"Tidbits From TNT" Wednesday Morning 1-18-2023

TNT:

Tishwash:  Leaks reveal the size of the federal budget 2023 .. "unprecedented"

Today, Wednesday, Secretary of the Central Committee of the Communist Party, Raed Fahmy, revealed the size of the federal budget for 2023, according to what he called "leaks."

Fahmy said in a tweet to him via Twitter, followed by (Baghdad Today), that "some leaks about the 2023 budget indicate that it will be of an unprecedented size, and in this regard we warn of the need to take into account the absorptive and executive capacity of the state and the national economy for meaningful spending of allocations."

He added, "If the allocations exceed this capacity, this money will be a target for the corrupt, wasting or freezing."   link

Tishwash:  Economist: Electronic payment reduces corruption and controls the dollar in Iraq

The economist, Bassem Jamil Antoine, confirmed today, Wednesday, that electronic payment will reduce corruption and control the exchange rate of the dollar, while citizens considered that the process was unsuccessful in Iraq due to the poor living conditions of many of them.

Antoine said in an interview with Shafaq News agency, "Everything new that enters the citizen's daily life encounters a kind of objection and resistance until they get used to it," noting that "this situation requires operations before starting it, such as educating and educating the citizen about the importance of electronic payment, and awareness and media, especially Some citizens' culture in this matter is considered simple."

He added, "Although the process of starting electronic payment cards will be in the month of June, until the import of (POS) devices and (ATM) devices, there is also an option for cash payment that the citizen can use."

And Antoine stressed that "electronic payment has one of the good advantages in its use, which is reducing errors in cash accounts, and it also protects people from the transmission of diseases, and reduces corruption, as it will impose control on the dollar when capitals are released and laundered, meaning that there will be control over them, and this matter is also It is used in almost all countries of the world.

For his part, the citizen, Hassan Hadi, said in an interview with Shafaq News agency, "Despite the electronic payment process, it is considered one of the banking development processes, which is what is in effect in the countries of the world, but it cannot be applied in a country like Iraq," noting that "most of the citizens in Iraq are from The poor class, whose strength is on a daily basis, and therefore they do not have financial surpluses in order to fill the card with money to shop with it from shopping stores, restaurants, and other stores.

He added, "The banks in Iraq, whether governmental or private, are shrouded in many problems and administrative red tape that are difficult to deal with and issue such electronic payment cards."

Yesterday, Tuesday (January 17, 2023), the Prime Minister issued several decisions, including activating the electronic payment process in all aspects of our lives, directing the Central Bank of Iraq to facilitate procedures for granting licenses for collecting bank cards using points of sale (POS), reducing commissions on banks and obligating All centers and shops of all kinds by opening bank accounts and providing point-of-sale devices for electronic payment.   link

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CandyKisses:  New announcement by the Central Bank on the dollar exchange rate

{Economic: Euphrates News} The Central Bank of Iraq issued a new clarification regarding the rise in the dollar exchange rate.

The bank's adviser Ihsan Al-Yasiri said in a press statement today, Wednesday, that: "The rise in the exchange rate of the dollar against the Iraqi dinar is due to the development of an electronic platform to ensure that the dollar reaches directly to people who benefit from it without going through additional episodes."

Al-Yasiri pointed out that "the Central Bank asked traders to go to the official centers, which are the official banks, in addition to selling the dollar directly to travelers, and these measures affected the dollar exchange rate," stressing that "this situation is temporary and the balance will return to the market."

For about a month from now, the dollar exchange rate against the Iraqi dinar has been witnessing continuous fluctuation between a continuous decline and rise in the markets of Iraq.

The Central Bank of Iraq deals with 14 banks in the currency auction, and these are the banks that comply with the bank's conditions. The Monetary Services Court dismissed the lawsuits of four banks against the bank governor, after the bank stopped selling the dollar to the four banks on November 6, 2022.

The Central Bank of Iraq currently monitors 11 banks, and is likely to include a number of these banks in the four banks it does not deal with.

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CandyKisses:  Dubai World Ports Company: We want to establish major industrial zones in Iraq

{Economy: Al-Furat News) During his meeting with President Abdullatif Rashid on the sidelines of the Davos Economic Forum in Switzerland, Sultan Ahmed bin Salman, Chairman and CEO of Dubai World Ports Company expressed the company's desire to establish major industrial cities in Iraq.

A statement by the Presidency of the Republic said that Rashid "received at his residence in Davos bin Salman and Suhail Al-Banna, managing director of the company for the Middle East and North Africa region, and stressed during the meeting the extent of the decline in infrastructure as a result of wars and conflicts experienced by Iraq during the past decades, and the determination.

Rashid added that "there are many areas of work and huge opportunities for investors wishing to work in Iraq, stressing in this context that Iraq is a fertile environment for entrepreneurship; because of its great potential and potential compared to other countries."

The President of the Republic stressed Iraq's aspiration to enhance cooperation with various companies to develop investment and commercial work, build strategic partnerships and activate the economic role, indicating "the importance of the Davos Forum in providing such investment opportunities."

In turn, the Chairman of the Board of Directors of Dubai Ports Company pointed to the richness of Iraq with its natural resources, and the importance of its strategic location as a vital crossing for shipping goods through Umm Qasr port and then Turkey and other countries, explaining that this work provides great opportunities for Iraq, which is a huge market.

He expressed his desire to establish major industrial zones in Iraq, where investment opportunities are available, expressing his happiness with the development taking place in Iraq, especially in the Kurdistan region, which is a role model.

CandyKisses:  SOME OF US ARE SO OLD.....

Mot:  ~~ Sharing one of My Big Desires - but With a ~~~~

Iraqi News Highlights Tuesday Evening 1-17-23

Iraqi News Highlights Tuesday Evening 1-17-23

Tlm724 Administrator Bondlady’s Corner

The International Monetary Fund Sets The Date For The Global Economic Recovery

Arab and international   Economy News / Baghdad  Kristalina Georgieva, Managing Director of the International Monetary Fund, predicted in an interview with CNBC at the World Economic Forum held in Davos, Switzerland today, Tuesday; The global economy will recover in 2024, despite its expectations of a slowdown in global economic growth in 2023.

In this context, the International Monetary Fund official, Georgieva, indicated; That it lowered its forecast for economic growth for the year 2022 by about 1%, and stated that economic growth is likely to reach its lowest levels in 2023, and Georgieva also expressed her expectation that the global economy will finally rise in 2024.

It is noteworthy that the head of the International Monetary Fund commented earlier that the sharp divergence in the performance of the major global economies may cost the global economy as a whole about 7% of GDP.

The International Monetary Fund also indicated that losses may exceed those expectations, ranging from 8% to 12% of GDP for some countries, if technology variation is also taken into account.

Economists added that even if this disparity in economic performance between the countries is limited, it may contribute to a reduction of about 0.2% of global gross domestic product. Despite this, the Primary Monetary Fund stressed that there is an urgent need for more work to estimate the costs on the monetary system. More precisely, the global financial safety net.

The Director-General of the International Monetary Fund had previously stated; That it is not likely to reduce the previous global growth forecast of 2.7% for the year 2023 in the next report of the International Monetary Fund, and Georgieva expected that the global economy would reach its lowest levels by the end of 2023 or the beginning of 2024, and she continued that the greatest danger lies in the Russian-Ukrainian war and social unrest.

However, the Managing Director of the International Monetary Fund stated that inflation is still entrenched, so central banks must continue to work to achieve price stability, and commented on the US economy; She said that in the event of an economic recession, it would be moderate, and with regard to China's economy, Georgieva said that China should become a contributor to the global economy by mid-2023.  Views 25  Added 01/17/2023 - 5:24 PM Updated 01/17/2023 - 6:13 PM

https://economy-news.net/content.php?id=31938

Saudi Arabia announces the readiness of its companies to invest in Iraq

 Money and business   Economy News / Baghdad   Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, confirmed today, Tuesday, that Iraq is seeking 25 Gulf investments as an occasion for the gathering of Gulf brothers in Iraq.

The ministry stated, in a statement, that "Hussein met with the Saudi Foreign Minister, Prince Faisal bin Farhan Al Saud, on the sidelines of the Davos World Economic Forum meetings."

The statement added, "The meeting discussed bilateral relations between the two brotherly countries, in addition to discussing the regional situation in the Gulf region and the Middle East."

The minister began the meeting by "expressing the depth of relations between Iraq and the Kingdom of Saudi Arabia, stressing Iraq's endeavor to strengthen Gulf relations in general and Iraqi-Saudi relations in particular, because of their strategic importance for Iraq."

He explained, "Iraq seeks to invest in non-traditional diplomacy in the Gulf 25, which is currently being organized in the city of Basra as an occasion that brings together the Gulf brothers in Iraq."

For his part, the Saudi Foreign Minister expressed his thanks for "providing this opportunity for the purpose of discussing and exchanging views on Iraqi-Saudi relations and the latest current events in the region. He also expressed the Kingdom of Saudi Arabia's support for the Iraqi government's efforts aimed at promoting democracy and prosperity for Iraq."

He stressed that "Iraq's geographical location and available resources make it an important pillar in the region and enhance the role it can play regionally."

He pointed out, "We must work to strengthen economic relations between the two countries, and that Saudi companies are ready to invest in the Iraqi economy."

Views 102   Added 01/17/2023 - 3:56 PM   Updated 01/17/2023 - 6:15 PM

https://economy-news.net/content.php?id=31936

The President Of The Federal Court Stresses The Purification Of State Institutions From "The Desecration Of The Scourge Of Corruption"

Political | 02:53 - 01/17/2023   Baghdad - Mawazine News  , the President of the Federal Court, Judge Jassim Muhammad Abboud, stressed, on Tuesday, the purification of state institutions from "the defilement of the scourge of corruption and its impurities," while the head of the Integrity Commission, Judge Haider Hanoun, considered that the political atmosphere and the formation of the new government are "appropriate to start real steps to combat corruption." .

The Integrity Commission stated, in a statement received by Mawazine News, that "the head of the Federal Integrity Commission, Judge Haider Hanoun, received at the commission's headquarters, on Tuesday, the President of the Federal Supreme Court, Judge Jassim Muhammad Abboud, and they discussed issues of integrity, preserving public money, and the supremacy of the constitution and the law."

The President of the Federal Supreme Court stressed, according to the statement, that "the duty of the independent bodies is to work on the rule of law and protect the wealth of the people and national unity, and that the people desire a unified Iraq in which the spirit of the constitution and the law prevails," pointing out that "Iraq possesses human energies and economic wealth and is capable of To advance and build strong and solid institutions that will take the country to the path of reconstruction and development.

And he stressed the "purification of state institutions from the filth and scourge of corruption," calling for "the selection of administrative leaders in various state institutions according to specifications of professionalism, sincerity and high patriotic spirit, and a sense of the size and burdens of grave national responsibility while carrying out this task on which the people and the country depend on restoring confidence." the public in state institutions.

He stressed, "the need for organized work and coordination between the oversight agencies, in order to reap the fruits of these strenuous efforts," explaining that "corruption is of two parts, major corruption and petty corruption," pointing out that "small corruption greatly affected the citizen's confidence in the public employee after which he provides a service." In general, as for grand corruption, he described it as a very great danger, and fighting it requires political, economic and social strategies, as it contributed greatly to obstructing state building and hampered investment and reconstruction operations.

For his part, the head of the Integrity Commission, Judge Haidar Hanoun, noted "the importance of the Federal Supreme Court and the roles it plays in preserving the democratic system by monitoring the constitutionality of laws and regulations in force, interpreting the provisions of the constitution, and adjudicating issues that arise from the application of federal laws," praising "the role of the judiciary that The commission's investigators work under his supervision, and there is great cooperation and coordination with the commission," stressing that "the continuation of this cooperation and coordination is sufficient to raise the levels of anti-corruption."

He added, "The political atmosphere and the formation of the new government are appropriate to start real steps to combat corruption, especially since the government's approach has made combating corruption and stopping the waste of public money a priority by building effective tools to combat it and put an end to it," noting that "the commission is working to educate the people."

With the seriousness of this scourge and the need for everyone to unite in confronting it and prosecuting its perpetrators," he reiterated that "the Commission's work is carried out in accordance with the laws in force, with great care and precaution in dealing with the accused during their investigation and respect for human rights." https://www.mawazin.net/Details.aspx?jimare=216885

Electricity: Contracts With US Companies And Loans To Establish 400 Power Stations

Economie| 01:16 - 01/17/2023   Baghdad - Mawazine News   The Ministry of Electricity announced, on Tuesday, the existence of loans to establish 400 stations, while confirming its contracts with American companies to implement energy projects with high specifications.

Electricity Minister Ziyad Ali Fadel said, "The ministry has discussions and contracts with General Electric and other American companies," noting that "these solid companies will contribute to the implementation of projects with high specifications to ensure the stability of the stations for many years."

He added, "The first phase of the contracts signed in 2019 and 2020 with Siemens has been fully completed within the roadmap," noting that "the first phase is especially in the field of energy transmission, as we were able to equip and operate more than 14 stations throughout the governorates of Iraq."

Fadel continued, in an interview with the official news agency, which was followed by Mawazine News, that "the ministry has dialogues to maintain and rehabilitate the generating stations manufactured by the Siemens company," noting that "there are loans to establish 400 stations with the same company." Ended    https://www.mawazin.net/Details.aspx?jimare=216877

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

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KTFA Members "International News" Tuesday PM 1-17-2023

KTFA:

Clare:  Why does Iraq participate in the Davos Forum? .. The President answers

2023-01-17

The Iraqi President, Abd al-Latif Rashid confirmed, on Tuesday, his participation in the World Economic Forum in Davos in Switzerland, to emphasize the importance of establishing security and stability in the country. 

We are participating in the Davos Forum to stress the importance of consolidating the security and stability of Iraq and its vital role in the region and the world," he said in a tweet on Twitter, seen by Shafak News Agency.

Rashid stressed, "Working on economic partnerships that are in the interest of citizens and their needs through important projects, rehabilitation of basic infrastructure, and coordination to confront climate changes facing Iraq and the whole world."

Yesterday, Monday, the President of the Republic, Abdul Latif Jamal Rashid, left Iraq for Switzerland to participate in the meetings of the World Economic Forum in Davos, accompanied by Foreign Minister Fuad Hussein.    LINK

Henig:  Economist: The Federal Bank requires Iraq to hand over oil revenues

 34 minutes ago

Economic expert Nasser Al-Kinani confirmed, on Sunday, that the US Federal Bank requires Iraq to hand over its revenues from selling oil to the countries of the world, while stressing that it is possible to invest in oil exports in the face of the dollar crisis.

Al-Kinani said in a press interview seen by “Takadam” that “the Federal Bank imposes on Iraq the delivery of oil export revenues to the countries of the world,” noting that “Iraq cannot dispense with foreign currency at all because of the international link with the dollar.”

And he continued, "Iraq has the opportunity to barter, through oil in exchange for work or projects directly, without the need to deposit Iraq's money in America," noting that "it is possible to invest oil exports in the face of the dollar crisis."

And on the method of supplying money to Iraq, Al-Kinani said, “The Federal Bank is working to send money in dollars to Iraq from time to time, or at the request of Iraq.”

It is worth noting that the Development Fund for Iraq was formed according to UN Security Council Resolution 1483, to protect Iraqi funds from international claims and their piracy after the events of 2003.   LINK

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Clare:  Saudi Arabia announces the readiness of its companies to invest in Iraq

01/17/2023  Economy News / Baghdad

Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, confirmed today, Tuesday, that Iraq is seeking 25 Gulf investments as an occasion for the gathering of Gulf brothers in Iraq.

The ministry stated, in a statement, that "Hussein met with the Saudi Foreign Minister, Prince Faisal bin Farhan Al Saud, on the sidelines of the Davos World Economic Forum meetings."

The statement added, "The meeting discussed bilateral relations between the two brotherly countries, in addition to discussing the regional situation in the Gulf region and the Middle East."

The minister began the meeting by "expressing the depth of relations between Iraq and the Kingdom of Saudi Arabia, stressing Iraq's endeavor to strengthen Gulf relations in general and Iraqi-Saudi relations in particular, because of their strategic importance for Iraq."

He explained, "Iraq seeks to invest in non-traditional diplomacy in the Gulf 25, which is currently being organized in the city of Basra as an occasion that brings together the Gulf brothers in Iraq."

For his part, the Saudi Foreign Minister expressed his thanks for "providing this opportunity for the purpose of discussing and exchanging views on Iraqi-Saudi relations and the latest current events in the region. He also expressed the Kingdom of Saudi Arabia's support for the Iraqi government's efforts aimed at promoting democracy and prosperity for Iraq."

He stressed that "Iraq's geographical location and available resources make it an important pillar in the region and enhance the role it can play regionally."

He pointed out, "We must work to strengthen economic relations between the two countries, and that Saudi companies are ready to invest in the Iraqi economy."   LINK

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Henig:  "Chinese gaming giant" enters Iraqi telecom markets: "An end to the Internet delay problem"

Baghdad Today – Translator

The well-known Chinese company "Tencent" specialized in electronic games announced today, Monday, its entry into the Iraqi telecommunications market through a partnership with the local "IQ" company to cover the country with private networks, expressing its hope to improve the local communications network in general and the performance of electronic games in particular.

The company said in a statement reported by (MENAFN), translated by (Baghdad Today), that "the number of mobile phone users in Iraq is expected to reach 10 million by 2026, mostly suffering from a weakness in the local communications network operating in Iraq, And the absence of suppliers capable of providing a communication service that meets the needs of the players in the country, which the company confirmed its intention to invest.

And she indicated, "One of the biggest problems facing players in Iraq and hindering the growth of the electronic games market and the use of the Internet significantly, is the delay that exceeds eighty parts of a second under the service of the current Internet providers in the country, the company," noting that it "will provide networks and devices It hopes to reduce the delay rate to 20 milliseconds only.

It promised the Iraqi players to "solve the problem of delay once and for all in the country."

And she added, "It will provide an Internet connection service that will outperform all current competitors in Iraq and lead to an improvement in communications and Internet services in general across the country," explaining that "the new networks will reduce Internet congestion and delays and significantly increase speeds in line with the players' needs." In addition to setting up local servers for well-known games inside the country to reduce momentum and increase speeds.

She pointed out that "the project also contributes to linking Iraq to the Silk Road Telecom Network, which will increase the effectiveness of communications in an unprecedented way," stressing that "the entry of the Chinese gaming giant into Iraq and its willingness to install servers and local networks of its own is a very positive indication of the escalating desire of companies." foreigners to enter the Iraqi market and serve its technological needs.  LINK

Henig: Integrity: the arrest of 18 employees and a commentator, and major breaches in the tax branches

Baghdad today – Baghdad

Today, Monday, the Integrity Commission announced the arrest of 18 employees and commentators, and dozens of transactions, violations and major violations, in the branches of the General Tax Authority.

And the Commission’s Investigations Department stated, in a statement received by (Baghdad Today), that it had caught “discussed persons in the Rusafa and Adhamiya taxes who are practicing their work illegally, and an employee in the Ward Division in the Rusafa branch was caught red-handed and is receiving sums of money from auditors.”

In Wasit Governorate, the department pointed out that "3 commentators were seized and 11 transactions, ten of which were accompanied by them, while one transaction was seized in the personal car of an employee in the tax branch in the governorate inside the department's garage."

And she indicated that in Diyala, "5 tax inspectors were seized in the tax branches in Baquba and Al-Khalis, in addition to a large group of transactions belonging to citizens, adding that a tax assessor was caught in Baquba and in possession of a group of transactions in his car for modern cars and sums of money."

And she added, "The teams carried out seizure operations in the Authority's branch in Al-Diwaniyah Governorate, as they were able to seize 3 suspects in accordance with the provisions of Article 335 of the Penal Code, for having taken out citizens' transactions outside the department without the knowledge of the department director and exempting the real estate subject of the transactions from tax accounting, claiming that its estimate is less than 50 million dinars.

And the department continued: “As for the branches of the General Tax Authority - Kirkuk 1 and 2, they were affected by audits and investigations. In (Kirkuk 1), the team seized a treasurer and a lawyer, because the first accepted a sum of money that was more than legally prescribed, and fixed a smaller amount in the receipt, while he was able to The team also seized an amount of more than 4 million dinars with the receipt, and seized a fund official after the field team monitored a shortage in the amount of the amounts received by her.

She added, "The field teams of the Commission's investigation offices in Anbar and Salah al-Din were able to seize two, one of whom is an employee of the tax branch in Fallujah in flagrante delicto."

And it alerted to "the organization of fundamental seizure records, and presenting them with the accused and the seized documents to the judges of the investigative courts specialized in hearing cases of integrity in Baghdad and the provinces, who decided to arrest most of the accused pending investigation."  LINK

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Henig:  The International Monetary Fund warns of a danger that will cost the world 7% of its GDP

 Economy News / Baghdad

The International Monetary Fund said in a new report that the current fragmentation could cost the global economy up to 7% of GDP.

The longer-term cost of the fragmentation of the trade sector ranges from 0.2% of global output to nearly 7%, roughly the combined annual output of Germany and Japan, according to the report published on Sunday titled "The Complexity of Grand Challenges" facing policymakers today. The research did not say how long it would take for fragmentation processes to affect growth of this size.

Depending on the definition of "fragmentation," some of the IMF's forecasts look even bleaker. Estimates that include technological decoupling between regions suggest that countries could lose up to 12% of GDP.

The International Monetary Fund lists a number of factors contributing to increasing global fragmentation, including the Russian invasion of Ukraine and the COVID-19 pandemic.

Both cases caused international turmoil in financial, food, and energy supplies, with additional trade restrictions adding to the dispute between regions, according to CNBC, which Al Arabiya.net reviewed.

"The danger is that political interventions adopted in the name of economic or national security could have unintended consequences, or could be used deliberately for economic gain at the expense of others," the report said.

It also lists restrictions on cross-border migration, reduced capital flows and decreased international cooperation as different types of dichotomy.

'The developing world will lag further'

The IMF does not expect all countries to feel the effects of fragmentation equally.

According to the report, low-income consumers in advanced economies will not have access to cheaper imported goods, leaving small open market economies particularly vulnerable.

"Most Asian countries will suffer because of their heavy reliance on open trade," the report said.

Emerging and developing economies will also stop benefiting from the “technology spillovers” from more advanced economies, which in the past helped boost growth and living standards.

"Instead of catching up with income levels in the advanced economy, the developing world will fall further behind," the report added.

3 recommendations

The International Monetary Fund has recommended three approaches to address fragmentation: strengthening the international trading system, helping vulnerable countries deal with debt, and stepping up climate action.

These topics are likely to feature heavily in discussions at the World Economic Forum in Davos, Switzerland, starting Monday, which this year is under the theme "Cooperation in a Fragmented World."

LINK

Iraqi News Highlights Tuesday Afternoon 1-17-23

Iraqi News Highlights Tuesday Afternoon 1-17-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Explains The Reason For Not Approving The Budget By The Government

Tuesday, January 17, 2023 11:08 am   Baghdad / National News Center   A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, explained today, Tuesday, the reason why the budget has not yet been approved by the government.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said in an interview with the official newspaper that “the government is obligated to present the draft budget as soon as possible,” noting that “there are previous political consensuses and the Kurds must reach an agreement with the federal government regarding the share of Kurdistan, which is scheduled to be be approximately 13%.

Al-Kazemi added, "It is necessary for there to be clarity about what the region exports from crude oil, in addition to the total imports of border crossings and airports, and for there to be transparent figures for the number of employees working in the regional government."

And he believed that "in the event that an agreement is not reached, the government can resort to setting approximate numbers for the fairness of Kurdistan and the fairness of the oil-producing provinces throughout the country." In addition, a member of the Finance Committee, Jamal Cougar, called, in an interview with the same newspaper, “the need to proceed with the budget while resolving any differences.”   https://nnciraq.com/180171/

The United States Of America Confirms Its Continuation In Providing Advice To The Iraqi Forces

Prime Minister Mohamed Shia Al-Sudani, White House Coordinator for Middle East and North Africa Affairs, Mr. Brett McGurk, received an envoy from US President Mr. Joseph Biden.

The meeting witnessed a discussion of the overall relations between Iraq and the United States, and ways to strengthen and develop them at various levels and fields, in a way that serves the interests of the Iraqi and American peoples.

The Prime Minister affirmed, according to a statement by his media office, the government's direction to open horizons of cooperation with friendly and brotherly countries, in a way that secures the interests of the Iraqi people.

He also affirmed the ability of the security forces to confront terrorism and stabilize the stability achieved thanks to the great sacrifices made on the land of Iraq.

For his part, McGurk affirmed his country's support for the success of the current government, and the continuation of the United States to provide advice to Iraqi forces in their fight against ISIS, reiterating the US administration's commitment to the strategic framework agreement, and supporting the Iraqi government's reforms in the field of energy and infrastructure and confronting climate change.

McGurk also conveyed, according to the statement, his country's welcome to the outcomes of the Baghdad Conference / 2, and efforts to develop joint infrastructure projects between Iraq and its surroundings, and its welcome to the upcoming visit of Foreign Minister Mr. Fuad Hussein to Washington to hold meetings of the Higher Coordinating Committee of the Strategic Framework Agreement between the two countries.   https://www.radionawa.com/all-detail.aspx?jimare=33048

Oil Prices Rose In Early Trading

Tuesday, January 17, 2023 Follow-up / National News Center  Oil prices fluctuated in early trading today, Tuesday, as recession fears dominated the headlines at the World Economic Forum meeting in Davos, but the prospects for a recovery in fuel demand in the largest oil importer. China limit decline.

Brent crude futures rose 17 cents, or 0.20 percent, to $84.63 at 04:14 GMT, while US West Texas Intermediate crude futures fell 57 cents, or to $79.26.

In a bearish poll released at the Davos summit, two-thirds of the private and public sector economists surveyed predicted a global recession this year, with around 18% believing it to be "very likely".

"Brent crude has risen about 10% over the past 10 days as optimism about China's reopening boosted sentiment. However, the outlook for the rest of the global economy is uncertain," energy analysts said.

https://nnciraq.com/180134/

Integrity and the Federal Court stress the importance of preserving public money and the rule of the constitution and law

Tuesday 17 January 2023 15:11 | political Number of readings: 226  Baghdad / NINA / - The heads of the Federal Integrity Commission, Judge Haider Hanoun, and the Federal Supreme Court, Judge Jassim Muhammad Abboud, affirmed the preservation of public money and the rule of the constitution and the law.

The President of the Federal Supreme Court said during the meeting at the headquarters of the Integrity Commission: "The duty of the independent bodies is to work on the rule of law and protect the wealth of the people and national unity," noting that "the people desire a unified Iraq in which the spirit of the constitution and the law prevails," pointing out that "Iraq has human energies and economic wealth, and he is able to advance and build strong and solid institutions that will take the country to the track of reconstruction and development.”

Jassim Muhammad Abboud emphasized the purification of state institutions from the filth of the scourge of corruption and its filth, calling for the selection of administrative leaders in various state institutions according to specifications of professionalism, sincerity and high patriotic spirit, and a sense of the size and burdens of great national responsibility while carrying out this task on which the people and the country depend on restoring confidence. the public in state institutions.

He stressed the need for organized work and coordination between the oversight bodies. In order to reap the fruits of these strenuous efforts, explaining that corruption is of two types, great corruption and small corruption, pointing out that petty corruption greatly affected the citizen’s confidence in the public employee after he provides a public service, while major corruption he described as a very great danger, and fighting it needs to be Political, economic and social strategies, as it contributed significantly to obstructing state building and hindered investment and reconstruction processes.

For his part, the President of the Commission stressed the importance of the Federal Supreme Court and the roles it plays in preserving the democratic system by monitoring the constitutionality of laws and regulations in force, interpreting the provisions of the Constitution, and adjudicating cases that arise from the application of federal laws, praising the role of the judiciary under whose supervision the Commission’s investigators work, and the cooperation And the great coordination with the commission, stressing that the continuation of this cooperation and coordination is sufficient to raise the levels of combating corruption.

The head of the commission explained: "The political atmosphere and the formation of the new government are appropriate to start real steps to combat corruption, especially since the government's approach has made combating corruption and stopping the waste of public money one of its priorities by building effective tools to combat it and put an end to it,

pointing out that the commission is working to educate the people The seriousness of this scourge and the need for everyone to unite in confronting it and prosecuting its perpetrators, reiterating his assertion that the commission’s work is in accordance with the laws in force, with great care and precaution in dealing with the accused during their investigation and respect for human rights. https://ninanews.com/Website/News/Details?key=1027189

The Association Of Banks And Our Banks Will Not Be Subject To Blackmail

Sameer Al-Nusairi   We are accustomed, and the Iraqi viewer and reader is accustomed, from time to time, to some of the media, whose orientations and objectives are well-known, with a clear intent to offend the national economic institutions, our private banks, and the national personalities active in supporting and attributing the national economy through their responsibility in non-governmental and non-profit economic organizations such as the Association of Private Banks Al-Iraqiya,

to which he belongs according to its bylaws and certificate of incorporation issued several years ago by the Non-Governmental Organizations Department in the Council of Ministers and through its membership in the Board of Directors of the Union of Arab Banks and the International Union of Arab Bankers.

It has many books of thanks, evaluation and appreciation from a large number of Arab and international organizations, namely The most active at the level of leading services and efforts provided by private banks in activating the implementation and achieving the goals of the Central Bank’s lending initiatives,

which are implemented through banks, and which contributed to the employment of 60 thousand unemployed, and that the role of the association is to encourage and motivate banks and provide assistance to citizens in guiding them to obtain loans to develop their small, medium and housing projects without charge because it is a non-profit voluntary organization.

The same applies to the Tamkeen Fund, which is financially managed by the Central Bank of Iraq by donating its capital and money from banks, which provides its rehabilitation services.

And cultural and humanitarian to citizens and institutions of the state and society and that the work team of the Association is a voluntary team of young people and experts, which has clear success experiences and works with competent Iraqi national cadres.

Unfortunately, the exploitation of media democracy and the space for freedom of opinion and the other opinion allowed the media to be free, non-competent and driven by special interests inside and outside Iraq.

What they say and disclose is paid for, and they always hunt in troubled water and target our national economy and its institutions that have made clear achievements during the crises that Iraq went through after mid-2014. And it continues to step forward in serving the community and has contributed to achieving economic steadfastness and supported our national economy.

We have been occupied with the headlines of these trumpets, their press and media reports, and their programs aimed at targeting the Central Bank, the banking sector, and the Association of Banks on repetitive and consuming topics, and that the aim of their criticisms and accusations from time to time is personal slander and public blackmail. Coverage of accomplishments.

Although I respect the other opinion issued by non-specialists or those who specialize in economics and monetary policy in particular, but I may disagree with the opinion that tries to dwarf, minimize and personalize the achievements made by the Central Bank, banks and the Association of Banks in facing the economic and financial crisis during the past years, which is the most difficult stage it went through Iraq .

Therefore, I invite them to look, even for once, at preserving the reputation of the Iraqi economy and its national institutions in front of the countries of the world, because it is illogical for us to allow abuse of our economic institutions and the national private sector without evidence and official documents proving that and through unreal and Hollywood-fabricated data and information. 

In conclusion, I invite them to leave the successful economic institutions working with great energy and redoubled efforts for the sake of Iraq, because the institutions, organizations, and the national and real private sector will never submit to blackmail, and that the only and proper way is to always agree to serve Iraq and its patient and proud people.  Views 105  Added 01/17/2023 - 12:22 PM Updated 01/17/2023 - 5:52 PM   https://economy-news.net/content.php?id=31929

Iraq Market.. The Dollar Rises To 159,500 Dinars

Economie| 09:42 - 01/17/2023   Baghdad - Mawazine News   Today, Tuesday, the exchange rates of the dollar witnessed an increase in the local markets.  Selling price: 159,500 dinars per 100 dollars  Buying price: 159,200 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=216861

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

https://www.bondladyscorner.com/

Tuesday Morning Iraq Economy News Highlights 1-17-23

Tuesday Morning Iraq Economy News Highlights 1-17-23

Parliamentary Finance Reveals The Reason For Not Approving The Budget By The Government So Far

2023.01.17 -   Baghdad - people  The fate of the federal budget for the year 2023 is still oscillating in the drawers of the Council of Ministers after the failure of negotiations to resolve the Kurdish problem with the federal government regarding the share of the Kurdistan region, which means obstructing the Sudanese cabinet’s vote on it and referring it to the House of Representatives due to political leaks.

  "Nass" channel on Telegram.. our latest updates

    A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said in an interview with the official newspaper, followed by “Nass” (January 17, 2023), that “the government is obligated to present the draft budget as soon as possible,” noting that “there are previous political consensuses that must reach the Kurds.” To agree with the federal government regarding the share of Kurdistan, which is scheduled to be approximately 13%.

  Al-Kazemi added, "It is necessary for there to be clarity about what the region exports from crude oil, in addition to the total imports of border crossings and airports, and for there to be transparent figures for the number of employees working in the regional government."

  And he believed that "in the event that an agreement is not reached, the government can resort to setting approximate numbers for the fairness of Kurdistan and the fairness of the oil-producing provinces throughout the country." In addition, a member of the Finance Committee, Jamal Cougar, called, in an interview with the same newspaper, for "the need to proceed with the budget while resolving any differences."     https://www.nasnews.com/view.php?cat=100488

Parliamentary Integrity Reveals The Reason For Not Holding The Session On The Price Of The Dollar

2023.01.17 - 10:41  Baghdad - people     During the past few days, the Iraqis anticipated that the parliament would hold an extraordinary session to discuss the crisis of the dollar's high exchange rate and the accompanying rise in the prices of foodstuffs and consumer goods after collecting 83 signatures before the members of the House of Representatives to hold it. However, the session is suspended until further notice.

  "Nass" channel on Telegram.. our latest updates

A member of the Parliamentary Integrity Committee, Representative Hadi Al-Salami, stated in an interview with the official newspaper, followed by “NAS”, (January 17, 2023), that “the reason for not including the discussion of the dollar exchange rate crisis in the agenda of the parliament’s session that was held last Saturday or the session to be held Today, Tuesday, the Speaker of the House of Representatives refused that, despite collecting 83 signatures in accordance with Article 58 of the Constitution, a paragraph, as well as according to the articles of the first internal system of the House of Representatives.

  Al-Salami explained, “We did not obtain approval during the legislative recess to hold an emergency extraordinary session and host the governor of the Central Bank to discuss the reasons for the high exchange rate of the dollar. He hosted the governor of the Central Bank in his private office yesterday, Sunday.     https://www.nasnews.com/view.php?cat=100487

Al-Halbousi: Parliament Supports The Central Bank In Its Steps To Deal With The High Exchange Rate Of The Dollar

The Speaker of the House of Representatives, Muhammad al-Halbousi, confirmed today, Sunday, that Parliament supports the Central Bank of Iraq in its steps to address the high exchange rate of the dollar, while the Governor of the Central Bank, Mustafa Ghaleb Makhaif, indicated that the high dollar exchange rate is a temporary problem that will be overcome.

The media office of the Speaker of Parliament stated in a statement received by the Iraqi News Agency (INA): "Al-Halbousi received today, the Governor of the Central Bank, in the presence of the heads and deputy heads of the Parliamentary Finance and Economic Committees, and listened during the meeting to a detailed explanation of the procedures that the Central Bank adopted in organizing The economic sector related to foreign currency trading, whether cash sales or foreign trade financing.

And the governor indicated, according to the statement, what “the central bank has taken and what it will take to overcome this problem,” stressing that it is “temporary and will be overcome if the foundations that were built to address it are established.”

Al-Halbousi explained, "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.   https://www.ina.iq/175802--.htm

The Parliamentary Finance Committee Fires The Coup De Grace At The Price Of The Old Dollar: Its Return Is Difficult, If Not Impossible

01/17/2023 10:01    Baghdad - Iraq today:  The Parliamentary Finance Committee confirmed that returning the exchange rate of the dollar to its previous state is very difficult, due to the conditions of the US Federal Bank.

A member of the Finance Committee, Jamal Cougar, said in a press interview, "The return of the exchange rate to what it was is very difficult, unless Iraq adheres to the terms and requests of the US Federal Bank."

And between Cougar, “The conditions of the Federal Bank relate to the issue of the electronic platform, and the amounts that are released from America to Iraq, which come through correct electronic transfers in which all conditions are met, and Iraq has not yet been adhered to.” to the electronic platform.”

He continued, "Iraqi banks are not cooperative in approving the conditions of the Federal Bank, and the next stage is either for Iraq to comply, or to impose more restrictions on it."   LINK

Gold Is Falling With The Rise Of The Dollar

Market  Economy News _ Baghdad  Gold prices fell today, Tuesday, affected by the rise in the dollar, although hopes of a slowdown in the Federal Reserve raising interest rates limited further losses.

Spot gold fell 0.4% to $1910.48 an ounce as of 03:04 GMT, while on Monday prices reached $1929, the highest level since late April 2022.

US gold futures fell 0.5 percent to $1,912.70.

The dollar rose 0.3%. A strong dollar makes gold less attractive to buyers in other currencies.

According to industry analysts, gold prices are expected to reach record highs above $2,000 an ounce this year, albeit with a bit of turbulence, as the Fed slows the pace of increases and eventually stops them.

As for other metals, spot silver fell 0.8% to $24.20, platinum settled at $1062.50, while palladium rose 0.2% to $1754.37.  Views 92   Added 01/17/2023 - 9:24 AM   Updated 01/17/2023 - 1:56 PM

https://economy-news.net/content.php?id=31923

A New List Of Exchange Rates.. The Dollar Exceeds 160,000 Dinars

Economie   2023-01-17 | 03:54  3,622 views   Alsumaria News publishes a new list of dollar exchange rates on the Baghdad Stock Exchange, and northern and southern Iraq.

Baghdad- Al-Kifah Stock Exchange  160,200

The price in most exchanges  is 159,750   160,750

The exchange rates on the  Iraqi Stock Exchange  this morning were as follows:

Baghdad- Al Kifah Stock Exchange   LINK

Political Differences Impede The Adoption Of Important Laws In Parliament

Sumerian special   2023-01-17 | 03:30   94 views  Disagreements still dominate the political scene by obstructing the work of the legislative house by approving important laws, and they themselves are obstructing sending the budget law so far, according to parliamentary circles.

So far, the budget law has not seen the light and has not even been sent to the legislative house, despite information about the completion of the draft law by the competent authorities. Representatives confirmed that the problems and disagreements between the political forces greatly affected the work of the parliament directly, and even affected the general budget law.

The differences between the parties were and still are the main reason behind the failure to legislate and approve laws, especially the controversial ones, such as the oil and gas laws and the provincial elections, in addition to the parliamentary committees file, in which the large blocs are trying to divide themselves among themselves to take over the sovereign committees.   LINK

President Of The Federal Court: Corruption In Iraq Is Of Two Types, One Of Which Is Very Dangerous

Tuesday, January 17, 2023 3:07 PM  Baghdad / National News Center

Today, Tuesday, the President of the Federal Court, Jassem Muhammad Abboud, confirmed that corruption in Iraq is of two types, and one of them is very dangerous.

And a statement of integrity received by the National News Center stated, “The head of the Federal Integrity Commission, Judge (Haider Hanoun), received at the commission’s headquarters, the President of the Federal Supreme Court, Judge (Jassim Muhammad Abboud), and they discussed issues of integrity, preserving public money, and the supremacy of the constitution and the law.”

For his part, the President of the Federal Supreme Court affirmed that “the duty of independent bodies is to work on the rule of law and protect the wealth of the people and national unity,” noting that “the people desire a unified Iraq in which the spirit of the constitution and the law prevails.”

He pointed out that "Iraq possesses human energies and economic wealth, and it is capable of advancing and building strong and solid institutions that will take the country to the path of reconstruction and development."

Abboud stressed on “cleansing state institutions from the filth of the scourge of corruption and its filth,” calling for “selecting administrative leaders in various state institutions according to specifications of professionalism, sincerity and high patriotic spirit, and a sense of the size and burdens of heavy national responsibility while carrying out this task that the people and the country depend on to restore Public confidence in state institutions.

And he stressed, “the need for organized work and coordination between the oversight bodies; in order to reap the fruits of these strenuous efforts,” explaining that “corruption is divided into two parts, major corruption and minor corruption.”

And he indicated that “small corruption greatly affected the citizen’s confidence in the public employee after he provides a public service. As for major corruption, he described it as a very big danger, and fighting it requires political, economic and social strategies, as it contributed greatly to obstructing state building and impeded investment and reconstruction processes.”

For his part, the head of the commission, Haider Hanoun, noted “the importance of the Federal Supreme Court and the roles it plays in preserving the democratic system by monitoring the constitutionality of laws and regulations in force, interpreting the provisions of the constitution, and adjudicating issues that arise from the application of federal laws,” praising “the role of the judiciary that works under It is supervised by the commission’s investigators, and great cooperation and coordination with the commission, stressing that the continuation of this cooperation and coordination is sufficient to raise the levels of combating corruption.

He explained that “the political atmosphere and the formation of the new government are appropriate to start real steps to combat corruption, especially since the government’s approach made combating corruption and stopping the waste of public money one of its priorities by building effective tools to combat it and put an end to it.”

He pointed out that “the Commission is working to educate the people about the seriousness of this scourge and the need for everyone to unite in confronting it and prosecuting its perpetrators.”

https://nnciraq.com/180246/

"Tidbits From TNT" Tuesday Morning 1-17-2023

TNT:

Tishwash:  This is from Iraq's news

The President of Vietnam resigns from office

The President of Vietnam, Nguyen Xuan Phuc, submitted his resignation from his post, while the Central Committee of the ruling party approved his decision to suspend his work as a member of the political bureau of the party.

Phuoc was a major leader of the party and the state. He was trusted and entrusted with many important posts by the commission and the Politburo. As prime minister during the period 2016-2021, Phuk led and managed the efforts in combating the Covid 19 pandemic," said a statement issued after a meeting of the commission.

He added, “However, the president was responsible for allowing a number of officials, including two deputy prime ministers and three ministers, to commit abuses that caused serious consequences. Two deputy prime ministers resigned from their posts, while two ministers and many other officials face criminal charges. Phuk decided to put up with it.” Responsibility, resignation from office and retirement from political work.

"In consideration of the Party's regulations and his personal request, the Party Central Committee has agreed to allow Fuk to resign as State and Party Leader and as Chairman of the National Defense and Security Council from 2021-2026," the commission announced

Fuk, 69, has been a member of the Party's Central Committee, Politburo and National Assembly for multiple terms.

From 1997 to 2006, he was Chairman of the Quang Nam Provincial People's Committee. He was appointed head of the government bureau in 2006 and deputy prime minister in 2011, before becoming prime minister five years later.

He was elected president in April 2021   link

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Tishwash:  Confirmation of Completion of WTO Accession Requirements

The economist Bassem Jamil Antoine urged the need to complete the requirements for Iraq's transformation into an authentic member of the World Trade Organization, and prior to its official accession, by working on fundamental economic reforms that would enable the country to compete commercially with imported goods, stressing the need to make a jump in the various sectors of production. , industrial, agricultural and tourism sectors, as well as the creation of a customs system capable of providing a full cover of protection for the local product.

The economic calls aimed at achieving a "trade balance" coincided with the Ministry of Commerce's announcement of a plan to complete the requirements for joining the World Trade Organization, stressing that this year will witness the completion of technical files in terms of goods, services and intellectual property, in addition to holding official meetings at the organization's headquarters in Geneva.

The WTO is an intergovernmental organization that "regulates and facilitates" international trade between nations. It officially began its operations on December 1, 1995 in accordance with the Marrakesh Agreement.

 It is the largest international economic organization in the world. According to Wikipedia, it includes 164 member states and represents what exceeds 98% of global trade and global commercial GDP, and works to facilitate global trade in goods, services, and intellectual property between participating countries by providing a framework for negotiating trade agreements that usually aim to reduce or eliminate tariffs, supply quotas, and other trade barriers.

In order to achieve the highest economic results for Iraq as a result of its accession to (WTO), Antoine believes during his interview with "Al-Sabah" that "Iraq cannot be isolated from the rest of the countries of the world, and it must establish economic and trade relations with various countries, but it must take into account the internal interests in That matter is above all," stressing that "Iraq's entry now into the World Trade Organization, and its transformation from an observer member to an authentic member, I do not see it as a step that could benefit the country."

Antoine attributed the necessity of "postponing" the accession process at the present time to a number of reasons, putting at the forefront of those reasons the decline of the various production sectors in Iraq, whether industry, agriculture or tourism, stressing that it is proceeding slowly and is not developing sufficiently, so the loss factors are among Joining will be present according to these economic measures.

The expert, Antoine, also drew attention to Iraq's actual need for a solid customs system commensurate with the internal production sector, in order to provide protection and achieve balance, pointing out that the combined data show that the benefits of joining the global organization cannot achieve commercial or economic results that serve Iraq.

And I see the need for it to remain Iraq is an observer member to gain more experience as well as work to strengthen the productive sectors, especially industrial and agricultural, to be able to compete in the event of entry into the trade organization, otherwise the local production will not be able to compete and this will lead to an increase in unemployment and poverty due to the cessation of industrial and agricultural facilities that will not To be able to compete with the importer.

The Ministry of Commerce has detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization. 

The media center in the ministry stated to the Iraqi News Agency (INA), that "the committee concerned with Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies as well as representatives of the private sector, is working to complete the requirements for Iraq's accession to the organization."

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

He pointed out that "the plan includes holding official meetings in the organization in Geneva, and that there be high coordination with the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions   link

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Tishwash:  Al-Saadi: America imposed its authority on Iraqi funds

The specialist in economic affairs, Muhammad Attia Al-Saadi, considered the judiciary's response to the banks' lawsuit from dealing in dollars as irrefutable evidence of the US Federal Bank's imposition of its authority over Iraqi funds. 

Al-Saadi told Al-Maalouma, "The clarification issued by the judiciary confirms that the Federal Bank has the upper hand in the movement of the dollar in Iraq, and it can impose restrictions and prohibit dealing in dollars with any financial institution that places indicators on it."

He added, "There is a surprising government silence for 19 years on a treaty concluded in 2004 at the time of an unconstitutional government," noting that "the treaty allowed Washington to control Iraqi money and financial transfers based on the agendas of the US Treasury that imposes sanctions on whomever it wants and gives the green light." whomever you want."

Al-Saadi called for a review of those treaties and the liberation of the Iraqi economy from dependence on the American decision.

The agreement, revealed by the judiciary, had revealed the obligation of the Central Bank of Iraq to stop supplying dollar currency to any recipient, direct or indirect, upon receiving a written request from the US Federal Reserve Bank.   link

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Tishwash:  Iraq and the Philippines are discussing activating the joint committee, the file of mutual visits, and raising trade exc

Iraq and the Philippines discussed activating the joint committee, raising trade exchange, and activating the file of mutual visits. A statement by the Ministry of Foreign Affairs stated that the interim Chargé d'Affaires of Iraq in Manila, Minister Plenipotentiary Khaled Ibrahim Al-Shalal met with Vice President of the Republic of the Philippines Sarah Duterte, and discussed

with her the relations between the two friendly countries and ways to enhance them in all fields.

Iraqi-Filipino joint relations, raising trade exchange, activating the file of mutual visits between the two friendly countries, and encouraging the Filipino side to participate in events and exhibitions held by Iraq in order to enhance economic and investment cooperation.

For her part, Duterte expressed that her country supports Iraq and seeks to strengthen bilateral relations. She also congratulated the formation of the new government in Iraq.  ink

Mot:  ~~~` Out of the Mouths of the ""Wee Folks"" 

Mot: .. Start the week off with a Smile !!!

Iraqi News Highlights Monday Evening 1-16-23

Iraqi News Highlights Monday Evening 1-16-23

Tlm724 Administrator Bondlady’s Corner

Oil Is Moving Near Its Highest Level In 2023, Supported By Chinese Demand

Economie| 10:55 - 01/16/2023   Follow-up - Mawazine News   Oil prices fell slightly in early Asian trading on Monday, but stabilized near their highest levels since the beginning of the year, amid optimism about an increase in fuel demand in China, the world's largest importer of crude, after the reopening of borders and the easing of restrictions imposed to combat Covid.   Brent crude was down 36 cents, or 0.4 percent, at $84.92 a barrel by 0116 GMT.

US West Texas Intermediate crude recorded $79.65 a barrel, down 21 cents, or 0.3 percent, amid weak trading during a public holiday in the United States, according to Reuters data. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=216776

The President Of The Republic Arrives In Switzerland To Participate In The Davos Forum

political| 08:01 - 01/16/2023   The President of the Republic arrives in Switzerland to participate in the Davos Forum   https://www.mawazin.net/Details.aspx?jimare=216833

Culture Announces The Provision Of Investment Opportunities To Revive The Tourism Sector In Iraq

local| 03:42 - 01/16/2023   Baghdad - Mawazine News  The Ministry of Culture, Tourism and Antiquities announced today, Monday, the provision of investment opportunities to revive the tourism sector and work to facilitate the necessary procedures for the entry of tourists to Iraq, while stressing that the success of Basra in receiving the Gulf masses is evidence of a decent tourist atmosphere.

Ministry spokesman Ahmed Al-Olayawi said, "The Tourism Authority presented investment opportunities a while ago in Baghdad and a group of provinces, as it aspires to have solid companies operating in Iraq at the level of providing the necessary infrastructure to receive tourists from all over the world."

Al-Alaywi added, "Iraq contains good tourism facilities located in Baghdad and the provinces," noting that "Basra's success in receiving a large number of Gulf and Iraqi audiences during the Gulf 25 is evidence of a decent tourist atmosphere."

He pointed out, "The Tourism Authority is working to provide investment opportunities to revive the tourism sector, as well as working to follow up all tourism facilities and the work of delegations, and facilitating the necessary procedures for their entry into Iraq."

He explained, "The entry of tourists to Iraq, whether from foreign or Arab countries, requires the tourist to obtain official approvals from the relevant authorities that participate with the Tourism Authority and the Ministries of Foreign Affairs and Interior, as each party has its opinion on arrivals from outside Iraq."

He continued, "This is also in effect in all countries of the world, as the process of granting a visa to any tourist goes through a set of requirements that he must provide, and he may or may not obtain a visa."

He stressed, "The commission continues to provide the best requirements for a solid tourism environment in Iraq, and this is evident in a number of its follow-ups and monitoring of the tourism sectors in all Iraqi governorates." Ended 29 / h. https://www.mawazin.net/Details.aspx?jimare=216811

The Dollar Is Declining In The Iraqi Market

Economie| 10:49 - 01/16/2023   Baghdad - Mawazine News  Today, Monday, the exchange rates of the dollar witnessed a decrease in the local markets.  Selling price: 157,500 dinars per 100 dollars  Buying price: 157,200 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=216775

Al-Sudani: The Government's Ministerial Curriculum Includes Combating Corruption And Combating Poverty

Political | 04:02 - 01/16/2023   Baghdad - Mawazine News   , Prime Minister Muhammad Shia'a Al-Sudani affirmed today, Monday, that the government's ministerial curriculum includes sponsoring components and strengthening civil peace.

Al-Sudani's office stated in a statement, which Mawazine News received a copy of, that "Prime Minister Muhammad Shia'a Al-Sudani received today the team of the Iraqi National Dialogue Project sponsored by the European Foundation for Dialogue and Development, headed by Alaa Al-Bahadli, in the presence of a number of the Prime Minister's advisors."

He added, "The delegation reviewed the stages of the Iraqi national dialogue project, which was launched in 2019, and aims at a comprehensive dialogue between the spectrum of the Iraqi people, and requested permission to proceed with the second phase of the project, which will take two years."

Al-Sudani welcomed the delegation and blessed their efforts in the comprehensive national dialogue project, which aims to build peace, consolidate peaceful coexistence, and strengthen the umbrella of common citizenship for all segments of the Iraqi people, expressing his support for "the launch of the second phase of the project."

He stressed that "the government's ministerial curriculum included sponsoring components, strengthening civil peace, adopting the dialogue approach, as well as other priorities related to combating corruption and combating poverty." https://www.mawazin.net/Details.aspx?jimare=216813

Al-Sudani Chairs A Meeting Devoted To Follow-Up On Oil Projects

Economie| 02:09 - 01/16/2023   Baghdad - Mawazine News, Prime Minister Muhammad Shia Al-Sudani chaired, on Monday, a meeting that included the Minister of Oil and a number of officials in the ministry, devoted to following up the progress of work in the implementation of oil strategic projects.

A statement by the Prime Minister's Office, in a statement received by Mawazine News, stated that Al-Sudani stressed "the importance of proceeding with projects related to providing water to inject productive oil wells and raise their production capacity."

And the statement continued, "The meeting witnessed a review of the progress of work in associated gas investment projects, and Al-Sudani stressed the need to speed up reaching the stage of stopping flaring and investing this wealth, as well as developing mechanisms to raise the production capacity of natural gas." Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=216793

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

https://www.bondladyscorner.com/

Some "Vietnam News" Posted by Henig at KTFA Monday 1-16-2023

KTFA: Vietnam

Henig:  Bank stocks to flourish in 2023

January, 16/2023

Bank profits are forecast to be the bright spot in the fourth quarter 2022 financial report season, which takes place after the Lunar New Year.

HÀ NỘI — Bank profits are forecast to be the bright spot in the fourth quarter 2022 financial report season, which takes place after the Lunar New Year. This will help bank stocks flourish.

Although the financial statements for the fourth quarter of 2022 have not been announced, according to analysts' forecasts, in 2022, the picture of bank profits will have a strong divergence, along with the return of the commercial banking group with State capital. After two years of "holding" growth to support customers affected by the COVID-19 pandemic, the profit of this banking sector has increased sharply again.

By the end of 2022, Vietcombank's pre-tax profit reached nearly VNĐ36.8 trillion (US$1.6 billion), an increase of 39 per cent compared to 2021. This figure at BIDV was VNĐ22.56 trillion, an increase of nearly 80 per cent and at VietinBank was VNĐ20.5 trillion, an increase of 21.5 per cent compared to 2021.

Credit poured into priority areas, interest rates controlled at a reasonable level, and good asset quality are the reasons why State-owned commercial banks are granted more credit room by the State bank, thereby improving business results. In 2022, the credit of these banks all increased sharply, while bad debts were strictly controlled.

By the end of 2022, BIDV's bad debt ratio was only 0.9 per cent, bad debt coverage ratio reached 245 per cent, the highest level in recent years, and the balance of the risk reserve fund was up to VNĐ40 trillion. At Vietcombank, the bad debt ratio was only 0.67 per cent and the bad debt coverage was also above 465 per cent. At VietinBank, bad debt was also only 1.2 per cent, bad debt coverage ratio reached approximately 190 per cent, up 10 per cent compared to 2021.

The private joint stock commercial banks have not yet announced their profits, but it is forecast that the top banks will still maintain a positive growth rate, especially those with not too large corporate bond outstanding loans. Meanwhile, small joint stock commercial banks and banks with large bond outstanding loans are likely to see lower profits in the fourth quarter of 2022.

A recent survey by the State Bank of Việt Nam showed that business results of many credit institutions in the fourth quarter of 2022 did not meet expectations. However, 80 per cent of credit institutions predict that the overall business situation in 2022 will improve compared to 2021.

According to VNDirect analysts, in 2022, the banking industry's profit increased by about 32 per cent. In 2023, the banking sector's profit growth will decelerate, growing at only about 10 per cent due to slowing credit growth, narrowing net profit margin (NIM) and rising credit costs. Even so, opportunities are still open for banks with cheap valuations, healthy asset quality, high capital adequacy ratio, healthy credit structure, and restructuring. These will be the banks prioritised by the State Bank in the credit room grant in 2023.

Nguyễn Hoài Phương, Investment Director, who runs the Việt Nam Market Access Equity Fund (VESAF) under VinaCapital, said that in 2023, the VESAF Fund will consider increasing the proportion of bank stocks, especially banks with competitive advantages in terms of liquidity ratios, diversified loan portfolios and good risk management.

In 2022, banking stocks went through a turbulent period, with only two stocks increasing, namely Vietcombank (VCB) and Bank for Investment and Development of Việt Nam (BID), 25 out of 27 stocks declined, with some decreased by more than 50 per cent. The liquidity of bank stocks also dropped sharply. Even so in 2023, banking stocks are expected to lead the rising wave again after hitting 10-year lows in 2022. However, most likely, the market will have challenges in the first half of 2023, before growing in the second half of the year.

Analysts appreciate banks that have a high proportion of retail lending and demand deposits, or current account savings account (CASA), as well as good liquidity buffers and risk provisions.

In the first week of 2023, bank stocks traded actively. Lê Đức Khanh, analyst at VPS Securities Company, said that it is still too early to judge the growth trend of bank stocks, but most likely, the banking group is leading the market to 1,060 - 1,080 - 1,100 points.

— VNS   LINK

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Henig:  Vietnamese booths launched in French supermarkets

08:15 | 15/01/2023

France's Carrefour Group and the Vietnamese Embassy in the European country on January 13 launched the Vietnamese booths at all supermarkets run by the French retailer, on the occasion of the Vietnamese traditional New Year (Tet).

At Carrefour supermarket in Lyon city, the Vietnamese booth introduced many agricultural products such as rice, spring roll, noodle, and coffee, along with industrial products.
Traditional fruit tray and Chung (glutinous rice cake) were also prepared to give visitors an insight of Vietnamese Tet.

Attractive promotion programs were run on the occasion, aiming to encourage more visitors to try the products.

Addressing the launching of the booth at Lyon Carrefour supermarket, Vietnamese Ambassador Dinh Toan Thang said that this activity marks a step forwards in the Vietnam-France economic and trade partnership right in the time as the two sides are marking the 50th anniversary of the bilateral diplomatic relations and the 10 years of strategic partnership.

For his part, Carrefour Director Rami Baitiéh said that Vietnamese goods are always among the top 20 best-selling agricultural products in the international zone of Carrefour.

He said he has directed all member supermarkets to ensure the supply of Vietnamese products to meet their customers' demand.

Bruno Lebon, Executive Director of Hypermarkets at Carrefour, said that the supermarkets are selling 200 products from Vietnam, adding that the firm plans to organise a number of promotion programmes to better meet the rising demands for Vietnamese products.

Lebon said that Vietnamese rice, coffee and tea are popular among French consumers, and Vietnamese fruits are receiving increasing attention from local shoppers. Therefore, the firm is seeking suppliers of these products.

Last year, Carrefour and the Vietnamese Embassy in France organised three promotion programmes of Vietnamese products.

VNA    LINK

Henig:  Trading in tight range ahead of Tết holidays

January, 16/2023

Experts believe that in the period before the Lunar New Year, the index will fluctuate at a narrow level, but investors can still look for opportunities in short-term positions.

HÀ NỘI — The stock market traded in a narrow range last week, with most industries experiencing a divergence trend. Experts believe that in the period before the Lunar New Year, the index will fluctuate in a narrow level, but investors can still look for opportunities in short-term positions.

The market’s benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) ended the week at 1.060.17 points, while the HNX-Index on the Hà Nội Stock Exchange (HNX) closed at 211.26 points. 

Both benchmarks gained for the week, with the VN-Index rising 0.8 per cent and the HNX-Index up 0.3 per cent. 

Liquidity also did not have a big change, partly reflecting the cautious sentiment of investors in the trading sessions before Tết. Specifically, the average matching volume on HoSE reached nearly 436 million shares per session, down 20.65 per cent over the previous trading week, while the HNX's average matching volume was nearly 51 million shares a session, down 16.52 per cent. 

This was also the reason why the VN-Index had no motivation to hit higher levels.

As the Lunar New Year approaches, investors are often worried. However, it is worth noting that in the last 21 years, the VN-Index has increased 15 times and decreased six times during sessions ahead of the festival. Especially, five days before Tết, the average performance is always positive.

Nguyễn Anh Khoa, Head of Analysis and Investment Consulting Department of Agriseco Securities Company, said that this will be an opportunity for investors to accumulate leading stocks, especially in the VN30 basket, at low prices.

Following a slight increase in the benchmark index and continued low liquidity levels in recent weeks, Vietcombank Securities Company (VCBS) believes that the market will continue to struggle and fluctuate in a narrow range before the holidays.

Experts from VCBS recommend short-term investors take advantage of the uptrend to take profits on short-term speculative stocks while limiting the opening of new transactions until the holiday.

BIDV Securities Company (BSC) forecasts that the VN-Index will continue its sideways trend this week, trading in the range of 1,050 to 1,065 points, and may fluctuate more strongly in the sessions close to Tết. 

Similarly, Yuanta Securities said that the market may extend the sideways trend and trade in a tight range.

If it breaks away from the sideways trend, the short-term cash flow is still quite weak. Furthermore, the short-term sentiment index is still in the negative territory, indicating that investors are still not ready to invest again and that the market is still diverging.

However, the short-term trend of the general market is still up. As a result, Yuanta advises short-term investors to continue to take advantage of correction sessions to increase the proportion of stocks in their portfolio, but not to exceed 50 per cent.

MB Securities (MBS) said that as the VN-Index gained for two consecutive weeks, the upper limit of 1,064 points is still a strong resistance when there is no support from liquidity. 

With a fairly positive breadth, the market is expected to break out of the accumulation zone after the Lunar New Year or remain sideways, but investors will have opportunities with individual stocks. 

VNS   LINK

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Henig:  Insurance companies benefit from interest rate hike in 2023

January, 16/2023

Insurance companies will have the chance to earn higher profits in 2023 thanks to a continual interest rate hike trend.

HÀ NỘI — Insurance companies will have the chance to earn higher profits in 2023 thanks to a continual interest rate hike trend.

It is feasible for insurers to continually increase profits this year as the majority of their investment portfolios are bank savings and government bonds, whose interest rates are forecast to remain at high levels in the year.

According to the current legal regulations, insurers have to use at least 70 per cent of their capital to deposit at banks or buy government bonds to ensure the insurers’ capital safety. Therefore, the current high interest rates of the two channels are an advantage for insurers to increase their profits.

As the interest rate hike trend is forecast to remain in 2023, financial activities of insurance companies are expected to continually record positive results this year.

The US Federal Reserve (Fed) last year raised interest rates by a total of 4.25-4.5 per cent per year to curb inflation, the highest rate since January 2008. Fed is expected to continue increasing interest rates in the first quarter of 2023.

The Fed’s interest rate hike caused the money flows to change. Investors have gradually withdrawn in most of the emerging and frontier countries and returned to the US. This pushed the US dollar Index to 104.2 points on December 27 last year, up by 8.6 per cent compared to the beginning of 2022.

Facing the pressure of local currency devaluation, as well as the withdrawal of investment flows, most countries have had to raise interest rates. Việt Nam is no exception, especially when the market is thirsty for capital with the credit growth increasing faster than the capital mobilisation growth. To cope with the difficulties, the State Bank of Vietnam (SBV) increased policy interest rates twice in September and October 2022, by 1 per cent per year each time.

Under the SBV’s move, the interest rates for 12-month term deposits at banks in 2022 increased by 2-4 per cent per year on average. For example, the 12-month interest rate at BIDV is currently 7.4 per cent per year from 5.5 per cent at the beginning of 2022. Similarly, the rate rose from 5 per cent to 9.1 per cent per year at VPBank, from 5.8 per cent to 8.9 per cent per year at Sacombank, from 5.5 per cent to 7.4 per cent per year at Vietcombank.

The savings interest rates are forecast to remain high or even increase higher in the next six months to 12 months.

As interest rates are high, borrowing costs are expensive, and economic growth is slowing. It is currently a tough time for most businesses. However, this is an opportunity for businesses, including insurance companies, which own a large amount of cash.

Statistics of seven listed insurance companies, including Bảo Việt Holdings (BVH), Bảo Minh Insurance Corporation (BMI), PetroVietnam Insurance Corporation (PVI), Vietnam Reinsurance Corporation (VNR), Post and Telecommunications Insurance Corporation (PTI), Petrolimex Insurance Company (PGI) and Military Insurance Corporation (MIG), showed by the end of the third quarter of 2022, the companies had more than VNĐ127.5 trillion in cash. The cash was short-term financial investments with mainly short-term bank savings, which accounted for some 42 per cent of the companies’ total assets.

As the short-term savings interest rates of banks have been consecutively adjusted up, especially at the end of September and October last year, the VNĐ127.5 trillion short-term financial investments of the insurers have earned significant profits.

According to experts, the financial revenue of insurers often depends on the interest rates of the market. When interest rates increased, the financial revenue of the insurers increases and vice versa.

Data from Viet Dragon Securities Company (VDSC) also showed interest rates tended to go up in the 2009-11 period. They then slowed in the 2011-15 period, and increased again since 2016.

The financial revenue of insurers was also under the same move in the periods. The financial revenue of three typical insurance companies, including BVH, BMI and PVI, also increased from 2009 to 2011, when the interest rates rose in the domestic market. In the period of interest rate decline in 2012-15, the financial revenue of the insurers slowed before increasing again in the 2017-19 period.

In fact, besides the insurance business segment, the financial revenue of insurance companies is often high compared to their total pre-tax profit. Specifically, at BVH, in the 2008-21 period, the insurer’s ratio of financial revenue to pre-tax profit averaged 339.7 per cent. The ratio at BMI and PVI was 102.5 per cent and 150.7 per cent, respectively.

According to Ngô Việt Trung, Director of the Ministry of Finance’s Insurance Supervision Administration, despite difficulties and challenges of the economy after the COVID-19 pandemic, insurance companies adapted proactively and flexibly, helping the country’s insurance market maintain a good growth rate in 2022.

As of December 12, 2022, insurance premiums in Việt Nam increased 15.1 per cent year-on-year to more than VNĐ251.3 trillion, of which VNĐ68.2 trillion was from non-life insurers and VNĐ183.10 trillion from life insurers.

By December 12, the total assets of insurance companies grew by 14.51 per cent against the beginning of the year to VNĐ811.31 trillion, while equity reached VNĐ162.81 trillion, up 3.83 per cent.

The numbers are positive in the current context, Trung noted, adding insurance companies have actively improved their competitiveness and expanded their operation area.

— VNS  LINK

Iraqi News Highlights Monday Afternoon 1-16-23

Iraqi News Highlights Monday Afternoon 1-16-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Determines The Valid And Rejected Iraqi Banknotes

Monday 16 January 2023 11:36 | Economical Number of readings: 301

Baghdad / NINA / - Today, Monday, the Central Bank of Iraq determined the valid and non-negotiable banknotes of the local currency.  The bank stated in a statement that it is "responsible for defining the categories of Iraqi monetary currencies, their standards, printing, and minting coins, and is responsible for destroying and replacing them and identifying defective ones," noting that "discriminating between their categories by imposing a specific category on the public or refusing to receive a specific category is illegal." acceptable and illegal.”

And he explained that "the banknotes issued by him remain valid for negotiation in the event that they were exposed to any tear of more than 3 cm, and it was repaired with transparent adhesive tape on one or both sides and did not affect its features."

He added that "the banknotes also remain valid if they were cut in one of their corners within 2 cm and did not affect their features, and also if traces of circulation and use appeared on them and were not harmed or damaged affecting their shape, color and size."

He pointed out that "banknotes are considered unfit for negotiation if the banknote is worn out or damaged even though it was not torn or parts of it were lost, and if it was damaged as a result of exposure to water or various liquids, and it is also considered unfit for negotiation if it consists of two parts with different numbers." Its area was close to the size of the original banknote.

And he indicated that “the banknote is also considered invalid if the banknote is fixed with a transparent tape or more on its width or length, in addition to pieces of it more than one angle or loaned, or if it is defective in terms of design and size and if it loses 50% of its area.” It is also considered unfit for circulation if foreign materials stick to it and affect its features, such as inks and dyes, or if they are perforated.”/ End 8    https://ninanews.com/Website/News/Details?key=1026864

Iraq's Start To Comply With International Banking Systems Affects The Exchange Rate Of The Dinar

Posted On2023-01-16 By Sotaliraq  Adviser to the Prime Minister for Financial Affairs, Mazhar Saleh, told AFP that the "fundamental and fundamental reason" This decline «is an external limitation», but some Iraqi politicians consider that the states The United States stands behind this volatility.

Hadi al-Amiri, head of the Al-Fateh Alliance, which represents the Popular Mobilization Forces, which includes pro-Iranian factions affiliated with The state, in a statement on Tuesday, asked the Americans to exercise “pressure on Iraq to prevent its opening up to Europe and the countries of the world.” He considered that the Americans are using the "dollar as a weapon to starve people."

Shock

In fact, the volatility of the dinar is linked to the start of Iraq's compliance with some of the standards of the international transfer system (SWIFT), which has become Iraqi banks should apply it since mid-November to access Iraq's dollar reserves located in the United States, so that Iraq could access those reserves, which amount to 100 billion Dollars, it currently has to comply with systems that “require compliance with international anti-money laundering provisions and anti-money laundering provisions.”

Terrorist financing, and those related to sanctions, such as those applied to Iran and Russia, ”according to Tabakishli.

He adds that the matter is related to entering Iraq «within a system of global financial transfers that requires a high degree of transparency However, 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 (transfers). in dollars) on an electronic platform, the requests are checked … and the Federal Reserve examines them, and if it has doubts, it arrests the transfer

And the Federal Reserve has refused, since the implementation of the restrictions, “80% of requests” for financial transfers to Iraqi banks According to Saleh, due to doubts about the final destination of those funds being transferred, he said.

Temporary Condition

This refusal affected the dollar supply in the Iraqi market. On the other hand, demand accumulated, but the supply was not consistent with it, and therefore the exchange rate fell with a decline Bank transfers in dollars The Central Bank of Iraq spoke in a statement on Tuesday about the return of the exchange rate to what it was in two weeks, describing the “turmoil in dollar prices” as a “temporary condition.” .

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

Mazhar Salih believes that “these measures are important because they show that the state exists to protect the market and the citizen.” It helps to "repel the problem".

Despite the dinar's decline, the inflation rate is still small, amounting to 5.3 percent, at an annual rate In October 2022, according to the Ministry of Planning, but the actual concerns relate to the purchasing power of the population.

Saad Al-Taie, a retiree whose son helps run a small shop in the Karrada neighborhood of Baghdad, He feels the impact of exchange rate fluctuations on his purchasing power, and says, “This fluctuation is a problem Genuine, for the merchant who sells retail and for the consumer ».

He adds that «Iraqis have limited salaries and receive their salaries in Iraqi dinars. As a retired person, I receive 494 thousand dinars... When the dollar was 1470, the value of my salary was 336 dollars. Today, at the exchange rate of 1570, my salary becomes $314.”    LINK

Parliament Supports Addressing The High Exchange Rate Of The Dollar And The Central Bank Considers It A Temporary Problem

The Speaker of the House of Representatives, Muhammad al-Halbousi, affirmed that Parliament supports the Central Bank of Iraq in its steps to address the high dollar exchange rate, while the Central Bank Governor, Mustafa Ghaleb Makhaif, indicated that the high dollar exchange rate is a temporary problem that will be overcome.

The media office of the Speaker of the House of Representatives stated in a statement: “Al-Halbousi received the governor of the Central Bank, in the presence of the heads and deputy heads of the parliamentary Finance and Economic Committees, and listened during the meeting to a detailed explanation of the procedures adopted by the Central Bank in organizing the economic sector related to the circulation of foreign currency. Whether cash sales or foreign trade financing.

And the governor indicated, according to the statement, what “the central bank has taken and what it will take to overcome this problem,” stressing that it is “temporary and will be overcome if the foundations that were built to address it are established.”

Al-Halbousi explained, "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.    https://www.radionawa.com/all-detail.aspx?jimare=33033

From The Door To The Niche .. Alia Nassif Calls For The Purification Of The National Investment Authority

Monday 16 January 2023 11:54 | political Number of readings: 299  Baghdad / NINA / - Representative Alia Nassif called on the Prime Minister to purify the Investment Authority from the corrupt elements "who play a clear sabotage role through which they seek to thwart the government," as she put it.

Nassif said in a statement today: "The National Investment Commission is now in need of purification" from the door to the mihrab", especially in light of the presence of influential people who have relations with the previous government trying to hinder investment in several innovative ways with the aim of thwarting the current government."

And she added: "There are well-known parties that have investments in the Baghdad Commission that are trying to monopolize all investments for themselves by bullying other investors, and this is happening, of course, with the blessing of some corrupt people in the Commission."

  Nassif stressed the need for " https://ninanews.com/Website/News/Details?Key=1026876

Economist: Al-Sudani's Visit To Germany Will Turn Iraq Into A Global Investment Opportunity In The Field Of Gas And Energy

Monday 16 January 2023 11:20 | Economical Number of readings: 408  Baghdad / NINA / - The expert on economic affairs, Safwan Qusay, confirmed that Al-Sudani's visit to Germany will contribute to transforming Iraq into a global investment opportunity in the field of gas and energy.

Qusai said in a statement to the National Iraqi News Agency ( NINA ): "The visit of Prime Minister Muhammad Shia' al-Sudani to Germany comes as a prelude to turning Iraq into a global investment opportunity in the field of associated and liquefied gas, because Iraq is still burning gas at a rate of $2.5 billion annually and imports the same amount." for electric power generation.

He added: "Iraq is in dire need to invest in the field of gas and operate its electrical stations with Iraqi gas, in addition to expanding the circle of dependence on gas for consumption in homes, factories and means of transportation, and then export at the same time."

He explained: "Germany is considered a strategic ally in the energy sector to transfer Iraq's gas to Europe, and German companies can now invest in other sectors in Iraq, such as railways, ships, medical materials, waste management, petrochemicals and other various industrial fields."

Qusai continued: "We believe that the time is right for that, and this will motivate Asian countries, the United States of America and the United Kingdom to speed up entry into the Iraqi market and defend their share in the Iraqi environment."/ https://ninanews.com/Website/News/Details?Key=1026837

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

https://www.bondladyscorner.com/

KTFA Members "Iraq News" Monday 1-16-2023

KTFA:

Clare:  The Central Bank determines the valid and rejected Iraqi banknotes for circulation

2023-01-16 

The Central Bank of Iraq determined, on Monday, the valid and non-negotiable banknotes of the local currency

The bank said, in a statement received by Shafaq News agency, that it is "responsible for defining the categories of Iraqi coins, their standards, printing, and minting coins, and is responsible for destroying and replacing them and identifying defective ones," noting that "discriminating between their categories by imposing a specific category on the public or refusing to receive A certain category is unacceptable and against the law.”

And he explained that "the banknotes issued by him remain valid for negotiation in the event that they were exposed to any tear of more than 3 cm, and it was repaired with transparent adhesive tape on one or both sides and did not affect its features."

He added that "the banknotes also remain valid if they were cut in one of their corners within 2 cm and did not affect their features, and also if traces of circulation and use appeared on them and were not harmed or damaged affecting their shape, color and size."

He pointed out that "the banknotes are considered unfit for negotiation if the banknote is worn out or damaged even though it was not torn or parts of it were lost, and if it was damaged as a result of exposure to water or various liquids, and it is also considered unfit for negotiation if it consists of two parts with different numbers." Its area was close to that of the original banknote.

And he indicated that “the banknote is also considered invalid if the banknote is fixed with a transparent tape or more on its width or length, in addition to pieces of it more than one angle or loaned, or if it is defective in terms of design and size and if it loses 50% of its area.” It is also considered unfit for circulation if foreign materials stick to it and affect its features, such as inks and dyes, or if they are perforated.”   LINK

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Clare: Parliamentary recommendation to go to the electronic system in regulating the movement of funds

Today, Monday, the Parliamentary Finance Committee confirmed that one of the reasons for the fluctuation of the dollar exchange rate is the lack of an electronic system, while indicating that this aims to regulate the movement of funds.

A member of the Finance Committee, Jamal Cougar, told the official agency, “The financial electronic system project was proposed years ago in the Finance Committee and other committees, as well as by some ministers and economists, but the issue did not find the required response.”

He explained, "One of the reasons for the conflict between the dollar and the Iraqi dinar is the lack of an electronic system, and therefore the movement of funds is not clear," stressing "the importance of the country's approach in this direction, as it regulates the movement of funds."

For his part, the economic expert, Amer Al-Jawahiry, stated that “strong decisions must be issued capable of transforming the financial system into an electronic one and taking all measures,” stressing the need for “the presence of a specialized team that lays the basis for work on the matter.”

He continued, "We must keep pace with change and keep pace with the development taking place in the world in terms of the electronic system and other developments."  LINK

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Henig:  An American delegation arrives in Baghdad within hours before an expected visit by Al-Sudani to Washington

Baghdad today - Baghdad 
 
Informed sources said, on Monday, that an American delegation will arrive in Baghdad within hours, while indicating that there is an expected visit by Prime Minister Muhammad Shia al-Sudani to Washington to meet with President Joe Biden.

The sources told (Baghdad Today) that "an American delegation will arrive in Baghdad within a few hours to discuss the file of scheduling and deployment of American forces in Iraq."

The sources added, "Foreign Minister Fuad Hussein will soon go to Washington to arrange procedures for Iraqi Prime Minister Muhammad Shia'a al-Sudani's visit to the United States and to meet with US President Joe Biden."   LINK

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Henig:  Agence France-Presse: Al-Sudani is preparing to meet with Biden and shows friendliness to America, which is tightening its policies against Iran

January 16, 2023

Baghdad / Obelisk: Agence France-Presse considered that an interview published by the Wall Street Journal, on Sunday, with Iraqi Prime Minister Muhammad Shia al-Sudani, showed Sudani's keenness to please the United States, which continues to intensify its tone against Iran.

Al-Sudani told the newspaper that he wants to send a high-level delegation to Washington soon, perhaps as a prelude to a meeting between him and President Joe Biden.

Al-Sudani considered that his country is still at the present time “in need of foreign forces” present in it, most of which are American, according to what came in an interview published Sunday by the Wall Street Journal.

"We believe we need foreign forces," said Al-Sudani, who has held the post since the end of October, adding, "Eliminating ISIS will take some time."

"We do not need forces fighting inside Iraqi territory," he said, explaining that "the threat to Iraq stems from the infiltration of (extremist organization) cells from Syria."

The United States has about two thousand military personnel in Iraq to carry out training and advisory missions.

The North Atlantic Treaty Organization (NATO) is also carrying out a non-combat mission in Iraq, in which, according to its website, “hundreds” of personnel from several member states or NATO partners (Australia, Finland and Sweden) participate.

According to the French Agency, the Sudanese government, which gained confidence after a year of bloody clashes, sometimes relies on the support of parties allied to Iran that dominate parliament. Iraq also relies heavily on gas and electricity from its eastern neighbor.

The Iraqi government faces enormous expectations from Iraqis who are exhausted by a serious economic and social crisis.

At the end of November, the Iraqi Prime Minister visited Tehran, which saw promises of strengthening cooperation on the security and economic levels.

In a related context, there are talks about a dispute between the Sudanese government and the Shiite parties that support it over the position on the American presence in Iraq.

Ali al-Ghanmi, a member of the political bureau in the Euphrates Movement, led by Prime Minister Muhammad al-Sudani, said about the differences within the coordination framework or the state administration coalition over the relationship with the United States, according to his statements published in local media.

Al-Ghanimi, a former deputy, explained that some political parties - he did not name them - have reservations about the relationship with Washington because of the airport incident.

It is hoped that Al-Sudani's protocol visit to Washington will discuss the joint security file between Baghdad and Washington, especially with the presence of an escalation by the armed factions against the American presence.

The leader of the Sayyid al-Shuhada Brigades, Abbas al-Zaidi, revealed to Al-Masalla the resistance's dissatisfaction with the actions of the government of Muhammad Shia' al-Sudani.

Al-Sudani had stressed the importance of continuing joint work, especially in the field of advising and training the Iraqi forces, which are fighting the confrontation against terrorism effectively and professionally.

Al-Zaidi told Al-Masalla: We reject the intervention of the US embassy in the Iraqi issue, warning against complete submission to the occupation, as there is no specific ceiling for the goals and projects of the aggressive occupation in Iraq or the region across Iraq.

A member of the House of Representatives, Jassim Al-Moussawi, directed a request to Parliament regarding the presence of foreign forces on Iraqi soil, and while he confirmed that the US forces had caused major violations to the country, he considered Washington's allegations of providing aid to Iraq as "false."

Maqarat expects that the current government is aware of the impact of the escalation on the internal political and economic situation, and that it does not want the relationship with Washington to deteriorate.

And the leader in the framework, Mahmoud Al-Hayani, considered the talk about the withdrawal of US forces from Iraq unreal, and just a media talk.

In light of the security calm during the Sudanese era until now, it is not known whether it was a temporary truce decision, or a framework government decision to coexist permanently with the American presence in Iraq.     LINK

Henig:  Iraq begins to develop its air defense in a plan to dispense with external support

Mohamed Ali  January 15, 2023

Today, Sunday, a senior Iraqi military official in the Ministry of Defense in the capital , Baghdad , revealed a joint strategy for the Air Force and Air Defense Commands , which includes a comprehensive development of the Iraqi Air Force and military bases, in various cities of the country, in addition to strengthening monitoring and control networks during the year 2023.

The official explained that this plan guarantees the control of the Iraqi forces over the entire airspace of the country, through the purchase of various combat and unmanned aircraft, as well as various radars and missile interception systems from various sources.

This comes with the anticipation that the government of Prime Minister Muhammad Shia'a al-Sudani will send the draft financial budget for the year 2023 to parliament in the coming days, with a view to approving it. Informed sources confirm to Al-Araby Al-Jadeed that the government will raise the
financial budget of the Ministry of Defense to strengthen various military sectors.

According to a prominent Iraqi general in the Iraqi Ministry of Defense in Baghdad, "the military leaders in the country have reached a complete strategy to develop the Air Force and the Air Defense Command, in a way that guarantees that Iraq can dispense with any non-Iraqi air or information support."

The official, who asked not to be named, added that the military development plan includes developing the Iraqi Air Force's arsenal with combat and bomber drones or for airspace control purposes. It also includes rehabilitating air military bases and subjecting their personnel to advanced training courses.

He continued, in his interview with Al-Araby Al-Jadeed, that, "according to the plan, the Iraqi Air Defense Command will obtain new and advanced radars from various European countries, as well as missile deterrent systems to prevent any violation of Iraqi airspace."

The official revealed that there is broad political support from various parliamentary forces and blocs to enhance Iraq's military capabilities during the current year 2023, in a way that enables the Iraqi army to carry out its tasks without the need for external assistance.

Last week, the commander of the Iraqi Air Force, Lieutenant General Shihab Jahid, said that the plan for the current year 2023 is to develop the capabilities of the Iraqi Air Force.

Jahed said, to the Iraqi News Agency (INA), that "the plan for this year will focus on restoring the basic infrastructure of the Air Force, as the recruitment and purchase of aircraft must be preceded by a process of preparing the air bases, in order to ensure that the aircraft operate with bases with infrastructure and combat readiness during which they can from completing its tasks.”

The programs of the Iraqi government headed by Muhammad Shia al-Sudani, whom parliament voted for at the end of November of last year, included the development and support of the military establishment in the country, without explaining the details of that, but he indicated in a statement on the occasion of the founding anniversary of the army, which fell on the sixth of this month. That his government will continue "within its programme, to work to strengthen the role of our armed forces in all its forms, led by our heroic Iraqi army, and to work on the technological and field development of its combat weapons, and to raise the capabilities of movement, deployment, holding the ground and repelling aggression."

An expert on Iraqi security affairs and a member of the Warriors Association in Baghdad, Saad Al-Hadithi, told Al-Araby Al-Jadeed that, “The plan to develop the Iraqi army was among the previous recommendations of the Joint Operations Command, during rounds of joint dialogue with Washington in 2021 during the government of Mustafa Al-Kazemi, where he showed The committee assessed Iraq's continued need for air support from the international coalition, especially with regard to information and airspace monitoring in the border areas with Syria.

Al-Hadithi added, "The previous development plan focused on the Iraqi ground forces, given that the greatest burden of direct military confrontations against terrorism was on the ground forces, but the development of air defense today has become necessary."

The spokesman considered that Iraq's continued reliance on the American squadron of "F-16" fighters, as the backbone of the Air Force, is incorrect, and Iraqi leaders noticed it during the administration of President Donald Trump, whose administration blackmailed Baghdad with aircraft ammunition, especially during the period of tension that followed the assassination of Soleimani. Therefore, diversification is very important, and an excellent step for the Sudanese government.   LINK

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Henig:  Integrity reveals the issuance of two arrest warrants for the former Director General of the Dhi Qar Investment Authority

Today, Sunday, the Investigation Department of the Federal Integrity Commission announced the issuance of two arrest warrants against the former Director General of the Dhi Qar Investment Commission.

The department confirmed in a press statement that “the Nasiriyah Investigation Court, which specializes in integrity issues, issued an arrest warrant against the former Director General of the Dhi Qar Investment Authority, in the matter of violations that occurred in the referral of a real estate as an investment opportunity; Which led to deliberate damage to the funds and interests of the entity in which he works.”

She added, "The aforementioned court issued a second arrest warrant against the former Director General of the Dhi Qar Investment Authority, in the case of violations committed in one of the real estate that was offered for investment."

The circuit indicated that the Nasiriyah Investigation Court, which is specialized in integrity issues, issued two arrest warrants. Based on the provisions of Articles (340 and 331) of the Iraqi Penal Code No. (111 of 1969).

It is noteworthy that the competent court had previously issued two summons orders against the former Director General of the Dhi Qar Investment Commission in the two cases, pointing out that one of the two summons orders included three other defendants.   LINK

"Tidbits From TNT" Monday AM 1-16-2023

TNT:

Tishwash:  The Prime Minister of Kurdistan leaves for Davos to participate in the World Economic Forum

The Prime Minister of Kurdistan Region, Masrour Barzani, left Erbil International Airport today, Monday, to participate in the World Economic Forum 2023 in the Swiss city of Davos.

A statement issued by the Presidency of the Regional Government, received by Shafaq News Agency, stated that the prime minister will hold, during the forum's work, a series of meetings with political leaders and businessmen, in which he will deal with a number of files topped by economic diversification and banking services, in addition to discussing finding new markets for Kurdistan's agricultural products. And opportunities for regional trade across the Kurdistan Region.

The discussions also shed light, according to the statement, on investing in minerals, oil, gas and renewable energy, in addition to discussing security and political developments in Iraq and the region, climate change and combating drought, as well as the results of the Davos Forum at last year's session.

The statement indicated that the meetings and meetings held by the prime minister with a number of investors and representatives of the Gulf countries at the Davos Forum in the 2022 session culminated in the success of the process of exporting the Kurdistan pomegranate crop to several Gulf countries, and the export process is still continuing.

The prime minister's meetings in the previous session of the forum also resulted, according to the statement, in an agreement to achieve more coordination and cooperation with many consulting firms and countries of the world, especially the United Kingdom and the United Arab Emirates, to advance various government sectors in the Kurdistan Region, including the banking and financial system, Enhancing foreign investment, electronic transformation in KRG institutions and departments, and diversifying revenues.  link 

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 Tishwash:  so both governments in Iraq are at Davos

The President of the Republic leaves the country for Switzerland

The President of the Republic, Abdul Latif Jamal Rashid, left today, Monday, Iraq, heading to Switzerland to participate in the meetings of the World Economic Forum in Davos.

A statement by the media office of the Presidency of the Republic, received by Earth News, said, " The President of the Republic, Abd al-Latif Jamal Rashid, left Iraq, accompanied by Foreign Minister Fuad Hussein, heading to Switzerland to participate in the meetings of the World Economic Forum in Davos . "

He added that " Rashid will participate in a number of seminars and dialogue sessions at the conference, to discuss several issues related to food security, sustainable development, regional and international partnerships to support the energy, agriculture and water sectors, confront climate change, combat corruption, develop infrastructure and protect society . "link

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Tishwash:  Economist: Al-Sudani's visit to Germany will turn Iraq into a global investment opportunity in the field of gas and energy

The expert on economic affairs, Safwan Qusay, confirmed that Al-Sudani's visit to Germany will contribute to transforming Iraq into a global investment opportunity in the field of gas and energy.

Qusai said in a statement to the National Iraqi News Agency ( NINA ): "The visit of Prime Minister Muhammad Shia' al-Sudani to Germany comes as a prelude to turning Iraq into a global investment opportunity in the field of associated and liquefied gas, because Iraq is still burning gas at a rate of 2.5 billion dollars annually and imports the same amount." for electric power generation.

He added: "Iraq is in dire need to invest in the field of gas and operate its electrical stations with Iraqi gas, in addition to expanding the circle of dependence on gas in consumption in homes, factories and means of transportation, and then export at the same time."

He explained: "Germany is considered a strategic ally in the energy sector to transfer Iraq's gas to Europe, and German companies can now invest in other sectors in Iraq, such as railways, ships, medical materials, waste management, petrochemicals and other various industrial fields."

Qusai continued: "We believe that the time is right for that, and this will motivate Asian countries, the United States of America and the United Kingdom to speed up entry into the Iraqi market and defend their share in the Iraqi environment.   link

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Tishwash:  Parliamentary anger at ignoring the discussion of the dollar crisis

The head of Zakho Al-Faw Gathering, independent MP Amer Abdul-Jabbar, warned, on Monday, of a major humanitarian crisis as a result of the crisis of the continued rise of the dollar, expressing his surprise at the failure to include a paragraph discussing the rise in the exchange rate of the dollar on the agenda of the session last Saturday. 

Abdul-Jabbar said in a statement to Al-Maalouma, "We are surprised that a paragraph was not included discussing the rise in the exchange rate of the dollar, despite the approval of First Deputy Mohsen Al-Mandalawi." 

He added, "We collected about 182 parliamentary signatures in order to discuss the dollar crisis, which negatively affected daily employers, the poor, and those with limited income." 

Abdul-Jabbar pointed out that "the House of Representatives supports the government's measures to combat corruption and address the file of money laundering within private banks," considering that "it is unacceptable to leave people facing high prices without finding solutions to the dollar crisis." 
Earlier, the representative of the Sadiqun bloc, Uday Awad, accused Parliament Speaker Muhammad al-Halbousi of using his powers to confiscate the rights of other political forces, indicating that he had ignored the signatures of 200 parliamentarians regarding the dollar crisis.  link

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Tishwash:  The Central Bank reveals to Alsumaria the reasons for the rise in dollar prices

The bank's advisor, Ihsan Al-Yasiri, revealed the reasons for the rise in the exchange rates of the dollar against the dinar in the local markets, while noting that the exchange rates of the dollar will return to 1470 soon

Al-Yasiri said in an interview withAlsumaria NewsThe reasons for the rise in the exchange rate of the dollar are:Central Bank of Iraq More than a year ago, he started organizing the foreign trade financing sector, which is an important sector because the real productive sector is inIraqIt is not enough now to satisfy the public's consumer demands

And he continued, "Therefore, import remains the largest funder of the public's requirements, such as food and consumer goods, and others."

Al-Yasiri pointed out that, "The Central Bank, after 2003, has become financing import operations through the window for selling foreign currency and is trying to improve the mechanisms of financing foreign trade to ensure the movement of the dollar and its access to those in need, whether it is cash dollars or financing foreign trade with remittances or credits."

And the Central Bank advisor went on to say, “A year ago, we started building what is called (the platform), which is a mechanism through which banks raise their requests for the purpose of meeting the needs of financing foreign trade,” adding, “Previously, financing foreign trade also performed for the purposes of financing trade, but it did not produce information because The central bank was preparing funds for banks based on information provided by their customers.

He pointed out that "banks also carry out tasks of searching for the customer according to what is known as the task (know your customer), that is, knowing the nature of the customer and the sources of his money, and then the money goes out in favor of the customer, and after that the goods are returned."

Al-Yasiri explained, "There are problems at the border crossings, that is, the financial authority, with regard to customs fees and tax secretariat fees," noting that "this platform will organize the work very accurately."

And he stressed that "the dollar that the bank receives goes to the beneficiary in exchange for real goods that return to the country," noting that "this platform will make the banks work to define all customers who aim to buy the dollar in order to carry out import operations and identify the correspondent banks to it and the customers to benefit from the result."

And he added, "And Al-Yasiri said, "Some merchants now fear tax and customs procedures, fees and information, and many merchants who actually buy dollars in return for real goods are more than 90 percent of the dollar that comes out of the central bank, instead of real goods."

And he stressed, "The exchange rates will return to 1470 soon, and the rates that it reached were not critical," noting that "Iraq Besieged by countries that have a decline in the price of their currency and are worried economically, and this challenge casts a shadow on them Iraq And Al- Yasiri went on to say, "Returning the exchange rate of the dollar to what it was in the past (120) thousand dinars for every 100 dollars leads to confusion in the economy and the market.  link

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