Sunday Morning Iraq Economy News Highlights 1-22-23

Sunday Morning Iraq Economy News Highlights 1-22-23

My Leadership In The Framework: The Americans Raised The Dollar So That We Would Not Hold Al-Kazemi Accountable

Economy / Politics   Baghdad today-Baghdad   The leader in the coordination framework, Representative Waad Qaddo, considered the dollar crisis that "no speculators stand behind it." Rather, it is American pressure aimed at three conditions, represented by not smuggling the currency, not holding Al-Kazemi accountable, and other things related to the resistance factions, which we cannot implement.

Qaddo told (Baghdad Today) that "the Americans set several conditions, including not smuggling the currency to ensure that planes carrying the daily dollar are returned to Baghdad with the same previous number after the flights were reduced by half," noting that "the conditions are that Al-Kazemi will not be held accountable for any additional issue.” To ensure that currency is not smuggled to some countries.

Qaddo considered this condition as a "pretext", because "Iraq imports 99% of its needs from abroad, even if the most important of those needs are from Turkey and Iran. The annual purchase amount is estimated at 30 billion dollars annually, which is more than half of Iraq's annual income in dollars from the sale of oil."

Qaddo considered that, accordingly, "it is natural for the dollar to go to Tehran and Ankara by virtue of our purchase of goods, and this matter is not smuggling as the (American occupation) claims,"​​according to his description.

Qaddo stated, "The Americans are occupying Iraq, not by the presence of soldiers on the ground, but rather by controlling our economy. Iraq is still under a UN resolution that it described as unfair, which includes imposing a blockade on us since the nineties of the last century, and this matter caused an international decision that forces us to make the sums of selling oil in dollars not come directly to Iraq.” One of the countries that we sell oil to, but it goes to the US Federal Bank, and it is the one who transfers dollars to us.”

And he considered, “This measure captured us from the American side, and therefore we will not remain silent on this matter, as the Americans respond to some points from the government, provided that the dollar flows back from it with regard to the resistance factions , and this is something we do not accept.”

Regarding the campaigns carried out by the security forces in Baghdad regarding the arrest of some money-changers accused of manipulating dollar prices, Qaddo considered that “this matter is useless, because those responsible for the rise of the dollar are the Americans, and Parliament should host the governor of the Central Bank for the purpose of informing the people's representatives of the real matter and solutions."    LINK

Partnerships In Alliances Are Troubled By The Value Of The Dinar, The American Presence, And The Political Investment Of The Gulf

January 22, 2023  Baghdad / Obelisk: Three problems have removed some of the ashes from the embers of differences within the Iraqi political community, which are the decline in the value of the Iraqi currency, the US military presence, and the political investment of the two Gulfs of Basra.

As political sources believe that the Sudanese government is responsible for the drop in the value of the dinar, due to more Iraqi facilities for Tehran that allow it to breach US sanctions. Iraq complied with the American restrictions, especially since Ahed al-Sudani started buying Iranian technical expertise worth at least $3 billion.

The dispute, which transcends the Sunni forces to the Kurdish and Sunni, is about the American military presence, and giving them justifications for staying, according to Al-Sudani's statements to Western media.

There are also disagreements between the resistance factions themselves, as the Kuwaiti newspaper Al-Jarida reports that a strong wing in the factions gave the prime minister of Iraq the green light to legitimize the American presence with the justifications of training, counseling, and maintenance of armor and aircraft, provided that it guarantees America’s assistance to the Sudanese to maintain a stable situation and not pressure the interests of factions.

On the Sunni side, former Iraqi parliament member Haider Al-Mulla says that “disagreements within the current alliances, whether sovereignty or the coordinating framework, or whatever party it is, under these circumstances, are usually due to interests, positions, privileges and promises that are fulfilled between the members and their president.” ".

Government officials hastened to invest politically in the victory of the Iraqi national team in the Gulf football championship. The Kurdish Federal Minister of Justice received the Kurdish players in a manner that was considered racist.

Writer Mustafa Nasser said that Kurdish, Sunni and Shiite politicians are adept at trading in popular achievements.

In Basra, sports sources reported that a local government official suggested that the team members contact the leader of the Sadrist movement, Muqtada al-Sadr.

Previously, naming the Gulf as “Arab” sparked clear differences in position between the forces of the coordination framework.    https://almasalah.com/archives/37650

The Dollar Pays Its Goals In The Window Of The Iraqi Dinar

January 22, 2023  Baghdad/Obelisk:  Qassem Al-Gharawi  The effects of the high exchange rate of the dollar against the Iraqi dinar still raise concerns by the official and popular circles in Iraq, after the US Federal Bank set strict control conditions that require the currency sale window to display lists of dollars sold that include the names of persons and beneficiaries to indicate the Federal Bank’s position on the safety of the purchase process for the party The applicant, and his lack of affiliation with entities subject to international embargoes or sanctions by the US Federal Reserve.

This procedure prompted the central bank to wait for a period of seven days to solve the problem, at the very least, to complete the sale process, according to economists, and nearly a month passed, but to no avail. When the dollar is still hitting the Iraqi dinar window, while the political decision fails to stand with the people.

The reasons for the increase in the exchange rate of the Iraqi dinar in the Al-Kazemi government are not the same as the reasons in the Sudanese government, and everyone remembers that the previous government put forward the concept of reform in the financial system and monetary policy, coupled with the reasons for the drop in the price of a barrel of oil during the days of the Corona pandemic and a noticeable decrease in the cash reserves of the Central Bank of Iraq, as the government faced Difficulty in providing salaries to employees, yet the citizen bears the burden of the price increase.

And the leaders of the political blocs cracked our heads with their statements and hypocrisy in an attempt to satisfy the people that they refuse to increase the exchange rate of the dollar and they will work to stand against this decision or address the causes, but the inevitable result and they know it is that there is no room for interference or influence in that because it is beyond their control until they finally succumbed to the reality of the situation and it must Negotiating with the US Federal Bank, which was the reason for the increase in its precautionary measures due to the smuggling of dollars and urban income to some private banks by an American decision.

Reducing the price of the dinar and not addressing the effects on the citizen is the cause of a difficult economic and living crisis. We have spoken of the necessity of treatment. Today, the government has this file, which must be dealt with in a way that does not harm the citizen and the national economy, through the development of a well-thought-out and integrated plan. https://almasalah.com/archives/38552

The Sudanese Government And The Obscurantism Of Its Infernal Monetary Policy

Sunday, January 22, 2023 - 08:28  Sameer Adel   The value of the Iraqi local currency began to gradually decline against the exchange rate of the US dollar, and all this under the government of Muhammad Shia'a al-Sudani, and the aforementioned decline led to an increase in prices, especially food stuffs, as The exchange rate of the dollar against the Iraqi dinar reached more than 165 thousand dinars until the writing of this article. .

We say that Al-Sudanese statements served to strengthen and confirm the illusions in society that the reason for the depreciation of the Iraqi local currency (the dinar) is smuggling it to Iran, and not due to the monetary policy of the Al-Sudanese government that we explain here, which is trying to disavow it and obscure it and obliterate the true essence that is hostile to the interests of the late majority. From the fans of Iraq.

Of course, it must be noted that the media hostile to Iranian influence also promoted this idea or illusion, whether in the form of articles, statements, or reports on currency smuggling operations, or as stated in the program (Nadim's words), which is shown from Monday-Thursday at eleven o'clock at night.

On (Sky News Arabia), which went in the same direction, whether to strengthen the tendency hostile to Iranian influence in Iraq and the region or deliberately, to obscure the reality of the monetary policy of the Sudanese government that is identical to the financial policies of the International Monetary Fund.

Truth be told, the story of smuggling to Iran by Islamic militias and parties loyal to Iran is not confined to the limits of currency smuggling, but rather extends to organized smuggling of oil to Iran. A percentage of the money obtained from it goes to Iran.

Moreover, the border points are controlled by the same parties and militias. Also, part of the customs tariff money, which is estimated at four billion dollars annually imposed on goods, goes to Iran.

That is, those militias and their parties smuggle all the capabilities of Iraqi society to Iran during all those years. In return, the leaders of the Islamic parties and militias obtain political privileges, security and diplomatic immunity from the ruling Islamic regime in Iran. 

American forces assassinated him two years ago from 200,000 barrels of Iraqi oil per day, and with all these thefts, looting and smuggling, they did not weaken the value of the Iraqi dinar, which was set by the Central Bank at 116,000 dinars for every 100 US dollars, in the Iraqi Central Bank's currency auction.

It is true that currency smuggling affects one way or another on the currency trading market, but it is limited and slight, and it does not leave significant effects on the overall rise in commodity prices and influence the markets as we see today in the Iraqi markets , and this also does not mean that it does not affect the economy, but it does. 

As a result. That is, currency smuggling is present in every country, but it varies in quantity according to the existence of the state or not, as is the case in Iraq.

Accordingly, the smuggling of dollars from Iraq to Iran is not new, since the handover of Iraq to the Islamic parties loyal to Iran and thanks to the American occupation, that is, since the formation of the first government, which is the government of Ibrahim al-Jaafari in 2005, 

the dollar is smuggled in an organized manner to Iran, and after that smuggling was organized through the establishment of banks and banks affiliated with militias and Islamic parties, and with this, during a decade and a half, that is , between 2005-2020, the exchange rate of 100 dollars remained equal to 120 thousand dinars in the markets, 

and it was scheduled that any exchange rate of the dollar against the Iraqi dinar would reach during the era of Baqir Solagh,who held the position of minister Finance in the second Maliki government to 100 thousand dinars.

In other words, currency smuggling to Iran has been and is still taking place, in full swing for years, even in light of the drop in oil prices to less than $30 a barrel in global markets during the era of al-Abadi's government, and ISIS took control of a third of Iraq's area in 2014, and an empty treasure was handed over.

From funds from the Maliki government to its predecessor, the Abadi government, and the announcement of austerity policy by the latter, the exchange rate of the dollar against the dinar did not change as we are witnessing it now, as 100 dollars were sold in the currency auction to the Central Bank at a value of 116 thousand in dinars, and it reaches the market at a price of 120 thousand.

While the Sudanese government received a budget worth 115 billion dollars, which is from the revenues of oil sales for the year 2022, and with all this, we find a deterioration in the purchasing power of the Iraqi individual due to the depreciation of the local currency .

The economic program of the Sudanese government is an extension of the program of the Al-Kazemi government, and it boils down to putting the global and local economic crisis on the shoulders of workers and employees.

The government is loyal to the General Federation of Trade Unions of Iraq, whose president is in prison and is from the Sadrist movement because of corruption and theft, and this indicates that the Sudanese government is proceeding through starvation, impoverishment and suppression of freedoms to pass its economic programme.

Thus, the positions of the legislative, executive and militia forces towards the devaluation of the dinar are in complete harmony. The Iraqi parliament speaker, Muhammad al-Halbousi, refused a request by fifty deputies to hold a meeting of parliament to discuss the depreciation of the local currency. Just as al-Sudanese held a meeting two weeks ago with officials of the central bank and did not address or be included in it.

The agenda of the meeting is any issue about the depreciation of the local currency. In parallel, Hadi Al-Amiri made watery, not fiery statements, that he and his group must resist colonialism in its response to the depreciation of the currency, to complete the scenes of the play, which is the least described as “sly comic” , between the prominent actors, the Speaker of Parliament and the Prime Minister.

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The economic crisis of the global capitalist system afflicts all countries, and that Iraq did not jump from Mars in order to be far from that crisis, meaning that Iraq is part of the global capitalist system that is going through a suffocating crisis, and in addition to it, all political parties, especially the ruling Shiite political Islam, are terrified of the street Especially, it has a bitter experience with the October uprising, so it has no choice but to try to absorb the resentment of the workers, employees, toilers , and the unemployed and gaining the time factor, and especially finds itself besieged in Iraq after the popular anger invaded the Iranian cities, which are the forces of political Islam that see with their own eyes, that Anger settles on a quiet fire, Gradually turning into a revolution that uproots the mullahs' regime from its roots and throws it into the dustbin of history, and that the ruling class in Iraq is aware of this fact, as it resorts by taking advantage of the devaluation of the local currency in Front of the dollar exchange rate that it receives from oil sales, in order to achieve some surface demands that we will come onmention it.

It must be noted that the devaluation of the dinar against the exchange rate of the dollar led to a decrease in the purchasing power of pensions and salaries by up to 25%, not to mention the rise in commodity prices due to the exchange rate of the dollar, which is added to that percentage, and the rate of inflation occurring in the global capitalist market, for the erosion of pensions, salaries and wages to reach 40-50%.

Through the process of devaluing the local currency, the Sudanese government is trying to kill two birds with one stone, on the one hand, to appease financial institutions such as the International Monetary Fund and the World Bank that are calling for the devaluation of the local currency so that Iraq becomes an attractive market for capital investment, and linking it to global capital markets, and on the other hand, the ashes are in the eyes, and it markets itself as being determined to solve the problem of unemployment by employing a few thousand unemployed, whose number is estimated at more than 12 million people, both females and males, and gives it crumbs from the sum of the currency difference that reduced its value against the dollar exchange rate, that is,it does not even give what is paid for He lived hunger and destitution, knowing that there is no increase in pensions and minimum wages.

The response to the attack of the Sudanese government and stopping it must be matched by raising three main demands and mobilizing the forces of workers, employees and the unemployed around them, namely, increasing wages, pensions and salaries in proportion to the purchasing power in the markets, raising the minimum wage in proportion to the rate of inflation and the devaluation of the Iraqi dinar, and thirdly, an unemployment guarantee for all unemployed males and females for those who have reached the age of 16 years or a suitable job opportunity.

https://akhbaar-org.translate.goog/home/2023/1/299049.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

 Al-Maliki: Smuggling Is Behind The Dollar Crisis, And There Is No Solution Except Through Understanding With Washington

Baghdad today-Baghdad  The leader of the State of Law coalition, Nuri al-Maliki, confirmed today, Saturday, that the dollar crisis is linked to violations, including smuggling and manipulation by some banks and merchants, while he considered that the only solution to the crisis is an understanding with the American side. Read More: LINK                                                                                                                             

The Dollar Is Getting "Worst" Within Weeks And Salaries Are At Stake... An International Reading Of The Iraqi Economy   

Baghdad Today - translation   The Iraqi economy is exposed during the current and coming period to great pressures, according to what was reported by the "Middle East Eye" network, which expected that the coming weeks would witness a further deterioration in the value of the Iraqi dinar within the current crisis it is going through due to the restrictions imposed by the US Federal Reserve.  Read More: LINK

What Economic Logic Explains The Shabby Currency Behind Which There Are 6 Strengths?... Mahdi Al-Bannai

Dr. Mahdi Al-Bannai wrote:  What economic logic can accept or explain the weakness, volatility, and legacy of a currency behind it:

The fifth largest proven oil reserves in the world, amounting to 140 billion barrels!

Foreign exchange reserves amounted to approximately 100 billion dollars!

- Gold stock amounted to 130 tons!

– His reserve covers his imports for a period of 22 months, while the global standard covers only three months!

His reserve covers five times his entire external indebtedness, while the criterion is that it is sufficient to cover the installments due for a period of 12 months only!

– His reserves cover 150% of the issued cash, while the criterion is that the reserves cover 5 – 20% of the issued cash, according to the exchange rate system in place!

With all these (supposed) strengths, we do not even see the Iraqi dinar included in the list of currency exchanges in exchange offices in neighboring countries!!

Something is wrong!...or things!!  LINK

A Deputy Identifies The Reasons For The Rise In The Dollar And Talks About The Government's Measure

He added, "The internal challenges are represented by the currency auction and forged bills to sell, in which most banks intervene," adding: "The external challenges lie in the enormous pressure on the government by some countries, because of which the draft budget has not yet come to parliament.”

" stressing that "the government is serious about dealing with The dollar crisis should not make America use the pressure card it has through the dollar and the economy."   Read More: LINK

"Tidbits From TNT" Sunday AM 1-22-2023

TNT:

Tishwash:  Parliamentary Finance reveals a new reason for the rise of the dollar

The Parliamentary Finance Committee revealed, on Sunday, new details regarding the rise in dollar prices, indicating that merchants evaded buying dollars through official invoices, raising prices in an unprecedented way.

 Committee member Majid Shankali said in a televised interview, followed by Al-Malomooma, that "merchants evade buying currency through the official authorities to avoid the tax."

 He added that "evading embers and buying dollars through exchange offices turned the dollar towards an unprecedented rise, and the government must work to end this phenomenon urgently in order to absorb the rise, as well as ending tax evasion."

 Shinkali pointed out that "the government is also required to open the tax credit and the electronic window urgently, as well as dialogue with the US Federal Bank to prevent speculation in the markets ink

RVAlready   Wire transfer from France to Iraq

Nader from the Middle East successfully wire transferred money from his account in France to his mom’s account in Iraq, in one day.  So, it looks like the international digital transfer system is now working.  He was charged a conversion rate of 1460.  Rvalready

PaperChaser:  Nader from the ME. https://www.youtube.com/watch?v=6ET9CT7HB2I Nader 2nd video: https://www.youtube.com/shorts/cAv-TqR7Wyw

RVAlready:  The Intel seems to indicate things finally coming to a head. It was a long ride. Enjoy the ending!

Samadhi:  Hey guys does anyone know what NEER is ? sorry for my duncity lol

Joe Shmoe:  NEER is a long way from FAAR

PaperChaser:  $1.66 is being tossed around

OldManonthe River:  1 Mil at $1.66 would allow me to retire. I'd love to see $1.66 by month end.

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Economist: CBI's procedures are slow..and it must use its tools to raise the value of the national currency

Baghdad / NINA / The economic and political analyst, Jalil Al-Lami, considered: The Central Bank's measures regarding the dollar crisis are slow. Stressing that the CBI must use its tools to raise the value of the national currency.

He told the National Iraqi News Agency (NINA): What is happening now is that the supply of the dollar has decreased, which led to an increase in prices, and this is a natural economic result, indicating that the Central Bank of Iraq had to negotiate with the US Federal Reserve to make the procedures slower than what happened because what happened caused a shock to the commercial market in Iraq.

Al-Lami added: Now things have become difficult and more complicated, because the US Federal Reserve believes that it will not back down, and the Central Bank of Iraq is not capable of change. Therefore, the situation is likely to remain the same in terms of affecting the commercial markets.

He stressed: In this case, the Central Bank must use its tools to control the dire economic situation by providing the local currency in the commercial markets in light of the decline in sales of the Central Bank of Iraq by issuing new category money to fill the shortage in the commercial markets, as well as automating banking operations./ 

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CandyKisses:  Integrity talks about the recovery of more than 3 billion to the Industrial Bank

The Federal Integrity Commission revealed that based on its investigative procedures, an amount of (3,200,000,000) dinars was returned to one of the branches of the Industrial Bank in Baghdad.  

The Investigations Department of the Authority indicated that one of the borrowers handed over the loan amount of (3,200,000,000) dinars to the branch of the Industrial Bank in Beirut Square, after asking the bank to return it, stressing that its investigative procedures and disclosure of granting the loan with the aforementioned amount in 2016 to establish a waste recycling and compaction plant in Babil governorate, which it revealed was fictitious, and does not exist on the ground, led to the bank's demand to return the amount, which was actually achieved.  

The department explained that the borrower, who rented a plot of land belonging to the municipality of Hilla, has not paid rent allowances since 2017, while the municipality has not taken any action that would collect the accumulated rents.  

It is worth noting that the Commission announced in mid-December that its staff in Babylon was able to control the fake factory file in the province.  

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Tishwash:  The Iranian rial fell to a record low

Iran's volatile currency fell to a record low against the US dollar amid the country's increasing isolation and potential European Union sanctions on Iran's Revolutionary Guard or some of its members.  

Relations between the European Union and Tehran have deteriorated in recent months as efforts to revive nuclear talks stalled. Iran has detained several European citizens and the EU has become increasingly critical of the violent treatment of protesters and the use of executions.  

The dollar traded as much as 447,000 rials in Iran's unofficial market on Saturday, compared to 430,500 the previous day, according to exchange rate website Bonbast.com.  

The European Union is discussing a fourth round of sanctions against Iran, and diplomatic sources said that members of the Revolutionary Guards will be added to the bloc's sanctions list next week. But some EU member states want to go further and designate the Guard as a whole as a terrorist organization.  

The rial has lost 29 percent of its value since nationwide protests followed the death of Mahsa Amini, a 22-year-old Iranian Kurd, on Sept. 16 while in police custody.  

The unrest has posed one of the biggest challenges to Iran's clerical rule since the 1979 Islamic Revolution.   link

Mot:  Do YOU KNow Who This Man is! - He Helped Create the Modern World!

Mot: .. Yeppers!! - My Kind of Guy!! ~~~

Some "Vietnam News" Posted by Henig at KTFA 1-21-2023

KTFA: Vietnam

Henig:  Vietnam’s top 10 socioeconomic developments in 2022

06:00 | 21/01/2023

(VEN) - Vietnam overcame difficulties induced by COVID-19 and achieved significant economic growth in 2022. Vietnam Economic News has compiled a list of the country’s 10 most outstanding socioeconomic developments of the year.

1. GDP grows an estimated 8.02 percent – a 10-year record

According to a General Statistics Office of Vietnam report, Vietnam’s gross domestic product (GDP) reached US$409 billion, an estimated increase of 8.02 percent compared with 2021 – a record annual GDP growth of the 2011-2022 period.

The economy grew in all three major sectors: agro-forestry-fishery: 3.36 percent; industry and construction: 7.78 percent; and services: 9.99 percent.

2. Inflation kept under control

While the world was struggling with growing inflation, Vietnam successfully curbed the domestic inflation rate at lower levels compared with most other countries in the region. The consumer price index (CPI) grew 3.15 percent compared with 2021, with the core inflation rate curbed at 2.59 percent (the National Assembly-set target was below four percent).

Vietnam’s inflation control efforts were praised by international organizations and experts.

3. FDI attraction reaches nearly US$27.72 billion

Vietnam attracted nearly US$27.72 billion of foreign direct investment (FDI) through new projects, capital increases of ongoing projects, capital contributions and stock purchases by foreign investors.

Foreign investment covered 19 of 21 sectors of the Vietnamese economy, focusing on processing and manufacturing industries, real estate, and electricity generation and distribution. Currently, 108 countries and territories invest in Vietnam. Singapore takes the lead with nearly US$6.46 billion, accounting for 23.3 percent of total FDI in Vietnam; the Republic of Korea ranks second with nearly US$4.88 billion; and Japan ranks third with more than US$4.78 billion.

4. Major policies foster economic growth

Resolutions adopted by the Communist Party of Vietnam had a significant impact on Vietnam’s socioeconomic situation.

These include Resolution 18-NQ/TW on further efforts to accelerate institutional and policy improvements, aiming to enhance the effectiveness of land use management, and striving to turn Vietnam into a high-income developed country; Resolution 19-NQ/TW on agricultural and rural development until 2030, with a vision to 2045; Resolution 20-NQ/TW on further innovation and development of the collective economy in the new period with a vision to 2035 and 2040; and Resolution 06/NQ-TW regarding sustainable urban development until 2030, with a vision to 2045.

5. Import-export value hits record, with strong trade surplus increase

Total import-export value reached an estimated US$732.5 billion, an increase of 9.5 percent compared with 2021. The export value was estimated at about US$371.5 billion, up 10.6 percent (the target set by the National Assembly and the Government was eight percent).

The list of goods with export value exceeding US$1 billion each consisted of 39 products, an increase of four products compared with 2021. These included nine products with export value of more than US$10 billion each, an increase of one product compared with 2021.

Trade surplus reached US$11.2 billion, marking 2022 as the seventh consecutive year of Vietnam’s trade surplus.

6. Vietnam ranks fifth among e-commerce markets worldwide

The Vietnamese e-commerce market continued to develop and has become an important distribution channel. In 2022, the market value reached an estimated US$16.4 billion, accounting for 7.5 percent of total consumer goods and services’ sales nationwide. With an annual growth rate of 20 percent, Vietnam was listed by eMarketer among the world’s five fastest-growing e-commerce markets.

7. Outstanding results of external relations

This was a busy year for Vietnam’s external relations, after two years of interruptions due to COVID-19. Party Chief Nguyen Phu Trong’s visit to China in late October following the success of the 20th National Congress of the Communist Party of China was of special significance. President Nguyen Xuan Phuc visited Singapore, the Republic of Korea, Indonesia, and attended APEC 2022 meetings in Thailand. Prime Minister Pham Minh Chinh visited the US, Cambodia, European countries, and attended ASEAN summits and related summits in Cambodia. National Assembly Chair Vuong Dinh Hue visited Laos, the Philippines, Australia and New Zealand. External relation activities continued strengthening Vietnam’s position and role in the international arena.

8. Effective control of COVID-19

This was considered the most impressive success resulting from major efforts of the Vietnamese people, the political system and particularly the health sector. The government changed its pandemic prevention policy toward safe, flexible adaptation to and effective control of COVID-19, aiming to protect at a maximum level people’s health and minimize new infections and deaths. It also promoted socioeconomic recovery and development and ensured social security.

9. Vietnam hosts SEA Games 31

The 31st Southeast Asian Games (SEA Games 31) took place in Vietnam from May 12-23, 2022, following a delay due to COVID-19. The images of stadiums and sporting events attended by mass audiences impressed athletes and international friends.

The Vietnamese delegation came in first, with 205 gold medals, 125 silver medals and 116 bronze medals, making it the event champion for the first time in 19 years. The number of gold medals won by the Vietnamese delegation doubled that of the delegation that ranked second, Thailand. Vietnamese athletes broke SEA Games records in swimming, bike racing, and weightlifting. Both men and women’s football teams won gold medals.

10. Vietnam reopens for domestic, international tourism

On March 15, 2022, Vietnam reopened its borders to resume tourism after almost two years. The United Nations World Tourism Organization listed Vietnam among the countries with the most open tourism policies.

The Vietnamese tourism sector has prepared to serve visitors and adapted to post-pandemic changes in demand.  LINK

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Henig:  AMRO revises Việt Nam's 2023 GDP upward despite regional slowdown

January, 21/2023 - 07:54

In its January update, AMRO estimated ASEAN+3 growth for 2023 at 4.3 per cent, down from the 4.6 growth in the previous projection.

HÀ NỘI — Việt Nam’s GDP growth in 2023 has been adjusted upward to 6.8 per cent in the ASEAN+3 Macroeconomic Research Office (AMRO)’s January Update, up from 6.5 per cent in its October report.

This is in contrast to its downward projection for most economies in ASEAN+3.

In its January update, AMRO estimated ASEAN+3 growth for 2023 at 4.3 per cent, down from the 4.6 growth in the previous projection. The region’s growth in 2022 was also revised down from 3.7 per cent to 3.3 per cent. The downward projection is mainly due to the continuing weakness of Plus-3 economies, especially China, where growth has become much weaker.

China’s 2022 growth was estimated at 3 per cent and is forecast to grow by 5 per cent in 2023 (down from the 5.3 per cent in October projection).

Việt Nam’s economy meanwhile was projected to expand 8 per cent in 2022.

The 2023 growth outlook for ASEAN is forecast down from 4.9 per cent to 4.8 per cent, a slowdown compared to the 5.6 per cent growth of 2022.

According to AMRO, the drag on economic activity from aggressive monetary policy tightening in the United States and the Eurozone will be felt more fully this year, translating to softer export orders for the ASEAN+3.

However, the ongoing resumption of tourism — especially with the return of Chinese tourists — will provide a much-needed boost to growth.

“With recession risks still haunting the United States and Europe, China’s economic reopening cannot come at a better time for the region,” said AMRO Chief Economist Hoe Ee Khor. “China’s stronger economy will support regional activity while the border reopening will boost intraregional tourism.”

China’s economy is expected to rebound strongly, reflecting the removal of containment measures and reopening of its economy.

Inflation is moderating across ASEAN+3, tempered by sustained policy tightening by central banks and easing global supply chain bottlenecks. Oil prices have reverted to almost pre-pandemic levels, reflecting weaker global demand. Prices of key agricultural commodities — although remaining relatively high due to the prolonged war in Ukraine — have fallen from their 2022 peaks.

Việt Nam’s inflation is predicted to come in at 3 per cent in 2023 (down from 3.2 per cent in the previous forecast). Inflation for the ASEAN+3 region was revised down from 6.3 per cent in 2022 to 4.5 per cent in 2023, and for ASEAN at 5.4 per cent in 2023 from 7.7 per cent in 2022.

— VNS   LINK

Henig:  Đà Nẵng to build duty-free zone

January, 21/2023 - 09:36

Đà Nẵng’s people’s committee has submitted a plan for a duty-free zone.

ĐÀ NẴNG – Đà Nẵng’s people’s committee has submitted a plan for a duty-free zone.

The area will cover 151ha at the end of Bà Nà-Suối Mơ Road – 30km southwest of the centre and near the Bà Nà Hills resort.

The city’s planning and investment department said the zone, which was sent to the ministry of planning and investment for review, would include a trade complex, with entertainment sites, duty-free shops, a logistics hub, warehouses, healthcare services, an R&D centre, international education centre, medical school and exhibition centre.

It said the project would be completed by 2027.

The department said the free-duty zone would attract investors with land-rent exemptions for three years of construction, and another 11 years land-rent free in the operation of investment projects.

Investors would also enjoy a 10 per cent tax rate for 15 years, a four-year tax exemption and a 50 per cent cut in income tax for the following nine years.

Despite ranking top in the Provincial Sustainable Development Index in 2021, Đà Nẵng is still seeking economic growth and investment in the post-COVID-19 period as the city’s key tourism industry has not yet fully recovered.

The city said the zone would be a magnet for global trade and service providers and developers.

The first downtown duty-free shop was launched at the beach-front Crowne Plaza Đà Nẵng resort in Ngũ Hành Sơn District at the end of last year.

The city plans to raise more than VNĐ7.9 trillion ( $316 million) for public investment projects in 2023.

— VNS   LINK

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Henig:  Developing mechanical industry top priority for VN

January, 20/2023 - 14:43

Developing the country's mechanical industry sector is a top priority for Việt Nam in the coming decades, said industry insiders and experts.

HÀ NỘI Developing the country's mechanical industry sector is a top priority for Việt Nam in the coming decades, said industry insiders and experts.

While the sector's technical capacity has made leaps and bounds in recent years, gradually becoming a major supplier for highly advanced domestic industries, a key issue remained as it has not been able to utilise economies of scale to bring down costs and further integrate into the global supply chain.

Đỗ Quang Hòa, leader of a mechanic team in one of many factories located in the northern industrial hub of Bắc Ninh Province said his company's biggest fear is not having enough work.

It usually takes a huge amount of investment to build a factory, set up machines, and train skilled mechanics, he said. Not having enough work makes everything expensive for the company and hurts its ability to compete in the market.

In addition, small and medium-sized companies such as Hòa's were almost entirely dependent on larger companies. It has resulted, according to him, in mechanical firms willing to sell at lower-than-cost prices just to maintain production.

He said it's likely the single most important hurdle to overcome for hundreds of mechanical companies in Việt Nam, holding them back from reaching their full potential.

Hòa's opinions echoed a report on the sector by the Ministry of Industry and Trade last year, in which the ministry highlighted major barriers to overcome for mechanical firms including higher set-up costs, longer cashflow cycles, advanced technologies, and very high cost of training.

In addition, the sector's products were typically difficult to sell compared to consumer products. The difficult environment resulted in just a handful of Vietnamese brands, which were mostly small-to-medium in size, unable to compete with larger international brands even with home-ground advantages.

The ministry said the sector's major weaknesses were subpar product quality and a lack of core technologies. In the absence of large mechanical firms, capable of leading and improving the industry's standards, Vietnamese firms have been falling behind in the research and development game, leaving them entirely dependent on foreign inventions and technologies.

According to the ministry, the country's domestic mechanical firms only accounted for 32 per cent of Việt Nam's market share. In addition, they accounted for even less share in the sector's output value at just 18 per cent and declining by the year, showing major shortcomings and limitations in their operations.

To add insult to injury, the government has been slow, or inefficient, in implementing support policies to speed up the industry's growth, according to the Vietnam Association of Mechanical Industry (VAMI).

VAMI urged the government to play a more active role in supporting Vietnamese firms including lowering the barrier of entry to participate in domestic projects and setting a quota for made-in-Vietnam products, to be used in such projects.

"We have observed a lack of collaboration and connection among governmental ministries, science and technology institutes, and universities in training a skilled workforce for the sector." said a spokesperson from VAMI.

The association said while many State-owned companies enjoy key advantages such as infrastructure, financial capital and skilled workers, management has often been found inadequate, causing waste and inefficiencies.

Meanwhile, private-sector companies lacked a clear development path and often failed to communicate or collaborate with their peers, leading to several firms investing in producing the same products, with little added value to compete with imported rivals.

Huỳnh Quang Nhung, deputy director-general of THACO Industries, one of the country's leading mechanical companies, said most Vietnamese firms have not met the standards to supply parts to major manufacturers operating in Việt Nam.

"Our approach to solving this issue is to actively seek capable partners, which allows us to not have to invest in parts they can already make. Our job is to build a strong brand, find new markets and come back to work together with them to grow." Nhung said.

VNS   LINK

KTFA Members "News and Views" Saturday PM 1-21-2023

KTFA:

Henig:   Installing sonar devices between the governorates to monitor dollar smuggling and currency speculators

Today, 22:59  Baghdad - IQ  

The Ministry of Interior announced, on Saturday, the installation of "sonar" devices on the external roads linking the Iraqi governorates to monitor the smuggling of foreign currency.

The ministry said, in a statement received by IQ NEWS, that "the Ministry of Interior, in coordination with the Kurdistan Regional Government of Iraq, has begun installing sonar devices on the external roads that connect the provinces."

She added that the aim of this "is to monitor cases of smuggling of foreign currency and to hold speculators accountable according to the law."   LINK

Henig:  IMO: Well, THAT'S an interesting development. Electronic financial platform, you say? Iran trading with Iraq on an electronic trading platform to trade currency? Huh.

Iran finds an "exit" for hard currency with Iraq and launches the first deal worth 300 million euros

 Baghdad today - follow-up

 Today, Saturday, the Central Bank of Iran revealed the launch of an electronic platform that allows it to deal financially with Iraq, as it confirmed the sale of 300 million euros of its funds deposited in Iraq through this platform.

Iranian media quoted a statement by the Central Bank of Iran, which was followed by "Baghdad Today", in which it stated that "after conducting successful monetary and banking negotiations with the Central Bank of Iraq, new breakthroughs occurred regarding the offering of hard currency on the electronic" NIMA" platform.

He added, "So that, after a year of hiatus, today (January 21, 2023), 300 million euros were offered from the Central Bank of Iran's balances deposited in Iraq through the platform, and it was sold directly, and that this process will continue in the coming days."

The statement of the Central Bank of Iran confirmed that "through this breakthrough, merchants can accelerate the pace of commercial and banking operations through the funds in Iraq in order to cover imports of basic commodities quickly and appropriately."

And she indicated that "the breakthrough in benefiting from the balances of the Central Bank of Iran in Iraq occurred following successive visits by a commercial-Iranian bank delegation to Iraq in recent days and negotiations with the Iraqi Central Bank and one of its affiliated commercial banks."

It is noteworthy that the "Nima" platform is dedicated to displaying foreign currency remittances to exporters and selling them to importers.  LINK

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Clare:  Al-Sudani: We are supervising the completion of a “different” budget, and we continue to support the restoration of the exchange rate

1/21/2023   Baghdad –

Prime Minister Muhammad Shia Al-Sudani confirmed, on Saturday, his supervision of the completion of the budget law, while indicating that the government continues to support the Central Bank to restore the exchange rate of the dollar to the official rate.

Al-Sudani said at the official memorial ceremony "on the occasion of the martyrdom of Sayyid Muhammad Baqir al-Hakim": "We remember today the martyrdom, but with the taste of victory that was achieved over terrorism, and we remember the pure blood, with the taste of security and stability that those sacrifices lavished."

He added, "Today we are nearing the completion of the draft budget law, which is different from previous years, and it is the first time that the budget law revolves around the government program."

He continued, "We have taken a number of bold decisions to support and stabilize the Iraqi dinar, and we warn those who try to exploit the crisis and play on people's needs."

He pointed out that "the exchange rate did not rise as a result of a government decision, but rather because there were those who took advantage of the temporary conditions and turmoil in the markets that are not yet familiar with dealing with the new banking mechanisms, which will preserve the funds, which is an important step on the path to economic reform."

And he added, "We affirm the priority of combating corruption, and our government continues to assign it to the judiciary and the competent authorities to pursue those wanted and work to recover the looted funds."

He continued his speech:

The Prime Minister stressed that "all the active forces need to move away from disagreements and tensions that are no longer an appropriate means to correct the course of the political situation in Iraq," stressing: "We will not be against opposition opinions whose goal is to correct the imbalances in the body of the state. The opposition voice that bears national responsibility does not less important than the backing vocal.

He concluded by saying, "We will continue to work, as long as there are brave and serious leaders in it, and as long as our rational authority sponsors its path with its wisdom, and as long as our security forces, of all kinds, are capable and empowered, mobilizing their determination from the sacrifices of the martyrs."    LINK

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Clare:  Central Bank: The decision to activate electronic payment includes the government and private sectors

1/21/2023  Baghdad –

The Central Bank of Iraq confirmed, on Saturday, that the use of electronic payment tools will be circulated in the government and private sectors in a binding manner.

The bank's deputy governor, Ammar Hamad Khalaf, said, "The cabinet's decision to activate electronic payment in all joints aims to reduce the use of cash and increase dealing with funds electronically through the use of cards, and it is an important complement to the salary settlement project, which began to be implemented several years ago."

He added, "The decision will enable the bank to implement a mechanism that enables employees to receive their salaries through the payment cards currently used, such as the MasterCard, and it is filled into their bank balance without the need to receive cash."

Khalaf indicated in an interview with the official news agency, which was followed by Mawazine News, that "payment via electronic devices will reduce cash circulation, and it is better in terms of saving money and safer than transferring it."   LINK

KandG:  This is a packed one that may even give the "ole timers" a well deserved pick me up - All 3 laws in one article due for passage! Let's get'r done!!!  IMO

Clare:  Parliamentary energy: Approving the oil law soon will be a solution to the disputes between Baghdad and Erbil

1/21/2023

A member of the Oil, Gas and Natural Resources Committee, Zainab Juma Al-Mousawi, revealed today, Saturday, that "there is a parliamentary effort to pass the oil and gas law soon."

Al-Moussawi said, in a statement received by the Euphrates News Agency, that: "The adoption of the law soon in the House of Representatives will be a radical solution to the dispute over oil wealth between Baghdad and Erbil, and it will regulate all energy files throughout Iraq."

Al-Moussawi added: "There are understandings between Baghdad and Erbil to approve the oil and gas law to take advantage of paragraphs that support the exclusive powers of the federal government regarding oil and gas in Iraq."

And the Parliamentary Legal Committee had announced that"the first laws that will be discussed are the financial budget law for the year 2023 as soon as it arrives from the government, the draft oil and gas law and the draft social security law."

Raghad Daham    LINK

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Clare:  How can fraud trading companies be avoided in Iraq?

1/21/2023

Finding licensed trading companies in Iraq is not as difficult as many Iraqi traders think, especially beginner traders in this field, but with the presence of many fraudulent trading companies within this market, traders may face a real problem in ascertaining the credibility of the trading company they intend to dealing with it.

In any case, the trading companies licensed in Iraq  that are honest can be distinguished from those that can be false with ease according to a set of specific criteria, and this is exactly what we will learn about in the next report, where we will discuss together how to avoid fraudulent trading companies in Iraq? So stay with us.

Licensed trading companies in Iraq 

The Iraqi trading market contains many trading companies, some of which are local, and some are global, but we always recommend dealing with international trading companies that provide their services to the Arab market, and one of the most important international trading companies in Iraq, which provides its services directly to the Iraqi market Al-Arabi is AvaTrade.

About Ava Trade Company for trading in Iraq 

It is one of the best trading companies that allows you to trade on the global stock exchange inside your home in Iraq, where you do not need to trade with it except to open an account with it for an amount not exceeding $ 100, and you can also try the demo account with it before paying any money in order to find out if it is the platform are you looking for? And that's before you start with it for real, and pay any money.

AvaTrade has the following advantages.

Licensed by the Abu Dhabi Global Market Authority (ADGM).

It is regulated by the Australian Financial Services Commission (ASIC).

Trusted by many global financial licensing authorities.

It has a turnover of more than 60 billion pounds per month.

Member of the Canadian Investor Protection Fund (CIPF).

Member of the Investment Commission of Canada (IIROC)

Provides Islamic accounts for Iraqi and Arab traders free from usurious transactions.

It offers free demo accounts to practice on its platform before starting financially with it.

It has very strong customer service support in 12 different languages, including Arabic.

Support is available around the clock.

It offers MetaTrader 4, 5 platform to trade with, and it is one of the best trading platforms that you can find in the market, and it is smooth to deal with whatever device you are using, computer, tablet, or even your smart mobile phone.

It enables you to trade with it in more than 250 trading instruments with a wide variety of assets.

How can fraud trading companies be avoided in Iraq? 

In general, any trading market in which many fraudulent companies can be found, whether we are talking about the Iraqi trading market, or other global trading markets, but these companies are highly exposed, and they can be identified through the following details.

Fraudulent trading companies make fake offers with imaginary profits, and entice those wishing to trade with them with those profits.

The imposter trading companies do not have a physical headquarters on the ground in any country around the world, but only practice their work electronically.

Quotation trading companies are not licensed by any of the global financial licensing companies.

Fraudulent trading companies have trading platforms that are difficult to use, and are not developed.

Fraudulent trading companies have account managers who have unlimited powers.

Trading companies licensed in Iraq to trade in stocks and forex 

There are many Iraqi stocks that can be traded through trading companies licensed in Iraq, which are also listed on the local Baghdad Stock Exchange, including the following.

Bank of Baghdad share (BBOB)

Gulf Bank share (BGUC)

Share of Baghdad Gas Company (IBSD)

As for the global stock market, as well as the forex market, you can trade on it easily with any international trading company, especially the Ava Trade company, which offers many advantages specifically for the Iraqi market, and offers highly developed trading platforms that will enable you to trade in the stock market and the forex market in every way. smoothness.

These were the most important details related to the licensed trading companies in Iraq, and how they can differentiate between them and the fraudulent trading companies.   LINK

Iraqi News Highlights Saturday Afternoon 1-21-23

 Iraqi News Highlights Saturday Afternoon 1-21-23

Tlm724 Administrator Bondlady’s Corner

The Wall Street Journal: Intensifying Pressure On Iran To Reduce The Value Of The Iraqi Currency

Posted On2023-01-21 By Sotaliraq   The Wall Street Journal confirmed in a report that the intensification of pressure on the Iranian regime has led to a drop in the value of the Iraqi currency.

She added that since the New York Federal Bank imposed strict control in November to counter the smuggling of dollars to Iran, more than 80 percent of Iraqi bank transfers have been closed.

According to the report, these bank exchanges used to reach $250 million some days, but now due to the lack of sufficient information about the destination of sending the money, the possibility of exchanging the money has been stopped.

And the American newspaper continued in its report that this new policy of the Federal Bank of New York, which was adopted mainly to increase pressure on the Iranian regime, has already caused the depreciation of the Iraqi currency and the weakening of the Iraqi economy.

The Wall Street Journal wrote that Iraqi government officials see this unexpected factor as the reason behind the weakening of their national currency, which has led to higher prices for food and imported goods.

The French Press Agency reported in recent days that the devaluation of the Iraqi dinar caused an increase in the prices of imported commodities such as gas and wheat.

The French press reported that Iraq, which has foreign exchange reserves of more than $100 billion, must take measures to combat money laundering, combat terrorist financing and comply with sanctions such as those against Russia and Iran, to be able to use its funds.

The Wall Street Journal also wrote that, based on the new regulations, Iraqi banks must submit their dollar transactions to the central bank through a new online platform, which will then be reviewed by the Federal Bank of New York.

The newspaper added that the aim of this is to reduce the use of the Iraqi banking system as a tool to send dollars to Tehran, Damascus and other money laundering havens in the Middle East.   LINK

The Ministry Of Interior Is Pursuing Manipulators Of Dollar Exchange Rates And Vows To Hold Them Accountable According To The Law

a wish| 06:24 - 01/21/2023  Baghdad - Mawazine News   Today, Saturday, the Ministry of Interior announced the implementation of a security operation to arrest manipulators of dollar exchange rates.

The Ministry of the Interior said in a statement, a copy of which was received by Mawazine News, that it "seeks to achieve economic security and follow up on violators of laws and controls in the dollar exchange rate process on a daily basis and develop appropriate plans to follow up on price manipulators and hold them accountable according to the law," pointing out that "the competent security agencies A security operation was carried out in the capital, Baghdad, and the provinces to arrest the manipulators of dollar exchange rates outside the controls and instructions, as well as the owners of unlicensed exchange shops.

He added, "This operation did not target the owners of companies who deal legally, away from speculation that targets the citizens' livelihood, as well as smuggling dollars and confusing the market." Ended 29 / m99   https://www.mawazin.net/Details.aspx?jimare=217204

Al-Sudani Talks About Budget Developments And Warns Against Exploiting The Rise In The Dollar

Money and business  Economy News-Baghdad

Prime Minister Muhammad Shia al-Sudani affirmed, on Saturday, the continued support of the Central Bank of Iraq in order to stabilize the exchange rate of the dollar against the Iraqi dinar, among the latest developments in the completion of the budget law.

Al-Sudani said, "The Iraqi government continues to support the Central Bank of Iraq in order to stabilize the exchange rate of the dollar against the Iraqi dinar," noting that "the exchange rate crisis was inherited by the previous government."

Al-Sudani warned against "those who try to take advantage of the dollar's rise and play on people's pain."

On the other hand, Al-Sudani stressed that "the government is supervising the completion of a different budget law than previous years." Views 113   Added 01/21/2023 - 11:27 AM   Updated 01/21/2023 -

https://economy-news.net/content.php?id=32000

A security operation to arrest "manipulators" of dollar exchange rates in Baghdad and the provinces

Economy News – Baghdad The Ministry of the Interior announced, on Saturday, the implementation of a security operation to arrest manipulators of dollar exchange rates.

The ministry said in a statement that it "seeks to achieve economic security, follow up on violators of laws and controls in the dollar exchange rate process on a daily basis, and develop appropriate plans to follow up on price manipulators and hold them accountable according to the law."

And she added, "The competent security services carried out a security operation in the capital, Baghdad, and the provinces to arrest the manipulators of dollar exchange rates outside the controls and instructions, as well as the owners of unlicensed exchange shops."

He added, "This operation did not target the owners of companies who deal legally, away from speculation that targets the citizens' livelihood, as well as dollar smuggling and confusing the market."

Views 43  Added 01/21/2023 - 6:49 PM  Updated 01/21/2023 - 7:01 PM

https://economy-news.net/content.php?id=32011

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday 1-21-2023

TNT:

Tishwash:  how much more understanding do they need?

Mousawi: Understandings between Baghdad and Erbil to pass the oil and gas law

A member of the Oil, Gas and Natural Resources Committee, Zainab Jumaa Al-Mousawi, confirmed today, Saturday, that there is a parliamentary effort to approve the oil and gas law soon.

Al-Moussawi said in a statement: "The adoption of the law soon in the House of Representatives will be a radical solution to the dispute over oil wealth between Baghdad and Erbil, and it will regulate all energy files throughout Iraq."

Al-Moussawi added, "There are understandings between Baghdad and Erbil to approve the oil and gas law to take advantage of paragraphs that support the exclusive powers of the federal government regarding oil and gas in Iraq."   link

CandyKisses:  Central Bank: The decision to activate electronic payment includes the public and private sectors

Baghdad - Mawazine News
The Central Bank of Iraq confirmed on Saturday that the use of electronic payment tools will be circulated in the public and private sectors in a binding manner.

The bank's deputy governor, Ammar Hamad Khalaf, said that "the decision of the Council of Ministers to activate electronic payment in all joints aims to reduce the use of cash and increase the handling of funds electronically through the use of cards, which is an important complement to the salary localization project, which began to be implemented several years ago."

He added that "the decision will enable the bank to implement a mechanism that enables employees to receive their salaries through payment cards currently used as MasterCard and fill in their bank balance without having to receive cash money."

He added that "the Central Bank will intensify its efforts to increase the use of payment cards in markets and shops and the decision of the Council of Ministers will oblige government institutions and all spending units in the public and private sectors to find electronic payment machines in their transactions."

Khalaf pointed out in an interview with the official news agency and followed by Mawazine News, that "payment via electronic devices will reduce cash circulation, which is better in terms of saving money and safer than transferring them." 

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Tishwash:  The number of signatories to the "dollar session" increased to 200

The representative of the State of Law coalition, Muhammad Al-Ziyadi, confirmed, on Saturday, that more than 200 signatures were submitted to the Presidency of the Council of Representatives to hold a special session to discuss the reasons for the fluctuation of the dollar exchange rate, stressing that the people’s representatives will press hard for the session to be held. 

Al-Ziyadi said in a statement to Al-Maalouma, that "members of the House of Representatives submitted three times signatures to hold a session to discuss the repercussions of the continued rise in the exchange rate and its negative impact on the citizen's livelihood, but the Presidency of Parliament did not put a paragraph hosting those concerned to clarify the real reasons behind the exchange rate hikes." ".  
He added, "During the last session, the people's representatives submitted a request signed by more than 200 signatures in order to hold a special session to discuss the fluctuation of the dollar exchange rate."

Al-Ziyadi pointed out that "the people's representatives will press hard for the session to be held and to host those concerned, and we will not wait for the session to remain determined by the whims of the Speaker of Parliament."

The Prime Minister, Muhammad Shia'a al-Sudani, confirmed earlier, the continued support of the Central Bank of Iraq in order to stabilize the exchange rate of the dollar against the Iraqi dinar, warning against attempts to exploit the crisis  link

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Tishwash:  Global gasoline prices.. Venezuela is first and Iraq is ranked 12th

Venezuela ranked first in the world with (95) octane gasoline prices, while Iraq ranked (12) out of (168) countries covered by the price of one liter of this substance.

The average price of gasoline around the world is about $1.29 per liter for 95-octane fuel. However, there is a big difference in prices between one country and another for several reasons. As a general rule, richer countries enjoy higher prices, while poor, oil-producing and exporting countries have significantly lower prices. marked.

One notable exception is the United States, which is an economically developed country, but gasoline prices are fairly low.

The differences in prices between countries are due to the taxes imposed on gasoline, as well as the subsidies that governments provide for this vital commodity.

All countries around the world have access to roughly the same oil prices in international markets, but then set different tax rates, resulting in a different retail price for gasoline.

And the "Global Petroleum Price" website published a list of prices per liter of 95-octane gasoline in about 168 countries in the world, with Venezuela ranked first at a price of $0.016 per liter.

Libya came second with 0.031 dollars per liter, followed by Iran with 0.053, Angola fourth with 0.318, then Algeria with 0.338, Kuwait with 0.344 and Egypt with 0.366.

Iraq ranked 12th with a score of 0.513, followed by Bahrain with a score of 0.531, Qatar ranked 16th with a score of 0.577, and Saudi Arabia ranked 18th with a score of 0.620.

As for the countries that have the highest price of gasoline, Hong Kong ranked first with a liter of $2,954, followed by Iceland with $2,251, then Norway with $2,217.

As for the Arab countries, Syria ranked first with the price of one liter of gasoline amounting to 2.043, followed by Jordan 1.607, Morocco 1.4, Sudan 1.073, and then Lebanon 1.033 dollars.  link

Mot: ... Beeeeeeee Careful of What Ya Ask fer! ~~~

Mot:  ..... NOW - Here is a Truism!! ~~~~

Saturday Morning Iraq Economy News Highlights 1-21-23

Saturday Morning Iraq Economy News Highlights 1-21-23

Al-Sudanese Promises An Unprecedented Budget And Confirms: We Have Taken Bold Decisions To Support The Dinar

Baghdad today - Baghdad   Today, Saturday, Prime Minister Muhammad Shia al-Sudani promised an unprecedented financial budget, while confirming that bold measures were taken to support and stabilize the dinar.

Al-Sudani said in a speech on the occasion of the official memorial ceremony held in Baghdad to commemorate the Iraqi Martyr's Day, which was attended by (Baghdad Today): “Today we remember martyrdom, but with the taste of victory that was achieved over Terrorism, and we remember the pure blood, but with the taste of security and stability that those sacrifices bestowed.

The Prime Minister added, "Today we are nearing the completion of the draft budget law, which is different from previous years, and it is the first time that the budget law revolves around the government program."

Al-Sudani stressed, "The government continues to support the Central Bank of Iraq to restore the exchange rate of the dollar to the official rate, and this is part of an overall economy that needs a courageous response and effective solutions to end the wrong financial policies that the current government inherited."

He continued, "We have taken a series of bold decisions to support and stabilize the Iraqi dinar," warning "those who try to exploit the crisis and play on people's needs," adding, "We took into consideration, in all our steps, and in the budget goals, that we should alleviate endemic poverty in some Iraqi environments and sectors."

Al-Sudani explained, "The exchange rate did not rise as a result of a government decision, but rather because there were those who took advantage of the temporary conditions and turmoil in the markets that are not yet familiar with dealing with the new banking mechanisms." , which will preserve the funds, which is an important step on the road to economic reform.”

He stressed, "The priority of combating corruption, and the government continues to assign it to the judiciary and the competent authorities to pursue those he wanted and to work to recover the looted funds."

He noted that "at the forefront of these tasks was the major social research process, and strengthening the lower-income segments with food baskets and ration cards," noting that "the duty of the state is planning and development, addressing imbalances, creating economic opportunities, preparing the ground for the work of the public and private sectors, and absorbing the youth segment.” and rehabilitate them.”

Regarding foreign relations, the Prime Minister affirmed, "We have attached special importance to foreign relations, and we continue to communicate and exchange visits with brothers and friends, and mutual interest is always present in all our dialogues."

Al-Sudani said, “I stress on all active forces the need to stay away from disagreements and tensions that are no longer an appropriate means to correct the course of the political situation in Iraq,” adding, “We will not be against opposition opinions whose goal is to correct the imbalances in the body of the state.The opposition voice that bears national responsibility is no less than The importance of the supporting voice.

He concluded his speech by saying, "We will continue to work, as long as there are brave and serious leaders in it, and as long as our rational authority takes care of its path with its wisdom, and as long as our security forces, of all kinds, are capable and empowered, and mobilize their efforts from the sacrifices of the martyrs.”    LINK

Al-Sudani: The Budget Law Is Different From Previous Years, And We Continue To Support The Dollar To Return It To Its Official Price

2023-01-21 02:09  Shafaq News/ The Prime Minister, Muhammad Shia' al-Sudani announced, on Saturday, that his government is about to finish preparing the draft budget law for the year 2023. At the same time, he affirmed the continued support of the Central Bank of Iraq to restore the exchange rate of the dollar against the dinar to its official rate.

Al-Sudani's speech was during a speech he delivered during a memorial ceremony held in Baghdad on the 20th anniversary of the assassination of the head of the Supreme Council for the Islamic Revolution in Iraq, Ayatollah Muhammad Baqir al-Hakim.

Al-Sudani said in his speech, "Today we are nearing the completion of the draft budget law, which is different from previous years, and it is the first time that the budget law revolves around the government program."

He added that, the government continues its support for the Central Bank of Iraq to return the exchange rate of the dollar to the official rate, and this is part of an overall economy that needs a courageous response and effective solutions to end the wrong financial policies that the current government inherited.

Al-Sudani added, "We have taken a number of bold decisions to support and stabilize the Iraqi dinar, and we warn those who try to exploit the crisis and play on people's needs."

He went on to say that the exchange rate did not rise as a result of a government decision, but rather because there were those who took advantage of the temporary conditions and the turmoil in the markets that were not yet accustomed to dealing with the new banking mechanisms, which would preserve the funds, which is an important step on the road to economic reform.

The Prime Minister emphasized the priority of combating corruption, and our government continues to assign it to the judiciary and the competent authorities to pursue those wanted and to work to recover the looted funds.

He said, "We have taken into account, in all our steps, and in the goals of the budget, to alleviate endemic poverty in some Iraqi environments and sectors."

Al-Sudani noted that "at the forefront of these tasks was the major social research process, and the promotion of the lowest-income segments with food baskets and the ration card."

He stressed that the state's duty is planning and development, addressing imbalances, creating economic opportunities, preparing the ground for the work of the public and private sectors, and absorbing and rehabilitating the youth segment.

The Iraqi Prime Minister indicated that foreign relations are given special importance, saying: We continue to communicate and exchange visits with brothers and friends, and mutual interest is always present in all our dialogues.

And he stressed on all the active forces the need to stay away from the contradictions and tensions that are no longer an appropriate way to correct the course of the political situation in Iraq.

Al-Sudani added, "We will not be against the opposition opinions whose aim is to correct the defects in the body of the state. The opposing voice that bears national responsibility is no less important than the supporting voice."

He concluded his speech by saying: We will continue to work, as long as there are courageous and serious leaders in it, and as long as our rational authority takes care of its path with its wisdom, and as long as our security forces, of all kinds, are capable and empowered, and mobilize their efforts from the sacrifices of the martyrs.   LINK

Foreign Minister: Submitting The Draft Budget Within The Next Few Weeks

2023/01/21   Foreign Minister Fuad Hussein confirmed, today, Saturday, that the draft general budget will be submitted within the next few weeks.

A statement by the Ministry of Foreign Affairs stated that, "The Minister of Foreign Affairs met with the Austrian Foreign Minister, Alexander Schallenberg, on the sidelines of the Davos Forum, to discuss bilateral relations between the two countries, a number of international and regional issues of common concern, and the file of Iraqi refugees in European Union countries."

The Foreign Minister indicated that "Iraq will discuss the issue of immigration at the level of the European Union during his next visit to Brussels," extending his thanks to Schallenberg on the occasion of reopening the Austrian embassy in Baghdad.

Hussein Schellenberg invited him to visit Baghdad, accompanied by businessmen and investors, to hold dialogues with their Iraqi counterparts," pointing to "the issue of forming the new Iraqi government, stressing that it has won the confidence of a strong coalition in the Iraqi parliament and that it seeks to rebuild the infrastructure and economic and present the draft general budget during the next few weeks."

He stressed, "The presence of financial strength in Iraq as a result of the global rise in oil prices," explaining that "the security situation in Iraq is good, despite the presence of some cells of ISIS terrorist gangs, but they do not pose a threat, taking into account that their presence is in the camps inside the Syrian territories. Noting that "There is concern about the release of ISIS leaders and their crossing into Iraqi territory."

For his part, Schellenberg said that "his country, which is relatively small, is suffering from a refugee crisis whose numbers have increased over the past, in addition to the large number of Ukrainian refugees, and that his country expects an increase in the number of refugees during the current year," referring to his country's desire to conclude an agreement in this regard with Iraq. ".

https://almawrid.news/contents/view/details?id=59125

The Budget Is On The Parliament Table Within The Next 48 Hours

01/21/2023 16:32  Baghdad - Iraq today:  Madiha al-Moussawi, a member of the Al-Fateh Alliance, confirmed, on Saturday, that the government has finished preparing the draft budget law for the current year, suggesting that the draft law be sent to parliament within the next two days.

Al-Moussawi said in a press statement, "Confirmed information indicated that the Ministry of Finance's review with Prime Minister Muhammad Shia'a al-Sudani of the draft budget law for the current year has expired within the next two days."

She added, “If the draft law reaches the House of Representatives, it will be presented to the Finance Committee for its study, and then it will be presented to the House of Representatives, where it will be read in the first reading, and in the second reading, notes will be presented by the members of the House for adoption in a manner commensurate with the interest of the ministries and governors.”

Al-Moussawi indicated that "the House of Representatives has a great determination to approve the budget as soon as possible, in order to start the real implementation of the government program for the Sudanese government."

The Parliamentary Finance Committee earlier, the reasons for returning the budget for the current year to the Ministry of Finance and the Ministry of Planning, noting that inflation prevented the budget from being sent to the House of Representatives.   LINK

Sudanese Promises The Iraqis An Unprecedented Budget

Policy- 01-21-2023 11:19 AM - Number of readings: 6474   Today, Saturday, Prime Minister Muhammad Shia al-Sudani promised the Iraqis an unprecedented budget during the current year, while stressing that it was centered on the government program.

Al-Sudani said in a speech he delivered during the official memorial ceremony on the occasion of the anniversary of the martyrdom of Sayyid Muhammad Baqir al-Hakim: “We remember in the month of Rajab the martyrdom with the taste of the clear victory that was achieved over terrorism.”

He added, "There is no religion in our necks greater than the religion of the martyrs," noting: "We set out in highly investigated circumstances and presented realistic and practical action programs."

He pointed out that "the government is supervising the completion of the budget law, which differs from previous years," stressing that "the budget law for the first time is centered on the government program."

He continued, "The government continues to support the restoration of the exchange rate of the dollar, which did not rise as a result of a government decision, but there are those who took advantage of the temporary conditions," noting that "the government is working to recover the looted funds.”

He pointed out that "the government has attached special importance to foreign relations of Iraq," noting that "the government is working to attract investments and agreements that are of interest to Iraq."

Al-Sudani called on the active forces to "the need to stay away from arguments," adding: "We will not be against opposing opinions whose goal is correction, because the opposing voice endowed with patriotism is no less important than the supportive one. "

And he continued, "Iraq is strong as long as the religious authority sponsors the political process and its security forces provide it with support and backing.

https://www-dijlah-tv.translate.goog/index.php?page=article&id=323245&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Friday "Vietnam News" Posted by Henig at KTFA 1-20-2023

Vietnam:

Henig:  Việt Nam remains good business partner of Hong Kong: official

January, 20/2023 - 12:10

Việt Nam is always a very good business partner of Hong Kong (China), and the two sides have maintained effective trade and investment ties over the past years, according to Hong Kong’s Secretary for Commerce and Economic Development Algernon Yau.

Hong Kong’s Secretary for Commerce and Economic Development Algernon Yau. (fifth, right) and representatives from Việt Nam and Hong Kong attend the Vietnam and Hong Kong - Guangdong - Macao (China) partnership business forum. Photo courtesy of the Hong Kong Commerce and Economic Development Bureau

HONG KONG – Việt Nam is always a very good business partner of Hong Kong (China), and the two sides have maintained effective trade and investment ties over the past years, according to Hong Kong’s Secretary for Commerce and Economic Development Algernon Yau.

Trade between Việt Nam and Hong Kong grew 11.8 per cent each year during the 2017-2021 period. In 2021 alone, the value reached 220 billion HKD (US$28.1 billion), up 19 per cent year-on-year.

Hong Kong is the fifth largest trade partner of Việt Nam, while Việt Nam is the seventh largest trade partner of Hong Kong, and the second biggest among the ASEAN countries, only after Singapore. The two-way trade in the first half of 2022 stood at 125 billion HKD, a year-on-year rise of 21 per cent.

Algernon told the Vietnam News Agency that his recent visit to Việt Nam for a workshop on business cooperation between Việt Nam and the Guangdong-Hong Kong-Macao Greater Bay Area of China was a very “eventful and fruitful journey”.

While in Việt Nam, he met the Vietnamese Minister of Planning and Investment, the Minister of Science and Technology and the Deputy Minister of Industry and Trade to seek measures to boost the bilateral cooperation in the time ahead.

Algernon and his entourage of more than 60 representatives from Hong Kong enterprises had effective working sessions with the Hong Kong China Chamber of Commerce and the Vietnam Chamber of Commerce and Industry, he said.

He emphasised that Hong Kong businesses are very interested in investment in Việt Nam and Vietnamese firms also expressed their interest in investment in Hong Kong.

During his stay in Việt Nam, Algernon also visited an industrial park in the northern province of Hưng Yên and had a “good discussion” with local authorities about cooperation opportunities.

Algernon said he saw substantial opportunities for trade and investment cooperation between the two sides in the time ahead.

Việt Nam is a member of the Regional Comprehensive Economic Partnership (RCEP) and the Hong Kong Special Administrative Region Government has applied for  accession into the RCEP since early 2022, he said, explaining that the membership would help to further facilitate the trade between Hong Kong and the RCEP countries.

According to him, Hong Kong serves as a platform to get into the Guangdong-Hong Kong-Macao Greater Bay Area and getting accession into the RCEP will facilitate the members to use Hong Kong as a platform to do business, both in Hong Kong and in the Greater Bay Area as well.

Highlighting Hong Kong’s advantages, Algernon said they would help Việt Nam and other RECEP countries do business in the region.

VNS   LINK

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Henig:  Central bank seeks to contain inflation at 4.5 per cent

January, 20/2023 - 11:28

The central bank has said it will keep monetary policy flexible to ensure inflation does not exceed 4.5 per cent this year and monetary and foreign exchange markets remain steady.

HCM CITY — The central bank has said it will keep monetary policy flexible to ensure inflation does not exceed 4.5 per cent this year and monetary and foreign exchange markets remain steady.

The credit growth quota for the year is 14-15 per cent, the State Bank of Vietnam (SBV) said in a directive, adding that its aim is to ensure liquidity for all lenders.

It requires them to keep their bad debt ratio to below 3 per cent and ensure management and transparency in operations.

Banks should promote non-cash payments and digital transformation to improve the quality of their products and services and prevent money laundering, it said.

Under the directive, the Bank for Social Policies will further reduce interest rates to support businesses in priority sectors.

Cross-ownership in banks

The directive requires the banking sector to continue with the restructuring of weak credit institutions.

The SBV said it would also improve the legal framework for handling bad debts and preventing cross-ownership in banks, explaining it is vital to prevent cross-ownership and governance abuse by major shareholders to manipulate them.

Analysts have repeatedly warned that cross-ownership between real estate firms and banks could cause the latter to give the former priority in lending.

This could pose risks to the financial system and the entire economy, they have warned.

The SBV has since October last year placed the HCM City-based Saigon Commercial Bank under special control due to its multiple problems related to cross-ownership and abuses by major shareholders.

— VNS   LINK

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Henig:  Foreign investment flow into Việt Nam to reach $36-38 billion in 2023

January, 20/2023 - 11:25

Disbursement of foreign investment this year is expected to hit $22-23 billion, Deputy Director of the FIA Đỗ Văn Sử told baodautu. 

HÀ NỘI — Foreign investment inflows into Việt Nam will likely reach US$36-38 billion in 2023, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment. 

Disbursement of foreign investment this year is expected to hit $22-23 billion, Deputy Director of the FIA Đỗ Văn Sử told baodautu. 

The opening of China's economy might affect Việt Nam's foreign investment attraction, Sử said, adding that China remained the leading investment destination in the region, so when they opened up, capital would flow into this market while that to Việt Nam and other economies in the region would be limited. 

On the contrary, the investment capital movement of South Korea, Japan, and Taiwan from mainland China would be accelerated. This shift would be accelerated until 2025, and Việt Nam would be a preferred investment destination for investors, Sử told the online newspaper.

Currently, South Korea, Japan and Taiwan (China) are Việt Nam's major sources of foreign investment and they have constantly increased their investments in Southeast Asian countries. 

According to the FIA, essential factors for FDI to continue to prosper in 2023 included economic growth results in 2022, endless efforts of authorities in improving the business investment environment, creating trust with investors and effectively exploiting the advantages of free trade agreements.

Người lao động (Labourer) newspaper cited Minister of Planning and Investment Nguyễn Chí Dũng as saying that Việt Nam had adopted a selective approach to attracting foreign investment inflows which would  contribute to the country's implementation of the sustainable development strategy.

Priority would be given to projects using new and green technologies, with high added value, modern corporate governance, high spillover effects, ensuring technology transfer and being integrated with global supply and production chains, Dũng said. 

To lure more foreign investment, Dũng emphasised the importance of developing innovation and financial centres at the regional and international levels, creating a driving force for socio-economic development in the coming period. 

He added that stabilising the macro-economy, improving infrastructure and the quality of human resources would be also needed. 

Economic expert Lê Đăng Doanh told the Labourer that Việt Nam needed to have a comprehensive assessment of the trend of shifting foreign investment inflows soon so that the country could have more appropriate and effective policies to attract this capital flow.

Accelerating administrative reforms, improving the investment environment, and ensuring policy stability would make foreign investors feel secure when they pour capital into Việt Nam.

Good news

Since the beginning of this year, Việt Nam saw good news in foreign investment attraction as nearly $900 million in foreign direct investment (FDI) has been registered in the northern province of Bắc Giang. 

On January 7, China’s Yadea Group said it would invest $100 million in a factory to manufacture and assemble electric motorcycles with an expected capacity of about two million vehicles per year in the province's Tân Hưng Industrial Park. 

Covering an area of 23.2ha, the project will be implemented in the second quarter of 2023. 

Earlier on January 2, Bắc Giang Province granted an investment certificate to Singapore’s Ingrasys Pte Ltd, the Fulian precision technology factory project investor signed an MoU with Chinese investor Hainan Longi Green Energy Technology Co Ltd on a project to produce solar panels.

Both projects will be conducted from the first quarter of 2023, with combined registered capital of about $761 million.

A bright spot in 2022

Last year, foreign investment in Việt Nam remained a bright spot on Việt Nam's economic picture, despite experiencing a year-on-year decrease in value, thanks to its disbursement reaching a five-year high.

Data from the Ministry of Planning and Investment showed as of December 20, there were 2,036 newly-registered foreign direct investment (FDI) projects worth $12.45 billion, up 17.1 per cent year-on-year in the number of projects, but down 18.4 per cent in value.

In addition, 1,107 projects had their capital adjusted, with a total amount of $10.12 billion, up 12.4 per cent and 12.2 per cent year-on-year, respectively.

Capital contributions and share purchases (foreign indirect investment or FII) were worth $5.15 billion, down 25.2 per cent. This figure made total foreign investment in the country in 2022 top $27.7 billion. 

Meanwhile, FDI disbursement in 2022 hit nearly $22.4 billion, up 13.5 per cent year-on-year, making it the highest amount in the past five years, the General Statistics Office (GSO) reported.

Accumulated to December 20, 2022, the whole country was home to 36,278 valid projects with a total registered capital of approximately $438.7 billion. The accumulated realised capital of foreign investment projects topped $274 billion, equalling 62.5 per cent of the total valid registered investment capital.

Foreign investors poured funds into 19 out of 21 sectors in the national economic classification system, of which the processing and manufacturing industry maintained its lead in terms of attracting FDI with a total investment of over $16.8 billion, accounting for 60.6 per cent of the country’s total capital.

Among 108 nations and territories pouring capital into Việt Nam this year, Singapore ranked first with $6.46 billion. It was followed by South Korea ($4.88 billion), and Japan ($4.78 billion). 

The foreign investors invested in 54 provinces and cities nationwide in 2022. HCM City came first with more than $3.94 billion, Bình Dương ranked second with a total investment capital of over $3.14 billion. Quảng Ninh ranked third with a total registered investment capital of $2.37 billion. 

— VNS   LINK

Henig:  Positive 2023 securities market forecasts

06:00 | 20/01/2023

(VEN) - Vietnam’s securities market experienced strong volatility in 2022, stemming from investor caution in the face of global economic and political uncertainties.

Sharp fall in share prices

With stocks plummeting throughout 2022, most investor accounts registered a negative balance.

As of mid-December 2022, the VN-Index was trading at a price to earnings ratio P/E of 10.91 times, almost near the lowest level in a decade (10.34 times) on November 5, 2012. This valuation is also close to the valuation that VN-Index recorded during the first wave of COVID-19 on March 31, 2020.

The State Securities Commission (SSC) attributes the sharp decline both to domestic and international developments. Government economic support measures after the COVID-19 pandemic generated high inflation in many parts of the world, prompting rapid tightening of monetary policies. Domestically, cash flows on the securities market were affected by interest rate changes. After the Fed's continuous interest rate adjustments, the State Bank of Vietnam also increased the operating interest rate twice to cope with inflation and reduce external impacts.

In addition, deposit interest rates at commercial banks also increased, attracting cash flows back to the banking system and reducing the attractiveness of short-term securities investments.

The government’s crackdown on real estate enterprises suspected of violations in issuing corporate bonds also increased investor caution and affected securities market cash flow.

Basis for optimism in 2023

The breakthrough recovery of the VN-Index from its 900-point low to over 1,000 points during the final month of 2022 was mainly supported by foreign capital inflows. In November 2022, foreign investors net bought VND16 trillion on Vietnam’s securities market. The recent massive disbursement of foreign funds also matched foreign investors’ evaluation of Vietnam's securities market outlooks in 2023.

According to Craig Martin, Chair of Dynam Capital that manages Vietnam Holding Limited (VNH), the market recovered strongly at the end of November and is currently witnessing steady growth, pushing up prices of large-caps and luring back more local investors.

Tran Thang Long, analysis director of BIDV Securities Company (BSC) has reported that the BSC successfully issued shares to Hana Securities from the Republic of Korea for investment in long-term development opportunities of the Vietnamese securities market.

Tough government measures, including strengthened inspections and handlings of violations, are also expected to improve the stability, sustainability and transparency of the Vietnamese securities market.

The management agencies will also review the Law on Securities and guiding documents to resolve inadequacies and obstacles, thereby restoring investors’ confidence in the market.

According to J.P. Morgan data for the Asia-Pacific region, if Vietnam is upgraded to an emerging market, about US$5 billion from Exchange Traded Funds will pour into the country.

Thanh Thanh  LINK

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Henig:  Việt Nam retail real estate market expects growth in 2023

January, 20/2023 - 11:36

The retail space market has the opportunity to grow strongly in 2023 with the forecast of the recovery of the retail industry, especially with new investment of foreign brands in Việt Nam.

HÀ NỘI The retail space market has the opportunity to grow strongly in 2023 with the forecast of the recovery of the retail industry, especially with new investment of foreign brands in Việt Nam.

Many retail brands are looking at Việt Nam because the economy is strong, and they see the potential. Brands are diverse and range from luxury to mid-market brands, said Nick Bradstreet, head of Asia Pacific Retail, Savills. For example, Lotte is completing a new project, and it is expected to welcome international brands.

"The challenge Việt Nam is facing is that there are not enough shopping centres being built to meet the demand from international retailers," he said.

Việt Nam’s economy is growing quickly, which creates an attractive retail outlook. By 2025, Việt Nam will be the third largest economy in Southeast Asia, following Indonesia and Thailand. The country is vibrant and increasingly wealthy, and there is a dynamic population of young people.

Retailers want well-designed and managed properties with a dynamic tenant mix. They also want landlords to advertise and promote the spaces to draw in traffic, Bradstreet said. Central Group from Thailand is looking to invest more money in Việt Nam, and this is likely to attract international retailers because they trust the products. It might be harder for local developers and landlords because they are unknown on the international scene. Relationships are essential to attracting international retailers.

Besides, large cities such as Hà Nội, Đà Nẵng and HCM City, “tourist hubs, like Hội An, present opportunities, especially for pop-up stores during the high season. All the ingredients are there for Hội An, it just needs a well-planned and well-designed shopping centre,” Bradstreet said.

According to Bradstreet, everybody likes a well-managed shopping centre. Shopping centres deliver experiences. A prime example is Siam Paragon in Bangkok. It’s got all the big brands, people go and spend time with their friends, and parking and public transport are convenient. Shopping centres like this are popular in mainland China, Hong Kong, Thailand, and Việt Nam is no exception.

New suburban shopping centres and Lotte’s new project will be successful because people will be happy to go. The difficulty is that there are not enough shopping centres. Usually, there are shopping malls where all the luxury brands can be together or where fast fashion brands like Zara and H&M be grouped, but in Hà Nội, this is still very difficult to achieve.

“In the past, wealthy customers in Việt Nam travelled to Paris, Dubai, or Singapore and bought goods overseas. Before COVID, Vietnamese shoppers were spending overseas," he said.

However, with the lockdowns and restrictions over the last few years, they spent in Việt Nam and sales increased dramatically. Even today, luxury sales are extremely strong even though people are beginning to travel,” he said.

“The luxury market is interesting because there is a VIP business model. If someone shops at Louis Vuitton or Christian Dior, they will get to know them and will give them VIP treatment with dinners or gifts. So even if shoppers go overseas to buy a bag, they will still get a store from their local store when something new comes in. The relationship between customers and retailers has become stronger.”

E-commerce is now a vital sales avenue, and retailers have physical and online stores. However, physical stores deliver the experiential side of retail and can demonstrate the strength of a brand, its products, and its people. This plays an important role in how people feel about a brand and loyalty comes from that. Savills has seen people return to stores post-COVID, and physical spaces are important, Bradstreet said.

Luxury brands don’t rely too much on e-commerce because luxury retail is about service. When customers go to stores like Prada or Louis Vuitton, they walk out feeling good and often share this experience with their friends. However, when it comes to brands like Zara or H&M, getting delivery at home is okay because there isn’t the same level of aspiration or exclusivity.

In 2022, the retail market in general and townhouses in particular already recovered with a better occupancy rate, but the recovery has not reached the level of the pre-COVID-19 period, according to Savills.

The rental price of retail space also recorded an increase against the COVID-19 period. Of course, the recovery is still not as the performance before the pandemic due to the impacts of the economic situation at present and the landlords' psychology of comparison in the price at present against that in the pre-pandemic, said Hoàng Diệu Trang, Senior Leasing Manager for Savills Vietnam in Hanoi Branch.

Therefore, to further develop the market of townhouses for rent in 2023, there needs to be cooperation between customers and landlords in adjusting rent expectations.

In addition, the advantages of Việt Nam, such as a large and young population, and the young people's higher shopping needs than previous generations, will play a big role in attracting retail brands to the market, leading to the development of townhouse-retail in the future.

However, the retail real estate market in Việt Nam has high competitiveness, so retailers must constantly innovate to survive.

For the occupancy rate, the market still needs to continue adjusting to increase this rate in the near future.

Meanwhile, homeowners need to be aware of strict requirements on retail space from the brands. Brands need retail space with good quality in building and technical conditions.

Therefore, besides the good location of retail space, the landlord needs to provide more professional services and have more investment in the quality of the space to attract big brands.

In fact, if the townhouse space does not meet the desired brand criteria, they will prioritise Grade A retail space, which has special locations, reputable investors and properly-invested retail space.

Besides that, it cannot ignore the adverse effects of global macroeconomic conditions on consumption. Moreover, tourism has not really boomed, which also affects consumption, so it is necessary to have policies to support enterprises and Vietnamese brands to develop in many industries, thereby encouraging domestic consumption.

VNS  LINK

Iraqi News Highlights Friday Afternoon 1-20-23

Iraqi News Highlights Friday Afternoon 1-20-23

Tlm724 Administrator Bondlady’s Corner

Al-Hakim Calls For Disclosure Of The Beneficiaries Of The Dollar Crisis And Corruption

Political | 01:35 - 01/20/2023  Baghdad - Mawazine News  On Friday, the head of the National Wisdom Movement, Ammar al-Hakim, affirmed his support for the government of Muhammad Shia al-Sudani, despite not participating in its formation, calling for the disclosure of the beneficiaries of the dollar crisis and corruption.  Al-Hakim said in a speech on the Iraqi Martyr's Day, followed by Mawazine News, that "the new government, headed by Prime Minister Muhammad Shia' al-Sudani, has taken confident, effective and field steps towards implementing the government program and the ministerial platform according to known timelines."

He added: "We see in the Sudanese government the will and sincere intention to achieve more structural reforms in the necessary administrative, service, security, economic and financial fields, stressing:" We support these steps, hoping that they will continue with the same strength with which they began to inaugurate a new and stable phase of the stages of building the state and strengthening all its institutions.

And he continued: "We renew our support for this government, and we will work to support it to make its mission a success even when we are outside the government formation. Our support for the government program is not linked to our government representation in it, but rather our contract with it is the contract of the supportive, supportive and observer citizen."

Al-Hakim emphasized: "We support every political or governmental measure that contributes to the stability of the country, enhances opportunities for social and economic development, and works to confront youth unemployment with tangible, realistic solutions.

There is no construction, investment, or economy worthy of our country and our people without political stability first, and no government can To succeed without real political support that supports its correct positions, and helps it correct the required paths, but it has a lot to accomplish and faces a number of challenges that are not underestimated, and it needs firm, bold and quick measures in treatment, we will point out the most prominent of them:

1- It is necessary to intensify legal and judicial efforts in the field of combating corruption, limiting money smuggling operations and the consequent instability of the Iraqi currency against the dollar, and revealing the supporting and beneficiary parties, because no one is above the law, and this cannot be allowed at any cost.

2- Focusing on the completion of infrastructure and strategic projects, as the real achievement is in preparing the foundations for building and fixing the initial steps on which major projects are based.

3- Proper and correct preparation for conducting provincial council elections in terms of approving a fair law and executive procedures that guarantee fair and transparent elections. It is not possible to develop and reform the local reality of all provinces without free and fair elections in which all Iraqis see their equal and fair opportunities.

Al-Hakim called on the executive and legislative authorities to "seriously think about the possibility of returning municipal councils with correct mechanisms that benefit from yesterday's mistakes and do not burden the state, and open the way for community voluntary work in the service of districts and districts to make local and federal electoral competition through community service in districts and districts, and let municipal councils be A real window to test the qualified and those who intend to run for any electoral, political or executive task.” https://www.mawazin.net/Details.aspx?jimare=217119

The Exchange Rate Of The Dollar Continues To Rise In The Iraqi Market

Economie| 09:58 - 01/20/2023   Baghdad - Mawazine News  The exchange rate of the dollar continued its rise in the local markets in Iraq.  The selling price of 100 dollars was recorded as 165,500 dinars, while the purchase price of 100 dollars was 164,500 dinars. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=217099

The Iraq Stock Exchange Rises And Trades 25 Billion Shares

Market  Economy News-Baghdad  During the third week of January 2023, the Iraq Stock Exchange organized five trading sessions, which witnessed the circulation of more than 25 billion shares.

A market statement stated that "the number of shares traded during this week is more than (25) billion shares, with a value of more than (26) billion dinars."

The trading index in the market closed for the first session of the week at "(597.27) points, while the index closed at the end of the week at (606.56) points, achieving an increase of (1.53%) from its closing at the beginning of the session."

And executed during the week, "more than (3100) sale and purchase contracts on the shares of companies listed in the market."  Views 192   Added 01/20/2023 - 1:25 PM  Updated 01/20/2023 -  https://economy-news.net/content.php?id=31984

Planning Announces The Rate Of Inflation In Iraq And The Government's Measures To Address It

Political| 02:51 - 01/20/2023   Baghdad - Mawazine News   , on Friday, the Ministry of Planning revealed government measures to address the effects of inflation in Iraq, while identifying the reasons for its high rates.

A spokesman for the Ministry of Planning, Abd al-Zahra al-Hindawi, said, “The whole world is witnessing a rise in inflation indicators as a result of the repercussions of the Russian-Ukrainian war and climate conditions,” noting that “the repercussions contributed to the rise in prices of industries and energy to the highest levels, and thus reflected on inflation indicators, which rose significantly.” in the countries of the world.”

Al-Hindawi added, "Inflation rates rose in Iraq during the past year 2022, affected by global repercussions and the exchange rate that changed during the recent period."

He pointed out that "the rate of inflation in Iraq reaches (6 to 7%) compared to what it was previously, and this type is a natural cumulative increase over the past months," attributing the reason to "the high prices of some services, the volume of cash circulation and the cash mass circulating in the markets." ".

And he indicated that "the more the monetary mass in circulation inflated, the higher the inflation rate would be affected," noting that "the real measures to reduce inflation are to support the local product, preserve the value of the national currency, and ration imports."

He pointed out that "these measures would contribute to achieving a state of stability in inflation indicators."

He continued, "The government is taking a number of measures to reduce cases of inflation, and there are policies within the future directions to support industry and agriculture to reduce the volume of imports and ration it in proportion to the actual need," explaining that "these measures will contribute to reducing the irrational increases in inflation in the country." Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=217124

The Rise In World Oil Prices

Friday 20 January 2023 09:50 | Economical Number of readings: 325   Baghdad / NINA / - Oil prices rose in early trading, today, Friday.   According to Reuters: Brent crude futures for March delivery rose 48 cents, or 0.6%, to $86.64 a barrel.  US crude prices rose 54 cents to $80.87 a barrel, up 0.7%.   Both closed up by 1% yesterday, Thursday, near their highest closing levels since September 1./End 9

https://ninanews.com/Website/News/Details?key=1027876

The Head Of The Regional Government Reveals The Results Of His Visit To Baghdad

Today, Friday, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, affirmed the regional government's readiness for a constitutional solution to problems, especially the efforts aimed at preparing the federal oil and gas law in accordance with the constitution.

A statement by the regional government said that Barzani received today a phone call from the US Presidential Coordinator for Infrastructure and Energy Security Amos Hochstein. Federal oil and gas in accordance with the Constitution.

The President of the Kurdistan Regional Government confirmed, according to the statement, that until the approval of the federal oil and gas law, the Kurdistan Regional Government will continue to coordinate and cooperate with Baghdad to continue producing and strengthening the energy sector in the region.

The US Presidential Coordinator gave a briefing on their visit in the past few days to Baghdad and Erbil. The two sides agreed on the importance of overcoming obstacles to the development of the energy sector.

In another aspect of the talks, the two sides discussed ways to consolidate relations between the Kurdistan Region and the United States. The discussions also witnessed a mutual emphasis on the importance of enhancing trade, investment and energy in the Kurdistan Region and Iraq.

https://www.radionawa.com/all-detail.aspx?jimare=33094

Most Notably Oil And Commercial Ones.. Erbil And Washington Are Discussing Several Files

Friday, January 20, 2023 1:03 PM   Baghdad / National News Center   Today, Friday, the President of the Kurdistan Regional Government, Masrour Barzani, received a phone call from the US Presidential Coordinator for Infrastructure and Energy Security, Amos Hochstein, where they discussed several files, most notably oil and trade.


A statement from the presidency of the regional government, received by the National News Center, stated that “during the phone call, the prime minister referred to his recent visit to Baghdad on January 11, his meeting with the federal prime minister, and his affirmation of the Kurdistan Regional Government’s readiness for a constitutional solution to problems, especially efforts Aiming to prepare the Federal Oil and Gas Law in accordance with the Constitution.

Barzani stressed, according to the statement, that "until the federal oil and gas law is approved, the Kurdistan Regional Government will continue to coordinate and cooperate with Baghdad to continue producing and strengthening the energy sector in the region."


For his part, the US Presidential Coordinator gave a briefing on their visit in the past few days to Baghdad and Erbil.

The statement continued, "The two sides agreed on the importance of overcoming obstacles to the development of the energy sector, while they discussed ways to consolidate relations between the Kurdistan region and the United States."

He explained, "The discussions witnessed a mutual emphasis on the importance of promoting trade, investment and energy in the Kurdistan region and Iraq."   https://nnciraq.com/180984/

Industry Announces A Plan To Rehabilitate Factories And Increase Their Production Capacity

Economie  Friday, January 20, 2023 10:39 am  Baghdad / National News Center  Today, Friday, the Ministry of Industry and Minerals announced a plan to rehabilitate its factories and increase their production capacity. While it indicated that its products are better than imported ones, it confirmed that it supplies the Ministry of Electricity with 7 basic materials.

The media office of the ministry said in a press statement, “Most of the products of the Ministry of Industry and Minerals companies serve and meet the needs of the state ministries,” noting that “the products are very good and within the product guide approved by the House of Representatives, the Ministers and the Ministry of Planning.”

He added that “our products are characterized by high quality, better than those of the imported ones,” noting that “these products are distinguished by their quality, with a certificate from the Central Agency for Standardization and Quality Control.”

He continued, “These products fall into all fields, whether electrical, mechanical, food, pharmaceutical, textile, or petrochemical, in addition to other industries, being diverse.” Its measurements as well as cables,” explaining that “all these products are prepared by the ministry’s companies, represented by the Al-Zawraa General and Steel Company, the General Company for Hydraulic Industries, the Al-Faris State Company, the State Company for Construction Industries, and the State Company for Textile and Leather Industries.”

And he indicated that “the Pharmaceutical Industries Company supplies medicines to the Ministry of Health, the private sector and the Iraqi market,” explaining that “the ministry has developed a complete plan to rehabilitate laboratories in short and medium-term stages to increase the laboratories’ productivity, efficiency and quality to keep pace with the development taking place in the world.”

https://nnciraq.com/180949/

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

https://www.bondladyscorner.com/

KTFA Members "World News" Friday 1-20-2023

KTFA:

Henig:  From Davos.. The President of the Republic: The security situation in Baghdad and other cities is stable and better than other countries

Baghdad / NINA / - The President of the Republic, Abdul Latif Jamal Rashid, affirmed that the security situation in Baghdad and other cities is stable and better than other countries.

He said in a dialogue session on the Middle East within the activities of the World Economic Forum in Davos: The current government is moving towards reform and benefiting from oil revenues towards building and improving the economy.   LINK

Henig:  Al-Saihoud: The next stage should be an industrial revolution to support and encourage the national economy

Baghdad / NINA /- The MP for the State of Law coalition, Muhammad Saadoun Al-Saihoud, said that "the next stage must be an industrial revolution to support and encourage the national economy."

Al-Saihoud stressed in a press statement today that: The time has come for Iraq to take its main and pioneering role for the development and upgrading of the local product, whether it is agricultural, industrial, commercial or even investment, given that Iraq has economic resources, infrastructure, human resources, raw materials, minds and expertise that can enable it to revitalizing the national economy in all its details.

He added that: The government must develop and upgrade the national product after inaction and absence that lasted for many years, and that Iraq must be a producer country, not just a consumer, and it has all the ingredients for success, and this is what needs political and economic support, whether at the level of the legislative and executive authority alike.  LINK

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Clare:  Planning announces the rate of inflation in Iraq and the government's measures to address it

1/20/2023   Baghdad -

On Friday, the Ministry of Planning revealed government measures to address the effects of inflation in Iraq, while identifying the reasons for its high rates.

A spokesman for the Ministry of Planning, Abd al-Zahra al-Hindawi, said, “The whole world is witnessing a rise in inflation indicators as a result of the repercussions of the Russian-Ukrainian war and climate conditions,” noting that “the repercussions contributed to the rise in prices of industries and energy to the highest levels, and thus reflected on inflation indicators, which rose significantly.” in the countries of the world.”

Al-Hindawi added, "Inflation rates rose in Iraq during the past year 2022, affected by global repercussions and the exchange rate that changed during the recent period."

He pointed out that "the rate of inflation in Iraq reaches (6 to 7%) compared to what it was previously, and this type is a natural cumulative increase over the past months," attributing the reason to "the high prices of some services, the volume of cash circulation and the cash mass circulating in the markets." ".

And he indicated that "the more the monetary mass in circulation inflated, the higher the inflation rate would be affected," noting that "the real measures to reduce inflation are to support the local product, preserve the value of the national currency, and ration imports."
He pointed out that "these measures would contribute to achieving a state of stability in inflation indicators."

He continued, "The government is taking a number of measures to reduce cases of inflation, and there are policies within the future directions to support industry and agriculture to reduce the volume of imports and ration it in proportion to the actual need," explaining that "these measures will contribute to reducing the irrational increases in inflation in the country."   LINK

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Henig:  Al-Sudani chairs a special meeting to discuss the final details of the 2023 draft budget

 Baghdad today - Baghdad

 Today, Thursday, Prime Minister Mohamed Shia Al-Sudani chaired a special meeting to discuss the final details of the draft federal budget law 2023 .

 A statement by the media office of the prime minister, which was received by (Baghdad Today), stated that "Al-Sudani chaired a special meeting to discuss the final details of the draft federal budget law 2023."  

 Al-Swadani stressed, according to the statement, "the need to complete the draft budget law as quickly as possible, and submit it to the House of Representatives, in order for it to enter into force without delay." Fighting corruption, improving services, and reforming the economy. 

 Al-Sudani directed that "the draft law takes into account the importance of presenting infrastructure projects over other projects, in order to create an appropriate environment in the internal economy to achieve the adoption of the ministerial curriculum, provide service and make a difference that the citizen touches, in the service sector and other economic sectors."

On November 26, 2022, Prime Minister Muhammad Shia’ al-Sudani chaired a meeting devoted to discussing the draft federal budget law for the year 2023, while he demanded that the draft be completed as quickly as possible and submitted to Parliament .   LINK

Clare:  High oil prices in world markets

1/20/2023

Oil prices rose today, Friday, amid optimism that the Federal Reserve (the US central bank) will end the cycle of monetary tightening, which will boost the economy and support demand for fuel.

Brent crude futures for March delivery rose 48 cents, or 0.6%, to $86.64 a barrel, while US crude prices rose 54 cents to $80.87 a barrel, up 0.7%.

The two benchmarks are heading for a second consecutive week of gains, and both closed up 1% on Thursday, near their highest closing levels since December 1.

New York Federal Reserve Chairman John Williams said on Thursday that the US central bank will approve more interest rate hikes, and that he sees signs that inflationary pressures may be starting to ease from their very high levels.    LINK

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Henig:  Gold is heading towards a fifth weekly rise, amid bets on slowing rate hikes

023/01/20

Gold prices stabilized today, Friday, but are heading for gains for the fifth week in a row, as the weakness of the dollar and hopes of a slowdown in raising US interest rates boosted the attractiveness of the yellow metal, which represents a safe haven.

 And by 03:08 GMT, gold settled in instant transactions at $ 1930.04 an ounce, up 0.5% during the week. Yesterday, Thursday, prices recorded $1,935.20, the highest level since April 2022.

 US gold futures rose 0.4% to $1,931.50.

According to a Reuters poll, the US Fed is expected to end the monetary tightening cycle with a 25 basis point hike in each of the next two policy meetings, then likely keep interest rates steady for at least the rest of the year.           

With lower interest rates, which means lower returns from assets such as government bonds, investors may prefer gold.

Data on Wednesday showed US retail sales fell by the most in a year, putting the overall economy on a weaker growth path.    

 The dollar index is heading for its second weekly decline, making gold cheaper for overseas buyers.

 As for other precious metals, spot silver rose 0.5% to $23.94.

 Platinum fell 0.1% to $1,032.25, and palladium fell 0.3% to $1,748.28. Both metals are heading for a second week of decline. LINK

Friday Morning Iraq Economy News Highlights 1-20-23

Friday Morning Iraq Economy News Highlights 1-20-23

Wall Street: The Decline Of The Iraqi Dinar Is Caused By An American Policy To Curb The Illegal Seizure Of The Dollar By Iraqi Banks

January 20, 2023  Baghdad / Obelisk: The Wall Street Journal reported, quoting US officials, that the depreciation of the Iraqi dinar is a result of the policy adopted by the US Treasury and the Federal Reserve in New York to curb money laundering and the illegal appropriation of dollars by Iraqi commercial banks for the benefit of countries subject to sanctions. In the Middle East, including Iran, according to the expression of the report.

US and Iraqi officials said it was time to bring the Iraqi banking system into compliance with international money transfer practices.

The value of the Iraqi currency fell to 10 percent against the dollar, which led to a sharp rise in the prices of imported goods.

US officials confirm that the strict rules for electronic dollar transfers by Iraqi private banks were not a surprise to officials in Baghdad, but are implemented jointly after two years of discussions and planning between the Central Bank of Iraq, the US Treasury and the Federal Reserve Board. They added that the rise in the dollar exchange rate was not due to the new measures.

https://almasalah.com/archives/38287

The Iraqi Dinar Pays The Price.. Washington Cuts Off The Dollar Smuggling Route To Iran

2023-01-20 01:30   Shafaq News/ The Iraqi dinar continues to pay the price, by faltering against the dollar, and perhaps the most prominent reason lies in the noticeable change by the US Treasury and the Federal Reserve Bank of New York towards monetary policy in Iraq, due to currency smuggling operations to Iran, which is suffering from severe economic sanctions for years.

The American newspaper "The Wall Street Journal", shed light on the currency file in Iraq, in a report translated by Shafak News agency, indicating that the Iraqi economy is suffering from faltering with the decline in the value of the dinar by 10% against the dollar, which led to an increase in food prices.

American Procedure

And the American newspaper stated, in its report, that "American and Iraqi officials say that the stricter controls imposed by the Federal Reserve Bank in New York regarding dollar transactions by Iraqi banks last November are a step aimed at reducing money laundering and illegal smuggling of dollars to Iraq.” Iran and other countries in the Middle East are subject to severe sanctions.

She added, "Successive US administrations have postponed the entry of the Iraqi banking system into global money transfer mechanisms so far, due to the years of weak governments in Iraq and the crises represented by the rebellion during the US occupation, leading to the control of ISIS over large parts of the country.”

According to US and Iraqi officials and official data, since the introduction of the new measures, 80% or more of daily dollar transfers to Iraq, which previously totaled more than $250 million on some days, have been blocked for reasons including insufficient information. The destination of this money or because of other errors.

The American newspaper pointed out that "in light of the scarcity in the availability of the dollar, the Iraqi dinar fell by up to 10% against the dollar, which caused a strong rise in the prices of imported goods, including basic commodities such as eggs." , flour and cooking oil.”

Shock Policy

The “Wall Street Journal” report quoted the Chairman of the Board of Directors of the Southern Islamic Bank, Mahmoud Dagher (a former official in the Central Bank of Iraq), as saying, “For 20 years, we have been following the same system , but the shock policy pursued by the Federal Reserve created a crisis within the economy. Iraqi.”

The report pointed out that this turmoil reflects the cautious and overlapping relations between Washington and Baghdad, recalling that since the United States contributed to the establishment of the Central Bank of Iraq in 2004, the US dollar has turned to being the main currency of the country to a large extent because a large part of the Iraqi economy operates on cash.

And the report continued that in order to provide Iraq with dollars, planes transport shipments of US currency to Baghdad every few months, indicating that additional dollars flow electronically through transactions carried out by Iraqi banks, which are withdrawn from official Iraqi accounts in the Federal Reserve Bank in New York, where proceeds from oil sales are deposited.

And US officials acknowledged that "the strict rules for electronic dollar transfers by Iraqi banks were not a surprise to officials in Baghdad, explaining that they were implemented jointly last November, after two years of discussion and planning by the Central Bank of Iraq, the US Treasury and the Reserve Bank." The Federal Reserve, stressing that "the increase in the exchange rate of the dollar was not due to the new measures."

And the American newspaper noted, that "auditing dollar transactions caused a demand for dollars in Iraq and a wave of criticism by Iraqi officials, bankers and importers who criticize the new system because it caused an unnecessary financial shock and contributed to the exacerbation of their severe economic problems."

The new "platform" system

She explained, "According to the new procedures applied, banks must submit requests for dollar transfers through a new electronic platform with the central bank, and then the Federal Reserve Bank of New York reviews them."

The report quoted US officials as saying that this system "aims to limit the use of the Iraqi banking system to smuggle dollars to Tehran, Damascus and safe havens for money laundering throughout the Middle East."

The report quoted Dagher as saying that "under the old rules, it was not obligatory for Iraqi bank account holders to disclose the party to which they send money until after the dollars have already been transferred."

The report quoted a spokeswoman for the Federal Reserve Bank of New York as saying, referring to bank accounts belonging to foreign governments that fall under its control, similar to Iraqi accounts, as saying, “We have a strong compliance system for these accounts that evolve over time in response to new information.”

The report also quoted a US official as saying that these measures would reduce "the ability of malicious actors to use the Iraqi banking system."

The report pointed out that both the US Treasury and the Central Bank of Iraq declined to comment, but the Central Bank of Iraq described the new electronic platform in a statement issued on December 15, noting that it requires providing “full details about customers who want.” to transfer money.” Including who are the ultimate beneficiaries, adding that "a number of errors are discovered and what is required of the banks is to repeat the process," noting that these procedures will require additional time before approval is obtained and passed by the international mechanism. .

According to Iraqi officials and judicial documents, the central bank prevented four banks, including the Islamic Bank of Asia and the Iraqi Middle East Bank, from carrying out any transactions in dollars.

The report pointed out that US officials have been exerting pressure on Iraq for years in order to strengthen its banking controls, noting, quoting US officials at the time, that the Federal Reserve Bank and the Treasury Department temporarily stopped in 2015 the flow of billions of dollars dollars to the Central Bank of Iraq because of their fears of The dollars were on their way to Iranian banks and may be transferred to ISIS militants.

The report indicated that some Iraqi officials support strengthening the oversight of Iraqi banks, and in this context, MP Hadi al-Salami, a member of the Anti-Corruption Commission, was quoted as saying that political parties and militias control most banks and use them to smuggle dollars to neighboring countries, adding, "We need this to stop immediately."

And the American newspaper considered, in its report, that the impact of the new controls can be seen in the sharp decline in bank transactions in dollars, which the Central Bank tracks on its website, adding that on October 17 of last year, that is , before the entry into force of the new controls, Daily transfers from Iraq's official accounts at the Federal Reserve Bank of New York and other external institutions amounted to $224.4 million, while on January 17, it amounted to $22.9 million, which is equivalent to a decline of 90%.

And while US officials say, according to the "Wall Street Journal", that this financial confusion will ease with the compliance of Iraqi account holders with the new controls, the newspaper pointed out that "Iraqi bankers and merchants consider that the new rules aim to stop the schemes used to steal dollars." LINK

Presidency Of Parliament Ignores A Request To Discuss The Dollar Crisis

Posted On2023-01-19 By Sotaliraq  Independent MP Adnan Al-Jabri revealed the parliament's refusal to include the dollar crisis on the agenda of yesterday's session. Al-Jabri said, "The crisis of the high exchange rate of the dollar against the Iraqi dinar was not included in yesterday's parliament session."

And Al-Jabri continued, “This is despite submitting the signatures of many deputies to discuss the issue or hosting the responsible authorities in the Central Bank and the Ministry of Finance,” noting that “the presidency of Parliament did not explain the reasons for the refusal.  LINK

FROM BASRA..THE IRAQI MASSES ARE CALLING ON THE SUDANESE TO LOWER THE EXCHANGE RATE OF THE DOLLAR AGAINST THE DINAR (VIDEO)

Thursday, January 19, 2023 6:23 PM  Baghdad / National News Center  https://nnciraq.com/180839/

"The dollar has gone down... the dollar has gone down"... cheers from the audience as Al-Sudani entered the Basra stadium

Baghdad today – Baghdad Today, Thursday, a number of the masses present at the Trunk of the Palm Stadium in Basra Governorate chanted slogans calling for a reduction in the exchange rate of the dollar, coinciding with the entry of Prime Minister Muhammad Shia al-Sudani.

And a circulating videotape, which I followed (Baghdad Today), documented the moment the audience chanted: "Download the dollar...Download the dollar" in the dialect.

The exchange rates of the dollar have been witnessing a jump, against the Iraqi dinar, for weeks, and reached its maximum today, as it reached 166 thousand dinars for every 100 dollars.  LINK

The Iraqi Dinar May Also Fall Victim After The Collapse Of The Toman And The Lira In Syria, Turkey, Iran And Lebanon

Economy   2023/01/19 09:20  , Number of readings: 273   Baghdad - Iraq today:   Despite the stability of the Iraqi dinar in the official markets, the news reveals a violent decline of the Iraqi dinar against the dollar in the parallel markets.

According to the "Investing.com" financial platform, the Iraqi dinar is falling against the dollar, despite the fall of the US dollar index below the 102 levels, following the release of US inflation data and its significant slowdown.

The price of the dollar in Iraq against the local currency reached 1610 dinars per 100 US dollars, while it settled in the official market at 1450 dinars per 100 dollars. Thus, the dollar gap between the official and parallel rate has now returned to more than 11%.

The decline of the local currency in the parallel market led the Iraqis to rush towards gold as a safe haven to preserve the value of their money, and gold continues to rise inside Iraq, and its prices have risen 10% compared to the last quarter of last year, and an ounce of 21-carat gold, the most valuable in Iraq, is 78,530 dinars.   LINK

Parliamentary Finance Sets The Date For Approving The Budget Law By The Government

Posted On2023-01-19 By Sotaliraq   2023-01-19  The Parliamentary Finance Committee revealed, on Thursday, the reason for the delay in sending the draft general budget law for the year 2023 to the Council of Ministers, stressing that the Council of Ministers will discuss the budget in next week’s session.

Committee member Mueen Al-Kadhimi said, "Financial inflation in some projects in the General Budget Law for the year 2023 caused a delay in sending them to the Council of Ministers."

He pointed out that "the Ministries of Finance and Planning are now making the last amendments to the draft budget law before sending it to the Council of Ministers."

He added, "The ministries of finance and planning are working on completing the final draft of the budget law and sending it to the cabinet before the next session."

And Al-Kazemi stated, “The cabinet will discuss and approve the budget law in next week’s session, after its completion by the Ministry of Finance.”  LINK