11   Yes Iraq: Baghdad   Today, Wednesday, the Iraqi Medical Association - Basra branch called for 4 urgent solutions to be taken after the collapse of the value of the Iraqi dinar and the decline in the value of the citizen's income by 32% as a result of the rise in the dollar, stressing that the situation may stop citizens from paying the advances they owe.

The union said in a statement received by “Yas Iraq”, that “our union is monitoring the deterioration of the economic conditions associated with inflation due to the high exchange rate of the dollar and the decline in the purchasing power of citizens due to the high prices of consumer goods.”

The statement added, “The inflation in the prices of imported goods in dollars at the beginning of this year has reached 10% compared to 2021, but when compared to 2019, the inflation in imported goods in dollars amounted to 32%.”

And he pointed out that “as for the earnings and the workers, the damage is the same, in addition to their harm as a result of the economic recession and the delay in economic activity by capital, investors and contractors as a result of their reconsideration and delay before entering into business and deals due to the difference in costs and economic feasibility, taking into account that the economic situation Citizens may be warned not to pay the installments of the advances that they obtained earlier.”

The statement added: “We believe that the government should take urgent economic and control measures to protect citizens, in a manner commensurate with the high cost of living and the collapse of the value of the Iraqi dinar, the most important of which are:

1- Launching the distribution of basic materials in the ration card to support citizens urgently.

2- Amending the current salary scale and increasing it by no less than 25% of the employee's total salary, in line with the purchasing power lost by the Iraqi dinar.

3- Disbursement of the cost-of-living allowance amounts to families covered by social security and protection, retirees, and families covered by the ration card.

4- Imposing the pricing of medicines and supplies in Iraqi dinars, provided that the government bears paying the difference in exchange rate changes instead of charging the citizen with additional costs.

He stressed that "the continuation of inflation and economic deterioration portends dire consequences for the social and health reality of citizens, and urgent decisions must be taken to address its negative effects."   LINK

Deputy: The Rise In The Exchange Rate Of The Dollar Led To A Decrease In The Income Of Employees And Harm To Workers And Earners

Posted On2023-01-12 By Sotaliraq   Representative Mustafa Jabbar Sanad affirmed, on Tuesday, that the rise in the exchange rates of the dollar led to a decrease in the income of employees and harmed workers and earners.

Sanad said in a statement, "The exchange rates for today amounted to 162 thousand Iraqi dinars for every 100 dollars purchased, and thus the inflation in the imported price in dollars for this year is 10% compared to 2021, but when compared to 2019, the inflation in imported goods in dollars amounted to 32%."

And the statement added, “Inflation means the rise in the commodity compared to its previous price, and this means a decrease in the employee’s income by 32% without realizing it. business because of the different costs and economic feasibility.

Sanad concluded by saying: “All this is under the watch of the leaders of the political blocs, the prime minister and the governor of the central bank.”

And the exchange rates of the US dollar rose against the Iraqi dinar, today, Tuesday, on the main stock exchange in the capital, Baghdad, and in the Kurdistan Region

Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 160,300 Iraqi dinars for 100 US dollars this morning.

The buying and selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 160,500 Iraqi dinars per 100 US dollars, while the purchase price reached 159,500 Iraqi dinars per 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the price of the dollar in the stock exchange also recorded an increase, as the selling price of the dollar reached 160,000 dinars per 100 US dollars, and the purchase price reached 159,950 dinars per 100 US dollars.   LINK

Finance Kurdistan Parliament Denies The Arrival Of 400 Billion Dinars From The Federal Government

A member of the Finance Committee in the Parliament of the Kurdistan Region, Sabah Hassan, confirmed today, Thursday, that the amount of 400 billion dinars, which the federal government sent a month ago, had not arrived to the regional government.

Hassan said to (Baghdad Today) that "the amount of 400 billion dinars did not reach the region, but the federal government has no problem with it and placed it in the accounts of the regional government inside the Commercial Bank."

And that "simple administrative procedures delayed sending the amount, but the regional government will receive it next week as a maximum, in order to complete the distribution of employee salaries in full."

On December 13, 2022, the Council of Ministers announced that the Ministry of Finance had disbursed an amount of 400 billion dinars to pay the dues of the Kurdistan region.   Edit: G. F   LINK

Iraq Ends 2022 By Importing Turkish Goods Worth 10.5 Billion Dollars

2023-01-12  Yes Iraq: Baghdad   Today, Thursday, the Turkish Exporters Council announced the final volume of Turkish exports during 2022, while Iraq came to the list as the most importing country in the Middle East, with $10.5 billion.

Turkish exports to the Middle East and Gulf countries grew by 17.8 percent over the past year, with revenues of $34.2 billion.

In second place, Israel came with $3.7 billion, then the UAE with $2.4 billion. Syria imported $1.5 billion from Turkey last year, while Qatar’s imports amounted to $1.4 billion, and Saudi Arabia’s imports amounted to $949.6 million.

As for Jordan, the value of Turkish exports to it amounted to 872.9 million dollars, and to Kuwait 636.5 million dollars.

On a related note, Saudi Arabia topped the countries in the region that witnessed its imports from Turkey, the largest growth rate during 2022, by 400.3 percent.

It should be noted that Turkey's total exports to the Middle East and Gulf countries amounted to $29 billion in 2021.   LINK

Wednesday Evening Iraq Economic News Highlights 1-11-23

Wednesday Evening Iraq Economic News Highlights 1-11-23

Sudanese Advisor: The Stability Of The Dollar Exchange Rate Requires A "Diplomatic Effort"

Economy |Yesterday, 18:48 | Baghdad today – Baghdad Today, Tuesday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said that the stability of the exchange rate of the dollar against the Iraqi dinar in the local market requires a "diplomatic effort."

Saleh said, to (Baghdad Today), that "international compliance restrictions in foreign currency requests for private banks and merchants through the window of the Central Bank of Iraq, pushed to reduce the sale of currency during the past days, and this matter prompted a temporary excess demand for foreign exchange, which had a direct impact on the issue of raising the exchange rate in the local market.

He added, "The issue of controlling the stability of the exchange rate of the dollar against the Iraqi dinar in the local market requires a diplomatic effort in order to obtain flexibility regarding the international constraint, especially since there is a strategic framework agreement between Iraq and the United States, the essential basis for regulating the economic interests between the two countries, and in a way that contributes to Iraq's interest.

Dollar exchange rates rose to the threshold of 160,000 dinars for every $100, despite government pledges to move to restore the exchange rate to its original price. 145 thousand dinars for every 100 dollars.    LINK

Disagreements Over The Oil And Gas Law Impede Its Passage

Sumerian special  2023-01-11 | 05:00  Source:  Sumerian   102 views  The draft oil and gas law may remain stalled, due to disagreement over some of its paragraphs, despite the agreements concluded between the center and the region prior to the formation of the current government.

The longer the dispute lasted, the more complicated things became. This is what is happening in the matter of the oil and gas law, which was long awaited to be passed by the Kurds in particular, and after the matter was imminent, its implementation faltered due to objections to some paragraphs of the law.

But the Kurds have another opinion, as they see that according to the agreement concluded prior to the formation of the current government, the law can be passed, without any problems.

Since the year 2005 and until now, three versions of the oil and gas law have been drawn up, all of which have not been passed in parliament due to the differences in the issue of managing oil fields. This time, a satisfactory solution formula is needed for Baghdad and Erbil, so that the politically crippled law can see the light.  LINK

An Economist Highlights The Main Reasons For The Dollar's Rise In The Parallel Market

2023-01-10 06:39   Shafaq News/ An economist considered, on Tuesday, that there are a number of main reasons related to the rise of the dollar in the parallel market.

The economist and academic expert at the Iraqi University, Abd al-Rahman al-Mashhadani, said in an interview with Shafaq News agency, "The average daily imports of goods and commodities are about $175 million, and annually about $45 billion is funded through the window," noting that "the trade financing process is done through ( Manifests) purchases that individuals and merchants provide to banks until they are entered into the auction and then transferred abroad.

He added, "The Central Bank, with its current new administration, changed the classification of banks, which raised our questions about the reasons for that, and the bank abandoned following its previous policy regarding the names of banks that enter the auction and the quantity that they buy, and therefore we do not know the names of the banks that buy the dollar."

He pointed out that "after changing the classification of banks, it was found that there are four banks affiliated with Ali Ghulam, which were punished by the US Federal Reserve later," explaining that these four banks "were acquiring 45% of the central bank's sales of dollars through the currency auction."

Al-Mashhadani pointed out that "the US Federal Bank indicated this and explained to the Central Bank of Iraq that the numbers are suspicious and the issue must be checked in this regard, and he explained to them that they expect that there are money laundering operations taking place through the central bank auction,"

noting that "these banks are involved in money laundering and these funds It goes to countries that have been banned by the US Federal Reserve, and therefore it is required to punish these banks and they were removed from the currency auction, which was actually proven as they did not announce their protest against that when they were removed from the auction, which indicates that they were smuggling the currency.

And he went on to say that "the merchant used to previously go to the bank and ask him to obtain the dollar through the auction to buy goods from any country, and in turn the bank takes the money from the merchant and takes the requests and deposits them in the account of the central bank, and after a week it is implemented and this money goes through the bank in Dubai, as most of it You go through Dubai, and the transfer ends in Dubai. After that, no one follows this transfer, where it goes."

And the expert added, "The Federal Bank demanded that the bank must know the transfer that reaches the Dubai Bank, where it will go later, and complete information about the importer and the country sending it to buy the goods, and complete information about the person receiving and shipping the goods."

He noted that these "strict instructions from the Federal Bank do not benefit banks and merchants because they will reveal a lot of things about where the money goes, and therefore the bank's sales decreased from 200 million to less than 100 million dollars."

Al-Mashhadani warned that "the high price of the dollar in the parallel market currently is not due to travel, because what the traveler needs per month is only 10 million. Swift) made the dollar rise and the government could not control it.

The expert concluded that "the central bank cannot currently control the rise in dollar prices except by the return of external and cash transfers in a regular and smooth manner through the auction, and what is required is that we adhere to the instructions issued by the bank not out of fear as long as its slogan is fighting corruption."   LINK

The Iraqi Government Obliges State Institutions To Deal In Dinars

Posted On2023-01-10 By Sotaliraq   On Monday, the Ministerial Council for the Iraqi Economy took a number of economic decisions, including obligating all ministries and state institutions to pay wages for goods and services in dinars.

This came, during the presidency of the Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, the meeting of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Industry, Agriculture, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the acting head of the National Investment Commission. And the prime minister’s advisors for economic and legal affairs, according to a statement issued by the meeting.

At the beginning of the meeting, the council discussed, according to the statement, the draft law of the state’s general budget and the revenues and expenditures contained therein. It also discussed the economic issues on its agenda, and took many important economic decisions.

Among these decisions is obligating all state ministries and institutions to pay wages for goods and services in Iraqi dinars, and whoever chooses from the private sector to have sales as mentioned above, provided that the Central Bank of Iraq compensates those amounts in dollars and at the official rate, in order to fulfill their obligations and purchases outside Iraq.

The Ministerial Council of Economy approved that the Central Bank of Iraq contract with the Zaha Hadid Foundation to design the Central Bank building in Nineveh Governorate.  LINK

The Markets Are Boiling In Dollars, And Parliament Intends To Open Its Session By Discussing The Crisis

Posted On2023-01-11 By Sotaliraq     Baghdad / Hussein Hatem  The House of Representatives intends to open its first session in the new legislative term by discussing the “dollar crisis,” while the Central Bank of Iraq confirmed that the exchange rates are “temporary and will return to normal within two weeks, i.e. 1470 for every 100 dollars.”

Members of Parliament held the Central Bank of Iraq responsible for the rise in the exchange rate of the dollar, especially after it crossed the barrier of 160,000 dinars for every $100 for the first time in the year 2023, yesterday, Tuesday.

A member of the Parliamentary Finance Committee, Nazem Al-Shibli, says, “The House of Representatives has sought more than once and is still trying to reduce the exchange rates of the dollar.”

Al-Shibli added, "The great responsibility lies with the Central Bank of Iraq, and parliament is a legislative authority that does not have a trick in its hands to manipulate prices."

He pointed out, "The Central Bank of Iraq is primarily responsible for financial policy in Iraq," noting, "If there are previous or new mistakes, the bank is the one who bears those mistakes."

Al-Shibli put forward solutions to control the exchange rates of the dollar, represented by “increasing sales outlets, and controlling receipts that were provided fraudulently to banks and the central bank.”

In turn, a member of the House of Representatives, Baqir Kazem Al-Saadi, says, "The first session in the new legislative term of Parliament will be related to discussing and finding solutions to the crisis of the high exchange rate of the dollar."

Al-Saadi added, "The House of Representatives will submit a report and proposals to the Ministry of Finance in order to study the issue of dollar exchange."

He explained, "The work of the parliamentary committees in the previous period focused on finding solutions and proposals in order to work to reduce the exchange rate of the dollar after the speculations it witnessed."

Al-Saadi stressed, "The next session will be an emergency to solve the dollar exchange rate crisis, and all aspects that will contribute to preserving the value of the Iraqi dinar will be studied."

For his part, another member of the House of Representatives, Kazem Al-Touki, says, “Most members of the House of Representatives collected signatures in order to hold an extraordinary session to discuss the rise in the exchange rate of the dollar in the local markets and to find out its causes and repercussions.”

Al-Touki added, "Parliament intends to start its new legislative term by holding a session in which the aforementioned issue will be discussed in order to summon the authorities concerned with financial affairs in order to find out the real solutions to the rise and restore the situation to its predecessor."

And he pointed out, “The government’s treatments regarding the dollar exchange rate did not produce the desired results, despite the distribution of the currency to banks authorized with the same value, as it was temporary and was unable to restore the exchange rate to its previous position.”

In addition, the advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said, “The central bank is committed and compliant with the decisions of the international community, and as long as there are countries that are prohibited from receiving the dollar, then the central bank cannot bypass that and not violate the controls.”

And he emphasized that “the turmoil in dollar prices is a temporary situation, and within two weeks the dollar price will return to its normal stable position of 1470, that is, before the end of this month of January,” noting that “the central bank’s resources are now at their highest levels in decades.”

Al-Yasiri explained, "The state's financial situation is very comfortable," noting that "the controls that were put in place to sell the dollar on the platform came in order for the dollar to go to the real beneficiary, and it is a regulatory process."   LINK

Iraqi News Highlights Wednesday Afternoon 1-11-23

Iraqi News Highlights Wednesday Afternoon 1-11-23

Tlm724 Administrator Bondlady’s Corner

A New Rise.. The Exchange Rate Of The Dollar Is Close To 160,000 Dinars

Economie| 10:46 - 11/01/2023  Baghdad - Mawazine News  Today, Wednesday, the exchange rates of the dollar witnessed an increase in the local stock exchange.  Selling price: 159,700 dinars per 100   dollars   Buying price: 159,500 dinars per 100 dollars  https://www.mawazin.net/Details.aspx?jimare=216388

Including Iraq..Three Countries Will Record The Highest Economic Growth In 2023

Wednesday 11 January 2023 10:32 | Economical Number of readings: 342  Baghdad / NINA / - Today, Wednesday, the World Bank expected that three Arab countries, including Iraq, would witness the highest growth rate during the year 2023.

The bank stated in a report that "the growth of countries in the region will decline during the current two years 2023 and the next 2024, to record 3.5% and 2.7%." % respectively".

Despite the decline in the economic growth of the Arab countries, the bank stated that "Egypt, the UAE and Iraq have the highest economic growth rate among the other Arab countries during the year 2023, as their growth is expected to exceed 4%, while the growth rate of the rest of the Arab countries will decrease to less than from 4%.

The World Bank suggested that the economic growth rate for Egypt would be 4.5%, the economic growth rate for the UAE would be 4.1%, and the economic growth rate for Iraq would reach 4%.

He pointed out that "economic growth is likely to decrease for Iraq and the UAE during the year 2024, to reach 2.9% and 2.3% for both countries, respectively, while the economic growth rate for Egypt will rise to 4.8%.

" The World Bank pointed out, "The oil-exporting countries It obtained unexpected gains thanks to the rise in crude and gas prices and the increase in the volume of production, which was reflected in achieving an increase in gross domestic product at the fastest pace in nearly a decade.”

According to the bank, “the growth of the Arab oil countries, by itself, will slow from 6.1% in 2022.” To 3.3% this year, and to 2.3% next year   https://ninanews.com/Website/News/Details?key=1025812

The Regional Government: Masrour Barzani And Al-Sudani Agreed To Solve The Files Of The Budget And The Oil And Gas Law

Posted On2023-01-11 By Sotaliraq   2023-01-11  The regional government: Masrour Barzani and Al-Sudani agreed to solve the files of the budget and the oil and gas law   LINK

World Bank: It Is Time To Close The Development Gap In Iraq

Money and business   Economy News-Baghdad The World Bank confirmed, on Wednesday, that the time has come to close the development gap in Iraq and create a society that addresses the problems and consequences of climate change, which may endanger social stability and prospects for economic development.

"The Iraqi government is more aware of the environmental problems that surround the country," Salim Rouhana, the bank's sustainable development program officer, said in a statement, stressing the need to take measures to close the development gap and create a society that is more responsive to the problems and consequences of climate change.

Rouhana added, "Iraq has gone through exceptional circumstances during the last stage, but it has become more aware of the dangers of climate change, which are actually linked to the structural, structural and developmental problems of the economy."

It is noteworthy that last November 2022, the Climate and Development Report for Iraq issued by the World Bank indicated that it would need investments worth about $233 billion by 2040 to be able to bridge priority development gaps and embark on a comprehensive green growth path.

Views 247  Added 01/11/2023 - 10:46 AM Updated 01/11/2023 - 6:22 PM

https://economy-news.net/content.php?id=31824

US Crude Stocks Drop Global Oil Prices

Economie| 08:55 - 11/01/2023  Follow-up - Mawazine News  Oil prices fell, on Wednesday, giving up the gains of the previous session, after data in the sector revealed an unexpected increase in US crude and fuel stocks, which raised concerns about fuel demand.   West Texas Intermediate crude futures fell 59 cents, or 0.8%, to $74.53 a barrel.   Brent crude futures also fell 62 cents, or 0.8%, to $79.48 a barrel. Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=216375

The World Bank Warns Of The Danger Of Climate Change On Economic Development In Iraq

Economie| 02:07 - 11/01/2023  Baghdad - Mawazine News  The World Bank acknowledged that the time has come to close the development gap in Iraq and create a society that addresses the problems and consequences of climate change, which may endanger social stability and prospects for economic development.

"The Iraqi government is more aware of the environmental problems surrounding the country," Salim Rouhana, the bank's sustainable development program officer, said, stressing the need to "take measures to close the development gap and create a society that is more responsive to the problems and consequences of climate change."

Rouhana added in an interview with the official newspaper, followed by Mawazine News, that "Iraq has gone through exceptional circumstances during the last stage, but it has become more aware of the dangers of climate change, which are actually linked to the structural, structural and developmental problems of the economy." Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=216405

The Minister Of Oil Announces Offering A Number Of Investment Opportunities In The Refining Industry Sector

Economie| 04:14 - 11/01/2023   Baghdad - Mawazine News  The Minister of Oil, Hayan Abdul-Ghani, announced today, Wednesday, that a number of investment opportunities will soon be offered in the refining industry sector, after completing the papers and information related to the refinery bags that will be announced in a number of northern, central and southern governorates.

Abdul-Ghani said in a statement, a copy of which was received by Mawazine News, that "the ministry, as part of plans to increase refining capacities in Iraq, will offer in the near future a number of investment opportunities, including the Al-Amarah refinery in Maysan Governorate, with a capacity of (150) thousand barrels per day, and a refinery Muthanna refinery with a capacity of (100) thousand barrels per day, Kirkuk refinery with a capacity of (100) thousand barrels per day, Qayyarah refinery with a capacity of (70) thousand barrels per day, and adding a unit with a capacity of (70) thousand barrels per day to the Dhi Qar refinery to add to the current production of (30). ) thousand barrels, in addition to planning to establish a new refinery in Dhi Qar Governorate, with a capacity of (150) thousand barrels per day.

He pointed out that "the ministry proceeded to add production units to the refineries of the south, center and north."

He noted that "the Ministry of Oil had announced at one time the addition of a new production unit to the Diwaniyah refinery with a capacity of (70) thousand barrels, in addition to the imminent start of the actual production of the Karbala oil refinery with a capacity of (140) thousand barrels per day." Ended 29 / M99    https://www.mawazin.net/Details.aspx?jimare=216415

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