Saturday Moirning Iraq Economic News Highlights 1-28-23

Saturday Moirning Iraq Economic News Highlights 1-28-23

He Collected 80 Signatures To Hold An Emergency Session Of Parliament Regarding The Rise In The Price Of The Dollar

Today, Saturday, a parliamentary source said that a number of parliamentarians had collected signatures to hold an emergency session regarding the rise in dollar exchange rates.

The source said, "A number of parliamentarians collected more than 80 signatures for the purpose of holding an emergency session to find out the repercussions of the high exchange rate."

https://takadum-news.com/archives/145576

300 Thousand Counterfeit Dollars Were About To Spread In The Iraqi Market

Money and business   Economy News-Baghdad  On Saturday, the Iraqi National Security Service announced the arrest of a person in possession of 300,000 counterfeit US dollars in Nineveh Governorate.

The agency said in a statement today that its detachments in western Nineveh, after obtaining judicial approvals, were able to arrest an accused person who was practicing counterfeiting of money and red-handed while selling counterfeit dollars, as he was caught in possession of (300) thousand dollars that he was trying to sell to citizens and local markets.

According to the statement, the accused's statements were duly recorded and referred, along with the seized items, to the competent judicial authorities to take the necessary measures against him in accordance with the law.    https://economy-news.net/content.php?id=32136

Iraqi Parliamentarians: There Are No Solutions To The Dollar Crisis Except With The Commitment Of The American Platform, And The Matter Requires External Efforts

2023-01-28 03:06   Shafaq News/ A member of the Parliamentary Finance Committee, Jamal Ahmed Koujar, considered, on Saturday, that any government measures to address the crisis of the rise in the exchange rate of the dollar against the dinar are "useless" without adhering to the American platform imposed by the United States on Iraq.

Cougar told Shafaq News agency that all governmental solutions and measures to end the crisis of the rise and fluctuation of dollar prices will not work without negotiating with the United States and adhering to the platform it imposed on the movement of the dollar to and from outside Iraq by any other party.

He added that "the government can resolve the crisis with the American side by postponing the work on the platform," and at the same time, adhering to it is difficult.

Cougar stressed that the spiral of the crisis continues, regardless of the government measures or announced treatments.

On the fact that some neighboring countries and regional countries agreed to strike the dollar and adopt their local currencies in dealings with other countries, the member of the Parliamentary Finance Committee said, "No country or party can strike the dollar."

Last Monday, the head of the Iranian-Iraqi Joint Chamber of Commerce, Yahya Al-Ishaq, said that if a banking agreement was concluded between Iran and Iraq for financial exchange using riyals and dinars instead of dollars, US banking procedures in Iraq would become ineffective.

For his part, Representative Khaled Hassan al-Darraji said that the crisis of the dollar's rise is greater than internal solutions, and several countries participate in it.

Al-Daraji said in his interview with Shafaq News agency, that smuggling and selling dollars is the real reason behind the crisis, adding that it is not possible to engage in this thorny file that requires external efforts and international coordination to get out of the current crisis.

And the Iraqi currency lost about 10 percent of its value, after procedures related to imposing compliance rules on the Iraqi Central Bank's dealings with currency dealers in relation 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 say 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.

The government measures taken by Prime Minister Muhammad Shia al-Sudani did not succeed in stopping the huge rise in the exchange rate of the dollar, as Iraqi stock exchanges still recorded more than 161 thousand dinars compared to $100.   LINK

Al-Tamimi Calls For Sending The 2023 Budget To The House Of Representatives

Policy  2023-01-28 | 05:55  Source:  Alsumaria News  1,173 views  Alsumaria News - The policy of  Representative Hammam Al-Tamimi counted, today, Saturday, not sending the 2023 budget to the House of Representatives as a "negative indication" of the Iraqi government's direction.

Al-Tamimi said, in an interview with Al-Sumaria News, that "failing to send the 2023 budget to the House of Representatives is a negative indicator towards the Iraqi government," calling on "the government to expedite sending the budget to the dome of Parliament."

He added, "We demand that the budget be sent to the House of Representatives in order to solve the problems in the country."

And last Thursday, a member of the House of Representatives, Taher Al-Battat, said in an interview with Al-Sumaria News, "Prime Minister Muhammad Shia'a Al-Sudani pledged during the last meeting of the State Administration Alliance to send the budget to Parliament and complete it completely during the month of February."

And he indicated that "approving the budget will not take long, especially with Parliament's full readiness to receive it."

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

An Economist Proposes Putting In Place An Appendix In The 2023 Budget That Will Solve The Problem Of Rising Prices

An economist suggested putting an appendix in the 2023 budget bill to solve the problem of rising prices in the local markets.

Duraid Al-Enezi said in a press interview seen by Taqaddam, “We expect the House of Representatives to approve the draft budget law at the end of next month or the beginning of March, because until now no date has been set for sending it to Parliament, and it will need more time for discussions with the government.”

He added, "It is possible to address the rise in prices by adding the budget appendix, especially since there are expectations of an increase in oil prices to $100 per barrel, and there will be a possibility to keep that money within the budget for next year 2024."

Al-Enezi stressed that "determining the price of a barrel of oil will not affect, with the possibility of canceling the planned deficit, because this year is considered exceptional."

Prime Minister Muhammad Shia al-Sudani announced, during his launch of the additional food basket for the segments covered by social care, that “the rise in prices is temporary,” stressing, “We will not tolerate those who try to harm the citizen’s livelihood.”

Al-Sudani added: “We have taken decisions against anyone who tries to speculate and influence the market.”    https://takadum-news.com/archives/145475

Economist: “Whatsapp” Groups Control The Dollar.. This Is What Must Be Done To Reduce Prices

The specialist in economic affairs, Muhammad Attia Al-Saadi, confirmed that the return of the dollar exchange rate to its normal state depends on strict procedures that must be followed against speculators in the local stock exchanges.

Al-Saadi said in a press interview, which was seen by “Takadam”, that “speculation in the Al-Kifah and Al-Harithiya stock exchanges is managed through groups on WhatsApp, as well as other social media.”

He added, "Most of the owners of money exchanges run their businesses and control the exchange rates through those groups that determine the price and monopoly."

And he indicated that “the largest percentage of the dollar is bought from exchange offices and is not circulated in the market, because most of these dollars go to parties and banks accused of and involved in smuggling.”

He pointed out that "the US Federal Bank is a partner in that crisis and has the upper hand after imposing many obstacles and complex controls on financial transfers. https://takadum-news.com/archives/145445

In The Face Of The Dollar.. Will The Proposals Of The Sudanese Advisor Succeed In Controlling Exchange Rates?

Adviser to the Iraqi Prime Minister, Mazhar Muhammad Salih - Agencies

Iraq Appearance of Muhammad Saleh  Mohamed Shiaa Al-Sudani  central bank  Economy dollar

Erbil (Kurdistan 24) - Adviser to the Iraqi prime minister, Mazhar Muhammad Salih, proposed several measures to counter the continued rise in the exchange rate of the dollar against the local currency.

Saleh said, "As long as the decline in the exchange rate is linked to the ability to open up foreign trade and provide a highly flexible commodity supply when needed , which links the speed of financing with the credibility and transparency of commercial documents for importers from the private sector, which is still faltering at about 25-30% of the total actual demand for External transfer of trade finance.

It may interest you: It may interest you: An Iraqi deputy files a lawsuit against the governors of the Central Bank

He added, "We propose that the government's foreign trade (as a wholesaler) expand now to supply the market with the most important commodities that have a wide impact on people's lives and that flow according to the fixed official exchange rate of 1460 dinars to the dollar," according to a statement he made to the Iraqi News Agency.

Al-Sudani’s advisor suggested that foreign trade should expand, to give the commercial market the ability to reorganize itself, its contracts and foreign purchases, and to contain fluctuations in the exchange rate on a small scale.

You can read: “It is not political.” The US ambassador reveals the reasons for the “volatility of the dollar.”

And he continued, "We find in the state's intervention in the field of import trade a comprehensive national solution to provide price stability and provide an atmosphere of anti-competition (cartels) monopolizing trade which sends negative signals towards the stability of the Iraqi dinar exchange rate."

He pointed out that the government's commercial economy is "the decisive solution and a lever for stability in two directions: the first is to provide a stable commodity supply and reassuring stocks of important commodities, which helps to stabilize the consumer price index and the standard of living."

It may interest youThe Iraqi Ministry of Interior warns manipulators of dollar prices and foodstuffs

The second trend, according to Saleh, is that "the abundance of commodities supplied through government trade at the official exchange rate serves as a compensatory supply of foreign currency, and the demand for it equals what helps reduce the exchange rate gap , and reduces the impact of those differences in exchange rates on inflationary expectations in the economy."

In the conclusion of his speech, he considered that "the state's temporary intervention in the economy is the best solution until the commercial market adapts to the governance of its import operations from world markets and the discipline and transparency of its requests in front of external compliance institutions."   LINK

Parliamentarian: The Dollar Crisis Is Political And The Government Is Working To Dismantle It

https://www-dijlah-tv.translate.goog/index.php?page=article&id=323543&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

"Tidbits From TNT" Saturday Morning 1-28-2023

TNT:

CandyKisses:  In the presence of 199 deputies. Parliament holds its session under the chairmanship of Al-Halbousi

Baghdad - Nas   

Today, Saturday, the House of Representatives held its session under the chairmanship of Speaker Mohammed Al-Halbousi.      

The media department of the House of Representatives stated in a statement received by "NAS" a copy of it, (January 28, 2023), that "Al-Halbousi, opened the work of session No. (3) of the fifth electoral cycle of the second legislative year of the first legislative term."  

"The number of attendees at the meeting was 199," she said.  

She added that "the Council has completed the first reading of the draft law on the accession of the Republic of Iraq to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage of 1992."   

"The Council has completed the first reading of the draft law ratifying the Convention on the Avoidance of Double Taxation with regard to Taxes on Income and the Prevention of Tax Evasion between the Governments of Iraq and the Netherlands," she said.  

Earlier, the media department of the House of Representatives published details of the agenda for today's session.  

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Tishwash:  Prime Minister: Our financial situation is the best since 2003

Prime Minister Muhammad Shia al-Sudani affirmed Iraq's need for a new type of relationship with the international coalition, while noting that the financial situation is the best since 2003.

“Our visit to France represents a quantum leap in the relationship between the two countries and took a strategic turn through the signing of the strategic partnership agreement, which includes up to 50 articles covering all security, economic, social and cultural sectors,” Al-Sudani said during his television interview with the France 24 channel group, according to a statement by the Prime Minister’s Office. and educational.”

He added, "Iraq does not need foreign combat forces, but rather cooperation with the international coalition led by the United States or with countries outside the international coalition in the field of combating terrorism and ensuring stability and security," stressing that "the presence of the international coalition in Iraq at the request of the former Iraqi government, It is subject to a professional dialogue in accordance with a political agreement determined by the official security authorities regarding the issue of staying advisors, determining their numbers and locations, and cooperating in the field of training and exchanging information.”

He continued, "We need a new pattern of relationship with the international coalition, based on cooperation, exchange of information and joint action, while ensuring Iraq's sovereignty over its lands, waters and skies, and the National Security Council is conducting a review to define the framework of the relationship according to the principles we mentioned," noting that "since today The first is for our undertaking our work tasks, we were keen to play the role of rapprochement between the Islamic Republic of Iran and the Kingdom of Saudi Arabia and the rest of the Arab brothers in order to perpetuate rapprochement and understanding, leading to security and reducing tensions in the region.

And between, “We have obtained assurances from these countries, and we are continuing our efforts. There is a keenness of the two countries to resume these meetings under the auspices of Iraq, and soon we will contribute to achieving a meeting in Baghdad.”

He explained, "Dialogue is the best way to communicate with Turkey and Iran, and we have recently taken decisions at the level of the National Security Council, with the presence of federal forces to prevent the infiltration of armed groups that use Iraqi territory to attack Turkey and Iran."

He pointed out that “the budget law will contribute to resolving the bulk of the issue of financial transfers in accordance with the constitution, and then we move to the most important step represented in the legislation of the oil and gas law, which regulates the relationship between the federal government, the regional government and the oil-producing governorates,” stressing that “there is a rise in prices.” As a result of fluctuations in the exchange rate of the dollar, but overall our financial situation is the best since 2003, we have continuous revenues from oil, and stocks of foodstuffs.”

And he continued, “We have important procedures and decisions that contribute to achieving structural economic reform in the financial and banking system, which has witnessed distorted trade over the past years through the currency sale window,” noting that “there are question marks that these standards are intended to be applied at this time or at this stage.” The time period of a 3-month-old government, while it was absent for years in previous governments, the sale of the dollar per day exceeded 300 million dollars, in illegal trade, money coming out with the titles of smuggling and money laundering.

He went on to say: “A delegation headed by the Minister of Foreign Affairs and a group of specialists will visit Washington, bringing with it several files. One of these files will be dealt with with the US Federal Bank and the Treasury Department, to find out the repercussions of applying the standards set by the US Treasury in a manner that guarantees the desired goal of all parties.” He explained that “a memorandum of understanding was signed in the field of combating corruption. France is cooperating in the field of recovering Iraq’s money before and after 2003, and efforts will be made by both parties to recover the money and wanted persons.”  link

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CandyKisses:  Saudi newspaper: Sudanese signed the broadest and most comprehensive agreement after 2003 with France

Information/ Baghdad.

The Saudi newspaper "Asharq Al-Awsat" described Prime Minister Mohammed Shia's steps towards concluding agreements with France as positive and important to improve the economy and services, indicating that the Sudanese will deepen Iraq's role in the region clearly.
A report published by the newspaper quoted a government source as saying that "Sudani's visit to France at this time aims to expand the frameworks of cooperation in several files, and to transform the positive relationship between the two countries into a productive relationship that is clearly reflected on the economic and service conditions in Iraq."

The government source, who asked not to be named or captured, added that "the Sudanese adopts the principle of productive diplomacy in the file of foreign relations, instead of formal or sham relations," stressing that "the policy of openness pursued by the Sudanese government has deepened Iraq's regional and international role, contrary to what was imagined that this government may be isolated externally."

On the agreements signed between Iraq and France, the source pointed out that they "reflect the French president's personal interest in developing and developing relations between the two countries."
He pointed out that the agreements are "the first of their kind after 2003, and the most comprehensive in more than half a century of the history of Iraqi-French relations, which were characterized by consolidation and stability despite the different regimes and covenants."

Mot: ...... an Older, Tired-looking Dog ~~~~~~

CandyKisses:  A GOOD LAUGH AND A LONG SLEEP

Iraqi News Highlights Friday Afternoon 1-27-23

Iraqi News Highlights Friday Afternoon 1-27-23

Tlm724 Administrator Bondlady’s Corner

From Behind The Scenes Of The Stock Exchanges...A Specialist Reveals 3 Types Of Dollar Dealers There

Posted On2023-01-27 By Sotaliraq  Financial experts revealed, on Thursday, the scenes of dollar sales in the stock exchanges and local markets in the capital, Baghdad, amid the continued fluctuation of the hard currency price against the Iraqi dinar, and the unclear scene related to it.

And a press report quoted the financial expert at the Al-Kifah Stock Exchange, Muhammad Azzawi, as saying that “the increasing demand for the dollar does not help in raising the value of the dinar,” noting that “a part of the companies closed their doors and preferred not to trade in order to avoid losing due to the large fluctuations, and that another part of the companies sells For merchants and investors with a limited ceiling that does not exceed $50,000 per person, and others deal outside offices and companies in a vivid expression of the uncontrolled black market,” as he put it.

In the same context, the head of the Iraqi Securities Commission, Hassan Al-Agaili, considered that the continuation of the rise in the exchange rate of the dollar in the country will not last long, indicating that the government has begun procedures to reduce its price.

Al-Aqili explained that “the rise in the exchange rate of the dollar contributed to a negative impact on the prices of materials, which are mostly imported materials and are purchased in foreign currency,” noting that “controlling this escalation and the possibility of returning the dollar to its normal price are dependent on the measures taken by the authorities responsible for cash management.” The foreigner in Iraq, specifically in the Central Bank.

Al-Aqili pointed out that “there are statements by a group of officials that the Central Bank has initiated procedures to address the situation and to control that rise,” noting that “the issue will not take long before things return to normal.”

Chairman of the Securities Commission, Hassan Al-Aqili, indicated that “the central bank has begun to control governance procedures for private banks, and as the Prime Minister confirmed, the price will be controlled and returned to what it was, in addition to the fact that the decrease in currency auction sales will lead to an increase in the reserves of the central bank.” of the dollar.” Al-Aqili expressed his hope to “restore the status of the dollar to what it was in the past.”   LINK

Oil Rose By 1% And Exceeded The $88 Mark

Friday, January 27, 2023 4:48 PM   Follow-up / National News Center   Oil prices consolidated their gains this week, exceeding the $88 barrier, this Friday evening, up by more than 1% in 24 hours.

And at exactly 16:30 Baghdad time, Brent crude futures contracts reached 88.62 dollars, after closing yesterday at 87.47 dollars a barrel.   US crude futures rose, recording $82.14 a barrel, while they had closed yesterday at $81.01.    https://nnciraq.com/182614/

Suspension Of The Iraqi Embassy In Ukraine Because Of The Russian War

Friday, January 27, 2023 6:14 PM  Baghdad / The National News Center   The Iraqi embassy in Ukraine suspended today, Friday, the provision of consular services at the embassy, ​​starting next Monday until further notice, due to the circumstances of the Russian war.

The embassy stated, in a statement received by the National News Center, that “the exceptional circumstances that Ukraine is going through, the developments of the recent war, and the intensification of the bombing of the Ukrainian capital prompted us to suspend the provision of consular services at the embassy, ​​starting from Monday, 1/30/2023, until further notice.” https://nnciraq.com/182650/

Iraq and UNESCO Are Discussing Ways To Consolidate Joint Cooperation Between Them

Iraq   Prime Minister Mohammed Shia Al-Sudani met, at his residence in the capital, Paris, this morning, Friday, with the Director-General of the United Nations Educational, Scientific and Cultural Organization (UNESCO), Audrey Azoulay, in the presence of the Minister of Foreign Affairs, the Minister of Culture and the Iraqi ambassador in Paris.

The meeting discussed, according to a statement by the Prime Minister's Media Office, ways to consolidate joint cooperation between Iraq and UNESCO, and build partnerships to promote sustainable development in the sectors of culture, education and various fields of science.

The Prime Minister appreciated UNESCO's initiative to revive the spirit of Mosul and the reconstruction of Al-Nouri Mosque, looking forward to cooperate with the organization to include more Iraqi sites on the World Heritage List, and to contribute to vocational training for workers and the development of the education sector.

Al-Sudani expressed the government's desire to cooperate with the UN organization by establishing training and development programs for middle cadres, to implement small and medium projects, in a way that helps provide job opportunities for young people within the framework of the sustainable development plan, stressing the aspiration for Iraq to have an important presence in the Executive Council of UNESCO.

For her part, Oslay referred to the distinguished relationship with Iraq. Because of the historical depth it represents, and stressed that the revival of the city of Mosul is the largest operation led by UNESCO in the world in terms of size and importance.

The Director of UNESCO affirmed that the organization is proceeding with a technical and vocational training project in Iraq, and welcomed Iraq's nomination to the UNESCO Executive Board.

https://www.radionawa.com/all-detail.aspx?jimare=33189

Al-Sudani: Our Visit To France Confirms The Depth Of The Bilateral Relationship, Which Has Evolved Into A Strategic Partnership

Friday 27 January 2023 19:34 | political Number of readings: 22

Baghdad / NINA / - Prime Minister Muhammad Shayaa Al-Sudani affirmed that his visit to France confirms the depth of the bilateral relationship, which has risen to a strategic partnership between the two countries

. Al-Sudani said during his visit to the group of French business leaders, which includes businessmen and owners of major French companies, today, according to a statement by his office. "The strategic partnership agreement represents a framework for cooperation in all fields."

He pointed out that the entry of French companies to Iraq for investment would be a right decision.

He continued: Our visit to France and the countries of the world is not protocol, but rather deliberate visits aimed at achieving serious economic partnerships.

In the field of energy, Al-Sudani stressed that the government prioritizes the investment of associated gas and renewable energy, as well as other investment opportunities in the petrochemical sector, transportation, and iron and steel sectors.

He said that the Iraqi government has been working since day one to improve the business environment in Iraq, to ​​carry out structural reform in the economy and the financial sector, in addition to its seriousness in combating corruption.

He stressed that securing the work of foreign companies in Iraq is a principled and firm commitment of the government./ End 7    https://ninanews.com/Website/News/Details?key=1029435

Al-Sudani: The Entry Of French Companies Into Iraq For Investment Will Be A Right Decision

Money and business   Economy News – Baghdad   On the sidelines of his official visit to the French capital, Paris, Prime Minister Mohamed Shiaa Al-Sudani visited a group of French business leaders, which includes businessmen and owners of major French companies.

Al-Sudani said during the meeting, according to a statement from his office, that "our visit to France confirms the depth of the bilateral relationship, which has risen to a strategic partnership between the two countries," noting that "the strategic partnership agreement represents a framework for cooperation in all fields."

He added, "The entry of French companies into Iraq for investment will be a right decision," stressing that "our visit to France and the countries of the world is not protocol, but rather deliberate visits aimed at achieving serious economic partnerships."

He continued, "In the field of energy, the government prioritizes investment in associated gas and renewable energy, as well as other investment opportunities in the petrochemical sector, transportation, and iron and steel sectors."

He went on to say, "The Iraqi government has been working since day one to improve the business environment in Iraq, and to carry out structural reform in the economy and the financial sector, in addition to its seriousness in combating corruption," pointing out that "securing the work of foreign companies in Iraq is a principled and firm commitment of the government".

https://economy-news.net/content.php?id=32125

The Stability Of The Dollar Exchange Rate In Iraq

Economie| 09:44 - 01/27/2023   Baghdad - Mawazine News  Today, Friday, the exchange rates of the dollar witnessed stability in the local markets.   And the selling prices of the dollar were recorded at 161,000 dinars per 100 dollars, while the buying prices of the dollar were recorded at 160,500 dinars per 100 dollars.     https://www.mawazin.net/Details.aspx?jimare=217661

Transport Reviews The Details Of A "Giant Project" Linking Iraq With Europe

Reconstruction and building   Economy News – Baghdad   The Ministry of Transport set the date for the completion of the first phase of the dry canal designs and the possible date for the commencement of implementation, and while detailing the desired economic gains from it, it confirmed that it will extend by two roads and by rail, with a length of 1,200 km.

The Director of the General Company for Railways at the Ministry of Transport, Younis Khaled Al-Kaabi, said, "The Dry Canal project is vital and of importance to Prime Minister Muhammad Shia'a Al-Sudani, as it falls within the strategic projects that the government intends to implement. Ports and railways to discuss the completion of this project.

He added, "The dry canal is a giant project, the largest and most important, as it is the main outlet for the port of Faw, and through it the port will be linked to the borders from the south to the north of Iraq, all the way to the borders with Turkey, and from there to the European transport network to reach European markets and allow the transportation of loads at high capacities."

He pointed out that "this project will extend with a railway line of 1,200 km, passing through most of the Iraqi governorates through new and fast lines in which electric trains operate, accompanied by a highway for transporting goods and passengers that runs almost parallel to the railway line from the port of Faw to the Iraqi-Turkish border in new tracks." .

And he stressed that "this project entered within the government program, and the timings for the railway network were completed in agreement with the Italian consulting company by 100%, and after the approval of the economic feasibility study, the company will start the design stage, and perhaps during the current year the first tender for the extension of a line will be announced." Modern electric railways in Iraq.

Al-Kaabi said, in an interview with the official news agency, that "it is likely that the stage of designs will be completed next September, after which the project will be referred to implementation," noting that "this issue has nothing to do with the budget, and it may be put forward for investment or through financing funds."

And he indicated that "the ministry is waiting for the prime minister and parliament to determine the financing method, and the project is followed up personally by the prime minister and minister of transport on a daily basis, and the Italian company is present and has a headquarters for daily follow-up, as well as periodic meetings with fixed and specific dates."

The Prime Minister, Muhammad Shia'a al-Sudani, had directed to expedite the implementation of the dry canal project and to shorten the stages.   https://economy-news.net/content.php?id=32124

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

https://www.bondladyscorner.com/

Some "Vietnam News" Posted by Henig at KTFA 1-27-2023

Vietnam

Henig:  Positive prospects for Việt Nam stock market this year

January, 27/2023 - 09:03

In some months in 2022, half a million trading accounts were opened. Foreign investors’ net purchases reached a record high. The liquidity of some shares at times reached hundreds of millions of units each trading session.

HÀ NỘI — The market's uptrend will continue to be consolidated in the first trading session of the Year of Cat.

Indices recorded a new high and closed above the resistance area of 1,100 points of VN-Index, equivalent to 1,120 points of the VN30-Index. Although cash flow has not improved much, supply pressure has not put great pressure on the market.

The market is expected to continue to be supported and gain points in the next trading sessions. Therefore, investors can still expect the market's ability to expand the uptrend and exploit some short-term opportunities in stocks with positive accumulation background, said Việt Dragon Securities Co.

The market continued to record new highs and surpassed the resistance zone of 1,100 points of the VN-Index in the last trading week.

2022 was an eventful year for the Vietnamese stock market with many records set.

After a prosperous 2021, the VN-Index continued to stay at its historic peak for the first three months of 2022. However, the market then declined, putting itself on the list of markets with the sharpest decreases in the world. As of December 27, the VN-Index had dropped to 1,004.57 points, or 34.2 per cent lower than the 1,520-point gained in April.

In some months in 2022, half a million trading accounts were opened. Foreign investors’ net purchases reached a record high. The liquidity of some shares at times reached hundreds of millions of units each trading session.

In November and December, the market witnessed the strongest recovery sessions in the world.

In 2023, economic growth will be somewhat slower than the previous year. Some pressure from tight monetary policy in the world will make money flow into the stock market more difficult, said Lã Giang Trung, CEO of Passion Investment Co.

He added: “Two major factors affecting the stock market in 2023 are cash flow and the process of restructuring and shifting resources of the economy. If interest rates continue to rise sharply, the stock market will face difficulties, whereas when interest rates cool down, it can help the market grow.

“I am quite optimistic about the picture of the stock market in 2023. The first three to six months of the year will be a period of continued difficulties. But when the difficulties are over, the monetary policy will start to be loosen, which will open a new cycle for the stock market. Then the market will easily conquer new height in the following years.”

There are two scenarios for the stock market in 2023. Firstly, the bottom of the VN-Index this year will not be lower than the level of 873 points set in 2022, and the market will go up gradually.

Secondly, the VN-Index will look for a new bottom before recovering at the end of the year. The market may fall to the old bottom of about 780-800 points, this possibility becomes real if the US economy falls into a sharp recession in 2023.

With the forecast that monetary policy will be eased soon in the second quarter of 2023, the market can increase by 50 per cent from the bottom, equivalent to 1,200 points at the end of this year. In 2023, there may be quite big fluctuations, but the general trend towards the end of the year is still positive, Trung said.

— VNS   LINK

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Henig:  Government lays down Resolution No.01

January, 27/2023 - 08:07

The resolution highlights the need to attract high-quality foreign direct investment (FDI) flows, especially those into the semiconductor industry, and encourage projects implemented under Public-Private Partnerships.

HÀ NỘI — The Government has recently brought Resolution No.01 into force, which centres around economic, fiscal, and legal plans to move Việt Nam up in the global competitive rankings this year.

One of the resolution's key objectives involves macro-economic stability, fast economic growth and low inflation.

To achieve the objective, policymakers are required to keep a close watch on price fluctuations, domestically and globally, to quickly respond to inflationary shocks.

They are also required to step up tax reforms to improve collection and put an end to fraud. The continuation of tax cuts is among the fiscal possibilities that would be employed to support the economy this year.

As the objective hinges on the stability of the monetary, corporate bond, securities, and realty markets, the resolution also requires stricter supervision of financial institutions in those markets to ensure their robust operation.

"Push ahead with the scheme to reorganise credit institutions and settle bad debts between 2021 and 2025 to guarantee their stable operation," said the resolution.

It also highlights the need to attract high-quality foreign direct investment (FDI) flows, especially those into the semiconductor industry, and encourage projects implemented under Public-Private Partnerships.

Trade promotion is another must-do to achieve the objective. The resolution underlines trade matching, e-commerce, e-transaction, and free trade agreements as the catalysts for better commercial performance.

"The prices of goods and services under the State management, including electricity and fuels, need to be managed in a more open and transparent manner to keep the price levels in check," the resolution stated.

Curbing the COVID-19 pandemic is another objective on the agenda, which calls for new preventive measures and the development of domestically-produced medications for COVID-19 treatment. 

The resolution also highlights the importance of international cooperation and foreign aid in the fight against the virus.

The next objective involves institutional improvement, law enforcement, and crackdowns on corruption. 

To this end, the law-making process needs to be accelerated, in pace with what has been laid out in the National Assembly's guidelines on law-making for 2023, to ensure the timely enactment of important legal documents, especially those regulating the business environment.  

"The step of inviting stakeholders to comment on the latest drafted version of the Law on Land should be done in a manner that ensures every single voice is heard," said the resolution.

Fighting against corruption, according to the resolution, demands a hands-off approach to administration, higher accountability of public leaders, and keeping power in check.

Those notions will be elaborated in the National Strategy to Combat Corruption until 2030 and the Scheme to Observe UN Convention against Corruption. A National Database on Personal Income is also under development to add to the corruption-preventive effort.

Achieving the objective requires the acceleration of administrative reform and digital transformation, the improvement of national competitiveness, and the development of e-government.

Additionally, the number of civil servants is planned to decrease by 5 per cent in 2026, and that of public employees by 10 per cent to streamline public agencies.

The resolution stresses the need for digital systems that facilitate public administration, including a national portal that provides public services to firms and individuals.

"As data creates value, 2023 will be designated as the Year of National Digital Data," said the resolution.

The fourth objective is to streamline the economy by improving national productivity, resilience, adaptability, and competitiveness.

Achieving the objective requires tougher measures to step up the delivery of public money, especially the money to critical projects that would act as the engine of growth in 2023 and also requires the Government to double down on its effort to restructure State-owned enterprises, handling those that run unprofitably and canceling inefficient investments. 

Achieving the objective also calls for the restructuring of the digital sector and the deeper involvement of local firms in global supply chains. The contribution of the digital economy to gross domestic product (GDP) is aimed to reach around 15.5 per cent by 2023.

The next objective revolves around infrastructure upgrades, environmental protection, and the efficient use of natural resources.

The construction of critical projects, which is instrumental in achieving the objective, will be expedited to complete on schedule. Of the projects, Mỹ Thuận - Cần Thơ Highway, Mai Sơn - National Road 45 Segment, and Vĩnh Hảo - Phan Thiết Segment are among the projects expected to launch this year.

Another item on the to-do list is to remove the obstacles in the way of key power facilities, including Thái Bình 2 Thermal Power Plant and Vân Phong 2 Power Plant, to get them operational in 2023.

Environmental protection, one pillar of the objective, exposes the need for higher bars on waste disposal and garbage classification, which can be achieved by imposing heavy penalties for environmental infringement and the construction of interprovincial waste treatment facilities. —

VNS   LINK

Henig:  Hải Phòng aims to become an international logistics centre

January, 26/2023 - 10:35

This northern city is developing a service sector development project for 2030, with a long-term vision to 2045, including logistics services.

HÀ NỘI — Hải Phòng aims to become a regional and international logistics centre due to its many advantages as a transportation hub for all five types of traffic, including sea, road, air, railway, and inland waterways.

This objective is highlighted in the northern city's service sector development project for 2030, with a long-term vision to 2045, including logistics services.

The city is also studying to develop a project to establish a free trade zone, considered a breakthrough solution to exploit the best advantages in the logistics sector of Hải Phòng.

The Politburo's Resolution 45 on building and development of Hải Phòng City by 2030, with a vision to 2045 also states that Hải Phòng must be built into a national logistics service centre by 2025. 

"By 2030, it will become a modern international logistics service centre with sea, air, highway and high-speed rail".

According to former Secretary of the Hải Phòng City Party Committee Trần Lưu Quang who has been appointed to the Government's Deputy Prime Minister, to develop logistics services, Hải Phòng will promote administrative reform and digital transformation in the field of seaports and logistics. 

It will strengthen investment attraction and trade promotion, and form logistics service chains with high added value and regional linkages.

According to the Ministry of Industry and Trade, Hải Phòng has great advantages in infrastructure of seaports, fishing ports, warehouses for industrial production, and import and export activities of goods. 

At the same time, some of 14 industrial parks (IPs) are built on the basis of logistics services to increase connectivity among enterprises at the supply chains.

In the past, Hải Phòng has focused on investing and upgrading seaport infrastructure in line with the development trend of regional and international shipping. Its transport system is improved and more synchronous.

Many projects on developing logistics centres in industrial zones and economic zones (EZs) have also received licences of investment, such as a logistics centre invested by KM Cargo Services Hải Phòng Co, Ltd with a capital of VNĐ34.8 billion; a logistics project with total investment capital of US$35 million developed by ECPVN Hải Phòng 1; JD Property Logistics Park Hải Phòng 1 project in the non-tariff zone and Nam Đình Vũ Industrial Park with a total investment of $32 million. Those have created new opportunities for the logistics service industry in Hải Phòng.

Quang said that in 2022, traditional and advantageous service sectors such as seaport and logistics services have made strong developments. They have actively contributed to the socio-economic development of Hải Phòng and the northern key economic region. 

Hải Phòng's growth rate of logistics services is about 20-23 per cent per year and this sector has accounted for 13-15 per cent of the city's GRDP.

The volume of goods through the ports in the city has grown strongly, accounting for a large market share in the seaport system of the country. 

Pointing to the service's shortcomings, Đan Đức Hiệp, former deputy chairman of Hải Phòng City People's Committee, said that Hải Phòng has about 1,000 enterprises registering to provide logistics services, but they have limited competitiveness and a low market share.

The majority of cargo volume via Hải Phòng seaport continues to be transported by road, putting great pressure on the transport system.

Meanwhile, transporting goods by rail and inland waterway is still weak. 

There is also the problem of labour shortage, especially high-quality labour. Logistics and production enterprises of Hải Phòng are always in a serious shortage, especially logistics sales staff, logistics information technology staff, and staff coordinating transportation and warehouse operations.

At the same time, most employees of enterprises lack logistics knowledge and skills. This will be a big challenge for the development of the service in the future.

According to forecasts, Hải Phòng needs about 369,000 logistics workers by 2025, including 252,600 trained workers. By 2030, this number will increase to 460,000 employees, including 368,000 trained workers.

Human resources for the logistics sector in Việt Nam in general and Hải Phòng in particular will still lack in both quality and quantity for many years in the future. The human resource at present meets only about 40-45 per cent of the industry's needs.

Therefore, Hải Phòng needs to have a strategy on sustainable development of human resources for the logistics sector, Hiệp said.

— VNS   LINK

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Henig:  Chau Ma brocade lives on

06:00 | 27/01/2023

 (VEN) - The indigenous textile products of the Chau Ma ethnic group reflect experiences, religious beliefs, skillful techniques and an enduring passion for the traditional craft practiced for generations in the Central Highlands province of Lam Dong.

Distinctive weaving technique

“The technique of placing patterns directly on the fabric helps Chau Ma women unleash their creativity, for example by embroidering geometric, plants and animal patterns, or life changes over time,” said Cat Tien Brocade Cooperative Director Tran Duc Thang. “In particular, the use of outstanding and flexible colors is also a factor that creates a distinctive attraction for the Chau Ma textiles.”

Indeed, with contrasting colors and unique patterns, Chau Ma’s displayed products drew special attention at the Art of Indigenous Weaving Exhibition held in early December 2022 in Hanoi.

Even though the loom is simple with only a frame of 12 wooden and bamboo sticks, the Chau Ma people have created brocade fabric with vivid patterns and eye-catching colors.

The Chau Ma women sit on the floor with their legs straightened to hold the loom and stretch the weaving fibers. “It’s really tiring but you get used to it if you do for a long time,” said Dieu Thi Moc of the Chau Ma ethnic group. When girls turn nine or 10, their grandmothers and mothers teach them brocade weaving.

Preserving culture

Tran Tuyet Lan, general director of Craft Link, a Vietnamese not – for – profit fair trade organization, said the Chau Ma have traditionally grown cotton and dyed yarn with natural materials, for example, black from the Neiru tree, yellow from the Mut tree, and red from the Bosil bark. The colors used to set the pattern are usually black, red, yellow, blue, dark indigo, and more recently, new colors like orange and green have been added.

Machine weaving is a major challenge for traditional brocade products of ethnic groups. However, Cat Tien Brocade Cooperative Director Tran Duc Thang affirmed, industrial machines cannot imitate or replace the traditional handmade products. For example, the Chau Ma use 100 percent cotton yarn, which no machine can use. The handmade production also ensures that each cloth is unique, reflecting each weaver’s craftsmanship, emotions, beliefs and life experiences, which cannot be replicated by machines.

With the support of Craft Link, Chau Ma brocade products have become more popular and suitable to the tastes and needs of domestic and foreign consumers, helping gradually improve the livelihood of the minority.

Thanks to product marketing, Chau Ma women have been participating in community activities and have become more proactive and confident in communication. The distinctive culture hidden in each brocade product has been preserved, developed and will spread strongly in the future.

In 2000, Craft Link collaborated with non-governmental organizations to run a training project to preserve and develop the indigenous weaving profession of the Chau Ma, and provided them with management skills as well as reading and writing ability.

Viet Nga   LINK

Friday Morning Iraq Economy News Highlights 1-27-23

Friday Morning Iraq Economy News Highlights 1-27-23

A Leader In The Framework: Russia Will Intervene In Resolving The Urgent Dollar Crisis In Iraq

Baghdad today – Baghdad   The leader in the coordination framework, Jabbar Odeh, said today, Thursday, that Russia is moving to contribute to mitigating the effects of the US dollar on the Iraqi markets.  Odeh said in an interview with (Baghdad Today), "The level of trade exchange between Baghdad and Moscow is related to multiple files, most notably grain and military equipment and other files, and they vary from year to year, but they reach billions of dollars annually."

He added, "Russia is an important supplier of grains in Iraq in addition to military equipment," stressing that "Moscow has officially approached Baghdad that it is possible to move to paying dues for trade exchange through the ruble or the Chinese yuan, in an important step that will lead to mitigating the effects of the US dollar crisis on Iraqi markets.

He pointed out that "Iraq's payment of the value of Russian deals in rubles or Chinese yuan will greatly mitigate the effects of the dollar and give flexibility in the multiplicity of hard currencies available to avoid any vibrations in the economic market."

He continued, "Paying Russia's ruble dues means the possibility of the Iraqi dinar entering the list of foreign currencies that can be dealt with by the Russian Central Bank, such as the Egyptian pound, and the possibility of transferring money to Iraqi students directly by their and even merchants without any families suffering."  LINK

4 Parliamentary Questions Looking For The "Secret" Of Depositing Iraq's Money In The US Federal Reserve

Baghdad today – Baghdad Foreign Minister Fuad Hussein received 4 parliamentary questions, aiming at a greater understanding of the issue of depositing Iraq's money from oil sales with the US Federal Bank instead of coming to Iraq directly.

A letter addressed by Representative Raed al-Maliki to the Minister of Foreign Affairs showed 4 parliamentary questions for oversight purposes, including the question about whether there are international obligations on Iraq related to the invasion of Kuwait and the Gulf War that have not yet been fulfilled , as well as whether there are effects on Iraq that have been going on since previous sanctions imposed on the country, and what are the requirements that make money be sent from the US Federal Reserve to the Central Bank of Iraq?    LINK

Parliament Asks Foreign Minister Fuad Hussein About The Reason For Depositing Iraq's Money In The US Federal Reserve

Baghdad-Iraq today:   Foreign Minister Fuad Hussein received 4 parliamentary questions, aimed at a greater understanding of the issue of depositing Iraq's money from oil sales with the US Federal Bank instead of coming to Iraq directly

A letter addressed by Representative Raed al-Maliki to the Minister of Foreign Affairs showed 4 parliamentary questions for oversight purposes, including the question about whether there are international obligations on Iraq related to the invasion of Kuwait and the Gulf War that have not yet been fulfilled , as well as whether there are effects on Iraq that have been going on since previous sanctions imposed on the country, and what are the requirements that make money be sent from the US Federal Reserve to the Central Bank of Iraq?   LINK

America Calls On Iraq To Abide By Its Sanctions Against Iran And To Prevent The Transfer Of The Dollar

Baghdad - Iraq today:  US State Department spokesman Ned Price confirmed the continued implementation of US sanctions against Iran, noting that the United States looks forward to its partners' commitment to these sanctions.

This came during a press conference, regarding the concerns of the United States about the transfer of the dollar from Iraq to Iran, and whether his country has taken measures against the Central Bank of Iraq.

Ned Price emphasized in his response that his country considers Iraq a "partner" and is in constant communication with its partner governments and the private sector, to inform them of the scope of its sanctions and to "ensure that governments and companies around the world abide by these sanctions."

According to US media, the US Federal Reserve has reduced electronic transfers to Iraq by 80%, as a result of some Iraqi commercial banks sending dollars to Iran and other countries subject to US sanctions.   LINK

Presidency Of The Council Hinder The Discussion Of The Exchange Rate

with video  2023-01-27 | 02:00  Source:  Sumerian   The crisis of the high exchange rate continues in the country after the demonstrations that took place in the capital in front of the Central Bank, at a time when the deputies of the Presidency of the Council were urged not to include the dollar item on the agenda despite collecting more than eighty parliamentary signatures.

Conditions seem to be inIraqGoing towards complexity, a mass demonstration in the capital over the rise in the exchange rate coincided with parliamentary statements indicating that the Council Presidency was obstructing the discussion of the file despite collecting the signatures of more than eighty deputies.

The popular demonstrations in front of the Central Bank are only the beginning of what is to come, according to observers, who pointed out to the possibility of complicating matters more if the situation remains as it is by ignoring the demands of the angry street.  LINK

Sudanese Financial Advisor Offers New Solutions To Reduce The Dollar Crisis

Economy   01/27/2023 09:51 Number of readings: 162   Baghdad - Iraq today:  The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, presented two proposals to ensure the stability of the national market.

Saleh said in a press statement, "The proceeds of small trades constitute about 70% of the total import units to the Iraqi market, as they deal with highly diversified specialized trade clauses, and these trades previously directed their requests through parallel financing tasks undertaken by exchange companies and mediated by a large trader.

He added, “Therefore, the adaptation of small trade and its direct entry into the world of foreign trade at once is an issue that needs time to adapt to the use of new financing mechanisms based on the (facilitated) opening of documentary credits, which requires only the submission of minimal documents, including freezing a licence.Importing and being satisfied with the identity of the Chamber of Commerce as a natural person instead of a commercial company as a legal person, which are requirements that were previously imposed, in addition to the customs and tax collection facilities.

Saleh continued, "Nevertheless, it is inevitable for the state to enter as a large trader at the present time to help balance the market with the goods supplied at the official exchange rate of 1450 dinars per dollar, in addition to allowing cooperatives of all kinds." to enter the import trade as an additional pattern that helps the stability of the national market in general and the exchange market in general.” in particular.”  LINK

The Oil And Gas Law Has Been Faltering Since 2008, And The Federal Council Is At The Center Of A Dispute

January 27, 2023  Baghdad / Obelisk: Legal expert Ali Al-Tamimi points out the most prominent obstacles to the legislation of the oil and gas law, pointing to the importance of the law for Iraq and regulating the relationship between the center, the region and economic life, while the head of the Kurdistan Democratic Party, Massoud Barzani, said that it is unfortunate that the Iraqi Federal Court has once again expressed Another hostile position against the Kurdistan Region, and prevented the transfer of money to the region that was to be sent from the federal government.

The region's salaries are controversially linked to the region's oil imports.

Al-Tamimi told Al-Masalla, “The oil and gas law has not been legislated since 2008, despite its importance and Iraq’s need for it, as Prime Minister Muhammad Shia al-Sudani pledged to pass this law during his time in power.”

He added, "The aforementioned law regulates economic life and the relationship between the center and the regions," explaining that "the point of contention in this law lies in the Federal Oil Council, so is it managed by the Prime Minister or by an oil expert?"

And that "the Federal Oil Council is better to be managed by the Prime Minister, being the executive responsible for the general policy of the country in accordance with Article 78 of the Constitution, and it is expected that its legislation will be in the coming days."

And the legislation of the oil and gas law, and the activation of the Article 140 Committee will resolve the relationship between the center and the region.

Under a political agreement that led to the formation of the Sudanese government, Baghdad transferred $400 billion to the Kurdistan region, despite the continuing problems over the file of oil dues and other files.

On Wednesday, the Kurdistan Regional Government described the decision of the Federal Supreme Court as unfair and contrary to the agreement to form the current Iraqi government.

And the government said in a statement received by Al-Obelisk, “Unfortunately, the Federal Court renewed again today, its hostility to the rights of the citizens of the Kurdistan region and their constitutional financial entitlements, and this new position of this court represents confirmation of the continuation of its unfair and hostile policy towards the Kurdistan region, and at a time when there is a positive atmosphere.”

And rapprochement between the regional government and the federal government to reach an agreement and solve problems under the umbrella of the constitution, but what is unfortunate is that the court today, instead of supporting this positive atmosphere, prevented the federal government, by an arbitrary decision hostile to the people of Kurdistan, from sending the sums that were supposed to be sent to the region Kurdistan.   https://almasalah.com/archives/38938

Washington Surprised Baghdad With The Restrictions Of The Dollar.. A Dutch Network Talks About "Deliberate" US Targeting Of Iraq

Baghdad Today - Translator    The Dutch Fanak Chronicles Network confirmed, today, Friday, that Iraq does not suffer from any actual financial crisis within its economy, which enjoys the highest growth rate in its history, reaching 9.2% during the past year, in addition to a large financial stock. of more than one hundred billion US dollars, revealing that the country You are being "targeted".

The network said during its report, which was translated by (Baghdad Today), that "the society, the World Bank, specialists and analysts did not fully expect what the situation of the Iraqi economy will be like now, given the great growth and development." data that it witnessed last year, in contrast to the economies of the rest of the countries in the region that were subject to contraction or decline.” , where the Iraqi treasure recovered and the local markets developed until they were targeted by the United States.

And she continued, "The United States shocked everyone by imposing restrictions targeting the Iraqi economy in an attempt to implement the sanctions it imposes on other countries through Iraq, the most important of which is Iran," stressing that "given the large financial reserves, Iraq can fill its domestic need of dollars for a period of twenty months without any action.” Or trade if the current storage in New York is used only, which is prohibited by the United States," as she put it.

The network indicated, according to the report, "the need for the government to take the necessary measures to prevent the continuation of those benefiting from the dollar trade outside the framework of its authority from manipulating prices, in addition to switching to the electronic banking system." And reducing bureaucratic procedures to reduce the severity of the crisis, which it said caused a reduction in the purchasing power of the citizen. "In a big way," calling for "immediately fixing the situation with the US government."      Source: Click here      LINK

"Tidbits From TNT" Friday Morning 1-27-2023

TNT:

Tishwash:  A Russian move to mitigate the effects of the US dollar on the Iraqi markets

The leader in the coordination framework, Jabbar Odeh, said today, Thursday, that Russia is moving to contribute to mitigating the effects of the US dollar on the Iraqi markets .

Odeh said in a press interview, "The level of trade exchange between Baghdad and Moscow is related to multiple files, most notably grain, military equipment, and other files, and they vary from year to year, but they reach billions of dollars annually."

He added, “Russia is an important supplier of grains in Iraq, in addition to military equipment,” stressing that “Moscow has officially approached Baghdad that it is possible to move to paying dues for trade exchange through the ruble or the Chinese yuan, in an important step that will lead to mitigating the effects of the US dollar crisis.” on the Iraqi market.

He pointed out that "Iraq's payment of the value of Russian deals in rubles or Chinese yuan will greatly mitigate the effects of the dollar and give flexibility in the multiplicity of hard currencies available to avoid any vibrations in the economic market."

He continued, "Paying Russia's ruble dues means that the Iraqi dinar can enter the list of foreign currencies that can be dealt with by the Russian Central Bank, such as the Egyptian pound, and the possibility of transferring money to Iraqi students directly from their families and even merchants without any suffering."   link

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RVAlready:  The Dinar going early can improve our outcomes significantly. Ray has been talking about this for some time. Do the math for yourself on secondary purchase of IDR or VND.

Speedy:  Tony said yesterday, Dinar maybe going first at $3.22

Speedy:  Given the new information We have received, I still lean towards all the currencies going at the same time. Looks like We will see real soon. Very exciting.

CaliforniaSugar:  I saw a video yesterday of a guy describing his visit with a banker at Citibank. The banker mentioned Dinar, dong, and Zim. That part made me excited. But banker also mentioned Chinese Elders and tiers, so I'm also skeptical…..He had documents showing benefits to different tiers. Tiers are determined by the amount of money exchanged. Also, the document offering the benefits had a march deadline. Everything appears legitimate, but for the Chinese Elder comment made by the banker

Lady Dee:  CaliforniaSugar I saw that too. was confused about the gifts for the different packages from the Chinese Elders

Semperfi1:  https://www.youtube.com/watch?v=5ktBJWojDCw

Glajef:  Unless all of the dinar gurus and people in the "know" are getting there information from the same source, this is becoming quite exciting for the first time in over 15 years.

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CandyKisses:  Washington surprised Baghdad with dollar restrictions. Dutch network talks about "deliberate" US targeting of Iraq

Baghdad Today - Translation

The Dutch FNAK Chronicles network confirmed on Friday that Iraq does not suffer from any actual financial crisis within its economy, which enjoys the highest growth rate in its history, reaching 9.2% during the past year, in addition to a large financial treasury of more than a hundred billion US dollars, revealing that the country is being "targeted."

The network said during its report, which was translated by (Baghdad Today), that "the community, the World Bank, specialists and analysts did not expect at all what the situation of the Iraqi economy will be now, given the data of growth and development of the great witnessed last year, unlike the economies of the rest of the countries of the region, which were subjected to contraction or decline, where the Iraqi treasury revived and local markets developed until they were targeted by the United States.

She added that "the United States shocked everyone by imposing restrictions targeting the Iraqi economy in an attempt to apply the sanctions imposed on other countries through Iraq, the most important of which is Iran," stressing that "given the large financial treasury, Iraq can meet its domestic need of the dollar for twenty months without any action or trade in the event that the current treasury is used in New York only, which the United States prevents," as she put it.

According to the report, the network pointed to "the need for the government to take the necessary measures to prevent the continuation of the beneficiaries of the dollar trade outside the framework of its authority from manipulating prices, in addition to switching to the electronic banking system and reducing bureaucratic procedures to reduce the severity of the crisis, which it said caused a "reduction in the purchasing power of the citizen" significantly, calling for "urgent reform of the situation with the US government."

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Tishwash:  A parliamentary delegation meets with the governor of the Central Bank of Iraq to find out the reasons for the rise in dollar prices

A parliamentary delegation met with the Governor of the Central Bank of Iraq, Ali Al-Alaq, to ​​follow up on the reasons for the rise in the US dollar, which negatively affected the reality of the country and the Iraqi citizen.

Deputy Rafiq al-Salihi, who was a member of the delegation, said in a statement that the governor of the Central Bank visited to discuss the reasons for the continuous decline in the value of the Iraqi dinar against the dollar, which in turn was reflected in the economic situation of citizens and burdened them as a result of the high prices of basic materials and commodities in the local market.

Al-Salhi stressed that during the meeting, the need to take effective steps to combat money laundering and currency smuggling, and to take the necessary and effective means to solve the crisis, was discussed.

For his part, the governor confirmed that a new policy will be followed by the Central Bank and serious mechanisms will be put in place to get out of this impasse. Reconsidering financial policy and taking sound measures and decisions, which has recently negatively affected markets and basic food commodities, which has burdened the citizen.    link

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Tishwash:  Iraq to sign new deal with Hanwha to revive “Bismaya” project

Plan for meeting with banks on payment

OPEC producer Iraq intends to sign a new agreement with Hanwha Company of South Korea to revive the stalled Bismaya City, the country’s largest housing project, an official was reported on Friday as saying. 

Hanwha halted work on the 100,000-house city near the capital Baghdad more than two years ago after Iraq failed to pay outstanding dues to the firm. 

The company, which has built nearly 30,000 houses, agreed to resume work on the project after negotiations with the National Investment Commission (NIC) this month produced an agreement on payment. 

“We have prepared a roadmap for the resumption of the Bismaya project to that it will be completed as soon as possible,” NIC Chairman Haidar Makkia said. 

“NIC has prepared an appendix to the main contract to be signed with the South Korean company with two or three months,” Makkia told Shafaq news agency. 

He did not provide details on the new deal but said NIC would sponsor a series of meetings between Hanwha and local banks to reach a formula on funding. 

Bismaya, with an estimated cost of more than $7 billion, is one of several residential cities planned by Iraq to resolve a post-war housing crisis.    link

Mot: .... One of the Many Delimas ""Wee Folks"" face today!! ~~

Mot: .... Be Aware!!! When Ur Kids are really Clever!! ~~

Iraqi News Highlights Thursday Evening 1-26-23

Iraqi News Highlights Thursday Evening 1-26-23

Tlm724 Administrator Bondlady’s Corner

The Rise In Oil Prices With The Weakness Of The Dollar

Economie| 10:13 - 01/26/2023  Follow-up - Mawazine News  Oil prices rose, in trading today, Thursday, in light of the decline in the dollar and expectations of an increase in demand from China after the resumption of economic activities.  By 09:29 Baghdad time, US West Texas Intermediate crude futures rose 0.29% to $80.39 a barrel.  Brent crude futures contracts were traded at $86.27 a barrel, an increase of 0.17% from the previous closing price.

Yesterday, Brent contracts closed at $86.12 a barrel, a slight decrease equivalent to one cent, while US crude contracts rose by a slight amount, equivalent to two years, to $80.15 a barrel. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=217570

Foreign Ministry: Al-Sudani's Visit To France Includes The Recovery Of Smuggled Money

Money and business  Economy News-Baghdad  Today, Thursday, the Ministry of Foreign Affairs clarified the objectives of the visit of Prime Minister Mohamed Shia Al-Sudani, who is heading a government delegation to the French capital, Paris, according to the Iraqi News Agency.

The Foreign Ministry spokesman, Ahmed Al-Sahhaf, said, "The visit to Paris comes within the context of strengthening partnership, building on economic and investment opportunities, exchanging support in the areas of combating terrorism and extremism, and coordinating at the bilateral and multilateral levels to support Iraq in various international nominations, with the aim of enabling the restoration of the Iraqi role and realizing initiatives." It enhances balance and stability, in addition to enhancing joint work in the educational, cultural and banking sectors.

Al-Sahhaf added, "The visit also comes due to the continued international political support for Iraq by the French government, and the use of this distinguished relationship at the European level in the file of combating terrorism and extremist ideas, recovering smuggled funds, handing over wanted persons, and technical assistance in the file of returning the displaced."

He pointed out, "Seeking to mobilize greater participation of French companies in the reconstruction programs in a more effective manner, in reconstruction programs exclusively within predetermined projects, and trying to obtain political support to initiate the idea of​​strengthening cooperation in banking matters."

He referred to "an attempt to obtain political support to urge the French aviation authority to complete the project within the plan to restore the direct air route Baghdad - Paris, and to lift the ban on Iraqi airlines, in addition to obtaining support for cooperation in the areas of combating corruption and recovering frozen funds and those wanted by the Iraqi judiciary and cooperation in The field of recovering smuggled antiquities, as well as cooperation with the French side in the field of preserving Iraqi property on French territory.

And he continued, "Foreign policy is moving towards devoting economic diplomacy and diversifying investment gates to Iraq, by relying on the highest levels of attraction and facilitation for the work of international companies and investors," explaining that "the visit of Prime Minister Muhammad Shia al-Sudani to Paris to confirm this."   Today, Thursday, the Prime Minister, Mohamed Shia Al-Sudani, left for Paris on an official visit.   https://economy-news.net/content.php?id=32107

Iraq Market.. The Dollar Settles At 161 Thousand Dinars

Economie| 10:17 - 01/26/2023   Baghdad - Mawazine News  Today, Thursday, the exchange rates of the dollar witnessed stability in the local stock exchange.   Selling price: 161,000 dinars per 100 dollars Buying price: 160,500 dinars per 100 dollars  https://www.mawazin.net/Details.aspx?jimare=217572

Al Mandalawi: Promising Investment Opportunities Await Discreet International Companies

Economie| 12:02 - 01/26/2023   Baghdad - Mawazine News, First Deputy Speaker of Parliament Mohsen Al-Mandalawi confirmed, on Thursday, that there are promising investment opportunities awaiting sober international companies.

Al-Mandalawi's office stated, in a statement received by Mawazine News, that "First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, received the Ambassador of the Kingdom of Spain to Iraq, Pedro Martinez."

Al-Mandalawi stressed, according to the statement, that "Iraq is looking forward during the next stage to activating its relations with Spain in various aspects, especially in the agricultural, industrial and commercial fields," noting that "there are promising opportunities for discreet Spanish and foreign companies to enter the Iraqi market and contribute to the implementation of A number of strategic projects to be implemented soon.

For his part, Martinez affirmed, "The desire of his government and the international community for the progress and prosperity of Iraq by providing support to it in all fields," pointing out that "many Spanish companies have a desire to invest in Iraq and benefit from their expertise in the industrial, agricultural, health, roads and bridges fields."   https://www.mawazin.net/Details.aspx?jimare=217583

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

 https://www.bondladyscorner.com/

Everybody Calm Down About Egg Prices

Everybody Calm Down About Egg Prices

Rick Newman·Senior Columnist  Thu, January 26, 2023

What’s everybody getting so eggcited about?

Okay, sure, egg prices have soared, generating tons of news stories about the coming eggpocalypse, plus an eggzhausting parade of bad egg puns. As you’ve probably heard, eggs cost 60% more than they did a year ago, causing cake and omelet outrages nationwide. Consumer groups are demanding investigations into price gouging. More Americans want to circumvent Big Egg by raising their own chickens.

Stay ahead of the market

But hold on a minute. Though a tasty staple, eggs represent a tiny portion of all food spending, at both the household and the national level. As with other types of inflation, this too shall pass.

Eggzagerated inflation coverage, meanwhile, bums out consumers and obscures a generally positive trend in price levels and improving purchasing power.

Here are the numbers. The average American consumes about 278 eggs per year. The average cost of a dozen eggs in 2022 was $2.86. Call that 24 cents per egg. Multiply that by 278 eggs per year and you get about $67 in spending on eggs per person each year. There are 2.6 people in the average household, so total eggzpenditures are about $173 per year, per household.

Food accounts for 12.4% of the typical household budget, or about $8,300 per year. At $173 per year, eggs represent just 2% of all food spending. Total household spending is about $67,000 per year, so eggs represent just .03% of all consumer outlays. It’s not nothing, but it’s not much, either.

These are rough estimates that conflate wholesale and retail prices, along with eggs consumed at home and those ordered at restaurants. But top-down estimates show the same vanishing impact of higher egg prices on consumer budgets. U.S. egg sales generate about $13 billion in annual revenue. Total food spending is around $2.1 trillion. That would peg eggs at 0.6% of all food spending, and food spending, again, is about one-eight of all consumer spending. Not eggzactly ruinous.

NEW YORK, UNITES STATES - JANUARY 21: Inreased prices of eggs are seen at egg shelves after the reduction in productivity brought on by poultry fatalities caused by various illnesses in New York, United States on January 21, 2023. The egg prices jumped by two to three times across the country, from 3 to 4 dollars per package to 9 to 11 dollars for organic eggs and from 2 to 3 dollars to 5 to 7 dollars for regular eggs. (Photo by Fatih Aktas/Anadolu Agency via Getty Images)

Eggzagerated? Increased prices of eggs are seen in New York after the reduction in productivity brought on by poultry fatalities caused by various illnesses. There’s a different eggzlpanation for egg inflation. The worst avian flu outbreak in US history has killed millions of chickens and caused a shortage of eggs.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/everybody-calm-down-about-egg-prices-173733360.html

Iraqi News Highlights Thursday Afternoon 1-26-23

Iraqi News Highlights Thursday Afternoon 1-26-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Talks About An Important Measure That Will Reduce Dollar Prices

Posted On2023-01-26 By Sotaliraq   A member of the Parliamentary Finance Committee, Jamal Cougar, revealed an additional measure that must be taken in order to reduce the exchange rate of the dollar and keep it away from speculation and control of banks.  Cougar said in an interview, "The decisions taken by Prime Minister Muhammad Shia al-Sudani are important, but we need a number of other decisions for the purpose of reducing the dollar."

Cougar added, “One of the factors that we believe is important is opening a direct gateway to buying dollars from the central bank.”

And he considered that “the bank should open more than one branch for it within the same governorate for the purpose of facilitating the arrival of merchants and money changers to buy the dollar without the need for the mediation of some banks, which may be a reason behind the dollar not delivering to merchants and owners of companies what contributes to its rise.”   LINK

Iraq's Oil Revenues Increased By 4 Percent Last Month

Thursday 26 January 2023 09:21 | Economical Number of readings: 387  Baghdad / NINA / - Iraq's oil revenues increased by 4% on an annual basis in December, while oil exports increased by 1.68%.

And the Ministry of Oil stated in a statement: "Iraq's oil revenues, excluding flows from the Kurdistan region, increased by 4.29% on an annual basis in December, to reach $7.708 billion, compared to the same month of 2021, in which oil revenues amounted to $7.391 billion."

The data showed: "The total oil revenues for the month of December decreased by 7.37% on a monthly basis, compared to November, when the revenues amounted to $8.321 billion."

And she indicated: "Iraq's oil exports for the month of December increased by 1.68% on an annual basis, to record 103,281, compared to the same month of the year 2021, in which oil exports recorded 101.579 million barrels."/ End   https://ninanews.com/Website/News/Details?key=1029171

Sudanese Advisor: The Government Intends To Try A Step That Protects The Iraqi Currency

Posted On2023-01-26 By Sotaliraq Today, Thursday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, spoke about the importance of a step that Iraq is moving towards electronic payment in commercial dealings in the private and government sectors.

Saleh said, "The government's orientation towards electronic payment in commercial dealings in the private and government sectors is very important, and this matter will be a factor in shifting the cost of using paper money for electronic payment, and this is a very important matter in the daily dealings of citizens."

And he indicated that "Iraq's orientation towards electronic payment in commercial dealings will protect the Iraqi currency from damage through daily transactions and its large transfer between people, and other economic benefits, as it is a step to develop the daily financial dealings of citizens, and the government is determined to activate this experience and step in the near future." urgent.”  LINK

The Signing Of The Strategic Partnership Agreement Between Iraq And France During The Sudanese Visit To Paris

Iraq   Today, Thursday, in Paris, Prime Minister Mohamed Shia'a Al-Sudani begins his one-day official visit to the French Republic.

During the visit, Al-Sudani will meet, according to a statement by his media office, French President Emmanuel Macron, the French Prime Minister, and a number of senior officials in the French government, as well as a number of representatives of French companies and the business sector.

This visit of the Prime Minister at the head of a high-ranking government delegation comes within the framework of developing opportunities for deep cooperation with the French Republic, and opening more horizons for investment and exchange, by way of strengthening the goals and priorities set by the government program, and for the development of economic infrastructure.

According to the statement, the visit will witness the signing of a strategic partnership agreement between Iraq and France, which will include many files in aspects of joint cooperation, in the economic, investment and security fields, combating terrorism and extremism, cultural exchange, and promoting peace in the two countries, the Middle East region and the world.

The agreement will also include promoting the purposes of the United Nations Charter, cooperation in the field of crisis management, combating economic and organized crime, protecting the environment and promoting human rights and education.

The visit will witness the signing of a bilateral memorandum of understanding in the field of combating corruption and recovering looted and wanted Iraqi funds in accordance with Iraqi law, as well as the signing of a number of other memorandums of understanding in the field of investment in energy and the oil sector, clean energy, and associated gas investment.

The visit will include a joint discussion in the field of antiquities protection, and the signing of the Iraqi-French declaration in the field of heritage and antiquities maintenance. In addition to holding talks with a number of French companies related to the development of transport sectors, through the activation of vital transport projects.   https://www.radionawa.com/all-detail.aspx?jimare=33182

Integrity Announces The Return Of More Than A Trillion Dinars In The Investigations Of The Investment Portfolio Case

Money and business   Economy News-Baghdad  Today, Thursday, the Federal Integrity Commission announced the return of more than a trillion dinars in the investigations of the investment portfolio case.

A statement of the authority stated that “the investigation department of the authority, while speaking about the details of the case that the authority investigated and referred to the judiciary, stated that its investigative procedures regarding the violations committed in opening the retirement investment portfolio between the global smart card company and the National Retirement Authority led to the return of an amount of ( (1,158,454,330,228) dinars from the amounts collected at the Rafidain Bank due to the Pension Authority.

He added, "The benefits accruing from the retirement investment portfolio were obtained to the account of the National Retirement Authority, which was determined by the joint committee consisting of (the National Retirement Authority, the Rafidain Bank, and the International Smart Card Company), amounting to (368,663,151,201) dinars," pointing out that "the amount represents The value of the damage resulting from the violations committed in opening the portfolio, including non-payment of interest accrued from the portfolio from the cash liquidity of the National Retirement Authority.

He pointed out that "the remaining amount out of the total retirement investment portfolio is (542,980,769,771) billion dinars, and it is under payment by borrowers and borrowers, since the time period for expiring the payment of the full funds of the investment retirement portfolio and matching its accounts expires in 2025."

He continued, "The details of the case indicate that the International Smart Card Company and the National Retirement Authority signed a report stating that the National Retirement Authority - State Employees' Pension Fund funded a bank account opened in the Rafidain Bank entitled "Retirement Investment Portfolio" with an amount of (2,250,000,000,000) dinars to be granted in the form of advances. And loans through the Qi Card,” pointing out that “the minutes of establishing the portfolio were signed in violation of the law, as it was signed by the head of the National Retirement Authority before obtaining the approval of the authority’s board of directors.”

And he indicated that "there was no financing contract concluded between the parties that shows the mechanism for depositing funds, the date of their return to the National Retirement Authority, or the corresponding guarantees in the event that the funds are not recovered," pointing out that "the absence of a database; to know the numbers and names of borrowers and borrowers who are reluctant to pay, and not to return Refunds due to the National Pension Authority.

And he stressed, "This refers to benefiting from cash liquidity without any benefit belonging to the retirement authority, and committing other violations indicated by the report of the Federal Office of Financial Supervision that caused damage arising from non-payment of interest on the portfolio, in addition to the original amount of the portfolio to the party requesting the complaint (the National Retirement Authority). )", warning of "exploiting the insurance on the investment portfolio by deducting amounts from each borrower as insurance through establishing a company for the accused (the authorized director of the global smart card company."

It is noteworthy that the Integrity Commission revealed on the eighteenth of last August that its investigative procedures and follow-up of the file of the issue of pension salaries outside Iraq led to the recovery of (231,352,535,563) billion dinars to the state treasury, which represents the sums owed by the company (Ki Card), warning of the possibility of determining the existence of interest due to Exploiting the amounts for several years from the date of 2017.

https://economy-news.net/content.php?id=32108

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

 https://www.bondladyscorner.com/

"Iraq and Vietnam News" posted by Henig at KTFA Thursday 1-26-2023

KTFA:

Henig:  The Anti-Corruption Committee arrests the director of contracts and projects in Anbar Governorate

January 25, 2023

Baghdad / Obelisk: The Anti-Corruption Committee executed, on Wednesday, a judicial order and arrested the director of contracts and projects in Anbar Governorate, Anwar Al-Alwani.

A source told Al-Masalla that the intelligence partnered with the Anti-Corruption Committee and carried out the arrest warrant.

In the context, political analyst Azhar Shalal said that Anwar Al-Alwani is the owner of the largest corruption files and gambled with project funds looted from the Anbaris' sustenance.

Shalal added that he owns billions, all of which were stolen from the province's projects.  LINK

Henig:  Traders are beginning to implement an initiative that may end the dollar crisis in Iraq

|Today, 17:17 | Baghdad today-Baghdad

Today, Wednesday, the Diyala Chamber of Commerce revealed the existence of a "timid initiative" initiated by some merchants that may save Iraq from the dollar crisis.

The head of the Diyala Chamber of Commerce, Muhammad Mulla Jawad, said in an interview with (Baghdad Today), that "the dollar crisis is hitting the Iraqi markets hard, as it is an influential factor in determining the prices of about 90% of imported goods and materials directly, and it also pushes to suffocate the poor and the simple through Raising the prices of basic commodities, including food.

He added, "According to the information, there is a shy initiative adopted by some merchants to pay the costs of goods imported from neighboring countries in national currencies away from the influence and dominance of the US dollar," pointing out that "what happened, although it is very limited, but it may constitute a light at the end of the tunnel for a worthy strategy." The study by the Sudanese government by establishing mechanisms for the use of national currencies in import and export with neighboring countries according to fixed mechanisms.

He pointed out that "the adoption of national currencies will reduce the demand for the dollar by a very large percentage and push us to get out of its crises and its pressure on the markets," pointing to "the need to study this proposal and put it in legal contexts because the pressures that Baghdad is suffering because of the dollar are the same that are present in the capitals." other countries".  LINK

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Henig:  The Iraqi dinar tops the Arab currencies facing heavy losses against the dollar

|Today, 19:24 |

Baghdad today - follow-up

Today, Wednesday, a press report revealed that the Iraqi dinar topped 6 Arab currencies facing heavy losses against the dollar.

And a report followed by (Baghdad Today) stated that “six Arab currencies are facing severe losses against the US dollar. Observers’ expectations indicate that the main interest rate of the Federal Reserve Bank (the US central bank) may exceed five percent annually at the present time. But US lawmakers have begun to move More cautiously, after signs that the country's biggest inflation in decades was beginning to abate, they agreed to raise the central bank's interest rate by half a percentage point, pushing the target range for the Fed's benchmark interest rate up from 4.25 percent to 4.5 percent, higher. Average over 15 years, but this increase was less than what was announced in the recent period.

He added, "The world is closely watching the movements of the US Central Bank, as the United States is leading a global shift towards raising borrowing costs after years of low interest rates that followed the financial crisis, but Federal Reserve Chairman Jerome Powell said that the next increase in interest rates," It's still a significant increase historically and we still have a long way to go."

He continued, "In terms of losing Arab currencies against the dollar, and according to a statistic prepared by The Independent Arabia, followed by (Baghdad Today), the Iraqi dinar came at the top of the list. According to the data, the exchange rate of the dollar in the Iraqi market jumped by 10,890 percent, after the price of the dollar rose. The exchange of the dollar from the level of 1475 dinars at the beginning of 2022 to about 164,100 dinars at the present time, so that the US dollar gained about 160,615 dinars.

And he stated, “In second place, we find the Tunisian dinar, after the exchange rate of the US dollar jumped by 132.3 percent, as the exchange rate of the US green paper jumped from the level of 1.33 dinars at the beginning of last year, to about 3.09 dinars at the present time, so that the US dollar gained about 1.76.” Dinar".

He explained that "the Yemeni riyal came in third place after the exchange rate of the US dollar increased by 106.4 percent, after its price jumped from the level of 599 riyals at the beginning of 2022, to about 1236 riyals at the beginning of this year, so that the US dollar gained about 637 riyals." Until, “In fourth place, the Egyptian pound came after the exchange rate of the US dollar in the Egyptian market jumped by 89.45 percent. The exchange rate rose from the level of 15.74 pounds during the first quarter of last year, to about 29.95 pounds at the present time, to win the US dollar.” About 14.08 pounds.

He pointed out that "the Syrian pound came in fifth place, as the exchange rate of the dollar jumped during the last year's trading, by 85 percent. According to the data, the dollar exchange rate jumped from the level of 3,590 Syrian pounds at the beginning of last year, to about 6,640 pounds at the time." The current one, so that the American green paper will win about 3050 pounds.

While “the Lebanese pound came in sixth place after the exchange rate of the dollar rose by 27 percent. At the beginning of last year, the dollar was trading in the Lebanese market at the level of 40,000 pounds, but it jumped to the level of 50,800 pounds at the present time, so that the US dollar gained about 10,800 lira.

The US Central Bank will continue to raise interest rates

 In a recent research note, global economist Mohamed El-Erian said, "The Federal Reserve should raise interest rates by more than market expectations during its next meeting, with concern about a halt to the downward trend in inflation in the coming months." "Personally, I prefer a 50 basis point rate hike, because I think inflation will be stuck near four percent by the middle of this year," Allianz chief economic advisor added.

Most financial market expectations indicate that the Federal Reserve will raise interest rates by 25 basis points at its scheduled meeting on January 31 and February 1. The US Central Bank had reduced the rate of interest rate hikes at the last December meeting by about 50 basis points, after 4 consecutive increases by 75 basis points, to reach the range of 4.25 percent and 4.5 percent now.

El-Erian noted, "The Fed still faces a credibility problem, with the fact that market pricing of the monetary policy path runs counter to the Fed's larger message that it still has a lot of work to do to reach its inflation target of around 2 percent."   LINK

Vietnam:

Henig:  Bathing in coriander-filled water

25/01/2023

(VEN) - Boiling coriander and bathing in its fragrant water is a ritual cleansing for the Lunar New Year, which is believed to drown the misfortunates and impurities of the past.

Bathing in coriander-filled water is believed to wash off all unclean and impure acts and thoughts and is usually done on the last day of the old lunar year.

The plant is grown in medium to heavy soil. It can be harvested easily by hand without the need for tools. Harvesting is usually done on the last several days of the old lunar year.

Coriander is also highly valued in traditional medicine. According to the Oriental Medicine Association, coriander stems and seeds are medicinal herbs. The seeds are spicy, and bathing in mature coriander plants provides relief from colds. It also detoxes the body and prevents and cures measles.

Coriander cultivation has become a sustainable livelihood for people in a number of localities in the Hanoi suburbs, including Duong Xa, Kim Son, Le Chi, and Duong Quang communes in Gia Lam District, and Kim An Commune in Thanh Oai District, and elsewhere.

Le Thi Hieu, a farmer from Hoach An Village in Thanh Oai District’s Kim An Commune said that about five days before Tet, everyone in her family is busy with harvesting old coriander trees for sale, and her family’s 360sq.m. coriander garden has annually brought in significant revenue.

Another farmer, Nguyen Van Thanh, said villagers have replaced corn and some other crops with coriander, and each coriander crop lasts for two months and provides a sustainable income. Thanh said his family has been growing coriander for eight years, starting with a cultivated area of several hundred square meters, which has so far been expanded to more than 10,000sq.m.

The largest coriander flower garden in Vietnam is found in Tan Son Village in Thach Son Commune of Thanh Hoa Province’s Thach Thanh District. The 4-hectare field is the raw material growing area of the Befine company, an essential oil producer.

The health benefits of coriander may include its use in the treatment of skin inflammation, high cholesterol levels, diarrhea, mouth ulcers, anemia, and indigestion. The plant can also come handy for menstrual disorders, smallpox, conjunctivitis, skin disorders, and blood sugar disorders, while also benefiting eyesight.

Thanh Tam  LINK

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Henig:  Almost 3,000 tonnes of farm produce exported to China via Lạng Sơn's border gates

January, 25/2023 - 13:26

This year, the customs clearance of agricultural products at Lạng Sơn's border gates began earlier than in previous years, showing that China's demand for those products is increasing after the COVID-19 pandemic period.

HÀ NỘI - Exports of agricultural and fruit products, mainly dragon fruit and mango, reached almost 2,700 tonnes to China through Lạng Sơn Province border gates on January 24, the third day of the Lunar New Year.

They were the first farm produce exported to China via the Hữu Nghị border gate in the new lunar year.

This year, the customs clearance of agricultural products at Lạng Sơn's border gates began earlier than in previous years, showing that China's demand for those products is increasing after the COVID-19 pandemic period.

"On this Tết holiday, we arrange for officers to be on duty at customs lines, ensuring that goods are exported and imported in a convenient and fast way," said Trần Văn Nghĩa, deputy head of the Customs Office at the Hữu Nghị border gate, Lạng Sơn.

According to the notice at the border gates of Lạng Sơn Province, import and export goods registered before the start of the Lunar New Year festival would be cleared from January 24-27. Normal procedures at the border gates will resume from January 28.

VNS   LINK

Thursday Morning Iraq Economic News Highlights 1-26-23

Thursday Morning Iraq Economic News Highlights 1-26-23

After A Day Of Protests In Front Of The Iraqi Central Bank.. The Dollar Prices Stabilized At 161 Thousand Dinars Per Paper

  01/26/2023 16:07  Baghdad-Iraq today: Today, Thursday, the exchange rates of the dollar witnessed stability in the local stock exchange.

The prices are as follows:  The selling price of the dollar is 161,000 dinars per 100 dollars.  The purchase price of the dollar is 160,500 dinars per 100 dollars.   LINK

Integrity Announces The Return Of More Than A Trillion Dinars In The Investigations Of The Investment Portfolio Issue

Money and business  Economy News-Baghdad  Today, Thursday, the Federal Integrity Commission announced the return of more than a trillion dinars in the investigations of the investment portfolio case.

A statement of the authority stated that “the investigation department of the authority, while speaking about the details of the case that the authority investigated and referred to the judiciary, stated that its investigative procedures regarding the violations committed in opening the retirement investment portfolio between the global smart card company and the National Retirement Authority led to the return of an amount of ( (1,158,454,330,228) dinars from the amounts collected at the Rafidain Bank due to the Pension Authority.

He added, "The benefits accruing from the retirement investment portfolio were obtained to the account of the National Retirement Authority, which was determined by the joint committee consisting of (the National Retirement Authority, the Rafidain Bank, and the International Smart Card Company), amounting to (368,663,151,201) dinars," pointing out that "the amount represents The value of the damage resulting from the violations committed in opening the portfolio, including non-payment of interest accrued from the portfolio from the cash liquidity of the National Retirement Authority.

He pointed out that "the remaining amount out of the total retirement investment portfolio is (542,980,769,771) billion dinars, and it is under payment by borrowers and borrowers, since the time period for expiring the payment of the full funds of the retirement investment portfolio and matching its accounts expires in 2025."

He continued, "The details of the case indicate that the International Smart Card Company and the National Retirement Authority signed a report stating that the National Retirement Authority - State Employees' Pension Fund funded a bank account opened in the Rafidain Bank entitled "Retirement Investment Portfolio" with an amount of (2,250,000,000,000) dinars to be granted in the form of advances.

And loans through the Qi Card,” pointing out that “the minutes of establishing the portfolio were signed in violation of the law, as it was signed by the head of the National Retirement Authority before obtaining the approval of the authority’s board of directors.”

And he indicated that "there was no financing contract concluded between the parties that shows the mechanism for depositing funds, the date of their return to the National Retirement Authority, or the corresponding guarantees in the event that the funds are not recovered," pointing out that "there is no database; to know the numbers and names of borrowers and borrowers who are reluctant to pay, and not to return Refunds due to the National Pension Authority.

And he stressed, "This refers to benefiting from cash liquidity without any benefit belonging to the retirement authority, and committing other violations indicated by the report of the Federal Office of Financial Supervision that caused damage arising from non-payment of interest on the portfolio,

in addition to the original amount of the portfolio to the party requesting the complaint (the National Retirement Authority). )", warning of "exploiting the insurance on the investment portfolio by deducting amounts from each borrower as insurance through establishing a company for the accused (the authorized director of the global smart card company."

It is noteworthy that the Integrity Commission revealed on the eighteenth of last August that its investigative procedures and follow-up of the file of the issue of pension salaries outside Iraq led to the recovery of (231,352,535,563) billion dinars to the state treasury, which represents the sums owed by the company (Ki Card), warning of the possibility of determining the existence of interest due to Exploitation of amounts for several years from the date of 2017. https://economy-news.net/content.php?id=32108

The Judiciary: Nour Zahid Returned About 400 Million Dinars... And Haitham Al-Jubouri Stole 17 Billion Dinars

Money and business   Economy News-Baghdad    Judge of the Karkh Investigation Court, First Judge Diaa Jaafar, revealed that new directives were issued by the President of the Supreme Judicial Council regarding the recovery of funds, and while he clarified the procedures for lifting the seizure of some of the property of one of the defendants in the deal of the century, he announced the details of a minister’s attempt in the previous government to illegally acquire residential land.

Judge Jaafar said in an interview with the Iraqi News Agency, which was viewed by "Al-Iqtisad News", that "the issue of combating corruption is one of the crises that the country is going through," noting that "an expanded meeting was held recently in the building of the Presidency of the Supreme Judicial Council, in the presence of the President of the Supreme Judicial Council, Judge Faiq Zaidan. , and the head of the Integrity Commission, and the head of the support team formed by the Council of Ministers, and the investigative judge specialized in integrity issues in Rusafa and the Karkh Investigation Court.

He added, "The aim of this meeting is to clarify the obstacles facing our investigative work on combating corruption, as there are a number of obstacles that impede the anti-corruption process, the most important of which is the collection of evidence on the subject, its maturation, and its delivery to the investigation courts to take legal measures against the perpetrators, and then refer them to The competent court," noting that "the meeting resulted in directives from the Supreme Judicial Council, which included the need to work to recover the sums of money obtained by a number of the accused, and the perpetrators of financial and administrative corruption crimes."

And Judge Jaafar stated that "all investigations and procedures in the past were proceeding with a clear classic, which is to refer the perpetrator of the crime to the competent court, and then take legal measures and allow room for defenses," pointing out that "we will try during the coming period to move away from this classicism in quick procedures." Towards the need to return the sums of money obtained by committing administrative and financial corruption crimes.

And the Integrity Judge stated: “During the past periods, the Iraqi judiciary began to focus on another topic as well, which is the issue of contracts in which errors and violations occurred, or contracts that include suspicions of unfairness in the interest of the state,” pointing out that “we have begun recent steps on this issue, and its fruits have begun.”

It appears through the investigation of one of the cases that we are considering at the present time, and the focus was on considering the re-contracts, including those that took place with the Rafidain and Rasheed banks, as the contract included in part of its vocabulary some problems, and they were signed in certain circumstances that the country was going through.

And he indicated that "these contracts, according to our judicial views, are incorrect contracts, and our investigations found that there are a number of parties involved in this matter and legal measures have been taken against negligent employees, and the owner of one of the companies has been imprisoned," pointing out that "we have reached advanced stages regarding the procedure." Settlements and return of all sums of money to the state, where some of the sums of money have been paid, in addition to the fact that there are committees formed to reformulate the contract in a logical and proper manner as required by the rules of justice, with many cases that began to be presented during the recent periods that have passed in this way.

He continued, "There is a case brought before the court related to the contracts of the Ministry of Justice, in which investigations were conducted and we reached advanced stages by taking legal measures against a number of employees," explaining that "there are directions and points of view by the government and the Ministry of Justice to reconsider the contract properly." .

Judge Jaafar emphasized that "the issue of contracts that were previously conducted, and we find at the present time that indicates the existence of unfairness against state institutions, this issue is the focus of consideration and consideration by the judiciary, and there are serious procedures and steps towards addressing the issue in a real way," explaining that "the real treatment of the issue of contracts What is not correct, and which applies at a certain pace, is to take legal measures against the defaulters only.”

He stated that "these procedures include all contracts made by governments without exception," explaining that "the Iraqi judiciary has not only taken the classic legal measures regarding these contracts, but we are looking and investigating in a broader manner in the case."

And he stressed the need to "reconsider the contracts legally and logically, and conversely, legal measures may be taken against the owners of the companies as they have affected at the expense of the interest of the state and the citizen," pointing out that "we are continuing to investigate in this direction on a number of other issues, with the aim of achieving the impact of the investigations and delivering A message that deterrence will affect those who are outside the job and try to harm the interest of the state.

He stressed that "the Penal Code mentioned a lot of legal articles that deal with the issue of contracts, but this issue is related to the adaptation of facts, as the adaptation of facts previously with investigations conducted by courts depends on investigations that come from parties that have not previously dealt with this issue," pointing out that " Our role as a judiciary is to discuss the impact of the ruling, and what is the effect of the ruling.”

He stressed the necessity of "applying the spirit of the law," pointing out that "we have begun to investigate the impact of rulings, whether their impact eliminates violations committed within government institutions."

And he stated, "We have begun to clarify the details for the presidency of the Supreme Judicial Council with regard to these matters, and the directives were clear to do some details through which it is possible to achieve the effect that removes the impact of the crime, and not only to conduct investigations with employees who abused power, or who facilitated the seizure of funds." general for persons outside of employment.

Century Theft File

Judge Jaafar indicated that "the book that was spread about lifting the seizure of the property of the accused (Nour Zuhair) is clear, and indicates that the accused paid sums of money deposited in the state treasury, and as a result, the seizure was lifted from the property or from the company whose amount was paid in full to the state treasury," stressing There is no complete lifting of the seizure of the movable and immovable funds of the accused, as the rest of his money is seized for the benefit of the state according to the available data, which are a number of projects and companies that continue under the decision of seizure.

And he stressed that "this accused has so far paid nearly 400 billion dinars out of a trillion and 600 billion dinars," pointing out that "the rest is paid according to a timetable, and we are moving towards it and it is supposed to be accomplished quickly," noting that "there are many obstacles that It accompanies the process of payments, and there is no validity to lift the travel ban regarding the accused, and there are measures taken in several directions and a decision was issued that the accused (Nour Zuhair) be under the eyes and follow-up of the investigations clearly.

He stated that "there are some details that we have reached and we are collecting evidence towards the rest of the parties involved in the case," pointing out that "the case of the deal of the century is not only related to the accused, Nour Zuhair, but also to many parties and leaders within the previous government that facilitated and planned to seize this money."

He pointed out, "Investigations are continuing in the case, and new arrest warrants have been issued against two government figures, one of whom has been clearly accused, and we are very close to taking legal measures against him after completing the evidence. The other person has an arrest warrant linked to an important government agency in the previous government, and legal measures have been taken against him." Currently, he has international follow-up to retrieve him from one of the countries.”

Involvement of media professionals in the deal of the century

He stressed that "the court considered a number of cases indicating that some media professionals departed from the impartiality that they are supposed to practice," pointing out that "the media must be impartial and report what is going on."

And he indicated that "there are legal measures taken against a journalist and a person associated with a media institution for their request for sums of money estimated at 3 million dollars, and investigations have been conducted and are still ongoing," explaining that "the journalist and the other person have been summoned, one of whom has appeared before the court and the other has not yet appeared, and measures may be taken against him." To compel him to appear in accordance with the Code of Criminal Procedure, and the investigations are still in their infancy.

He stressed that "not mentioning the names of the defendants in the case is to preserve the profession as judges through the legal rules that we have studied and are studying at the present time, which include that" the accused is innocent until proven guilty," pointing out that "financial and administrative corruption cases have a number of aspects, and part of them irritate Citizens towards the accused accused of corruption, and sometimes the charges are not proven.”

Refund Theft Of The Century

Judge Jaafar confirmed that "the investigations into the case of the theft of the century are continuing, and there is a difficulty regarding it because most of the parties that committed the crime are outside Iraq, and this is one of the obstacles facing us," pointing out that "we will find a way out to pursue them in a proper manner and return all the smuggled money."

The case of Haitham al-Jubouri

The investigative judge of the Karkh Court explained that "the law of the Integrity and Illegal Gain Commission includes that any person who is accused of inflating his money, appears before the court to state and clarify the legitimate sources of his money, and if the court is convinced of the validity of the sources and conducting investigations, he may be referred to the court or the case will be terminated."

He stated that "what happened with regard to the accused, Haitham al-Jubouri, is that he appeared before the Integrity Commission and clarified his legitimate sources, and because the commission was not convinced of the sources of funds, a report was submitted to the courts that included suspicion of inflation with his money amounting to 17 billion dinars,"

pointing out that "he was questioned in the court in a legal manner about The sources of his funds, however, he did not present anything new, but he presented some legal defenses regarding the sources of funds, as part of them were rejected by the court and the other part was referred to the school for external auditing to conduct audits and indicate whether there is a difference or that it reduces the value of the occurring inflation.

He emphasized that "the reports that we received later support that everything the accused presented is inaccurate, incorrect, and unsound," noting that "on this basis, we collected the value of the amount that he owed, and we explained to him that it will be referred to the trial court."

And he stated that "before he was referred to the court, he appeared before us and asked to pay part of the money with the aim of settling," explaining that "the accused paid a sum of money before the criminal court at a value of 4 billion dinars, and paid 5 billion dinars with a certified check as a guarantee, so that the total is 9 billion dinars out of 17." One billion dinars, and asked for a deadline to complete the full amount of money, and he is currently released on bail.

He stressed that "Haitham al-Jubouri's trial will take place according to the law, as his payment of the sums of money will not cancel the case against him, as is the case with the case of Nour Zuhair," pointing out that "paying the money before the trial will mitigate the sentences, as good faith in payment can mitigate the ruling in the case."

He stated that "the grant of combating financial and administrative corruption in all countries of the world differs from the grant of the rest of the crimes, which have their origins and procedures," explaining that "the different provisions, their proportionality, mitigation, and renewal differ from one court to another according to the point of view, data, and what is in the Penal Code."

Illegal Earning

Jaafar stressed that "the illegal gain mentioned in the Integrity Commission Law No. 30 of 2011, amended in 2019, includes new provisions, and that these provisions are part of its dangerous vocabulary, as it is not related to state employees only, but may also include non-employees, and that the applications of this The law requires great precision and care.”

He pointed out, "We are keen on two aspects: the first: that we take legal measures against all persons who affected the account of the government institution, and the second: is to collect evidence in a logical manner so that we can be assured that whoever took legal measures against him deserved to be charged with these charges."

And he indicated that “the legal texts in the Illicit Gain Law No. 30 of 2011 are very harsh texts, which include fining the accused with the value of the gain, and refunding the value of the gain (meaning that the amount is paid double), and that the investigation of these cases depends on the reports of the Integrity Commission, which when presented to It is the judge's duty to scrutinize it duly," pointing to "the importance of giving way to those accused of these crimes to present their defenses regarding how to obtain the sources of funds."

And he stated, "We are cautious in dealing with such cases," pointing out that "the illegal gain law may target non-employees."

Exploiting Cabinet decisions

And he continued: "At a certain period, we noticed the existence of exploitation in the decisions of the Council of Ministers; to achieve personal interests with the aim of benefiting at the expense of the interest of the state."

And he indicated that "a certain minister in the previous government included a request in the cabinet session to purchase a land of 2,880 square meters, claiming that the piece of land he lives in is sequestered from all roads, as the cabinet agreed to exclude him from buying the land by public auction according to legal methods." Pointing out that "the investigations today showed that the disclosure was incorrect, and the legal procedures were inaccurate, as measures will be taken against the minister and the committee that clarified the incorrect statements and drawings, and we issued a decision to prevent disposal and complete the registration of the transaction with this minister."

The Supreme Anti-Corruption Committee

And Jaafar stated, "The Supreme Anti-Corruption Committee is investigating many cases, and it is working silently and steadily on the issue of collecting evidence and presenting information," pointing out that "our procedures are based on objective and logical evidence without basing investigations and collecting information on personal matters."

He expressed his support for "these steps, and we appeal to them to continue the procedures at this pace," pointing out that "a number of cases that were submitted had the effect of stopping some details related to a preventive aspect."

He stressed that "the members of the Supreme Commission work according to a clear and correct strategy in the preventive aspect and law enforcement, after completing the investigations in a legal manner, and the stages of collecting inferences are logical, based on investigations and clear logical evidence indicating the commission of a crime."

Former Agent Of Intelligence

Jaafar pointed out that "there is a case that was presented to the court, and according to the Integrity and Illicit Gain Commission law and the legal texts contained therein, the former intelligence agent (Ahmed Abu Ragheef) gave us the legal period to prove the legality of his sources of money, and he is supposed to present evidence that denies the charge against him within days." And the investigations are continuing," pointing out that "there is a decision to prevent him from traveling."

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