Iraqi News Highlights Sunday Afternoon 2-5-23

Iraqi News Highlights Sunday Afternoon  2-5-23

Tlm724 Administrator Bondlady’s Corner

Alia Nassif Calls On The Public, Political Forces, Cultural And Media Circles To Support The Iraqi Dinar

Posted On2023-02-05 By Sotaliraq  Representative Alia Nassif called on the public, political forces, cultural and media circles to support the Iraqi dinar and support strict government efforts to limit tampering with the people's livelihood, expecting a continued decline in the exchange rate of the dollar against the dinar with the continuation of the security campaign to pursue currency smugglers and perpetrators of money laundering crimes.

And she said in a statement today: “One of the most important reasons behind (the deliberate and artificial rise) of the exchange rate of the dollar in the markets and stock exchanges is the destructive role of currency speculators, dollar smuggling groups, and money laundering mafias, and with the state declaring war on these, the price of the dollar fell and will continue to decline quickly.” Indicating: “This economic war is one of the difficult challenges facing the current government, and it must win.”

Nassif called on all political forces, the masses, cultural and media circles, activists and bloggers to "support the Iraqi dinar and support strict government efforts to limit manipulation of the dollar's exchange rate against the dinar and cut off those who tamper with the Iraqi people's livelihood." LINK

An Independent Deputy To / Nina /: The Dollar Crisis Will End, And The Budget Will Be Approved Soon

Sunday 05 February 2023 13:01 | GeneralNumber of readings: 314

Baghdad / NINA / - Independent MP Kazem Al-Fayyad affirmed that the dollar crisis and the fluctuation of its price in the local market will end.

He told the National Iraqi News Agency ( NINA ) that the government is determined and with steady and deliberate steps to end the currency crisis that has emerged during the current period and has clearly affected the movement of the local market.

Al-Fayad added that it is not possible to accept the continuation of the crisis for a long time while the Iraqis are waiting for the approval of the budget, on which several issues and various sectors depend.

He expected that the budget would be approved soon after its arrival from the Council of Ministers to Parliament./ End 3   https://ninanews.com/Website/News/Details?Key=1031194

7 Million Dinars.. The Average Iraqi Per Capita Income In 2022 

Sunday, February 5, 2023 12:18 PM   Baghdad / National News Center   Today, Sunday, the Ministry of Planning confirmed that the average Iraqi per capita income amounted to 7 million dinars during the 2022 indicator.

"The average per capita GDP at current prices ranged between 6.5 to 7 million dinars over the past year," said the ministry's spokesman, Abdul Zahra Al-Hindawi, in a press interview.

He added that "the rise in oil prices contributed to the rise in the average per capita share of the domestic product," noting that "the average per capita income is calculated by dividing the gross national product by the country's population."

The per capita income, or income, is an economic indicator that measures the degree of economic development in a country and its social impact, and this is done by dividing the value of the gross domestic product by the population.   https://nnciraq.com/184531/

The Four Presidencies Discuss The Most Important Economic Challenges And The Measures Taken To Address Them

Prime Minister Muhammad Shia al-Sudani held a meeting with President Abdul Latif Jamal Rashid, Speaker of Parliament Muhammad Rikan al-Halbousi, and President of the Supreme Judicial Council, Judge Faiq Zaidan, to discuss the political and economic situation in the country.

The media office of the Prime Minister said in a statement: "Prime Minister Muhammad Shia' al-Sudani hosted, in the government palace, a meeting that included President Abdel Latif Jamal Rashid, Parliament Speaker Muhammad Rikan al-Halbousi, and President of the Supreme Judicial Council, Judge Faiq Zaidan."

He added, "The meeting witnessed discussion of the most important political, economic and social conditions at the national level, and discussion of a number of pressing issues and their repercussions on the reality of the country, and research on the progress of implementing the government program and its meeting the aspirations of citizens in services and care."

He continued, "The meeting discussed the most important economic challenges and the measures taken to address them, in a way that guarantees the protection of the poor and vulnerable classes."

https://www.radionawa.com/all-detail.aspx?jimare=33301

We Coordinate With International Companies And Support Private Sector Initiatives To Develop The Iraqi Market

Trade for / Nina /: Sunday 05 February 2023 | Economical Number of readings: 167  Baghdad / NINA / - The Ministry of Commerce affirmed its support for all national initiatives from the private sector to support the Iraqi local market in various fields.

The Undersecretary of the Ministry of Commerce, Sattar Al-Jabri, said, in a statement to the National Iraqi News Agency ( NINA ), "We are currently coordinating with solid international companies that have proven the quality of their work and their positive dealings with the quality of products offered to the Iraqi local market."

He added, "There are many positive indicators in keeping pace with renewable energy projects and reducing gas emissions and fuel consumption. We have also received qualitative observations and proposals based on solid industries for the local private sector and the government sector together, and work is underway to crystallize them to see the light on the ground in the next stage soon." /End 5

https://ninanews.com/Website/News/Details?key=1031247

The Minister Of Finance Reveals The Main Benefits Of The Public Administration System

Money and business  Economy News / Baghdad  Today, Sunday, Minister of Finance, Taif Sami, revealed the basic benefits of the public financial management system.

The Ministry of Finance said in a statement that "Finance Minister Taif Sami held, today, a joint meeting with the World Bank team and members of the steering committee for the implementation of the public financial management system project, in the presence of a number of general managers of the departments concerned with the (IFMIS) project,"

indicating that "the meeting discussed The outputs approved during the previous period, and a review of the next stages of project implementation according to the specified timelines and the allocated costs, as well as examining the extent to which the system responds with the rest of the sub-systems such as preparing the federal budget, procurement and payment systems, fixed assets, the salary system, the revenue system, and cash management.

And she continued, "The Minister listened to a detailed presentation about the design and implementation of the next phases of the project, and its direct relationship to the unified treasury account system, in a manner that suits the nature of the financial and accounting system in Iraq, as well as the advantages that the application of the system provides for the optimal use of the state's monetary resources."

The minister stressed that "the main benefits of the system are its ability to improve financial and administrative reports and a comprehensive account structure for the federal government and unify the structure of accounts with independent bodies, in addition to issuing reports according to government financial statistics and laying the foundations for decentralized accounts in federal ministries, and adopting an internationally recognized accounting information system."

And an information system at the latest international level technically and scientifically, improving control and auditing processes, as well as improving management of revenues, expenses, cash, cash flows, salary accounts, and follow-up on project cost accounts.    https://economy-news.net/content.php?id=32288

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"Tidbits From TNT" Sunday 2-5-2023

TNT:

Tishwash:  The Russian bear is knocking on the gates of Baghdad to break American hegemony and open parallel cooperation

Moscow directed its diplomatic compass towards Baghdad to send the most important diplomatic figure to Baghdad, Russian Foreign Minister Sergei Lavreur, to break the ice, open the doors of cooperation, and strike at the American hegemony, which harmed the interests of Iraq and Russia.

Representative Muhammad Al-Baldawi said in a statement to Al-Maalouma that "the American hegemony prevented Iraq from moving except towards Washington, which imposed its political and economic interests," noting that "Lavrov's visit will focus on investing Iraq's capabilities at the level of the commercial, industrial and economic sectors.”

And he continued, "The difficulties that Iraq has gone through in terms of political, economic and social crises are the result of the absolute domination of America over the country," noting that "the government decided to open up to all countries of the world." after getting rid of the restrictions imposed by America on Iraq.”

 Regarding Iraq's openness towards Russia, France and Germany, Al-Baldawi said, "Iraq's compass will rotate properly towards all countries of the world in the coming period, away from America."

And speaking of the Sudanese foreign visits and their importance to Iraq, independent politician Abbas al-Maliki said in an interview with Al-Maalouma that "America dominates the Iraqi economy through the transfer of Iraqi money from oil imports to the American federal account," noting that "Iraq's orientation towards Europe and the East will strengthen its international standing will enable it to gradually get rid of American hegemony at all levels." 

Regarding Al-Sudani's move towards Europe, Al-Maliki states that "America's acquisition of Iraq in this way was the result of an almost complete cut-off from the world, as well as the failure to sign memorandums of understanding that contribute to the advancement of Iraq in all aspects.”

  To confirm the political analyst Sabah Al-Aqili that the visit of Russian Foreign Minister Sergey Lavrov to Baghdad will be the beginning of Iraq's launch towards balanced relations, indicating that the relationship with the Russian side at the present time is governed by several determinants. 

Al-Aqili said in a statement to Al-Maalouma, that "there is no doubt that there is competition between the Russian and the American side to enter the markets of West Asia and Iraq, and Iraq's relationship with the two sides is certainly governed by several determinants, and therefore the Iraqi government must follow the policy of holding the stick from the middle and balancing its relationship with the two sides because the American side is He will put pressure on Iraq as a provocation.” 

He added, “The Iraqi government may practice the theory of a balanced relationship with Russia and hold the stick from the middle, and it remains for it to deal with Russia, America, China and other European countries with a policy of balance and impose on those countries that the relationship with it is far from any interference in its internal political, economic and commercial affairs.”

 In addition, former MP Muhammad al-Bayati said in an interview with Al-Maalouma agency, “One of the reasons for Al-Sudani's going to Germany is that America wants to open new horizons and make some contracts with Europe, especially Germany, so that it will not be greatly affected by the Ukrainian war.

Al-Bayati suggested that "there will be an agreement in this direction because Washington wants some European countries to obtain some contracts from friendly countries, including Iraq, which prompted Iraq to turn towards the German company Siemens."

The former deputy explained: "In the event that this agreement is true, there will be good work by the German company that will be able to work inside the country."    link

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Tishwash:  Allawi: The US Federal Reserve's decisions are systematic and deliberate to control Iraq

The leader of the National Coalition, Iyad Allawi, accused, on Sunday, the United States of America of practicing blackmail against the Sudanese government, indicating that the decisions of the US Federal Reserve are systematic and deliberate to control Iraq.

 Allawi said in a televised interview, followed by Al-Maalouma, that "Iraq must go to sell oil to India, China and other countries in order to obtain dollars urgently and without entering into a crisis, as is happening now."

 He added that "the rise in dollar prices and the decisions of the US Federal Bank were not accidental and could be elements of pressure against the government."

 He pointed out that "Foreign Minister Fouad will visit Washington to discuss the 'dollar' crisis and remove Iraq from Chapter VII, with a pledge towards a clear monetary policy to avoid the crisis."

A member of the House of Representatives, Suhaila Al-Sultani, had warned of America's continued control of the Iraqi economy through its control of the dollar paper, while stressing that the country's survival as a hostage to this situation would diminish its sovereignty.

Al-Sultani said in a previous interview with Al-Maalouma, "Washington today unnaturally imposes its hegemony on Iraq by controlling the Federal Bank."  link

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Tishwash: Associated Press: The Washington-Baghdad agreement stopped the collapse of the Iraqi dinar against the dollar

The Associated Press announced, today, Sunday, that the collapse of the Iraqi dinar against the US dollar, which has been going on for days in an unprecedented manner, has been “stopped now” after an indirect agreement between Baghdad and Washington to address the crisis of dollar smuggling outside the country. 

The agency said, in a report translated by (Baghdad Today), that "the sharp fall of the Iraqi dinar during the last period has been successfully stopped now, after the interview that took place between the Iraqi Central Bank delegation and US treasury officials bore fruit," referring to the meeting that took place last week between the two parties. in the Turkish capital, Ankara.

And it indicated that "the American side was briefed on the reforms and procedures of the Iraqi government and the Central Bank to address the country's commitment to the sanctions imposed by the United States on the countries of the region, including Syria and Iran, as Assistant Director of the US Treasury Brian Nelson praised the dedication of the authorities in Baghdad to improve the level of its cooperation with the American measures."

The agency indicated that "the exchange rates of the dinar against the US dollar witnessed, for the first time in days, expectations of stability in the value during the coming days, with the results of the meeting held in Ankara," stressing that "the Iraqi authorities are still continuing their plans to send a delegation to Washington, from It is expected that he will arrive this week in order to solve the crisis radically   link

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CandyKisses:  Intelligence: $70 million a day smuggled overland through the region

Baghdad – Nas  

Two of al-Sudani's advisers told Middle East Eye that intelligence suggests that dollar smuggling has recently grown by land through the Kurdistan region, and from there to Turkey or Dubai.      

The Qatari-funded website stated in a report by NAS (February 5, 2023) that "in response to the growth of smuggling, the Iraqi government has set up several new checkpoints equipped with sonar devices along the road from Baghdad to Kurdistan."   

Meanwhile, security forces have launched a crackdown to track down currency traders and middlemen who buy and sell dollars on the black market.  

Security sources said several of them had already been arrested over the past few days.   

This has alarmed exchange offices, which receive a fixed daily share of the dollar auction. Almost all of them stopped selling dollars except to well-known customers for fear of arrest.  

Similarly, WhatsApp and Viber groups that were used to solicit dollars from private banks and intermediaries have been deleted out of concern that they could be hacked or hacked, security and financial sources told Middle East Eye.  

Despite this, at least $70 million a day is being smuggled out of Iraq through the Kurdistan region, according to Iraqi bankers and officials.  

The owner of an exchange company involved in dollar smuggling told the website that "his work is only: frankly, all this harassment by the security services has exacerbated the crisis and revived our work."  

"The profits we are now making in exchange for providing the required dollars to traders and venture capitalists, whether in Dubai or Turkey, have multiplied tens of times over the past few weeks," he said.  

"We don't ask any questions and the merchant or customer doesn't want to answer any questions related to him or his money, that's why they turn to us. All they have to do is make a phone call and send their Iraqi money. Sooner or later, and that's it."  

Brokers are now buying dollars from these exchange houses and transporting them overland to Kurdistan.    

Three owners of exchange and brokerage companies and Iraqi officials said that a group of influential local officials and politicians are taking these dollars through the Ibrahim al-Khalil border crossing into Turkey.  

Dollar smuggling or dinar laundering?  

Owners of exchange and financial brokerages told Middle East Eye that the cost of transferring money abroad has increased one and a half times over the past week, as the process has become "more difficult and more expensive."  

The sources said the fees are taken by intermediaries who receive cash from Iraq of no more than $15000,<> per million dollars.  

But according to three owners of exchange and financial brokerage companies and two bankers, it costs $184,<> to exchange a million dollars in a deal to get that money out of Iraq — far more than the local rate.  

Mot:  ~~ LOL - I Wasn't Prepared fer This un!! ~~~

Mot:  ... When Ya Can Tell a Farmer Has too Much Time on his Hands!

Sunday Morning Iraq Economy News Highlights 2-5-23

Sunday Morning Iraq Economy News Highlights 2-5-23

Allawi: America Is Blackmailing The Sudanese Government, And The Federal Government's Decisions Are Deliberate To Control Iraq

By Moahmmad Editor Iraq news   On Sunday, the leader of the National Coalition, Iyad Allawi, accused the United States of practicing blackmail against the Sudanese government, indicating that the decisions of the US Federal Reserve are systematic and deliberate to control Iraq.

Allawi said in a televised interview: “Iraq has to go to sell oil to India, China and other countries in order to obtain dollars urgently and without entering into a crisis, as is happening now.”

He added, "The rise in dollar prices and the decisions of the US Federal Bank were not accidental and could be elements of pressure against the government."

He pointed out that "Foreign Minister Fouad will visit Washington to discuss the 'dollar' crisis and remove Iraq from Chapter VII with a pledge towards a clear monetary policy to avoid the crisis."

A member of the House of Representatives, Suhaila Al-Sultani, had warned of America's continued control of the Iraqi economy through its control of the dollar paper, while stressing that the country's survival as a hostage to this situation would diminish its sovereignty. https://altahreernews.com/42978/

Parliamentary Finance: The 2023 budget will reach parliament this week, and the dollar crisis will end

byMoahmmad EditorIraq news2 Hours ago

Parliamentary Finance: The 2023 budget will reach parliament this week, and the dollar crisis will e Maxresdefault

The Parliamentary Finance Committee confirmed, anticipating the arrival of the current year’s budget at the end of this week, indicating that the budget will end the dollar speculation crisis and will raise the value of the dinar.

Committee member Jamal Cougar said in a press statement today, Sunday, that "the government is determined to send the budget in the coming days, and it is expected to reach Parliament at the end of the week."

He added, "The crisis cannot continue regarding the dollar, so the approval of the budget is a positive indicator and a strong improvement for the Iraqi dinar, as it will spend about 200 trillion dinars in the market in exchange for the exchange of the dollar."

He pointed out that "the features of the budget for the current year are radically different from what they were in previous years and will include reform measures within the government curriculum."

Last Thursday, the Parliamentary Finance Committee revealed its intention to form a committee to follow up on the delay in sending the draft budget law, calling on the government to expedite sending the draft federal budget bill for the year 2023 to the House of Representatives. https://altahreernews.com/42989/

A Kurdish Deputy Sets The "Password" For The Success Of Stopping Dollar Smuggling

Economy / Special Declaration |Yesterday, 23:24 | Today, Saturday, former Kurdish MP Sarkot Shams al-Din considers that the success of preventing dollar smuggling starts from tightening procedures at the ports and airports of the Kurdistan region .

Shams al-Din said in an interview with "Baghdad Today" that "if the government wants to control the smuggling of dollars, it must tighten its procedures at the airports and ports of the region."

He added, "The airports and ports of the region are managed by the influential, and security measures must be tightened by the federal government, since smuggling continues with huge amounts and for different countries."   LINK

After A Decline That Lasted For Three Days.. Baghdad Is Witnessing An Increase In The Price Of The Dollar

Sunday, 05-02-2023, Tayseer Al-Asadi  Today, Sunday, the exchange rates of the US dollar against the Iraqi dinar rose on the main stock exchange in the capital, Baghdad, and the Kurdistan region.

The Central Al-Kifah and Al-Harithiya Stock Exchange in Baghdad recorded 162,750 Iraqi dinars for 100 US dollars this morning.

While the prices on Saturday morning were 160,000 Iraqi dinars for 100 dollars.

The buying and selling prices increased in exchange shops in the local markets in Baghdad, where the selling price reached 162,750 Iraqi dinars for every 100 US dollars, while the buying prices amounted to 161,750 Iraqi dinars for every 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the price of the dollar in the stock market also recorded an increase, as the selling price of the dollar reached 166,750 dinars per 100 US dollars, and the purchase price reached 165,750 dinars per 100 US dollars .

https://www-non14-net.translate.goog/public/154500?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_sch=http

Representatives.. The Dollar Is Chasing You

SUNDAY, 05-02-2023, KARRAR AL-ASADI  Written by: Ali Hussain

Every day, the Iraqis wake up to a new scenario, but it is a bad plot. After we waited for an explanation for the insane rise of the dollar, and after people were unable to solve the mystery of theft of the century, and we hit fifths in Asdas to know the secret of releasing the main accused, "Nour Zuhair",

And after we promised the House of Representatives that the world will be spring and the weather will be wonderful, after all that, we discovered by chance that the loss of the country's wealth and the theft of its billions are behind the people who indulge in it grace of democracy.

In all countries of the world, the job of the minister, the official, and the real parliamentarian is to manage the affairs of the country in a way that makes people safer, happier, and more confident in the future, except in Iraq, where our politicians spread terror and perpetuate a culture of hatred and violence, using the scarecrow of terrorism and foreign agendas, a discourse that is no different from the abhorrent discourse that was Saddam cracks our heads every day,

they talk about chaos while they are the first to spread ruin everywhere, they talk about law and justice while they ruin the country every morning, they are fond of dealing in people's issues, and they have invested in recent years in the chaos of lawlessness, so their trade flourished amidst a huge crowd of False words, every day the poverty index increases,

And the dinar loses its prestige, while our deputies insist on filling the satellite platforms with noise and noise at a time when people know very well who the thief, who was killed, who caused the dollar crisis, and who wants to hide all the facts .

Today, Iraqis want a state of social justice, brotherhood, and equality, not a sick and corrupt state that is governed by a culture of ignorance, poverty, and disease, in which there is no place for anything real, but rather a place and status for everything that is fake, forged, liar, hypocritical, cheating, corrupt, murderer, opportunist, thief, and counterfeiter.

Today we all realize that stability will not be achieved unless the people get rid of the politicians of crises, whose experience in the past years has shown that they came to serve their interests and the blocks to which they belong. And the other is in one of the neighboring countries. They differ in the degree of their closeness to the benefits and not in the degree of their closeness to the people..

And in the end they meet with their peers among the officials at one point, which is “remaining in office and preserving the gains.” .” They will fill the heavens and the earth with statements about reform and change, forgetting and forgetting that those who are impoverished and whose future is lost are the ones who seat them in the chairs of government, and they are also the owners of the first credit. in the political process that they trade in.

https://www-non14-net.translate.goog/public/154510?_x_tr_sch=http&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Report: The Dollar Crisis In Iraq Puts The Framework On A Hot Plate

2023.02.05 - 10:13   A press report shed light on the dollar crisis in Iraq, while noting that it puts the coordination framework "on a hot plate."    

"Nass" channel on Telegram.. our latest updates    

The report, published by "Al-Arab" newspaper, followed by "Nass" (February 5, 2023), says, "The complaints of the Sudanese coordination framework groups centered on the fact that he did not stick to the demand to postpone compliance with the American controls until local equipment and expertise are available to deal with them."    

The following is the text of the report:    

The coordination framework groups whose factions and affiliated banks lead dollar smuggling operations to Iran are facing an unprecedented situation, between Iranian pressure urging them to continue these operations to support Iran's steadfastness, and the protests of Iraqis who suffer from high prices due to the depreciation of their currency against the dollar.    

Observers say that some of the framework's leaders, who met with Prime Minister Muhammad Shia' al-Sudani on Saturday, blamed him for providing hasty responses to American pressures that called on Iraq to control the "currency auctions" organized by the Iraqi Central Bank to curb smuggling.

But Al-Sudani responded to these leaders by saying that the crisis could explode further if it ends up tightening restrictions imposed by the Federal Reserve on dollar transfers to Iraq, or even starting a series of sanctions on banks that are active in smuggling.    

And the Central Bank of Iraq has been organizing auctions to sell dollars, ranging between 100 and 300 million dollars a day. Al-Sudani himself revealed that this money was sent abroad based on fake invoices to buy goods at tens of times their price.    

The bank’s procedures oblige everyone to fill out a digital form for each dollar transfer and to specify the transfer authority and documents proving its authenticity    

The meeting held by representatives of the Central Bank of Iraq with representatives of the Federal Reserve in Istanbul on Friday ended until the Iraqi Bank issued a new regulation for transfer controls, requiring banks to provide auditable statements about the reason for their needs for dollars and the destination to which they go. 

While the meeting focused on the fact that the Federal Reserve is ready to “show flexibility as long as the Iraqi Bank adheres to common goals,” those goals mean combating smuggling and money laundering exclusively.    

According to the statement issued by the White House on the phone conversations between President Joe Biden and Al-Sudani last Friday, they dealt with “the prime minister’s economic agenda and his plans to ensure that he serves the Iraqi economy and the Iraqi people, which are plans that the United States has expressed that it is ready to fully support.”

The focus on “serving the Iraqi economy and the Iraqi people” is a clear indication that Iraq’s money should not be in the service of another party.

The “facilitation” package announced by the Central Bank provided dollars at the announced official price (1450 dinars to the dollar) for a list of legitimate purposes, for individuals, government companies and foreign companies operating in Iraq.

However, the bank's procedures obligated everyone to fill out a digital form for each dollar transfer, including specifying the transfer authority, its reasons, and documents proving its authenticity. The Federal Reserve also created an electronic platform within the central bank to monitor transfers and audit import invoices.

Under the new restrictions, the coordination framework groups concerned with smuggling dollars into Iran will have to suck dollars out of free markets, leading to a further drop in the dinar's price.

Although about 20 “private” banks complied with the platform’s conditions, dozens of other banks took the other path, which is to buy dollars from merchants and individual dealers by paying larger amounts in exchange for the dollar. This led to an increase in its price, and the return of the Iraqi dinar to a decline until it exceeded the amount of 1750 dinars to the dollar, that is, a difference of about 300 dinars from the official price.

And although the former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, called for the postponement, the Federal Reserve insisted on the immediate implementation after the expiry of the qualification period that was previously agreed upon. This was one of the reasons that prompted the appointment of Ali Mohsen Al-Alaq, who is close to Nuri al-Maliki, the leader of State of Law, as governor of the bank.

The dilemma is embodied in the fact that the coordination framework groups concerned with smuggling dollars into Iran, which demanded the continuation of its flow to it “by land and air” in an official statement, will be forced, in light of the new restrictions, to absorb dollars from free markets, which leads to a further decline in the price of the dinar and fueling protests against it and against Sudanese government.

One of the exits before it is to return to the way that prevailed during the era of the Maliki government between 2006 and 2014, which is contracting for the implementation of fake government projects implemented by companies affiliated with the Iranian Revolutionary Guard, and transferring funds through them to Iran.

This way allowed the smuggling of a large part of the $400 billion that was said, after the end of that government's term, to have disappeared from government accounts. Subsequently, private banks replaced this method to perform the same task through the dollar sale window opened by the Central Bank.

Observers say that President Biden's reference during his phone conversation with Al-Sudani to "Washington's commitment to the strategic framework agreement signed with Iraq in 2008" meant adhering to the fact that all of Iraq's oil revenues remain subject to the supervision of the US Federal Reserve.

And while Iraq can receive daily cash transfers to meet its domestic needs, all of its other financial dealings are done through the Federal Reserve.

The daily “auctions” organized by the Central Bank of Iraq constitute the widest loophole through which smuggling operations take place, especially since they include amounts far in excess of Iraq’s actual import need.

And in the event that the framework groups insist on smuggling the dollar to Iran, whether by buying it from the auction window or by purchasing it from the markets, the result remains the same, which is a decline in the dinar, an increase in prices, and an increase in the already high rates of poverty and unemployment. This provides new fuel for the outbreak of protests that will bring Iraq back to the square of the October uprising that led to the fall of the government of Adel Abdul-Mahdi in December 2019.

More importantly, this crisis will frustrate the Sudanese government's plans to buy off the street by offering services and setting up projects. As soon as the coordination framework groups return to the previous means of smuggling, these services and projects will turn into illusions, and billions will return to “disappear” from government accounts.     https://www.nasnews.com/view.php?cat=101452

Iraqi News Highlights Saturday Evening 2-4-23

Iraqi News Highlights Saturday Evening 2-4-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Adviser: Central Bank Actions Will Raise The Value Of The Iraqi Dinar

Economie| 10:25 - 04/02/2023  Baghdad - Mawazine News , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that the Central Bank's measures had positively affected the negotiations with the US Treasury, indicating that these measures would raise the value of the Iraqi dinar.

Salih said, "The procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the restrictions imposed, by adopting international banking tools as transparent channels for the transfer of funds, and in a more detailed way to conduct external transfers." between Iraq and the world.

And Saleh continued, in an interview with the official news agency, which was followed by Mawazine News, that "the issued instructions indicate a systematic liberation of external transfer from the restrictions, instructions and customs previously approved on the movements of the Iraqi balance of payments, which will raise the value of the Iraqi dinar rapidly."

https://www.mawazin.net/Details.aspx?jimare=218365

Ihsan Al-Shammari Affirms The Ability Of The State And The Central Bank To Control Official Financial Transactions / Expanded

Saturday 04 February 2023 10:54 | Economical Number of readings: 475  Baghdad / NINA / - The head of the Center for Political Thinking, Ihsan Al-Shammari, affirmed the ability of the Iraqi state and the Central Bank of Iraq to control official financial transactions in the country.

Al-Shammari said in a statement to the National Iraqi News Agency / NINA /: "The Central Bank of Iraq is responsible before the US Federal Bank in relation to transfers and reliance on the new foundations and standards in the issue of financial transfers that Iraq needs in the import issue at the level of the government and private sectors," pointing to : "The issue of the dollar is linked to compliance with the international standards set by the US Federal Reserve in full."

He explained: "The challenge facing the government in the smuggling process is summed up in what is known as flying boxes, that is, smuggling dollars through some Iraqi airports or land truck boxes through official and unofficial outlets, and here lies the government's ability to control the dollar outside the context of official and unofficial transfers." official.”

He pointed out: "The government's responsibility and the challenge before it is represented in controlling the border crossings with new technical capabilities, blocking smuggling routes at unofficial crossings and eliminating smugglers, and if it succeeds in this matter, it will greatly control the movement of the dollar and its price."/    https://ninanews.com/Website/News/Details?Key=1030988

The Association Of Private Banks Affirms Its Support For The Government's Measures To Raise The Value Of The Iraqi Dinar

Saturday 04 February 2023 12:02 | Economical Number of readings: 488  Baghdad / NINA / - The Iraqi Private Banks Association announced today, Saturday, its support for the new government measures regarding raising the value of the Iraqi dinar against the dollar, directly and gradually, and with the provision of materials and goods in the local market.

The association said in a statement: "The new package of measures issued by the Central Bank of Iraq, to ​​facilitate the financing of international trade, and to organize its work in accordance with international requirements, will contribute to the stability of the exchange rate, and reduce the parallel market and illegal transfers."

She added, "Private banks are ready to implement all the instructions of the Central Bank, because they have the necessary infrastructure, and in compliance with the instructions by opening accounts and providing official documents for the import of goods, by various categories, including companies and simple companies registered in the chambers of commerce, owners of laboratories, factories, agricultural and investment projects, in addition to To scientific offices and companies in the Kurdistan region.

The Association of Banks called on the business sector and merchants to deal with banks directly by opening accounts, bank credits, and fundamental transfers, and benefiting from the advantages and official exchange rates, without an intermediary or third party, or using unlicensed channels and exchange, as the transfer process will take place after verifying the fundamental requirements and verifying Lists of bans and penalties.

And she added, "The banking sector is determined to implement this package of decisions in a smooth and easy way, simplify procedures within the controls and expand the network of dealing with merchants, especially through all branches in the governorates, in addition to intensifying awareness campaigns for the public about account opening mechanisms and external transfer controls."/ End

https://ninanews.com/Website/News/Details?key=1031006

The US Treasury Confirms Its Support For Achieving Economic Stability In Iraq

The Central Bank of Iraq revealed the contents of the meeting of its governor, Ali Al-Alaq, with US Assistant Secretary of the Treasury Brian Nelson in Turkey.

The media office of the bank said in a statement: “The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, and his accompanying delegation concluded, yesterday evening, in Turkey, his meetings with Assistant Secretary of the Treasury Brian Nelson and his accompanying delegation,” pointing out that, “during the meeting, they discussed prospects for cooperation.” And coordination between the two sides in a way that contributes to achieving the stability of the exchange rate in Iraq and the mechanisms related to that.

He added, "The US Treasury confirmed its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between Prime Minister Muhammad Shia' al-Sudani and US President Joe Biden in the phone call that took place between them Thursday in stressing the importance of Iraq's stability to the region."

He continued, "The US Treasury Department has expressed its readiness for the necessary flexibility to achieve common goals," noting that "it was agreed to continue coordination and cooperation during the meetings to be held in Washington, DC, before the middle of this month."

https://www.radionawa.com/all-detail.aspx?jimare=33291

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

https://www.bondladyscorner.com/

Saturday "Vietnam News" Posted by Henig at KTFA 2-4-2023

KTFA:  Vietnam

Henig:  Việt Nam to further contribute to strengthening ASEAN solidarity: ambassador

07:00 | 04/02/2023

ASEAN foreign ministers are expected to propose initiatives and solutions to cope with challenges in the region and the world, strengthen the bloc's solidarity during their meeting in Jakarta on Feb 3-4.

JAKARTA — Vietnamese Minister of Foreign Affairs Bùi Thanh Sơn's attendance at the ASEAN Foreign Ministers’ Meeting Retreat (AMM Retreat) in Jakarta on February 3-4 will contribute to enhancing solidarity and consensus in the ten-member grouping, thus elevating Việt Nam's role and position in ASEAN and international forums, a Vietnamese diplomat has said.

In an interview granted to the Vietnam News Agency ahead of the AMM Retreat, Ambassador Nguyễn Hải Bằng, Permanent Representative of Việt Nam to ASEAN, said given the current complicated circumstances, the meeting is expected to offer an opportunity for ASEAN FMs to discuss and reach consensus on the bloc’s orientations.

The ministers are expected to propose initiatives and solutions to cope with challenges in the region and the world, strengthen the bloc's solidarity, enhance ASEAN’s centrality in the region, and facilitate recovery of the entire association and each member nation, the ambassador continued.

According to Bằng, on the sidelines of the AMM Retreat, Son and his counterparts in ASEAN will pay courtesy calls to Indonesian President Joko Widodo, and hold many bilateral meetings.

Since joining ASEAN, Việt Nam has proven its role as an active, responsible member that is willing to lead and contribute to building rules for the bloc.

At the upcoming retreat, Việt Nam will propose initiatives aiming to improve institutional capacity and operational efficiency of ASEAN agencies and review the implementation of the ASEAN Charter for timely adjustment and supplements, towards ensuring that ASEAN Community building efforts are made in an effective and coordinated manner across all three pillars.

Also as part of the community building framework, Việt Nam will join in finalising Timor Leste's observer status and contributing to building a roadmap for Timor-Leste to secure the ASEAN membership.

According to the ambassador, another important issue at the upcoming retreat meeting is measures to materialise the Five-Point Consensus on Myanmar, and Việt Nam stands ready to engage in the process.

Other issues to be tabled for discussion include orientations to boost cooperation between ASEAN and its partners in the spirit of ensuring and promoting the centrality of ASEAN as well as mechanisms and initiatives of or led by ASEAN, including the ASEAN Outlook on the Indo-Pacific, and how to continue urging major countries to soon join the Treaty on the Southeast Asia Nuclear Weapon-Free Zone (SEANWFZ).

The present emerging international and regional issues would also be of great concern as they directly affect ASEAN, he said, noting that the task of the Vietnamese delegation was to raise initiatives in order to build a common stance, helping to ensure ASEAN solidarity and unity.

Speaking of priorities set by Indonesia as ASEAN Chair 2023 that are maintaining ASEAN’s position and consolidating its centrality in the region and the world, and comprehensively spurring economic recovery and growth, turning ASEAN into a bright spot of the global economy, Bằng affirmed Việt Nam's support for and readiness to contribute to these efforts this year.

Source: VNS    LINK

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Henig:  Trade surplus with America exceeds US$100 billion

07:00 | 04/02/2023

Viet Nam enjoyed a trade surplus of US$100 billion with the Americas for the first time in 2022, according to the Ministry of Industry and Trade (MoIT).

In the year, trade with the continent accelerated to US$153.9 billion, representing a year-on-year increase of 10.7 percent. In which, Viet Nam's exports to America reached US$128.2 billion, up 12.4 percent and its imports reached $25.7 billion, up 3 percent on-year.

Trade between Viet Nam and major markets in the Americas saw stable growth, such as that with the U.S. up 11 percent, Brazil up 6.6 percent, Canada up 16.5 percent, Mexico up 7.1 percent, Chile up 9 percent, and Argentina up 8.3 percent.

For the U.S. market, the two-way trade trade turnover increased by 11 percent to US$123.86, of which Viet Nam's exports to the U.S. hit US$109.4 billion, up 13.6 percent compared to 2021.

Deputy Minister of Industry and Trade Do Thang Hai said that 2023 would continue to be a challenging year, thus market situation should be closely monitored and more solutions needed to maintain and expand export markets.

Source: VGP   LINK

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Henig:  Banks plan to pay cash dividends for first time in three years

February, 04/2023 - 08:05

TPBank is due to pay a cash dividend at a rate of 25 per cent instead of a stock dividend like in previous years. This means that shareholders will receive VNĐ 2,500 (US$0.11) per owned share.

HÀ NỘI — Some banks have announced plans to pay cash dividends to shareholders for the first time in three years.

Accordingly, TPBank is due to pay a cash dividend at a rate of 25 per cent instead of a stock dividend like in previous years. This means that shareholders will receive VNĐ2,500 (US$0.11) per owned share.

The payment is expected in the first quarter of 2023. The source is from undistributed profits as of 2021 after disbursing funds according to the audited financial statements.

This is the first bank to consult shareholders on cash dividend payments this year.

TPBank said that accumulated to the end of 2022, the remaining profit and surplus from funds reached more than VNĐ13.36 trillion. Of which, the undistributed profit until 2021 after distributing to funds was nearly VNĐ5.5 trillion.

Last year, TPBank also recorded a 30 per cent growth in profit before tax to nearly VNDĐ7.9 trillion, thanks to an increase in fee income and the recovery of customers whose debts were extended during the pandemic, so risk provisions were reduced.

Previously, Vietnam International Commercial Joint Stock Bank (VIB) said that if it is approved by the general meeting of shareholders and approved by the State Bank, it can pay a cash dividend of up to 35 per cent of the charter capital, meaning that shareholders owning one VIB share can receive VNĐ3,500 in dividends. According to VIB's representative, the payment rate could be higher if irregular revenues were recorded in 2022.

In 2022, VIB recorded a profit before tax of more than VNĐ10.58 trillion, an increase of 32 per cent over the previous year.

Similarly, Vietnam Prosperity Commercial Joint Stock Bank (VPBank) and Asia Commercial Joint Stock Bank (ACB) also plan to pay cash dividends this year.

VNS    LINK

Henig:  PM emphasises importance of boosting external activities at export market conference

February, 04/2023 - 07:58

Prime Minister Phạm Minh Chính said the Ministry of Industry and Trade should take advantage of the free trade agreements (FTAs) that Việt Nam has joined.

HÀ NỘI - At a conference held by the Ministry of Industry and Trade on expanding the export market in Hà Nội on February 3, Prime Minister Phạm Minh Chính emphasised the importance of boosting external activities and fostering bilateral and multilateral cooperation. 

Deputy Prime Minister, Minister of Natural Resources and Environment Trần Hồng Hà and Minister of Industry and Trade Nguyễn Hồng Diên also attended the conference.

Chính said the ministry should take advantage of the free trade agreements (FTAs) that Việt Nam has joined to help diversify export markets and maintain traditional markets, such as the US, China, the EU, Japan, South Korea and ASEAN.

Việt Nam needed to expand its export market to Eastern Europe, the Middle East, South America, South Asia, and Africa and promote supply chain diversification.

Negotiations that are ongoing concerning an FTA with Israel and the opportunities from China's reopening after COVID-19 must also be exploited. 

The PM requested the MoIT implement synchronous solutions to boost exports for commodities with high potential and demand on the global market.

In addition, the sector needed to boost domestic purchasing power by implementing trade promotion programmes on the domestic market and promote the distribution of goods via e-commerce channels.

It needed to focus on calling for investment in modernising the distribution system in rural and mountainous areas to promote Vietnamese goods.

The ministry was also asked to step up market management and the fight against smuggling and trade fraud and take specific solutions to mobilise and bring into full play resources, especially those from different economic sectors.

It needed to coordinate with ministries and sectors to reduce logistics service costs to improve competitiveness.

The leader also stressed the importance of digital transformation, a green and circular economy, and the climate change response while urging the ministry to quickly complete the four master plans on electricity, energy, minerals and oil and gas infrastructure.

At the conference, Minister Nguyễn Hồng Diên said that in 2023, the Ministry of Industry and Trade would focus on implementing programmes to restore and develop the economy, promote disbursement of public investment capital, creating the supply of materials for sustainable product development.

The ministry would focus on solving difficulties for businesses, implementing solutions to removing barriers in terms of credit and administrative procedures to promote economic growth.

It would also promote administrative reform, simplify procedures, and create favourable investment, production and business activities conditions.

According to a report presented at the conference, industrial production recovered in almost all fields and localities last year, of which processing and manufacturing remained the main growth driver with a rate of 8.1 per cent.

Export-import also hit a new record of over US$732.5 billion in revenue, representing a 10-fold rise year-on-year. The trade surplus had been maintained for seven consecutive years, reaching $11.2 billion in 2022.

The total retail sales of goods and services increased by nearly 20 per cent, exceeding the set target by 2.5 times.

Việt Nam is among the top five countries worldwide for e-commerce growth.

At the meeting, the sector proposed the Government continue with policies to boost production and business, attract more foreign investments, and soon build and approve national, regional, provincial and sectoral planning schemes, and further consolidate institutions relating to the sector.

VNS    LINK

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Henig:  Vietnam’s rice export forecast to enjoy another successful year

07:00 | 04/02/2023

Vietnam’s rice export is forecast to continue reaping successes this year as the world's rice prices remain high at least in the short term as global economic and political uncertainties have resulted in a high demand for rice reserves, according to experts.

According to the Vietnam Food Association, by the middle of last month, Vietnam earned nearly 115 million USD from exporting more than 226,000 tonnes of rice, an increase of over 41% in terms of both volume and value compared to the same period last year.

The country exported ST24 and ST25 rice to the Middle East region with a record-high price of 1,000 USD per tonne, doubling the price of normal white rice.

Vietnamese rice further penetrated demanding markets like Japan and the EU.

According to experts, more than 80% of rice varieties in Vietnam are fragrant high-quality rice, which is an important factor that helps increase Vietnamese rice's value and accessibility to markets.

This year’s rice prices are forecast to return its peak in 2019 thanks to periodical factors and increasing demand for rice reserves in countries, including such populous nations as China and India.

Moreover, Vietnamese rice exporters are taking advantage of free trade agreements.

Pham Thai Binh, General Director of Trung An Hi-tech Agriculture Joint Stocks Company, said that before the EU–Vietnam Free Trade Agreement (EVFTA) took effect, Vietnamese rice exported to the EU was taxed at high rates, from 5% to 45%, depending on countries.

As the result, it was difficult for Vietnamese rice to compete with those from Cambodia and Myanmar as the EU has exempted import taxes for those countries.

Meanwhile, although Thailand’s rice is heavily taxed but its branding is strong and long-lasting, resulting in its high competitiveness, Binh said.

According to analysts from BIDV Securities Company (BSC), unfavourable weather conditions make major rice exporters like India and Pakistan reduce export volumes while major rice importers like China increase imports.

Vietnam and Thailand are expected to hold negotiations to discuss rising rice prices in the context of increasing prices of input materials.

Last year, Vietnam exported nearly 7.2 tonnes of rice, gaining 3.49 billion USD.

Source: VNA   LINK

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Henig:  Greening foreign investment

06:00 | 03/02/2023

(VEN) - The government’s declared commitment to reduce net carbon emissions to zero by 2050 has prompted a wave of high-quality, sustainable foreign direct investment (FDI) projects.

FDI remains key development driver

According to a report by the Foreign Investment Agency under the Ministry of Planning and Investment, in the first 11 months of 2022, the capital of new FDI projects, capital increases of ongoing projects, and capital contributions and stock purchases by foreign investors totaled more than US$25.1 billion, equaling 95 percent of the commensurate period sum in 2021. The processing and manufacturing industry led the way with total investment of US$14.96 billion, accounting for 59.5 percent of registered investment capital. Along with newly registered capital, the adjusted capital grew 18.9 percent. Notably, FDI disbursement reached US$19.68 billion, up 15 percent over the same period last year and a five-year record.

The growth momentum of the adjusted capital signals foreign investors' confidence in Vietnam’s economy and investment environment. What is more, the realized disbursement of foreign investment has spawned economic growth and improved production capacity, while connecting Vietnamese enterprises with global production and distribution chains. More importantly, the flow of investment capital into the high-tech sector is in line with Vietnam's goal of improving the quality and efficiency of foreign investment cooperation.

Alain Cany, Chair of the European Chamber of Commerce (Eurocharm) in Vietnam, suggests that rather than looking at new investment figures, Vietnam should focus on high levels of disbursement. European businesses in Vietnam are much more optimistic than before the pandemic given Vietnam’s flexibility in efforts both to repel COVID-19 and to support business activity. Therefore, investor commitment is reflected not only in pledged capital but in the disbursed sums.

Matsumoto Nobuyuki, Chief Representative of the Japan External Trade Organization (JETRO) in Ho Chi Minh City, commented that among roughly 600 Japanese enterprises operating in Vietnam, some 60 percent expected profits in 2022. Revitalized from the post-pandemic recovery, the number of profitable businesses in both manufacturing and non-manufacturing sectors increased compared to 2021. In comparison with the Asia and Oceania regions, the number of businesses with optimistic forecasts in Vietnam is higher.

The improved business profits are attributed to the post-pandemic recovery. However, the production efficiency improvement and the increased domestic purchasing power also contribute to Vietnam's growth, Nobuyuki noted.

Attracting green, sustainable FDI

Despite the global decline in foreign direct investment, Vietnam is an exception, reflecting investor confidence in its medium and long-term growth prospects.

Along with strong government determination to advance a green economy, Vietnam also has opportunities to attract investment projects of high technology and low impact on the environment from investors in developed nations. In fact, these investors are increasingly interested in environmental and sustainability issues, highlighting Vietnam’s advantages for their investment decisions.

The Ministry of Planning and Investment reports that from the end of 2021, the quality of projects has shifted in line with Vietnam's green growth goals. The Danish Pandora Group’s new LEGO plant, for example, is Vietnam’s

first carbon-neutral factory that uses only renewable energy.

"We perceive a much larger wave from Europe to Vietnam and there will be a wave of business and potential investors to explore Vietnam, especially in the green domains and green industries," Cany predicted.

According to foreign investors, the macroeconomic background is stable, placing the new FDI inflows in the "green" mainstream serving sustainable development and accompanied by investment in human resources, science and technology and the sector ecosystem.

Ngoc Thao    LINK

Iraqi News Highlights Saturday Afternoon 2-4-23

Iraqi News Highlights Saturday Afternoon 2-4-23

Tlm724 Administrator Bondlady’s Corner

Alia Nassif: The Economic War Is One Of The Difficult Challenges For The Government, And It Will Prevail

Saturday 04 February 2023 10:51 | political Number of readings: 413  Baghdad / NINA / - The representative of the State of Law Coalition, Alia Nassif, called on the public, political forces, and the cultural and media circles to support the Iraqi dinar and support strict government efforts to limit tampering with the people's livelihood, expecting a continued decline in the exchange rate of the dollar against the dinar with the continuation of the security campaign to pursue currency smugglers and perpetrators of laundering crimes. funds.

And she said in today's statement: "One of the most important reasons behind (the deliberate and artificial rise) of the exchange rate of the dollar in the markets and stock exchanges is the destructive role of currency speculators, dollar smuggling groups, and money laundering mafias. With the state declaring war on these, the price of the dollar fell and will continue to decline rapidly." Indicating: "This economic war is one of the difficult challenges facing the current government, and it must be victorious."

Nassif called on all political forces, the masses, cultural and media circles, activists and bloggers to "support the Iraqi dinar and support strict government efforts to limit manipulation of the exchange rate of the dollar against the dinar and block the way for those who tamper with the Iraqi people's strength."/ End 9 To    https://ninanews.com/Website/News/Details?Key=1030985

Al-Mandalawi: We Support Al-Sudani's Efforts Through Understanding And Dialogue With The US Treasury

Political | 05:30 - 04/02/2023  Baghdad - Mawazine News, First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, affirmed today, Saturday, the House of Representatives' support for the efforts of Prime Minister Muhammad Shia'a Al-Sudani regarding controlling the work of banks.

Al-Mandalawi said in a tweet, followed by Mawazine News, "We support all efforts and measures taken by Prime Minister Muhammad Shia'a al-Sudani, through understanding and dialogue with the US Treasury on transfer mechanisms, as well as controlling the work of banks and exchange companies, in addition to providing all basic food commodities at reduced prices." Ended 29/AD 99

https://www.mawazin.net/Details.aspx?jimare=218405

Al-Halbousi: The Exchange Rate Will Return To Normal

Political | 05:28 - 04/02/2023   Baghdad - Mawazine News , Parliament Speaker Muhammad al-Halbousi confirmed, today, Saturday, that the exchange rate will return to its normal state.

Al-Halbousi said in a tweet, which was followed by Mawazine News, "It is not the first time that exchange rates have witnessed changes accompanying legal and regulatory procedures of the Central Bank that are in line with the requirements." and monetary policies aimed at regulating the movement of foreign exchange and preventing smuggling of hard currency.

Al-Halbousi added, "There is no concern or fear, according to the positive indicators of the Iraqi economy, and in light of the growing cash reserves and the level of revenues achieved, which is the highest compared to previous years."

And he continued, "The exchange rate will return to its normal position in conjunction with the tight procedures of the Central Bank and the supportive government efforts to control circulation, prevent manipulation and smuggling, and maintain its stability." Ended 29 / m 99

https://www.mawazin.net/Details.aspx?jimare=218404

Association Of Banks: Central Bank Actions Will Contribute To The Stability Of The Dollar Exchange Rate

Economie| 11:45 - 04/02/2023   Baghdad - Mawazine News  The Iraqi Private Banks Association confirmed today, Saturday, that the package of new measures issued by the Central Bank of Iraq will contribute to the stability of the dollar exchange rate against the dinar.

And a statement by the Association, received by Mawazine News, said, "The Association of Iraqi Private Banks, through its members from the banks, supports government efforts and a package of new measures issued by the Central Bank of Iraq to facilitate international trade financing, which contributes to raising the value of the Iraqi dinar against the dollar, directly and gradually. Providing materials and goods in the local market.

The statement indicated, "The new package of measures issued by the Central Bank of Iraq, to ​​facilitate the financing of international trade, and to organize its work in accordance with international requirements, will contribute to the stability of the exchange rate, and reduce the parallel market and illegal transfers."

And he continued, "Private banks are ready to implement all the instructions of the Central Bank, because they have the necessary infrastructure, and in compliance with the instructions by opening accounts and providing official documents for the import of goods, by the various categories, including companies and simple companies registered in the chambers of commerce, owners of laboratories, factories, agricultural and investment projects, in addition to To scientific offices and companies in the Kurdistan region.

The Association called on the business sector and merchants to “deal with banks directly by opening accounts, bank credits, and fundamental transfers, and taking advantage of the advantages and official exchange rates, without an intermediary or third party, or using unlicensed channels and exchange, as the transfer process will take place after verifying the fundamental requirements and verifying Lists of bans and penalties.

And she pointed out that "the banking sector is determined to implement this package of decisions in a smooth and easy way, simplify procedures within the controls and expand the network of dealing with merchants, especially through all branches in the governorates, in addition to intensifying awareness campaigns for the public on account opening mechanisms and external transfer controls." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=218375

Exchange Rates Of The Dollar Against The Dinar

Economie| 09:18 - 04/02/2023  Baghdad - Mawazine News  The official newspaper, Al-Sabah, reported on Saturday that the exchange rate of $100 decreased by more than 10,000 dinars, so that the prices are as follows:  The selling price: 161,250 dinars per 100 dollars,  the purchase price: 160,250 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=218360

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday 2-4-2023

TNT:

Tishwash: 33.97 tons.. Iraq ranked second in the Arab world by buying gold in 2022

Today, Saturday, the World Gold Council stated that Iraq is the second Arab country to buy the largest amount of gold in 2022.

The World Gold Council said in a report, followed by (Baghdad Today), that "the central banks of the world bought last year 2022 the amount of 1136 tons of gold, at a value of $ 70 billion, and thus set a record in 55 years."

And she explained, "The volume of gold purchases increased in the second half of last year, from July to December 2022, when central banks acquired 862 tons, while they bought only 274 tons in the first half of the year."

According to the chief analyst at the World Gold Council, "a lot of central bank purchases were driven by the fact that bullion is seen as a safe haven in turbulent times and is expected to retain its value despite geopolitical changes, unlike more volatile currencies and bonds."

According to the council's data, "most of the central bank purchases came from emerging markets, including China, Turkey, Egypt and Iraq, which traditionally have lower bullion sizes than Western banks."

The data showed that "Egypt came as the largest buyer of gold among the Arab countries, as it bought 44.6 tons, and Iraq came second with a quantity of 33.97 tons, and then the UAE came third with a quantity of 18.5 tons   link

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Weekend update for February 4, 2023

WELL, WE CLOSED OUT THE CALL THINKING "NUTTIN" WOULD HAPPEN OVER THE WEEKEND....NOW BANKSTERS ARE TALKING OTHERWISE?????????? TIME WILL TELL

Netglobal:  GM Forex is closed until Sunday 4pm EST I believe. Now is the perfect time to implement the new rate.

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

Tishwash:  Iraqi advisor: Negotiations with the US Treasury succeeded, and the value of the dinar will rise

Mazhar Muhammad Salih, the financial advisor to the Iraqi Prime Minister, confirmed today, Saturday, that the Central Bank's measures have reflected positively on negotiations with the US Treasury, saying that these measures will raise the value of the Iraqi dinar.

Salih told the Iraqi News Agency (INA) that "the procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the restrictions imposed, by adopting international banking tools as transparent channels for the transfer of funds, in a detailed manner." Wider to conduct external transfers between Iraq and the world.

 He added, "The instructions issued indicate a systematic liberation of external transfers from the restrictions, instructions, and customs previously approved on the movements of the Iraqi balance of payments, which will rapidly raise the value of the Iraqi dinar."

Yesterday, Friday, the Central Bank of Iraq revealed the contents of its governor’s meeting, Ali Al-Alaq, with Assistant US Treasury Secretary Brian Nelson in Turkey.

The media office of the bank said, in a statement received by "INA", that "during the meeting, prospects for cooperation and coordination between the two sides were discussed, in a way that contributes to achieving the stability of the exchange rate in Iraq and the mechanisms related to that."

He added, "The US Treasury confirmed its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between Prime Minister Muhammad Shia al-Sudani and US President Joe Biden in the phone call that took place between them in stressing the importance of Iraq's stability to the region."

He continued, "The US Treasury Department has expressed its readiness for the necessary flexibility to achieve common goals," noting that "it was agreed to continue coordination and cooperation during the meetings to be held in Washington, DC, before the middle of this month.  link

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Tishwash:  The Central Bank reveals about an upcoming meeting between Al-Alaq and the US Treasury

A member of the Board of Directors of the Central Bank of Iraq, Ahmed Buraihi, revealed, on Saturday, the existence of a new meeting between the Governor of the Central Bank of Iraq, Ali al-Alaq, with the American side in Washington during the coming days, indicating that the meeting of al-Alaaq and Assistant Secretary of the US Treasury Brian Nelson on Friday in Ankara, it was very positive.

Buraihi said, in a statement to Al-Maalouma, that "the meeting of the Central Bank Governor on the relationship with the US Assistant Secretary of the Treasury Brian Nelson sent great optimism to the specialists, as it will quickly contribute to the decline in the dollar exchange rate." 

He added, "The meeting is preliminary to the next meeting that will bring together the relationship with the Treasury Minister." The Governor of the Central Bank on Al- Alaq   concluded this Friday evening in Turkey his meetings with US Assistant Secretary of the Treasury Brian Nelson and his accompanying delegation, during which the prospects were discussed. Cooperation and coordination between the two sides in a way that contributes to achieving the stability of the exchange rate in Iraq and the mechanisms related to that.   link

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Tishwash:  Trade memorandum between Iraq and Jordan

The Amman Chamber of Commerce and the Iraqi Business Council signed a memorandum of understanding to enhance the concept of partnership and facilitate and develop the process of cooperation between them in the economic fields in general and trade and services in particular.

The memorandum, which was signed by Chamber President Khalil Hajj Tawfiq and Council President Majid Al-Saadi, stipulated the cooperation of the two parties in the field of exchanging information and data issued by them on a regular basis, especially those related to economic fields and facilitating intra-trade, and disseminating it to the business community and economists in the two countries.

The Chamber stated in a statement that, according to the memorandum of understanding, coordination will take place between them to organize conferences, seminars and workshops on topics of common interest directed to both sides and the business community in general, with the aim of spreading awareness, in addition to exchanging invitations for events held by each side.

According to the memorandum, available advice and expertise will be provided to investors, business owners, exporters and importers in both countries, as well as promoting partnership and investment opportunities for the business community of each.

The memorandum provides for the provision of appropriate conditions for the effective participation of business owners, projects and various bodies in international and national exhibitions, and other arrangements that are held in both Jordan and Iraq, according to the official Jordanian News Agency, Petra.

It also stipulated the formation of a joint committee to consider the affairs and issues of each of the members of the Chamber and the Council of investors and business owners, and to follow up with the competent authorities in both countries.

It is noteworthy that the Iraqi Business Council in Amman was established in 2006. It is a forum for businessmen to exchange views, ideas and business information, provide job opportunities through trade and social missions, and introduce existing investment opportunities in Jordan and Iraq.   link

Mot:  I JUST WANTED TO SHARE 

Mot:  .. My Kind of Guy!!! ~~

Saturday Morning Iraq Economic News Highlights 2-4-23

Saturday Morning Iraq Economic News Highlights 2-4-23

A Complete Halt To The Movement Of Buying And Selling The Dollar In The Exchange Offices In Diyala

economy |Today, Baghdad today – Diyala    Today, Saturday, the exchange offices in Diyala witnessed a complete halt to the buying and selling of the dollar, after the exchange rates fell yesterday evening.

The owner of the exchange office, Muhammad Abdullah, told (Baghdad Today) that “Baquba and the rest of the cities of Diyala are currently witnessing a cessation of buying and selling dollars after the collapse of exchange rates yesterday evening, which was widely reported by social media platforms.”

He added, "Until now, there is no specific exchange rate to proceed with, and for this reason, exchange offices have resorted to waiting for what will result in the coming hours," noting that "money changers depend directly on the currency markets in Baghdad to determine the compass of the dollar exchange rate.”

He pointed out that "some offices adopt the price of adventure in meeting the requests of some customers who are forced to buy or sell dollars according to specific prices, in which the difference between buying and selling is between 5-7 thousand dinars for every 100." dollars.”

And Abdullah continued, "Most exchange offices are now making transfers through the Iraqi dinar in order to walk customers until the situation is clarified in the coming hours."

Yesterday, Friday, the Central Bank of Iraq issued the first package of facilities to meet the demand for dollars, on both sides of cash and foreign transfers, as it included a large number of categories, offices and commercial activities that are allowed to transfer dollars abroad according to the Central Bank's controls.

And the Governor of the Central Bank of Iraq, Ali Mohsen Ismail, and his accompanying delegation had concluded, on Friday evening, in Turkey, the meeting with Assistant Secretary of the US Treasury Brian Nelson, during which they discussed prospects for cooperation and coordination between the two sides in a way that contributes to achieving stability in the exchange rate in Iraq and the mechanisms related to that. , according to the Iraqi Central Bank statement.

The US Treasury confirmed, according to the statement, "its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between the Iraqi Prime Minister and the US President in the phone call that took place between them last Thursday."

Since November 2022, the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual increase, reaching its highest levels in recent days, as it crossed the barrier of 170,000 dinars per 100 dollars.   Editing: A.G   LINK

Leaks.. Al-Sudani Puts Forward The “Idea” Of Selling The Dollar To Merchants For 1,350 Dinars

The Independent/- According to the leaks, the Prime Minister, Muhammad Shia'a al-Sudani, put forward the "idea" of selling the dollar to merchants and investors for 1,350 dinars.

According to semi-official Kurdish media affiliated with the Independent, “leaks from the Parliamentary Finance Committee revealed that Prime Minister Muhammad Shia al-Sudani proposed selling the US dollar to merchants and investors for 1,350 Iraqi dinars to control the market and stabilize the exchange rate .”   LINK

Who Holds The Dollar In Iraq?

Saturday, February 4, 2023 - Muhammad Hassan Al-Saadi  There is no doubt that the livelihood of the simple Iraqi citizen and his daily requirements is one of the most important priorities, as it touches his life and his daily strength, and any speculation or manipulation related to it will affect his life and livelihood. his family.

The process of the rise of the dollar against the Iraqi dinar has a political and economic aspect. The organized smuggling process practiced by some local banks to neighboring countries was one of the most important reasons that prompted the US Federal Bank to stop these banks and prevent dealing with them, especially with our knowledge that banking dealings in dollars is monitored. Strictly by the American side, and this is very self-evident economically and politically, which considers it the source of its strength in the world.

The international factor was also very influential on the political and economic scene alike, and it is now entering into changes on the ground, as the economic reality is closely linked to the political reality. The dollar and even the economy as a whole, and it monitors the smuggling operations practiced by some parties in the world and its countries, including Iraq, which affected the smuggling operations on its economy, and it was negatively, especially on the value of the dinar against the dollar, which really contributed to its rise and its negative impact on the life of the citizen and his daily strength.

Organized smuggling operations and Iraqi money abroad are all reasons that affected the process of the rise of the dollar against the dinar, and made it exposed to this rise, which may increase little by little, unless there are quick measures capable of addressing the economic situation , and identifying the operations of manipulation and smuggling of currency, as well as on The government is finding ways to combat smuggling abroad, through legal procedures and strict supervision of some banks that have suspicious indicators.. In addition to returning smuggled funds abroad, through agreements concluded by the Iraqi government with these countries.

The Iraqi government cannot move on its own unless there is coordination between it and the US Federal Bank, and resorting to dialogue to find out the defects, and find mechanisms to address this rise.. There should also be internal measures, including "strengthening the Iraqi dinar at the expense of the dollar" and strengthening the Iraqi economy and its perpetuation, by paying attention to the private sector and activating investment laws, in a way that enhances the strength of this sector, and gives room for it to participate in strengthening the national economy on the one hand, and providing important job opportunities in it.

Today, the government of Mr. Al-Sudanese is required to find practical mechanisms to deal with the file of the currency exchange rate, and there may be close solutions as it is circulating, but it will not be quick and immediate. Its solution should be quick.. Any measure taken by the Sudanese government to deal with this file and others will guarantee a positive change towards a free and stable economy in Iraq.

https://akhbaar-org.translate.goog/home/2023/2/299268.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

A Recommendation From An Economist For Those Who Own Dollars In Iraq

2023.02.04 - Baghdad - Nas    On Saturday, the economic expert, Salam Sumaisem, made a recommendation to those who own dollars in Iraq.

"Nass" channel on Telegram.. our latest updates

Sumaisem said in a post followed by "Nass" (February 4, 2023), "Beware of speculation and do not fall prey to rumors. Wait for the exchange rate to stabilize, otherwise some may tempt you to sell your dollars at a low price and then return to sell them at a higher price. Wait for the market to stabilize."

A recommendation from an economist for those who own dollars in Iraq Me_ga

Earlier, dollar exchange rates jumped again, amid turmoil in Iraqi market trading prices.

Prices in Sulaymaniyah now:    100$ = 167,000    

The  exchange rates of the dollar, according to the announcement of the exchange offices at the opening of the market in Erbil and Sulaymaniyah for today, Saturday, (February 4, 2023), were as follows: –

  In Sulaymaniyah:-

100$ = 165,000       

100€=107.5$/108.5$       

100£ = $119.5/$120.5       

100$ = 1850 / 1900 Turkish lira       

1000k swede = 93.5$       

1000k narwej=96.75$       

1000 k danimark = 139 $      

  In Erbil   Today, Saturday morning, the exchange rates of the dollar witnessed a "significant decline" in the Iraqi local markets, according to the monitoring of specialists.

  The selling price of the dollar was 161,000 dinars per 100 dollars, while the buying price of the dollar was 159,500 dinars per 100 dollars.     

Earlier, the political advisor to the Prime Minister and a leader in the Wisdom Movement, Fadi Al-Shammari, set a date for the stability of the exchange rate of the dollar against the dinar.

Al-Shammari said, in a tweet followed by "Nass" (February 4, 2023), "The success of the Istanbul meeting between the Central Bank of Iraq and the US Treasury."       

He added, "The Central Bank announces a set of new measures that will contribute significantly to the decline in the exchange rate, accompanied by strict security measures in pursuing smugglers and speculators."       

And he continued, "Within two weeks, the exchange rate will witness stability at its normal price, and there is no consolation for the speculators and the corrupt."    

  Earlier, Central Bank Governor Ali Mohsen and his accompanying delegation concluded his meetings with US Treasury Assistant Secretary Brian Nelson and his accompanying delegation in Turkey.

  During the meeting, according to a statement by the Central Bank, of which "NAS" received a copy (February 3, 2023), "they discussed prospects for cooperation and coordination between the two sides in a way that contributes to achieving stability of the exchange rate in Iraq and the mechanisms related to that."         

  The US Treasury affirmed, "its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between the Iraqi Prime Minister and the US President in the phone call that took place between them yesterday, Thursday, in emphasizing the importance of Iraq's stability to the region."          

  It also expressed its readiness for the necessary flexibility to achieve common goals. It was agreed to continue coordination and cooperation during the meetings to be held in Washington DC before the middle of this month, according to the statement.         

And the Central Bank of Iraq issued, earlier, the first package of facilities to meet the demand for dollars, on both sides of cash and foreign transfers.

According to a statement by the Central Bank, of which “NAS” received a copy (February 3, 2023), the facilities were as follows: “         

  1- Increasing the ceiling of cash sales for travel purposes to (7000) dollars per month (seven thousand dollars per month), and selling them to adults (18 years and over) exclusively.         

2- The sale of the dollar for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official price (1470) dinars to the dollar, and the Central Bank of Iraq is responsible for strengthening the balances of these agents in dollars at the official rate.      

3- Expanding the scope of transactions allowed to be financed in foreign currency to include:         

a) Importing goods and commodities that are legally permitted to be imported.         

b) Purchasing and supplying services permitted by law, including shipping services.         

c) Financing the import part of the contracts of contractors with state departments.         

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.         

e) Enhancing the balances of sub-accounts of banks and electronic payment companies opened with (GB Morgan) Bank, which has a major membership with international card companies (Visa, Master).         

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.         

g) Transfers for legal transactions for the purchase of real estate abroad.         

h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.         

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.         

j) Transfers related to foreign investments in Iraq.         

k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.          

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.         

m) Profits of shareholders in companies duly registered in Iraq.         

n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or his agent’s account inside Iraq to his account or his company’s account abroad exclusively.         

o) Due payments related to banking and credit facilities that the customer has associated with banks outside Iraq.         

4- Expanding and facilitating external transfer procedures for the categories below, as a first stage, to be followed by other categories later, namely:          

a) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade.         

b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals.         

  C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).         

d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade.         

e) Investment projects of all kinds licensed by investment commissions.         

f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture.         

g) Scientific offices duly licensed by the Syndicate of Pharmacists.         

h) Distributors of international factories who are fixed to be appointed from those factories for the purpose of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq.         

i) Agents of international companies registered in accordance with the commercial agency law in force.         

j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq after presenting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic, legally.         

5- The Central Bank is obligated to cover all requests for dollars in cash and foreign transfers for all legitimate purposes, and thus every sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official price decided, and this difference is deducted from our offending bank account.         

  6- Another important package will be issued soon to achieve the stability of the exchange rate and the general level of prices.         

7- The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.     https://www.nasnews.com/view.php?cat=101406

Iraqi News Highlights Friday Evening 2-3-23

Iraqi News Highlights Friday Evening 2-3-23

Tlm724 Administrator Bondlady’s Corner

The Prime Minister Stresses The Need To Evaluate The Work Of Banks

The Prime Minister, Mohamed Shia Al-Sudani, confirmed that the current stage is a gateway to economic reform. The media office of the Prime Minister stated in a statement, "The Prime Minister, Muhammad Shia'a Al-Sudani, chaired the second meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, as well as the bodies of taxes, customs, border crossings and the central bank, and the meeting witnessed a discussion of the economic situation at the national level in light of Exchange rate fluctuations and their effects on the Iraqi market were also followed up on the implementation of Cabinet decisions related to taxes, customs, border crossings, and the work of banks, and a review of government procedures regarding countering fluctuations in exchange rates, as well as follow-up on the recommendations that were taken at the last meeting.

During the meeting, the Prime Minister stressed "the necessity of developing an assessment of the work of banks, and supporting real banks that have implemented the requirements of the Central Bank, and applied financial standards corresponding to the financial policies of the state," noting that "some banks and exchange offices do not achieve the desired contribution to the consolidation of a regular and real national financial policy." ".

Al-Sudani directed, "to simplify the procedures for merchants' dealings in the concerned state departments, stressing that this stage, despite its embarrassment, is a gateway to economic reform," stressing "the need to spread the banking culture, which was supposed to work for years, so that merchants and businessmen We are ready to deal with the new context of the central bank and the international standards of the banking system.

The statement added, "The meeting witnessed confirmation of the effectiveness of the new transfer system for commercial transactions, and its positive impact in reducing transactions with forged invoices that facilitated currency smuggling over the previous years."

https://www.radionawa.com/all-detail.aspx?jimare=33282

The Prime Minister Stresses The Need To Evaluate The Work Of Banks

The Prime Minister, Mohamed Shia Al-Sudani, confirmed that the current stage is a gateway to economic reform.

The media office of the Prime Minister stated in a statement, "The Prime Minister, Muhammad Shia'a Al-Sudani, chaired the second meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, as well as the bodies of taxes, customs, border crossings and the central bank, and the meeting witnessed a discussion of the economic situation at the national level in light of Exchange rate fluctuations and their effects on the Iraqi market were also followed up on the implementation of Cabinet decisions related to taxes, customs, border crossings, and the work of banks, and a review of government procedures regarding countering fluctuations in exchange rates, as well as follow-up on the recommendations that were taken at the last meeting.

During the meeting, the Prime Minister stressed "the necessity of developing an assessment of the work of banks, and supporting real banks that have implemented the requirements of the Central Bank, and applied financial standards corresponding to the financial policies of the state," noting that "some banks and exchange offices do not achieve the desired contribution to the consolidation of a regular and real national financial policy." ".

Al-Sudani directed, "to simplify the procedures for merchants' dealings in the concerned state departments, stressing that this stage, despite its embarrassment, is a gateway to economic reform," stressing "the need to spread the banking culture, which was supposed to work for years, so that merchants and businessmen We are ready to deal with the new context of the central bank and the international standards of the banking system.

The statement added, "The meeting witnessed confirmation of the effectiveness of the new transfer system for commercial transactions, and its positive impact in reducing transactions with forged invoices that facilitated currency smuggling over the previous years."

https://www.radionawa.com/all-detail.aspx?jimare=33282

Biden In A Phone Call With Al-Sudani: We Affirm Our Unwavering Support For A Stable, Secure And Sovereign Iraq

Yesterday evening, Prime Minister Muhammad Shia Al-Sudani received a phone call from the President of the United States of America, Joseph Biden, during which they discussed bilateral relations between the two countries and the development of joint cooperation in many fields.

A statement by the Prime Minister's Media Office stated that "the US President affirmed during the call his unwavering support for a stable, secure and sovereign Iraq, and the expanded cooperation of the two countries under the strategic framework agreement between the United States and Iraq," expressing his "desire to support the Sudanese Prime Minister's vision for a more prosperous future for the Iraqi people."

The statement added, "The Prime Minister thanked President Biden for his commitment to strengthening and developing the relationship with Iraq in all fields," reiterating "the two countries' joint commitment to the permanent defeat of ISIS."

The statement continued, "The US President welcomed the visit of Deputy Prime Minister and Foreign Minister Dr. Fuad Hussein to Washington next week, whose talks will focus on economic opportunities and cooperation in the field of energy and climate."

He pointed out that "the prime minister and the American president agreed that the stability of the region depends on the stability of Iraq, and that Iraq should not be used as a springboard to attack its neighbors or points of presence of the advisors of the international coalition against terrorism who are present in the country at the invitation of the government, and it was agreed to stay in constant contact in the months." coming to strengthen the close bilateral relations.

The statement indicated that "Jordanian King Abdullah II bin Al-Hussein joined the Prime Minister and the US President in the call, and the three leaders agreed to work together for an Iraq and a region that enjoys peace, including concrete projects to link and integrate the region to enhance prosperity for all and sustain strong fraternal relations." .  https://www.radionawa.com/all-detail.aspx?jimare=33286

Oil Prices Make Modest Gains

Energy Economy News – Baghdad Oil prices made modest gains in early trading on Friday, but were set to incur losses for the second week in a row, as the market looked for more indications of a strong recovery in fuel demand in China to offset the impact of looming recession in other major economies.

And by 0110 GMT, Brent crude futures rose 16 cents, or 0.2 percent, to $ 82.33 a barrel.

West Texas Intermediate crude futures rose 18 cents, or 0.2 percent, to $76.06 a barrel.

https://economy-news.net/content.php?id=32255

Al-Sudani's office reveals the details of the discussions with Biden

Political | 12:50 - 03/02/2023    Baghdad - Mawazine News  , the office of Prime Minister Muhammad Shia al-Sudani revealed, on Friday, the details of the latter's discussions with US President Joe Biden.

Al-Sudani's office stated in a statement, which Mawazine News received a copy of, that "Al-Sudani received, yesterday evening, a phone call from the President of the United States of America, Mr. Joseph Biden. During the call, they discussed bilateral relations between the two countries, and the development of joint cooperation in many fields."

During the call, the US President affirmed his firm support for a stable, secure and sovereign Iraq, and the expanded cooperation of the two countries under the strategic framework agreement between the United States and Iraq. He also expressed his desire to support the Sudanese Prime Minister's vision for a more prosperous future for the Iraqi people.

The Prime Minister thanked President Biden for his commitment to strengthening and developing the relationship with Iraq in all fields, and renewed the two countries' joint commitment to the permanent defeat of ISIS.

For his part, the US President welcomed the visit of Deputy Prime Minister and Foreign Minister Fuad Hussein to Washington next week, whose talks will focus on economic opportunities and cooperation in the field of energy and climate.

The Prime Minister and the US President agreed that the stability of the region depends on the stability of Iraq, and that Iraq should not be used as a springboard to attack its neighbors or points of presence of the advisors of the international coalition against terrorism, who are in the country at the invitation of the government, and it was agreed to stay in constant contact in the coming months to strengthen relations binary document.

The Prime Minister and the US President were joined in the call, King Abdullah II bin Al Hussein of Jordan, and the three leaders agreed to work together for a peaceful Iraq and region, including concrete projects to link and integrate the region to promote prosperity for all and sustain strong fraternal relations. Ended 29 /   https://www.mawazin.net/Details.aspx?jimare=218303

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

 https://www.bondladyscorner.com/

Some "Vietnam News" Posted by Henig aat KTFA Friday 2-3-2023

KTFA:  Vietnam

Henig:  Economic growth and market upgrade to draw capital

February, 02/2023 - 10:48

HÀ NỘI — The prospect of economic growth and market upgradation is the driving force to attract cash flow into the stock market.

Việt Nam is among the world's fastest-growing economies with an average GDP growth rate of about 6.5 per cent per year in the period before the COVID-19 pandemic. The target of economic growth in 2021-2025 at 6.5-7 per cent per year was set out at the 13th National Party Congress despite the fact that the economy was severely affected by the COVID-19 pandemic in 2021. However, VinaCapital forecasts that this growth can still be maintained in the 2023-25 period.

High economic growth will support the companies listed on the stock market. In 2023, the business results of listed companies may be affected by the slowing growth of exports and consumption and high interest rates. The earnings per share (EPS) growth is forecast to be in single digits in 2023.

However, from 2024, when inflationary pressures are gone, central banks around the world can loosen monetary policy to stimulate the economy, and at the same time, the internal difficulties and challenges of the economy will be tackled, Việt Nam's economy will recover, and the stock market's EPS growth is likely to return to double digits.

Infrastructure investment will remain a priority focus of the Government for many years to come and will have a positive impact on the economy in the long term.

In July 2022, the Government issued Resolution No. 86/NQ-CP on the development of a safe, transparent, efficient and sustainable capital market in order to stabilise the macro-economy, and mobilise resources for socio-economic development.

The Resolution stressed the need to urgently implement measures to upgrade Việt Nam's stock market from the frontier market to the emerging market to attract investment capital. Currently, the stock exchanges and securities companies are testing the new trading system KRX, which can meet the requirements of launching new products, shorten the transaction time, and help the Vietnamese stock market meet the requirements of upgradation.

According to VinaCapital, the growth prospect of Việt Nam's economy in the next 3-5 years and the prospect of upgradation will be an important driving force to attract cash flow from both domestic and foreign investors. The size of the stock market will continue to expand thanks to increased liquidity and there are still many new companies likely to list in the coming years.

Both the Vietnamese economy and stock market are still in a high growth phase for at least the next five years, VinaCapital said.

VinaCapital also cited factors that are forecast to positively affect the market in 2023, including inflation, interest rates, exchange rates, public investment, and China's reopening.

Specifically, global inflation is likely to have passed its peak. The Bloomberg Global Commodity Index peaked in June 2022 and was down about 16 per cent by the end of 2022. US inflation also peaked at 9.1 per cent in June 2022, from where it started decreasing.

Central banks will be less aggressive in tightening monetary policy. In 2022, the US Federal Reserve (Fed) raised interest rates seven times. The Fed is expected to continue to raise interest rates in 2023, but the increase will be much less than in 2022 as inflation pressure has subsided.

Pressure on domestic interest rates and exchange rates has decreased significantly. Specifically, the overnight interbank interest rate fell below 5.0 per cent by the end of 2022. Also in December 2022, credit institutions agreed to apply the maximum deposit interest rate of 9.5 per cent for all tenors, while previously, there were some small banks that pushed deposit rates up to 11-12 per cent.

In addition, public investment will be speeded up in 2023. The National Assembly has approved a public investment plan in 2023 with a total capital of over VNĐ700 trillion, an increase of about 25 per cent compared to the plan in 2022.

In addition, China ending the zero-COVID policy and reopening the economy will have a positive impact on the Vietnamese economy, especially the tourism sector. In the period before the COVID-19 pandemic, Chinese tourists accounted for nearly one-third of international visitors to Việt Nam. In addition, the reopening of China's economy will help reduce input costs for Vietnamese manufacturing enterprises using materials imported from China, and will promote exports from Việt Nam to China, especially for agricultural products, VinaCapital forecasts.

— VNS    LINK

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

Henig:  FTAs provide a push for Việt Nam’s exports in 2023

February, 02/2023 - 14:00

The 15 free trade agreements (FTAs) to which Việt Nam is a member are expected to give a boost to Việt Nam’s export activities this year, towards the growth target of 6 per cent.

HÀ NỘI — The 15 free trade agreements (FTAs) to which Việt Nam is a member are expected to give a boost to Việt Nam’s export activities this year, towards the growth target of 6 per cent.

Phúc Sinh JSC, based in HCM City, has exported 50 containers of coffee, pepper, cashew nut and other products to Europe, the US and the Middle East in early 2023.

The company shipped about US$50 million worth of goods to Europe in 2020 and $63 million in 2021, which grew some 30 per cent last year.

It is among the hundreds of domestic firms that are effectively utilising the FTAs, contributing to raising Việt Nam’s agro-export revenue to over $53 billion in 2022.

Chairman and General Director of Phúc Sinh JSC Phan Minh Thông noted that with tax incentives, the deals will help Vietnamese goods compete with those from other countries despite difficulties forecast for this year as many major importers are expected to face inflation.

Import-export was Việt Nam’s bright spot in 2022, hitting a record of around $730.2 billion, of which $371.5 billion came from exports, statistics show.

Notably, thanks to the EU-Việt Nam Free Trade Agreement (EVFTA), garment-textile exports to the EU reached $4.46 billion, representing a year-on-year rise of 34.7 per cent.

The sector is projected to rake in $47-48 billion this year, which is within its reach as the FTAs will accelerate the relocation of investment from other countries to Việt Nam, according to Chairman of the Việt Nam Textile and Apparel Association (VITAS) Vũ Đức Giang.

Minister of Industry and Trade Nguyễn Hồng Diên also held that the agreements will further prove their role this year as the market share of many key exports still remains limited in foreign countries.

— VNS    LINK

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

Henig:  Food and beverage industry to do well this year despite modest economy

February, 03/2023 - 08:14

The food and beverage market is forecast to grow by over 18 per cent this year to VNĐ720 trillion (US$31 billion).

HCM CITY — The food and beverage market is forecast to grow by over 18 per cent this year to VNĐ720 trillion (US$31 billion).

A recent report by iPOS.vn said that, after an impressive rebound in 2022, the F&B industry is poised to achieve “sustainable growth”.

It predicted the market to top VNĐ938 trillion ($40 billion) by 2026.

It expected big players to push strongly this year to gain market share but smaller ones to exercise caution since the economic difficulties would continue in 2023.

New brands like Phê La and Katinat Saigon Kafe would enter, it said.

It forecast some business models to struggle in 2023, including food delivery because sellers would have to reduce their prices to be competitive.

The model developed strongly when the COVID-19 pandemic hit.

A representative of Golden Trust, a company in food and beverage sector, told Việt Nam News that he expected "stable development", but brands should ensure quality in all aspects from infrastructure to services.

A report from Momentum Works said Southeast Asia’s food delivery spending grew by a modest 5 per cent to $16.3 billion in 2022 after a two-year COVID-driven boom.

For the first time in three years growth was driven by the smallest markets, the Philippines, Malaysia and Việt Nam.

Food delivery players in the region, including in Việt Nam, exited unprofitable businesses and markets, it said.

“Major players pivoted away from cost-intensive business models such as dark stores for groceries and dark kitchens for food delivery. This trend is expected to continue into 2023…”

Việt Nam has around 338,600 restaurants and coffee shops, with HCM City accounting for nearly 49 per cent followed by Hà Nội.

The food and beverage market was worth around VNĐ610 trillion ($26 billion) last year.

Of the 3,000 restaurants and coffee shops that took part in a survey done by iPOS.vn for its report, over 46 per cent said they do not have online service. But 83 per cent of them have started to digitise and adopt technology.

Đỗ Duy Thanh, F&B director of Horeca Business School, was quoted by markettimes.vn as saying that when an economy faces difficulties, investors flock back to industries that have high demand, and F&B is an example.

He expected that many new high-end restaurants to open this year.

The slump in the property market would cause people owning properties in good locations to invest in F&B hoping that would attract customers and thus push up the price of their property, he said.

According to the survey, Vietnamese consumers are ready to pay VNĐ40,000-VNĐ70,000 for a beverage, and VNĐ500,000 on special occasions.

Over 77 per cent of consumers said they would continue to spend at this rate or more in 2023.

— VNS   LINK

Henig:  Bình Phước seeks to become modern industrial province

February, 03/2023 - 09:24

The south-eastern province of Bình Phước is seeking to develop its infrastructure and reform administrative procedures to achieve rapid and sustainable development this decade.

BÌNH PHƯỚC – The south-eastern province of Bình Phước is seeking to develop its infrastructure and reform administrative procedures to achieve rapid and sustainable development this decade.

To industrialise, it plans to build roads to connect with neighbouring Đồng Nai and other provinces in the southern region.

The roads will also be connected with major traffic routes in the region, the Cái Mép-Thị Vải Port in Bà Rịa-Vũng Tàu and the Long Thành International Airport in Đồng Nai Province.

The province also plans to build 35 industrial clusters in its 11 districts and towns by 2030 at a cost of VNĐ5.9 trillion (US$260 million).

Of them, 21 will be built on ​​583ha of land from now to 2025, and the other 14 will be built subsequently on another ​​580ha.

Priority will be given to technology, including information technology, supporting industries, agriculture, environmental protection, culture, sports, tourism, and healthcare, according to the provincial People’s Committee.

The industries to be developed include agricultural processing, rubber and plastic, metal, electronics, automobile components, and textiles and apparel.

They are expected to create around 30,000 jobs.

The demand for housing is expected to grow because of the new industrial zones.

Of the planned new residential projects, the Asian Holding Real Estate Company has invested in the 4.7ha Asian Lake View project in Đồng Xoài City.

It includes a residential area, shophouses and an area for entertainment.

Another is the 92.7ha Cát Tường Phú Hưng Complex Urban Area in Đồng Xoài City at a cost of $70 million.

To create the best possible investment climate, Bình Phước has been pushing ahead with administrative reforms, and the time needed to license a project is being cut down to a single day, while the online handling of administrative procedures will make assistance to businesses swift.

It will focus on attracting investments in technology, organic agriculture and processing of agricultural products like cashew, pepper and fruits.

— VNS    LINK

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

Henig:  Việt Nam, Netherlands eye further cooperation in sustainable development

February, 03/2023 - 06:23

Agriculture plays a pivotal role in the economies of Việt Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries, the diplomat told Đầu tư (Vietnam Investment Review).

HÀ NỘI Due to their similar geographical features and advantages, the Việt Nam and the Netherlands have increased their sustainable development partnership in agriculture, water management, and climate change adaptation, said Ambassador of the Netherlands to Việt Nam Kees van Baar.

Agriculture plays a pivotal role in the economies of Việt Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries, the diplomat told Đầu tư (Vietnam Investment Review).

Close co-operation between the two sides has resulted in new visions and the blooming of business cooperation, with a growing number of the Netherlands' companies doing business and investing in Việt Nam.

The Netherlands is the largest European investor in Việt Nam. With their investments and innovative and sustainable operations, the country's businesses actively contribute to Việt Nam’s progress, he said.

He added that but even more significant, Vietnamese companies setting up businesses in the Netherlands as well.

Regarding the two countries' co-operation in green trade, Kees van Baar said that Việt Nam and the Netherlands are delta countries and are vulnerable to rising sea levels resulting from climate change.

The countries also aim to become climate neutral in 2050 by reducing greenhouse gas emissions.

Currently, the EU is developing and implementing new rules and regulations to support its climate ambitions, like the Carbon Border Adjustment Mechanism and Corporate Sustainability Due Diligence Directive.

He said that these new mechanisms will become effective in the coming years and will modernise and strengthen the rules for imports to the EU markets regarding environmental, social, and governance (ESG) criteria.

For companies exporting from Việt Nam to the EU or being in the supply chain of an EU company, he added that there would be strong incentives to invest in ESG reporting to enjoy low tariffs and easy access to EU markets.

Therefore, the Netherlands invests in ESG capacity building for Vietnamese companies. In the framework of the GEFE 2022 event in HCM City, the embassy offered workshops. It will continue to do so in the context of the ‘Ready to Export’ programme, which is being implemented by the Dutch Business Association in Việt Nam and Vietrade.

Regarding the two countries’ hi-tech co-operation, the ambassador said that the Netherlands is a small country in terms of area, but it is the 15th largest economy in the world.

The Netherlands has a rich history of entrepreneurial innovation with world-famous inventions, ranging from microscopes and telescopes to CDs and DVDs, Bluetooth and Wi-Fi.

During his visit to the Netherlands last December, Vietnamese Prime Minister Phạm Minh Chính visited the world-leading production and knowledge economy of the province of North Brabant and the Brainport region in and around the city of Eindhoven.

In response to PM Chính’s wish to strengthen bilateral co-operation in innovation and creativity, the Netherlands is ready to share with Việt Nam the knowledge and experience of our transition from a traditional agricultural and manufacturing industry into a world-leading high-tech hotspot, the ambassador said.

He added that they plan to organise in 2023 a mission of the Netherlands' businesses, knowledge institutes, and other stakeholders from the innovation ecosystem to Việt Nam to exchange ideas and discuss co-operation possibilities.

VNS     LINK

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

Henig:  Garment, footwear exports aim to reach US$80 billion by 2025

07:00 | 02/02/2023

Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.

Việt Nam's textile, garment and footwear sectors aim to achieve a total export value of US$77-80 billion in 2025 and $106-108 billion in 2030, according to the strategy for the development of Việt Nam's textile and footwear industry.
Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.
Of which, the textile, garment, leather and footwear sectors continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries.

They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region.

For the leather and footwear industry, Nguyễn Đức Thuấn, chairman of Lefaso, said domestic enterprises needed to actively adapt to the requirements of the market and brands on sustainable development standards for products. They must reduce emissions in the production process, and increase the use of solar energy and highly sustainable products.

Also, according to the strategy, Việt Nam's textile and garment industry expects export turnover to reach $50-52 billion in 2025 and $68-70 billion in 2030.

The strategy also states that developing the fashion industry is considered a new direction. Accordingly, this sector will focus on developing designers, and raw material supply, production and distribution systems to form supply chains and create sustainable foundations for the development of Việt Nam's fashion industry as well as fashion centres in Hà Nội and HCM City.

The strategy encourages enterprises to gradually switch their production methods to FOB (free on board) and ODM (original design manufacturer) to add value to products, and build a private brand to improve the competitiveness of the businesses and products.

Materials are the most difficult factor in the textile and garment industry. Therefore, to promote the development of the textile and garment supporting industry, the textile and garment industry strives to have a localisation rate at 51-55 per cent in 2021 - 2025 and 56-60 per cent in 2026-2030.

To achieve this goal, it is necessary to attract investment in the development of supporting industries and the production of raw materials and accessories for the textile and garment industry based on advantages in the free trade agreements Việt Nam has joined.

The projects to develop the supporting industry and the production of raw materials and accessories should be built in regions with a number of textile and garment enterprises to reduce transport charges and production cost and improve competitiveness.

The strategy also mentions the role of State management agencies in encouraging enterprises to invest in producing fiber, yarn, textile and dyeing with advanced technology and connections with domestic garment enterprises.

This approved textile and garment development strategy will help form industrial parks with wastewater treatment areas to attract textile and dyeing projects. Now, the infrastructure for textile, dyeing and fabric production is still limited.

Domestic fabric production only reaches 2 billion metres per year, meeting 25-30 per cent of the demand of the garment industry. Việt Nam's textile and garment industry currently must import 60-70 per cent of the raw materials. Việt Nam has joined many FTAs, creating conditions for textiles and garments to expand export markets with the tariff gradually reducing to zero.

According to Chairman of the Việt Nam Textile and Apparel Association Vũ Đức Giang, in the first quarter of 2023, the number of export orders decreased by 25-27 per cent due to the decrease in global purchasing power.

Therefore, businesses can produce lower-value products, and diversify markets and products to keep production and promote growth.

Chairman of Vinatex Lê Tiến Trường said that many businesses now only ran 70-80 per cent of production capacity due to a reduction in consumer demand. So, Vinatex was now focusing on raw material production more than garment production. The materials were always the first step in greening, creating a foundation for qualified materials as green requirements of the US and Europe.

Vinatex had organised the production of yarn products from recycled materials or organic materials. At the same time, the raw material production factories were equipped with solar power to meet green energy standards.

According to forecasts, the situation of Việt Nam's textile and garment industry in 2023 would be worse than in 2022. Therefore, businesses needed to follow the market's developments to have flexible solutions to ensure efficiency in production and business, as well as promote the export of goods, Trường said.

Source: VNS   LINK

 Henig:  Bình Phước seeks to become modern industrial province

February, 03/2023 - 09:24

The south-eastern province of Bình Phước is seeking to develop its infrastructure and reform administrative procedures to achieve rapid and sustainable development this decade.

BÌNH PHƯỚC – The south-eastern province of Bình Phước is seeking to develop its infrastructure and reform administrative procedures to achieve rapid and sustainable development this decade.

To industrialise, it plans to build roads to connect with neighbouring Đồng Nai and other provinces in the southern region.

The roads will also be connected with major traffic routes in the region, the Cái Mép-Thị Vải Port in Bà Rịa-Vũng Tàu and the Long Thành International Airport in Đồng Nai Province.

The province also plans to build 35 industrial clusters in its 11 districts and towns by 2030 at a cost of VNĐ5.9 trillion (US$260 million).

Of them, 21 will be built on ​​583ha of land from now to 2025, and the other 14 will be built subsequently on another ​​580ha.

Priority will be given to technology, including information technology, supporting industries, agriculture, environmental protection, culture, sports, tourism, and healthcare, according to the provincial People’s Committee.

The industries to be developed include agricultural processing, rubber and plastic, metal, electronics, automobile components, and textiles and apparel.

They are expected to create around 30,000 jobs.

The demand for housing is expected to grow because of the new industrial zones.

Of the planned new residential projects, the Asian Holding Real Estate Company has invested in the 4.7ha Asian Lake View project in Đồng Xoài City.

It includes a residential area, shophouses and an area for entertainment.

Another is the 92.7ha Cát Tường Phú Hưng Complex Urban Area in Đồng Xoài City at a cost of $70 million.

To create the best possible investment climate, Bình Phước has been pushing ahead with administrative reforms, and the time needed to license a project is being cut down to a single day, while the online handling of administrative procedures will make assistance to businesses swift.

It will focus on attracting investments in technology, organic agriculture and processing of agricultural products like cashew, pepper and fruits.

— VNS    LINK

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

Henig:  Việt Nam, Netherlands eye further cooperation in sustainable development

February, 03/2023 - 06:23

Agriculture plays a pivotal role in the economies of Việt Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries, the diplomat told Đầu tư (Vietnam Investment Review).

HÀ NỘI Due to their similar geographical features and advantages, the Việt Nam and the Netherlands have increased their sustainable development partnership in agriculture, water management, and climate change adaptation, said Ambassador of the Netherlands to Việt Nam Kees van Baar.

Agriculture plays a pivotal role in the economies of Việt Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries, the diplomat told Đầu tư (Vietnam Investment Review).

Close co-operation between the two sides has resulted in new visions and the blooming of business cooperation, with a growing number of the Netherlands' companies doing business and investing in Việt Nam.

The Netherlands is the largest European investor in Việt Nam. With their investments and innovative and sustainable operations, the country's businesses actively contribute to Việt Nam’s progress, he said.

He added that but even more significant, Vietnamese companies setting up businesses in the Netherlands as well.

Regarding the two countries' co-operation in green trade, Kees van Baar said that Việt Nam and the Netherlands are delta countries and are vulnerable to rising sea levels resulting from climate change.

The countries also aim to become climate neutral in 2050 by reducing greenhouse gas emissions.

Currently, the EU is developing and implementing new rules and regulations to support its climate ambitions, like the Carbon Border Adjustment Mechanism and Corporate Sustainability Due Diligence Directive.

He said that these new mechanisms will become effective in the coming years and will modernise and strengthen the rules for imports to the EU markets regarding environmental, social, and governance (ESG) criteria.

For companies exporting from Việt Nam to the EU or being in the supply chain of an EU company, he added that there would be strong incentives to invest in ESG reporting to enjoy low tariffs and easy access to EU markets.

Therefore, the Netherlands invests in ESG capacity building for Vietnamese companies. In the framework of the GEFE 2022 event in HCM City, the embassy offered workshops. It will continue to do so in the context of the ‘Ready to Export’ programme, which is being implemented by the Dutch Business Association in Việt Nam and Vietrade.

Regarding the two countries’ hi-tech co-operation, the ambassador said that the Netherlands is a small country in terms of area, but it is the 15th largest economy in the world.

The Netherlands has a rich history of entrepreneurial innovation with world-famous inventions, ranging from microscopes and telescopes to CDs and DVDs, Bluetooth and Wi-Fi.

During his visit to the Netherlands last December, Vietnamese Prime Minister Phạm Minh Chính visited the world-leading production and knowledge economy of the province of North Brabant and the Brainport region in and around the city of Eindhoven.

In response to PM Chính’s wish to strengthen bilateral co-operation in innovation and creativity, the Netherlands is ready to share with Việt Nam the knowledge and experience of our transition from a traditional agricultural and manufacturing industry into a world-leading high-tech hotspot, the ambassador said.

He added that they plan to organise in 2023 a mission of the Netherlands' businesses, knowledge institutes, and other stakeholders from the innovation ecosystem to Việt Nam to exchange ideas and discuss co-operation possibilities.

VNS     LINK

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

Henig:  Garment, footwear exports aim to reach US$80 billion by 2025

07:00 | 02/02/2023

Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.

Việt Nam's textile, garment and footwear sectors aim to achieve a total export value of US$77-80 billion in 2025 and $106-108 billion in 2030, according to the strategy for the development of Việt Nam's textile and footwear industry.
Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.
Of which, the textile, garment, leather and footwear sectors continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries.

They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region.

For the leather and footwear industry, Nguyễn Đức Thuấn, chairman of Lefaso, said domestic enterprises needed to actively adapt to the requirements of the market and brands on sustainable development standards for products. They must reduce emissions in the production process, and increase the use of solar energy and highly sustainable products.

Also, according to the strategy, Việt Nam's textile and garment industry expects export turnover to reach $50-52 billion in 2025 and $68-70 billion in 2030.

The strategy also states that developing the fashion industry is considered a new direction. Accordingly, this sector will focus on developing designers, and raw material supply, production and distribution systems to form supply chains and create sustainable foundations for the development of Việt Nam's fashion industry as well as fashion centres in Hà Nội and HCM City.

The strategy encourages enterprises to gradually switch their production methods to FOB (free on board) and ODM (original design manufacturer) to add value to products, and build a private brand to improve the competitiveness of the businesses and products.

Materials are the most difficult factor in the textile and garment industry. Therefore, to promote the development of the textile and garment supporting industry, the textile and garment industry strives to have a localisation rate at 51-55 per cent in 2021 - 2025 and 56-60 per cent in 2026-2030.

To achieve this goal, it is necessary to attract investment in the development of supporting industries and the production of raw materials and accessories for the textile and garment industry based on advantages in the free trade agreements Việt Nam has joined.

The projects to develop the supporting industry and the production of raw materials and accessories should be built in regions with a number of textile and garment enterprises to reduce transport charges and production cost and improve competitiveness.

The strategy also mentions the role of State management agencies in encouraging enterprises to invest in producing fiber, yarn, textile and dyeing with advanced technology and connections with domestic garment enterprises.

This approved textile and garment development strategy will help form industrial parks with wastewater treatment areas to attract textile and dyeing projects. Now, the infrastructure for textile, dyeing and fabric production is still limited.

Domestic fabric production only reaches 2 billion metres per year, meeting 25-30 per cent of the demand of the garment industry. Việt Nam's textile and garment industry currently must import 60-70 per cent of the raw materials. Việt Nam has joined many FTAs, creating conditions for textiles and garments to expand export markets with the tariff gradually reducing to zero.

According to Chairman of the Việt Nam Textile and Apparel Association Vũ Đức Giang, in the first quarter of 2023, the number of export orders decreased by 25-27 per cent due to the decrease in global purchasing power.

Therefore, businesses can produce lower-value products, and diversify markets and products to keep production and promote growth.

Chairman of Vinatex Lê Tiến Trường said that many businesses now only ran 70-80 per cent of production capacity due to a reduction in consumer demand. So, Vinatex was now focusing on raw material production more than garment production. The materials were always the first step in greening, creating a foundation for qualified materials as green requirements of the US and Europe.

Vinatex had organised the production of yarn products from recycled materials or organic materials. At the same time, the raw material production factories were equipped with solar power to meet green energy standards.

According to forecasts, the situation of Việt Nam's textile and garment industry in 2023 would be worse than in 2022. Therefore, businesses needed to follow the market's developments to have flexible solutions to ensure efficiency in production and business, as well as promote the export of goods, Trường said.

Source: VNS   LINK

Iraqi News Highlights Friday Afternoon 2-3-23

Iraqi News Highlights Friday Afternoon 2-3-23

Tlm724 Administrator Bondlady’s Corner

A Demonstration In Karbala To Demand A Reduction In The Price Of The Dollar

Friday 03 February 2023 16:36 | political Number of readings: 213   Karbala ( NINA ) - Hundreds demonstrated in the holy city of Karbala, calling for a reduction in the exchange rate of the US dollar against the Iraqi dinar.   The demonstration started from Al-Ahrar Square and penetrated the main streets, reaching the parliament office.   The demonstrators carried slogans denouncing the currency smuggling operations, which caused the rise in the price   https://ninanews.com/Website/News/Details?key=1030896

Deputy: Forming A Specialized Committee To Control Exchange Rates And Restore Them To Their Previous State

Money and business   Economy News – Baghdad   Deputy Chairman of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed the formation of a specialized committee to control the exchange rates of the dollar and restore it to its previous state.

Al-Saadi said, "We are awaiting a drop in the dollar's exchange rates in the coming days," noting that "the reasons that aggravated the matter more were that some merchants stopped exchanging dollars."

Al-Saadi indicated, in an interview with the "Euphrates News" agency, followed by "Al-Iqtisad News", to "the formation of a specialized committee that includes the Ministry of Finance and the Central Bank to control exchange rates and restore them to their previous state."

Al-Saadi expected, "the exchange rate will return during the current month, at the lowest estimates, and full support will be provided to citizens due to the market's vulnerability to these prices."

https://economy-news.net/content.php?id=32258

Federation Of Chambers Of Commerce: We Are Committed To The Official Exchange Rate, And There Is No Sale Outside The Electronic Platform

Money and business   Economy News – Baghdad On Friday, the Federation of Chambers of Commerce renewed its commitment to the official exchange rate, stressing that there is no sale outside the electronic platform.

"The federation is committed to the exchange rate, and called on all merchants to go to the electronic platform," the federation's president, Abd al-Razzaq al-Zuhairi, told the official news agency. "Dealing with the platform is an inevitable and final issue, and there is no sale outside the platform."

And he indicated that "dealing with the platform is easy and simple," explaining that "if the merchant owns a company, it is possible to deal with the platform, but if he does not own a company, the Chamber of Commerce guarantees him purchases through the platform up to one hundred thousand dollars."

He added, "The Union desires that dealings be clear, whether with merchants or importers, and that there be clear transparency in the work," stressing that "the government has set the lowest tax and customs rate in Iraq's history over the past years."

He pointed out that "the customs on the small container is two million dinars and the tax is 25%. As for the large container, the customs on it are four million dinars and the tax is 25%."

Al-Zuhairi stressed that "these measures will give Iraq strength and stability in front of the countries of the world that there are correct and clean funds, and therefore the largest number of companies will be received," stressing that "the government's measures aim to prevent smuggling of millions of dollars."

He noted that "many merchants in Iraq are committed to the official exchange rate, which is (1470) dinars to one dollar."   https://economy-news.net/content.php?id=32259

At 173 Thousand.. The Stability Of The Dollar Exchange Rate In Iraq

Economie| 10:04 - 03/02/2023  Baghdad - Mawazine News  The exchange rate of the dollar witnessed, on Friday, stability in the local markets in Iraq.  The selling price of a $100 banknote recorded 173,000 dinars, and the purchase price was 172,000.  https://www.mawazin.net/Details.aspx?jimare=218288

The Start Of The Second Meeting Between The Iraqi Delegation And The US Federal Government Regarding The Dollar

Economie| 02:00 - 03/02/2023   Baghdad - Mawazine News  started, just before, the second meeting between the Iraqi delegation and the US Federal Bank regarding the dollar.

An informed source said, in an interview with Mawazine News, that "the meeting, which was held in Turkey, will complement yesterday's meeting."

A member of the Parliamentary Finance Committee, Mustafa Jabbar Sanad, revealed, at dawn today, Friday, the details of the meeting between the Iraqi delegation and the US Federal Bank, which was held in Turkey.

Sanad said in a post on his Telegram channel, "A meeting was held in Turkey between the Iraqi delegation and a delegation representing the US Federal Reserve to discuss the status of the dollar."

He added, "The meeting ended and it was agreed on a number of things, and the meeting will be renewed tomorrow in Turkey as well, and then the expanded meeting in Washington on 2-8-2023." Ended+    https://www.mawazin.net/Details.aspx?jimare=218308

Sudanese Advisor: Iraq's Economy Will Not Be Determined By Shop Brokers

political| 03:52 - 03/02/2023  Baghdad - Mawazine News  Hisham Al-Rikabi, media advisor to the Prime Minister, Muhammad Shia' Al-Sudani, confirmed, on Friday, that Iraq's economy will not be determined by shop brokers and street speculators.

Al-Rikabi said in a tweet, followed by Mawazine News, that "the government's battle against speculators and hard currency dealers enjoys internal and external political support, and its resolution is close, and the process of controlling commercial transactions in accordance with global contexts continues."

And he added, "Iraq's economy will not be determined by shop brokers and speculators in the street, but only by the state." Ended 99 / 29   https://www.mawazin.net/Details.aspx?jimare=218315

The Judiciary Directs That Legal Measures Be Taken Against Anyone Who Commits Harm To The National Economy

political| 04:43 - 03/02/2023   Baghdad - Mawazine News, the Supreme Judicial Council directed today, Friday, to take legal measures against those who commit harm to the national economy.

The judicial media said in a statement, a copy of which was received by Mawazine News, that "the President of the Supreme Judicial Council instructed all investigative courts to take legal measures against anyone who commits an act that causes harm to the national economy, whether from foreign currency dealers or monopolists of goods, food commodities, and essential commodities that People need it every day."

He added, "The President of the Council called on the Ministry of the Interior and the National Security Agency to instruct the relevant police directorates and national security detachments to coordinate with judges and members of the Public Prosecution Office to conduct inspection tours in wholesale shops and places selling foreign currency to arrest violators of the law in flagrante delicto." Ended 29/M99

https://www.mawazin.net/Details.aspx?jimare=218319

Iraq Ranks 15th In The Arab Economies Competitiveness Index

Economie| 11:40 - 03/02/2023   Baghdad - Mawazine News  The Arab Monetary Fund revealed that the UAE maintained the first place in the Arab economies competitiveness index, as a result of its acquisition of the first place in the investment environment and attractiveness index.

In the Arab Economies Competitiveness Report 2022, the Arab Monetary Fund said that Qatar ranked second in the general index of competitiveness of Arab economies, while Saudi Arabia, Kuwait, Oman and Bahrain ranked third, fourth, fifth and sixth, respectively.

The following is the order of the Arab countries in the index:

1- UAE 2- Qatar 3- Saudi Arabia 4- Kuwait 5- Sultanate of Oman 6- Bahrain 7- Morocco 8- Jordan 9- Tunisia 10- Egypt 11- Algeria 12- Mauritania 13- Lebanon 14- Libya 15- Iraq 16- Yemen 17- Sudan.

According to the report, the UAE and Saudi Arabia occupied the first and second positions in the government finance sector index, and this is attributed to the UAE obtaining an advanced position in the index of financial freedom, and the second position in the surplus / deficit to GDP index, while Saudi Arabia benefited from its advanced position in the index of financial freedom. Public revenue index to GDP.

The UAE also ranked first at the level of Arab countries in the monetary and banking sector index, benefiting from its advanced position in the domestic liquidity index of GDP and in the indicators of the growth rate of foreign assets and the ratio of credit granted to the private sector to GDP, while Kuwait came in second place. As a result of the decline in the non-performing loans index out of the total loans and its obtaining an advanced position in the indicator of the ratio of credit granted to the private sector to the GDP. Ended 29 / H    https://www.mawazin.net/Details.aspx?jimare=218296

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