Iraqi News Highlights Tuesday Afternoon 2-7-23

Iraqi News Highlights Tuesday Afternoon 2-7-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Promises The Iraqi People To Work To Enhance Their Confidence In Their National Currency

Tuesday 07 February 2023 17:48 | Economical Number of readings: 179  Baghdad / NINA / - Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq, promised the Iraqi people to make more efforts to enhance their confidence in their national currency and to maintain the integrity and sustainability of the financial and banking system. Al- Alaq said in a statement, "I extend my sincere thanks and gratitude to the Prime Minister for the rapid response to the decision of the Central Bank of Iraq to reduce the exchange rate for the dollar in order to alleviate the burden of citizens.  We and the government continued efforts and fruitful coordination to achieve the desired goal. "

https://ninanews.com/Website/News/Details?key=1031772

The Iraqi Stock Exchange Carried Out More Than 14,000 Transactions Worth 62 Billion Dinars During The Past Month

Stock Market  Economy News – Baghdad The Iraqi Stock Exchange carried out 14,720 transactions during the month of January, at a value of 62.2 billion dinars.

The market said, in its monthly report, which was seen by Al-Iqtisad News, that the market index closed at an altitude of 611.83, while it opened at the beginning of the month at 591.89, up by 3.4%.

The market added that the traded shares amounted to 71.4 billion shares, at a value of 62.22 billion dinars, while 14,720 deals were concluded on the shares of 74 companies out of 103 listed companies.

He stressed that the shares purchased by foreigners amounted to 1.7 billion shares, with a value of more than 2.4 billion dinars, through the implementation of 613 deals, while the shares sold from foreigners amounted to 1.1 billion shares, with a value of more than 3 billion dinars, and foreign trading focused on the Bank of Baghdad, the National Iraqi Company and Asiacell. And Baghdad for soft drinks.

https://economy-news.net/content.php?id=32328

Central Bank: We Will Continue To Work On The Sustainability Of The Iraqi Financial And Banking System

Economy News / Baghdad   The Governor of the Central Bank, Ali Mohsen Al-Alaq, affirmed, on Tuesday, working with the government on the sustainability of the Iraqi financial and banking system.

Al-Alaq said in a statement, "I extend my sincere thanks and gratitude to the Prime Minister and distinguished members of the Council for the rapid response to the decision of the Central Bank of Iraq to reduce the exchange rate for the dollar in order to alleviate the burden of citizens."

Al-Alaq indicated that "the bank and the government will continue efforts and fruitful coordination to achieve the desired goal."

He added: "We pledge our people to exert more efforts to enhance their confidence in their national currency and to preserve the integrity and sustainability of the financial and banking system."

Earlier in the day, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars to one dollar.    https://economy-news.net/content.php?id=32339

A significant drop in the dollar exchange rate

Economie| 01:37 - 07/02/2023  Baghdad - Mawazine News  There has been a significant decline in the exchange rates of the dollar against the dinar, according to the official newspaper, "Al-Sabah".

Selling price: 154,500 dinars per 100 dollars  The purchase price is 153,500 dinars per 100 dollars

https://www.mawazin.net/Details.aspx?jimare=218670

Government advisor: The Iraqi economy is strong and has great resources

Economie| 04:10 - 07/02/2023   Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the Iraqi economy is strong and has large resources that qualify it to stand in front of foreign currencies.

A statement by the Ministry of Finance, which Mawazine News received, a copy of, stated that "the Financial and Accounting Training Center in the Ministry of Finance held a scientific symposium on the exchange rate of the dinar against the dollar, entitled (The exchange rate of the Iraqi dinar against the dollar ... problems and solutions) in cooperation with the Economic Studies Forum in The House of Wisdom, in the presence of Dr. Ahmed Al-Dahlaki, Director General of the Financial and Accounting Training Center, with the participation of a group of researchers, academics and specialists in financial and economic affairs, and under the supervision of Dr. Falah Thuwaini.

The statement indicated that "the symposium in which the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, lectured, discussed the objective reasons that affected the fluctuation of the exchange rate of the dinar against foreign currencies, up and down, according to the effects of the overall situation in Iraq and the treatments to achieve balance and reduce the gap between supply and demand in Iraq." market".

Saleh explained, "The new strategy began with reforming the national currency management system and the Iraqi payment system," noting that "this will be the basis for implementing the strategy for reforming currency conditions in the foreseeable future."

And Saleh indicated that "the Iraqi economy is strong and has large resources that qualify it to stand in front of foreign currencies if there is a correct economic and monetary policy and political, economic and security stability," expressing optimism that "the Iraqi economy will stabilize, which will be reflected in the rise of the dinar against foreign currencies." Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=218688

Sudanese Advisor: The 2023 Budget Will Adopt An Exchange Rate Of 1,300 Dinars, And The Reserve Has Risen To 115 Billion Dollars                                                                                                                                                                             

Political | 05:50 - 07/02/2023  Baghdad - Mawazine News, Advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the 2023 budget will adopt the new exchange rate of 130 thousand dinars, indicating that the Iraqi reserves rose to 115 billion dollars.

Saleh said, "The decision to adjust the exchange rate of the dollar is commensurate with the current increase in the current account of the Iraqi balance of payments."

He added, "The decision supports the availability of official foreign reserves supporting Iraq, which have touched 115 billion dollars."

He stressed that "the decision to raise the value of the Iraqi dinar will lead to combating inflationary activities and expectations that have worsened in the last three months," noting that "the 2023 budget will adopt an exchange rate of 1,300 dinars to one dollar." Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=218702

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

https://www.bondladyscorner.com/

KTFA Members "Tuesday Iraq News" 2-7-2023

KTFA:

Clare:  Press release

The Board of Directors of the Central Bank of Iraq presents to the Prime Ministry the results of its study regarding the adjustment of the official exchange rate to the dollar.

 Central Bank of Iraq
Media Office
2/6/2023     LINK

Clare:  Adviser to the Prime Minister reveals a new package of the process of reforming the Iraqi economy

2/07/2023

Today, Tuesday, the advisor to the Prime Minister, Hisham Al-Rikabi
, revealed a new package of the process of reforming the Iraqi economy.
Al-Rikabi said in a tweet on his Twitter account, which was followed by the Iraqi News Agency (INA).

"Wait for the next package of reforming the Iraqi economy," he added.
Today, Tuesday, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars to one dollar.   LINK

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Clare:  The Council of Ministers approves the amendment of the exchange rate of the dollar, equivalent to 1,300 dinars

2023-02-07

The Council of Ministers approved, on Tuesday, adjusting the exchange rate of the US dollar to be 1,300 dinars.

A brief statement by the Media Office of the Council of Ministers, received by Shafaq News Agency, stated that the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars to one dollar.

 This comes after the exchange rate of the dollar against the dinar rose to unprecedented levels, as it exceeded in some days the price of 1800 dinars per dollar.

 Since the first month of the new government taking over the administration of the country, the exchange rate of the US dollar against the Iraqi dinar has witnessed an upward rise, to exceed 1,500 dinars per dollar before the end of last year.

Since the beginning of this year, the exchange rate of the dollar has witnessed sudden jumps, as it crossed the threshold of 1,600 dinars to the dollar, and it remained fluctuating during the month of last January in the square of 1,600, but during the month of February, the dollar crossed the barrier of 1,700 dinars, and in some days it approached 1,800 dinars per dollar.

These booms and fluctuations prompted the government and the Central Bank of Iraq to take several measures in an attempt to control the exchange rate, but they have not achieved anything so far, while some say that the dollar exchange rate may continue with this rise.   LINK

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Clare:  Parliament calls on the government to expedite the submission of the budget according to the new exchange rate

2/07/2023

Today, Tuesday, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on the government to present the budget according to the new dollar exchange rate, calling on it to tighten control over merchants and exchange rate manipulators to control the market.

Al-Mandalawi said in a tweet on Twitter: "We appreciate the cabinet's approval of the decision of the Central Bank's board of directors to adjust the exchange rate of the dollar against the dinar, and we affirm our support for these efforts to relieve the burden of the people."

Al-Mandalawi asked the government to "tighten control over merchants and exchange rate manipulators to control the market," calling on it to "expedite the submission of the budget according to the new price."

Today, Tuesday, the Council of Ministers approved a change in the exchange rate, equivalent to 1,300 dinars to one dollar.  LINK

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Clare:  The Central Bank of Iraq begins selling dollars at the new official rate

 February 07, 2023

The Central Bank of Iraq will start selling the dollar at the new official rate, starting tomorrow, Wednesday, 2023/2/8, and will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate.

It declares its readiness to meet all legitimate requests of individuals, companies, projects and offices to achieve the bank's goal of stabilizing the general level of prices to protect the purchasing power of citizens, especially since the new exchange rate granted to traders and others provides lower prices for citizens.

The exchange rates will be as follows:

1300 dinars per dollar purchase price of the dollar from the Ministry of Finance.

1310 dinars per dollar The selling price of the dollar to banks through the electronic platform.

1320 dinars per dollar selling price of dollars from banks and non-bank financial institutions to the ultimate beneficiary.

Central Bank of Iraq
Media
Office 2023/2/7     LINK

Henig:  Parliamentarian: Iraq has actually begun to break the American will

Today, Monday, the representative of the Al-Fateh Alliance, Muhammad Karim, considered that Iraq has begun to break the American will that it is following according to the principle that you are either on my side or you are my opponent, while stressing that Iraq is in dire need of more international relations to develop expertise and exploit the available capabilities.

Karim said in a press interview seen by “Takadum” that “Iraq has already begun to get rid of the American arrogance that it is moving from controlling the country’s resources,” noting that “the government is in dire need of more international relations to develop expertise and exploit the available capabilities, as well as The government curriculum on the ground.

And he continued, "The wise leadership of the Sudanese will bypass America's card that it pays to double the value of the dinar in order to use it as a card of pressure on the government and the people," pointing out that "the economic situation in Iraq is the best that it has experienced in the past, and it is imperative for everyone to use it in building the country."

Regarding the international relations that the government has begun to establish, Karim explains: “Iraq has begun to break the American will, which it is advancing according to the principle that either you are on my side or you are my opponent.”    LINK

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Henig:  Promising to fulfill it.. The Speaker of Parliament receives an official invitation to visit Russia

 1 hour ago

Today, Monday, Parliament Speaker Muhammad al-Halbousi received the Minister of Foreign Affairs of the Federal Republic of Russia, Sergey Lavrov, and his accompanying delegation.

The meeting discussed, according to a statement by the parliament speaker’s office, “bilateral relations between the two countries, and means of cooperation in a number of fields, including food security and combating terrorism.”

During the meeting, the Speaker of the House of Representatives affirmed, "Iraq's keenness to maintain relations with friends, and to strive through legislative institutions that represent peoples to restore global stability and security."

For his part, the Russian Foreign Minister expressed his country's desire to maintain bilateral relations between the two countries, and cooperation in all fields. Lavrov also conveyed the greetings of the Russian Duma Speaker to the Parliament Speaker, reiterating the Council's invitation to visit Russia, and Al-Halbousi promised to meet it as soon as possible.   LINK

"Tidbits From TNT" Tuesday 2-7-2023

TNT:

Tishwash:  Kurdish deputy : The coming days are crucial regarding the exchange rate

The head of the Patriotic Union of Kurdistan bloc, Hareem Kamal, confirmed: The coming days are crucial regarding the exchange rate and its fluctuation, which clearly affected the local market.

He told the National Iraqi News Agency ( NINA ) that the government is facing a difficult test to demonstrate its ability to control the exchange rate and restore matters to normal.

He added: The coming days, which do not exceed a week, will be decisive for the implementation of the Central Bank's procedures decisively, or the situation of the current government becomes critical.

And the Central Bank of Iraq announced that it had completed its study on reducing the exchange rate of the dollar and submitted it to the Prime Minister. link

StrangerSolo:  Word on the street in Iraq is that 1 IQD will be $3.00 USD, time will tell if this is going to be true

RVAlready:  $3 to $4 seems prevalent in many discussions. A bit too soon to know.

Rojo:  Those who know are not talking! & those who do not know are talking!

RVAlready:  We will know shortly enough

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Tishwash:  Muhammad Al-Baldawi : The budget will not be affected by the fluctuation of the exchange rate.. and it will soon reach Parliament 

The representative of the Sadiqoun bloc, Muhammad Al-Baldawi, affirmed that the budget will not be affected by the fluctuation of the exchange rate.. and it will soon reach Parliament.

He told the National Iraqi News Agency / NINA /: The fluctuation of the dollar price will not delay the arrival of the budget to Parliament, and it will arrive as soon as it is approved by the Council of Ministers.

Al-Baldawi added: The form and features of the main budget have been completed, and there are only meetings to reach its final stage, which will become clear during the next few days. .
 
He explained: The budget will be for 3 years, with 220 trillion dinars, of which 62-64 trillion is operational, and the rest is for investment projects   link

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Tishwash:  The Iraqi Central Bank issues a new statement on digital currencies

On Tuesday, the Central Bank of Iraq reaffirmed its previous decision to ban trading in digital currencies.

In a statement received by Shafaq News agency, the bank said, "We affirm "our previous decision to ban the use of cards and electronic wallets for the purpose of speculation and trading in digital currencies of all kinds," stressing "the need for banks, licensed non-bank financial institutions, and all electronic payment companies to comply."

He added, "Everyone must commit to taking all administrative, legal and technical measures necessary to prevent and track such types of transactions and trades, in addition to educating your customers about the risks and measures that will be taken against them in accordance with the laws and instructions in force related to these transactions and trades."

He stressed that "all strict legal measures will be taken against violating institutions and customers under the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015 and the instructions issued thereunder in the event of non-compliance with the above."   link

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Tishwash:  The silence will explode within weeks." Demonstrations by the Sadrist movement may worsen the situation in Iraq again

Today, Tuesday, a  close associate of the Sadrist movement led by Muqtada al-Sadr spoke of a possible return to the Sadrist movement's demonstrations within weeks, while indicating that the election law might blow up the situation again in Iraq.

Al-Muqrab (a government figure and a prominent leader within the formations of the Sadrist movement) told (Baghdad Today) that "the Sadrist movement is closely following developments in the situation in the country and is monitoring what the government of Prime Minister Muhammad Shia'a al-Sudani is doing and its decisions, but so far it has not fulfilled the promises it made." I made it about many files that were accompanied by an economic crisis due to the high exchange rate of the dollar, which caused great pressure on millions of poor people. 

He added, "Many reasons will push the Sadrist movement to return to the arena of demonstrations in Baghdad and other provinces, and their launch during the coming weeks is possible," pointing out that "what may explode the situation is the election law, which some influential forces seek to draw according to measures that serve their partisan interests." And not patriotism,” while stressing that “this is what the Sadrist movement will not accept, and it may be the gateway to the explosion of the situation.” 

He, who is close to the movement, pointed out that "the decision to return to the demonstrations depends on a word from the leader, Muqtada al-Sadr, and nothing can be done without his direct approval," adding, "But in general, the movement's silence will not last in the face of many violations." 

The leader of the Sadrist movement, Muqtada al-Sadr, announced on (August 29, 2022) his retirement from political work, while his supporters staged mass demonstrations in the Green Zone in central Baghdad, which resulted in armed clashes that killed dozens of civilians   link

Mot:  .... Easy Explanation on What Your Fingers Mean! ~~~

Mot: .. Must Say - Ya Just Needs the Proper Perspective! ~~ 

Tuesday Morning Iraq Economic News Highlights 2-7-23

Tuesday Morning Iraq Economic News Highlights 2-7-23

Al-Sudani Directs To Reformulate The 2023 Budget At An Exchange Rate Of 1,350 Dinars

money and business   Economy News / Baghdad  The Prime Minister directed, on Tuesday, to prepare the 2023 budget, according to an exchange rate of 1,350 dinars per dollar.

An informed source told "Al-Iqtisad News" agency, "Prime Minister Muhammad Shia'a al-Sudani assigned Finance Minister Taif Sami to reformulate the 2023 budget at the exchange rate of 1350."

Since this morning, the dollar selling markets witnessed a clear and continuous decline until the selling price reached 155,000 dinars for every 100 dollars.  https://economy-news.net/content.php?id=32333

Financial Expert: Iraq's Budget Will Not Be Affected By The Reduction In The Dollar Exchange Rate

2023-02-07 03:00    Shafaq News / An economist and financial expert confirmed today, Tuesday, that Iraq's budget will not be affected by the reduction of the dollar exchange rate, pointing out that Iraq is able to pay all its debts.

The expert, Hilal Al-Taan, said in an interview with Shafaq News agency, "If the study presented by the Central Bank is approved to adjust the exchange rate of the dollar in the budget, the results will be positive because it will lead to a decrease in the price of the dollar in the parallel market, which in turn will lead to lower prices and stability." Markets and the preservation of the poor class and their livelihood after they were negatively affected by the rise of the dollar.

He added, "Iraq has a huge budget, and oil is sold at good prices of up to $80, and there is a cash surplus in Iraq, and therefore there is no negative impact on the budget if it is approved."

And the economist preferred that "the price of the dollar be reduced to 1,350 dinars, within the limits of (10 tigers) in the general budget," adding that "Iraq is also able to pay all its debts under a good financial shadow that it currently enjoys."

Yesterday, Monday, the Board of Directors of the Central Bank submitted to the Prime Ministry the results of its study regarding the adjustment of the official exchange rate to the dollar.

And the exchange rate of the dollar rose against the Iraqi dinar in the parallel market to more than 170 thousand dinars compared to 100 dollars at a time when the government was unable to stop this deterioration in the value of the dinar, after the large withdrawal of dollars from the market to smuggle them abroad.  LINK

The Central Bank Completes Its Study On Reducing The Exchange Rate Of The Dollar And Submits It To The Sudanese

Money and business  Economy News – Baghdad An official source revealed, on Monday, that the Central Bank of Iraq had completed its study on reducing the exchange rate of the dollar and submitted it to the Prime Minister.

The official news agency quoted the source as saying, "The central bank completed its study on reducing the exchange rate of the dollar and submitted it to Prime Minister Muhammad Shia'a al-Sudani."

And the Governor of the Central Bank, Ali Al-Alaq, announced, yesterday, Sunday, that a second package will be issued in the middle of this month to control the exchange rate, while stressing that there are no internal or external restrictions on external transfer or cash sale of dollars.

https://economy-news.net/content.php?id=32311

Parliamentary Leaks Reveal The Content Of A Plan To Reduce The Exchange Rate

2023.02.07 - Baghdad - people     The Central Bank, under its new administration, launched a new campaign to lower the price of the dollar against the dinar, in repeated efforts against a parallel and speculative market, after fierce American insistence following the meeting of the Federal Treasury delegation in Istanbul for one thing, which is to stop the smuggling of the currency that benefit countries sanctioned by Washington, Iran and Russia for particular.

"Nass" channel on Telegram.. our latest updates

  According to sources that spoke to the official agency, followed by “NAS” (February 7, 2023), the Central Bank put on the table of Prime Minister Muhammad al-Sudani a study to reduce the exchange rate of the dollar, which was also confirmed by the Sudanese advisor, Diaa al-Nasseri.    

The Governor of the Central Bank, Ali Al-Alaq, announced that a second package will be issued in the middle of this month to control the exchange rate, while stressing that there are no internal or external restrictions on external transfer or cash sale of dollars.  

As for the House of Representatives, there are political attempts to set the exchange rate of the dollar at a rate lower than that of the parallel market, ranging from 135 to 137 due to the damage caused by the change in the exchange rate and the rise in prices.

  The head of the Parliamentary Rights Bloc, Saud Al-Saadi, said in a statement to the official newspaper, followed by “Nass” (February 7, 2023), that “there are attempts to set the exchange rate at a lower rate than the previous one and set it in this year’s budget to be between 135 to 137.”

  Al-Saadi added that "the political forces that formed this government according to a political agreement and platform that did not include this issue, have endeavors to determine the exchange rate, according to a ceiling lower than the current one, to seriously confront this crisis," ruling out "hosting the prime minister as a result of satisfaction with the government measures taken and changing The governor of the central bank and the set of measures on the ground, the results of which we await.

https://www.nasnews.com/view.php?cat=101588

The Price Of The Dollar Decreased By 5% After The Central Bank Directed To Devalue The Dollar

Market   Economy News – Baghdad   Dollar prices fell in the parallel market, by about 5% since yesterday, after the Central Bank directed to reduce the value of the dollar to 1,350 dinars.

The Central Bank submitted to the government a study, including devaluation of the dollar, especially since the Ministry of Finance a few days ago prepared the budget at the price of 1350 dinars per barrel of oil.

The exchange rate of the dollar fell from 1660 dinars to 1580 dinars, which is the lowest decline during the current week.

The dollar's rise in the parallel market is due to the elimination of exchange companies that carry out financial transfers away from the requirements of the Swift system.

According to informed sources, to "Al-Iqtisad News", "The intention of Prime Minister Muhammad Shia'a al-Sudani, more than a month ago, is to reduce the exchange rate of the dollar in the financial budget from 1450 dinars to 1350 dinars."

She added, "The budget is set at a price of 1,350 dinars, and the reason for its delay is the issue of the exchange rate, and not another issue."

And she explained that after approving the new price in a meeting of the Board of Directors of the Central Bank, the budget will be approved by the Council of Ministers and sent to Parliament.

While, specialists confirmed, decreasing the value of the dollar will increase the purchasing power of the owners of the Iraqi dinar.   https://economy-news.net/content.php?id=32321

The Exchange Rate And A Barrel Of Oil Restrict Budget Legislation

The first  2023/02/06  Hoda Al-Azzawi    Politicians, observers, and experts in economic and financial affairs have warned of the possibility of a rise in the exchange rate of the dollar and the consequent rise in the markets in the event of legislation and approval of the state budget 2023 without precedent by real procedures and treatments that contribute to the stability of the dollar exchange rate, indicating that this factor and calculating the price of a barrel of oil They are delaying so far the enactment of the upcoming budget law.

And the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, suggested in an interview with "Al-Sabah" that the "budget" would be delayed even if it was sent by the Council of Ministers to the House of Representatives, "because it needs a period of time due to its problems."

He explained, "According to information, Prime Minister Muhammad Shia' al-Sudani - as a good first step - carried out a simple restructuring of the budget in line with his government approach, especially with regard to finding solutions to address poverty, unemployment, inflation, and others."

And he noted that "the problem that will face the budget (the price of a barrel of oil) on which the budget is prepared and built, and in light of the fluctuation of oil prices between high and low, the legislator faces a problem on which price the budget will depend on, in addition to the problem of the exchange rate of the dollar, and this is a big problem, especially There is talk that the government will change the exchange rate approved in the budget.

Al-Saffar warned that if the budget is approved and money is pumped into the market through public expenditures while maintaining the same ineffective measures, this “will amplify and exacerbate the problem of the exchange rate, given that an increase in the amount of cash in circulation leads to greater demand.” on the dollar, which in turn leads to further increases if the necessary measures are not taken by supplying the dollar.

And regarding the recent measures taken by the Central Bank of Iraq after the special meeting with the deputy head of the US Treasury in Istanbul, Al-Saffar saw that it was a "good" preliminary package of measures, calling for appending it to a "firm and swift" package of measures, and he also called for focusing on the "smuggling issue".

In addition to the government's intervention in monitoring the market and the government's entry as an exhibitor and seller of commodities, especially basic ones, at cost, he added, "On the other hand, the central bank is facing a great challenge and it must be strict and unified in the banking sector, especially with some private banks and speculators," whom he accused of causing In confusing the market and thwarting every attempt by the central bank.

For his part, the expert on economic affairs, Prof. Dr. Jaafar Baqir Alloush, said in an interview with "Al-Sabah": "The delay in approving the budget is related to the crisis of the rise in the exchange rate of the dollar in the parallel market," explaining that "the relationship lies in the extent to which expenditures are compatible with the price gap."

Exchange and an attempt to bridge it by increasing expenditures directed to support foreign trade, and this was announced in the official speech of the state.

He noted that the exchange rate is not linked to the budget, "on the contrary, the budget is affected by the exchange rate of the dollar." With regard to the volume of estimated expenditures in the budget (200 trillion dinars) compared to the exchange rate, Alloush explained that it is "a price equation that helps increase the mass Dinar cash directed to restrict aggregate demand (of this size) with limited dollar revenues, and thus will contribute to raising the value of the dollar against the Iraqi dinar.

The expert called for finding a simultaneous treatment of the crisis through three real starting points: the first is controlling liquidity levels and not inflating them, and the second is finding a new mechanism that governs the relationship between the two currencies (the dinar and the dollar) outside the rules of the old currency window, and the third is controlling foreign trade and directing it towards the necessary commodities.

The average, they are: directing demand towards the interior, closing the real outlets for smuggling, and creating a sound economic environment for national production, and there is nothing wrong with returning to activating industrialization strategies to replace imports.

Alloush said, "The temporary patches that help expand the base of dollar provision create fragility in the exchange market, and the crisis may exacerbate at any time. Monetary and financial policies must be reformulated and the current method of financial hegemony, which has proven incapable of addressing emergency crises, must be abandoned."

As for the economist, Nabil Al-Marsoumi, he explained in an interview with “Al-Sabah” that “the launch of the budget will lead to spending in both its consumption and investment parts, which will lead to spending additional funds, which generates inflation in money and government spending, and this leads to an increase in imports funded by dollars, and the pressure increases.” On the hard currency," noting that "if the exchange market in Iraq does not stabilize, it is possible that approving the budget will lead to a rise in the exchange rate at higher levels than it is now."

Edited by: Muhammad Al-Ansari   https://alsabaah.iq/71408-.html

Mazhar Muhammad Salih: The Iraqi Economy Is Able To Withstand Foreign Currencies

Money & business  Economy News / Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, that the exchange rate will soon be strong against other currencies.

"The new strategy began with reforming the national currency management system and the Iraqi payment system," Saleh said in a scientific symposium on the exchange rate, adding that "this will be the basis for implementing the currency reform strategy in the foreseeable future."

And Saleh indicated that "the Iraqi economy is strong and has large resources that qualify it to stand in front of foreign currencies if there is a correct economic and monetary policy and political, economic and security stability."

He expressed optimism that "the Iraqi economy will stabilize, which will be reflected in the rise of the dinar against foreign currencies."

The symposium discussed "the objective reasons that affected the fluctuation of the exchange rate of the dinar against foreign currencies, up and down, according to the effects of the overall situation in Iraq and treatments to achieve balance and reduce the gap between supply and demand in the market."

https://economy-news.net/content.php?id=32334

Advisor To The Prime Minister: A New Strategy Began With Reforming The Currency Management System And Optimists

Time: 02/07/2023    {Economic: Al Furat News} The Advisor to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, revealed the start of a new strategy to reform the currency management system in the country.

A statement by the Ministry of Finance, which {Euphrates News} received a copy of, stated that Saleh participated during his participation in the scientific and analytical symposium held by the Financial and Accounting Training Center in the ministry today, Tuesday, entitled “The exchange rate of the Iraqi dinar against the dollar … problems and solutions” in cooperation with the Economic Studies Forum in The House of Wisdom, in the presence of Ahmed Al

- Dahlaki, Director General of the Financial and Accounting Training Center, and with the participation of a group of researchers, academics and specialists in financial and economic affairs, and under the supervision of Falah Thuwaini. Up and down, according to the effects of the overall situation in Iraq and the treatments to achieve balance and reduce the gap between supply and demand in the market.

Saleh explained, "The new strategy began with reforming the national currency management system and the Iraqi payment system," adding, "This will be the basis for implementing the strategy for reforming currency conditions in the foreseeable future."

And the advisor to the Prime Minister stated that "the Iraqi economy is strong and has large resources that qualify it to stand in front of foreign currencies if there is a correct economic and monetary policy, and political, economic and security stability," expressing optimism that "the Iraqi economy will stabilize, which will be reflected in the rise of the dinar against foreign currencies." https://alforatnews.iq/new

Some Monday "Vietnam News" Posted by Henig at KTFA 2-6-2023

KTFA:

Henig:  Vietnam’s retail sales forecast to reach 350 billion USD by 2025

08:00 | 06/02/2023

The scale of the domestic retail market is expected to increase from 142 billion USD at present to 350 billion USD by 2025, contributing 59 per cent of the national GDP, according to the Ministry of Industry and Trade (MoIT).

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

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

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

There are signs of vibrant retail activities as many foreign investors have announced their plans to return after COVID-19.

Recently, Thailand’s Central Retail said that it will pump an additional 20 trillion VND (852.87 million USD) into the Vietnamese market in the next five years, pushing its investments in Vietnam in the 2022-2026 period to 65 trillion VND. With this plan, Central Retail will raise their coverage from 40 localities currently to 55.

Meanwhile, Japanese giant retailer Aeon Group plans to build another megamall in Hanoi, raising its total trade centres in Vietnam to 20.

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

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

Vietnam’s total retail sales of goods and services in January was estimated at 544.8 trillion VND, up 5.2 per cent from the previous month and 20 per cent as compared with the same period last year, according to the General Statistics Office (GSO).

The office explained that the hike was attributed to the growing consumption demand as Tet (Lunar New Year), the biggest and longest festival in the Southeast Asian nation, fell in the month.

Of the total, the retail sales of goods were 435.4 trillion VND, a year-on-year rise of 18.1 per cent, with the biggest increase seen in garments (27 per cent).

Source: VNA   LINK

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Henig:  Market expected to move in a narrow range this week

February, 06/2023 - 08:15

The market needs a period of accumulation in a narrow range to create a solid foundation before a new uptrend can be created.

HÀ NỘI — The Vietnamese stock market struggled following the Tết holiday, but liquidity improved as selling pressure increased, reflecting investors' desire for profit-taking. However, experts remain positive about the market's development in the future.

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) ended last week at 1,077.15 points, while the HNX-Index on the Hà Nội Stock Exchange (HNX) was at 215.28 points.

For the week, both indices recorded a weekly loss, with the former losing 3.6 per cent and the latter down 2.5 per cent.

Trading value on the main exchange HoSE increased by 23.1 per cent compared to the previous five trading sessions to nearly VNĐ66.65 trillion (US$2.8 billion), corresponding to a 25.1 per cent gain in trading volume to over 3.6 billion shares.

Similarly, the trading value on the HNX also advanced by 38.6 per cent to VNĐ6.9 trillion, equivalent to a 40 per cent increase in trading volume to 469 million shares.

The market's correction caused most of the stock industries to decline. Of which, financial stocks dipped the most with 4.8 per cent in market capitalisation, followed by realty and information technology stocks.

Foreign investors were net buyers on both exchanges last week, worth more than VNĐ1.8 trillion, supporting the overall market. In terms of net volume, they bought Hoà Phát Group (HoSE: HPG) most with 39.7 million shares.

Others were fund certificates FUEVFVND and Sacombank (STB) shares with 13 and 12.9 million units, respectively.

On the contrary, Sieu Thanh Corporation (ST8) was sold the most with 6.4 million shares.

Analysts from Saigon - Hanoi Securities JSC (SHS) said that last week was a strong correction week for the market as the VN-Index dropped more than 40 points during the week and closed at 1,077.15 points. The market has entered a correction week after four weeks of consecutive gains since the beginning of 2023.

However, SHS believes that the market is in a recovery phase after escaping the downtrend but failing to establish an uptrend immediately. The market needs a period of accumulation in a narrow range to create a solid foundation before a new uptrend can be created.

In the short term, SHS believes that last week’s correction was predictable and necessary to accumulate more, and the recovery wave may not be over. And after the correction period, the VN-Index may still reach the level of 1,150 points, the securities firm added.

The current phase of the market is in a recovery wave with a wide range after a downtrend, and gradually the market will fluctuate less and less to accumulate. However, in the accumulation phase, more and more medium- and long-term investment opportunities will form, especially in the group of strong stocks that are less affected by the recent downtrend and those that recover earlier and tend to break the peaks.

Meanwhile, VCB Securities Company (VCBS) said that the short-term risks of the VN-Index will be reduced temporarily.

It is highly likely that the market will continue to fluctuate in a narrow range and that there will be a clearer divergence among groups of stocks in the coming sessions. In that case, the rebound of demand might help the VN-Index jump after touching the MA20 crossover area.

"Investors can disburse capital with a proportion of 10-15 per cent for large-cap banking ticker symbols, and that tends to lead the general market to recover," said VCBS.

— VNS    LINK

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Henig:  E-wallet market in Việt Nam estimated to reach 50 million users by 2024

February, 06/2023 - 08:53

The modern e-wallet market in Việt Nam is surging and is expected to reach 50 million active users by July 2024, experts said.

HCM CITY — The modern e-wallet market in Việt Nam is surging and is expected to reach 50 million active users by July 2024, experts said.

In a report, Robocash Group said: “the modern e-wallet market in Việt Nam is booming with 90 per cent of the market falling on three wallets: Momo, Moca and ZaloPay.”

The country is seeing tough competition, given that there are 40 electronic wallets in operation, the report said.

Robocash Group estimates that by July 2024, the e-wallet market will have 50 million active users, 100 million by May 2026, and 150 million by July 2030.

In addition to the already mentioned wallets, there are three other major competitors including ShopeePay (AirPay), ViettelPay and VNPT Pay. The top six already account for 99 per cent of the market. 

According to a Decision Lab study, at the end of 2021, 56 per cent of the Vietnamese population that had an e-wallet use Momo. The portion is 17 per cent for Shopee Pay, 14 per cent for Zalo Pay, 8 per cent for ViettelPay, 2 per cent for Moca and 1 per cent for VNPT Pay.

Robocash analysts observed that over the past four years, the number of active users has increased by an impressive 330 per cent, from 12.3 million to 41.3 million.

About 57 per cent of the country’s adult population actively uses e-wallets, in contrast to just 14 per cent at the end of 2018, which is considered significant penetration. 

The Vietnamese e-wallet market can compete with traditional or digital banking, Robocash said, adding that the current six super apps mentioned above have unlimited potential to attract new customers not only within Vietnam itself, but also beyond its borders.

By July 2030, the market share of active users will likely be distributed as follows: Momo 47.3 per cent, ViettelPay 30.2 per cent, ZaloPay 16.5 per cent, VNPT Pay 5.6 per cent, Moca 0.4 per cent.

— VNS    LINK

Henig:  Durian prices hit record high as demand surges

February, 06/2023 - 08:16

Durian is being purchased by traders in Mekong Delta region for VND150,000-190,000(US$6.4-8.1) a kilogramme, three times higher than the same period last year and the highest level ever.

TIỀN GIANG — Durian is being purchased by traders in Mekong Delta region for VNĐ150,000-190,000(US$6.4-8.1) a kilogramme, three times higher than the same period last year and the highest level ever.

The reason for the high price of durian is that durian is still off-season and supply is low. Meanwhile, strong demand is coming from the Chinese market as well as domestic markets.

Huỳnh Tấn Lộc, director of the Ngũ Hiệp Durian Co-operative in Tiền Giang Province’s Cai Lậy District, said the prices of the fruit have increased sharply since the beginning of this year.

The country’s largest durian producing province has more than 17,000ha of the fruit, mostly in the Cai Lậy, Cái Bè and Châu Thành districts and Cai Lậy Town.

The orchards have an average yield of 20-25 tonnes per hectare and farmers harvesting now can earn VNĐ1-1.5 billion ($43,000-64,000) per hectare, the highest of any speciality fruit, according to the provincial Department of Agriculture and Rural Development.

But their output is not large because it is the off-season, it said.

Trần Minh Kha, a trader from Cần Thơ City, said after a week of buying durian in Tiền Giang, he still did not have enough quantity to meet demand as the price of his inventory continued to increase every few days. 

Nguyễn Thị Hạnh, a trader from HCM City, said that she has had to pay a commission fee for brokers who can help her buy durian.

"This is the first time I pay commissions for brokers. However, there are still not enough durians to supply my partners," she said.

Every day, she can only buy about 16-17 tonnes of durian while the demand is up to hundreds of tonnes, Hạnh said.

In 2022, durian export turnover was at nearly $400 million, and of that, $300 million to China.

According to the Việt Nam Fruit and Vegetable Association, Vietnamese durian has many competitive advantages in the Chinese market. Both Thailand and Philippine durian exports are seasonal, while Vietnamese durians have year-round exports.

In addition, the distance to transport durian from Vietnam to China only takes about one and a half days, which ensures fresh fruit and cheaper shipping costs than competitors' goods.

Currently, the price of Vietnamese durian sold in China is still much cheaper than Thailand and the Philippines durian, so it is popular with the majority of people in this country.

– VNS   LINK

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Henig:  Việt Nam’s industrial production to rise 6.6 per cent in 2023: S&P Global

February, 06/2023 - 08:03

Việt Nam is predicted to record a rise of 6.6 per cent in industrial production in 2023, according to S&P Global Market Intelligence.

HÀ NỘI - Việt Nam is predicted to record a rise of 6.6 per cent in industrial production in 2023, according to S&P Global Market Intelligence.

S&P Global noted the Vietnamese manufacturing sector continued to face challenging business conditions in the opening month of 2023. Production and new orders continued to decline. That said, there were some signs of improvement in demand as new business fell at a softer pace, helped by a renewed expansion in new export orders.

The S&P Global Việt Nam Manufacturing Purchasing Managers' Index (PMI), released on February 1, posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector.

January data signalled a further marked decline in manufacturing production, albeit one that was slightly softer than seen in December. Lower new orders were often behind falling output, with some firms indicating that customers had sufficient stock holdings and so didn't need to purchase at present.

Total new orders were down for the third month running in January as demand conditions remained challenging. That said, there were some signs of improvement, particularly with regard to new export orders which rose for the first time in three months. As such, total new business fell at a modest pace that was the softest in the current period of decline.

The cost of raw materials, alongside falling workloads, meant that some firms lowered their purchasing activity again in January. Some signs of improvement in demand conditions encouraged other manufacturers to expand input buying, so that overall purchasing activity was broadly unchanged. Declines in the purchasing of inputs in previous months, however, led to a reduction in stocks of purchases.

Business confidence improved to a three-month high amid hopes that demand conditions will strengthen over the course of the year, feeding through to growth of output. The relaxation of pandemic restrictions in the mainland China was another factor behind the positive outlook. More than half of the respondents were optimistic that production will rise over the next 12 months, according to S&P Global.

Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “Although demand conditions for Vietnamese manufacturing firms remained challenging at the start of 2023, leading to further declines in output, new orders and employment, there were some more positive signs from the latest PMI survey. One of the main positives in January was a renewed expansion in new export orders, with the decline in total new business softening as a result.

“The loosening of COVID-19 restrictions in Mainland China, plus signs that downturns in Europe and the US may be less severe than feared, provided optimism that growth in Việt Nam could be around the corner. Indeed, business confidence improved to a three-month high at the start of the year. S&P Global Market Intelligence is forecasting a rise in industrial production of 6.6 per cent in 2023," he added.

VNS   LINK

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Henig:   Expressions of trust in Vietnam’s business environment

06:00 | 06/02/2023

(VEN) - Representatives of foreign organizations and diplomatic missions praise the Vietnamese Government’s efforts to promote economic recovery and development in 2022 and expect Vietnam will continue bouncing back in 2023.

Agustaviano Sofjan, Indonesian Consul General in Ho Chi Minh City: Vietnam remains an attractive destination

Despite the COVID-19 pandemic, Vietnam remains an attractive investment destination thanks to its strategic geographic location and appropriate economic development policies. Vietnam is improving its connectivity to global supply chains through participation in various free trade agreements (FTAs) including the Regional Comprehensive Economic Partnership (RCEP) Agreement that involves Indonesia. This is an important factor connecting the two countries to the global market.

Vietnam and Indonesia see good prospects for bilateral trade growth in 2023 and ensuing years. The two countries set a target of US$15 billion for 2028.

Matsumoto Nobuyuki, Chief Representative of the Japan External Trade Organization (JETRO) in Ho Chi Minh City: Many Japanese companies want to increase Vietnam investment

Japanese companies want to invest in labor-intensive industries and are interested in fields with high added value, such as automobile and electrical equipment.

The Japanese Ministry of Economy, Trade and Industry is encouraging Japanese companies to diversify global supply chains and is willing to support these efforts. So far, many companies have registered to participate in the program. Some 103 projects have been implemented, 41 of which are related to Vietnam and cover three sectors: metal processing, health services, and electrical equipment. Vietnam can attract more Japanese investment in these sectors.

Alex Tatsis, Economic Section Chief at the US Consulate General in Ho Chi Minh City: Enhancing supply chain adaptability

Vietnam is the 10th largest trading partner of the United States. Supply chains are the focus of the Indo-Pacific Economic Framework for Prosperity (IPEF). Within the IPEF, the US will coordinate with partners like Vietnam to identify fields and products that are important to national security, the recovery ability of the economy, as well as people’s health and safety, taking joint action to enhance the recovery ability in these fields, generate jobs and create economic opportunities for major industries.

The US supply chain linkages with Vietnam will help it promote exports to other markets all over the world more strongly in 2023 and ensuing years. This is why the US is helping Vietnam enhance its role in global supply chains in the long term. Specifically, the US is intensifying trade facilitation and helping enhance the private sector’s competitiveness, especially for small and medium enterprises. The Linkages for Small and Medium Enterprises (LinkSME) Project funded by the US Agency for International Development (USAID) helps Vietnamese SMEs improve manufacturing capacity, access financial resources and promote digital transformation, enabling their participation in global supply chains for the mutual interests of the two countries.

Alexander Nowakowski, Third Secretary of Economic Affairs, Polish Embassy in Vietnam: Trade is a top priority

The Polish business community is boosting trade promotion and investment cooperation with Vietnamese companies in the fields of farm produce and food processing to take advantage of the EU-Vietnam Free Trade Agreement (EVFTA) and other FTAs.

The EVFTA has removed 71 percent of tariffs for Vietnamese exports as soon as it took effect. The remainder will be eliminated within seven years, creating favorable conditions for Vietnamese goods to enter the Polish market in particular, and the EU market in general.

A small country in Middle Europe, Poland is said to have successfully developed a market-driven economy, while maintaining socioeconomic stability. It is one of the fastest-growing economies in the EU. Trade with Poland will facilitate Vietnamese goods’ access to the EU market with 500 million consumers.

Jean Jacques Bouflet, Vice Chair of the European Chamber of Commerce (Eurocham) in Vietnam: Looking towards green exports

The Vietnamese economy is recovering strongly after the pandemic, creating an impetus for 2023 growth. Domestic companies have taken advantage of FTAs to boost exports. However, to compete in the EU market, Vietnamese businesses should abide by strict environmental regulations to meet the demand for green, sustainable goods.

The EU has committed to open, sustainable trade, coping with global challenges based on principles while maintaining competitiveness. The EVFTA with a Chapter on Trade and Sustainable Development will help increase Vietnam’s exports to the EU. However, to make the most of the trade deal, Vietnamese companies should look towards green, sustainable growth.

Green exports, i.e., export of low-carbon, environmentally friendly products, is a promising way for nations wishing to separate economic growth from environmental degradation.

Ngoc Thao   LINK

Iraqi News Highlights Monday Evening 2-6-23

Iraqi News Highlights Monday Evening 2-6-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Completes Its Study On Reducing The Exchange Rate Of The Dollar And Presents It To The Sudanese

Economie| 02:53 - 06/02/2023  Baghdad - Mawazine News An official source revealed, on Monday, that the Central Bank had completed its study on reducing the exchange rate of the dollar and submitted it to the Prime Minister.  The official news agency quoted the source as saying, "The central bank has completed its study on reducing the exchange rate of the dollar and submitted it to Prime Minister Muhammad Shia'a al-Sudani."

And the Governor of the Central Bank, Ali Al-Alaq, announced, yesterday, Sunday, that a second package will be issued in the middle of this month to control the exchange rate, while confirming that there are no internal or external restrictions on external transfer or cash sale of dollars. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=218567

Advisor To The Prime Minister: The Exchange Rate Of The Dollar Will Be Reduced In Accordance With The Proposal Of The Central Bank

political| 03:28 - 06/02/2023   Baghdad - Mawazine News, Advisor to the Prime Minister, Diaa Al-Nasseri, confirmed, on Monday, that the exchange rate of the dollar will be reduced, according to the proposal of the Central Bank.

Al-Nasseri said in a tweet on Twitter, followed by Mawazine News, that "the exchange rate of the dollar will be reduced, according to a proposal submitted by the Central Bank of Iraq to Prime Minister Muhammad Shia'a al-Sudani."    https://www.mawazin.net/Details.aspx?jimare=218572

The Minister Of Transport Directs Dealing In Dinars Instead Of Dollars By Cutting Travel Tickets For Citizens

Economie| 02:09 - 06/02/2023  Baghdad - Mawazine News, Minister of Transport, Razzaq Muhibis Al-Saadawi, directed, on Monday, to deal with issuing tickets for travelers in dinars instead of dollars.

And the Ministry of Transport stated in a statement, that, "Based on the directives of Prime Minister Muhammad Shiaa al-Sudani, Minister of Transport, Razzaq Muhibis al-Saadawi, directed all the ministry's formations, especially the Iraqi Airways General Company, to deal with ticket sales for travelers in Iraqi dinars instead of dollars in support of the national currency."

Al-Saadawi stressed, "Obligating all the formations of the ministry, and in particular the general company of Iraqi Airways, to deal in dinars and at the rate of the Central Bank of Iraq."

He warned that "violators of directives and reform measures to address the dollar crisis will expose themselves to legal accountability," calling on citizens to "report any violation in this regard." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=218563

Oil Prices Rose After Sharp Losses Last Week

Economie| 09:07 - 06/02/2023   Follow-up - Mawazine News  Oil prices rose in early Asian trading, Monday, after falling nearly 8 percent last week to their lowest level in more than three weeks, after worries about major economies overshadowed signs of recovery in demand in China, the world's largest oil importer.  Brent crude futures rose 16 cents, or 0.2%, to $80.10 a barrel at 04:22 GMT.

Likewise, US West Texas Intermediate crude futures rose 15 cents, also up 0.2%, to $73.54 a barrel. Ended   https://www.mawazin.net/Details.aspx?jimare=218531

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

https://www.bondladyscorner.com/

Iraqi News Highlights Monday Afternoon 2-6-23

Iraqi News Highlights Monday Afternoon 2-6-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Reassures The Iraqis: Your Dinars Are Stronger

Sunday 05 February 2023 22:38 | Economical Number of readings: 619  Baghdad / NINA / - The Central Bank of Iraq sent millions of text messages to reassure citizens about the government's measures to confront the high price of the dollar.

And the Central Bank wrote in the messages, "With us, we make the national currency stronger... Your dinars are stronger in light of government measures and the Central Bank."/ End 8

https://ninanews.com/Website/News/Details?key=1031339

Economist: Central Bank Actions Will Lead To A Drop In The Price Of The Dollar

Economy News – Baghdad The economic expert, Dr. Abd al-Rahman al-Mashhadani, confirmed that the recent central bank measures to confront the rise in the exchange rate of the dollar against the dinar are very good.

Al-Mashhadani said to "Al-Iqtisad News", that "the recent steps of the central bank will lead to a drop in the dollar exchange rate to levels lower than the current time, which are good measures."

He added that the first package of measures will make most merchants deal with the banking sector, especially since there is a demand for banks today.

He pointed out that the central bank is required today to reduce the inflation rate, especially since the printed monetary mass amounts to 87 trillion dinars. https://economy-news.net/content.php?id=32296

Al-Alaq Announces A Second Package That Will Be Issued In The Middle Of This Month To Control The Exchange Rate

Sunday 05 February 2023 21:05 | Economical Number of readings: 662  Baghdad / NINA / - The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced, on Sunday, a second package that will be issued in the middle of this month to control the exchange rate.

And the Central Bank stated in a statement, “The Governor of the Central Bank, Ali Al-Alaq, met today, Sunday, with the heads of councils, general managers, and delegates of government and private banks to put the necessary arrangements for the first package of measures to control the exchange rate into effect, and to clarify and simplify the procedures to achieve smoothness and speed in implementing dollar purchase requests.” ".

Al-Alaq stressed during the meeting, "the Central Bank's ability to meet all legitimate requests, indicating that a second important package will be issued in the middle of this month."

He also affirmed that there are no internal or external restrictions on the external transfer or cash sale of dollars in compliance with the International Monetary Fund agreement that was ratified by the House of Representatives in 2008, and that the new system does not aim to restrict response to legitimate requests, as much as it aims to provide protection for the banking system.

It supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it, and also promotes the openness of the banking sector abroad, which it has been deprived of for decades.

The governor pointed out that "the exchange rate is related to the lives of citizens and their purchasing capabilities, which should be a great priority for its stability at the targeted levels, and for the concerted efforts of the relevant parties to prevent harm to citizens."

Al-Alaq directed not to "limit requests to external transfers and cash in Baghdad, and to take immediate measures to receive bank branches in the governorates of those requests, and indicated that the Central Bank of Iraq opened new external channels and outlets to facilitate the conduct of external transfers and avoid the role of unqualified intermediaries to do so."

And he warned against exploiting the current circumstance to carry out unauthorized actions or activities that would make the situation more difficult. Indicating that the Central Bank will take strict punitive measures against violators authorized by it, and he also praised the role of some banks in adhering to everything that achieves the desired goals

Al-Alaq decided to "form a joint operations room between the Central Bank and banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles, and make appropriate recommendations regarding them."/ End 8

https://ninanews.com/Website/News/Details?key=1031319

With the stock market closed... the dollar is at 160,000 dinars in the local markets

Economie| 05:05 - 06/02/2023   Baghdad - Mawazine News  The dollar exchange closed, this evening, on a decline in the exchange rate.   The sale of 100 dollars recorded 161 thousand dinars, and the purchase price was 160 thousand dinars.   https://www.mawazin.net/Details.aspx?jimare=218587

High Central Bank Cash Sales Of The Dollar In Today's Auction

Monday 06 February 2023 | Economical Number of readings: 284  Baghdad / NINA / - The Central Bank's cash sales of dollars increased in an auction today, Monday, at the expense of foreign transfers.

A bank statement stated that it sold today 98 million 956 thousand and 26 dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar.

He added, "Most of the dollar sales went in the form of cash at 52,900,000 dollars, while the rest of 46,56,000 and 26 dollars went to strengthening balances abroad in the form of (remittances, credits).

He pointed out:" The banks that bought the dollar The number of cash banks amounted to 13, while the number of banks that responded to requests to strengthen balances abroad reached 11 banks, while the total number of exchange and mediation companies participating in the auction was 168 companies./ End 8    https://ninanews.com/Website/News/Details?key=1031424

The Office Of Financial Supervision: Canceling The Oil And Gas Law In The Region And Obliging Its Government To Hand Over Oil Production In Full

Monday 06 February 2023 | Economical Number of readings: 185  Baghdad / NINA / - The Federal Office of Financial Supervision announced that it obliged the Kurdistan Regional Government to hand over all oil production.

A statement of the Financial Control stated, "The Department of Auditing Industrial Activity in the Bureau of Financial Supervision has taken a set of measures - informing all concerned state institutions and public opinion about them - in order to implement the ruling of the Federal Supreme Court No. (59 / federal / 2012 and its units 110 / federal / 2019) On 2/15/2022, according to which the ruling was decided as follows:

1. The unconstitutionality of the Oil and Gas Law in the Kurdistan Region No. (22) of 2007 and its repeal for violating the provisions of Articles (110, 11, 112, 115, 121 and 130) of the Constitution of the Republic of Iraq for the year 2005.

2 Oblige the Kurdistan Regional Government to hand over all oil production from the oil fields in the region

3. Follow up on the invalidity of the oil contracts concluded by the Kurdistan Regional Government.

4. Oblige the Kurdistan Regional Government to enable the Iraqi Ministry of Oil and the Federal Financial Supervision Bureau to review all oil contracts concluded with the regional government regarding the export and sale of oil and gas in order to audit them and determine the financial rights owed by the regional government as a result of them.

5. The Kurdistan region's share of the general budget is determined in a way that guarantees the delivery of the rights of the citizens of the region's governorates from the federal general budget and not delaying it.

And he explained, "These procedures were referred to briefly in the book of the Bureau of Financial Supervision - Department of Auditing Industrial Activity, number (11/28/2600) on 1/30/2023 addressed to the Federal Supreme Court - Office of the President of the Court," noting that "the Bureau is continuing In following up on what was stated in the executive axis of the Ministerial Curriculum / October / 2022, as far as it is concerned with coordination between the federal government and the Kurdistan Regional Government regarding files and decisions that pertain to the region according to the detail referred to in the book, which lies in the following:

1. Court order No. (7017) in 30/3/2022 according to which a committee was formed to audit the oil contracts concluded from the Kurdistan Region

2. Diwan letter No. (1/2/13100) on 6/14/2022 addressed to the General Secretariat of the Council of Ministers - Kurdistan Region Representative, for the purposes of empowering the Diwan From reviewing the oil contracts concluded with the Kurdistan Regional Government.

3. The Bureau’s letter No. (1/1/15/15826) on 7/26/2022 addressed to the Ministry of Oil for the purpose of providing the Bureau with a list that includes the oil contracts concluded by the Kurdistan region, so that a work plan and an audit program can be prepared in coordination with the aforementioned ministry.

4. The Diwan’s letter No. (11/28/16935) on 8/11/2022 addressed to the Prime Minister’s Office, explaining in it the Ministry of Oil’s approach to forming a specialized committee in the Diwan to audit the oil contracts concluded from the region.

5. The response of the Ministry of Oil / Legal Department, with its letters numbered (29767) and (22803) on 10/13 and 8/11/2022, to the Bureau’s letters numbered (19903) and (15826) on 9/13/2022 and 7/26/ 2021 respectively, indicating that the region refused to hand over any oil contracts and any data related to the subject, as the Ministry of Oil indicated that the paragraph contained in the decision regarding (committing the Kurdistan Regional Government to enable the Iraqi Ministry of Oil and the Federal Financial Supervision Bureau to review all oil contracts concluded with the Kurdistan Regional Government regarding Exporting oil and gas and selling it for the purpose of auditing it and determining the financial rights owed by the Kurdistan Regional Government as a result of it, and that the region’s share of the federal general budget be determined and not delayed after all the decisions of this decision of the Kurdistan Regional Government have been implemented and the federal government and the Federal Financial Supervision Board are notified of that). Executed and up to the date of the aforementioned letter of the Ministry of Oil.

6. Diwan letter No. (21513) on 10/4/2022 addressed to each of (the General Secretariat of the Council of Ministers / representative of the Kurdistan region, the Federal Supreme Court, the Ministry of Finance, the Ministry of Oil, the Office of Financial Supervision in the Kurdistan Region), including that this office Waiting for the preparation of the priorities and requirements for auditing to proceed with the task or providing the Bureau with a list of these contracts and copies of them so that the Bureau will be able to prepare for the implementation of the decision of the Federal Supreme Court, with the presentation that the Bureau has not been provided with any priorities from any party regarding the subject until the date of preparing this book./ End8 To    https://ninanews.com/Website/News/Details?key=1031476

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Monday 2-6-2023

TNT:

Tishwash:    The Minister of Transport directs to cut off passengers' tickets in dinars instead of dollars

The Ministry of Transport directed today, Monday, to deal with passengers' tickets in Iraqi dinars instead of dollars.

And the ministry stated in a statement received by {Euphrates News}, "Based on the directives of the Prime Minister, Muhammad Shia'a Al-Sudani, the Minister of Transport, Razzaq Muhaibis Al-Saadawi, directed all the ministry's formations, especially the Iraqi Airways General Company, to deal with ticketing for travelers in Iraqi dinars instead of dollars, in support of the national currency."

And the minister stressed, "The obligation of all the ministry's formations, and in particular the general company of Iraqi Airways, to deal in dinars and at the rate of the Central Bank of Iraq."

And the Minister of Transport warned that "violators of directives and reform measures related to dealing with the dollar crisis will expose themselves to legal accountability," calling on citizens to report any violation in this regard.  link

Tishwash:  Approval of the current year's budget will be a starting point for resolving stalled laws

One hundred and seventy laws are suspended in parliament, and the reason is due to the absence of political consensus, while deputies stress the need to resolve the current year's budget file as a starting point for resolving important laws.

In every parliamentary session that is raised, bills are left behind that need to be read and voted. One hundred and seventy laws are still stagnant inside the parliament and have not been resolved due to the absence of political consensus that imposes itself strongly on the performance of the legislative authority. The projects and laws accumulated during the previous parliamentary sessions and made his presidency a particularly difficult challenge. After the legal committee directed towards resolving all stalled projects.

Parliamentary attention is directed towards the current year's budget law, which has long been sent beforeCouncil of MinistersBecause it will serve as an end to the blockade of the suspended laws and a starting point for including them on the agenda of the upcoming sessions for discussion and approval  link

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Tishwash:  To adopt the yuan currency.. revealing “undeclared” negotiations between Baghdad and Beijing

Today, Monday, the leader in the coordination framework, Jabbar Odeh, revealed “undeclared” negotiations between Baghdad and Beijing to adopt the yuan currency.

Odeh said, "Diversifying the basket of foreign currencies that Iraq deals with in its foreign trade has become a priority for the government of Prime Minister Muhammad Shia' al-Sudani, with the recent dollar crisis and its serious repercussions on the markets, especially with the price hike to 20%, which has begun to burden millions of poor people."

He explained, "There are unannounced negotiations between Baghdad and Beijing about finding ways to adopt the yuan in foreign trade, especially since China is a major trading partner for Iraq," pointing out that "the transfer of some of the entitlements of selling oil in yuan is very likely to secure reserves and facilitate the task of trade."

He pointed out that "what Iraq is doing is part of a global compass that has begun to move in this direction, especially with Washington's repeated use of its hegemony over the dollar to provoke crises and punish countries that do not comply with its agenda," noting that "the adoption of a basket of multiple foreign currencies has become a necessity to create stability." in the national economy”. ink

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Tishwash:  Global Gold: Central banks buy 142 tons of gold, and Iraq ranks 30

The World Gold Council announced, on Monday, that global central banks bought 142.58 tons of gold in the last quarter of 2022, while noting that Iraq maintained its rank 30 in the world.

In its latest schedule for the month of February 2023, seen by Shafaq News Agency, the council said, "During the last quarter of 2022, global central banks added 142.58 net tons of gold to global international reserves," noting that "gold sales in the same period amounted to 31.34 tons."

And she added, "The Chinese Central Bank bought 62.21 tons of gold in the last quarter of 2022, and the Turkish Central Bank bought 52.90 tons of gold in, and the UAE bought 15.63 tons, Kyrgyzstan bought 6.20 tons, and Uzbekistan 5.91 tons."

He pointed out that "the countries that sold gold in the fourth quarter of 2022 came on top of countries with an amount of 29.82 tons, followed by Bosnia and Herzegovina with 1.24 tons, followed by Mongolia with 0.26 tons, followed by Romania and Mexico with 0.01 tons, respectively."

He added that Iraq maintained its rank 30 globally out of 100 countries listed in the table with the largest gold reserves, after it rose ten ranks in July after purchasing 33.9 tons of gold, bringing its gold possession to 130.3 tons, which represents 9% of the rest of its other reserves.

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world, at 8,133 thousand tons, followed by Germany with 3,355 thousand tons, and then Italy came with 2,451 thousand tons, while the Republic of Cuba ranked 100th, with 1 ton, equally with Mauritania, which owned 1 ton. also ".

On June 27, Iraq announced the purchase of new quantities of gold, approximately 34 tons, an increase of 35% over what was in its possession.

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.  ink

CandyKisses:  I SURVIVED ANOTHER DAY

Mot: ~~~~~ WHY!!!??? ---- WHY!!!??? ~~~~~

Monday Morning Iraq Economic News Highlights 2-6-23

Monday Morning Iraq Economic News Highlights 2-6-23

Obelisk Clock: Iraq Is Turning Into An Economic Battlefield, And America Is Bargaining With It Over Its Deposited Money

February 6, 2023   Baghdad / The Obelisk: The Obelisk publishes the most prominent interactions of Sunday's television dialogues.

Hossam Al-Rubaie, a member of the National Support Gathering, during a televised interview:

- Russia has large investments in Iraq

- There is enough room for Iraq to be a good player in the international file

- NATO may disintegrate militarily due to the continuation of the war

- America wants to give economic spaces within the Middle East

- The American strategy includes a kind of concession and weakness

- Americans cannot get involved with dictates New to Iraq

- the Ukrainian war has drained America and Europe financially

- security and economic files that must be discussed in Washington in addition to the dollar

- Saudi Arabia and Kuwait have applied to join the Brexit countries

- America is groaning from the war and Iraq is facing a golden opportunity

- China will reap the first place in terms of economic output

- America does not You can impose sanctions on the Chinese currency

- the Europeans have left the language of war and the return of this scene disturbs them

- America may resort to easing sanctions on Iran

- the Sudanese needs a real political decision to advance the global balance

Economist Bassem Jamil Antoine during a televised interview:

– Iraq has turned into an economic battlefield

– America has “hysteria” as a result of the decline in dealings with the dollar

– America has a fiscal deficit and large debts

– Washington considers the Middle East its property

– speculators play a “dirty” role in the dinar and dollar file

– political forces do not have an economic culture

– Al-Sudani needs political support to restore the national industry

- Iraq has turned into an economic battlefield,

PUK member Mahmoud Khoshnaw during a televised interview:

- The intervention of the judiciary in the political and partisan situation in the region is an attempt to fish in troubled waters

- Interventions by the court impede political stability in the region

- Important files that must not be overlooked, which are the elections and the economic file

- The security file must be examined because of its importance in national security

- The opposition Popularity in the region has begun to crystallize clearly

- we must go for a new election law in the region

Member of the Kurdistan Democratic Party, Ali Al-Faili, during a televised interview:

– The meetings between the Union and the Democratic Party are not due to the recent

decisions of the Federal Court – the decisions of the Federal Court do not deserve all this media hype by some members of the Union

– the Union has participated in the regional government for four years

– the demand for a new law months before the elections is incorrect and is intended to postpone the elections

– The National Union is not ready to contest the elections and argues to postpone the elections

Political analyst Ramadan Al-Badran during a televised interview:

– Iraq needs the dollar, some of which are related to the transfer in its original form, and some of it disappears to the sources to which it was transferred, and there is a dollar that reaches Iraq and disappears inside

– the American vision says that part of the dollar is being smuggled, and the dialogue with it will be about the leaked and smuggled dollar

– which depends on the measures taken by Iraq Not to smuggle corruption dollars through transfer companies and bags

- the challenges facing the Sudanese will ramify and will not stop at the dollar, including transfers to the Kurdistan region and the Jordan oil pipeline in addition to corruption files

- Americans in general in the agencies need a personality that deals with their common files and they do not care who the character is, which is a point American requirements with Iraq

– Al-Sudani in the State Administration Coalition, which includes everyone and runs the state with the title of Iraq as a whole, and the government seeks to solve the problematic of the central bank’s procedures regarding the dollar

– the problem of Iraq with forcing the United States to deal with the companies offered, and the Basra-Aqaba pipeline will be rejected if it harms the country

– the SWIFT system was in place and did not He does it only with the advent of the Sudanese government and America. Iraq bargains over its money deposited with it as trusts

- Iraq exchanges trade with three countries, namely China, Turkey and Iran; But most of the money transfers go to the Emirates

- the head of the Patriotic Union of Kurdistan, Pavel Talebani, said in the text that the dollars smuggled by the work and planning of the Kurdish leaders to Turkey

- the rise and fall of the dollar are nothing more than speculations, therefore the government measures deal with the root of the problem, which is an existing and an opportunity to prevent smuggling

Washington prevents the rehabilitation of the electricity sector because it does not want Iraq to have sovereignty and prevents it from managing its money. It also prevents the conclusion of service agreements and the management of the economic file.  https://almasalah.com/archives/40574

A Government Directive For Iraqi Airways To Deal In Iraqi Dinars Instead Of Dollars

2023-02-06 06:00   Shafaq News/ On Monday, the Iraqi Minister of Transport, Razzaq Muhibis Al-Saadawi, instructed all the ministry's formations, including the Iraqi Airways General Company, to deal with tickets for travelers in Iraqi dinars instead of dollars, "in support of the national currency."

The minister stressed, according to a statement, received by Shafaq News Agency, that "all the formations of the ministry, in particular the general company of Iraqi Airways, must deal in dinars and at the rate of the Central Bank of Iraq."

The Minister of Transport warned that "violators of directives and reform measures to address the dollar crisis will expose themselves to legal accountability," calling on citizens to "report any violation in this regard."   LINK

Mps And Experts: Two Obstacles Stand In The Way Of Passing The 2023 Budget

2023.02.06 - Baghdad - Nas  Politicians, parliamentarians, and experts in economic and financial affairs have warned of the possibility of a rise in the exchange rate of the dollar and the subsequent rise in the markets in the event of legislation and approval of the state’s general budget 2023 without precedent by real procedures and treatments that contribute to the stability of the dollar’s​​exchange rate, indicating that this factor and the calculation of the price of a barrel of oil They are delaying so far the enactment of the upcoming budget law.

"Nass" channel on Telegram.. our latest updates

And the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, in an interview with the official newspaper, followed by “Nass” (February 6, 2023), suggested that the “budget” would be delayed even if it was sent by the Council of Ministers to the House of Representatives, “because it needs a period of time because of what it contains.” problematic.”

He explained, "According to information, Prime Minister Muhammad Shia' al-Sudani - as a good first step - carried out a simple restructuring of the budget in line with his government approach, especially with regard to finding solutions to address poverty, unemployment, inflation, and others."

And he noted that "the problem that will face the budget (the price of a barrel of oil) on which the budget is prepared and built, and in light of the fluctuation of oil prices between high and low, the legislator faces a problem on which price the budget will depend on, in addition to the problem of the exchange rate of the dollar, and this is a big problem, especially There is talk that the government will change the exchange rate approved in the budget.

Al-Saffar warned that if the budget is approved and money is pumped into the market through public expenditures while maintaining the same ineffective measures, this “will amplify and exacerbate the problem of the exchange rate, given that an increase in the amount of cash in circulation leads to greater demand.” on the dollar, which in turn leads to further increases if the necessary measures are not taken by supplying the dollar.

And regarding the recent measures taken by the Central Bank of Iraq after the special meeting with the deputy head of the US Treasury in Istanbul, Al-Saffar saw that it was a "good" preliminary package of measures, calling for appending it to a "firm and swift" package of measures, and he also called for focusing on the "smuggling issue".

In addition to the government's intervention in monitoring the market and the government's entry as an exhibitor and seller of commodities, especially basic ones, at cost, he added, "On the other hand, the central bank is facing a great challenge and it must be strict and unified in the banking sector, especially with some private banks and speculators," whom he accused of causing In confusing the market and thwarting every attempt by the central bank.

For his part, the expert on economic affairs, Dr. Jaafar Baqir Alloush, said in an interview with the same newspaper that "the delay in approving the budget is related to the crisis of the rise in the exchange rate of the dollar in the parallel market," explaining that "the relationship lies in the extent to which expenditures are compatible with the gap in the exchange rate and an attempt to bridge it by By increasing expenditures directed to support foreign trade, and this was announced in the state's official speech.

He noted that the exchange rate is not linked to the budget, "on the contrary, the budget is affected by the exchange rate of the dollar." With regard to the volume of estimated expenditures in the budget (200 trillion dinars) compared to the exchange rate, Alloush explained that it is "a price equation that helps increase the mass Dinar cash directed to restrict aggregate demand (of this size) with limited dollar revenues, and thus will contribute to raising the value of the dollar against the Iraqi dinar.

  The expert called for finding a simultaneous treatment of the crisis through three real starting points: the first is controlling liquidity levels and not inflating them, and the second is finding a new mechanism that governs the relationship between the two currencies (the dinar and the dollar) outside the rules of the old currency window, and the third is controlling foreign trade and directing it towards the necessary commodities.

The average, they are: directing demand towards the interior, closing the real outlets for smuggling, and creating a sound economic environment for national production, and there is nothing wrong with returning to activating industrialization strategies to replace imports.

Alloush said, "The temporary patches that help expand the base of dollar provision create fragility in the exchange market, and the crisis may exacerbate at any time. Monetary and financial policies must be reformulated and the current method of financial hegemony, which has proven incapable of addressing emergency crises, must be abandoned."

  As for the economist, Nabil Al-Marsoumi, he stated in an interview with the same newspaper that “the launch of the budget will lead to spending in both its consumer and investment parts, which will lead to spending additional funds, which will generate inflation in money and government spending, and this leads to an increase in imports funded in dollars, and the pressure on the hard currency will increase.” Noting that "if the exchange market does not stabilize in Iraq, it is possible that approving the budget will lead to a rise in the exchange rate at higher levels than it is now."

https://www.nasnews.com/view.php?cat=101506

Report: The Coordination Framework Bartered Washington To Obtain Dollar Facilities

Baghdad - Nas  The leaders of the coordination framework, who met in Baghdad, picked up the signal made by US President Joe Biden regarding strengthening relations between Iraq and Jordan, to offer a trade-off that would allow the provision of trade and economic facilities to Jordan, in return for easing monetary pressure on the Central Bank of Iraq, according to a report by Al-Arab newspaper.

"Nass" channel on Telegram.. our latest updates

President Biden had included the Jordanian monarch, King Abdullah II, who is visiting Washington, in the phone conversations he had with Iraqi Prime Minister Muhammad Shia al-Sudani, the day after the meeting that took place in Istanbul between the Governor of the Iraqi Bank, Ali Mohsen Al-Alaq, and the Undersecretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, and representatives of the reserves. The US Federal Reserve, regarding restrictions on dollar transfers to Iraq.

And Biden urged the Sudanese to strengthen economic cooperation between Iraq and Jordan. This was considered by the leaders of the coordination framework as an opportunity to offer a bargain that proposes extending an oil pipeline from Basra to Aqaba in return for easing restrictions on cash transfers from the Federal Reserve to Iraq.

And the London-based newspaper mentioned in a report followed by "NAS" (February 6, 2023), that the leaders of the framework offered their agreement to reduce the economic activity of the factions, as an expression of compliance with Washington's concerns about remittances going to Iran.

Observers say that the real meaning of this trade-off is to allow the flow of dollars into Iraq, to ​​feed free markets with it, which is tantamount to plan "B" for dollar transfers to Iran, in return for reaching new trade agreements with Jordan.

Observers question the feasibility of the Basra-Aqaba oil pipeline proposal, saying that it is more beneficial for the two countries to extend the Kirkuk-Aqaba pipeline, but the framework forces want to prolong the implementation period until they are sure of the continued flow of dollars from the United States.

Observers of the newspaper believe that the forces of the framework do not want to stand in the face of Washington, because the restrictions imposed by the United States will not be limited in their effects to dollar flows to Iran, but threaten the plans of the Sudanese government to implement some development projects, which will eventually lead to a weakening of its grip. power or chances of staying in it.

The Central Bank of Iraq announced the day after the Istanbul meeting to take a series of measures to provide the dollar for legitimate purposes, which are subject to monitoring by the Federal Reserve at the same time.

However, the “private” banks affiliated with the framework factions deliberately bought dollars from free markets, to transfer them to Iran, which led to a decline in the price of the dinar again, especially since Iran owns huge quantities of Iraqi dinars, and it is ready to throw them into the Iraqi market at any price in exchange for the dollar. .

And officials in the Iraqi Ministry of Finance revealed that their American counterparts last month provided conclusive evidence that “Iran obtained large sums of dollars through Iraq in various ways, and that Iran uses what it gets from dollars in its nuclear program.”

The officials stated that Iraq is trying to reduce illegal transfers and that it has achieved success in that by up to 70 percent. sold in Iraq, and that Baghdad should take stricter measures by banning its access to smuggling suspects.

On the other hand, the Foreign Minister pledged that the delegation he heads to Washington (within two days) will present "a set of sober proposals that would reassure the American side of the success of the Iraqi government's steps to consolidate the sale of the dollar and prevent its smuggling, and that it is proceeding with its procedures and will not back down from it."

But the visit is aimed at easing restrictions on dollar transfers to Iraq. This will end up feeding alternative mechanisms for smuggling the dollar to Iran, Syria and Hezbollah in Lebanon.

Framework groups fear that the US warnings will end in imposing sanctions on some personalities and factions about whom the Undersecretary of the Treasury for Terrorism and Financial Intelligence has full details.

Although the framework groups are awaiting Washington's reaction to the barter proposal, Jordan hastened to offer other aspects of possibilities to build better trade cooperation relations.

  The head of the Jordan and Amman Chambers of Industry, Eng. Fathi Al-Jaghbir, said, "Jordanian industry possesses distinct elements in a number of highly competitive sectors and industries."  

Al-Jaghbir mentioned that Jordan has many potentials that make it able to contribute to reconstruction projects in Iraq, especially those related to infrastructure, health care, building schools, housing, rehabilitating factories, providing consulting and engineering services, and various technology programs.

The Jordanian industry also has the ability to support the reconstruction process in Iraq, such as the construction and mining industries that have a solid and wide production base of iron, cement, stone and marble products, in addition to chemicals such as paints, fertilizers and primary chemicals used in the construction and engineering industries, sanitary and electrical supplies.

  These areas refer to projects that go beyond laying an oil pipeline to Aqaba, but they may not be implemented because local companies affiliated with Iran want to undertake them, on the one hand, to provide a kind of “legitimate cover” to obtain dollars from the Central Bank, and on the other hand, to show that the Sudanese government Real development projects are being implemented.  

https://www.nasnews.com/view.php?cat=101505

Iraqi News Highlights Sunday Evening 2-5-23

Iraqi News Highlights Sunday Evening 2-5-23

Tlm724 Administrator Bondlady’s Corner

A Slight Increase In The Exchange Rates Of The Dollar Against The Dinar

Economie| 11:40 - 05/02/2023   Baghdad - Mawazine News   Today, Sunday, the exchange rates of the dollar witnessed a slight increase in the local markets.  Selling price: 163,000 dinars per 100 dollars  Buying price: 162,000 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=218455

Central Bank Sales Of Foreign Currency Record 82 Million Dollars

Economy News-Baghdad   The Central Bank's dollar cash sales rose at Sunday's auction, at the expense of foreign transfers.

The correspondent of "Al-Iqtisad News" stated that "the central bank sold today, during its auction for buying and selling US dollars, 82 million and 134 thousand and 460 dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar."

He added that most of the dollar sales went in the form of cash, amounting to 57 million and 400 thousand dollars, while the rest of 24 million 734 thousand and 480 dollars went to strengthening balances abroad in the form of (remittances, credits).

He pointed out that the banks that bought the cash dollar amounted to 18 banks, while the number of banks that met requests to strengthen balances abroad reached 14 banks, while the total number of exchange and mediation companies participating in the auction was 211 companies.

https://economy-news.net/content.php?id=32287

France Announces The Desire Of Its Companies To Invest In A Vital Field In Iraq

Reconstruction and building   Economy News / Baghdad   On Sunday, the Minister of Construction, Housing and Public Municipalities, Benign Rikani, called on French companies to participate in the implementation of service projects in Iraq.

In a statement on the sidelines of his meeting with the French ambassador to Baghdad, Eric Chevalier, and the regional director of the French Development Agency in the Middle East, Catherine Bono, Rikani said, "Deepening joint relations between the two friendly countries is an important matter, especially after the recent successful visit of Prime Minister Mohamed Shiaa al-Sudani to Paris." ".

He added,, "The ministry has many projects in the fields of roads and bridges, housing, water, and sewage, in addition to projects for the basic design of cities."

For his part, the French ambassador expressed during the meeting "the desire of French companies to implement projects, especially in the water sector, as well as the support of the French Development Agency to finance projects, including the expansion and development of water networks in Mosul, and the heavy water treatment plant in Khalidiya in Anbar province."

https://economy-news.net/content.php?id=32290

About 8 Million Barrels Of Iraq's Oil Exports To America Within A Month

Economie| 09:29 - 05/02/2023   Follow-up - Mawazine News  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America amounted to about 8 million barrels last January.

The administration said in a table that "Iraq exported crude oil to America during the month of January last 7.874 million barrels, at a rate of 254 thousand barrels per day, down from December, in which Iraqi oil exports to America amounted to 8.928 million barrels, at a rate of 288 thousand barrels per day." ".

And she added, "Iraq ranked fourth in its exports to America during the past month, after Canada, Mexico, and Saudi Arabia, and ranked second in the Arab world after Saudi Arabia, whose exports to America reached 15 million and 438 thousand barrels per day."

https://www.mawazin.net/Details.aspx?jimare=218441

Baghdad And Riyadh Are Discussing The Possibilities Of Economic Cooperation In Various Investment Fields

Economie| 12:27 - 02/05/2023  Baghdad - Mawazine News, Chairman of the National Investment Commission, Haider Makiya, and the Saudi ambassador to Baghdad, Abdulaziz Al-Shammari, discussed, on Sunday, the possibilities of economic cooperation between the two countries.

The commission stated in a statement, "The head of the National Commission for Investment, Haider Muhammad Makiya, met today with the ambassador of the Kingdom of Saudi Arabia in Baghdad, Abdul Aziz Al-Shammari, and his accompanying delegation."

She added, "The meeting discussed the progress of bilateral relations between the two countries and the possibilities of economic cooperation in various investment fields, in the interest of the two countries."    https://www.mawazin.net/Details.aspx?jimare=218459

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

https://www.bondladyscorner.com/

Sunday "Vietnam News" Posted by Henig at KTFA 2-5-2023

KTFA:  Vietnam

Henig:  18,000 tourists spend US$18.3 million on foreign tours during Lunar New Year

08:00 | 05/02/2023

The number of tourists choosing foreign tours accounted for 55 to 65 percent of the total domestic and foreign tours.

Around 18,000 Vietnamese tourists chose foreign tours through travel agencies in Ho Chi Minh City during the Lunar New Year holiday this year, spending a total of VND430 billion (US$18.3 million), according to a report from the city's Department of Tourism.

The number of tourists choosing foreign tours accounted for 55 to 65 percent of the total domestic and foreign tours.

This is an unexpected growth, according to tourism businesses.

Nguyen Nguyet Van Khanh, director of Vietravel's marketing department, said that the company recorded a total of more than 47,000 tourists registered for Tet tourism, much higher than last year.

This year, despite the effects of the pandemic, tourists are still excited about their plans to travel abroad because their favourite destinations have almost returned to normal and visa policies are also more convenient.

Destinations such as Thailand, Japan, the Republic of Korea, Europe and the US always attract many tourists; some tourists even choose to pre-book foreign tours in March and April 2023.

Similarly, travel companies such as Saigontourist, TST Tourist and Benthanh Tourist have had dozens of tourists going abroad during this Tet holiday.

Tran Quoc Bao, deputy general director of Saigontourist Travel, said that the number of tourists travelling aboard on the Lunar New Year holidays through the company reached 21,000.

Source: vietnamnews.vn    LINK

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Henig:  Vietnam develops green agriculture to increase exports to EU

07:00 | 05/02/2023

Vietnam is paying attention to mobilising resources to invest in developing green agriculture with an aim to raising the market share of its agricultural exports to the European Union.

Last year, Vietnam’s export revenue of agro-fishery-forestry products set a record high of 53.22 billion USD, up 9.3% year-on-year. However, Europe accounted for only 11.3% of its market share.

This is a modest number, although the agricultural sector has optimised many advantages of the EU-Vietnam Free Trade Agreement (EVFTA).

One of the main reasons is said to be the union’s high requirements on farm imports, while Vietnam’s agricultural production has yet to meet green growth requirements.

According to the World Bank’s report, agriculture is the second highest emitter, accounting for 19% of the nation’s total gas emissions in 2020. About 48% of the sector’s emissions and more than 75% of methane emissions are from rice production.

Therefore, to boost farm exports to the EU, the sector is advised to pay more attention to green growth indicators through making policies and roadmaps to reduce greenhouse gas and methane emissions in accordance with international commitments.

Last year, the Ministry of Agriculture and Rural Development approved an action plan to implement the National Strategy on Green Growth from 2021-2030, which aims to specify goals, tasks and solutions to realise the strategy and the national action plan for green growth.

Under the plan, the ministry will work to develop the agricultural sector in an ecological, organic, circular and low-carbon direction to improve growth quality, added value, competitiveness and sustainable development, while reducing pollution in agricultural production and rural areas, and promoting energy efficiency towards carbon neutralisation by 2050. Specifically, the sector aims for 2.5-3% in annual growth, and 42% in forest coverage.

It will also strive to increase the use of organic fertilisers to 30% of all those consumed, along with 30% of pesticides and at least 30% of farm areas using water-saving systems.

The sector will switch 300,000 hectares of rice to other crops with higher economic and environmental efficiency, while aiming for over 2% of organic farms out of the total farming area.

Source: VNA    LINK

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Henig:  Screening tools to enhance FDI quality

06:00 | 05/02/2023

(VEN) - A set of foreign direct investment (FDI) screening tools was launched recently as a result of cooperation between the Vietnam Chamber of Commerce and Industry (VCCI) and the United Nations Development Program (UNDP), promising enhanced effectiveness of foreign investment flows into Vietnam.

Ministry of Planning and Investment data show that Vietnam so far has attracted nearly US$440 billion of FDI from 140 countries and territories.
According to VCCI, FDI is one of the major resources for socioeconomic development. However, certain problems have arisen with FDI projects.

For example, some FDI companies were involved in transfer pricing and tax evasion, or did not abide seriously by environmental regulations, with detrimental social consequences. Local governments had to revoke some investment certificates due to delayed implementation of projects, while some foreign-invested projects still operate at a loss.

Some companies have failed to adhere to environmental laws and regulations. Inspections conducted by the Vietnam Environment Administration in 28 northern provinces from 2017 to 2019 show an increased percentage of FDI companies violating environmental regulations, from 44.5 percent in 2017 to 56 percent in 2018 and 68 percent in 2019.

Moreover, according to a VCCI study, only five percent of FDI projects use high technology, 80 percent use medium technology, and 14 percent use low technology. The local content of products ranges from 20-25 percent, lower compared with other countries in the region.

How to attract quality FDI projects, or to find responsible investors? How to minimize socioeconomic and environmental impacts of low-quality foreign investment projects? These questions are of great concern.

One of the solutions, according to Ramla Khalidi, UNDP Resident Representative in Vietnam, is using a set of screening tools to select responsible investment projects and to ensure their benefits for the Vietnamese people, environment and economy, helping promote Vietnam’s sustainable development.

According to Dau Anh Tuan, Head of VCCI’s Legislation Department, the tools include compulsory assessments by local governments to exclude FDI projects not abiding by Vietnamese laws and causing risks to the socioeconomic life and the environment, while encouraging abidance by international standards and good, responsible business practices.

The screening tools are expected to help improve the quality and effectiveness of FDI in Vietnam, increasing their contributions to Vietnam’s socioeconomic development

Nguyen Hoa    LINK

Henig:  Việt Nam attends Laos’ Bolaven coffee festival

February, 03/2023 - 16:13

Vietnamese coffee businesses are attending Laos’ Bolaven coffee 2023 festival which is underway from February 2-4 in the southern province of Champasak of Laos.

VIENTIANE - Vietnamese coffee businesses are attending Laos’ Bolaven coffee 2023 festival which is underway from February 2-4 in the southern province of Champasak of Laos.

The event is not only an opportunity for coffee growers in Laos to promote organic coffee products to international friends but also a chance for Vietnamese enterprises to expand their market in Laos.

Among the 50 booths displaying products from Laos, Thailand and Cambodia, Việt Nam is represented with three booths introducing its products from three localities, namely Đà Nẵng City, Đắk Lắk and Bình Phước.

Currently, Laos’ coffee products have been exported to more than 20 countries. In 2022, the total export volume of coffee beans of Laos reached about 22,000 tonnes with a value of over US$67 million.

Meanwhile, the General Department of Customs said Việt Nam’s coffee exports in 2022 were valued at nearly $4.06 billion, an increase of 32 per cent over that in 2021.

VNS   LINK

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Henig:  National defence industry sees remarkable progress

February, 04/2023 - 08:57

Lieutenant General Nguyễn Mạnh Hùng, secretary of the General Department of Defence Industry's Party Committee and Political Commissar, speaks to Quân đội nhân dân (People's Army) newspaper on the national defence industry's progress and missions for the future.

Lieutenant General Nguyễn Mạnh Hùng, secretary of the General Department of Defence Industry's Party Committee and Political Commissar, spoke to Quân đội nhân dân (People's Army) newspaper on the national defence industry's progress and missions for the future.

What are the highlights of the national defence industry in 2022?

The national defence industry achieved remarkable results last year with the attention of the Party and the State, the Central Military Commission (CMC) and the Ministry of Defence (MoD), the coordination and support of other ministries and departments, as well as the efforts and determination of everyone in the sector.

One of the highlights was the consultation with the CMC on the new Resolution No 08-NQ/TW on accelerating the defence industry’s development to 2030 and beyond, which was submitted to the Politburo for approval and issuance.

The MoD built an action programme to realise the resolution and submitted it to the Prime Minister for approval. This demonstrates the strategic vision of the mission to develop a self-reliant, multi-functional defence industry that responds to the need to build a modern military. At the same time, a dossier recommending the formation of the Law on National Defence, Security and Industrial Mobilisation was completed, allowing the issuance of circulars and regulations that manage and study the design and production of weapons and technical equipment.

The defence industry also saw breakthroughs in research and mastering a number of core and fundamental technologies; designing, manufacturing and producing a wide variety of arms and equipment, military vessels, as well as supporting tools for law enforcement forces and civilian use.

In the context where market demands are declining and export-import activities encounter multiple challenges, defence industry units have been actively promoting cooperation with local and international businesses to improve production and ensure stable income and employment for workers. The total revenue of the industry reached VNĐ33 trillion (US$1.4 billion) in 2022, of which 59 per cent is economic revenue.

Another notable achievement is the success of international cooperation in the defence industry and the Việt Nam International Defence Expo 2022, which attracted the participation of 174 defence businesses from 30 countries, and received high regard from the international community. This has contributed to the position and reputation of the country, its military and defence industry, opening up numerous cooperation opportunities in the sector with other countries.

Which breakthrough solutions were put in place to achieve these results?

First and foremost, the human factor is identified as the most important. We pay attention to building high quality personnel, particularly in research and development. We also formed specialised research teams that focus on several key aspects. We also link research with production, ensuring that research institutes are the science-technology foundation for factories.

Last year, solutions have been studied and proposed to maintain and improve product quality and repair to ensure stability. Several research projects on new arms production and technical support were also deployed.

In regard to economic development, the General Department of Defence Industry has put forward new strategies and solutions with stringent implementation, which has transformed the thinking on economic development in the sector’s units and departments.

Exchanges and connections with local and international businesses were also established, allowing practical and effective cooperation. Several defence businesses have become partners and suppliers for major enterprises. International standards have also been actively applied in business management and operations, as well as product quality control and digital transformation.

The department also focuses on promoting collective power in its mission and actively coordinates with other units for common growth.

What are the challenges facing the defence industry and the solutions to alleviate these issues?
While the national defence industry has seen comprehensive progress, there are still several shortcomings such as the limited coordination between institutions and policies, or among ministries and departments in the sector’s development. Financial investment and resources for the industry are not yet sufficient, and there are few multi-functional products for civilian use and export. We still have limitations in mastering the fundamental technology and special materials.

To alleviate these issues, the industry has been implementing multiple missions and solutions. The first is focusing on and proposing a complete legal framework for the defence industry, including specific mechanisms and policies on science-technology research and application. We also implement projects that invest in the industry’s potential, mobilising resources and developing high-quality human resources. Business structures were also streamlined to ensure productivity and efficiency.

In addition, the General Department of Defence Industry also suggests and actively consults with the MoD on implementing the mid-term public investment plan in the 2021-25 period, diversifying and effectively using investments to develop the industry’s potential.

The department continues to research and develop mid and long-term investment plans and projects for a modern, multi-functional defence industry. Other tasks include consultation, development and implementation of coordination mechanisms in the sector, promoting joint ventures, technology transfer and international cooperation in product research, production and consumption.

How has the General Department of Defence Industry attracted and developed high-quality human resources?

The defence industry’s human resources are seeing progress in terms of both quantity and quality, with an increase in the number of master’s and doctoral degree holders specialising in new and advanced technology.

To achieve these results, the department has always considered attracting and building high quality human resources a key and fundamental solution, which decides immediate and long-term development.

Recruitments are also conducted based on positions’ demands, reforms and the department’s structure and efficiency improvement. More human resources are assigned to special technical departments. Priority is also given to well-trained people with science-technology and foreign language qualifications, who have the capacity to receive technology transfer, design, produce and repair hi-tech products, and work in an international environment.

The department also looks into and applies suitable policies and benefits to attract and retain qualified staff, such as ensuring a good working environment, conditions for development, income and housing.

To improve the industry’s development in the new context, the department is proposing to the MoD to develop specific policies and frameworks that help attract, train and motivate high-quality human resources.

What are the key missions of the General Department of Defence Industry in the future?

The first mission is to focus on implementing managerial missions assigned by the State on the industry, and building institutions following the direction of the CMC. We will also continue our work on the missions identified in the government’s action programme and the MoD’s plans in regard to Politburo’s Resolution No 08; the draft Law on National Defence, Security and Industrial Mobilisation after receiving the approval for our dossier; and the proposal for specific mechanisms in the industry’s development.

The second is to build the plan and people’s determination for the project restructuring businesses in the 2021-25 period, which focuses on merging enterprises in military ship production and repair, with a strict, determined and appropriate action roadmap that ensures efficiency, stability and growth.

The third is to successfully research and manufacture modern arms and equipment. In 2023, we focus on studying the design and production of strategic weapons, completing the required procedures to start producing military vehicles, effectively implementing science-technology research and development programmes on mobile complexes and new-generation precision weapons, and extending studies in accordance with the MoD’s plans.

The fourth is to continue developing strong research personnel and assign specific tasks to research groups, in order to meet the demands in production goals following Resolution No 08.

— VNS   LINK