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Iraqi News Highlights Sunday Evening 1-15-23

Tlm724 Administrator Bondlady’s Corner

Central Bank Sales Of Foreign Currency Exceed $ 219 Million

Economy News-Baghdad The central bank's sales of foreign currency rose today, Sunday, to exceed $200 million. Data obtained by "Al-Iqtisad News" showed that "the total sale in foreign currency sales today, Sunday, amounted to 219.9 million dollars." She added, "The total number of mediation companies is 143." The bank's sales recorded a decrease during the last period, as a result of the application of new mechanisms in the circulation of the dollar through the currency sale window.

Tlm724 Administrator Bondlady’s Corner

Central Bank Sales Of Foreign Currency Exceed $ 219 Million

Views 126 Added 01/15/2023 - 2:08 PM Updated 01/15/2023 - 5:55 PM

https://economy-news.net/content.php?id=31891

The Dollar Rises To 158 Thousand Dinars In The Iraqi Market

Economie| 10:36 - 01/15/2023 Baghdad - Mawazine News Today, Sunday, the exchange rates of the dollar witnessed a slight increase in the local markets. Selling price: 158,000 dinars per 100 dollars Buying price: 157,700 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=216680

The Prime Minister's Advisor Determines The Total Public Debt Of Iraq

Economie| 03:10 - 01/15/2023 Baghdad - Mawazine News , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Sunday, that the foreign reserves in Iraq are very high, while determining the total public debt.

Saleh said, "The country's internal public debt is currently estimated at about $50 billion, which is entirely owned by the government banking system (that is, debt within the government apparatus and not outside it)."

He added that "63% of the internal public debt is held by the Central Bank of Iraq and represents local assets in the structure of the central bank's balance sheet," noting that "the remainder of the internal debt is held by the three main government banks, with an annual interest of between 2-3%."

He pointed out that "the effective external debt that must be paid during the period from 2023 does not exceed 20 billion dollars, which means that the total public debt is estimated at about 70 billion dollars currently, and it constitutes only a percentage of 30% to 35% of the country's gross domestic product, which is a very safe percentage." Compared to the standard or international standard rate of 60%.

He continued, "The efficiency of the country's foreign reserves is very high and covers external debt liabilities by 5 times, which is a high and reassuring standard ratio and reflects the strength of Iraq's financial situation," noting that "the mechanism for repaying internal and external debts takes place through annual allocations approved in the federal budget."

And he continued, "Fiscal policy in Iraq tends to adopt the principle of financial discipline, which is based on gradually reducing the total accumulated public debt, offset by narrowing the annual deficit in the federal general budget and making the debt created when necessary within the standard ratios, so that the new public debt does not exceed 3% annually." Ended 29/ h

https://www.mawazin.net/Details.aspx?jimare=216698

The Wall Street Journal: Al-Sudani Supports Not Setting A Time Limit For The Presence Of US Forces In Iraq

Political | 03:35 - 01/15/2023 Baghdad - Mawazine News The American Wall Street Journal revealed that Iraqi Prime Minister Muhammad Shia al-Sudani did not specify a timetable for ending the American presence in Iraq.

And the newspaper stated in a report published by it, that "Iraqi Prime Minister Muhammad al-Sudani defended the presence of American forces in his country and did not set a timetable for their withdrawal, which indicates a less confrontational stance towards Washington early in his term."

"We believe we need foreign forces," al-Sudani said, according to the newspaper, referring to US and NATO units that train and assist Iraqi units in confronting the terrorist organization ISIS, but remain largely out of the fray.

He added that "the elimination of ISIS needs more time."

"I see Iraq on good terms with Iran and the United States," he said.

He added that President Biden "

In the interview at the presidential palace in Baghdad, Al-Sudani said he plans to send a high-level delegation to Washington for talks with US officials next month, a move aides said they hoped would pave the way for Al-Sudani to meet with Biden.

“Inside Iraq, we do not need combat forces,” Al-Sudani said, referring to the role of the United States in helping to train Iraqi forces and intelligence in chasing the terrorist organization ISIS. If there is a threat to Iraq, it is the penetration of ISIS terrorist cells through Syria. Ended 29/h

https://www.mawazin.net/Details.aspx?jimare=216707

Planning: The Private Sector Contributes To Employing Half Of The Workforce

Money and business Economy News-Baghdad The Ministry of Planning announced, on Sunday, that the private sector contributes to employing half of the labor force in Iraq, and contributes to 37 percent of the gross domestic product.

The ministry's spokesman, Abdul Zahra Al-Hindawi, said, "The private sector is a key partner for the public sector in achieving growth, as the percentage of private sector participation in the formation of the gross domestic product reaches 37 percent, and this percentage seems high, but in reality it is less than the required percentage," stressing That "this sector contributes to the employment of 50 to 55 percent of the workforce."

Al-Hindawi pointed out that "private sector indicators in Iraq are divided into two categories, the first is an organized private sector and the other is unregulated," noting that "the largest percentage is for the unorganized private sector, and in order for the private sector's activity to be more effective, a number of governing and regulating legislation should be reviewed.

As well as the laws that activate the effectiveness and contribution of this sector, in addition to the necessity of activating the private sector strategy that the Ministry of Planning emphasized years ago in cooperation with national agencies and international organizations.

He explained, "The strategy of the private sector proceeds in three stages, the first includes preparing and preparing this sector, while the second stage represents the procedures for forming the private sector, and the third is the stage of leadership and pioneering," pointing out that "the step that was implemented in this direction is the formation of a development council."

The private sector, which is headed by the Minister of Planning and includes in its membership representatives of the relevant economic sectors and representatives of the ministries of finance and trade and other relevant authorities.

And Al-Hindawi stated, "The mission of this council is to involve the private sector in economic decision-making and other procedures and tasks that the council undertakes, including activating the banking sector so that it can enter strongly into financing projects."

Views 159 Added 01/15/2023 - 11:14 AM Updated 01/15/2023 - 6:14 PM

https://economy-news.net/content.php?id=31887

Decrease In Iraq's Oil Exports To America

Sunday, January 15, 2023 9:04 am Follow-up / National News Center Iraq's oil exports to America decreased, reaching 150,000 barrels per day, on average, during the past week.

And the US Energy Information Administration stated, in a report today, Sunday, that “the average US imports of crude oil during the past week from eight countries amounted to 5.677 million barrels per day, up by 573 thousand barrels per day from the previous week, which amounted to 5.104 million barrels per day.”

The administration added, "Iraq's oil exports to America amounted to an average of 150,000 barrels per day last week, down from the previous week, when oil exports to America amounted to an average of 354,000 barrels per day."

And she continued, "Most of America's oil revenues during the past week came from Canada at a rate of 3.737 million barrels per day, followed by Mexico at a rate of 668 thousand barrels per day, and oil revenues from Saudi Arabia at a rate of 464 thousand barrels per day, and then Colombia at a rate of 346 thousand barrels per day."

She pointed out, “The amount of US imports of crude oil from Nigeria amounted to an average of 143,000 barrels per day, from Ecuador at an average of 137,000 barrels per day, and from Brazil an average of 132,000 barrels per day, while Russia or Libya did not import any quantity.”

https://nnciraq.com/179594/

Parliament Resumes Its Sessions By Ignoring The Dollar Crisis

Posted On2023-01-15 By Sotaliraq Baghdad / Firas Adnan Yesterday, Saturday, Parliament began its sessions in its third term by ignoring the most prominent crisis facing the Iraqi street, which is the rise in the exchange rate of the dollar and its impact on the local market.

Representative Amer Abdel-Jabbar said, "82 deputies signed a request that the rise in the price of the dollar be discussed in the first parliament session."

Abdul-Jabbar continued, "The agenda for yesterday was devoid of this paragraph, although the changes in the price of the dollar greatly affected the citizen, with a clear price hike in the markets."

He pointed out, "The citizen does not bear the burden of the government's mistakes, which must provide radical solutions," noting that "Parliament is with dealing with money laundering operations and pursuing the corrupt, but this is not done at the expense of the citizen."

Abdul-Jabbar pointed out that “the issue of the dollar falls directly on the central bank and the executive authority. As for the role of parliament, it is a supervisory one represented by hosting the governor of the central bank, Mustafa Ghaleb Makhaif, and if necessary, hosting the Prime Minister, Muhammad Shia’ al-Sudani.”

And he stated, “If the government does not put in place radical solutions, then we will go to use our powers in interrogation, because we do not accept that the citizen bears the price.”

For his part, the other deputy, Sharif Suleiman, stated that "Parliament must put in its first concern the issue of changing the exchange rate of the dollar and its impact on the Iraqi street."

Suleiman continued, "The representatives will not stand by and watch the rise in the exchange rate," stressing that "the role of the House of Representatives oversight over the rest of the authorities helps it to remedy the crisis."

Parliament finished its first session of the new legislative term, reading a report and discussing the Fourth Amendment Law to the Industrial Investment Law for the private and public sectors No. (20) of 1988 and the first reading of the draft Communications and Informatics Law. The session also witnessed, according to an official statement of the parliament, the oath of three new deputies, Ghazwan Ali Muhammad Munshed and Kazem. Attia Kazem and a leftist student. LINK

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

https://www.bondladyscorner.com/

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KTFA Members "Sunday Iraq News" 1-15-2023

KTFA:

Clare: Instructions and standards for handling and exchanging banknotes, as well as counting and sorting mechanisms

January 15, 2023

Regarding the standardization and updating of controls and instructions related to the standards for trading banknotes and their replacement, we enclose below an updated copy of the standards and instructions that will be approved in the counting, sorting and delivery of banknotes as of 15/1/2023

» To view the controls and instructions , click here

https://cbi.iq/news/view/2205

KTFA:

Clare: Instructions and standards for handling and exchanging banknotes, as well as counting and sorting mechanisms

January 15, 2023

» To view the controls and instructions , click here

https://cbi.iq/news/view/2205

Clare: The Central Bank: There is nothing left in the banking sector except for banks that are able to perform their functions

January 15, 2023 Economy News - Baghdad

On Sunday, the Central Bank of Iraq clarified its procedures for monitoring the performance of private banks and improving their work, while noting that only banks that are able to perform their functions remain in the banking sector.

The bank's advisor, Ihsan al-Yasiri, said, "The Central Bank of Iraq began three years ago with procedures to complete reform procedures in the banking sector," pointing out that "the private banking sector is one of the promising sectors in Iraq, as the central bank attaches great importance to it, similar to the government banking sector." .

Al-Yasiri added, "The central bank does not distinguish between the private and public sectors, but the private banking sector is one of the engines of development in Iraq, in addition to the government sector," noting that "the private banking sector has a role in spreading the funds of the Central Bank of Iraq's initiative in lending to different sectors." (residential, agricultural, industrial, and commercial), as his effort was evident in this field.”

He pointed out that "some banks suffer from a group of problems, and the Central Bank, in turn, is currently taking several measures for the purpose of enabling them to stabilize and reassure the public of their performance," stressing that "there are other banks that are doing well and playing excellent roles."

He pointed out that "the Central Bank, due to its confidence in some private banks, has initiated measures to encourage foreign banks and foreign central banks for the purpose of opening financial corridors for them, to enable them to practice money transfers for foreign trade purposes."

He stressed that "the central bank usually supports every bank that tries to improve performance and services provided to the public, as a result, the private banking sector is an important part of the Iraqi banking sector, and the central bank attaches great importance to it and encourages it to improve performance."

And that "public confidence in the private banking sector and the banking sector in general is increasing gradually with the strength of the Central Bank's procedures and oversight," according to the official news agency.

He continued, "The private banking sector and initiative funds are currently financing the development of projects, the establishment of new projects, and the employment of the unemployed," stressing that "some banks are trying to reach satisfactory levels."

He noted that "the Central Bank is currently monitoring the performance of some banks and supervising their performance, and there is nothing left in the banking sector except for good banks that are able to perform their functions." LINK

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Clare: The profits of “Pepsi Baghdad” during 2022 exceed 60 billion dinars

Economy News - Baghdad

01/15/2023

The Baghdad Soft Drinks Company, "Pepsi Baghdad", achieved a profit of more than 60.68 billion dinars during the year 2022.

According to the company's budget, revenues amounted to more than 680 billion dinars, up by 27.8% over the year 2021, which amounted to 532.5 billion dinars.

The company's assets amounted to 559.5 billion dinars. LINK

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Clare: Sudanese advisor: The total public debt is estimated at $70 billion

Economy News – Baghdad 01/15/2023

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Sunday, that the foreign reserves in Iraq are very high, while specifying the total public debt.

In an interview with the official news agency, Salih said, "The country's internal public debt is currently estimated at about $50 billion, which is entirely owned by the government banking system (that is, debt within the government apparatus and not outside it)."

He pointed out that "the effective external debt that must be paid during the period from 2023 does not exceed 20 billion dollars, which means that the total public debt is estimated at about 70 billion dollars currently and constitutes only a percentage of 30% to 35% of the country's gross domestic product, which is a safe percentage." Very compared to the standard or international standard of 60%.

He continued, "The efficiency of the country's foreign reserves is very high and covers external debt liabilities by 5 times, which is a high and reassuring standard ratio and reflects the strength of Iraq's financial situation," noting that "the mechanism for repaying internal and external debts takes place through annual allocations approved in the federal budget."

And he continued, "Fiscal policy in Iraq tends to adopt the principle of financial discipline, which is based on gradually reducing the total accumulated public debt, offset by narrowing the annual deficit in the federal general budget and making the debt created when necessary within the standard ratios, not exceeding the created public debt of 3% annually." LINK

Clare: Iraq chairs the Arab Inter-Parliamentary Union

Baghdad - 01/15/2023

The House of Representatives announced, today, Sunday, that Baghdad will host the thirty-fourth conference of the Arab Inter-Parliamentary Union and the accompanying committees, from February 23 to February 26.

The media office of the Speaker of the House of Representatives stated in a statement received by the Iraqi News Agency (INA): "Iraq headed the Arab Parliamentary Union, as the presidency of the Union moved to Iraq, and Parliament Speaker Muhammad al-Halbousi was assigned as head of the Union, starting from the ninth of January."

He added, "Baghdad will host, from February 23 to February 26, the work of the thirty-fourth conference of the Arab Inter-Parliamentary Union and the accompanying committees, with the participation of the heads of the councils and parliaments of the Arab member states of the Union, in addition to many parliamentary organizations and institutions that have observer status in the Union." LINK

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Clare: Central Bank Governor: The rise in the exchange rate of the dollar is a temporary problem and it will be overcome

Economy News - Baghdad

01/15/2023

Parliament Speaker Muhammad al-Halbousi received, on Sunday, the Governor of the Central Bank, Mustafa Ghaleb Makhaif, in the presence of the heads and deputy heads of the Parliamentary Finance and Economic Committees.

Al-Halbousi listened, according to a statement by his office, to a "detailed explanation of the measures taken by the Central Bank in regulating the economic sector related to foreign currency trading, whether cash sales or financing foreign trade. The governor also explained the steps taken by the Central Bank and what it will take to overcome this problem. Stressing that it is temporary and will be overcome once the foundations that were built to address it are established.

Al-Halbousi stressed that "the council supports the Central Bank of Iraq in its steps to address the high exchange rate of the dollar, with an emphasis on the need to develop regulatory solutions that address unregulated phenomena in economic activity in general," calling for "understanding the challenges facing the monetary authority and the need to assign its procedures from the authorities." concerned in the state. LINK

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Clare: What is the secret of the decline of the Iraqi dinar despite the increase in dollar reserves?

Economy News-Baghdad 01/15/2023

The exchange rate of the Iraqi dinar has been witnessing fluctuations against the dollar for about two months, despite the large jump in foreign exchange reserves, which is currently close to $100 billion, thanks to the rise in oil prices

. While parties in the country hold Washington responsible for this decline,

and while the official fixed exchange rate is 1470 dinars against one dollar, the price of the dinar in the market has declined since mid-November to 1600 dinars at the beginning of the week, before settling at about 1570, according to the official news agency, i.e. The Iraqi currency has lost about 10 percent of its value

, and this decline is not considered huge, but it has begun to cause concern among Iraqis about the high prices of imported materials, such as gas and wheat, for example.

Adviser to the Prime Minister for Financial Affairs Mazhar Salih says, in a report to Agence France-Presse, that "the fundamental and fundamental reason" for this decline "is an external constraint,"

but some Iraqi politicians consider that the United States is behind this fluctuation

. Contrary to rumors and misinformation, there is no evidence of American pressure on Iraq.” The important economic and commercial partner of neighboring Iran,

in fact, the fluctuation of the dinar is linked to the start of Iraq’s compliance with some standards of the international transfer system (Swift), which Iraqi banks must apply since mid-November to access To Iraq's reserves of dollars in the United States

In order for Iraq to be able to access those reserves, which amount to $100 billion, it must now comply with systems that “require compliance with the provisions of global anti-money laundering, provisions for combating the financing of terrorism, and those related to sanctions, such as those applied to Iran and Russia,” according to Tabakishli,

adding that the matter is related to entering Iraq is “within a global financial transfer system that requires a high degree of transparency,” but this “caused a shock” to many Iraqi banks “because they are not used to this system.”

Mazhar Salih explained that Iraqi banks should now register their “transfers (in dollars) on an electronic platform.” The requests are scrutinized...the US Federal Reserve checks them and if they have doubts they stop the transfer."

Since the implementation of the restrictions began, the Federal Reserve has refused "80 percent of requests" for remittances to Iraqi banks, according to Salih, due to doubts about the final destination of those amounts being transferred. He said this refusal affected the dollar supply in the Iraqi market. On the other hand, the demand accumulated, but the supply was not consistent with it, and thus the exchange rate declined with the decline in bank transfers in dollars

In the meantime, the Iraqi authorities have taken measures, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.

The Council of Ministers also decided to "commit all government agencies to sell all goods and services inside Iraq in dinars and at the rate of the central bank, which amounts to (1470) dinars per dollar.

" Despite the

dinar's decline, the inflation rate is still small, reaching 5.3 at an annual rate in October 2022, according to the Ministry of Planning. However, actual concerns are related to the purchasing power of the population.n LINK

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Henig: The dollar will reach 170,000.. A warning of the "extreme" anger of the Iraqi street

SUNDAY, 01-15-2023, PM 4:53 KARRAR AL-ASADI

Today, Sunday, the expert in economic affairs, Raad Al-Masoudi, confirmed that the dollar is facing two strong pressures in the Iraqi markets, warning of the overwhelming anger of the street.

Al-Masoudi said, "The rise in the exchange rate of the dollar in recent weeks has prompted an estimated increase of 7-10% in prices on average in the Iraqi markets," adding, "But its frequencies will be greater due to the high import costs, with the presence of speculation, monopoly, and weakness in the control tools." This means that the citizen's attrition will be at the highest levels."

He added, "The smuggling of the dollar out of the country and the pressure of the US Treasury on the central bank are two strong pressures on the exchange rate, pointing out that its rise to 170 is very likely," noting that "the danger of the high price of the dollar and its impact on the markets will create a suffocating economic crisis that may lead to a wave Massive demonstrations, especially since the poverty rate in the country exceeds 30%, meaning that the situation will be very complicated if there are no logical solutions to the current crisis, according to the "Baghdad Today" website.

And yesterday, a member of the House of Representatives, Raed al-Maliki, announced the collection of parliamentary signatures to discuss the policies and procedures of the Central Bank regarding the rise in dollar exchange rates and the decline in currency exchange, in the presence of the Governor of the Central Bank.

According to documents issued on the 10th of this month, "the signatures of more than thirty deputies have been collected demanding a discussion of the Central Bank of Iraq's actions regarding the rise in dollar exchange rates and its instability in the local markets." LINK

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Iraqi News Highlights Sunday Afternoon 1-15-23

Tlm724 Administrator Bondlady’s Corner

Economist: The Stability Of The Dollar Exchange Rate Is Linked To The Political Side More Than The Economic One

2023-01-15 By Sotaliraq The economic expert, Salam Sumaisem, confirmed, on Saturday, that the stability of the exchange rate of the US dollar against the Iraqi dinar and the cessation of fluctuations between rise and fall is linked to the political circumstance more than it is linked to the economic circumstance.

Iraqi News Highlights Sunday Afternoon 1-15-23

Tlm724 Administrator Bondlady’s Corner

Economist: The Stability Of The Dollar Exchange Rate Is Linked To The Political Side More Than The Economic One

Sumaisem explained: “The political circumstance is linked to the extent of the Iraqi government’s statement of goodwill towards protecting the US dollar from smuggling, money laundering and all illegal operations.” This led to a scarcity of the dollar in the Iraqi market and an increase in demand for it, and thus a decrease in the value of the Iraqi dinar. LINK

Regarding The Rise In The Exchange Rate Of The Dollar, Raed Fahmy: The Government's Measures Are Not Sufficient

Posted On2023-01-15 By Sotaliraq Secretary of the Central Committee of the Iraqi Communist Party, Comrade Raed Fahmy, said, “The high exchange rate of the dollar against the dinar, and its reaching record levels, was directly reflected in the general conditions of the people, especially the vulnerable groups, given that the country imports most of its needs from abroad.

A rise in the exchange rate means a rise in prices, especially with the presence of a section of traders and dealers in the market, who raise prices at rates that exceed the rise in the exchange rate, which causes multiplying effects.

Fahmy said in an interview with “Tariq al-Shaab” that “this reality has an impact on the economic and commercial movement, as the seller cannot price his goods as it should, given that the purchase of the goods is variable in connection with the exchange rate, nor can the buyer make a purchase expecting that the price may change during Coming days.

Thus, there is paralysis in economic life.” And he indicated that "the problem is huge and its economic and financial effects are profound, and there will be social effects that may generate great feelings of anger, rejection and protest."

Powerless Tools

Fahmy pointed out that “the tools available to the Central Bank are unable to stop the rise in the exchange rate and pressure on the demand for the dollar, and I have made some directions and proposals that have not yet been implemented, including dealing with countries from which imports are made in their currency in order to reduce pressure on the dollar.”

But this seems not to have been done yet. The other aspect is related to the organization of banks and the number of outlets for selling currency and delivering it to citizens. There has actually been an increase in the number of outlets, but it is not sufficient.

And he added, “There is another measure that can be taken, which is to increase the number of banks that are entitled to enter the currency auction. This was previously a monopoly for a category of banks within a specific classification, and it is possible to expand it by adding other outlets to provide currency.

Fahmy stressed that “these tools are not yet able to stop the pressure, and that there are other measures on the table, part of which is related to regulating foreign trade.

There are importers who resort to transfers in order to pay their obligations or to import, and the central bank wants them to switch to credits. But this process for small merchants is costly, and I do not think it will be completed in a short period.

Addressing People's Conditions

Comrade Raed Fahmy stressed that “the urgent matter is related to people’s conditions and living conditions and the duty to alleviate them, and the current situation requires a greater role for the state in the trade balance. As long as the state owns the dollar, it is able to import, especially for basic materials that fall within the consumption of vulnerable families, and on the other hand, it strengthens the ration card, its vocabulary, and its availability.

He added that the state can “import materials and supply merchants with them away from market speculation, and we believe that it can supply some materials to cooperative markets and put them within the reach of consumers, thus masking the effects.”

The bad thing about this large center of citizens, and we believe that the state should regulate the commercial sector open to these speculations and others, and therefore the intervention of the state may help in revitalizing other sectors and providing funds for them.

External Factor

And Fahmy indicated that “one of the sources of the increase in demand for the dollar is what its sources are external, and it is said that the neighboring countries use the Iraqi market in order to supply the dollar to provide their needs, or that part of Iraq’s obligations are paid in dinars, and this dinar that goes to it returns and enters our local market, and in exchange for dollars.” It goes abroad, meaning that control over the border crossings must be tightened, in addition to reducing the demand of neighboring countries.”

Fahmy commented on the measures taken by the government, saying that it “promised to secure and improve the ration card, and took certain measures, such as providing hard currency for travelers. However, these measures are not sufficient to reduce the burden on citizens, given that the spread of the ration card is limited, and the demand for the dollar will continue to rise as long as the factors we mentioned are in place, and with it the continuation of the US government's measures to control and scrutinize remittances. LINK

Ministry Of Finance: The Draft Budget Law Is Still In Preparation

The Ministry of Finance confirmed that the draft budget law is still in the process of being prepared, denying the information received regarding revenues and expenditures on social media platforms.

A statement by the ministry said: "The Ministry of Finance has monitored many false and incorrect information circulating on social media platforms regarding the volume of expenditures and expected revenues within the draft general budget law for the year 2023."

The ministry confirmed, according to the statement, that "this information is nothing more than a set of proposals received by ministries and unrelated entities, and is not the final form of the content of the budget law."

The statement added, "The draft budget law is still in the process of preparation, and discussions regarding it are continuing with the various official authorities concerned to ripen the budget law after it includes the government curriculum approved by the House of Representatives, and work is underway to prepare the final draft of the project and then submit it to the House of Representatives." Ministers to consider them and take recommendations as required by the current economic conditions of the country.

And the statement continued, "Work is underway to prepare the final draft budget in preparation for submission to the Council of Ministers."

According to the statement, the ministry called on public opinion, specialists and all media professionals to receive information and news from its well-known official sources, through the ministry's website and its approved official pages. https://www.radionawa.com/all-detail.aspx?jimare=33016

Al-Rasheed Announces The Controls For Selling Dollars To Citizens At 1465 Dinars Per Dollar

Economie| 01:11 - 01/15/2023 Baghdad - Mawazine News Al-Rashid Bank announced, on Sunday, the controls for selling dollars to citizens who wish, at a price of 1465 dinars per dollar.

The bank's media stated, in a statement received by Mawazine News, that "three branches in Baghdad have been directed to receive citizens, which are: (The main branch / Yarmouk / Raghba Khatoun)."

He explained, "Those who wish to purchase from a Nakheel card holder deposit the amount directly in his card, while those who do not have a card are issued to them according to official documents."

He continued, "The amount is $10,000 as a limit for travelers outside Iraq only, and the total purchase amount is only 14,650,000 dinars." https://www.mawazin.net/Details.aspx?jimare=216689

The Central Bank: There Is Nothing Left In The Banking Sector Except For Banks That Are Able To Perform Their Functions

Money and business Economy News – Baghdad On Sunday, the Central Bank of Iraq clarified its procedures for monitoring the performance of private banks and improving their work, while noting that only banks that are able to perform their functions remain in the banking sector.

He pointed out that "the Central Bank, due to its confidence in some private banks, has initiated measures to encourage foreign banks and foreign central banks for the purpose of opening financial corridors for them, to enable them to practice money transfers for foreign trade purposes."

https://economy-news.net/content.php?id=31895

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

https://www.bondladyscorner.com/

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"Vietnam News" Posted by Henig at KTFA Sunday 1-15-2023

KTFA: Vietnam

Henig: VIB's new card gives big push to online shopping

January, 14/2023 - 10:12

LazCard is expected to provide customers with a convenient shopping experience from opening cards to paying quickly, safely and seamlessly

HÀ NỘI — With the privilege of up to 50 per cent cashback on the Lazada Vietnam e-commerce platform and technologies first deployed by VIB, the LazCard credit card is expected to bring a great shopping experience to users during the year-end shopping season.

Innovative and pioneering card trend in VN

Việt Nam is an extremely promising market for the retail banking industry thanks to the characteristics of population growth, GDP per capita and fast economic development. Grasping that trend, many banks have been promoting retail lending activities to diversify credit portfolios and optimise profits.

KTFA: Vietnam

Henig: VIB's new card gives big push to online shopping

January, 14/2023 - 10:12

LazCard is expected to provide customers with a convenient shopping experience from opening cards to paying quickly, safely and seamlessly

Innovative and pioneering card trend in VN

VIB is one of the banks which has seen its outstanding retail loan accounting for over 90 per cent of the total loan portfolio - the highest level in the banking industry and the highest growth rate of the retail segment in the market.

This impressive figure is attributable to the bank's hard work in developing products with high technology content and automation. That has helped customers save time and make financial transactions safely and securely anytime, anywhere.

In particular, VIB has led the card trend thanks to the debuts of unique credit card lines that have brought outstanding benefits for all customers' spending, leading modern card technologies in Việt Nam and the region besides impressive and creative marketing activities. As a result, VIB has been continuously ranked at the top in terms of the growth in the number of credit cards and average spending on cards.

VIB's statistics showed that the bank has to date issued about 1.6 million cards, including credit and debit cards. Currently, VIB accounts for more than 35 per cent of Mastercard's total spending in Việt Nam. VIB also leads in the growth rate of Mastercard credit cards, five or six times the average of the whole market in quantity and quality.

VIB is also the bank that experiences the highest Mastercard spending revenue overseas with a growth rate of nearly 200 per cent per year.

VIB joined the local credit card market in 2019. The bank now ranks eighth among banks in Việt Nam in terms of the number of issued cards. It also places 4th in total card spending, according to data released by the Vietnam Card Association in June 2022. Total spending via VIB credit cards has increased 8.6 times, from VNĐ8.4 trillion (US$360 million) in 2018, to VNĐ72 trillion (over $3 billion) in 2022.

Thanks to VIB's achievements, the International Finance Magazine recently granted the bank two awards - "The Best New Card Offering - VIB Family Link” and "Most Innovative New Credit Card Service - Vietnam 2022". The two awards have recognised the endless effort of VIB in innovating and pioneering in terms of card trends in Việt Nam. This is the second consecutive year the bank has received this recognition from international media.

Strong push for cashless payment, online shopping

Following these achievements, VIB has debuted LazCard on the Lazada Vietnam e-commerce platform with technologies first deployed by VIB in Việt Nam. LazCard is expected to provide customers with a convenient shopping experience from opening cards to paying quickly, safely and seamlessly. This is a co-branded credit card that VIB has launched in cooperation with global payment technology company Visa and e-commerce platform Lazada.

With up to 50 per cent cashback for online shopping, LazCard is now the leading Ecom card line. This rate includes 20 per cent points accumulation for cashback on spending and 30 per cent from online shopping vouchers via Lazada every Friday and special days exclusively for LazCard cardholders.

With a 30 per cent discount on shopping vouchers, LazCard cardholders using vouchers will receive an immediate discount of VNĐ150,000 for orders worth VNĐ450,000 or more every Friday, and VNĐ1 million for orders worth from VNĐ3 million on special days such as Lazada's birthday.

Once customers successfully open a LazCard, their card information and their spending from VNĐ1 million on Lazada within 30 days from the date of card issuance are saved, they will immediately receive a Lazada e-voucher of VNĐ500,000.

VIB also said that it will offer Lazada e-voucher valued at VNĐ100,000 on customers' birthdays. Free shipping e-vouchers will be provided for LazCard cardholders by the bank every month. LazCard cardholders also enjoy a series of attractive offers from VIB partners nationwide.

“As an office worker, I often shop for essentials on e-commerce platforms which a lot of sellers participated in. Thus it is easy for me to compare prices, consult previous buyers' reviews to come to a decision whether to buy or not," Hồng who is living in Hà Nội's Thanh Xuân District, said.

"With a 50 per cent cashback of LazCard on Lazada, I not only enjoy the promotions of suppliers and trading floors, but also benefit greatly from the bank, especially on occasions like Tết holiday when I will shop a lot,” she said.

According to the "Consumer trends during Tết holiday in 2022" report released by market research company Kantar, the shopping behaviour of Vietnamese consumers during the Tết holiday saw many changes. Local customers were more familiar with small supermarkets and online shopping to avoid crowds.

Along with attractive incentives, the launch of the new LazCard card line promises to bring a smooth and convenient shopping experience to customers during the year-end shopping period. It is also expected to give a big hit to cashless payments and online shopping in the near future.

— VNS LINK

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Henig: FTAs (Free Trade Agreements) a silver lining for economic growth

January, 15/2023

The country's trade surpassed the milestone of $700 billion in value to hit $73.5 billion in 2022, a rise of 9.5 per cent against the same period of the previous year, according to the updates of the General Statistics Office.

New-generation free trade agreements (FTAs) continue to be a silver lining in Việt Nam's trade growth targeting US$1 trillion in import-export revenue by 2025.

With a trade surplus of nearly $11 billion this year, Việt Nam registered a trade surplus for seven years in a row which contributed significantly to the balance of payments, improving foreign exchange reserves, stabilising exchange rates and other macroeconomic indicators, Deputy Minister of Industry and Trade Trần Quốc Khánh said.

Thirty-nine products joined the club of over a billion US dollars in export revenue, nine of which had export value from $10 billion.

Although Việt Nam is an economy with high openness (the ratio of goods imported and exported to GDP was 200 per cent) and easily affected by external factors, trade with impressive results became a highlight of the economy in the context of growing global uncertainties, including the impact of the COVID-19 pandemic, the Russia-Ukraine conflict and rising inflation worldwide.

According to Trần Thanh Hải, deputy director of the ministry’s Import-Export Department, to achieve high export turnover and added value, it was necessary to mention the efforts of enterprises in exploiting traditional markets and searching and expanding into new markets.

The implementation of new-generation FTAs such as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), EU-Việt Nam FTA (EVFTA) and UK-Việt Nam FTA (UKVFTA), and the Regional Comprehensive Economic Partnership also helped promote exports to these markets with an average growth rate of around 20 per cent, Hải said.

By the end of 2022, 15 FTAs with Việt Nam were in effect, and two others under negotiation.

Hải said that implementing FTAs, especially new-generation FTAs, contributed significantly to promoting exports, especially to markets where we had never had an FTA like Canada, Peru and Mexico.

The growth in trade in 2022 also came from the effort to stabilise and resume production and business from the fourth quarter of 2021 after the pandemic, which created a great motivation for the production of goods and trade activities. He said that the effort to facilitate trade and accelerate administrative reforms also played an important role in trade growth.

According to the General Department of Customs, during the past three decades, the Vietnamese economy witnessed a strong transformation process. It gradually implemented multilateral and diversified foreign policies, taking advantage of trade and investment cooperation, integration and technology transfer to promote economic development.

The year 1995 was marked by a series of memorable events, which set the stage for Việt Nam’s process of opening up and integrating into the global economy, including the accession to the Association of Southeast Asian Nations (ASEAN), the ASEAN Free Trade Area, the application to join the World Trade Organisation and the normalisation of Việt Nam-US relations.

The customs authority said that Việt Nam’s imports and exports saw strong growth and constantly set new records.

Việt Nam reached the milestone of $100 billion in trade for the first time in 2007 and $200 billion after just four years. The milestone of $300 billion was hit in 2015, $400 billion in 2017, $500 billion in 2019, and $600 billion in 2021.

The customs authority said that Việt Nam was continuously in the top 30 countries and territories with the largest import-export value globally in the ranking of the WTO. Notably, while the rankings of ASEAN countries did not see significant improvements in recent years, Việt Nam saw remarkable growth.

In 2021, Việt Nam ranked 23rd in export value and 20th in import value worldwide.

Bright prospects

Despite two-digit growth in 2022, exports were anticipated to face several difficulties and challenges, both from within the economy and external influences.

To achieve the goal of export growth at 6 per cent this year, coupled with maintaining a trade surplus, more support must be given to enterprises, especially in capital access and market expansion.

The first challenge was the decline in orders when many cut, postponed or cancelled. Many enterprises could not sign new ones due to the rising inflationary pressure from many countries, including Việt Nam’s major trade partners.

Hoàng Hồng Thuỷ from the Chiến Thắng Garment Joint Stock Company said that orders were around 30 per cent lower due to the impact of global issues, including the Russia-Ukraine conflict.

The second challenge was the financial pressure on export enterprises, with most facing capital shortages, difficulty accessing capital due to high-interest rates, fluctuating foreign exchange rates, and rising input material prices after more than two years of struggling with the pandemic.

In addition, the requirements for the quality of goods were increasingly demanding. It was a must to improve the product quality to take advantage of tariff preferences provided by new-generation FTAs, such as EVFTA and CPTPP.

According to Nguyễn Cẩm Trang, deputy director of the Import–Export Department, the story was not only about origins but also about how to meet requirements on food hygiene and safety as well as labour standards.

Another problem was that FDI companies were dominant in the export revenue of Việt Nam. In 2022, the exports of FDI companies accounted for 74 per cent of the country’s total export revenue.

Đậu Anh Tuấn, deputy general secretary of the Việt Nam Chamber of Commerce and Industry, said that the growth of domestic private enterprises was lower than that of FDI enterprises. This highlighted several points.

The first was that the domestic private sector was not as good as FDI enterprises in taking the advantages of FTAs Việt Nam signed. The second was domestic enterprises were slower than FDI in moving up the supply chain ladder.

Minister of Industry and Trade Nguyễn Hồng Diên said that while the manufacturing and processing industry accounted for 89 per cent of exports in 2022, the participation of domestic enterprises remained modest.

Participation of domestic enterprises in the global supply chains was also limited, and the country’s export was still heavily dependent on the FDI sector, Diên added.

Nguyễn Thị Thu Trang, director of VCCI’s WTO and Integration Centre, said FTAs would continue to be a silver lining for enterprises to create competitive advantage and maintain and expand market shares.

To maintain growth engines for export, Trang said that Việt Nam should strengthen the negotiation of new FTAs (bilateral, multilateral and regional) and, at the same time, have an annual programme to evaluate the efficiency of the implementation of FTAs, thereby identifying and promptly handling issues that affected the use of such trade agreements

Nguyễn Thị Hương, GSO’s general director, said that Việt Nam needed to promote exports while strengthening the management of imports appropriately, ensure a sustainable trade balance and increase official exports in association with restructuring industries and building brands.

Diên said the ministry would review and advise authorities to negotiate and sign new bilateral and multilateral trade agreements.

In addition, measures would be raised to efficiently take advantage of existing FTAs to promote trade while priority would be given to developing e-commerce and building domestic and foreign supply chains.

Support would be provided to localities and enterprises to shift to official exports, build product brands and remove technical barriers so that enterprises could penetrate new markets.

Stressing the important role of FTAs in diversifying markets and promoting trade growth, Diên said the ministry would advise the Government to build a new strategy on international economic integration in the context that the global economy was forecast to struggle in 2023.

It was essential to take advantage of FTAs to develop fundamental and breakthrough industries, Diên said. Analysis and forecasts must also be enhanced to keep up with global and regional market developments.

He said that trade remedies would also be enhanced to protect the legitimate interests of domestic enterprises and maintain a fair, competitive environment in international trade.

He also urged enterprises to pay attention to renovating technologies to enhance competitiveness, improve product quality and build brands while speeding up digitalisation, greening production and transforming business models based on the application of digital technology and promoting cross-border trade via e-commerce.

Trang said that with timely and substantive support and every enterprise's effort, the country could be confident and have motivation for further development in 2023 and beyond.

— VNS LINK

Henig: Hanoi facilitates specialty product development

06:00 | 15/01/2023

(VEN) - Nguyen The Hiep, Deputy Director of the Hanoi Department of Industry and Trade, said 426 Hanoi-based enterprises, cooperatives and production households have so far created 1,649 certified OCOP (One Commune One Product) products of high quality and reasonable price, 65 percent of which are food products.

Hanoi has opened more than 60 points of sale of OCOP products in 26 districts and towns to introduce and sell not only certified OCOP products of Hanoi but also certified goods from 25 other provinces and cities, including fresh fruits and vegetables, and foodstuffs.

At the launch ceremony of the OCOP product point of sale in the capital’s urban district of Ba Dinh, Co Nhu Dung, Vice Chair of the district people's committee, said Ba Dinh has acknowledged the OCOP program’s importance, and the district works with the city’s authorities to develop, promote and sell OCOP products.

In 2021 and 2022, the district people's committee launched seven points of sale of almost 70 OCOP products by 19 enterprises, cooperatives and household businesses.

Hanoi will help producers diversify products, and strictly manage and further improve the quality and strengthen trade promotion of OCOP products.

One Commune One Product (OCOP) is a national program designed to promote the development of regional agricultural specialties and rural tourism.

Lan Phuong LINK

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Henig: Weak finance-backed companies possess large land funds

January, 14/2023 - 10:57

There are now many enterprises on UPCOM with small charter capital but a great amount of land funds.

HÀ NỘI — There are now many enterprises on UPCOM with small charter capital but a great amount of land funds.

With low business performance and low stock market price, the businesses can become the targets of other big companies.

With a charter capital of only VNĐ145 billion (US$6.18 million), Hà Nội Food Joint Stock Company (HAF) holds many real estate assets located in the capital’s central areas, including 11 commercial centres, supermarkets and convenience stores; as well as eight hotels, restaurants, and food service establishments.

Some prominent land areas include 736sq.m at 51 Lê Đại Hành Street; 164.5sq.m at 46 Lương Ngọc Quyến; 347.6sq.m at 7 Đinh Liệt; and 200sq.m at 30 Hàng Đào.

HAF also has other real estate facilities owned by two subsidiaries – Bắc Qua Trading and Service Joint Stock Company – in which HAF holds 54 per cent of the capital, and Lãng Yên Trading Joint Stock Company in which HAF holds 51 per cent of capital.

A project of Bắc Qua Joint Stock Company is located on an area of 2,296sq.m at the intersection of Hàng Khoai – Nguyễn Thiện Thuật and the project of Lãng Yên Company is located at 21 Trần Khánh Dư.

Despite owning many desirable pieces of land in the capital, HAF's business activities are inefficient. In the 2016-19 period, the profit of the business declined from VNĐ11.4 billion to VNĐ3.1 billion. Since 2020, HAF has suffered continuous losses.

The financial report of the third quarter of 2022 shows that, in the first nine months of the year, the company's revenue from sales and service provision reached VNĐ81.29 billion, down 27 per cent compared to the same period in 2021; and after-tax loss was VNĐ6.3 billion, a sharp increase compared to the loss of VNĐ3.5 billion in the same period in 2021.

HAF operates in retail, wholesale and management and operation of a network of locations. The COVID-19 pandemic has severely damaged the wholesale business and exploitation of the network of locations for rental. Some clients closed, returned premises, and liquidated contracts ahead of due time. Accordingly, the company's commercial revenue went down and losses increased in 2022.

CHS: Business goes down after equitisation

Hồ Chí Minh City Public Lighting Joint Stock Company (SAPULICO or CHS), has a charter capital of VNĐ284 billion, of which Hồ Chí Minh City State Financial Investment Company (HFIC) holds 51 per cent, and Long Hậu Joint Stock Company holds 34 per cent.

Sapulico was equitised in 2015, operating in the field of management and maintenance of public lighting systems, traffic lights, construction of public works, and other construction systems.

At the time of the IPO, the company managed and used many land lots in HCM City and other provinces. Particularly in HCM City, Sapulico has 386sq.m at 121 Châu Văn Liêm, 2,372.5sq.m at 167 Lưu Hữu Phước, 318sq.m at 436 An Dương Vương, 218sq.m at 55 Nguyễn Thi; 680.9sq.m at No. 3 TL14, 2500sq.m in Tân Thạnh Commune, Củ Chi District.

Before equitisation, in the 2012-14 period, CHS had profit after tax ranging from VNĐ80.3 billion to VNĐ102.3 billion per year. When equitised in 2015, the company's profit after tax in the first nine months reached VNĐ51.5 billion.

However, after equitisation, Sapulico's business results dropped sharply. In 2017, CHS achieved revenue of VNĐ383 billion and profit after tax of VNĐ25.3 billion; in 2018, revenue was VNĐ375 billion and profit after tax was VNĐ23.9 billion; in 2019, revenue reached VNĐ404 billion and profit after tax was VNĐ31.5 billion.

PCM: profit only reaches 5 per cent of the set plan

Post and Telecommunications Construction Material JSC (PCM) has a charter capital of VNĐ40 billion, the state capital accounts for 49 per cent, and is managed by the Vietnam Posts and Telecommunications Group.

The company manages and uses many large land lots such as 9,419.2sq.m at 64 Cầu Diễn Street in Hà Nội; 11,547.2sq.m in Lộc Hà in Đông Anh, 29,218sq.m in Nam Sơn Ward, in Ninh Bình Province; 63.3sq.m in 57/20 Bầu Cát in HCM City; and 5,330.3sq.m in Tam Điệp Commune, Ninh Bình Province.

In recent years, the company's business performance has been relatively poor, with dividends all below 2.5 per cent per year. In 2021, it was only 0.19 per cent.

In 2021, the COVID-19 pandemic strongly affected the company's business activities. The company also faced problems such as limited human resources and low efficiency. PCM achieved revenue of VNĐ51.2 billion, profit after tax was only VNĐ75 million in the year. This profit reached only 5 per cent of the plan approved by the annual general meeting of shareholders.

In the first six months of 2022, the company achieved revenue of VNĐ30.37 billion, an increase of 59.8 per cent over the same period in 2021; profit after tax reached VNĐ225.4 million.

— VNS LINK

DINARRECAPS8 1/15/23 DINARRECAPS8 1/15/23

Sunday Morning Iraq Economy News Highlights 1-15-23

The budget figures cause “terror.” The people are waiting for “approval,” and the government’s procedures are proceeding like a “turtle.”

Posted On2023-01-14 By Sotaliraq private.. On shifting sands, the draft federal budget law for the year 2023 is still progressing, which may be considered the largest in the history of Iraq, after its initial features were revealed.

Sunday Morning Iraq Economy News Highlights 1-15-23

The budget figures cause “terror.” The people are waiting for “approval,” and the government’s procedures are proceeding like a “turtle.”

The preparation of the draft budget took a long time, especially since it has been in the corridors of the government and the relevant ministries for more than five months, which has caused boredom among the Iraqi people, who are waiting for it “impatiently” after its absence for more than two years, hoping that it will provide them with even a small benefit.

Iraq did not approve the 2022 draft budget due to the political crisis that has gripped the country since the “early” elections were held on October 10, 2021.

* Unknown date Speculation increased, and parliamentary and popular opinions differed about the date of the budget law from the government to parliament. However, most indications may indicate that the expected date may be within the next month.

The representative of the Kurdistan Democratic Party bloc, Mahma Khalil, confirmed that the approval of the budget law will not exceed the month of February, indicating that there are no major obstacles to the completion of the draft law.

Khalil said in a statement, "The preparation of the draft budget law is in its final touches, and that it will be sent to parliament very soon."

And he adds that “the approval of the budget bill will not exceed the month of February next,” noting that “there are no major obstacles to the completion of the bill.”

Huge spending

And the financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that the spending ceiling for the current year 2023 budget would reach the barrier of 200 trillion dinars.

In an interview, Salih mentions that “although there are statements about an extremist trend in increasing public expenditures, even in light of the conservative price of a barrel of oil that does not exceed 65 dollars (and it may reach 70 dollars per barrel) and an oil export capacity of about 3.4 million barrels per day. The general budget 2023 is the one who will decide in the end, is there a default deficit or not? Or how big is that supposed deficit?

And Saleh stresses, “The need to include the financial surpluses collected at the end of the fiscal year 2022 and count them as an opening balance for the current year 2023 budget legally.”

And the financial advisor points out that “extreme estimates of public spending say: The budget will have a spending ceiling of about 200 trillion dinars, and that the increases or surpluses will go in three directions, the first to enhance the capital of development funds included in the government curriculum, and the second to cover part of the operational budget and new appointments.” And the third will be allocated to the state’s strategic and service projects, including the unimplemented allocations in the Emergency Law for Food Security and Development No. 2 of 2022.

And he points out that “in various cases, I expect the spending ceiling in the next budget to exceed the barrier of 150 trillion dinars, up to 200, if the (hypothetical deficit) is in a way that does not exceed 15% of total spending, due to the presence of financial savings from last year 2022.”

For his part, a member of the Legal Committee, Representative Aref Al-Hamami, expected the draft budget law to arrive next week.

Al-Hamami mentioned in an interview that “there are two types of laws, one of which has a political nature and requires political consensus to be approved.”

And he points out, “The Federal Budget Law 2023 will be the first law that will be discussed after the resumption of parliament’s work next week.”

Although the draft budget remains a set of conclusions and expectations for financial returns and spending rates, it is the most important project that goes out from the government to parliament for approval in a way that serves society by providing job opportunities and moving towards the right investment that supports the state away from the only source, which is oil. LINK

Economists Warn Of "Massive" Anger In The Street: The Dollar Will Reach 170 Thousand

Localities / Economy |Today, 15:10 |Baghdad today – Baghdad Today, Sunday, the expert in economic affairs, Raad Al-Masoudi, confirmed that the dollar is facing two strong pressures in the Iraqi markets, warning of the overwhelming anger of the street.

Al-Masoudi told (Baghdad Today) that "the rise in the exchange rate of the dollar in recent weeks has led to an increase estimated at 7-10% in prices on average in the Iraqi markets," adding, "But its frequencies will be greater due to the high import costs with the presence of speculation." And monopoly and weakness in the control tools, which means that the citizen’s attrition will be at the highest levels.”

He added, "The smuggling of the dollar out of the country and the pressure of the US Treasury on the central bank constitute two strong pressures on the exchange rate, pointing out that its rise to 170 is very possible," noting that "the danger of the high price of the dollar and its impact on the markets will create a stifling economic crisis that may lead to a wave of Massive demonstrations, especially since the poverty rate in the country exceeds 30%, which means that the situation will be very complicated if there are no logical solutions to the current crisis.

According to documents issued on the 10th of this month and obtained by (Baghdad Today): "Signatures of more than thirty deputies were collected demanding a discussion of the Central Bank of Iraq's actions regarding the rise in dollar exchange rates and its instability in the local markets."

On the other hand, the political researcher, Laith Shubar, revealed information that he said was "revealed for the first time", summed up by Iran's possession of huge funds from the Iraqi dinar through which it buys dollars from the Iraqi market and drains it.

Shubar said in a televised statement, followed by (Baghdad Today), that "we have information that Iran has 50 trillion dinars of the Iraqi currency seeking to replace it with dollars, and this information is revealed for the first time," noting that "if the Iraqi dollar market remains wide open for purchase, the dollar will not It reaches not only 200,000 dinars, but up to 500,000 dinars for every 100 dollars.

He explained that "Iraq not only has to take governmental measures, but also international ones, and it must approach the UN Security Council to hold a special meeting on this matter, because this file concerns the livelihood of citizens and affects the national security of the country, because it will drain all the hard currency that Iraq possesses."

And with calculations conducted by (Baghdad Today), the 50 trillion Iraqi dinars are equivalent to about 32 billion dollars, while the daily sales of the dollar in Iraq are approximately $100 million, which means that this issue needs about a full year for the money in Iran’s possession to end. LINK

A Deputy Warns Of The Existence Of Two Prices For The Dollar: The Iraqi Economy Is In A "Dangerous" Condition

Posted On2023-01-15 By Sotaliraq Representative Muhammad Sahib al-Darraji warned, on Saturday, of a dangerous situation for the Iraqi economy due to the existence of two prices for the dollar.

Al-Darraji said in a tweet on Twitter, "The uncontrolled rise of the dollar must be confronted with measures at the level of controlling the exchange rate. And at the level of addressing the effects of the depreciation of the dinar on the vulnerable classes of society."

He added, "The presence of two different prices for the dollar: official in the Central Bank and real in the commercial markets, portends a dangerous situation in the Iraqi economy."

A member of the House of Representatives, Muhammad al-Ziyadi, called earlier on the Prime Minister, Muhammad Shia’ al-Sudani, to stand with the interest of the poor and find the necessary solutions to address the dollar price crisis, while stressing that the continued sale of oil in US dollars will not provide any result. LINK

Parliament Resumes Its Sessions By Ignoring The Dollar Crisis

Representative Amer Abdel-Jabbar said, "82 deputies signed a request that the rise in the price of the dollar be discussed in the first parliament session."

Abdul-Jabbar continued, "The agenda for yesterday was devoid of this paragraph, although the changes in the price of the dollar greatly affected the citizen, with a clear price hike in the markets."

And he stated, “If the government does not put in place radical solutions, then we will go to use our powers in interrogation, because we do not accept that the citizen bears the price.”

For his part, the other deputy, Sharif Suleiman, stated that "Parliament must put in its first concern the issue of changing the exchange rate of the dollar and its impact on the Iraqi street."

Deputy Demands To Expedite The Approval Of The Budget For The Provision Of Services

Sumerian special 2023-01-14 | Source: Alsumaria News 1,459 views

Today, Saturday, the independent deputy in the State of Law, Muhammad al-Ziyadi, called on the Iraqi government to expedite the approval of the budget law to provide services.

Al-Ziyadi said, in his interview with the program "Bel Mukhtaz" broadcast by Alsumaria TV, that "Al-Sudani's visit to sign a memorandum of agreement with the German company "Siemens" has positive and negative aspects, as it does not satisfy many neighboring countries and some personalities inside Iraq," noting that "the conference Held in Saudi Arabia for the sake of the Arab summit, which was attended by most of the Arab countries, we have not seen any benefit from it for Iraq so far.

He added, "The Iraqi government must work seriously to end security breaches by neighboring countries, given that Turkey is still bombing," noting that "the Iraqi parliament must stand on many crucial points regarding this matter."

He continued, "The conflict in international oil prices due to the winter weather in Europe and the repercussions of the Russian-Ukrainian war caused delay in approving the budget law for the purpose of determining the price of oil in it," noting that "there are many political problems in the budget law."

Al-Ziyadi called for "accelerating the approval of the budget in order to work on providing services to citizens," stressing that "the fifth session of parliament differs from the previous one because of the presence of many independent figures."

Regarding the rise in dollar prices, Al-Ziyadi explained: "We are living in a big problem because of the financial policy followed by the previous Iraqi governments, especially in writing the dinar against the dollar."

He pointed out that "in the event of a decline in oil prices, the government may have to raise the price of the dollar to pay the salaries of employees," adding: "If the Sudanese government continues in this manner, it will be similar to what preceded it." LINK

Deb Aspinwall 1/15/23 Deb Aspinwall 1/15/23

"Tidbits From TNT" Sunday Morning 1-15-2023

TNT:

Tishwash: Deputy: The government has completed 90% of the budget and will reach Parliament within days

The representative of the Al-Fateh Parliamentary Bloc, Rafik Al-Salhi, attributed, on Sunday, the reason for the delay in the government’s completion of the 2023 budget bill to the completion of overcoming the problems and challenges facing the budget, stressing that the government has completed the draft law by more than 90% and will reach Parliament in the coming days .

Al-Salihi said in a statement to Al-Maalouma, that "the delay in completing and sending the draft budget law for the year 2023 is caused by the problems and challenges it faces, especially since the law was not enacted two years ago."

TNT:

Tishwash: Deputy: The government has completed 90% of the budget and will reach Parliament within days

He added, "The Sudanese government is very interested in establishing correct steps for their compatibility with the government's reform and service program, which needs classification commensurate with the size of the challenges in order to provide the best services and overcome obstacles."
Al-Salhi pointed out that "the information available to us indicates that the government and the Ministry of Finance have completed more than 90%," noting that "the coming days will witness the arrival of Parliament for discussion and approval as soon as possible."

And the representative of the Kurdistan Democratic Party bloc, Mahma Khalil, confirmed in a previous statement to Al-Maalouma that the approval of the budget law will not exceed the month of next February. link

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Tishwash: Revealing the "real" reason for the dollar's rise.. "Banks are not good at dealing with this system."

Today, Sunday, the Agency France Press revealed the reasons behind the rise in dollar exchange rates in Iraq during the past days, describing them as "real."

And the agency indicated, according to its report, which was translated by (Baghdad Today), that "the news that talked about the existence of" American sanctions "against Iraq and preventing it from accessing its own reserves of dollars, is inaccurate," noting that "quoting the economic expert Ahmed Al-Tabaji, the reasons The real thing is the implementation of the Swift system in Iraq."

She explained, "The application of the international Swift system for remote financial transactions and transfers requires imposing conditions on banks and banks in countries that fall within the system, and since mid-November, Iraq has entered the international Swift system."

According to the agency, al-Tabaqji stressed that "participation in the global system of currency transfer requires compliance with a set of guarantee laws to combat money laundering and terrorism and the application of international sanctions such as those imposed on Iran and Russia."

He continued, "The truth is that these laws and requirements were a shock to most Iraqi banks and banks because they are not accustomed to dealing with this system."

For his part, the economic advisor to the Prime Minister's office, Mazhar Salih, confirmed to the agency that "Iraqi banks must register requests to transfer dollars from the US reserves to their treasuries through an electronic platform website. The US Federal Reserve verifies these requests within the international Swift system before approving them, and in In the event of doubts about the destination of the funds or inaccuracy in filling out the application data, the application is subject to cancellation.

He explained that "the requests of Iraqi banks and banks to obtain the US dollar through the SWIFT system, and since its implementation in mid-November, 80% of them were rejected due to doubts about their destination and the inaccuracy in providing the required data through the SWIFT system."

And the agency continued, "The inability of Iraqi banks and banks to use the international Swift system and the high refusal of the US Treasury to supply the dollar, led to a decline in the local stock of foreign currency, causing the current crisis, which the Central Bank of Iraq confirmed is" completely temporary "and solutions will be found soon. ".

The agency indicated that "there is a great local concern about the inflation that is affecting the Iraqi dinar as a result of the inability of banks to implement the international currency exchange system Swift," stressing that "the most important source of concern for specialists is the decrease in the purchasing power of the citizen due to exchange rates." link

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Tishwash: Economists warn of "massive" anger in the street: the dollar will reach 170 thousand

Today, Sunday, the expert in economic affairs, Raad Al-Masoudi, confirmed that the dollar is facing two strong pressures in the Iraqi markets, warning of the overwhelming anger of the street.

He added, "The smuggling of the dollar out of the country and the pressure of the US Treasury on the central bank constitute two strong pressures on the exchange rate, pointing out that its rise to 170 is very likely," noting that "the danger of the high price of the dollar and its impact on the markets will create a suffocating economic crisis that may lead to a wave of Massive demonstrations, especially since the poverty rate in the country exceeds 30%, which means that the situation will be very complicated if there are no logical solutions to the current crisis.

According to documents issued on the 10th of this month and obtained by (Baghdad Today): "Signatures of more than thirty deputies were collected demanding a discussion of the Central Bank of Iraq's measures regarding the rise in dollar exchange rates and its instability in the local markets."

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Tishwash: Advisor to the Prime Minister determines the total public debt of Iraq

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Sunday, that the foreign reserves in Iraq are very high, while determining the total public debt.

Saleh said, "The country's internal public debt is currently estimated at about $50 billion, which is entirely owned by the government banking system (that is, debt within the government apparatus and not outside it)."

He added that "63% of the internal public debt is held by the Central Bank of Iraq and represents local assets in the structure of the central bank's balance sheet," noting that "the remainder of the internal debt is held by the three main government banks, with an annual interest of between 2-3%."

He pointed out that "the effective external debt that must be paid during the period from 2023 does not exceed 20 billion dollars, which means that the total public debt is estimated at about 70 billion dollars currently, and it constitutes only a percentage of 30% to 35% of the country's gross domestic product, which is a very safe percentage." Compared to the standard or international standard rate of 60%.

He continued, "The efficiency of the country's foreign reserves is very high and covers external debt liabilities by 5 times, which is a high and reassuring standard ratio and reflects the strength of Iraq's financial situation," noting that "the mechanism for repaying internal and external debts takes place through annual allocations approved in the federal budget."

And he continued, "Fiscal policy in Iraq tends to adopt the principle of financial discipline, which is based on gradually reducing the total accumulated public debt, offset by narrowing the annual deficit in the federal general budget and making the debt created when necessary within the standard ratios, so that the new public debt does not exceed 3% annually." link

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Deb Aspinwall 1/14/23 Deb Aspinwall 1/14/23

"Vietnam News" Posted by Henig at KTFA Saturday 1-14-2023

KTFA: Vietnam:

Henig: Gov’t asks for focus on digital finance, digital economy this year

January, 14/2023

Non-cash payments for social allowance, pension and social insurance allowance would be promoted while the national population database would be improved and used to identify customers and authenticate bank accounts.

HÀ NỘI — The Vietnamese Government has asked ministries and localities to focus on promoting the development of digital finance and digital economy in 2023.

Accordingly, the institutions, mechanisms, policies and legal framework would be improved to accelerate the national digital transformation with a focus on developing human resources and ensuring information security.

KTFA: Vietnam:

Henig: Gov’t asks for focus on digital finance, digital economy this year

January, 14/2023

HÀ NỘI — The Vietnamese Government has asked ministries and localities to focus on promoting the development of digital finance and digital economy in 2023.

The digital platforms and national databases would be integrated to improve the efficiency in management and handling of administrative procedures.

Digital transformation must also be strengthened at corporations and small and medium-sized enterprises.

In the context that global growth momentum losing steam, the Government is looking for new growth drivers, one of which is developing the digital economy.

Recently, the Government has raised drastic measures to promote the development of the digital economy.

The Government issued a strategy for developing e-Government toward digital Government, the national strategy about developing digital economy and society, and the programme about national digital transformation to 2025 with a vision to 2030.

The latest edition of the e-Conomy SEA report by Google, Temasek Holdings Pte and Bain & Co published in late December highlighted that Việt Nam had the fastest growing digital economy in Southeast Asia with a year-on-year increase of 28 per cent in gross merchandise value (GMV).

The report pointed out that the driving force for Việt Nam’s digital growth was the growing penetration of new forms of commerce across urban and rural regions for businesses. Logistical infrastructure also improved to facilitate nationwide e-commerce transactions and there was a noticeable high-quality homegrown tech workforce that had been driving innovation in Việt Nam.

Trần Minh Tuấn, director of the Department of Digital Economy and Society under the Ministry of Information and Communications, said that based on the survey of Financial Times and Omdia, Việt Nam was the second fastest growing digital economy in the world, expanding at the rate of 12.3 per cent in 2022, after India. In 2023, Việt Nam might fall behind Mexico and India but could take the lead in the world in digital economy growth in the 2022-26 period.

Tuấn pointed out that the scale of Việt Nam’s digital economy remained modest, leaving significant room for future development, especially in connectivity, digital payment and digital entertainment.

Digital finance was expected to see breakthrough development with a compound annual growth rate of 114 per cent in 2021-22 and at 56 per cent in 2022-25.

The department said that the digital economy contributed 14.26 per cent of GDP in the third quarter of 2022. Việt Nam targets to increase the contribution of the digital economy to GDP to 20 per cent by 2025.

— VNS LINK

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Henig: Việt Nam remains largest trade partner of China's Guangxi for 23 years

January, 13/2023 - 13:33

Việt Nam has maintained its position as the largest trade partner of China's Guangxi province for 23 consecutive years, with import and export trade turnover of the two sides so far reaching US$200 billion.

HÀ NỘI — Việt Nam has maintained its position as the largest trade partner of China's Guangxi province for 23 consecutive years, with import and export trade turnover of the two sides so far reaching 200 billion Chinese yuan.

The information was released at a seminar held Thursday by the Guangxi Department of Commerce in collaboration with the Asia-Africa Market Department, under Việt Nam’s Ministry of Industry and Trade and Vinexad Company.

Guangxi now has 181 enterprises investing in Việt Nam, under non-financial type, with total amount of investment committed by China is US$1.26 billion, and the actual total investment capital of $140 million.

Việt Nam has established a total of 57 enterprises in Guangxi, with a total contracted investment capital of $184 million.

Speaking at the conference, Tô Ngọc Sơn - Deputy Director General of the Asia-Africa Market Department under Việt Nam's Ministry of Industry and Trade expressed his pleasure to hear that China has removed all PCR tests and concentrated isolation after January 8, 2023. This is a good premise for agencies and businesses of the two sides to have the opportunity to restore exchange and cooperation activities, contributing to bringing more benefits to businesses and people of the two countries.

According to Sơn, for many years Guangxi has played a very important role as a bridge in promoting bilateral trade between Việt Nam and China.

Import and export between Guangxi and Việt Nam turnover in 11 months of 2022 reached 172.65 billion Chinese yuan, equivalent to $25.5 billion and accounting for 29.3 per cent of total import and export turnover of Guangxi and the world.

However, the exchange of goods between the two countries also faces many difficulties. Import and export turnover through border gates has decreased continuously.

In the first 11 months of 2022, import and export turnover with China through the border gates in Việt Nam’s Lạng Sơn province decreased by 39.4 per cent over the same period in 2021; while import and export turnover through border gates in Quảng Ninh province decreased by 68.7 per cent year-on-year.

To overcome the above difficulties, Sơn recommended the Guangxi Department of Commerce coordinate with relevant agencies of Guangxi to soon complete the process and regulations for import and export of goods, creating the most favourable conditions for customs clearance activities.

Businesses need to manage product quality, increase understanding of information and regulations of the Chinese side with imported products, ensuring goods are cleared smoothly, saving time and costs.

For his part, Diao Weihong, deputy director of the Department of Commerce, said that Guangxi is willing to work with Việt Nam to promote cooperation between the two sides; wishing that trade exchanges will take place wider and deeper, bringing richer results.

Currently, the economic and trade cooperation between Guangxi and Việt Nam has entered an important stage of upgrading, he said.

VNS LINK

Henig: Agriculture an important pillar of the economy: PM

January, 14/2023

Agriculture is an important pillar in building Việt Nam's independent and self-reliant economy associated with extensive and effective international integration, according to Prime Minister Phạm Minh Chính.

HÀ NỘI — Agriculture is an important pillar in building Việt Nam's independent and self-reliant economy associated with extensive and effective international integration, according to Prime Minister Phạm Minh Chính.

The Government leader made the remarks while addressing the agricultural sector's conference on reviewing tasks in 2022 and setting goals for 2023, held by the Ministry of Agriculture and Rural Development (MARD) in Hà Nội on January 13.

The PM said that in 2022, the agriculture and rural development sector has changed its mindset from "agricultural production" to developing an "agricultural economy". This is an important factor to contribute to growth and the comprehensive and sustainable development of agriculture.

Production has been linked to the market with increased added value. The agricultural sector has nearly 9,000 products recognised as speciality in the One Commune One Product programme, an increase of nearly 3,000 products compared to 2021.

“The Government looks forward to seeing the agricultural sector to be stronger and develop more sustainably in 2023,” PM Chính said.

Minister Lê Minh Hoan reported that the sector has shown strong determination, made great efforts, carried out flexible and creative solutions, and reformed its mindset to overcome difficulties and challenges to achieve targets.

In 2022, the sector’s total value grew 3.36 per cent, the highest in many years. In particular, agriculture expanded 2.88 per cent, fisheries 4.43 per cent, and forestry 6.13 per cent. The forest coverage stood at over 42 per cent while the rate of new-style rural areas was more than 73 per cent.

Agro-forestry-fishery exports reached US$53.22 billion, up 9.3 per cent from a year earlier. That resulted in a trade surplus of over $8.5 billion, accounting for more than 75 per cent of Việt Nam’s total trade surplus.

For 2023, the sector targets GDP growth of 3 per cent, agro-forestry-fishery export revenues of $54 billion, the rate of new-style rural areas at 78 per cent, and forest coverage stable at 42 per cent, Hoan said.

At the conference, the PM pointed out that apart from advantages, the country will continue facing numerous difficulties and challenges in 2023. The sector should strive for a growth rate of 3.5 per cent and exports of $55 billion, higher than last year’s figures.

He emphasised the task of developing ecological agriculture, modern rural areas, and civilised farmers while considering farmers as the centre, agriculture as the impetus, and rural areas as the foundation for the sector’s development.

Agriculture and rural development need to focus on promoting brand building; boosting digital transformation, and green transition and circular economy. It also should connect with cultural and tourism development; diversify products, markets, and supply chains; and improve product quality.

PM Chính also underlined the importance of coordinating with other ministries, sectors and localities to link producers with consumers; optimise free trade agreements, especially the EU-Việt Nam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); continue removing barriers to enter new markets; and pay due attention to the domestic market.

In addition, it is also necessary to step up sustainable ocean farming and exploitation, strongly carry out recommendations to persuade the European Commission to lift the “yellow card” warning against IUU fishing.

It needs to increase forest production and development, effectively implement the national target programme on new-style countryside building, and foster agricultural cooperation with international partners.

He believes that with the ministry and localities’ determination and efforts, as well as farmers' and businesses’ support, the sector will make stronger progress and gain more achievements in 2023.

At the conference, deputy minister of Industry and Trade Nguyễn Sinh Nhật Tân proposed to promote cooperation between the two ministries in many fields, including restructuring of the agricultural industry for raising the value of Vietnamese agricultural products.

They will formulate policies to promote border trade, and accelerate negotiations with other countries to increase the number of agro-forestry-fishery products that are officially exported to foreign markets, especially China.

They will also increase focus on trade promotion programmes, especially on digital platforms, e-commerce, information technology application to promote exports and consumption of agricultural products. They will effectively implement trade remedies, handle disputes and lawsuits in international trade, and create favourable conditions for enterprises exporting agricultural products.

— VNS LINK

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Henig: Ministry of Industry and Trade sets ceiling prices for solar and wind projects

January, 14/2023 - 08:21

MOIT has set the ceiling prices at 5.05 cents per kWh for ground-mounted solar projects, 6.43 cents for floating solar projects, 6.77 cents for onshore wind projects, and 7.75 cents for offshore wind projects.

HÀ NỘI — The Ministry of Industry and Trade has recently introduced new ceiling prices for solar and wind energy in Việt Nam.

On October 3, 2022, the ministry released Circular 15, which sets out a framework for the Việt Nam Electricity (EVN) to enter into tariff negotiations with developers of transitional solar and wind energy projects by reference to some specific ceiling prices.

On January 7, 2023, the ministry set the ceiling prices at VNĐ1,184.90 (5.05 cents) per kWh for ground-mounted solar projects, VNĐ1,508.27 (6.43 cents) for floating solar projects, VNĐ1,587.12 (6.77 cents) for onshore wind projects, and VNĐ1,815.95 (7.75 cents) for offshore wind projects.

EVN will now use these ceiling prices to negotiate tariffs with transitional projects, which are not subject to any tariff so far.

At a seminar earlier this week, Deputy Chairman of the Việt Nam Energy Association Nguyễn Văn Vy remarked that renewable energy in Việt Nam was facing various obstacles.

Under Circular 32 on power purchase agreement, avoidable cost is defined as the highest cost of producing one kWh of electricity by national generating stations, and the cost would be avoided if EVN purchases the electricity from alternative small hydropower plants.

He revealed that the current avoidable cost was set at VNĐ1,100 (4.68 cents) per kWh, so low that it disincentivises investments in new hydropower plants. He thus called for an adjustment to the cost, estimating that a rate of between VNĐ3,500 to VNĐ4,000 per kWh would be more practical.

Regarding biomass power plants, he said that the plants are fueled by bagasse residue of sugar refining during the sugarcane season and other types of biomass during the rest of the year.

Under his estimation, the plants need to make at least 7.03 cents for each kWh generated by the bagasse and 8.47 cents for other types of biomass to break even. Unfortunately, their electricity is purchased at a price as high as the former, leading to the plants staying idle for eight months every year.

He called for a revision to Decision 08, which set the purchasing price of biomass-derived electricity at over 8.47 cents per kWh during the period out of sugarcane season to encourage the use of other types of biomass in electricity generation.

He was also concerned that the policy mechanism to support solar and wind energy had expired and a new mechanism had not been introduced, leading to a situation that newly built solar and wind farms were put on hold due to the absence of an official feed-in tariff (FIT).

He suggested a temporary FIT, in the meantime, to keep the farms operational until an official FIT would come into force under a new mechanism, which would be applied retroactively to the farms.

"An official FIT was absent when Bình Thuận Wind Power Plant No 1 began operation years ago. At that time, I suggested a temporary FIT of 6.00 cents per kWh and the Prime Minister approved my suggestion," said Vy.

— VNS LINK

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Henig: So Village’s vermicelli goes global

06:00 | 14/01/2023

(VEN) - Son Lo Village (also known as So Village) in Cong Hoa Commune of the capital’s suburban district of Quoc Oai, about 20 kilometers from downtown Hanoi, has become a major vermicelli center. The village’s safe, clean vermicelli products have been exported to Malaysia, Japan, and Germany.

Duong Dinh Khoi describes safe, clean vermicelli production

Entrepreneur Duong Dinh Khoi, one of the first safe, clean vermicelli producers and exporters in Son Lo Village said villagers use organic arrowroot planted on the Moc Chau Plateau in the northern mountainous province of Son La to make vermicelli, following a strictly controlled production process without coloring, chemicals and preservatives.

Khoi said his Duong Kien Trading, Production and Import Export Company Limited has technicians to strictly control raw materials and ensure they meet food hygiene and safety standards of both domestic and foreign markets. Almost all vermicelli production stages, except vermicelli drying, has been mechanized, he said. Vermicelli needs to be dried with wind and sunlight to ensure its quality and good taste, he added.

In 2020, the company procured a vermicelli production line worth almost VND650 million, VND300 million of which was funded by the Hanoi Department of Industry and Trade’s industry promotion program. The production line is energy and raw material efficient, and has helped the company reduce product cost, control environmental pollution and create one of the capital’s most notable products, introduced at numerous trade fairs and exhibition inside and outside Vietnam.

Son Lo Village (also known as So Village) in Cong Hoa Commune of the capital’s suburban district of Quoc Oai, about 20 kilometers from downtown Hanoi, has become a major vermicelli center. The village’s safe, clean vermicelli products have been exported to Malaysia, Japan, and Germany.

Thu Huong LINK

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Iraqi News Highlights Saturday Afternoon 1-14-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Calls On The Government To Expedite Sending The Budget To Parliament

Saturday 14 January 2023 11:46 | Economical Number of readings: 366 Baghdad / NINA /- Member of the Finance Committee, Jamal Koujar, called on the government to expedite sending the budget to Parliament for reading and approving its projects.

Iraqi News Highlights Saturday Afternoon 1-14-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Calls On The Government To Expedite Sending The Budget To Parliament

In a statement to the National Iraqi News Agency ( NINA ), Cougar said , "The delay in approving the budget reflects negatively on the Iraqi citizen, the market, and economic projects, and the government, represented by the Prime Minister and the Ministry of Finance, must complete the draft budget and send it to Parliament and the Finance Committee to complete all readings and vote on laws and return them." to the government for implementation.

He explained: "The delay in the budget came as a result of the newness of the government, i.e. the election of a new government on 10/15 of last year, which is the timing of sending the budget to the government, as well as the problems, obstacles and political conflicts."

And Cougar called for expediting sending the budget to parliament to be voted upon, since most of the service projects and job grades are related to it./ End 8

https://ninanews.com/Website/News/Details?Key=1026471

Stability Of Dollar Exchange Rates In The Iraqi Market

Economie| 10:36 - 01/14/2023 Baghdad - Mawazine News Today, Saturday, the exchange rates of the dollar witnessed stability in the local markets. Selling price: 157,500 dinars per 100 dollars Buying price: 157,000 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=216599

More Than 360 Million... Dollar Sales In The Currency Auction Last Week

Saturday 14 January 2023 10:26 | Economical Number of readings: 256

Baghdad / NINA / - The Central Bank of Iraq announced that the total sales in the dollar currency auction during the past week amounted to more than 360 million dollars.

The bank stated in a statement that it sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, 360 million 945 thousand and 774 dollars, at a daily rate of 72 million 189 thousand and 154 dollars, a decrease of 29.52% compared to the previous week

. "The highest dollar sales during the past week were on Sunday, when sales amounted to 112,424,526 dollars, while the lowest sales were on Monday, when sales amounted to 45,169,559 dollars."

He pointed out that "sales went in the form of cash and transfers abroad to finance foreign trade, and the sale price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar."/ End https://ninanews.com/Website/News/Details?key=1026446

The House Of Representatives Concludes The Report And Discussion Of The Draft Fourth Amendment To The Industrial Investment Law

Political | 04:17 - 01/14/2023 Baghdad - Mawazine News Parliament ended, today, Saturday, the discussion of the fourth amendment to the Industrial Investment Law for the private and mixed sectors.

And the media department of the House of Representatives stated in a statement received by / Mawazine News /, that "Parliament has completed the report and discussion of the draft law of the fourth amendment to the Industrial Investment Law for the private and mixed sectors No. (20) of 1998." Ended 29 https://www.mawazin.net/Details.aspx?jimare=216627

Oil Prices Achieved The Largest Weekly Gain Since October

Economie| 10:02 - 01/14/2023 Follow-up - Mawazine News Oil prices rose more than a dollar a barrel at the settlement, in Friday's session, recording its biggest weekly gain since October, with the dollar falling to its lowest level in seven months and amid more indications of growing demand in China, the world's largest oil importer.

Brent crude futures settled up $1.25, or 1.5 percent, at $85.28 a barrel. US West Texas Intermediate crude futures rose for the seventh consecutive session, to be settled at $79.86 a barrel, an increase of $1.47, or 1.9 percent.

Brent jumped 8.6% this week while WTI gained 8.4%, recouping most of last week's losses.

The dollar index fell to its lowest level in more than seven months after data showed yesterday that monthly inflation fell in December for the first time in two and a half years, which revived hopes that the US Federal Reserve will slow the pace of raising interest rates.

China's recent purchases of crude and increased traffic in the country's streets also fueled hopes of a recovery in demand in the world's second-largest economy, following China's reopening of its borders and the easing of Covid-19-related restrictions following last year's protests. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=216594

Deputy: We Submitted A Request To The Presidency Of Parliament To Host The Governor Of The Central Bank Regarding The Repercussions Of The High Price Of The Dollar, But Our Request Was Rejected

Saturday 14 January 2023 15:48 | Economical Number of readings: 235

Baghdad / NINA / - Representative Hadi Al-Salami announced the submission of a request to the presidency of Parliament, signed by more than 80 deputies, to host the governor of the Central Bank regarding the repercussions of the high price of the dollar, but we were surprised that our request was rejected by the Presidency./ End https://ninanews.com/Website/News/Details?key=1026538

Economist: Al-Sudani's Visit To Germany... A New Start For Iraqi Economic Diplomacy

Saturday 14 January 2023 09:42 | Economical Number of readings: 398 Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed that Al-Sudani's visit to Germany will have positive repercussions on the country's economy, calling for investing this partnership in developing and implementing economic investment projects.

Twigg said in a statement to the National Iraqi News Agency ( NINA ): "The prime minister's visit to Germany is a new start for the use of economic diplomacy, to put Iraq on the right economic path," noting: "The negotiating axis of Iraq is oil and gas and its strategic location."

He stressed that "these two points / oil and gas / are the two main points of historical relations between Iraq and Germany since the beginning of the twentieth century, so Iraq must benefit from this relationship and continue and develop it. The port of Faw and the Dry Canal can be completed and economic development has reached advanced stages through this partnership." ".

Prime Minister Muhammad Shia al-Sudani had visited Germany at the head of a high-level delegation, and concluded several economic agreements with the German chancellor, especially in the electricity sector and in the investment of gas associated with oil extraction operations./ End 8

https://ninanews.com/Website/News/Details?Key=1026434

The Sudanese Advisor Sets The Spending Ceiling In The 2023 Budget

Money and business Economy News-Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that the spending ceiling for the current year 2023 budget would reach the barrier of 200 trillion dinars, specifying three directions that will be supported in the event of a financial surplus, including strengthening the development funds included in the government curriculum.

Saleh said in a statement to the official newspaper, that despite "there are statements about an extremist trend in increasing public expenditures, even in light of the conservative price of a barrel of oil that does not exceed 65 dollars (and may reach 70 dollars per barrel) and an oil export capacity of about 3.4 million barrels per day. Spending in the 2023 public budget is the one that will ultimately decide whether or not there is a hypothetical deficit, or how much is the supposed deficit?.

Saleh stressed, "The need to include the financial surpluses collected at the end of fiscal year 2022 and count them as an opening balance for the current year 2023 budget." legally.”

He pointed out that "extreme estimates of public spending say: The budget will have a spending ceiling of about 200 trillion dinars, and that the increases or surpluses will go in three directions. For the state’s strategic and service projects, including unimplemented allocations in the Emergency Law for Food Security and Development No. 2 of 2022.

Saleh confirmed that, in “various cases, I expect the spending ceiling in the next budget to exceed the barrier of 150 trillion dinars, up to 200, if it is (the hypothetical deficit) In a way that does not exceed 15% of total spending, due to the existence of financial savings from the past year 2022.

190 views Added 01/14/2023 - 11:30 AM Updated 01/14/2023 - 6:24 PM

https://economy-news.net/content.php?id=31863

Iraq Agrees With Jordan To Proceed With Activating The Tripartite Agreement, The Electrical Interconnection And The Extension Of An Oil Pipeline

Reconstruction and building Economy News-Baghdad Parliament Speaker Muhammad al-Halbousi stated, on Saturday, that Iraq is continuing to activate the tripartite agreement between his country, Jordan and Egypt, in addition to the electrical connection and the extension of a pipeline to export oil from Basra Governorate to the port of Aqaba.

This came in a joint press conference held by Al-Halbousi with his Jordanian counterpart, Ahmed Al-Safadi, after the end of the latter's visit to the capital, Baghdad.

Al-Halbousi said during the conference, that during the meetings that the Jordanian parliamentary delegation held with the three presidencies and the Iraqi political forces and parties during the past days, there was an emphasis on the constants of the size of the relationship between neighbors between Iraqis and Jordanians, and the need to face the challenges that the region and the world are going through, and we have a vision in this file, whether at the level Representatives by activating parliamentarians in Arab, Islamic and international parliaments or at the level of governments by activating bilateral agreements and cooperation.

He added that the security file was also discussed, the prosecution of ISIS cells, and the provision of intelligence efforts from Jordan, in addition to the prosecution of those involved in corruption cases during the previous period in Iraq, and Jordan has shown its continued cooperation in this file.

Views 151 Added 01/14/2023 - 12:40 PM Updated 01/14/2023 - 6:24 PM

https://economy-news.net/content.php?id=31865

The House Of Representatives Adjourns

Political | 04:26 - 01/14/2023 Baghdad - Mawazine News decided today, Saturday, to adjourn the parliament session. The Parliament's Media Department stated in a statement, a copy of which was received by Mawazine News, that "the Presidency of the House of Representatives adjourned the Parliament's session."

Today, Saturday, the House of Representatives completed the first reading of the Communications and Informatics Bill.

The House of Representatives media department stated, in a statement, that "the House of Representatives has completed the first reading of the draft Communications and Informatics Law."

On the other hand, the department stated, "The law comes for the purpose of regulating and managing the communications and informatics sector in the Republic of Iraq, drawing up its general policy, defining the competent authorities for the process of allocating and regulating frequencies, granting licenses and licenses, protecting national wealth in these sectors, and ensuring the optimal use of the frequency spectrum, In order to encourage investment in the telecommunications sector, ensure the protection of the interests of beneficiaries, provide them with the best services, keep pace with technological development and support economic development in this field

, the House of Representatives held, earlier today, Session No. (1) of the fifth electoral cycle, the second legislative year, the first legislative term , headed by its president, Muhammad al-Halbousi. Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=216629

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

https://www.bondladyscorner.com/

DINARRECAPS8 1/14/23 DINARRECAPS8 1/14/23

Saturday Morning Iraq Economy News Highlights 1-14-23

A Bright Future For Iraq Economy

January 13, 2023 Rabee Securities Founder and Chairperson Shwan Ibrahim Taha.

Follow Saudigazette on A bright future for Iraq economy G-news

For a country enshrined in political controversy and uncertainty, the economic outlook for the future of Iraq looks optimistic, according to Rabee Securities Founder and Chairperson Shwan Ibrahim Taha. He said: “Under the circumstances, the Iraq markets and economy have managed to stand firm, which is what is required in a such difficult political standstill and tense geopolitical situations”.

Saturday Morning Iraq Economy News Highlights 1-14-23

A Bright Future For Iraq Economy

January 13, 2023 Rabee Securities Founder and Chairperson Shwan Ibrahim Taha.

Follow Saudigazette on A bright future for Iraq economy G-news

Iraq has entered a legislative vacuum with the government in Baghdad acting as a caretaker cabinet without the executive authority to deal with the broader matters of the state, having only limited authority to conduct regular business related to security, health, education, and social services.

Despite this, interim progress has been made as the new President, and the PM immediately began forming bilateral relations with representatives from Saudi Arabia, Japan, China, England, and France to call on them to invest in Iraq. More recently, Saudi Arabia’s Public Investment Fund (PIF) announced that it would set up a company to invest in Iraq, which is expected to pave the way for a raft of government implementation of laws and regulations to attract further overseas investors to the country.

Taha emphasized that such a positive outlook must be accompanied by precise, sustainable, and measured policies starting with reducing the share of government wages in the annual budget. He also highlighted the importance of implementing more robust governance measures and fixing the electricity shortage, which could be solved by increasing funds usage transparency with clear KPIs.

He said: “I am optimistic about Iraq’s outlook; we will witness a gradual increase in production to reach five million barrels by 2028. Any significant downside in oil prices could add some pressure. Still, we are positive that international investors are slowly returning, and this will be further helped by improvements to internal policies implementation.”

During 2022, Iraq’s budget revenues increased by 59% yearly to $100.9 billion, mainly due to the increase in oil prices. As a result, the budget surplus increased significantly from $4.8 billion to $40.3 billion during the first eleven months of the year compared to the previous year. Iraq's central bank foreign currency reserves rose to $96 bn as of December 16, 2022.

On the stock market side, Rabee Securities Iraq Stock Exchange Index (RSISX Index) decreased by 0.8% (USD RSISX Index: -3.8%), while the most significant number of outstanding ISX-listed companies, 21 out of 103, opted to distribute cash dividends during 2022 with a dividend yield range of 0.6% and 18.4%. On a positive note, forty-six companies’ share prices went up in 2022, of which 41 increased more than 5%, and 39 increased more than 10%.

Overview of Rabee Securities’ (RS) operations in 2022

Rabee Securities hosted a 3-day event (7-9 March, 2022) at the Iraq Pavilion at EXPO 2020 to showcase Iraq’s top technology startups. The focus was on various sectors including medical services, tourism, education, fashion, transportation, etc. There are close to 200 startups in Iraq, and there is a lot of potential in the country for new startups, that will be potential listings on the ISX in the future.

The company continued sponsoring and supporting the only stock market TV program in Iraq “Stock Market Week” published on Channel 24 on Saturdays at 3:00 pm. At the end of 2022, the TV program reached the 93rd episode, with 66 hosted guests in total. (To watch the “Stock Market Week” programs please follow RS YouTube channel).

Rabee Securities launched the first online trading App to trade on the ISX (RS Trading App) in May 2022. It is capable for local investors to open a trading account in the ISX, trade in the listed companies, review the latest news of the market and companies and review their portfolio. In addition to continuing to invest in technology, RS will continue to take the responsibility to increase awareness and knowledge about investing in a stock market for locals.

https://saudigazette.com.sa/article/628862/BUSINESS/A-bright-future-for-Iraq-economy

Huge Numbers Are Expected To Be Spent In The 2023 Budget

2023-01-14 Yes Iraq: Baghdad I DID NOT HAVE MY SUNRISE CLOCKPreliminary figures revealed the size of the expected initial spending in the 2023 budget, which the parliamentary and popular circles are looking forward to.

Representative Mustafa Jabbar Sanad said in a post monitored by “Yass Iraq” that the preliminary figures for the 2023 budget indicate that the expected spending will reach 269 trillion dinars, with a deficit that will reach 121 trillion dinars, as the revenues will amount to only 148 trillion dinars.

On the other hand, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, said that the expected spending ceiling for the budget will reach between 150-200 trillion Iraqi dinars. LINK

The Huge Deficit In The 2023 Budget...A Huge Percentage That Violates The Financial Management Law

2023-01-14 Yes Iraq: Baghdad Expectations and preliminary figures for the budget indicate that the deficit will be in violation of the Financial Management Law, which does not allow the deficit to exceed 3% of the gross domestic product.

Researcher Basil Hussein said, "The next budget will be around 200 trillion Iraqi dinars, with a deficit of 70 trillion Iraqi dinars, or 35% of the budget."

He added, "If this is true, it would violate Financial Management Law No. 6 of 2019, which in its article (6/fourth) does not allow the deficit to exceed 3% of the GDP."

On the other hand, Representative Mustafa Jabbar Sanad revealed that the size of the deficit will reach, according to preliminary figures, 121 trillion dinars, which is a huge number equivalent to the entire budget of Iraq in 2021. LINK

Schulz: Iraq May Be A Partner In Supplying Oil And Gas To Germany

Publish date: 14.01.2023 | 00:11 GMT |world News German Chancellor Olaf Scholz and Iraqi Prime Minister Mohamed Shiaa Al-Sudani German Chancellor Olaf Scholz suggested that Iraq would become a partner in the supply of oil and gas to Germany.

Schulz said during a joint press conference with Iraqi Prime Minister Muhammad Shia' al-Sudani that a work program for cooperation between Germany and Iraq had been agreed upon, stressing his country's support for diversifying the economy and sources of national income in the country.

Schultz stressed that Berlin supports the establishment of stable infrastructure for the electricity sector in Iraq. He welcomed the agreement of the Iraqi Ministry of Electricity with Siemens to modernize the system in Iraq.

He added that his country's government supports the focus of the new government in Iraq on economic reforms and job creation. Source: Iraqi News Agency LINK

Parliament Moves To Confront The High Price Of The Dollar

(documents)proposals from Economy / Localities |Today, 13:17 | Baghdad today - Baghdad

Member of Parliament Raed al-Maliki announced today, Saturday, the collection of parliamentary signatures to discuss the policies and procedures of the Central Bank regarding the rise in dollar exchange rates and the decline in currency exchange, in the presence of the Governor of the Central Bank.

According to documents issued on the 10th of this month and obtained by (Baghdad Today): “Collecting signatures of more than thirty deputies demanding a discussion of the Central Bank of Iraq's procedures regarding the high exchange rates of the dollar and its instability in the local markets." LINK

“It Has Nothing To Do With The Dollar.” Parliamentary Hosts For Poultry Project Owners To Find Out The Reason For The High Price Of Eggs

2023-01-14 04:21 Shafaq News / The Parliamentary Agriculture Committee announced today, Saturday, that it will host a number of poultry project owners to discuss the issue of the high prices of table eggs in the local markets, which it described as "unjustified", revealing at the same time its intention to host officials in the Ministry of Agriculture to restore prices to normal. .

A member of the Parliamentary Agriculture Committee, Haider Al-Azerjawi, told Shafaq News agency, “The Parliamentary Agriculture Committee will host tomorrow, Sunday, the owners of a number of poultry projects, to discuss the reasons for the increase in table eggs, given that they are a local product and that the local product's link to the dollar is weak."

The deputy added, “The increase in the prices of a box of table eggs, under the pretext of the high dollar exchange rates, is illogical.”

And the member of Parliamentary Agriculture continued, “The committee, after discussing the reasons for the rise in eggs with poultry owners, will prepare its report, and then host officials in the Ministry of Agriculture to return the price of table eggs to the official price.” .”

The price of table eggs is witnessing an unprecedented rise in the Iraqi markets, which some attribute to the rise in the price of the dollar against the local currency, at a time when citizens complain about the speculations of merchants and their exploitation of the economic conditions That affected the lives of citizens to raise food prices, even those that have nothing to do with the rise in the price of the dollar against the dinar. . LINK

An Official Iranian Position On The Dollar Crisis In Iraq

Posted On2023-01-14 By Sotaliraq On Friday, the Iranian ambassador to Iraq, Muhammad Kazem Al Sadiq, commented on the crisis of the dollar's high exchange rate in Iraq.

Al Sadiq said in a tweet, "The Islamic Republic remains the first supporter of the development, stability and development of Iraq, regardless of accusations that want to divert public opinion from the main cause of the dollar exchange rate crisis."

The Iranian diplomat's statements come at a time when Tehran is being accused of smuggling dollars from Iraq to Iran, which prompted Washington to impose sanctions on Iraqi banks for smuggling hard currency LINK

Deb Aspinwall 1/14/23 Deb Aspinwall 1/14/23

"Tidbits From TNT" Saturday Morning 1-14-2023

TNT:

Tishwash: Venezuela proposes the establishment of an international energy bank

Venezuela proposed the establishment of an International Energy Development Bank to facilitate countries' access to diversified energy resources amid the ongoing global energy crisis.

Vice President for the Economic Sector and Minister of Oil, Tarek El Aissami, put forward this proposal during the virtual "Voice of the Global South Summit" hosted by India, saying that such a bank "will benefit from and support energy diversification projects."

"In the first phase of the proposal, people's basic needs ... in terms of access to affordable, safe and reliable energy sources must be met," he stressed.
He added that the bank should work according to the principle of solidarity within the framework of South-South cooperation.

He welcomed more foreign investment in his oil-rich country, saying that "Venezuela is ready to produce, export and sign contracts and agreements with all energy companies in the world." link

TNT:

Tishwash: Venezuela proposes the establishment of an international energy bank

CandyKisses: Gold prices rise significantly in the markets of Baghdad and the Kurdistan Region

Shafaq News / The prices of "foreign and Iraqi" gold rose in the local markets in the capital, Baghdad, and in the markets of Erbil, the capital of the Kurdistan Region, significantly, today, Saturday, (January 14, 2023).

The correspondent of the agency Shafaq News, that gold prices in the wholesale markets on River Street in the capital Baghdad recorded this morning, the sale price per weight carat 21 of gold Gulf, Turkish and European 421 thousand dinars, and the purchase price 417 thousand dinars, while the selling prices for last Thursday 411 thousand dinars.

Our correspondent pointed out that the sale price of one 21-carat weight of Iraqi gold also rose at 391 thousand dinars, and the purchase price reached 387 thousand.

With regard to gold prices in goldsmiths' shops, the sale price of 21-carat Gulf gold ranges between 420 thousand dinars and 430 thousand, while the selling price of Iraqi gold weight ranged between 390 thousand and 400 thousand dinars.

As for gold prices in Erbil, they have also witnessed a significant rise, as the sale price of 24-carat gold was 485 thousand dinars, and 22-carat sold 445 thousand dinars, and 21-carat recorded the sale of 430 thousand dinars, while 18-carat sold 365 thousand dinars.

It is equal to one weight of gold (five grams).

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CandyKisses: Parliament holds its session under the chairmanship of Al-Halbousi

Baghdad - Nas

On Saturday, the Iraqi Council of Representatives held its session under the chairmanship of Parliament Speaker Mohammed Al-Halbousi.

Swearing-in some Ladies and Gentlemen of the House of Representatives

- Mr. Kazem Attia Kazim

- Mr. Ghazwan Ali Mohammed

- Mr. Talib Al-Yasari

Earlier, the Council announced the agenda for today's meeting.

The agenda, which was published by the media department of the Council and its affiliate "NAS", (January 12, 2023), includes "the swearing in of some deputies, as well as voting on new deputies in the permanent parliamentary committees, in addition to a first reading of the draft law on communications and informatics, and the report and discussion of the second reading of the draft law on the fourth amendment to the industrial investment law 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 presence 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 COP27 on climate change."

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

CandyKisses: Legal: The decision to remove US forces is still binding

Information / Baghdad.

Legal Ahmed Shahid al-Shammari on Saturday criticized the legislative and executive authorities for not taking any position to remove foreign forces, noting that the previous House of Representatives' decision is binding on the government.

Al-Shammari said in a statement to Al-Maalouma that "the Presidency of the House of Representatives shirked its responsibilities for not signing the decision to remove the US forces."

He added that "unfortunately, we have not yet seen any serious position from the executive and legislative authorities on scheduling the foreign withdrawal from Iraq," noting that "the government's constitutional and legal procedures on the file of removing foreign forces from the country are still ink on paper.”

Al-Shammari stressed "the need to respect the parliament's decision to evacuate US forces from Iraq as soon as possible," noting that "the parliamentary decision asked the government to cancel the assistance provided by the international coalition to fight ISIS and file a complaint with the Security Council against Washington because of its violations of Iraq's sovereignty."

Al-Shammari stressed, "The Parliament's decision to expel foreign forces, led by the American forces, issued on January 5, 2020, was not published in the Official Gazette."

And the head of the Parliamentary Rights Bloc, Saud Al-Saadi, confirmed in a previous interview with Al-Maalouma Agency that Parliament Speaker Muhammad Al-Halbousi did not sign the decision to expel the foreign forces.

Mot: With the 20 degree Nights and a New Storm Moving in ---- hmmmmm

Mot: .... Regrets --- I Have a Few!!! ~~~~

DINARRECAPS8 1/13/23 DINARRECAPS8 1/13/23

Iraqi News Highlights Friday Afternoon 1-13-23

Tlm724 Administrator Bondlady’s Corner

In Detail... The Recommendations Of The Council Of Ministers To Address The Effects Of The Rise In The Price Of The Dollar On The Market

Thursday 12 January 2023 19:44 | Economical Number of readings: 484 Baghdad / NINA / - The Council of Ministers approved several recommendations to address the impact of the dollar's rise in the market and its impact on citizens' purchases from local markets. A statement of the General Secretariat of the Council of Ministers stated that, "In support of the sobriety of the national currency and to address the rise of the dollar in the market, the Council of Ministers approved several recommendations, as follows:

Iraqi News Highlights Friday Afternoon 1-13-23

Tlm724 Administrator Bondlady’s Corner

In Detail... The Recommendations Of The Council Of Ministers To Address The Effects Of The Rise In The Price Of The Dollar On The Market

1. Oblige all government agencies to sell all goods and services inside Iraq in Iraqi dinars and at the dollar exchange rate established by the Central Bank of Iraq and amounted to the beneficiary." The final (1470) dinars for one dollar.

2. Includes what was stated in paragraph (1) sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies with all their specializations and dealings, telecommunications companies, the Internet, and sales of residential and commercial investment complexes, and confirming that the prices of goods and services are in Iraqi dinars on the basis of calculating the exchange rate dollar set by the central bank.

3. The Central Bank sells the dollar to the parties mentioned in Paragraph (2) at the price set by the Central Bank at the price of selling the dollar to Iraqi banks, i.e. (1460) dinars per dollar for remittances, and (1455) dinars per dollar to cover documentary credits, provided that he submits a request to a sale window Currency and an undertaking to sell in Iraqi dinars, and this shall be announced on the official websites of the concerned authorities, and a clear announcement shall be made in the sales outlets.

4. The Central Bank of Iraq issues an easy mechanism within one working week, starting from the date of issuance of the decision through which the private sector described in paragraphs (2 and 3) above can obtain dollars at the official rate of the bank, and the bank also secures private sector transfers outside Iraq at the same rate to meet their external obligations./ End 8

https://ninanews.com/Website/News/Details?key=1026169

A Slight Increase In The Exchange Rate Of The Dollar In The Iraqi Market

Economie - 01/13/2023 Baghdad - Mawazine News The exchange rate of the dollar witnessed a slight increase in the Iraqi markets. The selling price recorded 158,250 dinars per 100 dollars, and the purchase price recorded 157,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=216524

Kurdistan Government: Baghdad Will Send The 400 Billion Dinars Within A Short Period

Money and business Economy News – Baghdad On Thursday, the Kurdistan Regional Government expected that the federal government would send 400 billion dinars to finance the salaries of employees and workers in the public sector for the months of November and December of last year.

"The Iraqi cabinet met last Tuesday and confirmed the issue of sending 400 billion dinars to Erbil, which is among the dues of the regional government," government spokesman Jutier Adel said in a statement.

Adel suggested that the major obstacles to the issue of sending these sums would end, explaining that "the money will be sent to the regional government within a short period."

Views 476 Added 01/12/2023 - 7:41 PM Updated 01/13/2023 - 5:14 PM

https://economy-news.net/content.php?id=31847

Siemens: We Plan To Expand Cooperation With Iraq With Projects Of More Than 6 Gigawatts

Economie| 01:25 - 01/13/2023 Baghdad - Mawazine News Siemens plans to expand its cooperation with Iraq by developing projects with a capacity of more than six gigawatts in the next five years.

A spokesman for Siemens Energy told Reuters that this would include, among other things, the construction of power plants as well as development in the renewable energies sector and stabilization of the electricity grid.

The spokesman added that the CEO of the company, Christian Bruch, intends to sign a memorandum of understanding regarding these plans with the Iraqi Minister of Electricity on Friday.

"Having a reliable source of energy is the basis for a stable society," Bruch told Reuters. "Supplying electricity to large parts of an entire country is therefore one of the most important tasks of our company."

He said that the company will work to ensure that this is achieved as soon as possible with its partners in Iraq.

The company said that the current roadmap is linked to the 2019 agreement, which includes projects with more than gigawatts by 2023.

It is noteworthy that Iraqi Prime Minister Muhammad Shia al-Sudani is visiting Berlin on Friday with a high-level delegation, where he is scheduled to meet with German Chancellor Olaf Scholz.

https://www.mawazin.net/Details.aspx?jimare=216536

Oil.. A Decline In Today's Trading And Expectations For Weekly Gains

Economie| 09:11 - 01/13/2023 Baghdad - Mawazine News Oil prices fell in early trading, today, Friday, but are on their way to achieving gains of more than six percent this week, against the backdrop of strong indications of demand growth in China, the largest importer of crude oil, and expectations of raising US interest rates at a less severe pace.

Analysts said recent Chinese crude purchases and a recovery in road traffic boosted confidence in demand recovery in the world's second-largest economy after China reopened its borders and eased COVID-19 restrictions after last year's protests.

Brent crude futures fell 17 cents, or 0.2 percent, to $83.86 a barrel by 0119 GMT, while US West Texas Intermediate crude futures fell 12 cents, or 0.2 percent, to $78.27, according to Reuters data.

Brent has jumped 6.7 percent so far this week, and West Texas Intermediate crude has risen 6.2 percent, recouping most of the previous week's losses.

Oil prices were also boosted by the dollar's decline to its lowest level in almost nine months after data showed that inflation in the United States fell for the first time in two and a half years, which reinforced expectations that the Federal Reserve will slow the pace of raising interest rates.

A weak dollar usually increases demand for oil because it makes the commodity cheaper for buyers who hold other currencies. https://www.mawazin.net/Details.aspx?jimare=216517

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

Thursday 12 January 2023 15:25 | 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.

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

Al-Sudani: Our Security Forces Are Capable Of Defeating Terrorism, And We No Longer Need Combat Forces

Friday 13 January 2023 16:52 | political Number of readings: 104 Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani affirmed: "The Iraqi security forces are capable of defeating terrorism and achieving stability in Iraq."

Al-Sudani said in a joint press conference with German Chancellor Olaf Scholz: "Iraq now does not need combat forces, and the advisory team of the international coalition is subject to review to assess the need for it." He added: "We are working to bring points of view closer and reduce tensions in the region."/ End 3 https://ninanews.com/Website/News/Details?key=1026321

Al-Sudani Affirmed Iraq's Desire To Cooperate With Germany In A Way That Achieves The Priorities Adopted By The Government

Friday 13 January 2023 13:29 | Economical Number of readings: 267 Baghdad / NINA / - Prime Minister Muhammad Shia' al-Sudani affirmed Iraq's desire to cooperate with Germany in a way that achieves the priorities adopted by the government in the field of diversifying the economy and sources of income.

A statement by his media office stated that Al-Sudani received, today, Friday, at his residence in the capital, Berlin, the German Minister of Economic Cooperation and Development, Svenia Schulze

. In addition to confirming cooperation with Germany in the field of vocational training, which is one of the government's directions towards developing capabilities and skills and acquiring expertise in a way that enhances the labor market and private sector development.

The Prime Minister affirmed Iraq's desire to cooperate with Germany, in a way that contributes to achieving the priorities adopted by the government in the field of diversifying the economy and sources of income, by activating the sectors of industry, agriculture, tourism and other vital sectors in Iraq. https://ninanews.com/Website/News/Details?key=1026279

Al-Sudani: The Government Has Prioritized Improving Services, Reducing Poverty Rates And Combating Corruption

Friday, January 13, 2023 4:36 PM Baghdad / National News Center Today, Friday, Prime Minister Muhammad Shia'a al-Sudani announced the signing of a contract between the Iraqi Ministry of Electricity and the German company Siemens to increase the production capacity of electric current.

Al-Sudani said in a joint press conference with the Chancellor of the Federal Republic of Germany, Olaf Scholz, and his follower, the National News Center, that "the meetings in Germany establish relations and a strategic partnership between Iraq and Germany," noting that "the relationship between the two countries is distinct."

He added, "Germany provided clear support to Iraq in the war against ISIS," pointing out that "the current government has set its priorities in economic reform, and we are serious about implementing it, and an important aspect of this reform is diversifying sources of income."

Al-Sudani stressed, “The Iraqi government seeks to invest in gas associated with oil, natural gas, and the petrochemical sector. These aspects provide job opportunities, and Iraq has the ability to be a hub for the economy in the region and the world, and we have clear experience with Siemens.”

Al-Sudani touched on the issue of recovering the wanted persons and the smuggled money, and said that it is “as part of a government campaign to combat financial and administrative corruption, as well as to recover antiquities.”

He noted that "during this visit, we touched on an important file, which is benefiting from the German experience in renewable energy, confronting climate changes at the level of water scarcity, and reducing the water shares of the Tigris and Euphrates rivers, which led to an increase in desertification rates."

And he continued, "We affirmed the government's keenness on the foreign relations approach and our pioneering role and our natural role in bringing points of view closer and reducing tensions, which contributes to stability in the region and the world, and we appreciate the support of the German government in this regard." https://nnciraq.com/179301/

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

https://www.bondladyscorner.com/