"Tidbits From TNT" Tuesday AM 1-24-2023

TNT:

CandyKisses:  For the second day in a row. A complete halt to banking and a significant decline in the dollar in Baghdad

Baghdad Today - Baghdad

On Tuesday, the Al-Kifah and Al-Harithiya stock exchanges in the capital, Baghdad, witnessed an almost complete halt for the second consecutive day, while dollar exchange rates recorded a decline in local markets.

The correspondent of (Baghdad Today) said that "most of the owners of exchange offices in the local markets in the capital, Baghdad, stopped buying and selling the dollar because of its instability and the stock exchange stopped for the second day in a row."

He added that "the sale and purchase prices recorded a decrease in some exchange shops in the local markets, where the selling price reached 158,000 dinars, while the purchase price reached 157,000 dinars per 100 dollars."

KMan:  Yada, if this is only an RI, I wonder if the contract rate would still be available when they actually do a full blown RV?

RVAlready:  Remember that the contract rate money comes from a single pool. When it’s gone, it’s gone. In other words, first come first served.

Yada:  KMAN,,,this has always been a RI. Not and RV. And before a complete ReIssue, looks like they are going to float to allow market to increase the value. With Kuwait, it was a ReIssue and the market demand caused it to float up to close to $9.

Una345ty:  So Yada do we wait for it to float up or go in an exchange what you have ? How long did Kuwait go up ?  How long was the wait until Kuwaiti reached its max days or moments or ???

Yada:  Not sure how long it took to go up. Know, from reading articles, what took them 10 days has taken Iraq 5 weeks. Maybe the change in the CBI governor will have an impact in the release as we heard is possible on the call. When asked in previous calls, Tony referenced could take 2 to 3 weeks to go up and then decrease. Stated was how long it would take to get the bulk of the dinar before the demand decreases

Red:  yada and others Kuwait came out at 2.60 and over the next 30 days it went up to 2.90 cents, +/- a small amount….it hit a top in 2015 around 3.05 then has trickled up since to around 3.15 or so now around 3.05

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Tishwash:  The dollar is falling against the dinar, and the exchange rate is likely to stabilize

The government has intensified its measures aimed at controlling prices in the local markets and limiting the effects of the rise in the dollar exchange rate, while specialists have suggested that stability will return to the exchange market. 

Yesterday, Monday, the local markets recorded a decline in the dollar exchange rate to less than 160,000 dinars for the $100 category, after it exceeded 167,000 dinars for the same category. 

The government sought the help of the private sector to confront the waves of high prices, by issuing seven decisions in favor of controlling the repercussions of the exchange rate hike in the parallel markets.

The decisions taken during the meeting of Prime Minister Mohamed Shia Al-Sudani with the Federation of Chambers of Commerce were welcomed by many specialists in economic affairs, who emphasized the importance of the government's step in controlling prices, in addition to being "a real recognition of the ability of the private sector to play a role in the economic process."

The decisions included opening a new window for selling foreign currency to small traders through the Trade Bank of Iraq (TBI). Financing the Central Bank of the Iraqi Trade Bank with an additional amount of $500 million for the purpose of opening letters of credit for small merchants.

Economic affairs specialist Maytham Al-Bolani believes that there is a real desire on the part of the Prime Minister to advance the economic and development situation, and to increase cooperation with the private sector.

Al-Bolani, who attended the meeting between the Prime Minister and the Federation of Chambers of Commerce, told Al-Sabah that "Al-Sudani is determined to make the private sector a partner in the economic decision by having a voice for it when making decisions within the Ministerial Council of Economy."

He stressed, "The government's determination to adopt real economic reform mechanisms whose results can be felt within a year from now, and this matter will be a starting point for the private sector towards activating the productive and service joints inside Iraq, where the private sector that owns expertise and capital is looking for hope to move towards turning the wheel of production and advancement." services." 

Al-Bolani pointed out that "the problems that confuse the mechanisms of developing the national economy are not spur-of-the-moment, but rather accumulated and need time to be contained and overcome their effects, and then transformed into outlets that support the national economy, and thousands of factories and factories suspended from work due to lack of interest are revived." 

Al-Bolani stressed that "the important and positive thing about communicating with the prime minister is that it is a periodic meeting on a regular basis, weekly, to review the reality of the economy and the most important issues that concern activating activities, and evaluating the past period."

For his part, Bassem Jamil Antoine, an economist and specialist in the private sector, believes that the government's approach to the private sector is a good step to take advantage of its capabilities and the speed of its dealing with economic events, but we hope that this approach will be a fixed "government principle", and not during times Only crises, especially since the private sector is part of the state and citizenship and that its affiliation with the country is authentic and cannot be isolated, in addition to its ability to respond to the government’s demands at certain times, as is happening now from the high-price crisis caused by the high exchange rate.

Antoine explained, "The private sector's reassurance of the government's economic directions, its provision of guarantees and exemptions, the elimination of red tape and bureaucracy, as well as automation that facilitates the private sector's procedures in state departments, and the reduction of fees and taxes, are all good government beginnings that we hope will continue and be a general government approach during the coming periods." coming".

The economist pointed out that, within the paragraphs of the five-year plan, the state's approach is a "social market economy" and this step can work to restore all the capabilities of the Iraqi private sector from abroad to invest in the country, indicating that the private sector hopes to double cooperation opportunities with government agencies, especially With regard to granting him the "dollar" at the official rate, with the aim of completing import operations without additional costs.

Amer Naji, a specialist in economic affairs, confirmed to Al-Sabah that "the presence of the government alongside the private sector to discuss economic problems is extremely important at this time, as the national economy is clearly suffering in its productive and service sectors, despite the availability of the elements to achieve sustainable development in the private sector."

Naji indicated that "seriousness in addressing economic problems is required, especially since both the government and the private sectors have a real desire to advance the economic reality through their agreement to chart paths for developing economic performance by experts who have long experience in various production and service sectors."   link

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Tishwash:  The dollar crisis fuels the Iraqi street, despite the overthrow of the central governor

One day after the escalation of popular calls in Iraq , for a mass demonstration in front of the central bank building overlooking the Tigris River in the center of the capital, Baghdad, Prime Minister Muhammad Shia al-Sudani approved a package of new decisions aimed at confronting the record decline in the value of the dinar against the dollar, which exceeded Sunday evening. The threshold of 1,650 dinars to one dollar, the most prominent of which was the dismissal of the governor of the Central Bank, Mustafa Ghaleb Makhaif, from his post.

This comes in addition to other decisions, including opening a special window for small traders and importers, to provide them with dollars at the official rate, and canceling many procedures related to citizens obtaining dollars from those wishing to travel outside the country, up to 5 thousand dollars per person.

Meanwhile, one of the coordinators of the demonstration, which is scheduled to take place tomorrow, Wednesday, to protest against the dollar crisis, Muhammad al-Saadi, told Al-Araby Al-Jadeed that they will continue to mobilize for demonstrations aimed at amplifying the voice of the millions of affected Iraqis.

Al-Saadi added that they "do not believe in the feasibility of these treatments, because the crisis was mainly due to foreign remittances destined for countries subject to US sanctions, and the US Federal Bank imposed measures amounting to financial guardianship over the dollar destined for Iraq," noting that the dollar crisis has clear political dimensions. .

A crisis
that exceeds the central bank Despite the new measures, specialists in the financial affairs confirm that it may not produce any positive and effective results on the crisis of the decline of the Iraqi dinar, which was beyond the ability of the central bank, as it is linked to measures taken by the US Federal Bank administration, which established a special platform for official Iraq trades to monitor Remittances and specifically preventing Iran and the Assad regime from benefiting from them, according to a prominent Iraqi official in the capital, Baghdad, in statements to Al-Araby Al-Jadeed.

The official, who declined to be named, said that Prime Minister Muhammad Shia al-Sudani may speed up the date of his scheduled visit to Washington due to the current crisis that has cast a shadow on the Iraqi markets and affected the purchasing power of citizens greatly in the past two months. He pointed out that there are new measures to be taken by the government related to the administrations of Iraqi government banks, the removal of violating companies and banks from the currency auction, and the imposition of other reforms.

And the value of the Iraqi dinar has declined since mid-December last, from 1480 dinars to one dollar, to record levels that reached on Sunday, to 1660 dinars, and security operations during which dozens of speculators and currency traders were arrested in Baghdad did not help in controlling its prices or at least curbing it. The continuous decline of the local currency.

A statement by the Iraqi Ministry of Interior vowed to those it called "manipulators" in hard currency, the dollar, with heavy penalties, according to the Economic Crimes Law, but the field measures taken by Baghdad and Erbil did not result in any improvement during the current week.

After that, the Prime Minister issued several decisions, the most prominent of which, yesterday, Monday, was the dismissal of the Governor of the Central Bank of Iraq, Mustafa Ghaleb, and the appointment of Ali Mohsen Al-Alaq by proxy as his replacement, and the director of the Iraqi Trade Bank, Salem Jawad Al-Jalabi, was referred to retirement and Bilal Al-Hamdani was named as his substitute by proxy as well.

In another separate statement, the Prime Minister's Office stated that the Prime Minister took several decisions after a meeting with members of the Baghdad Chamber of Commerce, to address the fluctuation of the exchange rate of the foreign currency against the dinar.

According to the statement, several decisions were taken to stabilize the exchange rate and prevent manipulation, most notably opening a new window for selling foreign currency to small traders through the Iraqi Trade Bank, launching the import of goods and merchandise for companies registered with the Ministry of Commerce, facilitating import procedures, reducing the requirements for opening documentary credits, and involving Chambers of Commerce and the Federation of Industries in the sessions of the Ministerial Council of Economy, representing the private sector.

The government also approved outlets at airports to sell dollars to citizens wishing to travel at the official exchange rate, which is 1,450 dinars per dollar, at $5,000 per citizen.

A slight decline in the dollar
after hours of Iraqi government decisions. The exchange rates of the dinar against the dollar ranged at 1620 dinars per dollar, which is lower than Sunday, which closed at 1650. Money experts attributed the slight decline to market confusion and buyers' unwillingness to buy until clarity. Decisions of the new governor who is appointed.

The Iraqi government's financial advisor, Mazhar Muhammad Salih, answered a question about the reason for the decline in the value of the dinar and the current crisis in a speech he gave at an economic forum on Sunday evening, in which he said that "the difference in the value of remittances, and the constant demand for dollars are two main reasons that led to the decline in the price of the dinar against the dollar."

Saleh focused on the country's financial situation, and the reasons for the decline in the exchange rate of the Iraqi dinar against the US dollar, noting that "Iraq has an account for oil receipts established on the basis of a resolution issued by the UN Security Council, and this account is documented in the name of the Central Bank of Iraq, and all Iraq's resources are transferred to it." finance in hard currency.

He noted the existence of a relationship with the recent US federal measures regarding financial transfers to Iraq and the decline in the value of the dinar. Saleh explained that the supply and demand for foreign currency is a major reason for the high rate of inflation in Iraq. The financial advisor pointed out that there is a large financial reserve in the Central Bank of dollars.

America and the volatility of the dinar,
a specialist in Iraqi financial transactions, Ali al-Hayani, said, "The volatility of the dinar began with Iraq's compliance with some standards of the international transfer system (Swift), which Iraqi banks must apply recently to access Iraq's dollar reserves in the United States.

Al-Hayani added, to Al-Araby Al-Jadeed, that the Iraqi cash reserves with the United States amount to 100 billion dollars, which requires Iraq’s commitment to the provisions of global anti-money laundering, the provisions of combating the financing of terrorism and money laundering, and all monetary transactions related to the US sanctions imposed on banks and institutions associated with the regime. Iran in one way or another.

Al-Hayani believes that the recent record rise in the dollar is a dangerous precedent that puts the Sudanese government in great embarrassment, due to its inability to develop solutions that help bridge the gaps in domestic monetary policy on the one hand, and its lack of control over financial markets on the other hand.

However, a member of the Iraqi parliament, Fahd Turki, told Al-Araby Al-Jadeed that the Central Bank and the Ministry of Finance bear responsibility for the collapse of the local currency against the dollar in such a large way. Turki warned the Iraqi monetary authorities of what he described as "continuing to ignore the list of international financial transactions, because this will make it difficult for their mission to restore balance and adjust the exchange rate in the local market."

He revealed that "the Central Bank is unable to monitor the currency auction, the movement of funds, follow-up on banks and cash circulation," stressing the importance of activating the role of the Financial Supervision Bureau and the Integrity Commission to limit suspicious trading and money laundering.

Warnings and risks
For his part, economic researcher Ali Awwad warned of the danger of black remittances on the Iraqi market, which is one of the reasons for the high exchange rate of the dollar in the local market. Awad told The New Arab that the local exchange offices follow illegal methods of transferring money abroad, and there are merchants who follow the method of transferring funds outside Iraq through these offices without referring to the Central Bank or the official money transfer outlets.

In order to limit this phenomenon, Awwad stressed the importance of the Iraqi Ministry of Trade taking over the full import process from abroad through its public companies, to cover the market's need through its agents distributed in all Iraqi governorates at the unified official price.

He added that the Ministry of Commerce can import from abroad at the official real price of the dollar, without the need to open a new credit, in addition to having external transport assets that facilitate the import process.

Awad stressed the importance of moving away from the prosthetic solutions pursued by the government, warning against the dollar exchange rate exceeding the threshold of 200 thousand Iraqi dinars for every 100 dollars if the situation remains as it is now.

Who is affected?
A member of the Finance Committee in the Iraqi parliament, Jamal Cougar, believes that the citizen is the main affected by this new record rise in the dollar, because the Iraqi market is witnessing a significant rise in the price levels of goods and commodities.

However, Cougar, in a press interview, believes that state institutions have also been greatly affected by the high price of the dollar, because they follow the official rate approved by the Central Bank.

Economic researcher Ali Awwad warned of the danger of black money transfers to the Iraqi market

He added that the impact of the rise on institutions comes due to increasing inflation indicators and high rates of recession in the market, which leads to damage to border crossings through a decrease in tax and customs revenues.

Cougar called on the Iraqi government to adhere to the national financial and monetary system, in order to be in harmony with the global monetary system, indicating that there are external and internal political issues outside the will of the Iraqis that led to a significant rise in the dollar exchange rate and its arrival to these record numbers.

In the same context, the Strategic Center for Human Rights in Iraq confirmed that the decline in the exchange rate of the dinar against the dollar increased unemployment and poverty rates in Iraq. "The decline in the value of the Iraqi dinar has led to an increase in the number of unemployed people, and many private projects have stopped due to the high prices of raw materials and the increase in poverty rates due to the large increase in food prices," Hazim al-Rudaini, deputy head of the center, said in a press statement.

He called on the government to "take quick steps to preserve the value of the Iraqi dinar, impose specific prices on basic foodstuffs, and work to support the agricultural and industrial sectors.  link

CandyKisses: THE LESS YOU RESPOND.....

Mot: .... Did You KNow that ~~~~~

Tuesday Morning Iraq Economy News Highlights 1-24-23

Tuesday Morning Iraq Economy News Highlights 1-24-23

The Dollar Exchange Rate Was Decided In The Budget.. 147 Thousand Dinars For Every 100 Dollars

Economy |Today, 10:31 |  Baghdad today – Baghdad Today, Tuesday, the leader of the Al-Fateh Alliance, Fadel Al-Fatlawi, revealed that the exchange rate of the dollar has been decided in the budget, stressing that the agreement reached 147,000 dinars for every 100 dollars.

Al-Fatlawi told (Baghdad Today) that “the 2023 budget will include the price of the dollar, which will be between 145 to 147, while the price of a barrel of oil will be about $70 per barrel, and these matters have been decided .”

He added, "The issue of the dollar's decline will be seen gradually after the recent measures taken by the Prime Minister."

This, and exempted Prime Minister Muhammad Shia'a al-Sudani, the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while assigning Ali Mohsen Al-Alaq to manage the bank by proxy.

Banking sources revealed a clear decline in the exchange rate of the dollar following the decision to exempt the governor of the Central Bank.  LINK

Al-Abadi's Coalition Talks About A "Dirty" Game That Caused The Dollar Crisis

2023/01/24 09:34  Baghdad-Iraq Today:  The leader of the Victory Coalition, Saad Al-Lami, stated that there is a goal to bring the dollar to 200,000 dinars for every $100, as part of a "dirty political game" in which some parties participated.

l-Lami also explained in a media interview that "Iraq has become like shifting sands, in which an unplanned political process blows daily, and we witness silence towards those who traded in the Iraqis' livelihood and manipulated their situation and health."

He added, “The coming days will witness a visit by Al-Sudanese to Washington, and it will reveal a lot, including the issue of dollar stability, and then he will go to France,” wondering: “Will Paris be an emergency player who entered temporarily,

Regarding the oil and gas law and the disputes between Baghdad and the region, he stressed that it "needs a local, regional and international will, but going to discuss this law will restore controversy regarding the geography of the disputed areas and the extent of the region's vision towards Kirkuk and the position of the governor in it, as well as other regions, and this in itself is considered an isolated file.

Al-Lami stated that "the political agreement that was previously held between the parties (Shia - Kurdish - Sunni) was aimed at extinguishing the big spark so that it would not ignite, but the agreement that was concluded within the poles of the state administration The coalition gave rights to people belonging to the previous regime, and the agreement was quick and an emergency solution to a political crisis that was It may ravage the country and its fire may ignite at any moment unless the dialogue in the negotiating paragraphs takes place quietly. ”  LINK

For The Second Day In A Row... A Complete Halt To Money Exchange And A Noticeable Decline In The Dollar In Baghdad

Baghdad today – Baghdad Today, Tuesday, the Al-Kifah and Al-Harithiya stock exchanges in the capital, Baghdad, witnessed an almost complete stoppage for the second day in a row, while the dollar exchange rates recorded a decrease in the local markets.

The (Baghdad Today) correspondent said, “Most of the owners of exchange offices in the local markets in the capital, Baghdad, stopped buying and selling the dollar because of its instability and the suspension of the stock market for the second day in a row .”

He added, “The buying and selling prices recorded a decrease in some exchange shops in the local markets, as the selling price reached 158,000 dinars, while the purchase price reached 157,000 dinars for every 100 dollars.”    LINK

Romanowski: We do not set the price of the dollar in Iraq, and we have not imposed sanctions on new banks

023-01-24 Shafaq News/ The US Ambassador to Iraq, Alina Romanowski, confirmed that the United States does not set the exchange rate of the dollar and has not imposed sanctions on new Iraqi banks.

Romanowski said, in a televised interview with "Al-Taghyeer Channel", that the United States does not set or determine the exchange rate between the dollar and the dinar, and that it has not imposed new sanctions on banks in Iraq, but rather "continues a mechanism that took several years to strengthen the Iraqi banking sector to help it comply with the banking system." And to ensure that the banking system is not used to launder the money of the Iraqi people and smuggle it out of Iraq.

Romanowski indicated that "these procedures began two years ago with gradual implementation by Iraqi banks, according to an agreement between the US Federal Bank and the Central Bank of Iraq," adding that they are "designed to prevent and restrict money laundering, and suspending or postponing them leads to a rollback in the system."

And the ambassador stressed that "what can be done is to continue the dialogue with the Central Bank and monitor the effects that occur on the ordinary citizen who uses informal secondary financial institutions, to consider the possibility of addressing these effects."

And she stressed that her country "is trying with the Iraqi side to prevent money laundering belonging to the Iraqi people and prevent its smuggling," explaining, "We focused on the file of corruption in Iraq, and what happened was a coincidence with the assumption of power by the Sudanese."

And the Iraqi currency lost about 10 percent of its value, says the Wall Street Journal in a report it published a few days ago, after procedures related to imposing compliance rules on the Central Bank of Iraq's dealings with currency dealers with regard to the US dollar.

Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.

US officials said the system aims to limit the use of the Iraqi banking system to smuggle dollars to Tehran, Damascus and money laundering havens across the Middle East.

Yesterday, Monday, Prime Minister Muhammad Shia’ al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while assigning Ali Mohsen Al-Alaq to manage the bank by proxy.

Al-Sudani had taken, the day before yesterday, Sunday, urgent decisions to "address" the exchange rate of the US dollar against the local currency during his meeting with the Federation of Iraqi Chambers of Commerce to discuss treatments for the fluctuation of the exchange rate of the foreign currency.

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.  LINK

Al-Mandalawi Stresses The Speedy End To The Crisis Of The High Exchange Rate Of The Dollar

Posted On2023-01-24 By Sotaliraq   First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, stressed the importance of quickly ending the crisis of the high price of the dollar.

A statement by Al-Mandalawi’s office stated that “First Deputy Speaker of Parliament Mohsen Al-Mandalawi confirmed, during his participation tonight in the meeting (the coalition of state administration forces), which was held tonight in the presence of Prime Minister Muhammad Shia Al-Sudani, Speaker of Parliament Muhammad Al-Halbousi, and the leader of the State of Law coalition Nuri Al-Maliki and the Minister of Foreign Affairs Fouad Hussein, and a number of leaders of the political blocs and alliances affiliated with the coalition, stressed the importance of quickly ending the crisis of the dollar's rise in price, and restoring things to the right place in the local markets, stressing the need to "expeditely spare citizens the repercussions of the sudden increase in the exchange rate."

The meeting stressed, according to the statement, the importance of obligating the Central Bank to implement the necessary financial policies to improve economic performance, as well as to constantly audit and supervise the work of private banks, especially adherence to the new instructions for foreign transfers to avoid the repercussions of what happened in the past.

The meeting touched on the importance of quickly sending the budget by the government to Parliament, which completed the formation of its parliamentary committees in the previous days and is ready to discuss and vote on the draft budget law 2023 for the purpose of ensuring the interest of citizens and moving the wheel of the Iraqi economy.  LINK

Deputy: 3 Difficult American Conditions For Iraq Will Delay The Reduction Of The Dollar

Proposals from Deputy: 3 difficult American conditions for Iraq will delay the reduction of the dollar

Policy |Yesterday, 22:42 |  Baghdad today-Baghdad  A member of the Parliamentary Defense Committee, Waad Qaddo, spoke today, Monday, about 3 American conditions for sitting at the dialogue table with the Iraqi government regarding the dollar.

Qaddo told (Baghdad Today), “The Americans are calling for the development of a new agreement that defines the tasks of the soldiers of the international coalition and enhances their legality in being on our lands as one of the most important conditions through which it is possible to start a dialogue with the Commander-in-Chief of the Armed Forces, Muhammad Shia'a al-Sudani, about the dollar.

Qaddo added, “The Americans also stipulate dialogue on the Iranian file and the file of the resistance factions before sitting at the dialogue table,” considering that “Iraq is not a nominal occupation, but our economy is restricted and it is difficult for the Iraqi negotiator to return the dollar to its normal price and stop its rise quickly.

And he added: "Important steps taken by the Sudanese Prime Minister, Muhammad Shia'a, and other decisions he will take to punish some banks to stop any further rise in the dollar."  LINK

An Economist Explains The Reasons For The Decline In Dollar Exchange Rates

Economie  2023-01-24 | 04:32  Source:  Alsumaria News  510 views   Alsumaria News – Economy Economic expert Nabil Al-Marsoumi explained today, Tuesday, the reasons for the decline in the price of the dollar against the Iraqi dinar.

Al - Marsoumi said in a post entitled "Why did the price of the dollar fall against the dinar?

Total sales = 77.274 million dollars.”

The economist added, “There is no change in the basics. Cash sales are still the largest, and remittances and credits are the lowest. This means that the decline in the dollar exchange rate is not linked to the application of compliance rules for the electronic platform introduced by the US Federal Bank, but rather With good market sentiment and psychological motives resulting from the recent government measures and the replacement of the governor of the Central Bank of Iraq.  LINK

Iraqi News Highlights Monday Evening 1-23-23

Iraqi News Highlights Monday Evening 1-23-23

Tlm724 Administrator Bondlady’s Corner

Opening A New Window For Selling Foreign Currency To Fix The Exchange Rate

Iraq   Today, Sunday, Prime Minister Muhammad Shia al-Sudani chaired a meeting with the Federation of Iraqi Chambers of Commerce, which was devoted to discussing the causes of exchange rate fluctuations of foreign currency in the Iraqi market and its impact on citizens, and to develop decisive solutions in this regard.  The meeting was attended, according to a statement by the media office of the Prime Minister, the governor of the Central Bank of Iraq, and the general managers of border crossings, tax, customs, and trade fairs.

And based on the directives of the Prime Minister, and what was presented at the meeting, several decisions were taken in the course of stabilizing the exchange rate, preventing manipulation, and limiting damage to the national economy, most notably:

1- Opening a new window for selling foreign currency to small traders through the Trade Bank of Iraq (Trade Bank). TBI).

2- Financing the Central Bank of the Trade Bank of Iraq (TBI) with an additional amount of $500 million for the purpose of opening documentary credits for small merchants, and being satisfied with the initial invoice and the account number of the last beneficiary of the credit.

3- Launching the import of goods and merchandise for companies registered with the Companies Registration Department at the Federal Ministry of Trade of all types of companies and factories registered with the General Directorate of Industrial Development and investment projects of all kinds duly licensed by investment commissions, scientific offices duly registered, individuals and offices registered with the Iraqi Chambers of Commerce (included with the condition import license or not included).

4- Facilitating import procedures, reducing the requirements for opening documentary credits, and canceling the notification of the General Authority for Taxes to impose delay fines on importers and the rest of those charged with the General Authority for Taxes.

5- Involving the Chambers of Commerce and the Federation of Industries in the sessions of the Ministerial Council for the Economy, representing the private sector.

6- This meeting is held on a weekly basis, following up on developments, implementation of decisions, and adding the aforementioned bodies to attend the meeting.

7- Adding the Real Estate Registration Department to this meeting, as well as the Registrar of Companies, Industrial Development, the Investment Authority, and the Rafidain and Rasheed Banks.

During the meeting, the Prime Minister stated that the responsibility to face fluctuations in the local market is a shared responsibility, with an ethical and patriotic dimension, and everyone must respond to it, whether in the private or public sector.

Within the framework of Al-Sudani's directives to reduce the financial, administrative and routine burdens on citizens, the Prime Minister stressed the need to review the work of the General Tax Authority, and that its work be in accordance with the standards of integrity and the law, and stressed that the government will not tolerate any harm that the citizen may be a victim of.

Al-Sudani expressed the seriousness of government agencies in carrying out economic reforms and addressing the deterioration and regression caused by wrong decisions in previous years.

https://www.radionawa.com/all-detail.aspx?jimare=33123

Sanad Reveals The Real Reason For The Decline In The Price Of The Dollar: A Temporary Effect

Political | 05:42 - 01/23/2023   Baghdad - Mawazine News, a member of the Finance Committee, Mustafa Jabbar Sanad, revealed the reason for the decline in the exchange rate of the dollar in the local markets.

Sanad said in a tweet on Twitter, "The monopolists of the dollar began to offer what they had in the market, which caused a slight decrease in prices, for fear of a greater collapse in prices."

He added, "Therefore, we are waiting for the real procedural measures that can return the parallel market prices to the closest point to the official price, because the effect of rumors is temporary." Ended 29 / H    https://www.mawazin.net/Details.aspx?jimare=217360

Sanad Reveals The Real Reason For The Decline In The Price Of The Dollar: A Temporary Effect

Political | 05:42 - 01/23/2023  Baghdad - Mawazine News, a member of the Finance Committee, Mustafa Jabbar Sanad, revealed the reason for the decline in the exchange rate of the dollar in the local markets.

Sanad said in a tweet on Twitter, "The monopolists of the dollar began to offer what they had in the market, which caused a slight decrease in prices, for fear of a greater collapse in prices."

He added, "Therefore, we are waiting for the real procedural measures that can return the parallel market prices to the closest point to the official price, because the effect of rumors is temporary." Ended 29 / H   https://www.mawazin.net/Details.aspx?jimare=217360

Al-Maliki Comments On Changing The Governor Of The Central Bank

Political | 05:21 - 01/23/2023  Baghdad - Mawazine News, the head of the State of Law coalition, Nuri al-Maliki, commented, on Monday, on the change of the governor of the Central Bank.

A statement from Al-Maliki's office, which Mawazine News received a copy of, stated that "the latter received in his office today the Ambassador of the Republic of Italy to Iraq, Maurizio Cricanti. At the beginning of the meeting, they discussed the future of bilateral relations between the two friendly countries, and developments in the political and security situation in the region and the world were also discussed."

Al-Maliki stressed, according to the statement, "the importance of increasing aspects of cooperation and coordination between Iraq and Italy in all issues of common interest," expressing "his hope that Italy would deal with Iraq directly, away from any other addresses."

He explained, "The new government possesses strengths and has qualifications for success despite the challenges it faces and the heavy legacy left by the previous government," noting that "the changes taken by the government today represent a step in the context of overcoming the crisis of raising the exchange rate, despite the presence of political parties trying to It invests and exploits crises to employ it politically.”

In turn, Ambassador Krikanti congratulated Nuri al-Maliki on forming the government, expressing his appreciation for Iraq and his leadership's keenness to consolidate relations with Italy, inviting al-Maliki to visit Rome as soon as possible. https://www.mawazin.net/Details.aspx?jimare=217357

Two Deputies In The Parliament Of The Kurdistan Region: Four Banks In The Region Are Involved In Smuggling Currency Out Of Iraq

Monday 23 January 2023 13:07 | Economical Number of readings: 309  Baghdad / NINA / - Two deputies in the parliament of the Kurdistan region confirmed the existence of smuggled funds from Iraq, with a value that amounted to more than 87 billion dollars, over 6 years, while they indicated the involvement of 4 banks inside the region.

Representatives Soran Omar and Ali Hama Salih said, in a joint statement: "Over the past six years, 78 billion dollars were sent from 48 banks without registering the names of those who smuggled dollars out of Iraq, and four of these banks are in the Kurdistan region."

The statement added that "in the years (2009 - 2010 - 2011 - 2012 - 2013 - 2014), about 128 thousand and 165 transfers were transferred outside Iraq in the amount of (209 billion and 999 million dollars), of which 19 thousand and 93 transfers were not known to anyone around them." From Iraq in the amount of 78 billion and 583 million dollars.

He continued, "10 billion and 781 million dollars were transferred through four banks in the Kurdistan region."  Erbil Bank 3 billion and 619 million dollars.  North Bank 3 billion and 916 million dollars.

Kurdistan Bank one billion and 961 million dollars.  Ceyhan Bank 1.283 billion dollars.

https://ninanews.com/Website/News/Details?key=1028579

International Finance Corporation: The Banking Performance Report Helps To Evaluate The Work Of Iraqi Financial Institutions

Monday 23 January 2023 11:55 | Economical Number of readings: 244

Baghdad / NINA / Today, Monday, in the capital, Baghdad, it was announced that the results of the first report of the scorecard for environmental, social and corporate governance (ESG) standards for the Iraqi banking sector were launched, in cooperation and coordination with International Finance Corporation (IFC) experts, and in the presence of government officials and representatives of the Central Bank of Iraq. and representatives of the relevant financial and banking institutions.

Marie Porter Peska, Director of the Sustainability and Gender Solutions Department at the International Finance Corporation, said, "The Banking Scorecard Report for Environmental, Social and Governance Standards - which is the first of its kind for Iraq - presents an important analysis of environmental, social and institutional governance risks across the country's banking sector." It helps Iraqi financial institutions to measure their performance and their commitment to those standards.

She added, "Preparing strong reports on environment, society and governance is essential to creating a sustainable financial sector. The launch of the report demonstrates Iraq's commitment to environmental, social and governance measures."

In turn, Dutch Ambassador Hans Sande stressed, "The importance of Iraq moving towards a new stage of banking development and application Transparency and activation of the risk management system in line with the conditions surrounding Iraq. https://ninanews.com/Website/News/Details?key=1028558

Association Of Iraqi Private Banks To / NINA /: The Results Of The "Scorecard" Will Be Positive For Banks For The Next Stage

Monday 23 January 2023 15:43 | Economical Number of readings: 237

Baghdad / NINA / - The Executive Director of the Association of Iraqi Private Banks, Ali Tariq Mustafa, confirmed: "The results of the scorecard report for the banking sector is a joint positive work that was carried out in cooperation between the Central Bank of Iraq and the International Finance Corporation, and it is related to a wide segment of the banking sector institutions."

He said in a statement to the National Iraqi News Agency / NINA /: "This process is the basis for future building in developing the capabilities of the banking sector, leading to the role of the Iraqi Private Banks Association, in cooperation with the Institute of Governance, in building solid training programs for the banking sector and developing its capabilities through the scorecard and governance." Institutional, which is that there should be efficient boards of directors in the banking sector to protect the work of banks, and its effects will be positive on the results of the work of banks for the next stage.

And it was announced in the capital, Baghdad, today, Monday, the launch of the results of the first report of the environmental, social and corporate governance (ESG) scorecard for the Iraqi banking sector, in the presence of government officials, representatives of the Central Bank and representatives of relevant financial and banking institutions, in cooperation and coordination with the experts of the International Finance Corporation (IFC). https://ninanews.com/Website/News/Details?Key=1028636

Falling Oil Prices In World Markets

Economie| 08:53 - 01/23/2023  Follow-up - Mawazine News

Oil prices fell today, Monday, January 23, at the beginning of limited trading due to the Lunar New Year holiday in East Asia, but they maintained most of the gains they made last week on the back of the possibility of an economic recovery in China, the largest oil importer, this year. general.

Brent crude futures fell 46 cents, or 0.5%, to $87.17, while US West Texas Intermediate crude futures fell 40 cents, also down 0.5%, to $81.24 a barrel. Last week, Brent rose 2.8%, while US crude rose 1.8%.

https://www.mawazin.net/Details.aspx?jimare=217298

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

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"Vietnam News" Posted by Henig at KTFA Monday 1-23-2023

KTFA:   Vietnam

Vietnamese economy greatly open, full of vitality: Chinese ambassador

January, 21/2023 - 15:23

In terms of trade ties, the ambassador said despite impacts of the COVID-19 pandemic, bilateral trade in the first 11 months of last year exceeded $210 billion, and the whole year’s figure is expected to surpass the $230 billion recorded in 2021, which is a highly encouraging result.

HÀ NỘI — Chinese Ambassador to Việt Nam Xiong Bo has highlighted the significance of the Lunar New Year (Tết) festival, the comprehensive strategic cooperative partnership between the two countries, and their cooperation prospects for 2023.

In an interview granted to the Vietnam News Agency on the occasion of New Year 2023, he quoted late Vietnamese President Hồ Chí Minh as saying that Việt Nam and China are “both comrades and brothers”.

 “We are comrades who share the same sense of purpose and also close brothers,” the ambassador said, stressing the profound meaning of the word “brothers” thanks to cultural similarities, including Tết customs, between the two peoples.

Xiong found Tết, a traditional festival of the Vietnamese and Chinese peoples, and the two countries’ Tết celebrations highly similar. Whenever the Lunar New Year comes, the Tết atmosphere will spread across Hà Nội, from big streets to small alleys, bringing about close and familiar feelings to him through similar customs: family reunion with year-end parties and New Year visits to pagodas.

However, there are also some differences as 2023 is the Year of the Rabbit in China but the Year of the Cat in Việt Nam.

The rich histories and special traditional cultures of China and Việt Nam have contributed to the Eastern culture and civilisation, according to the diplomat. Likewise, New Year celebration customs in Japan and the Republic of Korea are also part of the Eastern culture, and it is necessary to treasure and further bring into play the role of the Eastern culture in the world's civilisation.

Mentioning Việt Nam’s economic recovery results in 2022, Ambassador Xiong highly valued the GDP growth of over 8 per cent, the highest in the region and the world, saying the Vietnamese economy is now full of vitality, attractive to foreign investors, and boasts vibrant external economic activities with trade value topping US$700 billion.

He held that the abovementioned achievements were attributable to the clear-sighted leadership by the Communist Party of Việt Nam (CPV), headed by General Secretary Nguyễn Phú Trọng, and the Government along with efforts by the Vietnamese people.

The economy of Việt Nam had been comprehensively integrating into the world and now had great openness, he went on.

Regarding the COVID-19 combat, the diplomat said the Party and Government of Việt Nam had effectively combined the pandemic fight with socio-economic development and obtained great successes. In the most trying times of the pandemic, the country made all-out efforts in promoting vaccination and seeking vaccine supply sources, including from China.

In its capacity, China provided 52 million COVID-19 vaccine doses, including 7 million doses in non-refundable aid, for Việt Nam, helping set up a line of defence against the pandemic amid the most trying times in Việt Nam.

In terms of trade ties, the ambassador said despite impacts of the COVID-19 pandemic, bilateral trade in the first 11 months of last year exceeded $210 billion, and the whole year’s figure was expected to surpass the $230 billion recorded in 2021, which was a highly encouraging result.

A highlight of relations between the two Parties and countries last year is the official visit to China by CPV General Secretary Nguyễn Phú Trọng in late October.

The visit had great influence, Xiong affirmed, adding that leaders of the two countries once again reached strategic common perceptions and agreed that Việt Nam and China would support each other along their path to socialism, stay steadfast in the strategic leadership by the two Parties’ top leaders, and advocate cooperation in all fields.

During the trip, the two sides also adopted a joint statement of extreme political significance that touched upon many areas and created favourable conditions for the two countries to continue cooperation in different spheres, including economy and trade.

China and Việt Nam hold good conditions for strengthening partnerships in investment, economy, and trade since they share a borderline and boast highly complementary advantages, according to the ambassador. China supports businesses with good strength, reputation, and high technology coming to Việt Nam to invest in potential areas such as developing digital economy, green economy, and new energy.

China is ready to enhance economic, trade, and policy cooperation with Việt Nam, the diplomat said, noting his country may fully resume air routes connecting with Việt Nam this year so as to facilitate bilateral mobility and economic activities.

Speaking highly of Việt Nam’s efforts to combat corruption and negative phenomena, Xiong underlined the similar policies and determination of the Communist Party of China and the CPV in this regard.

He underlined that General Secretary Nguyễn Phú Trọng and the CPV Central Committee had attached great importance to the corruption combat. Việt Nam had taken drastic actions with a strong resolve and dealt with many law-violating cadres. The CPV had also issued many documents and unceasingly perfected regulations to augment the corruption fight.

The ambassador applauded Việt Nam’s establishment of anti-corruption steering committees at the central and provincial levels. He noted China was ready to cooperate with Việt Nam in corruption prevention and control in line with the common perceptions between their top leaders.

In the interview, he offered greetings to the Vietnamese people and expressed his hope that in the New Year, Việt Nam would obtain brilliant achievements in socio-economic development under the leadership of General Secretary Nguyễn Phú Trọng and the CPV Central Committee.

— VNS   LINK

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

Henig:  Việt Nam values development of friendship with Portugal: PM

January, 19/2023 - 13:13

PM Chính suggested both sides facilitate visits, especially those at high level to raise mutual understanding and political trust, as well as fully and effectively tap existing cooperation mechanisms and build new ones to step up collaboration in promising areas that match their interests.

HÀ NỘI — The Vietnamese Government always values the development of traditional friendship with Portugal, Prime Minister Phạm Minh Chính told Portuguese Minister of Foreign Affairs João Gomes Cravinho during a reception in Hà Nội on Wednesday.

PM Chính suggested both sides facilitate visits, especially those at high level to raise mutual understanding and political trust, as well as fully and effectively tap existing cooperation mechanisms and build new ones to step up collaboration in promising areas that match their interests.

On multilateral cooperation, he proposed working closely together and offering mutual support at multilateral forums and international organisations, making active contributions to dealing with regional and global issues.

About economic ties, the host asked Portugal to create favourable conditions for Vietnamese farm produce to navigate the country. He wished the two nations would continue taking advantage of opportunities from Việt Nam-EU Free Trade Agreement to raise two-way trade, toward lifting it to US$1 billion in the near future.

On the occasion, he suggested Portugal soon approve the EU-Việt Nam Investment Protection Agreement (EVIPA) to facilitate fair and win-win investment relationship between the two nations, urge the European Commission’s early removal of yellow card warning on Việt Nam’s aquatic products to meet interests of Portuguese and EU consumers as well as ensure livelihoods for hundreds of thousands of workers in the Vietnamese aquaculture industry.

Cravinho, who is on Việt Nam visit from January 17-19, affirmed that Portugal always considers Việt Nam an important partner in the region and expects to further develop all-around ties with the country.

He agreed to enhance collaboration in fields of Portugal’s strength and Việt Nam’s demand such as marine economy, maritime, renewable energy, circular economy and digital transformation.

The FM vowed to continue realising contents of Việt Nam-Portugal tourism cooperation agreement and sharing experience in tourism development, boost sport exchanges, particularly football training and increasing scholarships to students specialised in tourism management, and discuss the signing of labour cooperation deals.

He expressed his support for Vietnamese PM’s proposals related to joint work to fight climate change toward fulfilling goals set at the 26th United Nations Climate Change Conference.

Portugal will create favourable conditions for Vietnamese community living in the country, open the market for Vietnamese farm produce and have a say with the EC on the IUU yellow card, he said.

Regarding the South China Sea (known in Việt Nam as the East Sea) issue, host and guest underscored the importance of maintaining peace, stability, security, safety and freedom of navigation and overflight in the South China Sea, settling disputes by peaceful means in line with international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

— VNS   LINK

Henig:  Politburo resolutions give boost to regional growth

January, 21/2023 - 10:11

The Politburo issued six resolutions on socioeconomic development and defence safeguarding six regions, a judicious move to optimise each area's potential and promote national development.

In 2022, the Politburo issued six resolutions on socio-economic development and ensuring national defence and security in six key regions, a necessary and judicious move to optimise each one’s potential and promote national development.

The 13th National Congress of the Communist Party of Việt Nam held in early 2021 devised the socio-economic development strategy for 2030 with a vision to 2045. Accordingly by 2030, Việt Nam will have become a developing country with modern industry and upper-middle income, and a developed and high-income country by 2045.

The strategy also identified the direction for the development of the regions – fully capitalising on each region’s advantages in terms of infrastructure, natural conditions, geopolitics, geography, and human resources, along with enhancing connectivity within each region to help participation in global value chains and create new development spaces.

The six resolutions were made for six regions: the midland and mountain region of the North; the Red River Delta, the North Central and Central Coast region, the Central Highlands, the eastern region of the South (or Southeast), and the Mekong River Delta.

Each region has its own characteristics, potential, advantages, and challenges. To utilise their potential, aside from common development policies, it is necessary to issue specific and appropriate policy for each region.

Regional development

Developing regions is a consistent policy of the Party to fully tap into the advantages of regions and localities nationwide to serve socio-economic development, ensure security, and improve people’s lives.

As soon as the resolutions were passed, the Politburo and the Party Central Committee’s Secretariat held conferences to study and publicise the issues among ministries, sectors and localities.

Addressing those events, Party General Secretary Nguyễn Phú Trọng stressed the resolutions’ importance, noting the foremost task of effectively implementing them to translate guidelines and policies into reality.

He emphasised that in addition to being aware of the resolutions’ purpose, it would be important to guarantee high consensus across the whole country at all levels; understand that this is the responsibility of the entire political system; deal with the relationship between regional and national development; and promote consensus on the importance of regional connectivity.

The building, issuance and implementation of the six resolutions hold great necessity for realising the goals set in the Resolution of the 13th National Party Congress, including turning Việt Nam into a developing country with modern industry and upper-middle income by 2030 and a developed and high-income country by 2045.

Northern midland, mountain region

The first resolution on regional development issued by the Politburo was Decree No 11-NQ/TW on orientations for socio-economic development, ensuring national defence and security of the Northern midland and mountain region by 2030, with a vision to 2045.

The Northern midland and mountain region consists of 14 provinces.

Earlier in 2004, the Politburo issued a resolution on the region’s development direction to 2020. After nearly two decades, major changes have been made. However, the region’s potential has not been fully tapped.

The region is still classified among poverty-stricken areas with a slow growth pace.

Decree No 11-NQ/TW targets turning the Northern midland and mountain region into a green, sustainable and comprehensive development zone and a role model of green development for the whole country.

About half of the provinces in the region are expected to be at a medium development level by 2045.

Other targets include preserving and promoting the cultural identities of ethnic minority groups, enhancing the quality of life, ensuring national security, building a strong Party system, and strengthening solidarity among ethnic groups.

Investing in socio-economic infrastructure and human resources will be the two driving forces of the region’s development, focusing on traffic infrastructure attached to economic corridors and training high-quality labour forces.

Mekong River Delta

The Politburo’s resolution on the Mekong River Delta’s development was issued on April 2, 2022.

The Mekong River Delta is home to 13 provinces.

As a rice- and fruit- producing centre, the region has maintained economic growth at a medium rate with an increasing proportion of industry and services.

Several processing centres for agricultural and fishery products with advanced technology have been established in the region. It has also focused on the marine economy, developing fisheries into a spearhead economic sector.

According to Resolution 13, by 2045, the Mekong Delta’s development will be “comprehensive, ecological, civilised and sustainable, preserving the cultural identity of the community living by the river”.

The Mekong Delta will become a sustainable, dynamic and highly efficient agricultural economic centre of the country, the Southeast Asia region and the world.

To realise these targets, the region will develop a system of agricultural centres, economic corridors and infrastructure systems to adapt to climate change and develop marine and tourist economies.

Southeastern region

Home to HCM City and five central-level provinces, the Southeastern region contributed 32 per cent of GDP in 2020. The region’s income per capita in 2020 was the highest nationwide.

In 2020, the Gross Regional Product of the Southeastern region increased by almost five-fold compared to 2005 and 2.6 times compared to 2010, exceeding the target.

The Politburo’s resolution on developing the Southeastern region was issued on October 7, 2022.

By 2030, the region will become a dynamic development area with a high economic growth rate and the country’s driving force of growth. It is set to become a developed region with strong economic potential and a modern economic structure by 2045.

It will become a hub of science–technology, innovation, logistics and high-tech industry, as well as an international financial centre of the Southeast Asian region and the world.

HCM City will serve as a nucleus and a magnet for growth in the region.

Central Highlands

With five provinces, the Central Highlands has a strategic position in terms of economy, politics, culture, society, environment, national defence, security and foreign affairs.

The Politburo resolution issued on October 6, 2022, pointed out that development of the Central Highlands region must find a balance between economy, culture, social development, and protection of natural resources and environment, associated with national defence, security and foreign affairs.

The key target of regional development is to restructure the economy and turn it into a green economy, with a circular economy as the focus.

The region will shift from agricultural production to an agricultural economy based on high-technology applications and digital transformation.

The Central Highlands will also focus on protecting, restoring and developing forests and improving local residents' livelihoods associated with them.

The development of renewable energy, the agricultural product processing industry and the mining and processing industry of bauxite and aluminium are key for the region.

The region is set to develop tourism hubs and products linked with the cultural identity of local ethnic minorities.

The resolution also highlights the close association between the Central Highlands with the Southeastern region and Central coastal provinces.

The Central Highlands will speed up the connection with major economic centres of the country, with countries in the Mekong Sub-region, ASEAN, especially within the Greater Mekong Sub-region Cooperation, and the Development Triangle Area (Việt Nam-Laos- Cambodia).

North Central and Central Coast region

The North Central and Central Coast region consists of 14 provinces from Thanh Hóa to Bình Thuận.

Positive changes have been made in the region over the past 20 years.

With dynamic development, the region has played an important role in the international cooperation and integration of the country. However, it still has several growth indicators lower than the national average.

The Politburo resolution issued on November 3, 2022 identifies the strategic position and role of the North Central and Central Coast region.

The resolution highlights that the region needs to make more drastic and innovative changes for rapid and sustainable development to fully tap the potential of every locality and the whole region.

The region needs to shorten development gaps among localities to improve the capabilities and incomes of local residents so that the region will catch up with other developed regions. This is a key task for local authorities.

Red River Delta

The latest Politburo resolution on regional development for the Red River Delta issued on November 23, 2022. The region consists of 11 central-level provinces and cities, divided into two sub-regions: northern and southern.

The northern sub-region, known as the northern key economic region, has seven provinces and cities. The southern sub-region consists of four provinces.

In 2015-20, the regional growth rate reached 7.49 per cent per year, higher than the national average.

In 2020, the region’s economic development contributed 29.4 per cent of the national GDP. The GRDP per capita in 2020 was VNĐ103.6 million, 1.3 times higher than the national average.

According to the Politburo resolution, the Red River Delta is set to develop sustainably, at a rapid pace, with a focus on economic structure and preservation of national cultural identity.

The region will develop modern industry, services and high-tech, with an organic, green, circular, and agricultural economy of high value.

The region is expected to be a hub of high-quality education and training, a leading science-technology centre, and to lead the country in innovation, digital economy and society, with modern socio-economic infrastructure and a focus on smart and highly connected cities.

Long-existing problems such as pollution, traffic congestion and flooding are to be solved.

The capital Hà Nội will be developed into a modern civilised city, becoming the centre and driving force for regional and national development, striving to be on par with other capital cities of developed countries in the region.

By 2045, the Red River Delta will be a major regional and global economic and financial centre and the country's leading hub of culture, education-training, science-technology, innovation, and public healthcare, while having a modern and smart socio-economic infrastructure.

— VNS   LINK

Iraqi News Highlights Monday Afternoon 1-23-23

Iraqi News Highlights Monday Afternoon 1-23-23

Tlm724 Administrator Bondlady’s Corner

After His Appointment As Governor Of The Central Bank .. Allaq: One Of Our First Tasks Is To Work To Raise The Value Of The Dinar Against The Dollar

Monday 23 January 2023 13:23 | EconomicalNumber of readings: 597

Baghdad / NINA / - The governor of the Central Bank of Iraq in charge, Ali Al-Alaq, announced that one of his first tasks is to work to raise the value of the Iraqi dinar against the dollar.

Al-Alaq said in a tweet: "We have received the tasks of the governor of the Central Bank, commissioned by the Prime Minister, Muhammad al-Sudani. And the first tasks and recommendations, we will work to raise the value of the Iraqi dinar against the dollar with sound and accurate procedures, and we will work to gradually return the price of the dollar to the previous one."

Today, Monday, the Prime Minister, Muhammad Shia'a Al-Sudani, exempted the Central Bank Governor, Mustafa Ghaleb Makhaif, at his request. Ali Mohsen Al-Alaq was appointed instead. / finished8

https://ninanews.com/Website/News/Details?key=1028590

Al-Sudani: Our Financial Situation Is At Its Best, And The Fluctuations In The Dollar Exchange Rate Are An Agreed Mechanism Between Financial Institutions And The Central Bank / Expanded

Monday 23 January 2023 12:14 | Economical Number of readings: 385

Baghdad / NINA / - The Prime Minister, Muhammad Shayaa Al-Sudani, affirmed: "The Iraqi financial situation is at its best," noting: "The fluctuations in the dollar exchange rate are an agreed upon mechanism between financial institutions and the Central Bank."

Al-Sudani said in a speech during the announcement of the launch of the food basket for those covered by the social protection network: "One of the government's priorities is to combat the phenomenon of poverty, and we have used measures to reduce and reduce it," noting that "the cabinet took a decision to improve the items of the food basket for families of the social protection network."

He added that "securing this basket in quantity and quality addresses poverty for these families who do not have any living cash other than the cash subsidies they receive from the Social Protection Authority," noting that "

And he continued, "There are those who took advantage of the case of the high exchange rate, and it is not a government decision, but rather an agreement between financial institutions and the central bank," noting: "The rise in prices is a temporary matter and we are working to preserve public money and prevent smuggling, money laundering and currency speculation."

He pointed out that "the state is capable and has the financial, administrative and legal capabilities to go to the markets and provide all the materials that the Iraqi citizen needs. We will not tolerate any official or unofficial party that tries to harm the citizen's livelihood."

And he stressed that "decisions were taken against those who try to speculate and influence the market and the prices of goods in illegal ways. " Al-

Sudani stressed: "The departments that have been assigned in the Central Bank and the Iraqi Trade Bank possess skills and will work to reduce the rise in exchange rates, and the Iraqi financial situation is at its best."

And he stated: "There are merchants who have a sense of patriotism and will work on importing foodstuffs in coordination with the Ministry of Commerce in order to help citizens and confront speculators."/ End   https://ninanews.com/Website/News/Details?key=1028569

The Dollar Is Declining In The Iraqi Market

Economie| 02:52 - 01/23/2023  Baghdad - Mawazine News  Today, Monday, the exchange rates of the dollar witnessed a decline in the local stock exchange.  The selling price of the dollar was 161,000 dinars per 100 dollars, while the buying price of the dollar was 160,000 dinars per 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=217335

A New Comment From The Central Bank Regarding The Exchange Rate Of The Dollar

Money and business  Economy News – Baghdad The Central Bank announced, on Monday, the exhaustion of all steps related to monetary policy, and while indicating that the electronic platform is a national option for organizing the foreign trade process, it stressed the importance of the decision to allow imports in the names of companies and persons.

The Central Bank of Iraq adviser, Ihsan Shamran al-Yasiri, told the official news agency, “The meeting of Prime Minister Muhammad Shia’ al-Sudani with a group of merchants and representatives of the Central Bank regarding the issue of the dollar exchange rate was an important meeting,” noting that “the issue of the dollar exchange rate is not with the Central Bank.” ".

He added, "The central bank has exhausted all steps related to monetary policy, and the issue is now related to state institutions concerned with dealing with merchants regarding import and export operations," explaining that "the tax system reform step is important, especially the Prime Minister's speech regarding not allowing corruption in outlets and tax procedures." .

And he indicated, "The merchants assigned to deal with the General Tax Authority began to worry about communication and exposure to tax institutions, so they always withheld their purchases," noting that "the Central Bank sent a message to the Prime Minister with the need to liberate the citizen from the problems and complexities of the high bureaucracy in tax work."

And he stated, "The Central Bank does not have a problem with dollar resources, but a problem with dollar supply," pointing out that "the electronic platform is a national option for organizing the process of foreign trade and organizing information."

He pointed out that "the platform imposes that the merchant who buys the dollar is the same one who brings the goods in his name," explaining that "Iraq is a country that complies with international controls."

He continued, "The problem is with financing foreign trade, which is now putting pressure on the exchange rate, because merchants are worried and afraid to come and expose themselves," noting that "the platform has become necessary, which is that the merchant who buys the dollar brings the goods in his name at the outlets."

Regarding the documentary credit, Al-Yasiri stressed that "the documentary credit took advantage of being at a lower price in order to encourage the public and merchants," explaining that "the important issue that was taken by the Council of Ministers is to allow imports in the name of companies and individuals as well."     https://economy-news.net/content.php?id=32049

Exempting The Governor Of The Central Bank From His Position And Referring The Director Of The Trade Bank Of Iraq To Retirement

Iraq  Today, Monday, Prime Minister Muhammad Shia'a al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post.

A government source told the Iraqi News Agency, "Prime Minister Muhammad Shiaa al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post, at his request."

The source added, "The Prime Minister assigned Ali Mohsen Al-Alaq to run the Central Bank by proxy."

Prime Minister Muhammad Shia al-Sudani also decided to refer the director of the Iraqi Trade Bank, Salem Jawad Chalabi, to retire.

The media office of the Prime Minister stated, in a statement, according to the agency, that "Al-Sudani decided to refer the director of the Iraqi Trade Bank, Salem Jawad Al-Jalabi, to retirement."

He added, "He assigned Bilal Al-Hamdani to manage the bank in addition to his duties."

https://www.radionawa.com/all-detail.aspx?jimare=33124

He Revealed The Scenes Of Changing The Governor Of The Central Bank.. The Sudanese Gives Al-Alaq A Period Of Three Months

Posted On2023-01-23 By Sotaliraq  2023-01-23   Today, Monday, a prominent leader in the coordination framework revealed the scenes behind Prime Minister Muhammad Shia'a Al-Sudani's decision to dismiss the governor of the Central Bank and assign Ali Mohsen Al-Alaq to replace him.

The leader, who asked not to be named, said, "The decision to dismiss the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, was made in agreement between the leaders of the coordination framework and Prime Minister Muhammad Shia' al-Sudani, during their meeting, last night, at the house of the leader of the Al-Fateh Alliance, Hadi al-Amiri."

And he indicated that “the decision to exempt was made by a vote of the majority of the leaders of the framework and was supported by the Prime Minister, and the selection of Ali Mohsen Al-Alaq as governor of the Central Bank, was done by the vote of the leadership body of the coordination framework, and also the Sudanese was supportive of this choice.”

He pointed out that Al-Alaq was given a period of three months to evaluate his work and performance, and he attended the meeting with the leaders of the framework and the Sudanese after it was agreed to assign him this task.

And today, Monday morning, Prime Minister Muhammad Shia al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while Ali Mohsen Al-Alaq was assigned to run the bank by proxy.

Yesterday, Sunday, Al-Sudani took urgent decisions to “address” the exchange rate of the US dollar against the local currency during his meeting with the Federation of Iraqi Chambers of Commerce to discuss solutions to the fluctuation of the exchange rate of the foreign currency.

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars. LINK

Central Bank: We Have No Problem With Dollar Resources, And The Electronic Platform Is A National Option

Political | 06:47 - 01/23/2023  Baghdad - Mawazine News   Today, Monday, the Central Bank announced the exhaustion of all steps related to monetary policy, and while indicating that the electronic platform is a national option for organizing the foreign trade process, it stressed the importance of the decision to allow imports in the names of companies and persons.

The Central Bank of Iraq adviser, Ihsan Shamran al-Yasiri, said: "The meeting of Prime Minister Muhammad Shia' al-Sudani with a group of merchants and representatives of the Central Bank on the issue of the exchange rate of the dollar was an important meeting," noting that "the issue of the exchange rate of the dollar is not with the Central Bank."

He added, "The Central Bank has exhausted all steps related to monetary policy, and the issue now is related to state institutions concerned with dealing with merchants regarding import and export operations," explaining, "The step of reforming the tax system is important, especially the prime minister's speech regarding not allowing corruption in outlets and tax procedures." ".

And he indicated, "The merchants assigned to deal with the General Tax Authority began to worry about communication and exposure to tax institutions, so they always withheld their purchases," noting that "the Central Bank sent a message to the Prime Minister with the need to liberate the citizen from the problems and complexities of the high bureaucracy in tax work."

And he stated, "The Central Bank does not have a problem with dollar resources, but a problem with dollar supply," pointing out that "the electronic platform is a national option for organizing the process of foreign trade and organizing information."

He pointed out that "the platform imposes that the merchant who buys the dollar is the same one who brings the goods in his name," explaining that "Iraq is a country that complies with international controls."

He stated, "The problem is with financing foreign trade, which is now putting pressure on the exchange rate, because traders are worried and afraid to come and expose themselves," noting that "the platform has become necessary, which is that the merchant who buys the dollar brings the goods in his name at the outlets."

Regarding the documentary credit, Al-Yasiri stressed that "the documentary credit took advantage of being at a lower price in order to encourage the public and merchants," explaining that "the important issue that was taken by the Council of Ministers is to allow imports in the name of companies and individuals as well."    https://www.mawazin.net/Details.aspx?jimare=217370

The Central Bank Signs The Corporate Governance Agreement For Environmental Standards

Economie| 12:45 - 01/23/2023  Baghdad - Mawazine News  Today, Monday, the Central Bank signed an agreement on corporate governance for environmental and social standards with the International Finance Corporation (IFC), while noting that preparing strong reports on environment, society and governance is essential to creating a sustainable financial sector.

The Central Bank's advisor, Ihsan Shamran al-Yasiri, told the official news agency, "The performance card for environmental, social and corporate governance standards (ESG) for the Iraqi banking sector began 5 years ago," noting that "the Central Bank has set 6 important criteria related to the performance of banks and the quality of management." .

He explained, "Iraq has 75 banks, but the standards will determine the efficiency and ability of banks to apply the standards and their compatibility with economic, environmental and other requirements."

He pointed to "the ability of the central bank to sort the banks, as they were divided into several categories (very excellent banks, banks in average condition, weak banks)," pointing to "the importance of pushing weak banks to reach acceptable levels."

And he praised, "the efforts of the International Finance Corporation," pointing out that "this issue is important for the central bank and banks, as it will serve the banking sector and know its status, capabilities and risks surrounding it."    https://www.mawazin.net/Details.aspx?jimare=217322

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KTFA Members "Monday Iraqi News" 1-23-2023

KTFA:

Clare:  WS & FRANK TOLD US WEEKS AGO THIS "COULD" HAPPEN IF GHALEB DID NOT GET THINGS DONE FAST ENOUGH ...  TONIGHT WILL BE A VERY GOOD UB2B! IMO

Clare:  After dismissing him, the governor of the Central Bank, the Sudanese hints at a decrease in the exchange rate of the dollar

01/23/2023

The Prime Minister, Muhammad Shia Al-Sudani, relieved the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the exchange rate of the dollar and the bank’s inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.

The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.

Al-Sudani commented on the changes by saying: "The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates."

It is noteworthy that the Iraqi dinar lost about 10 percent of its value, as the Wall Street Journal says in a report it published a few days ago, after “mysterious” procedures for many, related to the imposition of compliance rules on the Central Bank of Iraq’s dealings with currency dealers in relation to the dollar. American.
Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.
US officials said the system aims to limit the use of the Iraqi banking system to smuggle dollars and launder money across the Middle East.

The exchange rate of the dollar in the local markets has been increasing for days, reaching 1,600 dinars per dollar, or slightly less than that, and sometimes exceeding it.LINK

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Clare:  Iraqi PM replaces heads of central bank, trade bank

1/23/2023

ERBIL, Kurdistan Region - Iraq’s prime minister on Monday replaced the heads of the country’s central bank and trade bank after issuing a number of decisions to control the unstable dinar-dollar exchange rate the night before.

Iraqi state media reported that Prime Minister Mohammed Shia’ al-Sudani had dismissed Mustafa Ghalib Makhif of his post as the head of the Iraqi Central Bank “upon his own request” and had named Ali Mohsen al-Alaq as an interim head of the central bank.

Sudani also decided to change the head of the Trade Bank of Iraq, appointing Bilal al-Hamdani as the interim head following Salem Jawad al-Chalabi’s mandatory retirement.

The decisions from Sudani come after he issued a set of decisions on Sunday to control the fluctuation of the Iraqi dinar’s exchange rate.

The exchange rate of one USD reached 1,670 IQD in the currency markets of Iraq and the Kurdistan Region on Friday, continuing the massive depreciation of the Iraqi currency in recent weeks.

Some of the decisions taken to control the fluctuation included financing the Central Bank of the Trade Bank of Iraq with an additional $500 million to open credits for small merchants, opening a new foreign currency selling window for small traders by the Trade Bank of Iraq, authorizing the import of goods for companies registered with the trade ministry, and facilitating the import procedure.

The depreciation of the Iraqi dinar has been attributed to the New Year holidays, the closure of banks, as well as pressure from the United States.

Iraq’s foreign minister Fuad Hussein told Rudaw on Friday that an Iraqi delegation will visit Washington in early February and will discuss the exchange rate fluctuation with US officials.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

LINK

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Clare:  Al-Shammari: The government's decision towards the dollar is bold... and reveals a commitment to the new central bank governor

1/23/2023

A member of the Political Bureau of the National Wisdom Movement, Fadi Al-Shammari, said that the Iraqi Central Bank Governor, the agency {Ali Al-Alaq} pledged to restore the exchange rate of the dollar against the Iraqi dinar “within a short period.”

Al-Shammari said in a tweet on Twitter: "Bold decisions taken by the government to restore control and balance of the currency price after recent market speculation, including changing the management of the Central Bank and supporting providing merchants with the official price in various commercial sectors."

He added, "The new governor's pledge is to restore the exchange rate within a short period, and I estimate that it will only take weeks."

Today, the Prime Minister, Muhammad Shia'a al-Sudani, relieved the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the dollar exchange rate and the bank's inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.

The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.   LINK

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Clare:  An almost complete halt to the circulation of the dollar in the local markets

1/23/2023  Information/Baghdad..

On Monday, directors of banking offices in Diyala revealed a near-total cessation of circulation of the dollar in the markets.

Al-Malooma correspondent said that most of the exchange offices have now stopped trading the buying and selling of the dollar due to the state of instability and the fluctuation of buying and selling in the absence of a fixed standard for determining the exchange rate at the present time time.

And he added, that the change of the director of the Central Bank of Iraq this morning contributed to pushing the market to a partial decline in the exchange rates of the dollar, with the presence of arrests in the exchange offices in Baghdad.

He pointed out that the fear of losing is what prompted office owners to hesitate in buying and selling dollars in Baghdad and the provinces, with information that a return to the previous exchange rate is possible within days.

The currency markets in Iraq witnessed a slight decrease in the exchange rates of the dollar, as the purchase prices recorded 160 thousand for every 100 dollars, with the decision to exempt the director of the Central Bank of Iraq.    LINK

Clare:  Iraqi delegation to discuss dinar-dollar exchange rate with Washington

1/22/2023

ERBIL, Kurdistan Region - Iraq’s prime minister is in talks with the US regarding the unstable dinar-dollar exchange rate and a delegation will be sent to Washington for the matter, the Iraqi foreign minister said on Sunday.

“We are meeting daily with Prime Minister Mohammed Shia’ al-Sudani and the economic committee to resolve this situation which has to do with the Iraqi Central Bank,” Fuad Hussein told Rudaw, adding that the premier has already spoken to the US regarding the matter.

“Prime Minister Mohammed Shia’ al-Sudani is in talks with the US to increase the value of the Iraqi dinar in comparison to the dollar, and we will visit Washington soon,” he added.

The exchange rate of one USD reached 1,670 IQD in the currency markets of Iraq and the Kurdistan Region on Friday, continuing the massive depreciation of the Iraqi currency in recent weeks.

The depreciation of the Iraqi dinar has been attributed to the New Year holiday, the closure of banks, as well as pressure from the United States.

In an interview with Rudaw earlier this month, Hussein said that there are many reasons behind the drop in dinar value, among them is the US Federal Bank overlooking the flow of dollars in Iraqi market, which has led to a lower amount of dollars being released into the market by the Iraqi central bank.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, former Finance Minister Ali Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years. LINK

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Henig:  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.   LINK

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Henig: :  Al-Sudani: Government agencies are serious about carrying out economic reforms

January 22, 2023

Baghdad / Obelisk: Prime Minister Muhammad Shia' al-Sudani affirmed, on Sunday, the government's seriousness in carrying out economic reforms.

Al-Sudani's office stated, in a statement received by Al-Masalla, that he chaired a meeting with the Federation of Iraqi Chambers of Commerce, which was devoted to discussing the reasons for fluctuations in the exchange rate of foreign currency in the Iraqi market and its impact on citizens, and to develop decisive solutions in this regard.

The meeting was attended by the governor of the Central Bank of Iraq, and the general managers of border crossings, tax, customs, and trade fairs.

And based on the directives of the Prime Minister, and what was presented at the meeting, several decisions were taken to stabilize the exchange rate, prevent manipulation, and limit damage to the national economy, most notably:

1- Opening a new window for selling foreign currency to small traders through the Trade Bank of Iraq (TBI).

2- Financing the Central Bank of the Trade Bank of Iraq (TBI) with an additional amount of $500 million for the purpose of opening documentary credits for small merchants, and being satisfied with the initial invoice and the account number of the last beneficiary of the credit.

3- Launching the import of goods and merchandise for companies registered with the Companies Registration Department at the Federal Ministry of Trade of all types of companies and factories registered with the General Directorate of Industrial Development and investment projects of all kinds duly licensed by investment commissions, scientific offices duly registered, individuals and offices registered with the Iraqi Chambers of Commerce (included with the condition import license or not included).

4- Facilitating import procedures, reducing the requirements for opening documentary credits, and canceling the notification of the General Authority for Taxes to impose delay fines on importers and the rest of those charged with the General Authority for Taxes.

5- Involving the Chambers of Commerce and the Federation of Industries in the sessions of the Ministerial Council for the Economy, representing the private sector.

6- This meeting is held on a weekly basis, following up developments, implementation of decisions, and adding the aforementioned bodies to attend the meeting.

7- Adding the Real Estate Registration Department to this meeting, as well as the Registrar of Companies, Industrial Development, the Investment Authority, and the Rafidain and Rasheed Banks.

During the meeting, the Prime Minister stated that the responsibility to face fluctuations in the local market is a shared responsibility, with an ethical and patriotic dimension, and everyone must respond to it, whether in the private or public sector.

Within the framework of Al-Sudani's directives to reduce the financial, administrative and routine burdens on citizens, Al-Sudani stressed the need to review the work of the General Tax Authority, and that its work be in accordance with the standards of integrity and the law, and stressed that the government will not tolerate any harm that the citizen may be a victim of.

Al-Sudani expressed the seriousness of government agencies in carrying out economic reforms and addressing the deterioration and regression caused by wrong decisions in previous years.   LINK

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Henig:  Al-Mousawi _Understandings between Baghdad and Erbil to pass the oil and gas law

Baghdad / NINA / - 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

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Clare:  Dollar Crisis.. Calls To Protest In Front Of The Central Bank Next Wednesday

01/22/2023

The “Patriot Awareness” movement confirmed its support for the central protest against the high dollar, while calling for its organizations and formations to come down next Wednesday, at twelve o’clock in the afternoon, in front of the headquarters of the Central Bank in the capital, Baghdad.  LINK

"Tidbits From TNT" Monday Morning 1-23-2023

TNT:

Tishwash:  oh my gosh! 

Al-Sudani exempts Mukhayf and assigns Ali Al-Alaq to run the Central Bank

Today, Monday, Prime Minister Muhammad Shia'a al-Sudani dismissed the governor of the Central Bank, Mustafa Ghaleb Makhaif, from his post.

The official news agency quoted a government source as saying, "Prime Minister Muhammad Shiaa al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post, at his request."

The source added, "The Prime Minister assigned Ali Mohsen Al-Alaq to run the Central Bank by proxy."

The Prime Minister refers the director of the Iraqi Trade Bank to retire     link

RVAlready:  From no news to this. Monday starts with a bang!  He also fired the director of the Iraqi Trade Bank!!!!

CandyKisses:  Good morning, rvalready. I was surprised to see the article about the CBI governor, but I had a feeling he would resign.

RVAlready:  Yes. You think he was an Iranian sympathizer?

CandyKisses:  He could be, but I always had a thought that he was part of the corruption. That is just my opinion.

Annie68:  Looks like big time house cleaning going on in Baghdad!

MountainMole:  All swamps need to be drained, even in Iraq

Tishwash:  I think we did the replacing, it isn't a coincidence we had a delegation there and then they put a guy back in charge of the CBI that was there before but what do I know?

RVAlready:  Well, the last guy was doing such a bad job that he asked Sudani to replace him. We’ll see if Alaq can’t do better. I believe he had gone to a bank over site position for the Middle East region. I know we should hate him, because the framework likes him, but let’s give him a chance.

RVAlready:  Ok. I’m hoping CBI jumps the gun with an RV before the budget.

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Tishwash:  He revealed the scenes of changing the governor of the Central Bank.. The Sudanese gives Al-Alaq a period of three months

A prominent leader in the coordination framework revealed, today, Monday, the scenes of Prime Minister Muhammad Shia'a Al-Sudani's decision to dismiss the Governor of the Central Bank and assign Ali Mohsen Al-Alaq to replace him.

 The leader told Shafaq News agency, who asked not to be named, that "the decision to dismiss the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, was made by agreement between the leaders of the coordination framework and Prime Minister Muhammad Shia' al-Sudani, during their meeting, last night, at the home of the leader of the Al-Fateh Alliance." Hadi Al-Amiri.

And he indicated that "the decision to exempt was made by a vote of the majority of the leaders of the framework and was supported by the Prime Minister, and the selection of Ali Mohsen Al-Alaq as governor of the Central Bank, was done by the vote of the leadership body of the coordination framework, and also the Sudanese was supportive of this choice."

He pointed out that Al-Alaq was given a period of three months to evaluate his work and performance, and he attended the meeting with the leaders of the framework and the Sudanese after it was agreed to assign him this task.

And today, Monday morning, Prime Minister Muhammad Shia al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while Ali Mohsen Al-Alaq was assigned to run the bank by proxy.

Yesterday, Sunday, Al-Sudani took urgent decisions to "address" the exchange rate of the US dollar against the local currency during his meeting with the Federation of Iraqi Chambers of Commerce to discuss solutions to the fluctuation of the exchange rate of foreign currency.

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.  link

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CandyKisses:  MP confirms: the budget will be approved soon and easily

Baghdad / NINA / -A member of the coordination framework, MP of the State of Law Coalition, Thaer Makhaif, confirmed that the general budget for 2023 will soon be approved easily and smoothly in Parliament, and it is likely to be passed at the beginning of next month.

Makhaif said in a statement to the National Iraqi News Agency / NINA /: "All ministries have completed their financial allocations and were discussed in the Council of Ministers. They are currently in the final touches in the Council before sending them to Parliament for approval," pointing out that: " Pointing out that: "Even if mistakes or deficiencies are found, they will be addressed in the specialized committees of the House of Representatives."

He explained: "The budget includes two parts, operational by 40% and investment by 60%. The operational one will include salaries and ministries' projects, and it will contain all contracts approved by the government and ministries. It will deal with most of the backlogs from previous budgets, including the file of disguised unemployment and appointments, and dependence on the local product through re- opening factories and establishing others to benefit from them in employment and not to import materials.”

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CndyKisses:  Al-Shammari: The government’s decision towards the dollar is bold. He reveals a pledge to the new central bank governor

 {Economic: Al-Furat News} A member of the Political Bureau of the National Wisdom Movement, Fadi Al-Shammari, said that the Governor of the Central Bank of Iraq, the agency {Ali Al-Alaq} pledged to return the exchange rate of the dollar against the Iraqi dinar "within a short period."

Al-Shammari said in a tweet on Twitter: "Bold decisions taken by the government in restoring control and balance of the currency price after recent market speculation, including changing the management of the Central Bank and supporting the provision of traders with the official rate in various commercial sectors."

"The new governor's pledge is to return the exchange rate in a short period of time, and I estimate that it will only exceed weeks," he added.

Prime Minister Mohammed Shiaa Al-Sudani today exempted the Governor of the Central Bank of Iraq Mustafa Ghaleb Zaid from his post against the backdrop of the continued rise in the exchange rate of the dollar and the inability of the bank to rein in it.

Al-Sudani assigned former governor of the bank Ali Mohsen Al-Alaq to manage the Central Bank by proxy.

The Prime Minister also retired the director of the Trade Bank of Iraq and assigned Riblal Al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.

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Tishwash:  The solution to controlling the dollar does not lie in patchwork measures

In light of the rise in the exchange rates of the dollar, economists believe that the solution does not lie in patchwork measures as much as there should be a serious move to address the existing crisis.

Concern is increasing across the country about the record rise in dollar exchange rates, accompanied by government confusion as a result of the United States imposing long-term controls on dollar transactions, a crisis that does not need paper or media solutions as some call it as much as it needs actual intervention from the responsible authorities to remedy The state of collapse that the Iraqi dinar is going through.

Although many rely on approving the general budget, hoping that it will bear the expected solutions to address the deteriorating economic reality, deputies believe the opposite, as they affirm that the budget will not include what is different in terms of procedures that can achieve the desired results.

Since the year 2003, Iraqi banks have operated under less strict rules, but after nearly two decades, American and Iraqi officials assert that the time has come to make the Iraqi banking system more compliant with global controls related to money transfers, as until that date the citizen will continue to bear the consequences.    link

Mot: .... and Yet Another ""Dating Tip"" from ole Mot! ~~

Mot:  ~~ Why its -- Happy National Hug Day! ~~~

Monday Morning Iraq Economic News Highlights 1-23-23

Monday Morning Iraq Economic News Highlights 1-23-23

Al-Sudani Relieves The Governor Of The Central Bank And Assigns The Relationship To Manage The Bank By Proxy

Political | 09:09 - 01/23/2023  Baghdad - Mawazine News, Prime Minister Muhammad Shia Al-Sudani decided, on Monday, to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post.  The official news agency quoted a government source as saying, "Prime Minister Muhammad Shiaa al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post, at his request."

The source added, "The Prime Minister assigned Ali Mohsen Al-Alaq to run the Central Bank by proxy."In the context, Al-Sudani decided to refer the director of the Iraqi Trade Bank, Salem Jawad Al-Jalabi, to retire.  The media office of the Prime Minister stated in a statement, "Al-Sudani decided to refer the director of the Iraqi Trade Bank, Salem Jawad Al-Jalabi, to retirement."  He added, "He assigned Bilal Al-Hamdani to manage the bank in addition to his duties." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=217299

Dismissal Of The Governor Of The Central Bank, Dollar Prices Plummet.. It Is Likely That It Will Decline To 150 Thousand

Economie  2023-01-23 | Source:  Alsumaria News  8,318 views  Alsumaria News – Economy Economic expert Diaa Al-Mohsen saw today, Monday, that dismissing the governor of the Central Bank, Mustafa Ghaleb Makhaif, from his post, would contribute to the decline in exchange rates, while he described the governor's procedures as "improvised."

Al-Mohsen said, in an interview with Al-Sumaria News, that "the exchange rates will decline to less than 150,000 dinars for every 100 dollars, after exempting the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif."

He added, "The defect is not represented by the person, but rather by management, as the management of the central bank governor was not at the required level," noting that the latter "did not know how to manage the Central Bank of Iraq since he took office today."

The economist pointed out that, "The central bank needs a wide knowledge of the financial and monetary policy and the management of the financial file in Iraq."

He explained, "The measures of the exempted central bank governor were improvised and unrealistic, and did not affect the real problem of the people," adding, "Mustafa Ghaleb Makhaif was a legal director at an earlier time, and he is supposed to be familiar with all financial policies and related currency smuggling."

Al-Mohsen pointed out that, "Most of the merchants took advantage of the improvised decisions of the Governor of the Central Bank of Iraq, and proceeded to raise the dollar and manipulate its prices."

He pointed out, "The Central Bank of Iraq is responsible for protecting citizens' money, and the citizen needs reassurance and protection for his money."

Earlier today, Monday, Prime Minister Mohamed Shia Al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post.

A government source told Alsumaria News, "Prime Minister Muhammad Shiaa al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post, at his request."

The source added, "The Prime Minister assigned Ali Mohsen Al-Alaq to run the Central Bank by proxy."  LINK

Revealing "Al-Kadhimi's Role".. An American Magazine: Washington Is Holding Iraq Hostage By Using The Dollar's Weapon

Baghdad Today - Translation   The American "The Cradle" magazine revealed today, Monday, new details related to the current dollar crisis in the country and the reasons that led to it, accusing Washington of using the US currency as a "weapon" against Iraq.

The magazine said in its report, which was translated by (Baghdad Today), that "Washington has forced Iraq, since 2003 until today, to send its oil revenues to only one account with the US Federal Treasury in New York, and it transfers dollars from the account to the Iraqi government upon request. Which enabled the US administration to use the dollar as a weapon to target the Iraqi dinar and reduce its value in the market," according to its description.

The magazine stated that "the US administration informed the government of the former prime minister and the Central Bank of the restrictions it has now imposed on transferring dollars from the US Federal Reserve to Iraq, asking them to take appropriate measures and prepare for that, which Al-Kazemi and the governor of the Central Bank ignored," according to the network.

The information reported by the network indicated that “Washington, because of its special relationship with former Prime Minister Mustafa Al-Kazemi, preferred not to implement the restrictions while he remained in power, waiting for the formation of the new government to implement them,” adding that “the Sudanese government did not know of Washington’s previous notification of Al-Kazemi and the governor of the Central Bank before Two years with its intentions, which it said that ignoring it led to subjugating the dinar and the Iraqi economy as a victim, during which the United States managed to hold the Iraqi economy hostage, using the dollar weapon.   LINK

How Did The Coordinating Framework Receive The Decision To Exempt The Central Bank Governor? Leader Answers

2023-01-23 Shafaq News/ The coordination framework, which brings together the Shiite political forces, with the exception of the Sadrist movement, commented, on Monday, on the decision of the Prime Minister, Muhammad Shia' al-Sudani, to relieve the governor of the Central Bank from his post and assign Mohsen Al-Alaq to replace him.

"The coordination framework does not object to any measures that would address the rise in the exchange rate of the dollar and maintain market stability," said the prominent leader in the framework, Hassan Fada'am, to Shafaq News agency.

He added, "Prime Minister Muhammad Shia'a al-Sudani is supported by the coordination framework with these procedures and does not interfere in the details and rationale of treatment methods, but rather the matter is subject to the opinion of specialists and experts and the assessment of the appropriate position by the prime minister."

And today, Monday morning, Prime Minister Muhammad Shia al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while Ali Mohsen Al-Alaq was assigned to run the bank by proxy.

Yesterday, Sunday, Al-Sudani took urgent decisions to "address" the exchange rate of the US dollar against the local currency during his meeting with the Federation of Iraqi Chambers of Commerce to discuss solutions to the fluctuation of the exchange rate of foreign currency.

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.

Independent MP Sajjad Salem saw that relieving the governor of the Central Bank of Iraq from his post and assigning Mohsen Al-Alaq, who was chosen by former Prime Minister Nuri al-Maliki - the most prominent leader in the coordination framework - in his second government as governor of the bank, an attempt by the framework to take over the central bank.   LINK

"Fear Of Confinement" Disrupts Buying And Selling Of The Dollar On The Baghdad Stock Exchange

2023-01-23 04:48  Shafaq News/ A number of owners of exchange offices in the main stock exchange in Al-Kifah and Al-Harithiya confirmed that they no longer sell or buy dollars after raids by the Economic Security and the arrest of a group of owners of exchange offices.

The Iraqi markets are witnessing a continuous rise in the prices of foodstuffs and construction commodities as a result of the continued rise in the exchange rate of the Iraqi dinar against the US dollar, which today exceeded 165 thousand dinars per 100 dollars. And the arrest of a group of owners of dollar exchange offices, which it described as speculators.

One of the owners of the Al-Harithiya Stock Exchange, Raad Al-Dulaimi, said in an interview with Shafaq News agency: We have not sold or bought any dollar for two days after the raids on the Al-Kifah and Al-Harithiya Stock Exchanges, indicating that "our offices are open, but in fact they are closed to anyone who comes to us to carry out the buying or selling process." For fear of imprisonment, as sometimes they send people to spy on us by impersonating a person who wants to buy the dollar to find out the truth about the price we are buying or selling.

He added, "Economic Security told us that everyone must abide by government instructions, which is to sell at the price that was set by the Central Bank, otherwise legal measures will be taken against him."

He pointed out that "most of the non-licensed offices have been closed, and strict control has been imposed on other licensed offices," adding that "the process of selling dollars will shift from the parallel market stage to the black market."   LINK

The Dollar Crisis May Strain The Relaxed Relationship Between Sudani And The Central Bank Governor

January 22, 2023  Baghdad / Obelisk: The government of Muhammad al-Sudani and the governor of the Central Bank of Iraq are under criticism because of the dollar crisis.

On social media, the obelisk monitored criticism of the prime minister, even by those who support him in the media, for keeping the governor of the Central Bank, Mustafa Ghaleb, in his post.

In one of the steps against Al-Sudani's position, deputies from the coordination framework collected signatures to interrogate Ghalib to dismiss him.

Observers of Iraqi affairs say that al-Sudani will not dismiss the bank's governor because he is affiliated with the Sadrist movement, as the prime minister avoids clashing with him.

But the street revolution against the rise in the price of the dollar may force the government to dismiss Ghalib.

The head of the awareness movement, Salah al-Arabawi, said that the central bank governor had failed to control the dollar and the government should dismiss him and appoint a competent person capable of managing the crisis.

Representative Majid Shankali explained that the reason for the rise in the dollar is the central bank's failure to draw up monetary policy, to stop illegal foreign transfers, and to combat money laundering and laundering of some facades of blocs and parties, who were falsely named businessmen.

He wondered: Where is the central bank that did not make any statement on the subject, especially the governor who has nothing to do with money and the economy, but this is our case in which a legal person can assume the highest banking position in the state!

A member of the European Institute of Corporate Governance ECG, Wadah Taha, said that the Central Bank must exercise its role in accordance with the law in applying all means to achieve the national economic interest of Iraq and impose strict control on banks and transfers instead of imposing sanctions from abroad, which we are indispensable.

In an examination of the causes of the crisis, the advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Thursday, regarding fluctuations in the exchange rate of the dollar in the Iraqi market, that the external transfer platform meets 90% of the market demand for foreign currency.

Professor of Economics at the University of Basra, Nabil Al-Marsoumi, pointed out that the central bank is unable, until now, to use cash reserves to support the dollar, despite the insane rise in Iraq.

Coinciding with the wave of criticism, calls for the dismissal of the central bank governor, Mustafa Makhaif, rose, due to his failure to perform his duties after the current crisis.

And the former member of the Parliamentary Finance Committee, Abdul Hadi Al-Saadawi, called for changing the governor of the Central Bank, indicating that the current governor is not qualified to manage the Central Bank.

A member of the Finance Committee in the former parliament, Rahim al-Darraji, said that the central bank is the cause of all the problems in Iraq, revealing the reason for canceling a frightening interrogation.

Al-Darraji made it clear that many personalities called and intervened to cancel Al-Darraji's interrogation, and indeed that happened.

Social studies teacher Hatem Al-Ajibi said that the failure of the governor of the central bank to maintain the stability of the exchange rate of the dollar necessitates that the Sudanese dismiss him for failing in his duties.

Representative Bassem Khashan considered that the governor of the Central Bank is legal and does not have the slightest experience in managing banks, funds, accounting, or any specialization close to banking work.

He added that Mustafa Makhaif reached this position through a political party and influential bank owners, while he remains in his position and expands in the government of Muhammad Shia, surprisingly: we do not know the reason for his survival or the reasons for his expansion!

https://almasalah.com/archives/37716

The Coordination Framework Will Hold A Meeting To Discuss The Rise In The Exchange Rate Of The Dollar, In The Presence Of The Sudanese

Posted On2023-01-23 By Sotaliraq  01/22/2023:  A security source stated, on Sunday, that the leaders of the coordination framework will hold a meeting shortly in the office of the leader of the Al-Fateh Alliance, Hadi Al-Amiri.

The source said, "The leaders of the coordination framework will hold a meeting shortly in the office of the leader of the Al-Fateh Alliance, Hadi Al-Amiri, in the presence of Prime Minister Muhammad Shia'a Al-Sudani."

The statement added, "The meeting is held to discuss a number of political, as well as economic, files related to the rise in the exchange rate of the dollar."

The leaders of the coordination framework will hold a meeting to discuss the rise in the exchange rate of the dollar, in the presence of the Sudanese.   LINK

Iraqi News Highlights Sunday Evening 1-22-23

Iraqi News Highlights Sunday Evening 1-22-23

Tlm724 Administrator Bondlady’s Corner

The Development Bank Announces Its Willingness To Finance The Activities Of Merchants At An Exchange Rate Of 1470 Dinars To The Dollar

Economy News-Baghdad  Member of the Union of Arab Banks, Ziad Khalaf, announced, on Sunday, the Development Bank’s willingness to finance the activities of merchants in dollars and at the exchange rate of 1470, with the aim of mitigating the impact of the exchange rate.

Khalaf said in a statement reported by the official newspaper, "The reality of the Iraqi economy and the challenges it is going through require achieving integration between all sectors to avoid negative effects, and the banking sector must be supportive of productive and service activities through the financing it provides to all sectors," pointing out that "the Bank of Development has expressed its willingness to finance the activities of traders in dollars and at an exchange rate of 1470, and thus we can mitigate the impact of the exchange rate on goods and commodities within the local market.

He pointed out that "work is continuing to support small and medium enterprises in a step to activate the role of youth within society, and to restore the national product to existence."

He added, "The banking system works and provides services despite the challenges and sets solutions," noting that "the successes that are achieved in countries regionally and globally find behind them financial institutions supporting their activities," noting that "businessmen and merchants we find them financing themselves from their money, and here is a good thing, but Business development and performance necessitate the existence of a banking system that supports its activities.

Khalaf continued, "We realize that the banking system represents a major axis in achieving economic advancement in all its aspects, and despite the challenges, we are working to consolidate the banking system and make it able to provide services that rise to the world in line with the needs of companies that need a high flow in the movement of their funds." That "the expansion of the International Development Bank inside and outside the country is a pioneering step for the private banking sector in Iraq, and comes in line with the requirements of the next stage, which will witness wider openness to the world and require cooperation with international institutions and companies around the world."

https://economy-news.net/content.php?id=32022

The Governor Of The Central Bank Is Discussing With Baroness Nicholson The Cooperation Between The Iraqi Banking Sector And The Iraqi-British Economic Center

Sunday 22 January 2023 13:32 | Economical Number of readings: 266  Baghdad / NINA / The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, discussed with Baroness Emma Nicholson ways of cooperation between the Iraqi banking sector and the Iraqi British Business Council.

Makhaif reviewed / according to a statement by the bank / a number of reforms adopted by the Central Bank, including the electronic platform for external transfer, launching a number of initiatives to support the Iraqi economy and stimulate the real sector, and follow up on exchange rates, in a way that reduces the gap between the official rate and market prices.

For her part, the Baroness expressed her interest in the reform steps in the banking sector, and the promising investment opportunities in Iraq, especially after the stability the country witnessed politically and economically.

Nicholson praised the new building of the Central Bank of Iraq and the aesthetic and urban value that it will add to Baghdad, as well as the speed in its completion./ End

https://ninanews.com/Website/News/Details?key=1028334

Iraqi Oil Exports To America Rise To 200 Thousand Barrels Per Day

Energy   Economy News-Baghdad  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America rose to more than 200,000 barrels per day during the past week.

The administration said in a report, "The average US imports of crude oil during the past week from eight countries amounted to 5.677 million barrels per day, up by 353 thousand barrels per day from the previous week, which amounted to 5.677 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 201,000 barrels per day last week, up from the previous week, when oil exports to America amounted to 150,000 barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada at a rate of 3.707 million barrels per day, followed by Mexico at a rate of 909 thousand barrels per day, and oil revenues from Saudi Arabia at a rate of 453 thousand barrels per day, and then Colombia at a rate of 245 thousand barrels per day." .

According to the administration, "the amount of US imports of crude oil from Nigeria amounted to an average of 211,000 barrels per day, from Brazil at a rate of 172,000 barrels per day, and from Libya an average of 132,000 barrels per day, while Russia or Ecuador did not import any amount."

https://economy-news.net/content.php?id=32015

Prime Ministers And The Federal Court Emphasize The Fight Against The Scourge Of Corruption

Money and business  Economy News-Baghdad  Today, Sunday, Prime Minister Muhammad Shia Al-Sudani and the Federal Court, Jassim Muhammad Abboud, stressed the principle of the rule of law and the peaceful transfer of power, while stressing the need to overcome challenges and fight the scourge of corruption.

A statement by the Federal Supreme Court stated, "Prime Minister Muhammad Shia' al-Sudani visited the Federal Supreme Court, and he was received by the President of the Court, Judge Jassim Muhammad Abboud, and members of the Federal Supreme Court."

He pointed out, "Several files were discussed, including those related to the Federal Supreme Court and its role in protecting the constitution, public and private rights and freedoms, and emphasizing the principle of the rule of law and the peaceful transfer of power through democratic means stipulated in the constitution."

He continued, "It was also stressed the need to overcome the political, economic and social challenges facing the Iraqi people and the current government, and that Iraq, by virtue of its history and by virtue of its economic and human capabilities, is capable of building a strong, modern, civil state based on citizenship."

During the meeting, the two presidents affirmed that "the scourge of corruption requires a real national intention to fight it, and that the Iraqi people, with their moral foundations, are able to overcome them because their values ​​reject everything that contradicts them, and they are determined with all their nationalities and components to build their state." https://economy-news.net/content.php?id=32023

Central Bank Sales Exceed $80 Million

Economy News-Baghdad  The Central Bank of Iraq's dollar cash sales increased in an auction, on Sunday, at the expense of foreign transfers.

Statistics published by the bank showed that today's auction for buying and selling US dollars witnessed the sale of 87,437,882 dollars, which the bank covered at a base exchange rate of 1,460 dinars per dollar.

Most of the dollar sales went in the form of cash, amounting to 51 million and 700 thousand dollars, while the rest of 35 million, 737 thousand and 882 dollars went to strengthening balances abroad in the form of transfers and credits.

The banks that bought the cash dollar amounted to 16 banks, while the number of banks that responded to requests for strengthening balances abroad reached 14 banks, while the total number of exchange and mediation companies participating in the auction was 210 companies.

https://economy-news.net/content.php?id=32024

Central Bank: The Decision To Activate Electronic Payment Includes The Government And Private Sectors

Economie| 02:40 - 01/21/2023   Baghdad - Mawazine News   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."

He continued, " 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." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=217190

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

https://www.bondladyscorner.com/

"Vietnam News" Posted by Henig at KTFA Sunday 1-22-2023

KTFA: Vietnam

Henig:  Colours of Vietnamese economy in 2022 and 2023 outlook

January, 22/2023 - 07:36

In 2022, Việt Nam has emerged as a stronger, more resilient economy. It recovered strongly from the low "base" two years ago to shine a light in a world of challenges and uncertainties.

Võ Trí Thành*

Despite the negative impact of the COVID-19 pandemic, Việt Nam has seen an economic growth trajectory different from the general picture of the world economy over the past years.

In 2020, when the pandemic started causing devastating effects on a global scale, Việt Nam was among the few economies with positive growth (2.9 per cent) while major economies of the world witnessed a severe recession. In 2021, bucking the world’s strong recovery, the economy’s growth rate only reached 2.6 per cent.

Việt Nam has emerged as a stronger, more resilient economy over the past years. It recovered strongly from the low "base" two years ago to shine a light in a world of challenges and uncertainties.

The country’s gross domestic product grew at 8.02 per cent in 2022, the fastest pace over the past 25 years, backed by retail sales (reflecting final consumption), investment (especially FDI disbursement), and impressively increased exports.

We, however, cannot rest on our laurels. Global economic and political uncertainties, challenges and difficulties that have appeared since the end of the third quarter last year are likely to remain for this year. There are several factors that need to be taken into account.

First of all, aggregate demand is driving growth. Total retail sales last year increased by 19.8 per cent thanks to domestic consumption and tourism exceeding 2019 levels before COVID-19.

This increase will be difficult to maintain for this year when outbound tourism accelerates (actually seen by the end of last year), unless the attraction of international tourism is highly effective (it did not reach the target of attracting five million foreign visitors last year, and was much lower than 18 million visitors in 2019).

In late 2021 and early 2022, Việt Nam had high hopes that public investment would be the driving force for post-pandemic recovery. That's not to mention a two-year Socio-economic Recovery and Development Programme from 2022-2023 with support money amounting up to VNĐ350 trillion (US$15.4 billion), approved by the National Assembly from the beginning of 2022.

Investment disbursement and programme implementation were, however, slow despite a little improvement in the fourth quarter of 2022. By the end of November, less than 60 per cent of the public investment plan had been implemented. About VNĐ60 trillion from the economic recovery and development package was actually spent. Private investment was also stagnating; except for foreign direct investment (FDI) disbursement which was quite good, reaching nearly $19.7 billion, an increase of 15.1 per cent compared to 2021.

Building public confidence, promoting public investment disbursement and the Recovery and Development Programme will have great implications for growth in 2023 and beyond.

Commodity exports last year also had a 10.6 per cent jump, fetching more than $372 billion. The downward trend was clearly seen when in the first nine months of the year, exports surged by 17.3 per cent. The significant drop in orders of manufacturing and processing firms in the last three months indicated an uncertain and lacklustre future.

In the last quarter of last year, S&P Global Vietnam Manufacturing Purchasing Managers Index declined to below the crucial break-even point of 50. In November and December, it hit 47.4 and 46.3 respectively, down from 50.6 in October. This indicates that Việt Nam’s manufacturing sector can be in a contraction.

This is understandable when inflation in key markets, including the US and EU, was stemming consumer spending. In addition, as Fitch Solutions suggests, a likely rebound in demand from China after its zero-COVID policy was eased and the country reopened its economy on January 8 will not be enough to offset the impact of a further weakening in global demand.

Lessons learned during the pandemic such as closely monitoring the situation, being flexible in product transformation, taking advantage of FTAs, diversifying markets/partners, transforming governance methods, even restructuring, still have the same value.

The recovery and development programme has taken into account macro risks (inflation, public debt, financial speculation). But until the second quarter of 2022, the financial-monetary pressure was fully recognised. The pressure had been mounting since the end of the third quarter. Average inflation was low, but inflation still rose rapidly compared to the same period in the previous year. Consumer prices in December increased by 4.55 per cent from a year earlier.

The VND/USD exchange rate in October depreciated nominally by 8.9 per cent. The State Bank of Việt Nam was forced to widen exchange rate band from 3 per cent to 5 per cent and raise the operating interest rate twice, 1 percentage point each time. Little liquidity is left for economic recovery due to maturity mismatch problem in banking system and monetary tightening. Market confidence was eroded when many legal violations were discovered, further heightening stock and corporate bond market volatility.

Looking to the bright side, it can be said that many positive expectations are not baseless.

Many forecast that the world economy and many of Việt Nam's main partners will experience a mild recession. The US economy may have a soft landing and China's economy this year will grow better than last year (4.4 per cent compared to 3.2 per cent) due to easing the zero-COVID policy and stabilising the real estate market.

Financial-monetary pressure from outside is likely to ease. The Fed's policy will be more dovish, both in terms of intensity and frequency of interest rate hikes. High global inflation will peak and gradually decline this year. Liquidity tension in the Vietnamese financial and monetary market at the beginning of December last year was relieved by the central bank lifting the credit room by 1.5-2 percentage points. Monetary policy response led to the ease of pressure in foreign exchange market. At the end of 2022, nominal depreciation of VND/USD exchange rate was down to only about 3.5 per cent.

Disbursement of public investment and the recovery programme is expected to be accelerated. Along with it, substantial improvement in the investment environment and a commitment to structural reform will restore market confidence, thereby boosting investment and consumption.

Last but not least, Việt Nam still has a lot of potentials to attract quality FDI, especially when FDI flows to each country are highly selective and often characterised by comparative advantage, business environment, market connectivity and access (such as FTAs), trust in cooperation, and the guarantee of intellectual property rights.

It is believed that the ratio of realised FDI capital to registered capital increased from 54.3 per cent to 82.3 per cent between 2019 and 2022, and the rising proportion of FDI destined to high-tech and high value-added activities are signs that Việt Nam is capturing an increased part of global value-added manufacturing. This would be great growth momentum for the country in the future by creating jobs and making spillover effects to the whole economy.

In a world full of uncertainties and challenges, it is very necessary to "rethink, redesign, rebuild", and "take actions more decisively, wisely and flexibly” as stated by the Prime Minister.

Hopefully, Việt Nam can continue its path to success in 2023 like what it generally did last year. VNS

*Võ Trí Thành is a senior economist at the Central Institute for Economic Management (CIEM) and a member of the National Financial and Monetary Policy Advisory Council. A doctorate in economics from the Australian National University, Thành mainly undertakes research and provides consultation on issues related to macroeconomic policies, trade liberalisation and international economic integration. Other areas of interest include institutional reforms and financial systems. He authors Việt Nam News column Analyst’s Pick.   LINK

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

Henig:  Industry and trade sector drives development

06:00 | 22/01/2023

(VEN) - Minister of Industry and Trade Nguyen Hong Dien, a member of the Central Committee of the Communist Party of Vietnam, spoke with Vietnam Economic News about the 2022 industry and trade sector achievements and its 2023 plans.

Could you tell us about the industry and trade sector’s 2022 achievements and contributions to Vietnam's economic development?

In 2022, despite major adverse impacts and the COVID-19 pandemic, Vietnam experienced strong economic recovery and reached its macroeconomic targets.The country maintained macroeconomic stability, ensured major economic balances and reached high gross domestic product (GDP) growth.

The industry and trade sector contributed significantly to those achievements by realizing or exceeding targets set by the National Assembly and the Government. Vietnam reached an Index of Industrial Production (IIP) of nine percent (almost double that in 2021), and a 21-percent increase in total retail sales of goods and service revenues (almost triple the 8-percent target). In the first 11 months of 2022, the country’s budget revenues were 16.1 and 17.4 percent higher than the target and the same period of 2021, respectively.

Industry continues to be a major driving force of the country’s economic growth. Vietnam has maintained its leading position among countries and territories in terms of international trade while ensuring smooth supply chains of goods for the domestic market. The Ministry of Industry and Trade overcame difficulties and suggested solutions to ensure petroleum supply.

Vietnam has renovated trade promotion and improved the operational efficiency of its trade offices abroad.

The industry and trade sector has ensured sufficient power supply for people’s daily life and production in the post-pandemic period, contributing to production resumption and economic recovery.

Implementation of free trade agreements (FTAs) that Vietnam has signed contributed to the country’s foreign trade, while trade remedies reached outstanding achievements, protecting domestic production and markets.

Vietnam reached a record high foreign trade value of US$732.5 billion (up 9.5 percent from 2021) and exported US$11.2 billion more than it imported in 2022 (almost triple that in 2021), contributing to the country’s trade balance, foreign reserve, and interest rate and macroeconomic stability. This is the seventh year in a row that Vietnam has logged a trade surplus.

What were 2022 domestic market highlights?

In the post-pandemic period, the domestic market has recovered quickly and has done better than it did in the pre-pandemic period.

Domestic trade and shopping demand have grown well, while consumption stimulation programs, including trade promotion events, were held simultaneously throughout localities nationwide. Supply-demand connection was implemented efficiently, while goods prices were kept relatively stable, and domestic manufacturers were connected with leading distributors nationwide.

In 2022, Vietnam's e-commerce market value was estimated at US$16.4 billion, accounting for 7.5 percent of the country's sales of goods and service revenues. With an annual increase of 20 percent, Vietnam was ranked fifth among countries worldwide in terms of e-commerce growth by eMarketer.

The industry and trade sector are assisting businesses in different localities to promote supply-demand connections and find new product sources. Many large distribution systems have increased goods stockpiles and launched trade promotion programs to meet the growing demand for goods in the final weeks of the lunar year.

What are the industry and trade sector’s 2023 tasks, targets and solutions?

In the context of the complicated and unpredictable international situation, the Ministry of Industry and Trade will focus on the following key tasks.

The ministry will further efficiently follow and realize guidelines and policies of the Party and the State, especially those related to industrial and trade development, renovate and improve institution building (focusing on industrial development and policies), prepare action plans for and realize socioeconomic development and investment environment and national competitiveness improvement, while keeping eye on international and domestic situations to suggest relevant responses.

The sector will accelerate its restructuring based on science, technology, innovation and digitalization, speed up key infrastructure projects, simplify administrative procedures for new production and mining projects, provide suggestions for international economic integration, especially policies on foreign direct investment (FDI) attraction in the industry and trade sector, encourage FDI enterprises to support, transfer technology and share management expertise with domestic enterprises, and form supply chains of materials, improving the competitiveness of Vietnamese enterprises and their participation in global production and supply chains.

The ministry will consistently and efficiently implement free trade agreements, increase cooperation with potential neighboring markets, and assist localities and businesses to expand and diversify markets, supply chains, imports and exports, and focus on branding and sustainable export development.

Other tasks and solutions include developing domestic trade, combining traditional with modern trade, efficiently exploiting the potential of the country’s 100 million domestic consumers, closely monitor supply, demand, prices and markets of essential commodities, improve market inspection and control, combat smuggling, trade fraud, origin fraud, and unfair competition, better trade remedies, ensure a healthy and equal business and production environment for enterprises, and protect production and consumer interests in compliance with international commitments.

The sector will strengthen administrative disciplines, improve management and administration efficiency, innovate working styles and methods, accelerate administrative reform to encourage investors, producers and traders, promote information technology application, and continue building its e-government.   LINK

Henig:  Company bosses share outlook on economy in 2023

January, 22/2023 - 09:39

2023 is predicted to be a tough year due to various factors like inflation, high interest rates and the Ukraine-Russia conflict. But companies in Việt Nam say they have various strategies in place to overcome the challenges. Việt Nam News reporter Thu Ngân asks senior executives at a number of companies about the strategies and where they think the Vietnamese economy and their own sectors are headed.

2023 is predicted to be a tough year due to various factors like inflation, high interest rates and the Ukraine-Russia conflict. But companies in Việt Nam say they have various strategies in place to overcome the challenges. Việt Nam News reporter Thu Ngân asks senior executives at a number of companies about the strategies and where they think the Vietnamese economy and their own sectors are headed.

Trang Bùi, General Manager Cushman & Wakefield Vietnam

The mild recession in the last quarter of 2022 will continue into the first quarter of 2023. Việt Nam has gone through four real estate cycles, and Cushman & Wakefield anticipates that the real estate industry will go through the current economic downturn more quickly than in previous crises, allowing for recovery in the real estate market in the second half of 2023. In the process of working with domestic and foreign investors, we have noticed there is still strong demand for residential, industrial, retail, and logistics properties.

The major office-based organisations appear to be especially reticent about the hybrid workplace strategy and are taking more time to properly understand its impact on the organisation. Next year we estimate about 140,000 square metres of new grade A & B office space will enter the HCM City market, and this is expected to ease tension related to rents and supply.

The Government is focusing on regulating middle renting and encouraging home ownership in combination with a strong push for social housing. Increasing housing stock in the mid- and lower-priced sectors should promote flow and be a crucial link in the housing stock between social and owner-occupied housing. Therefore, even in 2023 we expect the housing market to remain under tension.

Despite an uncertain economic outlook, retailers continue to seek new physical retail space on sought-after high streets. Investor portfolios are being optimised through relocation and consolidation. This leads to relatively stable retail rents, especially in larger shopping cities. The demand for logistics real estate has remained high despite the current tight market situation and restrictions on new project developments due to the shortage of lands, building materials and administrative support. We forecast the industrial sector will become the next market leader in 2023.

Cushman & Wakefield’s business in Việt Nam has grown considerably in recent years, and 2022 marked our 15th year in Việt Nam.

We have a stable and growing business in Southeast Asia and Việt Nam is an integral part of this growth trajectory. Despite some volatility in the market, our regional and local leaders are excited by the bright prospects of the Việt Nam’s property market.

Kiệt Phạm, Vice President & Country Head of Zoomcar Vietnam

Being open to global trade, Việt Nam's economy is greatly influenced by the international context. There are many forecasts of an economic recession in 2023, but in my opinion we will not quite see a recession next year, though growth will be lower than in 2022. The pandemic is basically under control, and even though the war between Russia and Ukraine will continue to cause unpredictable fluctuations in food and energy prices, we are prepared and have countermeasures in place. Businesses should not lose trust in our economy.

In Việt Nam, we have done very well in controlling the pandemic as well as inflation, thanks to the great efforts from the Government and authorities at all levels. Besides, we have a very strong domestic market with nearly 100 million people, which is a great driving force for the development of the local economy in terms of consumption, investment and tourism. Earlier, Việt Nam's economy was mostly relying on exports and FDI, but that has changed. We are a developing country with a flourishing domestic market, grown and mature local businesses, a young population, and a growing middle class. We can completely rely on our inner strength to grow the economy.

This also bodes well for the services sector. According to market research by Mordorintelligence, Việt Nam's car rental market was valued at US$463 million in 2021 and is expected to reach $884 million in 2027 with a compounded annual growth rate of about 14 per cent in the period from now to 2027. On the other hand, the car ownership rate in Việt Nam is now reaching 23 cars per 1,000 people, which is still low compared to the region, while demand for transportation is high. These are bullish factors for the self-driving car rental industry in Việt Nam.

Despite the great potential, Việt Nam’s car-sharing market also faces challenges. A big challenge is the perception of car owners who still consider their vehicle first and foremost as a great asset that they don’t want to rent. But in fact, an owned car is also a liability, as its value decreases over time. We always tell our hosts that the car is an investment that they should optimise for the best benefit. 

Besides that, the self-driving car rental service relies too much on seasonal occasions and typical use cases of leisure trips due to the legacy of traditional car rental practices such as: high deposits, lengthy and inconvenient renting process, and high pricing.

We believe that overall local consumers still do not fully understand the benefits of car-sharing platforms like Zoomcar, which are convenience, much better security/safety protection, affordability and transparency. In the initial days, the Zoomcar team had to meet and talk to car owners individually, convincing them of the benefits of the platforms for both car owners and users in Việt Nam. Thanks to the non-stop efforts and the team's hard work, we have gradually won the trust of Vietnamese users. 

Despite a difficult 2022, Zoomcar Vietnam achieved the remarkable milestone of closing in on breakeven at the transaction level after just one year of operation.

In our first year, there were zero major accidents/incidents in the tens of thousands of bookings served. We also secured strong positive feedback from guests who love the experience of using Zoomcar as well as from hosts who have been earning extra income from their idling cars.

In 2023, we will continue to stay laser-focused on improving our products and services. We plan to expand to Hà Nội and then Đà Nẵng. This will bring us a step closer to our mission of creating localised solutions that address pressing challenges linked to urban mobility in Việt Nam. Our goal is that by the end of 2023 Zoomcar will be the largest self-driving car rental e-commerce platform in Việt Nam. This is quite a challenging goal, but I strongly believe we can do it.

Dane Fort, CEO of FLG Vietnam

The forthcoming inflationary environment impacts every business like ours in Việt Nam as it puts pressure on our costs and pressure on our members' and potential members' discretionary spending. 

Still, we have seen similar pressures before, and the key to weathering the storm is the same now as it was then: sound financial management practices. We demonstrated this during the global financial crisis of 2008 and more recently during COVID-19 pandemic. Some of our competitors have failed to do so, and we see them starting to falter now - with some of the boutique gyms in the fitness sector proving unable to continue to attract and service their members in this environment, and some of the larger companies in fitness either closing their doors or drastically scaling back expansion plans.  

Conversely, we are launching a new brand which we think fits the tighter times well with California Active. It replaces our Jetts brand with an affordable entry point to Cali's services as well as an upgrade path to broader Cali membership, and this is one key way that we are adapting our business to ensure we have competitive service offerings for the market against a backdrop of reduced spending and higher inflation.  

In the end, the key to success in 2023 is going to be focusing on what we have always done best: providing an amazing member experience nationwide to people looking to improve their health and improve their lives - and doing so at a scale, which no one else in our industry can rival.

— VNS   LINK

Iraqi News Highlights Sunday Afternoon 1-22-23

Iraqi News Highlights Sunday Afternoon 1-22-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank's Procedures Are Slow..And It Must Use Its Tools To Raise The Value Of The National Currency

Jalil Al-Lami to / NINA /: Sunday 22 January 2023 | Economical Number of readings: 270  Baghdad / NINA / - The economic and political analyst, Jalil Al-Lami, considered: The Central Bank's measures regarding the dollar crisis are slow. Stressing that he must use his 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.

And 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 money to fill the shortage in the commercial markets, as well as automating banking operations./ End 3   https://ninanews.com/Website/News/Details?key=1028306

Raising The Value Of The Dinar Needs Internal Political Stability

Fadel Al-Badrani to / Nina /: Sunday, January 22, 2023 10:58 | political Number of readings: 291  Baghdad / NINA / - Political analyst Fadel Al-Badrani stressed that raising the value of the dinar requires internal political stability.

He told the National Iraqi News Agency / NINA /: The silence of the political blocs on the rise in the exchange rate of the dollar represents a failure to show treatment plans, being part of the problem, and in the eyes of the Iraqis it has become an important part of this frightening rise in the dollar, which in turn brought inflation by 7%. In the Iraqi market.

Al-Badrani added: Most of the political forces resorted to collecting money in order to survive in the swinging political scene, including resorting to smuggling foreign currency and opening private banks that contribute to undermining the stability of the financial side.

He stressed: Raising the value of the Iraqi dinar needs internal political stability that would create steadfastness in the face of external challenges and speculation, politically and financially./ End 3

https://ninanews.com/Website/News/Details?Key=1028292

Dollar exchange rates in the local markets

Economie| 10:08 - 01/22/2023   Baghdad - Mawazine News Today, Sunday, the exchange rates of the dollar witnessed stability in the local markets.   Selling price: 162,200 dinars per 100 dollars  Buying price: 162,000 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=217241

Trade Actually Begins Automating The Ration Card, Starting From Najaf

Money and business  Economy News-Baghdad  Today, Sunday, the Ministry of Commerce announced the start of actually automating the ration card, indicating that the first stations were in the holy city of Najaf.

And the ministry stated in a statement that "the ministry has actually started automating the ration card, and the first step was in the holy city of Najaf, under the field supervision of the Minister of Commerce, Atheer Al-Ghurairy."

Al-Ghurairy said during his visit to the holy city of Najaf and meeting with its governor, Majed Al-Waeli, according to a statement, that "his presence today in the province is to supervise in the field the automation of the ration card and as a first step that was launched in Najaf, followed by other Iraqi provinces," noting that "70 percent of the ration card has been automated in Al-Najaf Al-Ashraf Governorate, and it is hoped that the rest of the other cards in the governorate will be completed, and thus go to all governorates.

He added, "The automation of the ration card comes within the framework of the government program announced by the Prime Minister, Muhammad Shia'a al-Sudani," noting that it is "an important step in helping citizens register through their own phones without reviewing the ration centers, as well as knowing the materials supplied to citizens and making sure Of its types and powers, depending on an application that will be on citizens’ phones.”

He pointed out, "The automation service will be important to serve citizens in the possibility of knowing the types, quantities and types of processed materials, in addition to that it identifies repetitions and imaginary cases and stops all violations that occurred in the numbers of those included in the ration card."

He stressed, "Everything related to the completion of the project is now available at the Ministry of Commerce, and we have now started in Najaf in a proactive step, followed by other Iraqi provinces."

He pointed out, "The ministry needs the support of local governments and the support of the Electoral Commission for the purpose of its participation in the campaign, which will include all governorates of the country, and the aim is to complete the ration card and convert it into an electronic card," explaining that "this project was delayed by the Ministry of Commerce for a period of 5 years, due to The lack of infrastructure and as a result of the lack of a budget for this project, which is now being done by relying on the human resources of this ministry.    https://economy-news.net/content.php?id=32025

British Report: Iraq Is Facing A Scarcity Of Its Currency That Will Force It To Issue New Editions

Posted On2023-01-22 By Sotaliraq  Translated by: Hamed Ahmed  The British Middle East Eye website quoted Iraqi officials as saying that Iraq is facing a gap in public finances that is getting deeper day by day, due to a crackdown on corruption and dollar smuggling that the US Federal Reserve has been implementing since the theft of the century.

A report by the website, translated by (Al-Mada), stated that “the crisis, which is expected to get worse during the next few weeks, is the outcome of a sharp decline that occurred in the amount of dollars that are sold daily at the Central Bank auction.” The report added, "The Iraqi government relies on the auction to convert dollars, which it earns from oil sales revenues, into dinars."

And he pointed out, “The daily sale rate of the dollar currency in the auction held by the Central Bank for private banks and companies was last year around 200 million dollars per day.”

The report pointed out that “this figure decreased sharply during the last two months of last year and reached by the end of December only 56 million dollars.”

He noted, "The government is now facing a scarcity in the liquidity of the dinar currency, which has left it struggling to pay public sector salary dues and meet other monthly obligations." A senior official in the Central Bank of Iraq, who did not give his name, said, “The problem we are facing now in Iraq is the scarcity of the Iraqi dinar, not the dollar.”

And the report indicated that “officials in Baghdad said that neighboring countries, which depend a lot on the official hard currency exchange market in Iraq to obtain dollars, are also facing a liquidity crisis, with Iran, Turkey and Syria affected by this matter.”

He explained, "The crisis has cast a shadow over the broader side of the economy, with the rise in the dollar exchange rate in informal markets since late November, from 148 dinars to 163 dinars." This affected the rise in the prices of foodstuffs consumed by the citizen.”

The report emphasized, “Iraqi officials denied the existence of any direct relationship between the current crisis and the so-called theft of the century, but they acknowledged that the US Federal Reserve imposed two months ago more stringent auditing procedures on private banks that buy dollars through auction, just weeks after The Ministry of Finance revealed the theft on October 10.”

And he stressed, “Prime Minister Muhammad Shia al-Sudani had mentioned at the time that most of the stolen money was believed to have been smuggled out of the country.”

And he goes on, “The head of the Integrity Commission, Haider Hanoun, had indicated in November that Iraq had enlisted the help of friendly governments, international organizations and the United Nations to recover the stolen money.”

One of Al-Sudani's advisors said, without revealing his name, that "the Federal Reserve has begun auditing foreign financial transfers as of November in an attempt to track stolen funds."

The advisor added, "This caused delays in launching transfers and led to a decrease in the quantities of dollars sold at auction."

The advisor pointed out that “the Federal Reserve also resorted to scrutinizing the source of funds deposited with private banks participating in the auction, which motivated many of them to withdraw and increase the unofficial exchange rate for the dollar.”

And the report continues, “The Iraqi government needs at least eight trillion dinars per month (approximately $5.5 billion) to pay dues for public sector employees’ salaries, retirees, social welfare benefits, and other expenses.”

And he added, “This amount is largely secured through the currency auction,” noting that “most of this money comes from the proceeds from the sale of oil, which has been paid since 2003 in dollars and kept in an account deposited with the Federal Reserve Bank in New York.”

And the report went, that “the US Treasury, for its part, transfers 10 billion dollars annually to the Central Bank of Iraq from its oil sales, in order to enhance its hard currency budget.”

Officials say that "this amount is transferred to Iraq in cash in four installments," adding that "all dollars are new and their sequence numbers are registered with the US Federal Bank for easy tracking of the place of their disbursement."

The officials explained, “The Central Bank of Iraq then sells these dollars through an auction selling hard currency and other channels in order to obtain an Iraqi dinar and deposit it with the Ministry of Finance.”

The report talked about, “The decrease in dollar sales caused a scarcity in the liquidity of the dinar at the Central Bank of Iraq.”

He pointed out, "The auction, even at the peak of its sales, often does not raise the sufficient rate that meets the government's daily needs, amounting to $275 million."

The report stressed that “this shortage is often covered by currency shares deposited with the central bank, through internal loans between the bank and the government, by printing more currency, or through other financial activities.”

And he stressed, “The data of the dollar currency auction over the past four years shows that the amount of dollars sold has remained stable at its rate, which is approximately 200 million dollars per day.”

He explained, "The auction remained at this rate even during the years 2019 and 2020, which witnessed a drop in oil prices, an outbreak of the Corona epidemic, and an economic recession."

And the report indicated that “the amount of dollars sold in the daily auction fell to the lowest rate, during the first three months of 2021.”

And it is reported that “the rate reached, in some days, only 3 million dollars sold,” adding that “the daily auction sale rate jumped in the second week of April to nearly 190 million dollars until the end of the year.” The report spoke of “the currency auctions not falling below an average of $200 million per day in the year 2022, during the first ten months of the year.”

Iraqi officials expected "the situation to further deteriorate over the next few weeks, after the Central Bank launched a new electronic platform for the currency auction at the beginning of this month." And the report went, “This platform connects all banks with the central bank, which requires them to disclose information about their customers who request bank transfers, their benefits and bank accounts, as well as other details.”

And one of Al-Sudani’s advisors said, “The new platform has complicated matters more, because the actual owners of money do not want to reveal their identities or the source of their money, and for this we do not expect that currency sales will improve anytime soon.”

The advisor added, "The pressures are increasing and the situation will get worse if the government does not take decisive measures to contain the crisis. The problem is that the available options are very limited and it takes time."

For his part, a senior official at the Central Bank said, "The amount now deposited in the bank is approximately 83 trillion dinars (56 billion dollars) and there is a need to take quick solutions." The official finds, "This does not bode well, and we cannot relax," stressing that "the currency auction outlet for the dollar is our main means of meeting the state's needs of the Iraqi dinar."

The official noted, "The currency auctions are low, and if they remain so low, the central bank must issue a new edition of the local currency."

And the report went on, that "officials said that the issuance of a new edition of the currency will lead to a devaluation of the dinar and increase the inflation rate more and increase the burdens more on the government and on the citizen."   LINK

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