Monday Morning Iraq Economic News Highlights 1-30-23

Monday Morning Iraq Economic News Highlights 1-30-23

The Central Bank Governor Presents Plans To Control The Dollar's Rise

Monday, 01-30-2023, Pm 2:36   Karrar Al-Asadi   Today, Monday, the governor of the Central Bank, Ali Al-Alaq, presented plans to control the rise in dollar exchange rates in the Iraqi markets.

The media office of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, stated in a statement received by the Nun news agency, that the latter "received the governor of the Central Bank, Ali Al-Alaq," noting that "Al- Mandalawi stressed the need for the return of financial stability - especially the exchange rate of the dollar - to the Iraqi markets soon."

According to the statement, the First Deputy stressed "the need to adhere to the legal procedures for financial transfers, and to protect the Iraqi economy from previous violations, and the need to apply global procedures and follow up on transfers and the work of private banks." and exchange companies, and to pursue all abuses according to the Iraqi laws in force in implementation of the obligations of the Central Bank of Iraq.”

The statement indicated that, "Al-Mandalawi listened to an extensive explanation of the relationship to the financial and control plan that the Central Bank of Iraq will work on, to control dollar exchange rates, prevent financial speculation, and follow up on suspicious purchases of hard currency that is intended to harm the national economy.

This comes in light of an unprecedented rise in the exchange rates of the dollar against the Iraqi dinar, with a significant rise in the prices of goods and services in the country.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 166,000 Iraqi dinars against 100 US dollars, while yesterday morning, Sunday, prices were 164,000 dinars.

The correspondent of the Noon news agency said that the prices of selling and buying dollars rose in exchange shops in the local markets in Baghdad, where the selling price reached 167,000 Iraqi dinars per 100 US dollars, while the purchase prices reached 165,000 dinars per 100 dollars .

It is noteworthy that the Central Bank of Iraq announced, on December 19, 2020, officially the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state's general budget for the year 2021 approved by Parliament, while some political parties and figures, most notably the current Prime Minister Muhammad Shiaa al-  Sudanese objected at the time,  calling for the return of the exchange rate to the previous price (118,200 dinars per $100).

The Central Bank of Iraq attributed the reasons for devaluing the dinar at the time to what it described as structural distortions in the Iraqi economy that impoverished public finances and restricted the reform capacity sought by the government and the Ministry of Finance.

https://www-non14-net.translate.goog/public/154357?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_sch=http

Al-Mandalawi To Al-Alaq: Financial Stability Must Return To The Markets Soon

Political | 12:03 - 01/30/2023  Baghdad - Mawazine News, First Deputy Speaker of Parliament Mohsen Al-Mandalawi stressed, on Monday, that financial stability - especially the exchange rate of the dollar - must return to the Iraqi markets soon.

During his meeting with the Governor of the Central Bank, Ali Al-Alaq, Al-Mandalawi stressed, according to a statement from his office, which Mawazine News received, the need to "adhere to legal procedures for financial transfers, and to protect the Iraqi economy from previous violations."

He also stressed "the need to implement global procedures, follow up on transfers, the work of private banks and exchange companies, and pursue all abuses according to the Iraqi laws in force, in implementation of the obligations of the Central Bank of Iraq."

According to the statement, Al-Mandalawi listened to "an extensive explanation of the relationship to the financial and control plan that the Central Bank of Iraq will work on to control dollar exchange rates, prevent financial speculation, and follow up on suspicious purchases of hard currency that are intended to harm the national economy." https://www.mawazin.net/Details.aspx?jimare=217929

Will You Succeed In Dealing With The Rise Of The Dollar? An Economist Suggests Adding A Cash Currency Other Than The Dinar To The Market

Monday 30 January 2023 12:04 | Economical Number of readings: 224

Baghdad / NINA / The expert on economic affairs, Raad Twij, suggested adding a new cash currency to the market to absorb the hoarded dinar and control the rise of the dollar against the dinar.

Twigg said in a statement to the Iraqi National News Agency ( NINA ) that "Iraqi monetary policy has become linked to international monetary policy within the framework of the (Swift) system, which may work to zero currency smuggling operations."

He added that: “At the same time, the Iraqi monetary system suffers from high levels of the Iraqi dinar, which accumulated over a long period, and which turned in a large part into hoarded money,” noting that: “There must be a Corrective monetary process by adding a new currency, and replacing the Iraqi dinar.

He explained that "it is difficult to absorb the surplus and hoarded money supply, which carries with it many monetary risks, especially with the continuous suspension of the general budget, and the absence of a fiscal policy that supports monetary policy for many years, which led to a decline and shortcomings in the economic cycle.”

The economist stressed the necessity: "The measures taken to resist rising prices should be correct in the short term, and to build a long-term monetary strategy for monetary reform."/ End 8[/rtl]

https://ninanews-com.translate.goog/Website/News/Details?key=1029968&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Expert: Solving The Dollar Problem Requires Breaking The Link Between It And Commodity Prices In The Market

Iraq: Baghdad   Economic expert Majed Al-Suri considered today, Monday, that the solution to the problem of the high exchange rate of the dollar is not only related to the governor of the Central Bank, but also to the general economic situation in the country, so the work in the country must be organized in all respects, especially in the commercial aspects.

He said that the problem is due to the great linkage between the exchange rate and the prices of commodities traded in the Iraqi market, “because once the correlation between the exchange rate and the price of commodities is disengaged, it will lead to very great economic stability,” adding that “in Iraq there is a good amount of money in dollars and the central bank reserves can That covers the Iraqi trade needs from two to two and a half years and more, but the main problem is in controlling the trade process, especially since there are countries punished by America, which insist that the dollar not reach them.

At the same time, the economist stressed that “the US dollar is monitored by the United States, whether it is in cash or a transfer, just as there is no objection to the United States cooperating with the Central Bank in securing all the cash amounts it requests, but it must be used in the right direction, and the opposite of that will lead to the imposition of Restrictions on the circulation of the cash dollar, as happened a short time ago, and even on the circulation of the dollar with regard to banks and trade. The American side never allows the dollar to circulate in Iran, Syria, Lebanon, Russia, or some other countries, and it tries to cut off the full supply of dollars to these countries.

He explained that the Central Bank was able to prepare all the requirements on the electronic platform at the local and international levels, including the issue of relations with the SWIFT company, but the main problem is in “how to apply, and the local merchant does not accept this application, as the local merchant faces very large facilities regarding the use of the dollar in this way.” However, the main problem is how to reach the process of regulating trade as quickly as possible and knowing the final beneficiary of the dollar.   LINK

Parliamentary Finance Urges Accelerating The Approval Of The 2023 Draft Budget

Iraq  01/30/2023   Baghdad: Muhannad Abdel Wahhab   The Parliamentary Finance Committee considered the reason for the government’s delay in approving the 2023 draft budget to the desire of Prime Minister Muhammad al-Sudani to ensure that the federal budget matches the government program, especially in the investment aspect.

Committee member Mueen Al-Kadhimi said: "The Ministries of Finance and Planning completed the budget a month ago from now, but the postponement of its referral to Parliament came with the Prime Minister's directive for his desire for the budget to be compatible with his government program to meet actual needs, especially the investment aspect in projects implemented by the governorates and ministries." "The Council of Ministers' approval of the draft law and its transfer to the House of Representatives at the end of next week."

Al-Kazemi added, in an interview with "Al-Sabah", that "Parliament is completing the election of a speaker, first and second deputy for many of its committees, including the Finance Committee, which will assume responsibility for reviewing the draft law and presenting it for the first and second reading, amending and approving it during the second month," noting that "the previous eternal differences between The Kurdistan region and the federal government revolve around exporting oil outside the system of the Federal Ministry of Oil, without the control and supervision of the “SOMO” company responsible for oil marketing, in addition to the revenues of border crossings and taxes. .

He continued, "There are continuous dialogues that led to good results between the Kurdistan region and the federal government, but the decision of the Federal Court somewhat disturbed the atmosphere between the Kurdistan region and Baghdad."

And regarding the government's actions regarding the rise in dollar prices, he called on the Central Bank to "take measures regarding bank transfers outside Iraq for the benefit of importing merchants, in a way that contributes to putting them in a streamlined and simple manner."

The representative of the Finance Committee saw "the possibility of easing the tax on merchants and customs to encourage them to enter the currency window and obtain what they need away from the parallel prices on the black market that lead to a rise in the exchange rate," noting that "there are some obstacles by the US Federal Bank that does not release Transfers are only after being audited, which led to the rejection of some transfers and their return to the Central Bank, which contributed to the scarcity of the dollar in the Iraqi market and the rise in its prices as a result of the rising demand for hard currency.   Edited by: Ali Abdel-Khalek   https://alsabaah.iq/70949-.html

Al-Alaq Briefs The Iraqi Parliament On A "Financial Plan" To Control The Exchange Rate And Prevent Speculation

2023-01-30 03:12    Shafaq News/ On Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, briefed the Deputy Speaker of Parliament on a "financial plan" that he said he would work on to control the exchange rates of the dollar and prevent financial speculation.

A statement by the media office of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, received by Shafaq News agency, stated that the latter "stressed, during his meeting with the Governor of the Central Bank of Iraq, Ali Al-Alaq, that financial stability - especially the dollar exchange rate - must return to the Iraqi markets soon."

Al-Mandalawi stressed the necessity of "compliance with the legal procedures for financial transfers, and protecting the Iraqi economy from previous violations," stressing "the need to implement global procedures, follow up on transfers and the work of private banks and exchange companies, and pursue all abuses according to the Iraqi laws in force in implementation of the obligations of the Central Bank of Iraq."

The First Deputy listened to an extensive explanation from Al-Alaq on “the financial and control plan that the Central Bank of Iraq will work on, to control dollar exchange rates, prevent financial speculation, and follow up on suspicious purchases of hard currency that are intended to harm the national economy.”   LINK

"Tidbits From TNT" Monday Morning 1-30-2023

TNT:

Tishwash:  and they are going to Iraq next 

A new blow to the dollar.. Russia and Iran deal fully in local currencies (1/30)

Within the framework of Russia's attempt to find alternatives to financial exchanges away from the US dollar system, in light of the imposition of unprecedented sanctions on the Russian Federation following the invasion of Ukraine.  

The Central Bank of Russia and the Central Bank of Iran signed an agreement on cooperation in the field of facilitating financial and banking transactions between the two countries.  

complete system  

According to the Central Bank of Russia's statement, the Financial Message System under the supervision of the Central Bank of Russia "SBFS" and the Message System for Electronic Payments under the supervision of the Central Bank of Iran "SEBAM" are now linked.  

 "A direct connection has been established between the banks of Iran and Russia, and according to the agreement on joint activities of the Iranian and Russian central banks...  

 There will be a direct connection to Russian banks.  

 Connecting the Iranian banking network directly with 106 foreign non-Russian banks.  

 The importance of agreement  

 The representative of the Russian Central Bank, the signatory of the agreement, Vladislav Gridshin, said that the great advantage of this agreement is that Western sanctions cannot affect it, and that our financial institutions will be in contact on a larger scale with other financial institutions and organizations in Iran after the signing of the agreement today.  

"This agreement is related to financial messages and money transfers, which will greatly help businessmen in the two countries," Gerdshin added.  

Full tie  

The Director of International Affairs of the Central Bank of Iran, Mohsen Karimi, said that the signing of the agreement today is the first measure to be implemented in practice, and from now on, the financial exchanges of all Iranian banks and all Russian banks will be linked together.  

Karimi added, "This agreement aims to facilitate and implement banking relations to facilitate trade exchanges and the work of merchants and businessmen between countries."  

Not subject to penalties  

The new system enables the exchange of all banking messages, including transfers, guarantees, letters of credit, etc.  

The new system relies on internal networks away from SWIFT, so this agreement cannot be suspended or sanctioned.   link

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Sunday Night: 

RVAlready:  From what I just heard, if I understood correctly, all sales and use of the US dollar in Iraq end tomorrow. I doubt this stops all of the black market tomorrow. But it stops all official use of the dollar. This should allow an international RV tomorrow. We will see what happens.

Yada:  Agreed and awesome rvalready. That is how the value of the dinar floats and eventually increases in value. Just love how this is playing out.

RVAlready:  They will not show their hand early. Hedge funds would dump billions or trillions of dollars, ruining our rates…Banks would give priority to billion or trillion dollar hedge funds, and no priority to us.

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CandyKisses:    Al-Mandalawi to Al-Alaq: Financial stability must return to the markets soon

Baghdad - Mawazine News

First Deputy Speaker of Parliament Mohsen Al-Mandalawi On Monday, financial stability - especially the dollar exchange rate - must return to markets Iraqi soon.

During his meeting with the Governor of the Central Bank, Al-Mandalawi stressed Al-Alaq, according to a statement by his office received by Mawazine News, on the need to "commit Legal procedures for financial transfers, and the protection of the Iraqi economy from previous violations."

He also stressed "the need to apply global measures. Follow-up transfers and the work of private banks and exchange companies, and prosecute all abuses according to the Iraqi laws in force in application of the obligations of the Central Bank of Iraq."

According to the statement, Al-Mandalawi listened to "an extensive explanation from Relationship on the financial and supervisory plan that the Central Bank of Iraq will work on to control Dollar exchange rates, preventing financial speculation, and following up on suspicious purchases of hard currency, which is intended to harm the national economy." 

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Tiswhash:  The crisis of the rise in the dollar exchange rate between the weak establishment of a fixed exchange rate system and the application of federal procedures 

 After the significant rise in the exchange rate of the dollar against the dinar since the end of last year until recently, the Iraqi economy is suffering from a significant decline in the value of the Iraqi dinar against the dollar, and a rise in the prices of foodstuffs and commodities, as a result of the recent fluctuation shock in the exchange rate of the dollar against the dinar in the parallel market, on the Despite the Central Bank’s announcement of the sale at the official price of 1460 dinars per dollar, and that the price rise is an accidental result, not substantial, and will disappear with the alignment of the banking system’s movement with the requirements of the Fed’s strict policy towards import banking activity.

The continuation of the rapid rise of the dollar exchange rate in the parallel market in less than two months and its rapid movement through several thresholds, reaching the threshold of 1680 dinars per dollar, shows that the dollar exchange rate suffers at an unprecedented rate of great fluctuation as a result of the high domestic demand for it against the dinar, which is a result of The decrease in the flexibility of the dollar supply in the foreign currency sale window of the Central Bank of Iraq due to the application of the American Federal Bank’s procedures for auditing dollar transfers through the new platform of the Central Bank, which played a major role in reducing the volume of central sales of dollars, which caused a decrease in the effectiveness of the window to maintain the actual exchange rate within the target.

Therefore, in light of the low ability of the fixed exchange rate system to establish the target exchange rate, the dinar is in a real crisis, due to the erosion of its real value, which reveals to us the weak performance of the economic decision-maker towards the international variable, for many reasons that cannot be mentioned, and therefore the weak ability of The monetary authority’s tools to absorb the shock of dollar demand and maintain the actual exchange rate rates within or close to the target, contributed to deepening the gap between the effectiveness of monetary policy tools and the requirements of strict measures from the international SWIFT system towards the movement of the import dollar and its subjection to audit restrictions, the repercussions of which appeared through new increases in The actual dollar exchange rate.

This was quickly reflected in the level of the index of food and consumer prices towards an increase and recording signs of economic recession, which puts the government in front of a major test, especially since it announced its intention soon to reduce the exchange rate of the dollar against the dinar. In addition, the great fluctuation in the exchange rate of the dollar plays a negative role on the stability of the Iraqi economy in all parts of the aggregate activity, especially the aggregate demand in both its consumer and investment parts, and at the public and private levels.

        From the foregoing, the ineffectiveness of macro policy measures in facing the shock of the dollar’s ​​rise can be seen through two main axes:

The first axis is short-term and related to monetary and fiscal policy through:

Compensating for the low flexibility of the window supply of the dollar through innovative mechanisms to reduce the demand for it in the parallel market.

Containing what is possible from the phenomenon of money laundering in banking activity, in a way that reduces the exaggeration of foreign transfers.

Coordination between government policy and monetary policy to unify the overall effort towards achieving the target exchange rate through rationalizing government spending and then tightening control over the monetary mass and trying to compress it within the horizon of the general objective of macroeconomic policy.

 Carrying out real reforms in the financial and monetary sector to raise the flexibility of banking performance according to the SWIFT system.

Move politically and diplomatically towards conducting real negotiations between the Iraqi government and the American side to prevent the crisis from consolidating and try to dismantle it with effective negotiating ability to obtain exceptions from the federal government or reach solutions or provide guarantees that give more flexibility by granting some exemptions from some controls or providing facilities in order to strengthen the system Fixed exchange.

The second axis is long-term: it relates to economic reform policies in the macroeconomic structure and an attempt to get out of the rentier sin by compensating for the acute shortage in public and private investment by following internal investment policies based on the development of the real sector to diversify the sources of total income, including the decrease in import demand for the dollar for consumption purposes in exchange for growth The demand for the dollar for investment purposes, which in turn can raise the growth of internal capital accumulation to formulate an industrial policy and a trade policy aimed at raising the value of the non-oil GDP through policies that attract foreign investment to supply the internal investment movement with the basic requirements for the growth of the non-oil productive sector.

Therefore, the Iraqi government must face this crisis objectively, seriously, and as soon as possible, because of this crisis's great effects on the level of social well-being for many segments of society that are directly affected by inflation, and because it represents a real indicator of the performance and effectiveness of the country's macroeconomic policy and its reflection in The balance and stability of the financial and monetary market and its direct impact on the map of investment and financing for local and foreign companies in many real productive and service sectors   link

Mot: ... Wyoming Humor.

Mot:  ..... Favorite Photo from Yellowstone!! ~~

Some "Vietnam News" Posted by Henig at KTFA 1-29-2023

KTFA:  Vietnam

Henig:  Việt Nam among world’s 10 biggest recipients of remittances

January, 29/2023 - 12:44

Despite the COVID-19 pandemic’s major impacts on the global economy over the last two years and growing inflation in many countries, remittance flows into Việt Nam remained relatively stable compared to previous years, the report noted.

HÀ NỘI — Việt Nam remains one of the 10 countries receiving the most remittances in the world, according to the recent Migration and Development Brief by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).

Despite the COVID-19 pandemic’s major impacts on the global economy over the last two years and growing inflation in many countries, remittance flows into Việt Nam remained relatively stable compared to previous years, the report noted.

Total remittances to Việt Nam increased by nearly 5 per cent in 2022 and may go up 3.6-4.5 per cent in the following years after growing 5 per cent in 2021, according to statistics of WB and KNOMAD.

Last year, the value rose about US$1 billion to approximate $19 billion, making the country one of the three biggest recipients in the Asia-Pacific and among the top 10 globally in terms of remittances.

Some banks perceived that the growing remittance inflows will help them not only gain more profits from services but also boost foreign exchange reserves, serving Việt Nam’s foreign currency attraction policy.

Among remittance sources, the US houses the largest number of Vietnamese immigrants, followed by the UK, Australia, and Canada. Meanwhile, Japan, South Korea, and Taiwan (China) post the most number of workers from Việt Nam. 

— VNS    LINK

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Henig:  Newly-announced ceiling prices insufficient to cover costs: project developers

January, 28/2023 - 09:14

Wind farms incur a cost of 7.0 cents for each kWh of electricity generated, whereas the ceiling prices for wind energy are set at VNĐ1,587.12 (6.8 cents) per kWh.

HÀ NỘI — Many project developers are expressing concern that the ceiling prices for solar and wind energy set recently by the Ministry of Industry and Trade are not high enough to offset their costs.

The representative of four wind farms in Gia Lai Province Trần Minh Tiến remarked that the construction of the wind farms was completed a year ago but they have been idle due to the absence of official purchasing prices.

"We have spent US$300 million to build our wind farms that have been lying dormant for one year. Meanwhile, interest payments and depreciated costs pile up day by day," said Tiến.

The introduction of the ceiling prices did not make the representative any happier because it is never easy to negotiate an agreement with Vietnam Electricity (EVN), under which the power corporation purchases electricity from the wind farms at exactly the prices.

Even if the agreement is reached, the wind farms would not be able to make a profit with such low prices. They incur a cost of 7.0 cents for each kWh of electricity generated, whereas the ceiling prices for wind energy are set at VNĐ1,587.12 (6.8 cents) per kWh.

"Price negotiation takes at least three months, and one year is for most cases. We will petition the government to raise the ceiling prices as the current prices are insufficient to cover our costs," added Tiến.

The presentative of the Bến Tre Renewable Energy Community reveals that about 62 newly-built wind farms have been staying inactive since the expiration of the Feed-in Tariff (FIT) mechanism on November 1, 2021. 

"No official purchasing prices in place means no revenues for wind farms. Meanwhile, the farms incur various costs day by day, including overheads, depreciated costs, and interest payments," said the representative. 

He is concerned that renewable energy would not be able to take root in Việt Nam should solar and wind farms keep falling into disuse as such.

He also opines that the newly-announced prices would not make any difference to the gloomy situation as they are not high enough to propel the farms into profitability. 

"Project developers need those ceiling prices that are high enough to help farms in distress turn profits. The newly-announced prices are not what they have expected," he added.

The denomination of the prices in VNĐ, rather than in strong currencies as it was in previous legal documents, is another matter of concern for the representative because VNĐ is depreciating against certain strong currencies, exposing the developers to an exchange rate pass-through.

"The denomination of the prices in VNĐ would put developers at a cost disadvantage in the long term since most of their costs are denominated in USD," he added.

The representative calls for higher ceiling prices for renewable energy to support those developers that have built their farms in Việt Nam and incentivise those that are considering investing in the country.

According to the securities firm VnDirect, the ceiling price applicable to ground-mounted solar projects is 29.5 per cent lower than its corresponding expired FIT; floating solar projects, 17.3 per cent; onshore wind projects, 21.2 per cent; and offshore wind projects, 21.8 per cent.

As such, the prices are estimated to reduce the internal rate of return (IRR) of ground-mounted solar projects to 5.1 per cent; onshore wind projects to 8.0 per cent; and offshore wind projects to 7.9 per cent. Under the old FITs, IRRs of the projects were over 12 per cent.

— VNS    LINK

Henig:  Binh Lieu mountain region powers up

06:00 | 28/01/2023

(VEN) - The mountainous border district of Binh Lieu in the northeastern province of Quang Ninh is changing rapidly due to investment in infrastructure of roads, electricity and schools, greatly improving the lives of the predominantly ethnic minority population.

Investments in infrastructure

According to former Secretary of Binh Lieu District Party’s Committee Duong Manh Cuong, in the past five years, Binh Lieu has invested in over 200 infrastructure projects for seven border communes with a total budget of over VND350 billion, particularly in rural electricity grids. By 2018, all the communes and households in Binh Lieu had access to the national grid, while in areas of extremely difficult terrain and sparse population, Quang Ninh has invested in solar energy systems to meet the local residents’ electricity demand.

Currently, Binh Lieu District has 132 kilometers of medium voltage lines, over 250 kilometers of low voltage lines and 105 distribution substations.

Hoang Van Duc, Director of Binh Lieu Electricity, said that in addition to capital sources for regular overhaul and repairs, the parent company Quang Ninh Power also allocates investment capital to develop substations. In 2021-2022, Binh Lieu built six new substations, renovated and built 15.63 kilometers of new low voltage transmission lines with total investment of about VND13 billion.

The synchronous investment in power grids and stable power supply have enabled the local ethnic communities invest in agricultural production machinery and purchase household appliances, improving their quality of life.

Dang Thi Chau, 80, of the San Chi ethnic group in Huc Dong Commune, is pleased with this year’s bumper crop of cinnamon and anise, and other earnings which have yielded her family stable annual income of nearly VND120 million. Since the locality was connected to the national power grid, her family has purchased machinery for production and necessary household electrical appliances.

Binh Lieu agriculture has gradually shifted from small scale production to value chain-oriented large-scale production. Some local farm produce has been developed into popular commodities, including Binh Lieu vermicelli, honey and various essential oils.

Pham Dinh Chan, Deputy Director of Quang Ninh Power Company:

All households in Quang Ninh Province are now hooked up to the national grid, ensuring national defense, economic development and dissemination of Party and State policies to each family.

Son Ky    LINK

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Henig:  Trang A Chu’s unique homestay

06:00 | 29/01/2023

(VEN) - The A Chu Homestay in Son La Province’s Hua Tat Village welcomes as many as 3,000 foreign visitors annually, but it did not start out that way. In fact, it was on the verge of shutting down just a few years ago.

Tough beginnings

The owner of the A Chu Homestay in Van Ho District, Trang A Chu, pioneered his business in 2015 with almost no money or knowhow. His journey could have come to a dead end without the help of Duong Minh Binh, Director of the Community-Based Tourism Vietnam Company, who runs dozens of successful homestay models throughout the country.

Binh even invited a five-star hotel chef to guide A Chu in preparing dishes from locally available ingredients. On opening day in late 2015, A Chu Homestay welcomed representatives of 35 travel companies and subsequently began hosting foreign tourists.

But A Chu, a member of the H’Mong ethnic group, was still struggling at the time to grow corn while having to complete building a stilt house to welcome guests. He was so tired and overwhelmed by the strict tourist requirements that he considered giving up.

“After some arguments with Binh, I learned that the little things that Binh wanted us to adhere to are valuable practical experiences in doing community tourism,” said Trang A Chu.

Originally a small stilt house, A Chu Homestay now offers 10 uniquely designed private rooms. Despite the debt he has accumulated, A Chu believes his business has turned a corner.

Spreading enthusiasm

Like many other tourism businesses, A Chu Homestay suffered greatly from the impacts of the COVID-19 pandemic but it has made an impressive recovery with increasing number of bookings every day.

In addition to sleeping accommodations and food, A Chu also introduces his guests to H’Mong cultural activities, such as making Dó paper, pounding rice into a type of round-shaped cake known as “banh day”, grinding corn and more. In addition to serving as tourist draws, these activities help preserve traditional arts and increase the incomes of ethnic minorities in the remote Hua Tat Village.

“Community tourism has its own unique characteristics. I want to spread the fire and enthusiasm to everyone and I believe this will make our A Chu Homestay a unique attraction,” A Chu said.

Located along National Highway 6, about 15 km from the Moc Chau Plateau, Hua Tat Village is one of the rare community-based tourism villages that retains the special traditional culture of the H’Mong ethnic group.

Lan Anh & Quynh Nga   LINK

Iraqi News Highlights Sunday Afternoon 1-29-23

Iraqi News Highlights Sunday Afternoon 1-29-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Of Iraq Denies Preventing Or Restricting The Sale Of Cash To Citizens

Economie| 10:42 - 01/29/2023   Baghdad - Mawazine News, on Sunday, the Central Bank denied preventing or restricting the sale of cash to citizens, indicating that electronic registration ensures that the citizen's need for dollars is met.  And a bank statement, received by Mawazine News, stated that "electronic registration ensures that the citizen's need for dollars is met and prevents repeated sales to the same person," denying "preventing or restricting cash sales to citizens."

He explained, "This procedure is an opportunity for citizens to obtain dollars for legitimate purposes without restrictions."

In its statement, the bank called on "all media and the public to rely on the media office to obtain information related to the activities and procedures of the Central Bank of Iraq." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=217826

American Energy: Iraq's Oil Exports To America Amounted To About 200,000 Barrels Per Day

Sunday 29 January 2023 14:33 | Economical Number of readings: 179   Baghdad / NINA / - The US Energy Information Administration announced today that Iraq's oil exports to America amounted to about 200,000 barrels per day, on average, during the past week.

The administration said in a report: "The average US imports of crude oil during the past week from eight countries amounted to 5.078 million barrels per day, down by 599 thousand barrels per day from the previous week, which amounted to 5.677 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 195,000 barrels per day last week, lower than the previous week, when oil exports to America amounted to 201,000 barrels per day."

And she indicated: “The most oil revenues for America during the past week came from Canada at a rate of 3.419 million barrels per day, followed by Mexico at a rate of 511 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 433 thousand barrels per day, and then Colombia at a rate of 244 thousand barrels per day.” ". According to the administration, "the amount of US imports of crude oil from Nigeria amounted to 114,000 barrels per day, from Brazil at a rate of 93,000 barrels per day, and from Ecuador at an average of 69,000 barrels per day, while it did not import any quantity from Russia or Libya." https://ninanews.com/Website/News/Details?key=1029785

The Dollar Rises To 164 Thousand Dinars

Economie| 10:05 - 01/29/2023   Baghdad - Mawazine News  Today, Sunday, the exchange rates of the dollar witnessed an increase in the local markets.  Selling price: 164,000 dinars per 100 dollars Buying price: 163,500 dinars per 100 dollars  https://www.mawazin.net/Details.aspx?jimare=217821

Minister Of Electricity: We Will Sign An Agreement With The American Company "GE" In The Coming Days

Reconstruction and building  Economy News – Baghdad On Sunday, Minister of Electricity Ziyad Ali Fadel announced the intention to sign contracts for electric power with the American company, GE.

In an interview with the official news agency, Fadel said, "A number of major international companies participated in the exhibition, including the German companies Siemens and the American J."

He added, "We went to the government to conclude long-term agreements and contracts to rehabilitate and maintain the units directly with the manufacturers," adding, "We signed an agreement with Siemens, and we will sign another agreement with the American G company in the coming days."

He pointed out that "our contracts are ready for the maintenance of generating units with major companies for a period of 5 years," explaining that "there are a group of projects to increase production during the next three years."

He stressed that "the current year is very important, because it will witness work on investing associated gas to support the production sector, and this requires great work," noting that "this was included in the agreements with Siemens and G."

And he indicated, "There is a clear trend towards clean energies," explaining: "We need to reduce the costs of energy production by reducing the use of fuel, and this is what we depend on in the next stage by implementing solar energy projects."   https://economy-news.net/content.php?id=32156

Planning: A Rise In The Inflation Rate Over The Past Month

Economie| 11:48 - 01/29/2023  Baghdad - Mawazine News  The Ministry of Planning announced, today, Sunday, that it monitored an increase in the inflation rate during the month of December, by (0.3%).

The ministry’s spokesman, Abdul Zahra Al-Hindawi, said in a statement received by Mawazine News, that “the Central Statistical Organization monitored an increase in the monthly inflation rate during the last month of the past year 2022 (last December) by (0.3%) compared to the month of October, which preceded him.”

Al-Hindawi explained that “this increase resulted from an increase in the prices of the entertainment department by (2.4%), the miscellaneous goods and services department by (2%), and the transportation department increased by (1.5%),” pointing out that “the annual inflation rate during the past year recorded an increase.” by (4.9%).” https://www.mawazin.net/Details.aspx?jimare=217834

The Central Bank Expands Outlets For Selling Dollar Cash To Travelers

Political | 02:04 - 01/29/2023  Baghdad - Mawazine News  The Central Bank of Iraq directed, on Sunday, to expand outlets for selling cash dollars to travelers.

The media office of the Central Bank stated in a statement, which Mawazine News received a copy of, that "the government banks (Al-Rafidain - Al-Rasheed - Trade Bank of Iraq TBI) directed to expand the outlets for selling cash dollars to travelers in the country's airports (Baghdad - Basra - Najaf - Erbil - Sulaymaniyah). ".

The bank also directed that “receiving requests be in the morning and evening to include a larger number of travelers,” noting that “the sale of cash dollars includes travelers through the land border crossings through the sales outlets designated in banks, after submitting the requirements for travel (visa or vehicle exit).” https://www.mawazin.net/Details.aspx?jimare=217845

Integrity Calls For A Review Of Customs And Tax Exemptions In Investment Laws

Baghdad - Mawazine News   called on the Federal Integrity Commission, today, Saturday, to reconsider customs and tax exemptions in investment laws.

And the authority stated in a statement that Mawazine News received, a copy of it, that “the prevention department in the authority suggested, in its report on the visits made by its field team to the Ministry of Industry and Minerals / the General Directorate of Industrial Development and the two general authorities for customs and taxes in the Ministry of Finance and the Border Crossings Authority,

To see the mechanism for granting customs exemptions to blacksmithing and carpentry factories, she suggested reducing the exemptions and limiting them to the government sector, while granting specific exemptions to the private sector to introduce production lines, raw materials and semi-manufactured materials, noting that the multiplicity of exemptions laws that reach (10) years for investors, industrialists and importers, which amounted to Its percentage for the years (2019-2021), respectively (16%, 12%, and 20%), deprived the state treasury of large sums.

The statement added, “The department, in its report, sent a copy of it to the Prime Minister’s Office, the General Secretariat of the Council of Ministers, and the Ministries of Industry and Minerals and Finance, recommended the formation of committees in the Ministry of Industry to audit the customs output books according to which the exemption was granted for projects and to check the proven materials, their quantities and types, after That the inaccuracy of the on-site inspections conducted by the committees of the General Directorate of Industrial Development has been observed, in addition to their weak follow-up on industrial projects that have been granted establishment licenses, in addition to the weakness of the technical role related to the nature of the project's activity.

He pointed to "the necessity of activating electronic governance and expanding the electronic platform between (the General Directorate of Industrial Development, customs authorities, ports, taxes, and notary departments), in order to enable them to tighten the process of entering imported materials subject to exemption, without the presence of violations, while studying the possibility of not releasing exemptions, except after confirmation." from the entry of imported materials involved in the production process.

The department stressed, according to the statement, “the need for the relevant authorities to follow up on the imported materials covered by the exemption from their exit from the ports until their arrival at their locations, monitoring their use in production, and following up on their leakage to the local markets, pointing out that there is manipulation in granting exemptions for licenses under establishment for some factories and fake companies in quantities.” Exaggerated amounts that exceed the actual need for ceramic materials, alabaster, reinforcing shutters, and wood.

She stressed, "The need to do a feasibility study for each project that grants a foundation permit, to be prepared by an engineering office licensed by the Ministry of Planning and approved by the Ministry of Construction and Housing, noting that most of the problems with permits granted by the General Directorate for Industrial Development are represented in the inaccuracy of the site statements on which the decisions of the committees depend. detection".

She explained that "the Industrial Investment Law is very generous in granting customs and tax exemptions, calling for a review of it and reducing the exemptions, indicating the weak role of follow-up by the Directorate for all under- and fully-established projects and factories, and the ineffective role of the customs police in delivering imported materials with customs exemptions to their locations." Ended 29/AD 99   https://www.mawazin.net/Details.aspx?jimare=217780

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

 https://www.bondladyscorner.com/

Awake-In 3D Update: As West, Debt and Stocks Implode- East, Gold and Oil Explode

Awake-in-3D RV/GCR Update:

As West, Debt, and Stocks Implode; East, Gold, and Oil Explode

How long can this global financial and geopolitical game continue? All players know a Reset is inevitable! 

The final phase of all empires [before collapse] always includes excessive deficits and debts, inflation, a collapsing currency, decadence and war. And the US qualifies perfectly in all those categories.

A debt based economy eventually becomes a self-fulfilling prophecy.

The higher the debt, the more the debt needs to grow in a never ending vicious circle. In the end the debt cycle becomes a perpetual motion Ponzi scheme……. UNTIL IT ALL CRASHES

Lurking in the murkiness is also the global financial assets/liabilities which is almost $500 trillion including the shadow banking system at 46% of the total. The shadow banking sector includes  pension funds, hedge funds and other financial institutions which are largely unregulated.

Shadow banking is not subject to the normal mark-to-market rules. Thus no one knows what the real position or losses are. This means that central banks are in the dark when it comes to evaluation of the real risks of the system.

And no one knows the extent of total global derivatives. But if they have grown in line with debt and also with the shadow banking system, they could easily be in excess of $3 quadrillion. 

@GCR_RealTimeNews 

Many Blessings,

Ai3D

————————————

AS WEST, DEBT & STOCKS IMPLODE, EAST GOLD & OIL WILL EXPLODE

By Egon von Greyerz

“The risk of over-tightening by the European Central Bank is nothing less than catastrophic” says Prof Kenneth Rogoff .

At Davos he also said: “Italy is extremely vulnerable. But this could pop anywhere. Global debt has gone up massively since the pandemic: public debt, corporate debt, everything.”

Rogoff believes that it is a miracle that the world averted a financial crisis in 2022, but the odds of a major accident are shortening as the delayed effects of past tightening feed through.

As Rogoff said: “We were very fortunate that we didn’t have a global systemic event in 2022, and we can count our blessings for that, but rates are still going higher and the risk keeps rising.”

But lurking in the murkiness is also the global financial assets/liabilities which is almost $500 trillion including the shadow banking system at 46% of the total. The shadow banking sector includes  pension funds, hedge funds and other financial institutions which are largely unregulated.

Shadow banking is not subject to the normal mark-to-market rules. Thus no one knows what the real position or losses are. This means that central banks are in the dark when it comes to evaluation of the real risks of the system.

Clearly, I am not the only one harping on about the catastrophic global debt/liability situation.

And no one knows the extent of total global derivatives. But if they have grown in line with debt and also with the shadow banking system, they could easily be in excess of $3 quadrillion.

Cultures don’t die overnight, but the US has been in decline since at least the Vietnam war in the 1960s. Interestingly, the US has not had a real Budget surplus since the early 1930s with a handful of years of exception.

But when you, like the US, live on borrowed time and borrowed money, it becomes increasingly difficult to keep up appearances. In 1971, the pressures on the US economy and currency became too great.  Thus Nixon closed the Gold Window with the dollar having lost over 98% in real terms since then. This is of course a total catastrophe and a guarantee that the remaining 2% fall to ZERO will come in the near term future, whether it takes 5 or 10 years for the dollar to reach oblivion. Remember that the final 2% is 100% from today!

The US, EU and Japan have now reached the stage when no one wants their debt. So sovereign debt of these nations is no longer a question of “passing the parcel” but keeping the parcel. When every third party holder of these debts is a seller, who will buy?

These three countries will end up holding their own debt. Japan already holds over 50% of its debt. Before the Western Ponzi scheme comes to an end, these three nations will virtually hold 100% of their own debt. At that point, the bonds will be worthless and interest rates will have reached infinity. Not a pretty prospect!

Read full article here: https://goldswitzerland.com/as-west-debt-stocks-implode-east-gold-oil-will-explode/ 

"Tidbits From TNT" Sunday 1-29-2023

TNT:

CandyKisses:  Gold prices rise in Baghdad markets and stabilize in Kurdistan

Shafaq News / Foreign and Iraqi gold prices rose in the local markets in the capital, Baghdad, while it settled in the markets of Erbil, the capital of the Kurdistan Region, on Sunday, (January 29, 2023).

The correspondent of the agency Shafaq News, that gold prices in the wholesale markets on River Street in the capital Baghdad recorded this morning, the sale price per weight 21 carat of Gulf, Turkish and European gold 438 thousand dinars, and the purchase price 434 thousand dinars, while the prices for yesterday, Saturday, 433 thousand dinars per weight.

Our correspondent pointed out that the sale price of one 21-carat weight of Iraqi gold also recorded stability at 408 thousand dinars, and the purchase price reached 404 thousand.

With regard to gold prices in goldsmiths' shops, the sale price of the Gulf gold weight 21 carat ranges between 440 thousand dinars and 450 thousand, while the sale price of the Iraqi gold weight ranged between 410 thousand and 420 thousand dinars.

As for gold prices in Erbil, they have witnessed stability, as the sale price of 24-carat gold was 505 thousand dinars, and 22-carat recorded the sale of 465 thousand dinars, and 21-carat recorded the sale of 445 thousand dinars, while 18-carat sold 380 thousand dinars.

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

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

Tishwash:  The budget enters the dark tunnel.. Baghdad is waiting for 880 billion dinars per month from the region in exchange for its financial shares!

The general budget for the year 2023 entered, in a dark tunnel, amidst continuing conflicting figures regarding its size, amid the great demands that come to the Sudanese government from the governorates and ministries until the budget volume reached nearly 250 trillion dinars, in an unprecedented record, while the Federal Supreme Court’s decision came to further complicate the possibility Pass the budget.

Talk began about the size of the 2023 budget from the Parliamentary Finance Committee, represented by a member of the committee, Mueen Al-Kazemi, who said that it is about 140 trillion dinars, so that the economic advisor, Mazhar Muhammad Salih, came to say that it ranges from 150 to 200 trillion dinars, while a member of the Finance Committee, Mustafa Jabbar Sanad, said that it amounts to 269 Trillion dinars.

Today, a member of the Parliamentary Finance Committee, Ikhlas al-Dulaimi, is speaking, indicating that the budget amounted to 246 trillion dinars, with a deficit of 75 trillion Iraqi dinars, which caused its delay.

Public revenues for 2023 are expected to reach about 150 trillion dinars. Accordingly, any spending volume greater than that will lead to a budget deficit.

On the other hand, Al-Dulaimi indicated that the Council of Ministers was scheduled to receive the budget law at the end of this month, but that did not happen due to the large amount of money in the deficit, in addition to the recent decision of the Federal Supreme Court to stop sending money to the Kurdistan region.

And the region must send export amounts of 250 thousand barrels per day to Baghdad at SOMO price, or about 20 million dollars per day, or 600 million dollars per month, or about 880 billion dinars per month, in return the region receives its share in the budget. link

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

Tishwash:  Sudanese advisor: The government is determined to return the exchange rate within a short period

Today, Sunday, the political advisor to the Prime Minister, Fadi Al-Shammari, revealed eight main files that the current Iraqi government focuses on in its government curriculum, according to Shafaq News Agency.

Al-Shammari said, "There are eight main files that the government focuses on in its government curriculum, and it focused on them even in drawing up the details of the country's general budget, which will soon be sent to Parliament, which is the file of combating corruption with non-routine procedures, the file of the economy, the implementation of a comprehensive economic policy, and the return of the exchange rate to its official price."

Within a short period, the electricity file, the health sector reconstruction and restructuring file, the strategic services and projects file, the file of activating large and small investments, the file of foreign relations and turning them into productive politically, economically and security relations, the file of zeroing internal crises and restructuring national relations in a way that regulates the effectiveness of the political system and consolidates the institutional work of the state.

The political advisor to the prime minister added that "we are facing a great success story if we join efforts and achieve political, security and popular stability, and we will see the outputs of these files in the coming months link

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

Tishwash:  A door to corruption"... A leader in the framework reveals the role of the Association of Banks in the dollar crisis

Today, Sunday, the leader in the coordination framework, Mahmoud al-Hayani, launched an attack on the Iraqi Private Banks Association, while stressing that this association is a "door to corruption."

Al-Hayani said, to (Baghdad Today), that “the Iraqi Private Banks Association is part of the issue of the crisis of the rise of the dollar, especially since this association includes many banks that are the cause of currency smuggling and money laundering, and this association did not have any role in this crisis, but It was part of the crisis, not its solution.

He explained that "the Iraqi Private Banks Association is a door to corruption and extortion, and there is a political agenda for this association, and for this the relevant parliamentary committees must follow up on their work." 

He continued, "The competent executive authorities are also required to monitor this association and close it if it does not benefit Iraq in such a crisis, but rather harms it."

In light of the continuing dollar crisis and the instability of exchange rates, the Iraqi Banks Association remains silent without expressing any position on price fluctuations. 

Since November 2022, the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual increase, reaching its highest levels in recent days, as it crossed the barrier of 165,000 dinars per 100 dollars.  link

Mot:  .... and Now - ""Mots"" Cooking Tip fer the Day!!! ~~

Mot: ....... oooooooooooh Noooooooooooooooo!!! 

Sunday Morning Iraq Economic News Highlights 1-29-23

Sunday Morning Iraq Economic News Highlights 1-29-23

The DOLLAR IS "ON FIRE" IN Karbala

SUNDAY, 01-29-2023, PM 12:10  KARRAR AL-ASADI   The local markets in Karbala witnessed an insane rise in the exchange rates of the dollar, against the Iraqi dinar, today, Sunday, (January 29, 2023).

The correspondent of the Noon news agency stated that the selling price of the dollar in the local markets: 165,000 dinars per $100, while the purchase price was: 164,500 dinars per $100.

https://www-non14-net.translate.goog/public/154333?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_sch=http

The Budget Enters The Dark Tunnel.. Baghdad Is Waiting For 880 Billion Dinars Per Month From The region In Exchange For Its Financial Shares!

2023-01-29   Yes Iraq: Baghdad  The general budget for the year 2023 entered, in a dark tunnel, amidst continuing conflicting figures regarding its size, amid the great demands that come to the Sudanese government from the governorates and ministries until the budget volume reached nearly 250 trillion dinars, in an unprecedented record, while the Federal Supreme Court’s decision came to further complicate the possibility Pass the budget.

Talk began about the size of the 2023 budget from the Parliamentary Finance Committee, represented by a member of the committee, Mueen Al-Kazemi, who said that it is about 140 trillion dinars, so that the economic advisor, Mazhar Muhammad Salih, came to say that it ranges from 150 to 200 trillion dinars, while a member of the Finance Committee, Mustafa Jabbar Sanad, said that it amounts to 269 Trillion dinars.

Today, a member of the Parliamentary Finance Committee, Ikhlas al-Dulaimi, is speaking, indicating that the budget amounted to 246 trillion dinars, with a deficit of 75 trillion Iraqi dinars, which caused its delay.

Public revenues for 2023 are expected to reach about 150 trillion dinars. Accordingly, any spending volume greater than that will lead to a budget deficit.

On the other hand, Al-Dulaimi indicated that the Council of Ministers was scheduled to receive the budget law at the end of this month, but that did not happen due to the large amount of money in the deficit, in addition to the recent decision of the Federal Supreme Court to stop sending money to the Kurdistan region.

And the region must send export amounts of 250 thousand barrels per day to Baghdad at SOMO price, or about 20 million dollars per day, or 600 million dollars per month, or about 880 billion dinars per month, in return the region receives its share in the budget.   LINK

Inflation In Iraq For 2022 Rises More Than The International Monetary Fund Expected By 9%

2023-01-29  Iraq: Baghdad   The data of the Ministry of Planning on the rate of inflation in Iraq is about 9% greater than what the International Monetary Fund expected regarding inflation in Iraq in 2022.

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

The ministry said in a statement received by “Yass Iraq” that the Central Statistical Organization monitored an increase in the monthly inflation rate during the last month of the past year 2022 (last December) by (0.3%) compared to the previous month of October.

The official spokesman for the ministry, Abdul Zahra Al-Hindawi, said in a statement that this increase resulted from the increase in the prices of the entertainment department by (2.4%), the miscellaneous goods and services department by (2%), and the transportation department increased by (1.5%).

The statement pointed out that the annual inflation rate during the past year, 2022, recorded an increase of (4.9%).

On the other hand, the International Monetary Fund had expected that inflation in Iraq in 2022 would reach 4.5%, which means that inflation in Iraq rose more than the expected rate of the international monetary by 9%.   LINK

Foreign Minister: The US Dollar Was Fleeing From The Iraqi Market

Foreign Minister Fuad Hussein confirmed that the US dollar was fleeing from the Iraqi market.

Hussein said in statements to Al-Arabiya TV, "The US dollar was fleeing from the Iraqi market. The US Federal Bank's actions affected the dollar crisis."

He added, "We need the United States and to work with it, and there are no combat forces in Iraq, and the role of the coalition forces has turned into an advisory one."

He continued, "Our relationship has become strong with Saudi Arabia, and we will discuss joint committees. We need regional and Gulf countries, and we are not on an isolated island, and our lands cannot be used to encroach on neighboring countries."

And he indicated that "our national interest is what determines the policy of relations with others. Iran has changed the course of water from Iraq and Turkey is paying a small share of water to our country, and the crisis must be ended."

He concluded, "The dialogue between Iran and Saudi Arabia concerns the two countries. The territory of Iraq should not be a starting point for any attack on the countries of the region. The tension between America and Iran affects us and we need to reduce it," noting that "the prime minister's visit to Washington is not on the table now."   https://takadum-news.com/archives/145749

Sudanese Advisor: The Government Is Determined To Return The Exchange Rate Within A Short Period

Economy News-Baghdad  Today, Sunday, the political advisor to the Prime Minister, Fadi Al-Shammari, revealed eight main files that the current Iraqi government focuses on in its government curriculum, according to Shafaq News agency.

Al-Shammari said, "There are eight main files that the government focuses on in its government curriculum, and it focused on them even in drawing up the details of the country's general budget, which will soon be sent to Parliament, which is the file of combating corruption with non-routine procedures, the file of the economy, the implementation of a comprehensive economic policy, and the return of the exchange rate to its official price."

Within a short period, the electricity file, the health sector reconstruction and restructuring file, the strategic services and projects file, the file of activating large and small investments, the file of foreign relations and turning them into productive politically, economically and security relations, the file of zeroing internal crises and restructuring national relations in a way that regulates the effectiveness of the political system and consolidates the institutional work of the state.

The political advisor to the prime minister added that "we are facing a great success story if we join efforts and achieve political, security and popular stability, and we will see the outputs of these files in the coming months."   https://economy-news.net/content.php?id=32146

Central Bank: Electronic Registration Prevents Repeated Selling Of Dollars To The Same Person

Baghdad - IQ    The Central Bank of Iraq denies preventing or restricting the sale of cash to citizens, and that electronic registration ensures that the citizen's need for dollars is met and prevents repeated sales to the same person.   This procedure is considered an opportunity for citizens to obtain dollars for legitimate purposes without restrictions.

The Central Bank of Iraq called on all media and the public to rely on the media office of the Central Bank of Iraq to obtain information related to the activities and procedures of the Central Bank of Iraq.

Central Bank of Iraq   Media Office  1/29/2023   https://www.iqiraq.news/economy/46467--.html#

Ports: Seizing Fake Customs Transactions And Wasting Public Money In The Port Of Umm Qasr

Sunday, January 29, 2023 Baghdad / National News Center  The Directorate of the Northern Port of Umm Qasr managed to seize a forged customs transaction completed by the Basra Gate Station Customs Center, containing (21) 40-foot containers loaded with materials (carton split, parts and accessories of electrical appliances, compressors).


The authority stated, in a statement received by the National News Center, that “after auditing the customs transaction by the Research and Investigation Department outside the customs campus, it was found that there is a customs fee difference estimated at (15,000,000) fifteen million dinars for the split material, in addition to the existence of a tax fee difference.” It is estimated (1,000,000) million dinars, which is a waste of public money.


He added that "a customs transaction containing (1920) cartons of (Nescafe) was seized inside a 40-foot container. By checking the customs transaction outside the customs campus and referring to the authentication system of the certificate of origin and the invoice, it was found that there was forgery in the letter of authentication."


And the authority stated during the statement that “a record of the formal seizure was organized and the customs transactions were referred to the Umm Qasr Customs Police Station to present the matter before the eyes of the investigating judge to take appropriate legal measures.”

https://nnciraq.com/182962/

Almost A Quarter Of A Billion Dinars: Integrity Reveals Irregularities, Manipulation And Tax Evasion In Anbar And Kirkuk

SUNDAY, 01-29-2023, PM 12:32   TAYSEER AL-ASADI   Almost a quarter of a billion dinars: Integrity reveals irregularities, manipulation and tax evasion 9-1674984766

Today, Sunday, the Federal Integrity Commission announced the arrest of fraud in real estate statements and irregularities in the implementation of a municipal project in both Anbar and Kirkuk.

And a statement by the Commission stated, “The work team of the Anbar Investigation Office was able, after investigation and follow-up, to uncover cases of manipulation in the tax and real estate registration departments in Fallujah,” indicating, “the seizure of the original transactions and statements that were manipulated; In order to evade paying the tax, which is estimated at more than (200,000,000) dinars.

And he added, “The team was able to point out tampering in the lists of (9) properties by adding a paragraph planted and built on them by the Tax and Real Estate Registration Departments in Fallujah (Land Estimation Committee), contrary to the truth ; For the purpose of tax evasion, in addition to the real estate registration transferring the ownership of these real estate to a cooperative society without obtaining the approvals of the ministries and relevant authorities, since its gender is agricultural, pointing out that “all procedures were carried out out in an illegal manner and contrary to the administrative contexts and without the knowledge of the directors of the concerned departments.”

On the other hand, the department confirmed, “The staff of the commission's investigation office in Kirkuk arrested the engineer supervising the implementation of the fifth municipal sector building project of the Kirkuk Municipality Directorate; As a result of its implementation of the project contrary to the established technical specifications.

It pointed to the organization of two fundamentalist arrest reports for the two operations carried out. Based on two judicial notes, which he and accused in the second case presented to specialized investigative judges in Anbar and Kirkuk; to take appropriate legal action.”

https://www-non14-net.translate.goog/public/154334?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_sch=http

Iraqi News Highlights Saturday Evening 1-28-23

Iraqi News Highlights Saturday Evening 1-28-23

Tlm724 Administrator Bondlady’s Corner

Morocco Lifts The Seizure Of Iraqi Funds For The Al-Rasheed And Al-Rafidian Banks

Economie| 12:16 - 01/28/2023  Baghdad - Mawazine News

Morocco agreed, today, Saturday, to lift the seizure of Iraqi funds for the Al-Rasheed and Al-Rafidian banks.

Foreign Ministry spokesman Ahmed Al-Sahhaf said, "Iraq and Morocco are discussing the possibility of activating the direct air line between the two countries."

In a separate context, Al-Sahhaf stated that "Morocco agreed to lift the seizure of Iraqi funds for the Al-Rasheed and Al-Rafidain banks," according to the official news agency. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=217758

Iraqi-Moroccan Talks Regarding The Convening Of The Economic Forum For Businessmen

Money and business  Economy News – Baghdad Prime Minister Mohamed Shiaa Al-Sudani received, on Saturday, Morocco's Minister of Foreign Affairs and African Cooperation, Nasser Bourita.

A statement from Al-Sudani's office said, "The Moroccan minister conveyed the desire of the Moroccan monarch, King Mohammed VI, for the relationship between the two countries to move to advanced stages of fruitful cooperation."

Al-Sudani blessed "the reopening of the Moroccan embassy in Iraq, after years of its closure," stressing "the importance of strengthening bilateral relations and exchanging experiences with Morocco in the file of combating extremism and terrorism, and in the areas of economic, agricultural and banking cooperation, as well as prospects for cooperation in the field of clean energy." education, tourism and culture.

The meeting witnessed, "emphasis on the resumption of work in the joint committee between Iraq and Morocco, setting a date for the convening of the economic forum for businessmen between Morocco and Iraq, and establishing mutual facilities for granting entry visas between the two countries."

https://economy-news.net/content.php?id=32139

The International Islamic Bank Launches The Documentary Credit Service For The Government Sector

Economy News-Baghdad  On Saturday, the Managing Director of the International Islamic Bank, Suha Al-Kafai, announced the launch of the documentary credits service for the government sector.

Al-Kafai said in a statement, "The International Islamic Bank has started providing the service of documentary credits with a package of electronic banking services and electronic collection for the government sector, according to the conditions and controls, and its implementation of international standards, and according to the approval of the Central Bank of Iraq."

She added, "These services will achieve great, distinguished and qualitative achievements. For the first time, electronic control and oversight and electronic auditing of government balances via computer and in real time."

Al-Kafaei pointed out that "the new procedures will promote speed, accuracy, security, access to government balances, and the arrival of an SMS message for each withdrawal and deposit with the financial department."     https://economy-news.net/content.php?id=32133

President Of The Federal Court: Fighting Corruption Requires Real Political Intention And Strategic Plans

Political | 05:27 - 01/28/2023  Baghdad - Mawazine News  Today, Saturday, the Federal Supreme Court issued an explanation about its decision regarding the financial dues that the central government sends to the Kurdistan region, while stressing that fighting corruption requires real political intention and strategic plans.

The President of the Federal Supreme Court, Jassem Abboud, said in an interview with the official agency, followed by Mawazine News, that "the court is obligated to implement the constitution and the law and take this into account in its decisions,"

noting that "the Federal Supreme Court is represented by its judges when it issues its decisions, it takes into account the supreme interest of the country and the people and takes into account The noble judicial principles and values ​​that every judge must abide by and not transgress, and that failure to observe this distances the judicial process from the correct standards in the judiciary,

which asks the court not to resolve the lawsuit at this time due to political circumstances, or to resolve it in a way that violates the constitution and the law, because that means asking the court Not to take into account judicial values, which no judge would accept, because his judicial principles are a reflection of his morals and religious, educational and patriotic values.

And he stressed, "Our goal is to preserve the proper application of the constitution and not to prejudice the supreme interest of the homeland and not to violate the laws that must be applied according to what is stated in them," pointing out that "the Federal Supreme Court and based on the provisions of Article (14) of the constitution, Iraqis are equal before the law Without discrimination because of gender, race, nationality, origin, color, religion, sect, belief or any reason whatsoever, and that the citizens of the Kurdistan region are like the rest of the citizens of Iraq, there is no difference between the citizen who lives or resides in Zakho and there is no difference between the citizen who lives or resides in Al-Faw or anywhere else."

He continued, "The government and the relevant authorities must search for all ways that would make the employees of the Kurdistan region equal in terms of the amount of the monthly salary and the date of its receipt, and that the failure of a certain party to adhere to the provisions of the constitution and the laws in force must not prejudice the principle of equality, and work must be done to unify the salaries of employees and all What is related to them throughout Iraq and the inadmissibility of delaying the delivery of salaries on time for any reason whatsoever.

He stated, "We aim to restrict the legislative and executive powers to the limits of their constitutional and legal powers and not to exceed them, and to implement the correct powers."

He stressed that, according to the provisions of Article 80 / Third of the Constitution, the duty of the Council of Ministers is to issue regulations, instructions and decisions with the aim of implementing the laws and not with the aim of violating them, as the draft laws and based on the provisions of Article (60) of the Constitution are submitted by the President of the Republic and the Council of Ministers.

Ministers decided a decision contrary to a law, as this constitutes a violation of the constitution,” pointing out that “the Federal Court will address that violation.” Therefore, the decisions of the Council of Ministers, which the court ruled to be invalid, are in violation of the Federal Budget Law of 2021 and Financial Management Law No. (6) of 2019.

And he stated, “The Federal General Budget Law of the Republic of Iraq for the year 2021 determined, according to Article 11 thereof, the mechanisms by which dues are settled between the Baghdad government and the Kurdistan Regional Government for the years from 2004 to 2020,” noting that “after all that, it is not permissible for the Council of Ministers to take any A decision that would violate the aforementioned laws, especially since the Council of Ministers is the only body responsible under the constitution for preparing the draft federal budget law.”

He added, "The Federal Court is within the jurisdiction conferred upon it under Article 93/Third of the Constitution, which states that the Federal Supreme Court has jurisdiction over the following (deciding on cases arising from the application of federal laws, decisions, regulations, instructions, and procedures issued by the federal authorities).

The law guarantees the right of every The Council of Ministers and concerned individuals and others have the right to appeal directly to the court,” noting that “the court, according to its aforementioned jurisdiction, considered the case regarding Cabinet decisions No. 194 on 6/15/2021, 226 on 7/6/2021, and 257 on 3/8/ 2021, 335 on 9/22/2021, 401 on 11/2/2021, and 8 on 1/11/2022, and issued Federal Resolution No. 170.

Abboud continued, "The federal authorities in Iraq are represented, according to Article 47, by the legislative authority, which consists of the House of Representatives and the Council of the Federation, and the executive authority, which consists of the President of the Republic and the Council of Ministers, and the judicial authority, which consists of the Supreme Judicial Council and the Federal Supreme Court," explaining, That "the system of government in Iraq based on the provisions of Article One of the Constitution is republican, parliamentary, democratic, so the executive authority consists of the President of the Republic and the Council of Ministers exercising its powers in accordance with the Constitution and the law based on the provisions of Article 66 of the Constitution of the Republic of Iraq of 2005."

He stressed, "The constitution separates the duties and powers of the President of the Republic and those of the Prime Minister, because the nature of the parliamentary system in Iraq requires that separation, just as the nature of the parliamentary system requires observance of the principle of separation of powers based on the provisions of Article 47 of the Constitution,"

pointing out, that he “According to the constitution, the President of the Republic is the head of the state and the symbol of the country’s unity, representing the country’s sovereignty and ensuring compliance with the constitution and preserving Iraq’s independence, sovereignty, unity and territorial integrity in accordance with the provisions of Article 67 of the constitution.”

And he indicated, "The Prime Minister is the direct executive responsible for the state's general policy and the Commander-in-Chief of the Armed Forces. He manages the Council of Ministers and presides over its meetings, and he has the right to dismiss ministers with the approval of the House of Representatives based on the provisions of Article 78 of the Constitution."

He explained, "The constitution authorizing the President of the Republic and the Council of Ministers to exercise their powers in accordance with what is stated in it and under the laws in force requires, as a result, the fulfillment of constitutional and legal responsibility for any of them violating the provisions of the constitution and the law, and not implementing what the constitution and the law impose on them according to their constitutional and legal powers, as this constitutes a violation."

According to the constitution, that is, the President of the Republic and the Prime Minister exercise their powers in accordance with the constitution and the law, and that this requires, as a result, the fulfillment of constitutional and legal responsibility for any of them violating the provisions of the constitution and the law, just as failure to implement what the constitution and the law impose on them according to their constitutional and legal powers, this represents the second aspect of the violation

The constitution, which dictates personal responsibility, is violating the constitution and not working in accordance with the supreme national interest of the country and the people,” pointing out that “This requires all oversight bodies to exercise their constitutional and legal powers to prevent and remedy this breach, especially since the responsibility of the President of the Republic is an individual responsibility, according to Article 61 / Sixth of the Constitution.

He stated, "The responsibility of the Prime Minister and the ministers before the House of Representatives is a joint and personal responsibility based on the provisions of Article 83 of the Constitution of the Republic of Iraq."

And he stressed, "The authority of the Council of Ministers is also represented in issuing regulations and instructions that would implement the budget law according to what is stated in it," pointing out that "the Council of Ministers is obligated to implement what was stated in the budget law, and that failure to adhere to the budget law regarding the decisions that were issued From him, the subject of this lawsuit made those decisions defective and their violation of the budget law, in addition to their violation of many legal articles contained in the Federal Financial Management Law No. 6 of 2019.

And he stressed, “The implementation of the federal general budget is carried out through financing payments estimated by the Ministry of Finance from the unified public treasury account based on the allocations established in the Federal Budget Law, according to the mechanism determined by the Ministry of Finance,” explaining that “the spending units are not entitled to invest the cash surplus in any way.”

Forms of investment, such as lending, purchasing securities, depositing in the form of fixed deposits, savings, or any other case, unless there is a legal text permitting that. The Minister of Finance may determine spending ceilings in light of the available funds, provided that a percentage of not less than 20% of the financial balance is kept in The first period is based on the provisions of Article 14, nor on A, B, and III of the Federal Financial Management Law No. 6 of 2016.

He pointed out, “It is not permissible to use the advances account for spending on any purpose unless the necessary allocations are available in the budget to cover the state of spending based on the provisions of Article 17 First on B of the same law,” stressing that “the Ministry of Finance is the only authority authorized to approve To release cash amounts for current and investment expenditures for spending units based on the provisions of Article 16 on the third of the Federal Financial Management Law.

And he stressed, “Based on the provisions of Article 30 of the Federal Financial Management Law, the Minister of Finance is responsible for the accounts related to all receipts and payments that take place in all ministries and agencies not linked to a ministry, the region and governorates that are not affiliated with a region that belong to the federal general budget, and he must monitor their financial transactions.”

And accounting in the ways determined by the Ministry of Finance based on the provisions of Article 27 Fifth of the same law, which stipulates that (the Ministry of Finance shall download the sums resulting from the failure to transfer ministries or the region and governorates that are not organized in a region for oil and gas revenues and other annual funding).

He added, “The House of Representatives, based on the provisions of Article 62/Second of the Constitution, may conduct transfers between the chapters and chapters of the general budget and reduce the total amounts thereof, and it may, when necessary, propose to the Council of Ministers an increase in the total amounts of necessary expenditures, and in the same direction came Article 12 of the Federal Financial Management Law No. 6 of 2016

Therefore, the Council of Ministers cannot take decisions that would burden the state's public treasury with financial burdens in a way that violates the Federal Budget Law and the Federal Financial Management Law.

He continued, "The constitution is the expression of society and its common values, as it gives it the legal and political structure, as it is the basic system for human rights and its social and political relations, and in this system it is necessary to mix politics and law because they are essential factors in the formation of societies, and therefore in the formation of the constitutional text emanating from common values."

For this society," pointing out that "through the constitution and the texts, political action is viewed as legitimate. The legitimacy of political action must stem from the constitutional text, which today has become the primary means for regulating relations between the authorities and citizens, because no person and any political institution can be monopolized." decisions, but it is the duty to abide by and act according to constitutional guarantees.”

And he noted that "there is no legitimacy for any action or abstention from action by the federal authorities, if there are constitutional violations in that," noting that "constitutional violations represent a violation of the highest legal rule, which is the constitution, and according to the ruling that no decision, system, instructions or procedure is valid." It is contrary to the constitution according to the terms of reference of the Federal Court contained in Article 93 / Third of the Constitution of the Republic of Iraq.

And he stated, "The court's direction to rule that the decisions issued by the Council of Ministers are not valid is not intended to be directed towards a specific group of society, but rather with the aim of building the state properly in accordance with the constitution and the law and not violating them by the federal authorities."

And the decision of the Federal Supreme Court, which was issued last Wednesday, included “the invalidity of the decisions issued by the Council of Ministers No. ((194) on 6/15/2021 and (226) on 7/6/2021 and (257) on 3/8/ 2021, (335) on 9/22/2021, (401) on 11/2/2021, and (Cool on 1/11/2022) are absolutely and binding on all authorities, based on the provisions of Articles (93/ Third and 94) of the Constitution. Republic of Iraq for the year 2005

Fighting Corruption

Abboud confirmed that "the issue of corruption in Iraq has taken a large part of the attention of the relevant departments in the matter of fighting this scourge," explaining that "corruption in Iraq consists of two types, and corruption in combating it requires real political intention and needs To the mechanisms that can be followed by the authorities charged with combating this corruption, including the preparation of strategic plans to combat this scourge, especially the Integrity Commission, the Office of Financial Supervision and the competent courts.

Real Seriousness In Fighting Corruption

The President of the Federal Supreme Court affirmed that "there is a real seriousness for the Prime Minister, Muhammad Shia'a al-Sudani, to fight corruption, as it represents the first pillar in the success of the government project," pointing out that "the judiciary in general is supportive of the Prime Minister in the matter of fighting corruption, and that all the authorities in the state It is heading towards combating this scourge because no progress can be achieved either at the level of providing services to the people, or at the level of achieving advanced stages of reconstruction if this scourge is not fought.

He pointed out that "the prime minister, by virtue of his constitutional powers, does not need a legal legislative mandate to expand his powers in fighting the scourge of corruption, because the constitution authorized him to manage the state's public policy in a way that guarantees the fight against this scourge."

Efforts To Reduce Corruption

Judge Abboud affirmed that "the Federal Supreme Court's jurisdiction is defined by Article 93 of the Constitution. It is not within its jurisdiction to fight corruption or to consider cases on the issue of corruption. Rather, that is left to the competent courts," explaining, "The role of the Public Prosecutor is important in all cases that are the subject of it."

It is concerned with the issue of corruption, and the public prosecution in all courts currently plays a major role, but corruption cases, in terms of their reality, need a certain time and need certain evidence in order to be completed.

And he stated, "The presence of corruption in Iraq impedes the building of the state, and the investigation and criminal courts charged with examining these cases take a very large role, and they continue to do so, just as the oversight authorities continue their work," noting that "these efforts limit the phenomenon of corruption in Iraq".

Peaceful Transfer Of Power

He stressed that the Iraqi people are looking forward with high confidence to their future through a republican, federal, democratic, pluralistic system, and that the people, despite the difficult circumstances they went through, as they sacrificed thousands of martyrs in their struggle against the former regime and in their war against the terrorist organizations, Al Qaeda and ISIS, this did not discourage the Iraqis from proceeding to build a state.

The law, where sectarianism and racism did not stop all Iraqis from proceeding to strengthen national unity and adopt ways of peaceful transfer of power, and Abboud emphasized, “The constitution, as the supreme document in Iraq, guarantees the public and private rights and freedoms of individuals, and therefore no authority of the authorities can override these freedoms and rights.”

which were stipulated in the constitution," pointing out that "the Iraqi constitution was built on two basic principles, which are the principle of the rule of law and the peaceful transfer of power, and in the event that they are not achieved, it is not possible to build a democratic state in its true sense."

https://www.mawazin.net/Details.aspx?jimare=217784

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

  https://www.bondladyscorner.com/

Some "Vietnam News" Posted by Henig Saturday 1-28-2023

KTFA: Vietnam

Henig:  Toyota joins hands with local auto supporting industry firms

January, 28/2023 - 09:04

Domestic manufacturers have paid much attention to enhancing localisation rate by investing more in supporting industries. Auto supporting industry is not apart from that process, as localisation rate has gradually help reduce import of components.

HÀ NỘI — Việt Nam's manufacturers have enhanced the localisation rate by investing more in supporting industries. The auto supporting industry is not apart from that process, as increased localisation has gradually helped reduce the importation of components.

From 2018, import tariffs on automobiles from ASEAN countries have been reduced to zero percent for Completely Built Units (CBU), posing a major challenge for domestic manufacturers, who are already facing intense competition from neighboring countries such as Thailand and Indonesia.

In particular, Việt Nam signed two new generation Free Trade Agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA). The EVFTA agreement will cut the average tariff 6-7 per cent yearly, paving the way for imported cars to enjoy zero tariffs from 2030. The zero tariff will become a great challenge for Việt Nam's automobile industry and its supporting industries as well.

As a leading automobile manufacturer in Việt Nam, with strong potential and large-scale production, Toyota Motor Vietnam (TMV) has constantly made efforts to increase the localisation rate in Việt Nam. The company has actively developed new strategies by working towards sustainable development.

Apart from manufacturing and assembly, TMV has also focused on promoting the use of domestic components. By doing so, TMV has increased its localisation rate of some models to over 40 per cent. In particular, the Toyota Veloz Cross and Avanza Premio have been locally assembled in Việt Nam since December 2022 after a year of being sold as imported CBUs. About 300 components on the Veloz Cross and Avanza Premio models are localised, contributing to the localisation of Việt Nam’s automobile industry.

Director General of Toyota Vietnam Hiroyuki Ueda described the move as an important milestone of the carmaker in the country and also the affirmation of its commitment to promoting local automobile manufacturing.

According to TMV, the company has always made efforts to actively seek and support domestic suppliers, helping them improve their management capacity to meet Toyota's quality requirements.

Since 2018, TMV has established a specialised unit to support suppliers, giving priority to Vietnamese suppliers. The unit aims to help local suppliers to improve working efficiency and product quality, while lowering production cost.

According to a Toyota representative, Vietnamese enterprises often have limited experience and do not meet the quality requirements to become a global supplier of automobile spare parts and components. Therefore, Toyota has enhanced the capacity of local suppliers in the 5S system, which includes productivity, safety, cost control, service delivery and quality management.

In June 2022, TMV and the Industry Agency under the Ministry of Industry and Trade signed a Memorandum of Understanding for a project to enhance the domestic supporting industry.

The project aims to strengthen the capability and cooperation between domestic enterprises and automakers from 2022 to 2023.

It is the third year Toyota Vietnam and the agency have worked on the project, demonstrating the firm's efforts to increase the localisation rate, support Vietnamese suppliers, and a commitment to accompany the development of the Vietnamese automobile and supporting industry.

— VNS    LINK

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Henig:  Outstanding loan falls sharply in Q4

January, 28/2023 - 08:37

According to estimation, as of the end of 2022, outstanding loan balance of securities firms was VNĐ120 trillion (US$5 billion), a decline of VNĐ40 trillion over the previous quarter.

HÀ NỘI — The Vietnamese stock market witnessed a turbulent year in 2022. In the last quarter of 2022, the market plunged and hit a two-year low of below 900 points in the middle of last November. 

The quick and strong recovery helped the VN-Index recoup the majority of its losses before being corrected, and it ended the quarter with an 11 per cent drop.

After a slight gain in the third quarter of last year, the whole market's outstanding loan balance posted a significant decrease in the fourth quarter. According to estimations, as of the end of 2022, outstanding loan balance of securities firms was VNĐ120 trillion (US$5 billion), a decline of VNĐ40 trillion over the previous quarter. The amount excluded triparty loans. 

Of the outstanding loan balance, margin lending accounted for around VNĐ115 trillion, while the rest was cash advances. Margin balance of the whole market was estimated to fell about VNĐ40 trillion over the previous quarter. 

After peaking in the first quarter of last year, the market's margin balance tended to fall after a force-sale wave. On the other hand, many securities firms also raised capital dramatically in the past year. 

Therefore, the margin to equity ratio at most securities was below 1x at the end of 2022 instead of approximately 2x (the maximum prescribed level) as of March 31, 2022. This means that securities companies still have room to lend, and the pressure to raise capital is no longer as urgent as it was a year ago.

Foreign securities companies have been competing with and even surpassing domestic enterprises in some aspects. For example, in the lending race, Mirae Asset has been leading for many quarters in terms of outstanding loans, while KIS and KB Securities were also in the top list.

While most domestic securities companies saw sharp decreases in outstanding loans, according to statistics in the fourth quarter of last year, foreign ones still maintained stable lending activities. 

Lending activities shrank due to unfavorable movements in the general market.

With great financial potential, foreign securities companies are ready to raise capital and cause great competitive pressure in all aspects, from service quality to the number of branches and especially in the ability to provide loan services. 

The huge development potential of the Vietnamese stock market is expected to continue to push the group of foreign securities companies to spend money to gain market share, and if there are no more breakthrough changes, it is likely that domestic securities companies will be lagging behind.

VNS   LINK

Henig:  Supermarkets, traditonal markets gradually resume normal operations amid abundant supply

January, 28/2023 - 10:05

Many supermarkets in HCM City such as Co.opmart, Co.opXtra, Co.op Food, Go!, Big C, Tops Market, and AEON opened from January 23, the second of the new year.

HCM CITY — Many supermarkets in HCM City such as Co.opmart, Co.opXtra, Co.op Food, Go!, Big C, Tops Market, and AEON reopened on January 23, the second of the new year.

Traditional markets too have been gradually reopening since January 23, especially those that sell fresh foods, flowers, fruits, and vegetables.

According to a Ministry of Finance report on the market and prices, sales in the city’s wholesale markets on the fourth day of the new year (January 25) were 31-52 per cent of normal while prices were mostly normal. 

The volume of vegetables and fruits arriving at the Thủ Đức Wholesale Market was 1,172 tonnes, or 52 per cent of normal days and an increase of 28.5 per cent from the same period last year.

At the Hóc Môn Wholesale Market it was 860 tonnes, which was equal 48 per cent of normal days and a decrease of 12 per cent from last year.

Supermarkets have also launched many promotions after Tết to stimulate demand.

From January 25 to 27 customers at Co.opmart with bills worth VNĐ500,000 or more have the chance to receive vouchers worth VNĐ30,000-500,000 under its ‘Hái lộc đón phúc – Sung túc cả năm’ programme.

The supermarket chain is also offering discounts on confectionery, milk and dairy products, vegetables, fruits, household utensils, cosmetics, clothes, and others.

— VNS   LINK

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Henig:  Retail market predicted to recover in 2023

January, 28/2023 - 09:06

Although 2023 is forecast to see many difficulties, experts expect it will be a recovery year for the retail sector after the COVID-19 pandemic as there are many signs showing the return of investors and higher demand.

HÀ NỘI — Although 2023 is forecast to see many difficulties, experts expect it will be a recovery year for the retail sector after the COVID-19 pandemic as there are many signs showing the return of investors and higher demand.

According to the Ministry of Industry and Trade (MoIT), the scale of the Vietnamese retail market is US$142 billion, which is expected to reach $350 billion in 2025, with contributions of 59 per cent to total GDP.

Last year, the total revenue from retail sales of goods and services rose 21 per cent, exceeding the target of 8 per cent.

A survey by Vietnam Report showed that over 53.8 per cent of total retail firms enjoyed similar and higher business results compared to the pre-pandemic level.

Experts held that the growth of retail sales is being supported by a rise in incomes and the strong recovery of the tourism sector as well as relevant sectors such as transport and accommodation, as well as the effectiveness of inflation control measures.

Additionally, there are signs of vibrant retail activities as many foreign investors have announced their plans to return after the pandemic.

Recently, Thailand’s Central Retail said that it will pump additional VNĐ20 trillion ($852.87 million) into the Vietnamese market in the next five years, pushing its investments in Việt Nam in the 2022-2026 period to VNĐ65 trillion. With this plan, Central Retail will raise their coverage from 40 localities currently to 55.

Meanwhile, Japanese giant retailer Aeon Group plans to build another megamall in Hà Nội, raising its total trade centres in Việt Nam to 20.

Phùng Trung Kiên, Founder of Vietnam Holdings Inc, said that retail businesses will see good growth in early 2023, especially those trading consumer goods thanks to the Lunar New Year Festival.

In 2023, four trade centres are scheduled to be launched – Central Premium plaza, Vincom Megamall Grand Park, Sunrise City Central and Emart 2 with total area of over 116,000 sq.m.

Many experts predicted that this year, retailers will expand their selling channels, bringing their products to different trading platforms to optimise online retail channels.

— VNS   LINK

Iraqi News Highlights Saturday Afternoon 1-28-23

Iraqi News Highlights Saturday Afternoon 1-28-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor Puts Forward Proposals To Counter The Continued Rise In The Exchange Rate

Economie| 10:11 - 01/28/2023N   Baghdad - Mawazine News  , Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, today, Saturday, put forward proposals to counter the continued rise in the exchange rate, including a solution that he described as national and comprehensive to provide price stability.

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 (through the financing tool represented by the Central Bank of Iraq's window for buying and selling foreign currency - the US dollar in particular), 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 a rate that has not risen to 25-30% of the total actual demand for external transfer to finance trade.

He added, "As long as government trade is highly governed and outside this constraint, as it relies on the mechanisms of documentary credits, which is the traditional basis for financing trade, and so that the commercial market can reorganize itself, its contracts, and its foreign purchases, and in order to contain fluctuations in the exchange rate within a narrow range, we suggest that trade expand." The government foreign ministry (as a wholesale trader) is currently supplying the market with the most important commodities that have a wide impact on people's lives, which flow according to the fixed official exchange rate of 1460 dinars to 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 counter-competition (cartels) monopolizing trade, which sends negative signals towards stabilizing the exchange rate of the Iraqi dinar."

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

And the second: the abundance of commodities supplied through government trade at the official exchange rate is considered a compensatory supply of foreign currency, and the demand for it is equal to what helps reduce the exchange rate gap (the central exchange rate versus the parallel exchange rate), and reduce the impact of these differences in exchange rates on inflationary expectations. in economics.”

In an interview with the official news agency, Salih affirmed, "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."    https://www.mawazin.net/Details.aspx?jimare=217749

A Deputy From Maysan Asks A Parliamentary Question To The Governor Of The Central Bank Of Iraq Regarding The Survival Of Iraq’s Money In The US Federal Bank

Saturday 28 January 2023 Economical Number of readings: 180  Al -Amarah / NINA / - The independent deputy from Maysan Governorate, "Raed Hamdan Al-Maliki," asked a parliamentary question to the governor of the Central Bank of Iraq regarding the survival of Iraq's money in the US Federal Bank.

In a statement, he asked what is the legal basis for keeping Iraq's money deposits in the US Federal Bank / New York ?, Is there a fear of seizing some of Iraq's funds in the Federal Bank through lawsuits in American or European courts, and what are the justifications that called for increasing investment in the possession of US Treasury bonds, which amounted to about (38) billion dollars, and whose funds are formed from reserves? Official Iraq?   https://ninanews.com/Website/News/Details?key=1029637

Sales Of The Central Bank Of Iraq Are Close To Half A Billion Dollars In A Week

Saturday 28 January 2023 11:00 | Economical Number of readings: 294  Baghdad / NINA / - The Central Bank of Iraq's total sales of hard currency to dollars during the past week amounted to about half a billion dollars.

Statistics of the bank showed that it sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, 437 million 300 thousand and 223 dollars, at a daily rate of 87 million 460 thousand and 44 dollars, down by 26.27% from the previous week.

The highest dollar sales during the current week were on Monday, when sales amounted to 126 million 944 thousand and 502 dollars, while the lowest sales were on Thursday, when sales amounted to 61 million 649 thousand and 886 dollars.

Sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar./   https://ninanews.com/Website/News/Details?key=1029520

The House Of Representatives Finishes Reading A Number Of Laws And Adjourns Its Session To Next Monday

Iraq     Today, Saturday, the House of Representatives adjourned its session to next Monday.

The House of Representatives media department said in a statement, "The House of Representatives adjourned its session to next Monday."

Today, Saturday, the House of Representatives completed a number of project laws.

A statement by the Information Department of the House of Representatives stated that "Parliament has completed the first reading of the draft law on the accession of the Republic of Iraq to the international agreement on the establishment of an international fund to compensate for oil pollution damage for the year 1992."

The statement added, "The House of Representatives has completed the first reading of the draft law ratifying the agreement to avoid double taxation with regard to taxes imposed on income and the prevention of tax evasion between the governments of Iraq and the Netherlands," noting that "Parliament is finishing the first reading of the draft law of the Institute for the Preparation of Police Commissioners."

He pointed out that "the House of Representatives is finalizing the report and discussion of the draft law ratifying the basic cooperation agreement between the government of Iraq and the United Nations Industrial Development Organization (UNIDO)." https://www.radionawa.com/all-detail.aspx?jimare=33200

The Sudanese Financial Advisor To / NINA /: Iraq Extending Its Arms To Europe Is A Start For A Sustainable Economy

Saturday 28 January 2023 12:23 | Economical Number of readings: 269  Baghdad / NINA / - Adviser to the Malian Prime Minister, Mazhar Muhammad Salih, described Al-Sudani's visit to France as "successful and successful", stressing: "Iraq's extension of its arms to Europe is a launch for a sustainable economy."

Muhammad Salih said in a statement to the National Iraqi News Agency ( NINA ): "The strategic agreement signed by Prime Minister Muhammad Shia' al-Sudani with the French President stems from economic visions for sustainable development for Iraq, as its axes include gas, clean energy, culture, antiquities, university affairs and education, in addition to the contributions of French experience in agriculture itself and the affairs of industry.

The financial advisor stressed that "Iraq needs the heart of Europe, and the heart of Europe is Paris, so Iraq's engagement with Europe is a correct start to extend Iraq's arms to Europe in the field of cooperation, development and progress."

And Mohammed Saleh continued: "It is a successful and successful visit that builds long-term relations with industrialized France, which is influential in Europe and globally."

Al-Sudani visited Paris on Thursday and Friday at the head of a high-level delegation. He met French President Emmanuel Macron and the French Prime Minister.

During the visit, a strategic partnership agreement was signed between Iraq and France, and a number of memorandums of understanding in the areas of combating corruption, recovering Iraqi funds, protecting antiquities, supporting scientific research and training diplomats./ End

https://ninanews.com/Website/News/Details?Key=1029543

The Stability Of The Dollar Exchange Rates At 161 Thousand Dinars

Economie| 09:59 - 01/28/2023   Baghdad - Mawazine News  Today, Saturday, the exchange rates of the dollar witnessed stability in the local markets.   Selling price: 161,000 dinars per 100 dollars  Buying price: 160,500 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=217747

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

https://www.bondladyscorner.com/

Frank26 and KTFA Members "News and Views" Saturday 1-28-2023

KTFA:

Clare:  FRANK DOESN'T WANT YOU TO MISS THIS.... 

Frank26:  "THE MONETARY REFORM EDUCATION GOES ACROSS THE POND TO DC!!!"

Al-Sudani acknowledges the existence of a rise in prices and says that the window for selling the currency "distorted" the financial and banking systems 

Frank26:  (DISTORTED BECAUSE THEY DEPEGGED & ARE PREPARING TO FLOAT INTERNATIONALLY -F26)

1/27/2023

The Prime Minister, Muhammad Shia' al-Sudani, acknowledged, on Friday, the existence of a rise in prices, indicating that the window for selling the currency "distorted" the financial and banking systems in Iraq.

In an interview with France 24, Al-Sudani said, "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. 

Frank26: (KTFA FAMILY 2003 IS WHEN THE NSCN's (New small currency notes) WERE PRINTED FOR THE FUTURE NEW EXCHANGE RATE -F26) 

 We have continuous oil revenues and food stocks."

He added, "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."

Al-Sudani added, "There are question marks that these standards are to be applied at this time or at this point in time from a 3-month-old government, while they were absent for years in previous governments. The sale of dollars exceeded $300 million per day, in non-trade." Legitimate, money comes out under the headings of smuggling and money laundering.

Prime Minister Muhammad Shia al-Sudani said, "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 way that guarantees the desired goal." from all sides.  LINK

Frank26:   (A PROGRAM RATE IS NOT DESIRED BY EITHER SIDE... THAT IS WHY THE FINAL EXCLAMATION OF THE MONETARY REFORM IS BEING TAKEN TO WASHINGTON DC... IN MY OPINION -F26)

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Suzie:  If all the intel/info is correct as being alluded to, tomorrow should be a BIG day.....wonder if Frank has heard anything from Eddie or fireflies today, or if Iraq will jerk that famous flying carpet out from under us once again.  Lets hope the ISX shows up International to us on Monday and they and us go forward!  MY opinion!

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Clare:  Sudanese advisor puts forward proposals to counter the continued rise in the exchange rate

1/28/2023

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, today, Saturday, put forward proposals to counter the continued rise in the exchange rate, including a solution that he described as national and comprehensive to provide price stability.

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 (through the financing tool represented by the Central Bank of Iraq's window for buying and selling foreign currency - the US dollar in particular), 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 a rate that has not risen to 25-30% of the total actual demand for external transfer to finance trade.

He added, "As long as government trade is highly governed and outside this constraint, as it relies on the mechanisms of documentary credits, which is the traditional basis for financing trade, and so that the commercial market can reorganize itself, its contracts and foreign purchases, and in order to contain fluctuations in the exchange rate within a narrow range, we suggest that trade expand." The government foreign ministry (as a wholesale trader) is currently in order to supply the market with the most important commodities that have a wide impact on people's lives, which flow according to the fixed official exchange rate of 1460 dinars to 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 stabilizing the exchange rate of the Iraqi dinar."

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

And the second: the abundance of commodities supplied through government trade at the official exchange rate is considered a compensatory supply of foreign currency, and the demand for it is equal to what helps reduce the exchange rate gap (the central exchange rate versus the parallel exchange rate), and reduce the impact of these differences in exchange rates on inflationary expectations. in economics.”

In an interview with the official news agency, Salih affirmed, "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

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Henig:  Faad Hussein: The coming period will witness the reopening of embassies of several countries in Baghdad

Fuad Hussein, Iraqi Foreign Minister

Erbil (Kurdistan 23) - Today, Saturday, January 28, 2023, Foreign Minister Fuad Hussein affirmed that developing relations with Morocco is a gateway to entering the African continent, while indicating that the coming period will witness the opening of embassies of several countries in Baghdad.

Hussein said in a statement to the Iraqi News Agency (INA): "The opening of the Moroccan embassy in Baghdad is the first step to expanding the relationship between the two countries," pointing out that "economic relations were non-existent during the previous period, and there was no Moroccan embassy in Baghdad, but with the presence of the embassy and building Other mechanisms we talked about with the Moroccan foreign minister, the relations between the two countries will be qualitative and developed in the near future.

He added, "There is no agreement currently on signing trade agreements, but in the near future there will be a set of understandings and memorandums of understanding in addition to reviewing previous agreements between the two countries," noting that "the economic and political situation in Iraq and also in Morocco needs to be reviewed." In these agreements, in order for the work to be according to new objective conditions.

He continued, "Morocco is a gateway for Iraq to enter the African continent, and as a result of previous circumstances, Iraq was isolated from many countries, and entering Morocco is important because the Kingdom plays an important role, especially in the economic aspect of the African continent."

Hussein stressed, "There is a tendency and work to open other non-Moroccan embassies in Iraq during the coming period."   LINK

Henig:  Al-Sudani: The oil and gas law is the most important step in regulating the relationship with the Kurdistan Region

He stressed that "the attack on Iraqi lands is an unacceptable and condemned act, and we have official positions, some of which were raised at the level of communications to the Security Council and the United Nations."        

Iraqi Prime Minister Muhammad Shia al-Sudani

Erbil (Kurdistan 24) - Iraqi Prime Minister Muhammad Shia' al-Sudani affirmed today, Friday, that the oil and gas law is the most important step in regulating the relationship with the Kurdistan Region.

In an interview with France 24, Al-Sudani said, "The budget law will contribute to resolving the bulk of the issue of financial transfers in accordance with the constitution."

He added, "Then we will move to the most important step represented by the legislation of the oil and gas law, which regulates the relationship between the federal government, the Kurdistan Regional Government and the oil-producing provinces."

He stressed that "the attack on Iraqi lands is an unacceptable and condemned act, and we have official positions, some of which were raised at the level of communications to the Security Council and the United Nations."

He pointed out, "Since the first day we assumed our work, we were keen to play the role of rapprochement between the Islamic Republic of Iran, 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."

He stressed that "we have obtained assurances from these countries, and we are continuing our endeavors," noting that "there is 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."  LINK

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Henig:  Transport reviews the details of a "giant project" linking Iraq with Europe

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, up 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 be extended by a railway of up to 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.   LINK

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Henig: An expert reviews 3 benefits of applying the "transit" system in Iraq

|Today, 17:41 | 

Baghdad today-Baghdad

An expert in the field of transport revealed the expected benefits of activating the transit system in Iraq, which will turn it into a shortcut for transporting goods between exporting and importing countries.

Transport expert Basil Al-Khafaji said, in a press statement followed by "Baghdad Today", that "Iraq enjoys a distinguished geographical location linking the European continent with the Asian continent, where the Ibrahim Al-Khalil port (in the north) can provide a major passage for the arrival of Turkish and European goods to the Arabian Gulf and Jordan and vice versa, and that It reduces lead time and costs, saving millions of dollars and nearly 10,000 jobs."

Al-Khafaji explained that "the system will allow the entry of at least a thousand trucks to transport goods daily, and the transportation of European and Turkish goods from the Turkish port of Mersin to the Kuwaiti port of Shuwaikh takes 23 days by sea, while it will take 4 days from Turkey to Kuwait and Saudi Arabia through the Ibrahim port corridor."

He pointed out that "saving time will include Bahrain, Qatar and the Sultanate of Oman, which will receive the goods within 4 to 7 days," noting that "this shortening of time will ensure the healthy life of foodstuffs."

Al-Khafaji considered that "this strategic project will activate the commercial movement, if implemented, while ensuring that the country will obtain large profits, which are fees for the passage of trucks transporting goods, in addition to that it will send a message of reassurance to attract investments."   LINK

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Henig:  In numbers... UAE exports to Iraq jump to $20 billion

 two hours ago

An economist said that the value of Iraq's imports from the United Arab Emirates increased during 2022 to reach about $20 billion, up by 47% compared to 2021, which was about $14 billion.

And Manar Al-Obaidi stated, in a statement, that “despite the decrease in the total amount of imports by 28% compared to 2021, as the total imported quantities were 15 million tons compared to 2022, which amounted to 10.7 million tons, but the high prices of materials, specifically oil derivatives, which are the largest percentage of Iraq’s imports from the UAE {where it represents about 31% of the volume of imports} led to an increase in the value of imports in exchange for a decrease in the imported quantity.

He added, "The growth rate in the value of imports of mineral products, which mainly represent oil derivatives, reached 93%, while the volume of imports of the same products decreased by 29%."

Al-Obeidi added, "The value of Iraq's imports of electrical and electronic appliances from the UAE (which represents 30% of total imports) also increased, to reach $6 billion, an increase of 11% compared to 2021."

He pointed to "the increase in the value of Iraq's imports of cars from the UAE (which represents 11% of total imports) to reach $2.2 billion, up by 69% compared to 2021."

He noted that "the re-exported products from the UAE to Iraq represent 85% of the total UAE exports to Iraq."

And the economist stated that "the UAE represents Iraq's first trading partner with a volume of trade exchange that exceeds 21 billion of products that do not contain crude oil, surpassing countries such as China, Turkey and India as a result of the increase in products re-exported to Iraq."   LINK