"Tidbits From TNT" Wednesday Morning 2-1-2023
TNT:
Tishwash: Novosti": Washington's policy pushes emerging countries to move towards the national currency
The agency "Novosti" talked about the adoption of central banks in the world approach to reduce the share of the US currency in its international reserves because of the economic policy of Washington and the huge debt of the United States.
The agency indicated that emerging countries are moving towards adopting national currencies in trade settlements, and economists are now certain that the financial world will not be the same again.
In a report on "the future of the monetary system," analysts at the Bank's Research Institute pointed out, "Credit SuisseThe Swiss led to a loss of confidence in the US economy in light of the high inflation rates and the existence of a huge US budget deficit ($1.3 trillion) and huge debts ($31 trillion, which constitutes 121.5% of the GDP) in addition to the fact that no one is trying to use the dollar as a weapon.
TNT:
Tishwash: Novosti": Washington's policy pushes emerging countries to move towards the national currency
The agency "Novosti" talked about the adoption of central banks in the world approach to reduce the share of the US currency in its international reserves because of the economic policy of Washington and the huge debt of the United States.
The agency indicated that emerging countries are moving towards adopting national currencies in trade settlements, and economists are now certain that the financial world will not be the same again.
In a report on "the future of the monetary system," analysts at the Bank's Research Institute pointed out, "Credit SuisseThe Swiss led to a loss of confidence in the US economy in light of the high inflation rates and the existence of a huge US budget deficit ($1.3 trillion) and huge debts ($31 trillion, which constitutes 121.5% of the GDP) in addition to the fact that no one is trying to use the dollar as a weapon.
"Macroeconomic imbalances have increased dramatically as geopolitical tensions have escalated in recent years, and the potential for widespread abandonment of the US dollar has increased," the report's authors said.
And as an indication of the decline in confidence in the dollar, the report indicated that the dollar in the seventies represented 80% of global reserves, while in 2022 it reached a level of only 58.8%, which is the lowest level in 20 years.
Analysts believe that the use of dollar reserves as a protective mechanism against currency depreciation is no longer appropriate in light of the adoption of a floating exchange rate.
As a striking example of the declining position of the US currency in the world, economists talk about Russian Federation trading with China And India last year, Moscow turned and Beijing Then with New Delhi trade settlements into national currencies. And now the Chinese and Indians pay for Russian products in yuan and rupees. link
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Tishwash: Washington receives "compelling evidence"... Iran trades in Iraqi dollars
A Saudi newspaper revealed, on Wednesday, that the US Treasury Department has obtained compelling evidence that Iran has traded dollars that Iraq recently received from Washington, during the past two weeks.
sharq Al-Awsat newspaper stated, in a report seen by Shafaq News Agency, that "the Americans feel that Baghdad is dealing with indifference to their recent warnings to Iraqi financial institutions that buy and sell dollars."
The newspaper pointed out, "The Iraqi government tried to build a European pressure group on the United States to ease its restrictions on dollar sales in Iraq, but Baghdad's diplomatic channels failed in those efforts."
It quoted Iraqi sources as saying that "Prime Minister Muhammad Shia' al-Sudani tried to create a (lobby) during his recent visit to Paris and Berlin last month."
The sources pointed out that the Sudanese government is concerned that the dollar crisis may end with the government's fall quickly, and that the channels that Al-Sudani chose to persuade the Europeans to help Iraq to put pressure on Washington were weak and traditional.
Another source, who the newspaper said was familiar with the government's atmosphere, stated that "Al-Sudani's small team does not include any expert in European affairs, while the employees of the Iraqi embassy in Paris and an unknown businessman were relied on to arrange Al-Sudani's visit to Paris." link
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Tishwash: The Central Bank announces the deposit of more than 80 million dollars in the Iraq Money Recovery Fund
The Central Bank of Iraq announced today, Wednesday, the deposit of more than 80 million dollars in the Iraq Money Recovery Fund.
According to a document issued by the Central Bank obtained by Alsumaria News, "the amount of eighty million, two hundred and fifteen thousand, four hundred and sixty-two dollars and 26 cents was deposited in the DFI account on 1/31/2023.
or its part, the media office of the Prime Minister, Muhammad Shia'a al-Sudani, said in a statement received by Alsumaria News, that "the competent authorities managed to recover an amount of more than 80 million dollars from the stolen funds and re-enter them into the state treasury."
He added, "This came in accordance with the government's approach and within the government's continuous efforts to recover Iraq's money smuggled abroad. link
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Tishwash: Control of the exchange rate is achieved by supporting the Central Bank's measures
Since last week, and in continuation of the efforts of the government and the Central Bank, specialized work cells and teams from the cadres of the Central Bank and banks, with the follow-up of the Prime Minister and the Parliamentary Finance Committee, and under the direct supervision and management of the Governor of the Central Bank, have begun to hold a series of meetings, discussions and reviews of instructions with the aim of simplifying the procedures that lead to To secure the US dollar in the quantities required to cover the foreign trade needs of merchants, businessmen and importers (companies and individuals) through the banking system, as well as covering the needs of citizens traveling outside Iraq for all purposes.
In addition, the tireless efforts of the Central Bank and the government to coordinate at a high level and directly with international technical requirements, in a manner that guarantees the arrival of the dollar to the real beneficiary, while preserving the bank’s foreign currency reserves with the bank and with other banks according to the highest levels of care, transparency and responsibility.
And from our analysis of the current situation of the money market in Iraq and the continued flow of the dollar according to the daily rates of oil imports and the availability of foreign cash reserves of about 115 billion dollars. It makes us reassured that the current exchange rate crisis is temporary, and the price will return to its targeted rates from the Central Bank in a short time.
This requires governmental and parliamentary cooperation and support and keeping the crisis away from bickering, tensions and political conflicts, as well as media support for the Central Bank’s procedures and non-interference of non-specialized analysts who are hosted in Some media channels to harm the independence of the Central Bank and the reputation of our national economy internationally.
We commend here the government's measures to track down speculators in the currency market and unlicensed money changers who harm the money market and the commercial market, and we bet that the crisis will end in the short term.
We hope that the trolls understand that the duties and tasks of the Central Bank are clear and defined in its law in force and that it implements them in accordance with its independence and its monetary policy and its tools. It is not one of its tasks to control the border crossings and the customs system, nor to follow up and control speculators in the currency market, nor is it responsible for the lack of local production that covers the needs of citizens It is not responsible for increasing the ration ration or committing to distributing it on time to citizens, nor is the Central Bank responsible for providing sufficient social welfare allocations to meet the needs of the poor, and the Central Bank is not responsible for activating the productive sectors in agriculture and industry and diversifying sources of national income.
Therefore, the responsibility to maintain the stability of the exchange rate is the responsibility of everyone, the central bank, the government, banks, the media and citizens link
Mot: ~~~ Happy February!!! ~~~~
Mot: ... Seeeeeee - You can teach an old dog new tricks…
Wednesday Morning Itraq Economic News Highlights 2-1-23
Wednesday Morning Itraq Economic News Highlights 2-1-23
Al-Sudani Calls On Citizens Not To Acquire The Dollar And Confirms That The Iraqi Dinar Is The Strongest And We Will Return The Exchange To Its Official Rate
By Moahmmad EditorIraq news The Iraqi Prime Minister, Muhammad Shia al-Sudani, confirmed that the government will return the exchange rate of the dollar to what it was, calling on citizens not to own the dollar because “the dinar is stronger.”
The Prime Minister, Mohamed Shia Al-Sudani, said that exchange rate fluctuations are not a decision of the government, parliament, or the central bank, as happened when the exchange rate was raised in 2020 by a decision of the government and the approval of Parliament.
Wednesday Morning Itraq Economic News Highlights 2-1-23
Al-Sudani Calls On Citizens Not To Acquire The Dollar And Confirms That The Iraqi Dinar Is The Strongest And We Will Return The Exchange To Its Official Rate
By Moahmmad EditorIraq news The Iraqi Prime Minister, Muhammad Shia al-Sudani, confirmed that the government will return the exchange rate of the dollar to what it was, calling on citizens not to own the dollar because “the dinar is stronger.”
The Prime Minister, Mohamed Shia Al-Sudani, said that exchange rate fluctuations are not a decision of the government, parliament, or the central bank, as happened when the exchange rate was raised in 2020 by a decision of the government and the approval of Parliament.
He explained, in an interview with Al-Iraqiya TV, that international standards and the relationship between the Central Bank with the Federal Reserve and the US Treasury, to control the movement of money, which merchants find difficult to work with, led to a rise in the exchange rate.
The Iraqi markets are witnessing a crisis after the decline in the exchange rate of the Iraqi dinar against the US dollar to below the rate set by the Central Bank of Iraq, which led to confusion in the market, and fears among citizens of a further rise in the price of the dollar, despite the Iraqi government's assurances that the exchange rate will return to the specified level.
The prime minister pointed out that “currency smuggling was clear and constituted a chronic crisis,” asking: “What has stopped except for the high price of some commodities, even though we sell 30 million dollars while we used to sell 300 million?”
Al-Sudani acknowledged that “the procedures will take time,” adding, “We will certainly return the dollar to its official price, and we will save it, and we will accustom merchants and businessmen to correct and legitimate trade.”
In this context, he referred to weekly meetings held with businessmen who complain of problems with taxes and customs in order to solve the problems they face, and “something that was supposed to happen during the two years that were granted to the Central Bank,” revealing that the agreement between the Central Bank and the Federal And the US Treasury concluded two years ago, without the central bank taking concrete steps to prepare for its implementation.
Regarding what is reported about money smuggling from the Kurdistan Region, he said: “We hear about money smuggling and transferring it to Kurdistan and from there to neighboring countries,” adding that he had spoken with the President of the Kurdistan Regional Government “about money smuggling and the need for cooperation on this file.”
On the discussions with the American side regarding the dollar, he indicated that “a high-level delegation headed by the Foreign Minister will visit Washington on the seventh of February to discuss more than one file, including fluctuations in dollar prices.”
The exchange rate of the dollar in the Iraqi markets and stock exchanges today, Tuesday, reached 1,680 Iraqi dinars per dollar, in a new indication of the growing exchange rate crisis in Iraq despite government promises and recent measures to limit the rise in the exchange rate, resulting primarily from the lack of control over the dollar currency smuggled into the country. Abroad, and thus the US Federal Bank reduced the liquidity sent to the Iraqi government from the dollar currency in exchange for Iraq selling oil.
Al-Sudani denied what was reported about setting a new exchange rate in the budget law, as the government does not want to interfere in monetary policies, adding that “all possibilities are contained in adjusting the exchange rate of the dollar.” https://altahreernews.com/42861/
Al-Karawi: America Is Blackmailing The Government By Fabricating The Dollar Crisis
February 1, 2023 4 Views Conscious / Baghdad Today, Wednesday, the head of the organizing body of the popular movement for the Belt and Road, Hussein Ali Al-Karawi, accused the US side of practicing blackmail against the Iraqi government through the dollar crisis.
Al-Karawi said, in an interview reported by the reporter (Iraqi Media News Agency / INA) , that "America is practicing blackmail on the government in an attempt to keep Iraq from signing economic memorandums of understanding with Germany and China."
He added, "The United States of America is unable to distance Iraq from China, Russia and Iran, and therefore it found the crisis of the dollar's rise as a means of putting pressure on the government."
He pointed out that "the decline in the value of the Iraqi dinar greatly affects the standard of living of the poor and middle classes, and this matter is reflected in the performance of the Sudanese government."
He called on the national political forces and popular activities to confront the American interventions and pressures that are trying to impose their will and dominance on the Iraqi political decision.”
The exchange rates of the dollar witnessed a new rise in the local markets.
The selling price of the dollar was 167,500 dinars per 100 dollars, while the buying price of the dollar was 167,000 dinars per 100 dollars. https://1-al--iraqinews-com.translate.goog/archives/331067?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_enc=1
An Official Directive To Investment Companies To Adopt The Iraqi Dinar Instead Of The Dollar
2023-02-01 Shafaq News/ Today, Wednesday, the National Investment Commission instructed all investment companies contracting with the commission to build residential complexes to abide by the official dollar exchange rate set by the Central Bank of Iraq, which amounts to 1470 dinars to the dollar.
The official spokesperson for the authority, Hanan Jassim, said in a statement today that the directive came based on Cabinet Resolution No. (23026) for the year 2023, and that the directive stipulated that the companies concerned should take the necessary measures to invest in residential complexes and not demand from citizens registered on the aforementioned housing units. With more than the approved official price, and against it, the necessary legal measures will be taken against the violating companies.
The price of the dollar against the dinar rose in an unprecedented way recently due to the measures imposed by the United States of America to limit currency smuggling from Iraq.
The Central Bank of Iraq announced, on Monday, January 19, a package of decisions that would restore the foreign currency market to its normal position after the rise in it.
The decisions included the following paragraphs:
1- Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and to pay interest / returns on those balances according to what this bank decides.
2- Facilitating the financing of private sector trade through Iraqi banks and meeting the demand for foreign transfers by strengthening the balances of banks with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar, and others).
3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)
4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar LINK
Sulaymaniyah.. Dollar Transfers Continue For Less Than 10 Thousand Dollars Internally And Externally
proposals from economy |Today, 14:04 | Baghdad today - Sulaymaniyah Today, Wednesday, the director of the remittance market in the city of Sulaymaniyah, Jabbar Goran, denied stopping remittances in the city's stock market.
Goran told (Baghdad Today) that "remittances are continuing in the stock market in the city of Sulaymaniyah in the Kurdistan region."
He added that "the transfers that have been stopped are those that amount to more than 10 thousand dollars."
And the Kurdistan Regional Government had announced, earlier, the suspension of internal and external transfers in Sulaymaniyah Governorate until further notice.
And the Ministry of Finance in the region directed, according to a document that (Baghdad Today) obtained a copy of, that “based on Resolution No. 888 on 6/26/2022, all licensed exchange companies were alerted to prevent the transfer or receipt of funds internally, and that the decision authorizes only those companies to exchange currencies.” Otherwise, those companies will be exposed to the legal issue.” LINK
Aware / An Economist Explains That Decreasing The Dollar Exchange Rate Increases The Budget Deficit
February 1, 2023 4 Views Conscious / Baghdad The economist, Dr. Safwan Qusai, explained that reducing the exchange rate of the dollar from the official rate of 1450 dinars will lead to an increase in the budget deficit for the current year.
"The Minister of Finance has confirmed in a previous statement that the exchange rate of the dollar against the dinar will not change, as the dollar will continue to be sold at 1450 for the current year ," Qusai said in an interview reported by the interviewer. (Iraqi Media News Agency / INA).
He added, "The process of having obligations on the dinar through the employee compensation item or through commodity and service supplies, the process of improving the value of the dinar at this time will cause a kind of additional deficit in the budget."
And that "fixing the exchange rate is the approach followed with the need to support the poor and fragile classes and those with limited income as a result of high prices for global reasons or as a result of the current depreciation of the dinar due to the lack of a regular commercial market in the current period.”
Washington Receives "Compelling Evidence"... Iran Trades In Iraqi Dollars
2023-02-01 03:30 Shafaq News / A Saudi newspaper revealed, on Wednesday, that the US Treasury Department has obtained compelling evidence that Iran has traded dollars that Iraq recently received from Washington, during the past two weeks.
Asharq Al-Awsat newspaper stated, in a report seen by Shafaq News Agency, that "the Americans feel that Baghdad is dealing with indifference to their recent warnings to Iraqi financial institutions that buy and sell dollars."
The newspaper pointed out, "The Iraqi government tried to build a European pressure group on the United States to ease its restrictions on dollar sales in Iraq, but Baghdad's diplomatic channels failed in these efforts."
It quoted Iraqi sources as saying that "Prime Minister Muhammad Shia' al-Sudani tried to create a (lobby) during his recent visit to Paris and Berlin last month."
The sources pointed out that the Sudanese government is concerned that the dollar crisis may end with the government's fall quickly, and that the channels that Al-Sudani chose to persuade the Europeans to help Iraq to put pressure on Washington were weak and traditional.
Another source, who the newspaper said was familiar with the government's atmosphere, stated that "Al-Sudani's small team does not include any expert in European affairs, while the employees of the Iraqi embassy in Paris and an unknown businessman were relied on to arrange Al-Sudani's visit to Paris." LINK
Iraqi News Highlights Tuesday Evening 1-31-23
Iraqi News Highlights Tuesday Evening 1-31-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Decides To Host The Ministers Of Finance And Planning Regarding The 2023 Budget
Political | 03:51 - 01/31/2023 Parliamentary Finance decides to host the Ministers of Finance and Planning regarding the 2023 budget
The Ministry Of Interior Confirms The Arrest Of A "Good" Number Of Currency Speculators
Economie| 01:54 - 01/31/2023 Baghdad - Mawazine News, Director of Financial Crime Control at the Ministry of Interior, Brigadier General Qabas Haider Muhammad, confirmed today, Tuesday, the arrest of a "good" number of currency speculators.
Iraqi News Highlights Tuesday Evening 1-31-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Decides To Host The Ministers Of Finance And Planning Regarding The 2023 Budget
Political | 03:51 - 01/31/2023 Parliamentary Finance decides to host the Ministers of Finance and Planning regarding the 2023 budget https://www.mawazin.net/Details.aspx?jimare=218066
The Ministry Of Interior Confirms The Arrest Of A "Good" Number Of Currency Speculators
Economie| 01:54 - 01/31/2023 Baghdad - Mawazine News, Director of Financial Crime Control at the Ministry of Interior, Brigadier General Qabas Haider Muhammad, confirmed today, Tuesday, the arrest of a "good" number of currency speculators.
Muhammad said, "Daily campaigns have been organized, regarding the rise in the exchange rate of the dollar in the local markets, to monitor manipulators and conflicting parties who do not have original approvals and are outside the legal context, and a number of them have been arrested, and they will be punished according to the law."
In a press conference, Muhammad pointed out that "there is no specific number for the arrested monopolists of the dollar," noting that it is a "good number, and legal measures have been taken against them."
He added, "There are 28 official outlets and banks, and therefore the continuous and continuous campaigns include those exploiters who do not have the approvals and fundamentals of trading to limit them." Ended https://www.mawazin.net/Details.aspx?jimare=218053
Central Bank: We Did Not Indicate Any Increase In The Spread Of Counterfeit Currencies
01/31/2023 Baghdad - Mawazine News, the Central Bank clarified, on Tuesday, the mechanism for identifying counterfeit local currencies, and while indicating that the counterfeiting is weak, and is discovered by the public, it confirmed that it did not indicate any increase in this regard.
And the Central Bank’s advisor, Ihsan Al-Yasiri, said, “The Iraqi banknotes categories (10 thousand dinars, 25 thousand dinars, and 50 thousand dinars) include a transparent window, which has become one of the strongest paper currencies issued by the Central Bank, and it is a court paper with a transparent window and one of its characteristics is the appearance of an image of malawi. It has a white background, and it also shows the category number if the background is black.”
Al-Yasiri added, in an interview with the official news agency, which was followed by Mawazine News, that "counterfeiting currency is weak and bad, and is often discovered by the public, the banking sector, and the central bank."
He stressed that "the banknotes currently in circulation are issued by the Central Bank, and that the counterfeit notes are clear," noting that "the Central Bank did not indicate any increase in the rate of currency counterfeiting." https://www.mawazin.net/Details.aspx?jimare=218058
Washington: We are ready to work with Baghdad to build a world-class electricity system
Economie| 02:07 - 01/31/2023 Baghdad - Mawazine News , the US Ambassador to Iraq, Elena Romanowski, affirmed, on Tuesday, her country's readiness to work with the Iraqi government to build an electricity system "on a global level." https://www.mawazin.net/Details.aspx?jimare=218054
The US Ambassador Confirms Her Country's Refusal To Let Iraq Be An Arena Of International Conflict
Political 04:32 - 01/31/2023 Baghdad - Mawazine News, the US Ambassador, Alina Romanowski, confirmed today, Tuesday, her country's refusal for Iraq to be an arena of international conflict.
The media office of the advisor said in a statement, a copy of which was received by Mawazine News, that "Al-Araji received the US ambassador to Baghdad, Alina Romanowsky, to discuss the latest developments in the political and security situation in Iraq and the region, as well as discuss the file of the Syrian Al-Hawl camp, and the continuation of cooperation and partnership in the field of combating terrorism.”
Al-Araji stressed, according to the statement, that "Iraq is working to activate the strategic framework agreement in the economic, trade and cultural fields, as well as activate bilateral agreements between the two countries."
For her part, the US ambassador indicated, according to the statement, that "the focus on the economic aspect will be on the dialogue table with the Iraqi foreign minister during his travel to Washington," stressing her country's refusal for Iraq to be an arena of international conflict.
https://www.mawazin.net/Details.aspx?jimare=218070
Oil Prices In World Markets
Economie| 09:02 - 01/31/2023 Follow-up - Mawazine News Oil prices fell in early Asian trading, on Tuesday, after falling by more than 2 percent in the previous session due to the threat of raising interest rates and the continued inflows of Russian crude. Brent crude futures rose 5 cents to $84.85 a barrel by 04:25 GMT. West Texas Intermediate crude futures fell 32 cents to $77.58. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=218017
Changes In The Finances.. Ending The Assignment Of The Director Of The Customs Authority And Transferring Him To Manage The Presidency Of The Insurance Company
political| 05:09 - 01/31/2023 Baghdad - Mawazine News Today, Tuesday, the Minister of Finance, Taif Sami, issued a decision to transfer the Director General of the Customs Authority, Shaker Al-Zubaidi.
An informed source said, "The Minister of Finance assigned Hassan Al-Agaili to head the General Authority for Customs." He added, "Sami assigned Shaker Al-Zubaidi to head the National Insurance Company." https://www.mawazin.net/Details.aspx?jimare=218071
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Tuesday "Vietnam News" Posted by Henig at KTFA 1-31-2023
KTFA: Vietnem:
Henig: Technology and telecommunications businesses benefit from digital economy
January, 31/2023 - 08:06
Even under the attraction of the field of telecommunications technology, mergers and acquisitions activities in this industry have been promoted.
HÀ NỘI — Technology and telecommunications businesses are expected to continue to benefit from the growth of the digital economy.
Even under the attraction of the field of telecommunications technology, mergers and acquisitions activities in this industry have been promoted.
Analyst Chu Đức Toàn from VNDirect Securities Joint Stock Company said the digital transformation revenue growth rate is expected to be up 18 per cent this year compared to last year and could double that of traditional IT services, showing great potential in the market.
KTFA: Vietnem:
Henig: Technology and telecommunications businesses benefit from digital economy
January, 31/2023 - 08:06
Even under the attraction of the field of telecommunications technology, mergers and acquisitions activities in this industry have been promoted.
HÀ NỘI — Technology and telecommunications businesses are expected to continue to benefit from the growth of the digital economy.
Even under the attraction of the field of telecommunications technology, mergers and acquisitions activities in this industry have been promoted.
Analyst Chu Đức Toàn from VNDirect Securities Joint Stock Company said the digital transformation revenue growth rate is expected to be up 18 per cent this year compared to last year and could double that of traditional IT services, showing great potential in the market.
Like the rest of the world, the Vietnamese economy is also undergoing digital transformation.
According to the National Digital Transformation Program to 2025, with a longer-term vision to 2030, Việt Nam's digital economy will account for 20 per cent of GDP by 2025.
Việt Nam has launched the "Make in Việt Nam 4.0" Program to prepare for the Fourth Industrial Revolution.
This programme will facilitate the development of new industries and encourage new policies, thinking and technologies in line with Industry 4.0 and ambitions towards the digital economy.
In the context of strong digital transformation, the Government, organisations and businesses in Việt Nam have actively received and participated in activities to catch up with the trend of the Fourth Industrial Revolution.
The government is promoting the development of the digital economy through a series of mechanisms and policies. These policies have recently been reinforced by the Prime Minister's Directive No 16/CT-TTg on strengthening the accessibility to the Fourth Industrial Revolution.
According to the e-Conomy SEA 2021 report by Google, Temasek and Bain, Việt Nam's digital economy is predicted to reach a value of US$52 billion by 2025, with a compound growth rate of 24 per cent and ranking third in Southeast Asia.
Việt Nam is also a pioneer in 5G technology. 5G network opens a new era for a series of technologies in Việt Nam, which is among the countries with the fastest internet growth globally.
According to Internet World Stats, internet subscribers have increased 343 times from 2000 to 2021.
The growth potential for fixed broadband internet in Việt Nam is still outstanding, with the coverage rate at about 21 subscribers/100 people, which is relatively low compared to the Southeast Asia average of 38 subscribers/100 people.
Việt Nam has become one of the pioneer countries to successfully set up phone calls on the 5G technology platform.
Cisco forecast that the number of 5G subscribers in Việt Nam will reach 6.3 million by 2025.
Moreover, the early deployment of 5G services could help Vietnamese mobile carriers increase revenue by $300 million annually starting in 2025.
Việt Nam may soon become one of the first Southeast Asian countries to launch a 5G network, with domestic telecommunications companies racing to develop the first national network (Viettel, Vinaphone, Mobifone).
With the advent of breakthrough 5G technology, technology firms face many opportunities to develop modern applications to diversify their products and services.
There is also a high demand in the data centre market in Việt Nam. The Vietnamese government's digitalisation trend has facilitated increased demand for data centres nationwide.
Moreover, converting enterprise data to the cloud platform drives the Vietnamese data market.
This has led to an increase in the application of data storage solutions, which will positively affect the market's growth.
In addition, the rising adoption of big data, the Internet of Things (IoT) and cloud-based technology solutions, among others, are expected to accelerate and drive market growth until 2026.
According to research and reporting firm Research And Markets (Ireland), Việt Nam's data centre market is forecast to grow at a compound rate of over 14.6 per cent until 2026.
With political and social stability, and few natural disasters like earthquakes, experts from VNDirect said that Việt Nam has the necessary characteristics to become a big data centre market in the region.
Toàn said that mergers and acquisitions (M&A) activities are promoted under the attraction of the technology sector.
In recent years in Việt Nam, the M&A market in the technology sector has been growing rapidly, especially in enterprises that own or invest in advanced technology and have a large customer database.
The difficult global economy opens up opportunities for businesses with large amounts of cash; despite widespread uncertainty, technology M&A activities are continued and fueled by strong private capital flows.
Although conditions in capital markets have tightened in the first half of last year, many businesses still have large amounts of cash ready to be disbursed.
Among the listed technology companies in Việt Nam, for example, FPT Joint Stock Company is an enterprise with abundant cash, and has actively carried out many M&A deals in the past two years.
— VNS LINK
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Henig: Vietnam posts trade surplus of 3.6 billion USD in January
10:03 | 31/01/2023
Despite decreases in both imports and exports, the country still enjoyed a trade surplus of 3.6 billion USD in the first month of 2023, according to the General Statistics Office (GSO).
The office reported that in the month, total import-export turnover reached 46.56 billion USD, down 17.3% over the previous month and 25% year on year, with exports dropping 21.3% to 25.08 billion USD, and imports falling 28.9% to 21.48 billion USD.
While the domestic sector saw a trade deficit of 1.04 billion USD, the foreign-invested sector (including crude oil) posted a surplus of 4.64 billion USD.
Experts attributed the result to the long New Year and Lunar New Year (Tet) holidays, which were all in January, reducing the number of working days. Last year, the Tet holiday fell in February.
The GSO reported that the manufacturing-processing sector earned the highest export revenue with 22.32 billion USD, accounting for 89% of the country’s total.
Meanwhile, there were three goods groups with imports of over 1 billion USD.
In January, the US remained the biggest importer of Vietnamese goods with a revenue of about 7.6 billion USD, while China was the biggest exporter to Vietnam with 8.1 billion USD.
The GSO held that many countries are facing the threat of inflation and economic recession, leading to reduction in global consumption, thus affecting Vietnam’s import-export activities.
Export activities showed signs of slowing down from the fourth quarter of 2022 with fewer orders, it said, adding that 2023 is likely to be a tough year for Vietnam’s import-export.
According to the Ministry of Industry and Trade (MoIT), Vietnam’s exports depend on many outside factors, but tax reduction from free trade agreements that Vietnam has joined and the strengthening of socio-economic recovery and development will motivate exports this year.
In 2023, the MoIT sets a target of a 6% rise in goods export revenue, with trade surplus maintained.
Source: VNA LINK
Henig: Việt Nam attracts $1.69 billion in foreign investment in January
January, 31/2023 - 08:57
One bright spot in January was that 153 new foreign-invested projects, valued at $1.2 billion granted licences, up 48.5 per cent in number and 3.1 times in value which was a signal to confirm the confidence of foreign investors in the investment environment of Việt Nam, the FIA said.
HÀ NỘI — Việt Nam lured US$1.69 billion worth of foreign investment in the first month of 2023, down 19.8 per cent year-on-year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
One bright spot in January was that 153 new foreign-invested projects, valued at $1.2 billion, were granted licenses, up 48.5 per cent in number and 3.1 times in value, which was a signal to confirm the confidence of foreign investors in the investment environment of Việt Nam, the FIA said.
During the month, capital added in operating projects by foreign investors saw a yearly decline of 76 per cent to $306.3 million while their capital contributions and share purchases also declined 61 per cent year-on-year to over $174 million.
At the same time, disbursed capital also witnessed a decline of 16.3 per cent to an estimated $1.35 billion in the first month, the FIA said, adding that the processing and manufacturing industry saw $1.05 billion worth of foreign investment disbursed, making up 77.6 per cent of the total.
Since January saw two long holidays - New Year and Lunar New Year, the decrease recorded in registered foreign investment capital, or even disbursement, had not yet reflected the general trend of foreign investment capital flows to Việt Nam in 2023, according to the agency.
Projects related to wholesale, retail, and repair of automobiles and motorised vehicles accounted for the lion’s share of the total registered sum, at 54.1 per cent or $651.9 million. They were followed by those in the processing and manufacturing industry, which together registered $351.2 million in capital or equivalent to 29.1 per cent and those in other sectors at $202 million or 16.8 per cent.
Also in January, 28 foreign countries and territories invested in Việt Nam. Singapore was the largest with $767.6 million, followed by China with $198.2 million.
Meanwhile, Vietnamese investors poured $126.7 million into their projects overseas, increasing by 3.4 times against the same month in 2022.
Among three countries and territories receiving investment from Việt Nam, South Korea was the leading country with $125.1 million, accounting for 98.7 per cent of total investment capital; followed by Thailand ($1.5 million or 1.2 per cent); and Laos ($140,000 or 0.1 per cent).
Foreign investment bonanza
Việt Nam is expected to attract a lot of FDI this year due to its impressive economic performance in 2022, improved business climate and the advantages brought by the free trade agreements it has signed, experts said.
Đỗ Văn Sử, deputy director of the Department of Foreign Investment, said Việt Nam is likely to attract $36-38 billion worth of FDI in 2023.
South Korea, Japan and Taiwan (China) are expected to be among the main sources of investment as they continue to pump money into Southeast Asia.
Economist Lê Đăng Doanh said the country needs to further speed up administrative reforms, improve its investment environment and ensure policy stability.
Minister of Planning and Investment Nguyễn Chí Dũng said priority would be given to projects that use new and green technologies and have high added value.
Though there are admittedly still problems related to human resource quality, Việt Nam remains an appealing destination for foreign investors due to its supportive policies, he added.
A recent survey done by the Ministry of Planning and Investment found 76 per cent of enterprises saying they were satisfied with the Government’s support policies.
They were most satisfied with the VAT waiver and reduction policies, and those to stabilise gasoline prices, improve the work permit issuance process and customs clearance procedures, and support import- export and workers’ livelihoods.
To continue to attract foreign investment, Dũng said it is vital for Việt Nam to develop innovation and financial centres at the regional and international levels.
It is also important to stabilise the economy and improve infrastructure and the quality of human resources, he added.
Last year FDI was worth nearly $22.4 billion, according to the General Statistics Office.
Of the more than 100 nations and territories investing last year, Singapore topped with $6.46 billion, followed by South Korea ($4.88 billion) and Japan ($4.78 billion).
They invested in 54 provinces and cities of which HCM City attracted the most: $3.94 billion.
Bình Dương was second with $3.14 billion and Quảng Ninh was third with $2.37 billion.
— VNS LINK
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Henig: Foreign suppliers have paid taxes worth $76.7 million via official portal
January, 31/2023 - 08:38
The General Department of Taxation’s portal https://etaxvn.gdt.gov.vn/nccnn/Reques was exclusively developed for foreign suppliers and put in place on March 21 last year.
HÀ NỘI — Foreign suppliers have paid taxes worth VNĐ1.8 trillion (US$76.7 million) via the official portal serving their operations in Việt Nam.
Of the sum, Meta (Facebook) contributed 34.5 million EUR, Google $28.8 million, and Apple VNĐ174 billion.
The General Department of Taxation’s portal https://etaxvn.gdt.gov.vn/nccnn/Reques was exclusively developed for foreign suppliers and put in place on March 21 last year.
So far, it has seen 45 suppliers registering and paying taxes.
The General Department of Taxation said that this was a very good signal in the co-ordination of tax declaration and collection between Vietnamese tax authorities and foreign suppliers right from the beginning of the new year.
This shows the trust, prestige and serious observance of tax laws by foreign suppliers for e-commerce and digital-based business activities in the territory of Việt Nam.
The total tax collected through the electronic portal for foreign suppliers is VNĐ3.4 trillion as of the end of last year.
Notably, six suppliers including Google, Facebook, Microsoft, TikTok, Netflix, and Apple - the units that hold the majority of market share in e-commerce service revenue doing business on cross-border digital platforms in Việt Nam – have registered, declared and paid tax in Việt Nam.
However, besides the above figures, tax administration for e-commerce activities and business on digital platforms still faces many challenges for the tax industry.
— VNS LINK
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Henig: PM inspects national key transport projects
09:36 | 31/01/2023
The first phase of the 652.86km North-South Expressway has 11 component projects, three of which are invested in public-private partnerships (PPP). The rest, including the Mai Sơn-National Highway 45 project, are funded with public investment.
Prime Minister Phạm Minh Chính has asked the ministries, agencies, localities and investors of several national key transport projects to hasten their implementation without sacrificing quality.
PM made the request while inspecting the Mai Sơn-National Highway 45 project, which passes through the northern Ninh Bình Province and is a part of the North-South Expressway.
The first phase of the 652.86km North-South Expressway has 11 component projects, three of which are invested in public-private partnerships (PPP). The rest, including the Mai Sơn-National Highway 45 project, are funded with public investment.
The Mai Sơn-National Highway 45 section has a total length of 63.37km and an investment of VNĐ12.11 trillion (US$561.03 million). Its construction started in September 2020 and is scheduled for completion on April 30, 2023. So far, 83.7 per cent of all workload has been finished.
PM Chính took the occasion to pay New Year's visits to workers in construction sites along the route and relocated residents at the resettlement area in Đông Minh Commune, Đông Sơn District of central Thanh Hoá Province.
He later moved on to examine the Diễn Châu-Bãi Vọt project, another component of the North-South Expressway, which connects Nghệ An and Hà Tĩnh provinces.
The PM held a working session with relevant ministries, sectors and localities implementing the North-South Expressway component projects in the first and second phases.
On Sunday, PM Chính asked the southern province of Đồng Nai to complete the handover of cleared ground for the first-stage construction of Long Thành International Airport by the end of this first quarter.
During a working session with ministries, agencies, localities and stakeholders of the project, after making a fact-finding trip earlier the same day to the construction site, he assigned them responsibility for the work under their watch and solving existing issues.
The Government has directed the establishment of a working group led by Deputy Prime Minister Trần Hồng Hà to oversee and speed up the project, PM Chính revealed.
He requested the investor to make a specific plan for each item at a specific time while supervising the implementation of the tasks. Local authorities must focus on handling the site clearance work, accelerating progress while ensuring the quality of the project, and avoiding dividing bidding packages.
By the end of the first quarter of 2023, the entire site for the first phase must be handed over for the project's construction. By the end of the second quarter of this year, he said the site for construction of the logistics road and the access road to the airport must be ready.
Covering a total area of more than 5,580ha, the Long Thành International Airport will spread across six communes in the Long Thành District in Đồng Nai Province. The airport’s total investment is VNĐ336.63 trillion ($14.6 billion), with construction divided into three phases.
In the first phase, a runway and one passenger terminal, along with other supporting facilities, will be built at a cost of VNĐ109.112 trillion to serve 25 million passengers and 1.2 million tonnes of cargo each year.
The project started in 2021. Once fully completed by 2050, the airport will be able to handle 100 million passengers and 5 million tonnes of cargo annually.
Located 40km east of HCM City, the airport is expected to relieve overloading at Tân Sơn Nhất International Airport in the southern metropolis, now the country’s largest airport.
PM Chính and the delegation also visited the resettlement area for those who are affected by the project in Lộc An and Bình Sơn communes in Long Thành District. The resettlement area has an area of 280ha, giving accommodation for 7,000 households. Currently, about 1,500 households are living in the area.
Source: VNS LINK
Iraqi News Highlights Tuesday Afternoon 1-31-23
Iraqi News Highlights Tuesday Afternoon 1-31-23
Tlm724 Administrator Bondlady’s Corner
Saleh: Iraq Is Seeking Full Membership In The International Financial Action Organization
Economie| 12:55 - 01/31/2023 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, Iraq's efforts to obtain full membership in the International Financial Action Organization.
Salih said, "The first amendment to the Iraq Money Recovery Fund Law No. 7 of 2019 added an explicit text contained in the provisions of Article 14 of it, indicating that the government is obligated when concluding investment or economic agreements with any country that has funds for Iraq covered by the provisions of this law to conclude agreements." with those countries to recover the money," according to the official news agency.
Iraqi News Highlights Tuesday Afternoon 1-31-23
Tlm724 Administrator Bondlady’s Corner
Saleh: Iraq Is Seeking Full Membership In The International Financial Action Organization
Economie| 12:55 - 01/31/2023 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, Iraq's efforts to obtain full membership in the International Financial Action Organization.
Salih said, "The first amendment to the Iraq Money Recovery Fund Law No. 7 of 2019 added an explicit text contained in the provisions of Article 14 of it, indicating that the government is obligated when concluding investment or economic agreements with any country that has funds for Iraq covered by the provisions of this law to conclude agreements." with those countries to recover the money," according to the official news agency.
He added, "What the prime minister signed during his recent visit to France regarding money laundering crimes is based on the text of Article 14 of the law," noting that "Iraq is seeking full membership in the International Financial Action Organization, which is based in Paris and belongs to the Organization for Economic Cooperation and International Development." Concerned in the field of international cooperation to combat money laundering activities, crime funds and terrorism.
He continued, "Iraq has been an active member since 2004 in the International Financial Action Organization for the Middle East and North Africa region through the active role of the Anti-Money Laundering and Terrorist Funds Office in the Central Bank of Iraq, which operates in accordance with Law No. 39 of 2015 and provides legal cover for international cooperation, in order to preserve On the funds of the Republic of Iraq, in addition to the active role played by the Supreme Council for Combating Money Laundering, which is approved by law in adopting controls and proposing the necessary regulations and legislation to protect public money. https://www.mawazin.net/Details.aspx?jimare=218043
Parliamentary Finance Discusses With The Governor Of The Central Bank The High Exchange Rates Of The Dollar
Money and business Economy News-Baghdad The Parliamentary Finance Committee discussed, on Tuesday, with the governor of the Central Bank, the high exchange rates of the dollar.
A statement by the House of Representatives media department stated that "the Chairman of the Finance Committee, Atwan Al-Atwani, and in the presence of the members of the committee, received the Governor of the Central Bank, Ali Mohsen Al-Alaq, at the committee's headquarters."
The statement added that "during the meeting, the issue of the fluctuation of the exchange rates of the Iraqi dinar against the dollar and the possibility of controlling it to preserve the market was discussed, as well as a discussion of its repercussions on citizens and the steps of the Central Bank and the procedures followed by it." https://economy-news.net/content.php?id=32189
A Deputy Reveals The Existence Of "Huge" Money That Banks Give To Influential People And Smuggles Out Of The Country
Tuesday 31 January 2023 14:08 | political Number of readings: 394 Baghdad / NINA /- The representative of the State of Law Coalition, Muhannad Al-Khazraji, revealed huge funds granted by banks to influential personalities, / he did not name them / under the title of loans, indicating that these funds are smuggled abroad and are not invested inside the country.
Al-Khazraji said in a statement: "Some influential people are taking advantage of financial and administrative corruption to obtain huge amounts of money from banks and smuggle them out of the country under the headings of trade, investment and others."
And between: "The guarantees that are imposed on these amounts are not real, amounting to less than 5% of the borrowed amount."
Al-Khazraji explained: "This money is from the state's budget and is deducted from the people's sustenance," noting that "the continuous thefts will negatively affect the entire economic situation, and will work to perpetuate the dollar crisis and currency smuggling."
And he stressed: "The need for the Supreme Anti-Corruption Authority to intervene by following up on this important file, holding the defaulters accountable, and ending the rampant corruption in banks, especially those that grant commercial loans."/ End 7
https://ninanews.com/Website/News/Details?Key=1030215
The Central Bank announces Iraq's acceptance of the "Egmont" group to combat money laundering
Tuesday, January 31, 2023 8:00 PM Baghdad / The National News Center The Central Bank of Iraq announced, today, Tuesday, that Iraq has accepted the Egmont Group of Financial Intelligence Units concerned with providing support to governments in combating money laundering, terrorist financing, and other financial crimes.
The bank stated in a statement, received by the National News Center, that “the efforts made by Iraq represented by the Anti-Money Laundering and Terrorism Financing Office in the Central Bank of Iraq culminated in obtaining approval for the office’s nomination to join the Egmont membership of the financial investigation units after the approval of the heads of the financial investigation units during The group meetings to be held during next July.
The statement added that “the report of the field visit to the Republic of Iraq that was carried out by representatives of the sponsoring countries was discussed,” noting that “during the meeting of the Working Group on Membership, Support and Commitment MSCWG held in Senegal on 1/31/2023, the group ended after the presentation of the report by the representatives of the sponsoring countries. To nominate the office for membership in the Egmont Group with full membership during the July 2023 meetings.
It is worth noting that “the Egmont Group includes 167 countries so far and is working to facilitate the exchange of information on criminal proceeds, money laundering and terrorist financing at the international level by providing the office with a secure communications network with countries of the world, which contributes to following up the movement of funds internationally and strengthening financial investigation procedures to reach operations Recovery of funds and assets,”
pointing out that “the support provided by the group includes expanding the scope and organization of international cooperation in the exchange of financial intelligence information, increasing the effectiveness of financial information units by providing training and exchanging employees to improve the expertise and capabilities of employees, and enhancing safe communication between units through Technology application via the Egmont Secure Network. https://nnciraq.com/183638/
International Islamic Bank: The Central Bank Of Iraq Will Soon Adopt The Merchant's Deposit In Dinars
Tuesday 31 January 2023 14:50 | Economical Number of readings: 254 Baghdad / NINA / - The International Islamic Bank announced that the Central Bank of Iraq will soon approve the merchant's deposit in dinars and receipt of the dollar according to the bank address in the country from which it is imported.
And the Islamic Bank stated in a statement: "The Chairman of the Board of Directors and Managing Director of the International Islamic Bank met with the Deputy Governor of the Central Bank and the Consultant, and in the presence of the general managers and other invited banks."
He added: "The instructions that will be issued soon have been consulted about the ceilings of remittances and the mechanism of credits and the simplification of procedures in order to facilitate international trade services for merchants of all kinds (individuals and companies), and the issuance of credits and transfers according to specific ceilings in a way that regulates the new banking work for the next stage and approving the merchant's deposit in dinars to the bank." Private and receive a dollar according to the bank address (Ibn number) in favor of the bank account in the country from which it was imported./ End 7 https://ninanews.com/Website/News/Details?key=1030223
A New Rise In The Exchange Rates Of The Dollar Against The Dinar
Economie| 10:19 - 01/31/2023 Baghdad - Mawazine News Today, Tuesday, the exchange rates of the dollar witnessed a slight increase in the local markets. Selling price: 167,500 dinars per 100 dollars . Buying price: 167,000 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=218023
The Central Bank Meets With Banks To Discuss The Dollar Crisis
Economie| 10:09 - 01/31/2023 Baghdad - Mawazine News An informed source said, on Tuesday, that a meeting had begun at the Central Bank to discuss the crisis of the dollar's high exchange rate.
The source told Mawazine News, "A short time ago, a meeting began in the Central Bank building, in the presence of all banks." The source, who asked not to be named, added that "the meeting comes to discuss the dollar crisis." https://www.mawazin.net/Details.aspx?jimare=218022
To read more current and reliable Iraqi news please visit BondLady’s Corner:
KTFA Members "Tuesday Iraq News" 1-31-2023
KTFA:
Clare: 'Hold the dinar, it is stronger'
A new statement from the Sudanese on the dollar crisis
1/31/2023
Prime Minister Mohamed Shia Al-Sudani pledged to return the exchange rate of the dollar to its original price.
Al-Sudani said, in excerpts of an interview conducted with him by colleague Karim Hammadi, which is scheduled to be broadcast on the official channel today, (January 31, 2023), that “the Iraqi dinar is the strongest, and citizens should not acquire the dollar, but rather the dinar,” indicating, “We will seek to return the dollar to its price.” The original, and accustom merchants and businessmen to legitimate trade.
He added, "Our decision is to provide a housing unit in a city with integrated services," noting that "any official who does not provide solutions to any problem, we will tell him (reliance)." LINK
KTFA:
Clare: 'Hold the dinar, it is stronger'
A new statement from the Sudanese on the dollar crisis
1/31/2023
Prime Minister Mohamed Shia Al-Sudani pledged to return the exchange rate of the dollar to its original price.
Al-Sudani said, in excerpts of an interview conducted with him by colleague Karim Hammadi, which is scheduled to be broadcast on the official channel today, (January 31, 2023), that “the Iraqi dinar is the strongest, and citizens should not acquire the dollar, but rather the dinar,” indicating, “We will seek to return the dollar to its price.” The original, and accustom merchants and businessmen to legitimate trade.
He added, "Our decision is to provide a housing unit in a city with integrated services," noting that "any official who does not provide solutions to any problem, we will tell him (reliance)." LINK
Clare: The central bank meets with banks to discuss the dollar crisis
1/31/2023
An informed source said, on Tuesday, that a meeting had begun at the Central Bank to discuss the crisis of the dollar's high exchange rate.
The source told Mawazine News, "A short time ago, a meeting began in the Central Bank building, in the presence of all banks."
The source, who asked not to be named, added that "the meeting comes to discuss the dollar crisis."
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Clare: urgent... Central Bank Governor: We will issue decisions to reduce the dollar and two meetings with the American side within two days
1/31/2023
The agency governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the imminent issuance of decisions to reduce the exchange rate of the dollar, which today reached 1670 dinars in the local markets.
A member of the Parliamentary Economy Committee, Barbar Rashid, told the {Euphrates News} agency, "The presence of the governor of the Central Bank to the House of Representatives today to discuss the issue of the rise in the exchange rates of the dollar, as Al-Alaq confirmed that decisions will be issued that are sufficient to reduce the exchange rate."
Rashid added that Al-Alaq "revealed a meeting with the US side in Turkey during the next two days and another meeting on the ninth of next March with the US Federal Bank in Washington."
A member of the Parliamentary Economy Committee expected, "a drop in the exchange rate of the dollar in the coming days, after a series of measures implemented by the government and the central bank."
Raghad Daham LINK
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Clare: The Central Bank will soon adopt the merchant’s deposit in dinars and the receipt of dollars according to the bank address
1/31/2023
Suha Al-Kafai, Managing Director of the International Islamic Bank announced, on Tuesday, that the Central Bank of Iraq will soon approve the merchant's deposit in dinars and receipt of the dollar according to the bank address in the country from which it is imported.
The Islamic Bank stated in a statement that the Chairman of the Board of Directors and Managing Director of the International Islamic Bank attended the meeting with the Deputy Governor of the Central Bank and the Consultant, and in the presence of the general managers and other invited banks.
According to the statement, the instructions that will be issued soon regarding the ceilings of transfers and the mechanism of credits have been consulted and procedures have been simplified in order to facilitate international trade services for merchants of all kinds (individuals and companies), and the issuance of credits and transfers according to specific ceilings to regulate the new banking work for the next stage and approving the merchant’s deposit in dinars to the bank Private and receive a dollar according to the bank address (Ibn number) in favor of the bank account in the country from which it was imported.
Yesterday, Monday, an informed source told Shafaq News agency that the Central Bank of Iraq will hold an "important meeting" today, Tuesday, regarding the crisis of the dollar's high exchange rate in the local market.
Meanwhile, the Chairman of the Finance Committee, Atwan Al-Atwani, met, in the presence of the members of the committee, today, Tuesday, the Governor of the Central Bank, Ali Mohsen Al-Alaq, at the committee’s headquarters.
According to a statement issued by the Media Office of the House of Representatives, during the meeting, the issue of the fluctuation of the exchange rate of the Iraqi dinar against the dollar was discussed, and the possibility of controlling it to preserve the market, as well as discussing its repercussions on citizens and the steps of the Central Bank and the procedures followed by it.
The price of the dollar against the dinar rose in an unprecedented way recently due to the measures imposed by the United States of America to limit currency smuggling from Iraq.
The Central Bank of Iraq announced, on Monday, January 19, a package of decisions that would restore the foreign currency market to its normal position after the rise in it.
The decisions included the following paragraphs:
1- Allowing the banks participating in the foreign currency buying and selling window to buy any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and pay interest / returns on those balances according to what this bank decides.
2- Facilitating the financing of private sector trade through Iraqi banks and meeting the demand for foreign transfers by strengthening the balances of banks with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar, and others).
3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)
4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar. LINK
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Clare: America is offering Iraq to build an electricity system on a global level
1/31/2023
The US ambassador to Iraq confirmed on Tuesday, her country's readiness to work with the Minister of Electricity to build a system with international specifications.
Ambassador Elena Romansky wrote in a tweet on her Twitter page; "Iraqis deserve a diversified, modern economy and well-paying jobs"
To achieve this, it is necessary to build a world-class electricity system," she added.
And she stressed that "the United States is ready to work with the Iraqi Minister of Electricity, Ziyad Ali Fadel, and the Iraqi government to carry out this important endeavour." LINK
Clare: China calls for the establishment of a free zone with the Arab Gulf countries as soon as possible.
1/31/2023
China announced today, Tuesday, its desire to expand relations with Saudi Arabia in various fields, while calling for the establishment of a free zone with the Gulf Cooperation Council countries as soon as possible.
And the Russian TASS agency said, “Chinese Foreign Minister Chen Gang called, in a phone call with Saudi Foreign Minister Faisal bin Farhan Al Saud, to expand economic trade cooperation between the two countries.
Xinhua News Agency quoted the Chinese minister as saying, "The two sides should continue, later, to further expand cooperation in many fields, including trade, economy, energy, infrastructure, investment, financing, high technology, communication development and coordination, as well as continuing to strengthen the strategic partnership between China and the GCC countries." The Arab Gulf, and to accelerate the establishment of a free trade area between China and the GCC countries as soon as possible.
The Chinese minister indicated that his country highly appreciates the Kingdom's support on issues related to China's main interests, and is ready to cooperate with the Saudi side in adhering to the principle of non-interference in internal affairs and protecting other basic rules of international relations.
He added, "China is ready to enhance coordination and cooperation with Saudi Arabia in regional and international affairs, jointly promote regional peace and stability, and better protect the common interests of developing countries."
Last December, Chinese President Xi Jinping visited Saudi Arabia and participated in the Chinese-Arab summit.
During that summit, Saudi Crown Prince Mohammed bin Salman said that Riyadh and Beijing are studying the possibility of establishing a free trade zone between China and the countries of the Cooperation Council for the Arab Gulf States. LINK
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Henig: The former tax director admits to smuggling $3.5 million to a neighboring country
|Today, 22:21 | Baghdad today-Baghdad
The Supreme Commission for Combating Corruption carried out a qualitative operation that overthrew four suspects, headed by the former director general of the Tax Authority, and seized more than one billion dinars, jewelry and documents for 11 properties, while they confessed to smuggling 3.5 million US dollars to a neighboring country.
The Integrity Commission said in a statement received by "Baghdad Today", that "the support team of the Supreme Commission for Combating Corruption, and after receiving accurate information and completing legal procedures by obtaining arrest warrants issued by the Central Anti-Corruption Criminal Investigation Court, three suspects were arrested in connection with the fourth suspect, the former general manager." To the General Authority for Taxes, who was arrested in another case and took his confessions,” noting that “the accused are the manager, his wife, and mediators in the money laundering operation.”
And she continued, explaining that “the operation, which was carried out with high-level coordination and cooperation between the components of the Supreme Anti-Corruption Authority and based on accurate information from its support team and an exceptional effort from the Central Anti-Corruption Criminal Investigation Court, also resulted in the seizure of large amounts of cash in their possession amounting to (1.227. (000.000) one billion two hundred and twenty-seven million Iraqi dinars, and (556.900) five hundred and fifty-six thousand and nine hundred US dollars, in addition to holdings and “golden pickles” in a large amount.
And she added, "Among the seized documents are documents for (11) real estate, (9) of which are inside Iraq, and two outside it, both of which are of great financial value, and the defendants confessed to cash balances outside Iraq in the amount of (3,600,000) three million six hundred thousand dollars." Actions are being taken to control it,” stressing that “these funds are all obtained from public office trading and bribery received by the former Director General of the General Tax Authority during his work in it, and he hid it with the defendants.”
And she confirmed, "Writing the statements of the accused and presenting them before the competent judge, who decided to arrest them in accordance with the provisions of Article (36) of the Money Laundering and Terrorist Financing Law No. (39) of 2015, and to organize records of the authenticity of those funds that were deposited with the Federal Integrity Commission." LINK
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Henig: Al-Rafidain announces the transformation of advances deduction from manual to electronic (document)
|Today, 09:19 |Baghdad today - Baghdad
Al-Rafidain Bank issued a directive to stop deducting advance installments manually and transferring them electronically, starting next February.
According to a document issued by the bank on the 30th of this month, which I obtained (Baghdad Today), that “in an effort to provide the best services to its customers who are citizens of their salaries with our bank and for the purpose of activating electronic payment tools in disbursing customers’ dues. The year 2022 is replaced by February 2023, so that the deduction is carried out electronically from the borrower’s salary on the loan management system, starting from February of the year 2023.
The document stated that "the deduction will be free of charge, without commission, please confirm receipt of the turban and inform us of this according to an official letter sent by approved e-mail." LINK
Tuesday Morning Iraq Economic News Highlights 1-31-23
Tuesday Morning Iraq Economic News Highlights 1-31-23
In Iraq Crisis Of The Iraqi Dinar.. Causes And Repercussions
January 31, 2023 This episode discussed the announcement of the Iraqi Prime Minister, Muhammad al-Sudani, to relieve the governor of the Central Bank of his post. Has the price of the dollar gone out of the control of the state? What is the impact of the high price of the dollar on the Iraqi economy? How can Iraq, which sells all its oil in dollars, suffer because of its rise? What measures should the government take to reduce the price of the dollar? Why does not the citizen feel the improvement in the economic situation of Iraq? What are the measures taken by the Ministry of Interior to prevent tampering with dollar prices or monopolizing foodstuffs?
Tuesday Morning Iraq Economic News Highlights 1-31-23
In Iraq Crisis Of The Iraqi Dinar.. Causes And Repercussions
January 31, 2023 This episode discussed the announcement of the Iraqi Prime Minister, Muhammad al-Sudani, to relieve the governor of the Central Bank of his post. Has the price of the dollar gone out of the control of the state? What is the impact of the high price of the dollar on the Iraqi economy? How can Iraq, which sells all its oil in dollars, suffer because of its rise? What measures should the government take to reduce the price of the dollar? Why does not the citizen feel the improvement in the economic situation of Iraq? What are the measures taken by the Ministry of Interior to prevent tampering with dollar prices or monopolizing foodstuffs? LINK
Parliamentary Finance Discusses With The Governor Of The Central Bank "Crisis" Of The Dollar
Policy Alsumaria News – Politics The Parliamentary Finance Committee discussed, today, Tuesday, with the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, "the dollar crisis."
The media department of the House of Representatives stated, in a statement received by Alsumaria News, that "the Chairman of the Finance Committee, Atwan Al-Atwani, received the Governor of the Central Bank, Ali Mohsen Al-Alaq, at the committee's headquarters , in the presence of the members of the committee.”
The statement added, “The governor of the bank presented his congratulations on the occasion of electing the chairmanship of the Finance Committee, wishing the committee success in continuing its supervisory and legislative work.”
He pointed out that "during the meeting, the issue of the fluctuation of the Iraqi dinar exchange rate against the dollar and the possibility of controlling it to preserve the market was discussed, as well as discussing its repercussions on citizens, the steps of the Central Bank and the procedures followed by it.
The Central Bank Meets With Banks To Discuss The Dollar Crisis
Economie| 10:09 - 01/31/2023 Baghdad - Mawazine News An informed source said, on Tuesday, that a meeting had begun at the Central Bank to discuss the crisis of the dollar's high exchange rate.
The source told Mawazine News, "A short time ago, a meeting began in the Central Bank building, in the presence of all banks." The source, who asked not to be named, added, "The meeting comes to discuss the dollar crisis." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=218022
The Dollar... Iraqi Power Is Threatened And An American Grip
01/30/2023 {Reports: Al-Furat News} Ammar Al-Masoud The exchange rate of the dollar continues its insane rise against the Iraqi dinar, in light of the monetary and governmental authorities trying to stop it.
Yesterday, the exchange rates exceeded the barrier of 1,650 dinars per dollar. This led to increased turmoil and depression in the local markets. As a result of rising prices of goods and services to unprecedented levels.
While the official exchange rate from the Central Bank of Iraq for the dollar, directed to individual citizens, is 1470 per one dollar.
The decline comes as the local markets continue to be affected by the scarcity and abundance of the dollar, and the failure of the government and the central bank’s attempts to restore stability to the exchange markets.
Since the beginning of this year, the government and the central bank have taken a package of measures to increase the dollar supply in the local market, a decision that partially succeeded in resolving the crisis, but the exchange rates remained declining.
The crisis dates back to December 2020, when the government of former Prime Minister Mustafa Al-Kazemi announced a change in the exchange rate of the dollar from 1117 dinars to one dollar, to 1450 dinars, due to the decline in global oil prices.
and the beginning of 2022, and in light of the resurgence of oil prices in the global market; The government has rejected calls to return the dinar to what it was.
And the first repercussions of the dollar crisis was the dismissal of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, last Monday, by order of Prime Minister Muhammad Shia’a al-Sudani, who assigned the former bank governor, Ali Al-Alaq, as an agency.
Al-Sudani commented on the changes by saying: "The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates."
Most sellers and wholesalers have been complaining for weeks about the decline in buying and selling in local markets and the citizens' reluctance to shop. As a result of the significant increase in the prices of most commodities and basic foodstuffs, after the prices of some commodities increased by almost half.
Most merchants and citizens fear that the dollar prices will continue to rise and reach the barrier of 2,000 dinars for one dollar in the event that the government continues to fail to confront the crisis, which would explode the situation in the form of protest demonstrations, which are taking place in a limited manner now, in front of the Central Bank building in central Baghdad.
Dealers in the foreign exchange market in Iraq are likely to continue the fluctuation wave in the stability of the foreign exchange market until the completion of the implementation of government measures on the movement of the dollar, preventing its smuggling out of the country, and tightening control over imports from abroad.
It has become clear that the continuous rise in dollar exchange rates is linked to the strict measures taken by the US Federal Bank regarding money transfers to the Central Bank of Iraq. To prevent corruption, manipulation and currency smuggling to neighboring countries through the currency window in the Central Bank.
In its new procedures, the federation requires that Iraq present clear and specific import documents and certificates by companies and persons wishing to obtain dollars, after it used to present unknown and forged documents many times.
The Sudanese government decided to send Foreign Minister Fouad Hussein to Washington at the head of a high-tech economic delegation to discuss the dollar crisis and discuss the proposal to postpone the US Federal Reserve's decision for six months, according to informed sources.
The dollar... Iraqi power is threatened and an American grip 7979302d766d1aec8f3697ef54906887
For its part, the Central Bank resolved the issue of cash selling to citizens in dollars, and it was reported that it was about to stop its direct sale, and denied "preventing or restricting cash selling to citizens, and that electronic registration guarantees meeting the citizen's need for dollars."
He also directed, in another development, to curb the rise in exchange rates, to expand outlets for selling cash dollars to travelers at the country's airports (Baghdad, Basra, Najaf, Erbil, and Sulaymaniyah).
Independent MP Mustafa Sanad accused the United States of trying to use the dollar to put pressure on al-Sudani and said to al-Furat yesterday: "America used the dollar file to pressure al-Sudani, which is the biggest weapon in its influence that exceeds the missiles it uses to punish countries, and America is punishing Iraq through the measures of the (Swift) platform," he said.
The economist, Abd al-Rahman al-Mashhadani, explains the function of this platform by saying: “What is happening now is due to the fact that the US Federal Reserve Bank imposed amendments to the procedures for transfers that pass through the Swift system, which includes an audit of the source of funds until the final future, which came after the consequences of theft of the century, which Money smuggling schemes revealed.
For his part, the advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said, “The US Federal Bank has set strict conditions recently that oblige us to display lists of dollars sold on it that include the names of people and beneficiaries, and it takes 15 days to state its position on the safety of the purchase process for the party submitting the request, and the sale process stops.” In the event that the Federal Bank objects to a specific name because it is required, or if there is a similarity of names, or if it finds a suspicion of the purpose of purchasing the dollar.
The dollar... Iraqi power is threatened and an American grip
The increase in exchange rates led to an increase in the inflation rate in Iraq by 0.3 percent for the month of December, according to the Ministry of Planning.
The ministry said, in a statement on Saturday, that "the Central Statistical Organization monitored an increase in the monthly inflation rate during the last month of last year (December) by 0.3 percent, compared to the previous month of October."
In another government attempt to curb the rise of the dollar and reduce the volume of inflation that swept the markets as a result of the rise in the exchange rate, and the resulting waves of high prices, which clearly affected those with limited incomes, and led to “biting off” a large part of the incomes of workers in the public and private sectors, it hinted at its entry { Wholesaler} in the local market with the aim of controlling prices.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: "We find in the state's intervention in the field of import trade a comprehensive national solution to provide price stability and provide an atmosphere of anti-competition (cartels) monopolizing trade, which sends negative signals towards the stability of the Iraqi dinar exchange rate."
Saleh 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 base 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 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.
The dollar crisis will remain a preoccupation for the Iraqi citizen because of its direct impact on his financial and pension income. It is also considered one of the most prominent challenges facing the Sudanese government despite its efforts and attempts to control the rhythm between combating high prices and poverty and standing by the national interest in its inevitable negotiations with Washington.
Expert: The Exchange Rate Will Inevitably Decrease After Applying The New Central Bank Procedures
Economy News _ Baghdad Economic expert Alaa Al-Fahd confirmed that the exchange rate will return to its official rate in the market after the Central Bank applies its new measures to control the exchange rate of the dollar against the dinar.
Al-Fahd said in a televised interview, followed by "Al-Iqtisad News", that what we are going through today is a regulatory process for selling the dollar by the Central Bank in cooperation with the US Federal Bank and setting new procedures to monitor the movement of money, indicating that the Central Bank is not alone today responsible for controlling the exchange rate in Markets, but the responsibility rests with all ministries and governmental institutions, headed by the Ministry of Commerce, by providing food commodities to the citizen and selling them at the official price to prevent speculation by traders in the (black) market.
He added that the Central Bank facilitated the process of small merchants obtaining dollars at the official rate through multiple outlets for the purpose of importing food commodities as well as travel and treatment for citizens.
And between Al-Fahd, the citizen must understand that the Central Bank did not raise the dollar exchange rate, but after applying the new procedures for foreign transfers, some merchants speculated on the exchange rates and raised the price of foodstuffs in the market.
"Tidbits From TNT" Tuesday Morning 1-31-2023
TNT:
Tishwash: Saleh: Iraq is seeking full membership in the International Financial Action Organization
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, Iraq's efforts to obtain full membership in the International Financial Action Organization.
Salih said, "The first amendment to the Iraq Money Recovery Fund Law No. 7 of 2019 added an explicit text contained in the provisions of Article 14 of it, indicating that the government is obligated when concluding investment or economic agreements with any country that has funds for Iraq covered by the provisions of this law to conclude agreements." with those countries to recover the money," according to the official news agency.
TNT:
Tishwash: Saleh: Iraq is seeking full membership in the International Financial Action Organization
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, Iraq's efforts to obtain full membership in the International Financial Action Organization.
Salih said, "The first amendment to the Iraq Money Recovery Fund Law No. 7 of 2019 added an explicit text contained in the provisions of Article 14 of it, indicating that the government is obligated when concluding investment or economic agreements with any country that has funds for Iraq covered by the provisions of this law to conclude agreements." with those countries to recover the money," according to the official news agency.
He added, "What the prime minister signed during his recent visit to France regarding money laundering crimes is based on the text of Article 14 of the law," noting that "Iraq is seeking full membership in the International Financial Action Organization, which is based in Paris and belongs to the Organization for Economic Cooperation and International Development." Concerned in the field of international cooperation to combat money laundering activities, crime funds and terrorism.
He continued, "Iraq has been an active member since 2004 in the International Financial Action Organization for the Middle East and North Africa region through the active role of the Anti-Money Laundering and Terrorist Funds Office in the Central Bank of Iraq, which operates in accordance with Law No. 39 of 2015 and provides legal cover for international cooperation, in order to preserve On the funds of the Republic of Iraq, in addition to the active role played by the Supreme Council for Combating Money Laundering, which is approved by law in adopting controls and proposing the necessary regulations and legislation to protect public money. link
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Tishwash: Citizens' concerns about the high prices and calls for action
The rise in the exchange rates of the dollar tightens the screws on the citizen and increases the size of his problems, amid calls for the need to move quickly to put an end to the existing crisis
The stories are similar in the Iraqi markets, and everyone complains about the rise of the dollar. ““Abu Arab,” one of them, finds that there is a rise in prices that makes it difficult for him to obtain his daily needs, especially since he is considered one of the people with limited income, who placed the bulk of the consequences of this crisis on their shoulders
Not only shoppers seek this crisis, but even shopkeepers complain about the current situation caused by the rise of the dollar.
This crisis, from the point of view of many, whether they are specialists or others, does not need media statements and imaginary steps as described by the citizen, as much as the responsible authorities should move to diagnose the main cause and treat it. link
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Tishwash: Expert: The exchange rate will inevitably decrease after applying the new central bank procedures
Economic expert Alaa Al-Fahd confirmed that the exchange rate will return to its official rate in the market after the Central Bank applies its new measures to control the exchange rate of the dollar against the dinar.
Al-Fahd said in a televised interview, followed by "Al-Iqtisad News", that what we are going through today is a regulatory process for selling the dollar by the central bank in cooperation with the US Federal Bank and setting new procedures to monitor the movement of money, indicating that the central bank is not alone today responsible for controlling the exchange rate in Markets, but the responsibility rests with all ministries and government institutions, headed by the Ministry of Commerce, by providing food commodities to the citizen and selling them at the official price to prevent speculations of traders in the (black) market.
He added that the Central Bank facilitated the process of small merchants obtaining dollars at the official rate through multiple outlets for the purpose of importing food commodities as well as travel and treatment for citizens.
And between Al-Fahd, the citizen must understand that the Central Bank did not raise the dollar exchange rate, but after applying the new procedures for foreign transfers, some merchants speculated on the exchange rates and raised the price of foodstuffs in the market link
Mot: . Ur Kidding!!!! -- It's the END of January Already!!???
Mot: ..... Where the Joy Starts!!! ~~
Iraqi News Highlights Monday Evening 1-30-23
Iraqi News Highlights Monday Evening 1-30-23
Tlm724 Administrator Bondlady’s Corner
On One Condition.. A Parliamentary Committee Expects To Present A Supplementary Budget
Political | 03:43 - 01/30/2023 Baghdad - Mawazine News The Parliamentary Oil and Energy Committee expected, today, Monday, to present a supplementary budget if oil prices continue to rise.
Committee member Ali Saadoun al-Lami said, "The oil and gas law did not see the light, although it has been in place since 2007, inside the House of Representatives, then it was returned to the government and was amended and then sent again to the House of Representatives in 2011," explaining, "The law is in In the halls of the House of Representatives and within the committee, however, there is no intention to move for the approval of this law due to disagreements about it.
Iraqi News Highlights Monday Evening 1-30-23
Tlm724 Administrator Bondlady’s Corner
On One Condition.. A Parliamentary Committee Expects To Present A Supplementary Budget
Political | 03:43 - 01/30/2023 Baghdad - Mawazine News The Parliamentary Oil and Energy Committee expected, today, Monday, to present a supplementary budget if oil prices continue to rise.
Committee member Ali Saadoun al-Lami said, "The oil and gas law did not see the light, although it has been in place since 2007, inside the House of Representatives, then it was returned to the government and was amended and then sent again to the House of Representatives in 2011," explaining, "The law is in In the halls of the House of Representatives and within the committee, however, there is no intention to move for the approval of this law due to disagreements about it.
Regarding budget oil prices, Al-Lami stressed that "the price of a barrel of oil is variable in the budget law," expecting that "a barrel of oil will be calculated in the budget from $60 to $65 per barrel."
And he stated: "If prices continue to rise during this year, it is possible to provide a supplementary budget." https://www.mawazin.net/Details.aspx?jimare=217949
A jump in oil prices in world markets
Economie| 08:28 - 01/30/2023 Follow-up - Mawazine News Oil prices jumped at the beginning of Asian trading, Monday, supported by tensions in the Middle East in the wake of the drone attack in Iran, and Beijing pledged at the weekend to promote a recovery in consumption that will support fuel demand.
Brent crude futures rose 54 cents, or 0.6%, to $87.20 a barrel. US West Texas Intermediate crude recorded $80.22 a barrel, up 54 cents, or 0.7%.
https://www.mawazin.net/Details.aspx?jimare=217912
The Governor Of The Central Bank Briefs The Presidency Of Parliament On A “Financial Plan” To Control The Exchange Rate
Money and business Economy News-Baghdad On Monday, the Governor of the Central Bank, Ali Al-Alaq, briefed the Deputy Speaker of the House of Representatives 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, 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.” https://economy-news.net/content.php?id=32172
The Central Bank Is Developing A Control Plan To Control The Exchange Rates Of The Dollar
Monday, January 30, 2023 12:08 PM Baghdad / National News Center Today, Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the development of a financial and supervisory plan to control the exchange rates of the dollar.
A statement by the First Deputy Speaker of the House of Representatives, received by the National News Center, stated that “Al-Mandalawi stressed, during his meeting with the Governor of the Central Bank, the necessity of returning financial stability, especially the dollar exchange rate, to the Iraqi markets soon,” stressing the “necessity” of adhering to the legal procedures for financial transfers. And protecting the Iraqi economy from previous violations.
Al-Mandalawi 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.
The First Deputy 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://nnciraq.com/183277/
(Corrected) It Was Preceded By An American Negotiation.. An Iraqi Tendency To Adopt The Price Of The Dollar At 1460 Dinars In The Budget
Posted On2023-01-30 By Sotaliraq Correction: In the initial version of the news, it was mentioned that the price of the dollar was suggested at 164 dinars, and the flour is 146 dinars.
Representative Firas Al-Maslamawi revealed, on Monday, that the Iraqi government and the House of Representatives have a tendency to adopt the exchange rate of the dollar at 1460 dinars in the current year’s budget, while indicating that there is an intention to negotiate with the American administration to control the price of the dollar.
Al-Maslamawi said, “The Iraqi Parliament hosted the dismissed governor of the Central Bank, and his answers about decreasing the dollar were unclear, and he did not fulfill his promise when he pledged to return the dollar to its previous price within days.”
He added, "Therefore, the parliament's recommendation was to relieve him of the position, and this matter was actually done, and it is a correct government procedure, and a practical step towards controlling the exchange rate of the dollar and reducing it for the benefit of the Iraqi people."
The deputy revealed, “There is a second step by the government to reduce the dollar, which is negotiating and establishing a balance with the United States of America, especially with the US Federal Bank, and that the application of the electronic platform well gave positive indications to the Federal Bank that the government’s measures are in the right direction.”
Al-Maslamawi continued, "Therefore, there will be control over reducing the exchange rate of the dollar, and there is another measure by the government and the House of Representatives, which is approving the exchange rate of the dollar at 146,000 dinars in the 2023 budget, and this step will contribute to reducing the exchange rate of the dollar."
On January 26, well-informed Iraqi political sources revealed an undeclared goal for Prime Minister Muhammad Shia' al-Sudani's visit to France.
The sources said, “The visit to France also aims to request Paris’ mediation between Iraq and the United States of America, on the issue of the dollar crisis, which has begun to worry the Sudanese and his government greatly, and raises the fears of the coordination framework that this crisis may topple the government quickly.”
The government measures taken by Prime Minister Muhammad Shia al-Sudani did not succeed in stopping the huge rise in the exchange rate of the dollar, as Iraqi stock exchanges still recorded more than 161 thousand dinars compared to $100.
And before that, the spokesman for the Islamic Supreme Council, Ali Al-Difai, revealed that “a leading delegation from the Iraqi Ministry of Finance and the Central Bank of Iraq will visit the United States of America in the coming days in order to discuss the US Federal Reserve’s policy and give an appropriate opportunity of time so that Iraqi banks can adapt and deal with The new banking system.
The US ambassador to Iraq, Alina Romanowski, says that the United States does not set the exchange rate for the dollar and has not imposed sanctions on new Iraqi banks.
And the Iraqi currency lost about 10% of its value, as the Wall Street Journal says in a report it published a few days ago, after procedures related to imposing compliance rules on the Central Bank of Iraq’s dealings with currency dealers in relation to the US dollar. LINK
Mandalawi To The Governor Of The Central Bank: Financial Stability Must Return To The Markets Soon
Monday 30 January 2023 12:14 | Economical Number of readings: 340 Baghdad / NINA / - First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, affirmed that financial stability - especially the exchange rate of the dollar - must return to the Iraqi markets soon, stressing the need to adhere to legal procedures related to financial transfers, and to protect the Iraqi economy from previous violations.
And the First Deputy stressed, during his meeting with the Governor of the Central Bank, Ali Al-Alaq, today, Monday, the need to implement international 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.
The First Deputy 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./ End https://ninanews.com/Website/News/Details?key=1029970
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Iraqi News Highlights Monday Afternoon 1-30-23
Iraqi News Highlights Monday Afternoon 1-30-23
Tlm724 Administrator Bondlady’s Corner
The Governor Of The Central Bank Briefs The Presidency Of Parliament On A “Financial Plan” To Control The Exchange Rate
Money and business Economy News-Baghdad On Monday, the Governor of the Central Bank, Ali Al-Alaq, briefed the Deputy Speaker of the House of Representatives on a “financial plan” that he said he would work on to control the exchange rates of the dollar and prevent financial speculation.
Iraqi News Highlights Monday Afternoon 1-30-23
Tlm724 Administrator Bondlady’s Corner
The Governor Of The Central Bank Briefs The Presidency Of Parliament On A “Financial Plan” To Control The Exchange Rate
Money and business Economy News-Baghdad On Monday, the Governor of the Central Bank, Ali Al-Alaq, briefed the Deputy Speaker of the House of Representatives 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, 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.” https://economy-news.net/content.php?id=32172
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: 323 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 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
Al-Sudani And Qubad Talabani Stress The Importance Of Resolving Existing Problems In A Way That Enhances Stability And Achieves The Public Interest Of The Country
Monday 30 January 2023 19:10 | political Number of readings: 74 Baghdad / NINA / - Prime Minister Muhammad Shia Al-Sudani and Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani, stressed the importance of resolving existing problems in a way that enhances stability and achieves the public interest of the country.
A statement by his media office stated that Al-Sudani received, today, Monday, the Vice President of the Iraqi Kurdistan Regional Government, Qubad Talabani, and the meeting witnessed a discussion of the general situation in the country, and an emphasis on continuing coordination between the federal government and the regional government, in order to achieve understandings in many files, and solve problems. list, in a way that enhances stability and achieves the general interest of the country.”/
https://ninanews.com/Website/News/Details?key=1030065
Central Bank Sales Jump 40% And Exceed $90 Million
Money and business Economy News-Baghdad The Iraqi Central Bank's sales of hard currency increased by more than 40% today, Monday, to exceed $90 million.
According to a report issued by the bank, "the total amounts of strengthening balances abroad amounted to 43.1 million dollars, while the total cash sales amounted to 48.1 million dollars."
The total sale total was $91.5 million.
The number of participating banks to meet cash requests reached 13 banks, while the number of participating banks to meet requests for strengthening balances abroad reached 13 banks, and the total number of participating exchange companies reached 26 companies.
The total number of mediation companies participating was "144 companies".
Yesterday, the bank's sales amounted to $63.3 million.
Views 280 Added 01/30/2023 - 11:05 AM Updated 01/30/2023 - 7:18 PM
https://economy-news.net/content.php?id=32171
The Dollar Rises To 166 Thousand Dinars In The Iraqi Market
Economie| 10:05 - 01/30/2023 Baghdad - Mawazine News Today, Monday, the exchange rates of the dollar witnessed a slight increase in the local markets. The selling price of the dollar was 166,000 dinars per 100 dollars, while the buying price of the dollar was 165,500 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=217915
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Monday "Vietnam News" Posted by Henig at KTFA 1-30-2023
KTFA: Vietnam
Henig: Tourism is back, big time
06:00 | 30/01/2023
(VEN) - Although it failed to achieve the goal of welcoming five million foreign tourists in 2022, major tourism sector efforts have resulted in its strong recovery during the final months of the year, promising even more positive changes in 2023.
Rebound in foreign visitors
Vietnam fully reopened its borders to tourists on March 15, 2022. In late April 2022, it stopped requiring health declarations for arrivals and since May 15, all COVID-19 test requirements for visitors have been dropped.
KTFA: Vietnam
Henig: Tourism is back, big time
06:00 | 30/01/2023
(VEN) - Although it failed to achieve the goal of welcoming five million foreign tourists in 2022, major tourism sector efforts have resulted in its strong recovery during the final months of the year, promising even more positive changes in 2023.
Rebound in foreign visitors
Vietnam fully reopened its borders to tourists on March 15, 2022. In late April 2022, it stopped requiring health declarations for arrivals and since May 15, all COVID-19 test requirements for visitors have been dropped.
In May 2022, the number of foreign tourists to Vietnam increased 70.6 percent compared with April and was 12.8 times higher compared with May 2021. This trend continued strongly for the rest of the year, with nearly 90 percent of tourism companies and accommodation facilities resuming operations.
Bui Thuc Anh, Director of the Esperantotur and Service Joint Stock Company, said the number of tourists grew strongly in the third quarter, with those from the Republic of Korea topping the list, followed by American visitors.
Apart from traditional markets, Vietnam has seen a rebound in visitors from new markets such as India, Middle Asia, South America, and Northern Europe.
Data from Google Destination Insights show that international web searches in October for tourist accommodations in Vietnam increased about 20 percent compared with September and eleven-fold compared with March, when Vietnam fully reopened to tourists.
Most impressively, Vietnam welcomed 596,900 foreign tourists in November 2022, up 23.2 percent compared with October and 39.7 times higher compared with November 2021. “We expect the number of foreign visitors will reach four million by year’s end. In fact, the number of tourists from some countries such as India has grown rapidly,” said Ha Van Sieu, Deputy Director General of the Vietnam National Administration of Tourism.
“Live fully in Vietnam”
In 2022, the tourism sector intensified advertising and promotional activities, both in Vietnam and abroad, to attract foreign visitors, expecting to see a busier international tourism market during the winter holidays at the end of the year.
At the World Travel Market (WTM) 2022 that took place in London in November, the Vietnamese delegation organized many meetings and activities to promote Vietnam’s tourism.
Nguyen Trung Khanh, General Director of the Vietnam National Administration of Tourism, said representatives of 23 Vietnamese travel companies and famous Vietnamese tourist destinations met foreign media and partners at the tourism fair to introduce the Visit Vietnam 2023 campaigns, themed “Binh Thuan - Go Green Come Together” and “Live fully in Vietnam”.
The Vietnamese delegation assured international tourism operators that Vietnam had removed the need to present COVID-19 vaccine certificates as well as quarantine requirements for foreign arrivals, and restored visa waiver programs. Vietnam also introduced major tourism products at the travel fair, including marine, nature, cultural and urban tourism, and various support products.
Kenneth Atkinson, Deputy Chair of the Vietnam Tourism Advisory Board, Founder and Senior Board Advisor to Grant Thornton Vietnam, said Vietnam’s tourism has progressed over the past decade with many tourist sites achieving global recognition.
The Vietnamese tourism sector continues to intensify promotional activities to attract foreign visitors. India is considered a strong target market, being one of the top 10 countries in terms of web searches for information about Vietnam’s tourism.
International web searches for information about tourist destinations in Vietnam keep increasing, focusing on Hanoi, Ho Chi Minh City, Da Nang, Phu Quoc, Hoi An, Nha Trang, Da Lat, Hue, Quang Ninh, and Ha Long. Data from Google Destination Insights show that most of the searches originate in the US, Australia, Singapore, India, the Republic of Korea, Japan, the UK, Malaysia, Thailand, and Germany.
Thanh Tam LINK
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Henig: Headquarters of Vietnam-Korea Institute of Science and Technology inaugurated
09:23 | 30/01/2023
An inauguration ceremony of the headquarters of the Vietnam-Korea Institute of Science and Technology (VKIST) was held at the Hoa Lac Hi-tech Park in Ha Noi on January 17.
National Assembly Chairman Vuong Dinh Hue and Speaker of the National Assembly of the Republic of Korea (RoK) Kim Jin-pyo attended the event.
Addressing the ceremony, the top Vietnamese legislator said that the VKIST project is the fruit of the two countries' cooperation in science, technology, and innovation, which is considered an inevitable trend of the times.
He expressed his hope that the success of the institute model would create a driving force to promote the transformation of the national innovation system.
For his part, Kim said that the VKIST project is of great significance in the two countries' cooperation in science, technology, and innovation.
This is also the largest project financed by the RoK's non-refundable aid in the world and it is also the project to support the establishment of the first public research unit of the RoK, he said.
The VKIST project is a development cooperation project between the Governments of Viet Nam and the RoK. It is co-managed by the Vietnamese Ministry of Science and Technology and the Korea International Cooperation Agency (KOICA).
Source: baochinhphu.vn LINK
Henig: Intertwined opportunities, challenges for Vietnam’s economy in 2023
07:00 | 30/01/2023
With certain headwinds predicted for the global economy in 2023, Vietnam too, faces considerable challenges. But opportunities are also significant if concerted and appropriate solutions are taken, an expert has said.
With certain headwinds predicted for the global economy in 2023, Vietnam too, faces considerable challenges. But opportunities are also significant if concerted and appropriate solutions are taken, an expert has said.
Vietnam has to deal with one major external challenge and two internal ones, Dr Pham Sy Thanh, Director of the Chinese Economic Studies Programme under the Vietnam Institute for Economics and Policy Research, told the Vietnam News Agency.
The external challenge is a strong decline in demand for Vietnamese exports. Many export sectors with revenue of over 1 billion USD like wood and apparel recorded their earnings in October and November 2022 falling 30 - 40% year on year and month on month. This indicates that foreign markets are no longer open or attractive enough for exports in 2023.
Export contraction will have a huge impact on many social issues, especially lay-offs, job shortages, and unemployment in industrial parks, he pointed out.
Among internal challenges, the first is that the handling of wrongdoings in the bond market and the banking system has caused serious disruptions and congestion of the capital flow. Meanwhile, the cost of capital is one of tough barriers to production and business activities, but it is nothing in comparison with the lack of capital or the inaccessibility to capital.
Thanh considered these as immediate difficulties that require strong solutions from the Government so that businesses can gain the fastest access to capital sources with reasonable interest rates.
However, he noted, Vietnamese exporters also have big opportunities to win contracts from partners who used to place orders in China. The shift of supply chains out of the world’s second biggest economy to Vietnam is also accelerating as seen in recent moves by Foxconn, Apple, Adidas, and Samsung.
In Southeast Asia, Vietnam is emerging as one of the go-to places where big enterprises choose to build research and development centres.
To capitalise on those advantages, Vietnam should make concerted efforts, the expert recommended, elaborating that it should have better industrial and office infrastructure. It should also further develop the nation’s transport system accordingly to minimise traffic congestion.
In addition, to have better industrial, office, and transport infrastructure, the policies for handling economic wrongdoings should also open “green lanes” for businesses and localities to make new investment decisions.
Another important measure is dealing with problems of the bond market and the banking system to smoothly carry out monetary and fiscal policies. Particularly, authorities should further prioritise fiscal policy instead of focusing only on the monetary. This will open up more economic development opportunities and optimise advantages when other economies have yet to return to their “orbits”, according to Thanh.
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