Dinar Recaps 20 2/9/23 Dinar Recaps 20 2/9/23

KTFA Members "News and Views" Thursday 2-9-2023

KTFA:

Clare: The Ministry of Foreign Affairs: The meetings of the Iraqi delegation in Washington aim to clarify the identity of Iraqi monetary policy

2/09/2023

Foreign Ministry spokesman Ahmed Al-Sahaf confirmed today, Thursday, that the meetings of the Iraqi delegation headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein with US officials in Washington aim to clarify the identity of Iraqi monetary policy.

Al-Sahhaf told the official channel, followed by Mawazine News, that "the meetings of the Iraqi delegation in Washington aim to crystallize a vision with economic priorities and the importance of achieving fundamental approaches related to the identity of Iraqi monetary policy and clarifying this identity."

KTFA:

Clare: The Ministry of Foreign Affairs: The meetings of the Iraqi delegation in Washington aim to clarify the identity of Iraqi monetary policy

He added, "The Iraqi delegation's visit looks in depth to the fact that there are joint procedures between the two sides related to Iraqi monetary policy, and if we take participatory visions and go for ways to enhance coordination and cooperation, we will witness great support for the government's actions related to fixing a new exchange rate for the dollar and diversifying the sales gates, which is reflected in daily trading." .

He continued, "The meetings are consistent with the contents of the agreement between Baghdad and Washington, and will address the contents of partnership in the field of energy and supporting Iraq in various aspects, and the delegation stressed that Iraq desires multiple partnerships based on the idea of diversifying the economic gates." LINK

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

Henig: IMO: This headline is rather misleading. The US Congress is recognizing that Iraq is an ally and partner, so they're attempting to discontinue something that doesn't recognize Iraq as an ally and partner. The U.S. Congress is doing the right thing here.

Congress Movement to Withdraw 'Use of Force': Making Iraq an 'Enemy'

Today, 20:22 | Baghdad Today – Translation

A group of Democratic Party deputies in the US Congress submitted on Thursday a bill to withdraw the authorization of the "use of force in Iraq" within the powers of the US president, considering that the continuation of the authorization means that Iraq is "still an enemy."

A statement issued by the Democratic Party, translated by (Baghdad Today), said that "the representatives (Tim Cain, Todd Ing, Barbara Lee, Chip Roy, Abigail Spenberger, and Tim Cole) submitted a formal request to the US Congress, to end the urgent powers that authorized the US president during the years (1991-2002) to carry out military operations in Iraq, which is still continuing to remain authorized, so it must be withdrawn now," according to the statement.

The statement added that "the continuation of emergency powers for more than thirty years, worries the US legislator of the possibility of misuse in the future," and that "canceling them completely will represent American recognition of Iraq's full democratic sovereignty" and contribute to improving Washington's relationship with Baghdad."

Separately, Democratic Representative Todd Ying said that "Iraq today is a central ally and strategic partner of the United States, especially in the field of achieving security in the Middle East, but with the continuation of the emergency powers of war granted to the president, Iraq is still legally (an enemy of Washington)." LINK

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

Henig: IMO: I'm posting this due to a rumor going around that there would be an internet blackout Iraq-wide to prevent all communications in or out in conjunction with the RI. This article states that it's for the expressed purpose of school exams--and would therefore be only until February 13, and only from 4am to 12pm.

Iraq bans social media until February 13

February 8, 2023

Baghdad (IraqiNews.com) – The Iraqi Ministry of Communications announced on Monday that social media websites are banned in Iraq until February 13.

“The ban will coincide with students’ exams, as it will continue until the February 13, except on Fridays,” the spokesperson of the Ministry of Communications, Omar Abdel-Razzaq, said.

Abdel-Razzaq explained that the ban times will be from 4 a.m. until 12 p.m., noting that the ban will include the most common social media websites and applications in the Iraqi society, which are Facebook, Telegram, WhatsApp, and Instagram.

Abdel-Razzaq elaborated that this decision was made in response to a request submitted by the Ministry of Education, and after the approval of higher authorities. He added that the Ministry of Communications is only the executing body for the ban process.

The Iraqi Ministry of Education announced last Sunday the start of the exams of all educational stages for the academic year 2022-2023, where more than 200 thousand students are taking exams.

Many exams were leaked previously through social media in Iraq, which sparked controversy and caused resentment between the Iraqis.

Last year, following the leakage of mathematics and English exams for the intermediate stage, the Ministry of Education was forced to cancel the exams and postpone them for 10 days.

Last week, the Iraqi security announced the arrest of a network specialized in falsifying and altering exam papers in the capital, Baghdad. LINK

Henig: High oil prices. Brent is close to $85 a barrel

Time : 2023/02/08 22:19:57

{Euphrates News} Oil prices continued, on Wednesday evening, their continuous rise for days, approaching $ 85 a barrel.

Brent crude futures were at $84.94 a barrel, closing yesterday at $83.69.

U.S. crude rose to $78.48 a barrel futures, which closed yesterday at $77.14. LINK

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

Henig: A famous economist predicts the disappearance of the dollar... It determines the role of Saudi Arabia in this!

Economy News / Baghdad

The famous economist, Nouriel Roubini, warned of the decline of the US dollar due to the rise of the bipolar currency system as a global currency, saying in an economic article that the replacement of the Chinese renminbi may replace the US dollar due to a series of measures that the Chinese government has been implementing since the imposition of Corona restrictions.

Given the increasing use of the dollar for national security purposes, and the growing geopolitical rivalry between the West and other powers such as China, Russia, Iran and North Korea, rumors of dedollarization are accelerating, especially in light of the U.S. government's actions to use the dollar by its rivals through sanctions, which is one of the reasons for the emergence of the bipolar system in the next decade.

At the same time, the economist spoke of the false adoption of the dollar by economies in less developed countries that brings strong drawbacks, as the current system makes emerging market economies financially and economically vulnerable to changes in US monetary policy driven by domestic factors such as inflation.

Also, Nouriel Roubini stressed that Saudi Arabia has already settled some transactions using the Chinese renminbi and that this may prompt other countries in the region to follow this example, which in turn may lead to the replacement of the dollar.

In this context, the BRICS revealed that it is working to create its own currency, as a step to get rid of the influence of the United States and the International Monetary Fund on the economies of the countries of the group. The presidents of Argentina and Brazil also announced that they had started a common currency that would serve as a tool for settling payments between the Mercosur and BRICS countries. According to Roubini, the launch of CBDCs, and the increasing use of private payment apps such as Wechat in China, will also contribute to the replacement of the dollar.

It is noteworthy that the famous economist, Nouriel Roubini, said earlier that the global economy faces economic and non-economic risks, including concern about high inflation and recession in addition to stagflation, and that the continuous rise in interest rates will make the debt ratios of the private and government sectors unsustainable, which will lead to default, and there is a lot of talk about the decline of globalization and about protectionism and divisions in the global economy. LINK

Dinar Recaps 20 2/9/23 Dinar Recaps 20 2/9/23

"Tidbits From TNT" Thursday Morning 2-9-2023

TNT:

Tishwash: Iraq moves internationally from the "gray" to the "white" area

Economic experts expressed their support and optimism for the procedures of the competent authorities in the areas of combating money laundering and preventing the financing of terrorism, describing these measures as "good" and in line with international conditions, considering that on the basis of that, the name of Iraq was removed from the "most dangerous countries" area and moved from the gray area to white.

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in an interview with "Al-Sabah": "Iraq has come a long way in combating the financing of terrorism and money laundering," noting that "in the past year, the European Union raised the name of Iraq from the most dangerous countries and moved it from the list." gray to whitelist.

TNT:

Tishwash: Iraq moves internationally from the "gray" to the "white" area

He added, "The procedures practiced by Iraq in combating money laundering are good, although the conditions of trade in Iraq in the last 20 years took place through irregular financing in most of its paragraphs, and this raised the ire of international prospects, especially the prospects for compliance with the conditions of global institutions."

And he indicated that "most of the foreign transfers made by Iraqi banks are supposed to be transparent, and on this basis (the central bank platform) was formed, which rejected thousands of money transfers because they do not use the correct mechanisms."

Salih pointed out, "The central bank has an important lever that it launched to facilitate freedom of external transfer through the international banking system and financial institutions that are subject to compliance, and there is cooperation between Iraq and those agencies, especially the Financial Action Organization, so Iraq is complying with these rules and needs some time to change some things." He explained that "international Iraqi cooperation continues and will reflect positively on the price of the Iraqi dinar."

For his part, the economist, Dr. Qusai Safwan, stated that "the process of combating money laundering falls within the responsibility of the Central Bank of Iraq in detecting the army of money that enters the country's banking system."

He added, in an interview with "Al-Sabah", that there are a set of conditions, and the owner of the Iraqi dinar is supposed to be asked (from where did you get this dinar?) for the purpose of entering the Iraqi electronic platform, "explaining that" the banking procedures were accompanied by many violations due to the system of dividing the coefficient into More than one customer and the process of moving accounts between customers, as well as the difficulty of knowing whether commercial companies are real or fake?”, Noting that “the problem is: Where does the Iraqi dinar come from?”.

Safwan pointed out that "those who trade in money laundering today have turned to the real estate market, gold, and the cash dollar that is outside the banking system, and certainly the Council of Ministers is required to open an office inside the real estate market, and open the files of foreign real estate transfers that took place in recent years to find out (where it came from). Iraqi dinar) through which many properties were purchased in neighboring countries and countries of the world with Iraqi money.

He pointed out that "the sooner the terms of the US Treasury are complied with in a quick manner and we encourage Iraqi banks to obtain documentary credits, we reconsider the issue of customs and taxes imposed on merchants for the purpose of import - especially in previous years because they are afraid to enter the auction for selling the currency for fear that they will incur previous debts and a discount." Taxes and customs - all of this will contribute to lowering the price of the dollar." link

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

Tishwash: Within 30 minutes.. the Iraqi parliament discusses 9 laws

In a "historic" precedent, the Iraqi Parliament finished discussing nine laws within only 30 minutes of its session, which was held today, Thursday.

Today, Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, inaugurated the work of Session No. (5) of the fifth electoral cycle, the second legislative year, the first legislative term.

The House of Representatives finished the first reading of the first amendment bill to the draft law supporting small income-generating projects, and it also completed the first reading of the draft law ratifying the investment promotion and protection agreement between the government of the Republic of Iraq and the government of the United Arab Emirates.

The House of Representatives also completed the first reading of the draft law ratifying the agreement on avoiding double taxation and exchanging information with regard to taxes on income and capital between the government of the Republic of Iraq and the government of the Islamic Republic of Iran and the protocol attached thereto. The Seas in Case of Accidents Causing Oil Pollution of 1969 and the Protocol Concerning Intervention on the High Seas in Cases of Pollution with Substances Other than Oil of 1973.

The House of Representatives also completed the first reading of the draft law ratifying the agreement to avoid double taxation and prevent evasion from paying taxes imposed on income and capital between the government of the Republic of Iraq and the government of the Republic of Turkey. To combat organized crime across national borders.

The House of Representatives also completed the first reading of the draft law on the accession of the Republic of Iraq to the agreement establishing the European Bank for Reconstruction and Development for the year 1990, as well as the first reading of the draft law ratifying the cooperation agreement between the government of the Republic of Iraq and the government of the Kingdom of Saudi Arabia in the field of maritime transport.

According to the media department of the Council, it also finished the first reading of the draft law ratifying the agreement to avoid double taxation in the matter of taxes on income on capital and to prevent tax evasion and evasion between the government of the Republic of Iraq and the government of the Kingdom of Saudi Arabia, to adjourn its session, which lasted only 30 minutes. link

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

Tishwash: The 100-day achievements of the Sudanese government... Security, health, anti-corruption and foreign relations

(Baghdad Today) publishes a detailed report on the files completed by the government of Muhammad Shia' al-Sudani during the 100-day period since its formation.

The government has taken many decisions and steps in several files such as security, foreign relations, combating corruption, poverty, health and electricity, and (Baghdad Today) has obtained official and detailed information about them.

In the security and military file, the government issued 36 decisions targeting oil smuggling networks and drug dealers, withdrawing the army from cities, and deploying federal forces on the borders with Iran and Turkey.

In foreign relations, Prime Minister Muhammad Shia al-Sudani participated in the Arab-Chinese summit hosted by Saudi Arabia and the strengthening of partnership within the (Belt and Road) initiative, in addition to participating in the (Second Baghdad Summit) for cooperation and partnership hosted by Jordan, and the tripartite (Dead Sea Summit). between Iraq and Jordan.

The government formed the Supreme Anti-Corruption Commission to open corruption files "without any red lines", and directed the improvement of the ration card items, in addition to the implementation of the health insurance law, in addition to signing an agreement with the German company "Siemens" to develop the Iraqi electricity system.

The following is a detailed report obtained by (Baghdad Today):

(security and military file)

- The issuance of (36) decisions and directives for the security and military sectors, distributed between tracking down and dismantling oil smuggling networks in the governorates of Diyala, Kirkuk, and Basra, arresting (49) accused of smuggling operations, reviewing armament contracts, pursuing drug dealers, withdrawing the army from inside cities, canceling security checks for the citizens of the liberated areas, and redeploying forces Border guards to control the joint tape with neighboring countries, reconsider the numbers of officer protections, and agree with the Netherlands, Turkey, America, France and NATO to provide training and advice, enhance security capabilities, coordinate efforts and transfer expertise.

(Iraq's foreign relations file)

- Consecutive visits to Jordan, Kuwait, Iran, Germany and France to enhance cooperation with these countries.

The United Nations affirmed, through its Secretary-General, Antonio Guterres, its keen interest in the priorities put forward by the government and its willingness to cooperate.

- Participation in the Arab-Chinese summit hosted by Saudi Arabia and strengthening partnership within the (Belt and Road) initiative.

- Participation in the (Second Baghdad Summit) for cooperation and partnership hosted by Jordan, and the tripartite (Dead Sea Summit) between Iraq, Jordan and Egypt.

- Receiving the Italian Prime Minister, Giorgia Meloni, in Baghdad and holding a round of talks for cooperation in agricultural, health, energy and infrastructure files.

The Turkish President's affirmation to the Prime Minister, during a phone call, of securing Iraq's water share and the participation of Turkish companies in construction and railway linkage projects.

- Receiving the White House Coordinator Brett McGurk in Baghdad and confirming the continuation of providing advice and training to the Iraqi forces.

- US President Joe Biden affirmed to the Prime Minister, in a phone call, his country's support for a secure and stable Iraq, welcoming the visit of the Iraqi delegation, discussing economic opportunities, and maintaining communication in the coming months between the two countries.

(Anti-Corruption and Money Recovery File)

- Formation of the Supreme Commission for Combating Corruption to open corruption files without any red lines.

- Building effective tools to fight corruption within a period of (90) days starting from the date of formation of the government.

- Establishing a unified treasury account to control state funds and prevent their leakage.

- Follow-up on the issue of theft of tax deposits and the recovery of the stolen funds, including more than (325) billion dinars, in two parts.

- Issuing special instructions to facilitate the implementation of the Law of Revocation of Financial Privileges for State Officials.

- The confiscation of (1,782,000) liters of fuel, along with the confiscation of (66) tanks and the arrest of (121) suspects as part of the dismantling of oil smuggling networks.

(Social welfare and poverty alleviation file)

- Directing the Ministry of Commerce to take practical measures regarding the ration card and improve its quality in light of the high prices of foodstuffs in the global markets.

- Adding additional items to the food basket received by those covered by the Social Protection Law and the segment of the poor and those with limited income, which is a basket different from what the rest of the citizens receive, and it included an increase in sugar, cooking oil, tea, milk and zero flour.

Including nearly 5 million citizens in the food basket designated for those covered by the Social Protection Law, and starting processing after twenty days, as the measures aim to protect 10 million citizens classified below the poverty line.

(The medical section)

- Initiating the implementation of the health insurance law to improve the reality of health services, and the state's sponsorship of treatment for the poor and medium groups.

- The opening of the dialysis center for patients with renal impairment in the Medical City with a capacity of (81) beds, and the opening of the Kawthar Center for Nuclear Medicine in Basra, which is the first center specialized in the production of radioactive isotopes for medical purposes.

- Re-opening Al-Kadhimiya Teaching Hospital after completing the rehabilitation work in only 50 days, at a cost that did not exceed 3 billion dinars, and spreading its rehabilitation experience to 10 other hospitals.

(electricity sector)

Issuing a decision to contract with a specialized international consulting body for the purpose of developing a plan to implement the smart grid project within a maximum of 30 working days.

- The tendency to implement combined cycle projects in the production of electricity, which will provide 3,500 MW within two years, and will not cost the treasury any additional dollar of fuel.

- Signing an agreement with the German company Siemens, which included the formation of a work map for the development of the electricity system in Iraq in general, the establishment of new generation stations, maintenance and rehabilitation of operating units in Iraq established by Siemens. ink

Mot: ...... And After the Kids Become More Seasoned!!! ~~

DINARRECAPS8 2/9/23 DINARRECAPS8 2/9/23

Thursday Morning Iraq Economic News Highlights 2-9-23

About The Exchange Of The Dollar.. The Central Bank Of Iraq Warns The Citizens

Baghdad-Iraq today: The Central Bank of Iraq warned merchants against dealing with speculators to obtain dollars, calling on them to resort to the official platform for financing foreign trade. The Central Bank's advisor, Ihsan Shamran, said in a press statement, “The central bank's supportive and government-supported decision entered into force.”

Today, to sell the dollar at a price of 1320 to the public, as the Central Bank buys from the Ministry of Finance and from any party that sells the dollar at 1300 dinars and sells the dollar to the banks at 1310, so that the bank sells it to the public at 1320,” adding, “We have great hope that the banks will comply with this price.”

Thursday Morning Iraq Economic News Highlights 2-9-23

About The Exchange Of The Dollar.. The Central Bank Of Iraq Warns The Citizens

And the availability of the dollar to the public, because the central bank provides the dollar, whether in cash for the requirements of the traveler, or to meet the requirements of trade and financial transfers, whether by remittances or documentary credits, and all this through the platform.

Shamran continued, "This procedure supports other procedures in limiting transactions and merchants not resorting to speculators to meet their need to obtain dollars. The platform will serve several purposes, and the low exchange rate came to strengthen the Iraqi dinar to support the government effort and the central bank's effort in economic reform.

The platform is a gateway." Economic reform, the gateway to financial reform, and the gateway to reforming the banking sector,” stating,

“We hope that the public's income levels will improve to meet their requirements, and we hope that this step will reduce commodity prices.” He explained , "It

Shamran pointed out, “The Central Bank has expanded the offer of the dollar by increasing the share of the traveler for various purposes to seven thousand dollars for the traveler instead of five thousand dollars, and this is in fact an expansion of the offer in order to respond to the requirements of travelers for the purposes of study and treatment, in addition to expanding the sales outlets to the public, as it was in the beginning, a branch of the same bank and monitored by the Central Bank's control staff,

now after the last meeting of the governor, the bank has the ability to distribute dollars through all its branches, whether in Baghdad or the provinces, and this also expanded the supply of dollars, and in airports as well, we opened outlets for bank branches located in airports.

And he stated, "Obtaining the dollar has become easy, and the initiative now is for merchants who hope to limit their obtaining of dollars from the platform and avoid dealing with speculators because this method is dangerous for the economy and exposes them to accountability as speculators." are exposed as well," pointing out that "many merchants have begun to convert to the platform and take their orders. LINK

Iraq.. The Dollar Rises By 5 Thousand Dinars From Exchange Rates In The Morning

2023/02/09 Baghdad-Iraq today: The exchange rate of the dollar against the Iraqi dinar rose this evening. The exchange rate of the dollar in the local markets in Baghdad reached 150,000 dinars.

The selling prices of the dollar were recorded this morning. 146,000 dinars per 100 dollars, while the purchase price of the dollar was recorded at 145,000 dinars per 100 dollars. LINK

Parliament's Finances Regarding Reducing The Exchange Rate: It Will Make A Big Difference In The Budget

2023.02.09 - 09:25 Baghdad - people The Parliamentary Finance Committee called, on Thursday, to take into account the issue of changing the exchange rate of the dollar in the budget, while indicating that it would make a big difference because Iraq sells oil in dollars.

"Nass" channel on Telegram.. our latest updates

Committee member Mustafa Al-Karawi said in a statement to the official newspaper, followed by “Nass” (February 9, 2023), that “it is necessary for the government to take into account this point regarding the difference in exchange rates,” pointing to “the need to take into account the issue of activating other sectors and non-oil imports.”

And between, "Iraq sells oil in dollars, and the expenditures are in Iraqi dinars, which will make a big difference in the budget, so this must be taken into account."

And he added, “The budget was supposed to be sent within the next 10 days, but after the decision to change the exchange rate, you will need more time and a review of all investment or operational budgets, so there must be an assessment of the costs in the budget before it is sent, which indicates a delay.” its approval.”

On Monday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, spoke about the consequences of what he described as the "political reduction" of the dollar's exchange rate, on approving the budget.

Al-Marsoumi said in a post, followed by "NAS", (February 6, 2023), that "the expected political reduction of the official exchange rate of the dollar against the dinar to 1,350 dinars per dollar will complicate approving the budget, confuse its vocabulary, and deepen the budget deficit, as it will keep the exchange rate of the dollar in the market." The parallel is close to its current price, because it is a matter of supply and demand, and as we advance, the gap increases and demand increases.

He added, "Therefore, the reduction will be useless to the market and the citizen, and exchange companies, brokers and speculators will benefit, and even if the dinar exchange rate rose temporarily, it will decline again." https://www.nasnews.com/view.php?cat=101737

The Dollar Continues To Fly Above The Threshold Of 1470 Dinars On The Iraqi Stock Exchange

2023.02.09 - Baghdad - Nas “NAS” publishes the exchange rates of the dollar on the Iraqi Stock Exchange, Thursday (February 9, 2023), according to monitoring by specialists. "Nass" channel on Telegram.. our latest updates Baghdad Stock Exchange 148,000 Basra Stock Exchange 147,700 Erbil Stock Exchange 150,750 https://www.nasnews.com/view.php?cat=101742

A $20 Million Fine.” Exchange Offices: The Closure Penalty Prompts Us Not To Sell Dollars

2023-02-09 Shafaq News/ Many exchange offices are witnessing reluctance to sell the dollar to citizens after the new price was set by the Central Bank of Iraq and approved by the Council of Ministers.

On Thursday, the owners of some exchange offices confirmed that the threat of closure and a fine prompted us not to sell the dollar to the beneficiaries of the citizens.

An owner of a money exchange in Baghdad said in an interview with Shafaq News agency; "The central bank's threat to impose financial sanctions and close our offices made us wary of the dollar sale process," noting that "the central bank asked us to adhere to the official pricing by selling at a price of 132 thousand dinars for every 100 dollars."

He added that "the price of the dollar in the parallel market is higher by the limits of" 20 numbers ", and therefore some exchange offices buy dollars from citizens at a price of 131 thousand dinars per 100 dollars, but they refuse to sell except to acquaintances and at the parallel market price for fear of economic security."

He added, "We received yesterday, Wednesday, our weekly share of the dollar at a price of 146,500 compared to 100 dollars, after we paid the bank its dues a week ago," noting that "we will bear its loss after reducing the price to 131 thousand dinars for every 100 dollars."

While the owner of another exchange company confirmed in an interview with Shafaq News agency, "The economic security are spread in the region, and they follow and deliberately enter our offices and companies, claiming that they need to sell or buy the dollar to ensure the extent of the company's commitment to the instructions of the Central Bank," noting that "the violator will close his office immediately and refer him to the court to be fined." 20 million dinars.

He pointed out that "Economic Security is also following up the outlets for distributing salaries that were previously buying dollars and were originally prohibited from buying or selling dollars," stressing that "most of these outlets and some exchange companies preferred to close their offices for fear of penalties."

It is noteworthy that the Central Bank has allocated, yesterday, Wednesday, a hotline to receive citizens' complaints and inquiries related to the purchase of foreign currency, the dollar, indicating that it will receive complaints and inquiries during official working hours, from eight thirty in the morning until seven in the evening. LINK

Reducing The Price Of The Dollar In Iraq.. An End To The Crisis Or Its Deepening?.. Economists Answer

2023-02-08 05:07 Shafaq News/ After the Iraqi Council of Ministers approved the study presented by the Central Bank to reduce the price of the US dollar against the dinar, the parallel market witnessed a significant decline in the exchange rate, reaching 145,000 dinars compared to 100 dollars, after it had reached more than 170,000 dinars earlier. .

The central bank set a price of 1,300 Iraqi dinars to buy the dollar from the Ministry of Finance, 1,310 dinars to sell it to banks through the “electronic platform,” and 1,320 dinars to sell it to the final beneficiary.

Economists and financial experts differed among themselves in terms of the effectiveness of the recent government measures, which were represented in reducing the exchange rate of the dinar in the state's general budget. Some considered it a step in the right path, while others considered this measure "dangerous and a confusion" in decisions.

Inability to balance through a dangerous political decision to gain people's satisfaction

The economist, Nabil Al-Marsoumi, told Shafaq News agency, "The recent measure taken by the government to improve the Iraqi dinar against the dollar is part of a strategy to confront inflation and then lower the prices of imported goods, but it is considered a dangerous measure at the same time because there are direct costs that will be paid in exchange for improving the price of Iraqi dinars." national currency exchange.

And he continued, "One of the factors that will be reflected negatively is the reduction of government revenues denominated in Iraqi dinars, which means direct costs, which will be around 15 trillion dinars annually, added to the deficit, which will be financed by external borrowing, and the indebtedness will increase."

He added, "The decision would also affect foreign trade and exports and create a problem in conflicting financial positions and affect the investment nature, just as prices are difficult to go down when they go up."

Al-Marsoumi also believes that "this measure was taken for reasons that are not economic but rather political, and it is consistent with the state's rentier method of gaining people's satisfaction."

Electoral game.. Profits are in the pockets of the corrupt

For his part, the economist, Ahmed Al-Hathal, considered in an interview with Shafaq News agency, "The approval of the exchange rate 1300 by the Council of Ministers is the end of the electoral game at the expense of monetary policy and reserves."

He added, "The crisis of credits and remittances will remain until the completion of the platform and the organization of the exchange market, but the price will decrease from the citizen's point of view only," but from "an economic point of view, the difference between the two prices ranges by 10%, and may settle at 145-150, and is still The difference goes to the pockets of the corrupt because of the bills.”

Al-Hathlal asserts, "The government will not be able to solve the issue of bills, as they deluded the citizen at the expense of the budget deficit," noting that "the financial illusion in monetary policy, we are waiting for the financial illusion in fiscal policy through the explosive deficit."

The decision is Iraqi.. and smuggling will stop

For his part, economist Haider Al-Moussawi confirmed in an interview with Shafaq News agency, "The decision to return the exchange rate and reduce it to 130,000 dinars against 100 dollars is the decision of the bank's management after consulting financial and economic authorities concerned with the issue, and the Parliamentary Finance Committee is the one who laid the foundations for this issue Therefore, the decision will proceed with the approval of all political forces."

He added, "Suspicion that the budget will face a deficit as a result of this is incorrect talk, because Iraq has a strong budget and has a good financial surplus, and these budgets can also establish investment projects and gradually abandon dependence on oil as the only revenue for the budget."

He continued, "What was raised recently that the price of 130,000 dinars compared to 100 dollars will benefit smugglers to obtain dollars at cheaper prices is inaccurate talk because smuggling operations do not take place with bags as some imagine, but rather through invoices that are smuggled to several countries, and therefore the establishment of the electronic platform prevented smuggling Absolutely abroad,” adding that “Iraq’s import needs do not, in any case, exceed $150 million per day.”

Mousawi confirms that "the decision was taken during the bank's meeting with the US Treasury in Turkey, and an Iraqi delegation headed by the Iraqi Foreign Minister left today for Washington to meet with the US Federal Bank to discuss the issue of the dollar."

He pointed out that "what was determined from the price of 130 thousand dinars compared to 100 dollars is an acceptable price according to the economic vision, and what happened previously in terms of the rise in the parallel market belongs to the speculators who monopolized the market," expecting that "it will rise slightly from the specified ceiling, and therefore it will not affect the market." Normal prices.

A brief statement by the media office of the Council of Ministers said on Tuesday that 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 per dollar.

Last month, Prime Minister Muhammad Shia al-Sudani relieved Central Bank Governor Mustafa Ghaleb Makhaif of his post, at his request, and later decided to assign Ali Mohsen al-Alaq to carry out his duties.

And the exchange rate of the dollar against the Iraqi dinar in the parallel market reached 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 large withdrawals of dollars from the market to smuggle them abroad. LINK

DINARRECAPS8 2/8/23 DINARRECAPS8 2/8/23

Iraqi News Highlights Wednesday Evening 2-7-23

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic: We Support The Measures Of The Council Of Ministers And The Central Bank To Raise The Exchange Rate Of The Dinar

Economie| 01:11 - 08/02/2023 Baghdad - Mawazine News, President of the Republic, Abdul Latif Rashid, confirmed today, Wednesday, his support for measures to raise the exchange rate of the dinar.

Iraqi News Highlights Wednesday Evening 2-7-23

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic: We Support The Measures Of The Council Of Ministers And The Central Bank To Raise The Exchange Rate Of The Dinar

Economie| 01:11 - 08/02/2023 Baghdad - Mawazine News, President of the Republic, Abdul Latif Rashid, confirmed today, Wednesday, his support for measures to raise the exchange rate of the dinar. https://www.mawazin.net/Details.aspx?jimare=218760

Finance Directs Government Banks To Adopt The New Exchange Rate

Economie| 03:57 - 08/02/2023 Baghdad - Mawazine News Today, Wednesday, the Ministry of Finance directed government banks to adopt the new exchange rate.

A statement of the ministry, a copy of which Mawazine News received, stated that "in implementation of the decisions of the cabinet meeting regarding the adoption of the foreign currency exchange rate (dollar) and with vigorous follow-up by the Minister of Finance, Taif Sami Muhammad, the Ministry of Finance directed today, Wednesday, the Rafidain and Rasheed banks to adopt the new exchange rate for the dollar." against the Iraqi dinar.

‏The statement added that "the Rafidain Al-Rasheed bankers initiated procedures for selling the dollar at the outlets of Baghdad International Airport at a price of (1320) dinars per dollar, in order to enhance the value of the local currency against the dollar by facilitating procedures and achieving stability in exchange rates," noting that "this procedure comes to alleviate the burden of the citizen and in line with the plan of the government, the Ministry of Finance and the Central Bank to reduce the exchange rate as follows: (1300) dinars per dollar the price of purchasing dollars from the Ministry of Finance and (1310) dinars per dollar the price of selling dollars to banks through the electronic platform and (1320) One dinar per dollar is the selling price of the dollar from banks and non-bank financial institutions to the final beneficiary.

And he continued, "This step falls within the framework of the executive plans for the ministry's curriculum and its drawn policy towards developing the banking and financial sector in Iraq." Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=218780

In The Document.. A Circular From The Central Bank Approving The New Exchange Rate For The Dollar

Economie| 10:25 - 08/02/2023 Baghdad - Mawazine News The Central Bank of Iraq sent an official circular to banks, exchange and electronic payment companies, approving the new exchange rate for the dollar. https://www.mawazin.net/Details.aspx?jimare=218747

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

https://www.bondladyscorner.com/

Dinar Recaps 20 2/8/23 Dinar Recaps 20 2/8/23

Some "Vietnam News" Posted by Henig at KTFA 2-8-2023

Vietnam:

Henig: Positive signs for Vietnam’s labour market

07:00 | 08/02/2023

Vietnam will continue to be affected by a labour shortage in the first and second quarters of 2023, but the deficit is not great and is mainly present in labour-intensive sectors such as garments, leather, and some export-led industries, especially in foreign-invested enterprises.

In the meantime, there is a demand for about 350,000-400,000 highly skilled workers. As the economic situation is projected to continue improving, the labour market is expected to recover and the demand for workers will rise again.

According to the Ho Chi Minh City Human Resources Forecast and Labour Market Information Centre, nearly 70% of the demand for new workers in 2023 will come from the services sector, while the remaining 30% will come from industry and construction.

Vietnam:

Henig: Positive signs for Vietnam’s labour market

07:00 | 08/02/2023

Regarding educational levels, the demand for workers with college and university degrees accounts for nearly 38%.

In 2023, enterprises will look for flexible candidates who can take on any new job, said employment experts, adding that employers will offer new benefits to their workers.

According to Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung, Vietnam’s labour market is relatively stable now in terms of both size and quality and the shortage only affects some sectors.

Source: NDO LINK

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

Henig: Despite decelerating, phone exports still have long-term prospects

February, 08/2023 - 09:11

Phones and components achieved an export turnover of US$57.9 billion last year, a year-on-year increase of only 0.8 per cent.

HÀ NỘI — The export of phones and components increased by less than 1 per cent year-on-year and is forecast to continue to face difficulties this year due to the impact of inflation in many countries around the world.

Phones and components achieved an export turnover of US$57.9 billion last year, a year-on-year increase of only 0.8 per cent, according to the latest data from the General Department of Customs.

Exports to China reached $16.26 billion, up 7.1 per cent; to the US reached $11.88 billion, up 22.5 per cent; to the EU reached $6.7 billion, down 15.1 per cent; to South Korea reached $5.05 billion, up 5.3 per cent.

The phone exports grew slowly in the last months of last year, when export orders declined sharply due to the impact of economic slowdown and inflation in many major import markets of the country such as the US, EU, and Japan.

Particularly in December, the export turnover of this item reached $3.1 billion, down 31.4 per cent from the previous month.

A report by HSBC said that after more than two years of booming trade, a period of "stagnation" has come to Vietnamese key export industries since the fourth quarter of last year.

Global orders fell sharply, affecting Asian exporters and Việt Nam was no exception.

Among the key export sectors of Việt Nam, including textiles, footwear, computers, furniture, mobile phone export has the largest influence.

Accounting for an increasingly large proportion (over 17 per cent) of the country's total export turnover, the growth of phones and components has a great influence on the overall export growth.

However, over 95 per cent of the export turnover of this product belongs to FDI enterprises.

HSBC pointed out that the reason for the decline in exports in the last month of last year came from the electronics sector, which accounts for about 35 per cent of Việt Nam's total export turnover.

New electronic orders in the world have begun to decline sharply from the second half of last year, affecting the consumer electronics sector more than industrial products.

The impact occurs on a large scale in the three main export destinations of Việt Nam, the US, China and Europe.

Exports are still facing "headwinds" in the first month of the new year and it is forecast that the drag on exports will at least last until the end of the second quarter.

The export turnover of phones reached US$4 billion last month, down 19.6 per cent over the same period.

Việt Nam was badly affected when global trade slowed, seeing its exports drop significantly for the first time compared to the past two years.

In particular, the decline stems from the economic downturn in the US, the largest export destination of Việt Nam, followed by the EU.

Although decelerating, in the medium and long term, the phone and component manufacturing industry is still "leading" in terms of exports, because up to now, this field has attracted a huge amount of FDI into production.

Samsung alone has accumulated capital in Việt Nam reaching $18.2 billion.

In recent years, the electronics and phone manufacturing industry has had many opportunities to welcome the investment wave from large technology corporations to move to Việt Nam.

A series of large outsourcing partners of Apple and LG such as Foxconn, Luxshare, GoerTek, and Compal all have factories located in Việt Nam or have relocated from China, creating an increasingly large production and supply capacity, making Việt Nam an important export address in the production chain of this industry on the global map.

The export turnover of the group of phones and components increased by 9.2 times from 2010 to 2013, becoming the group with the highest export value and this position has been maintained continuously since 2013.

When Việt Nam became the world's new production base, billions of dollars of FDI inflows from global corporations and businesses poured in, along with extensive opening and integration with the world through a system of free trade agreements (FTA), the export value of key manufacturing industries from phones and components increased every year.

In the two years of 2021 - 2022, although the economy was greatly affected by the COVID-19 pandemic, this group of goods still achieved a high and stable growth rate, and the export value continued to grow sharply, reaching $57.5 and $57.9 billion respectively, accounting for over 17 per cent of total export turnover.

— VNS LINK

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

Henig: Bond market remains quiet this year: VCBS

February, 08/2023 - 09:12

The scale of debt in the corporate bond market is less than 15 per cent of GDP.

HÀ NỘI — The value of corporate bonds maturing in 2023 is estimated at VNĐ250 trillion, falling sharply compared to the third quarter of 2022.

The scale of debt in the corporate bond market is less than 15 per cent of GDP. Particularly, private corporate bonds make up 12.5 per cent of GDP, equivalent to VNĐ1.19 quadrillion, which is still a modest amount compared to other countries in the region and also far from the target set by 2025.

However, with the developments of the market last year, Vietcombank Securities Company (VCBS) said that professional bond investors were unlikely to return to the market this year.

The securities firm expected the size of the market to continue to shrink this year due to Decree 65's restrictions on new issuance and restructured issuance, and high new issuance costs. In addition, the volume of bonds bought back before maturity also reduces the market's overall size.

Other reasons are the medium-term maturity pressure on the market due to large maturity volume, low possibility of new issuance and existing interest rate uptrend.

According to VCBS estimates, the volume of corporate bonds maturing in 2023 is estimated at VNĐ250 trillion, a significant decrease compared to the third quarter of 2022 due to the proactive repurchase before maturity.

In particular, the acquisition value of the banking and real estate industries in the fourth quarter reached VNĐ35 trillion and VNĐ24 trillion, respectively.

However, the trend of repurchasing before maturity helps enterprises and issuers be more proactive in bond capital payment demand. The move also shows significant efforts to arrange capital, and reduce pressure on bond maturity in the near future.

Moreover, high interest rate base and low investors' confidence in the corporate bond market will make the market less appealing when considering risks and benefits.

For institutional investors, the investment demand for corporate bonds is also forecast to decrease as risk levels are expected to rise and the government bond investment channel has returned to an attractive valuation compared to many years ago, causing a fall in the competitiveness of the corporate bond channel.

In 2023, the inspection and supervision activities of issuing bonds in large quantities, without collateral, and using capital for improper purposes, will affect the offering and issuance listing and trading activities. And securities investment and stock market will still be boosted.

2023 is also the year to accelerate the restructuring activities of bonds that will be due soon.

In general, VCBS believes that the corporate bond market will continue to be in a quiet period with low liquidity.

— VNS LINK

Henig: Industrial production: Achievements and lessons

06:00 | 08/02/2023

(VEN) - The 2022 industrial output has been impressive, but continued innovation as well as production and supply network recovery are vital to ensure a more sustainable path in 2023.

Industrial output surge

According to the Ministry of Industry and Trade (MoIT), industrial production faced numerous challenges in 2022 owing to a rise in raw material and logistics costs, and a decline in global demand for some non-essential consumer goods, among other factors. Many other essential industries, however, are still blooming.

The industrial output index climbed by 8.6 percent in the first 11 months of 2022 compared to the same period last year, with the production index of several significant sectors experiencing a notable surge. Beverage production rose 31 percent; clothing, 16.4 percent; leather, 16.7 percent; drugs and pharmaceuticals, 17.5 percent; machinery and equipment, 16.3 percent; wood and bamboo made products, 18.4 percent; electrical equipment, 12.8 percent.

Electronic items, particularly mobile phones, contribute the most to Vietnam's total export value. Instead of only making mobile phones, Vietnam is expanding its supply chain and becoming more involved in the value chain.

On November 25, 2022, for the first time in history, VinFast transported 999 VF 8 electric cars to the United States, affirming the domestic auto industry’s production capability and product quality and its capacity to participate and compete in the global value chain.

Pham Tuan Anh, Deputy Director of the MoIT’s Industry Agency, said that in order to secure sufficient raw materials for production and consumption, his department was focused on removing bottlenecks and aiding enterprises in locating alternative sources at competitive costs.

(VEN) - The 2022 industrial output has been impressive, but continued innovation as well as production and supply network recovery are vital to ensure a more sustainable path in 2023.

Industrial output surge

In 2023, the Ministry of Industry and Trade will focus on developing human resources, speeding up the adoption of cutting-edge technologies, helping businesses through digital transformation, and fostering the growth of smart production in strategic, pioneering, and priority sectors.

Lan Anh LINK

Dinar Recaps 20 2/8/23 Dinar Recaps 20 2/8/23

KTFA Members "News and Views" Wednesday PM 2-8-2023

KTFA:

Family Business: I'm a bit confused. We are told that the Iraq government is trying to collect all the dinar they can before they RI. Then they come out saying that the dinar will be stronger than the dollar and to hold on to your dinar. Now we see everyone is selling their dollar and collecting the dinar once again because of the 1300 rate.

IMO it would seem to have been wise to come out with a much higher rate than what they have now. Now we see Iraqi's ditching the dollar and purchasing the dinar. This puts more dinar in circulation and limits their goal of a higher rate. I hope that is the goal. Its just a head scratcher for me. Appreciate some clarity..... Thanks again.Someone please explain to me how this makes any sense. I'm confused ..... obviously. Thanks

Zeeman: yes i am a bit confused also. 1300 is a good starting point but i have 3 questions that maybe some one can answer.number one is the 1300 still at a program rate? number 2 are the OFAC sanctions lifted or going to be lifted? number3 are they still going to drop the 3 zeros? thanks in advance

KTFA:

Patriots12: Ill take a stab for you and only IMO ... Yhey are still under chapter y due to a program rate only... so yes ths is still a program rate and hoepfully part of the process to temporarily assist inflation and start moving towards a real international rate... next move is critical and I hope it is quickly or i will have my doubts IMO.... yes zero's have to be dropped if this is going to go international and bring in the 3 zero notes... keep in mind dropping the zero's is really just the math of a new internationally recognized rate, IMO hopefully we are in that process yesterday with the internal move to 1310 all IMO

DeepWoodz: Imo….About ditching the dollar…. If you think the citizens are getting rid of the dollar en mass, who is buying it from them if not other citizens? They are, imo, not wanting to let the dollar go at this point because let’s face it, until they have lower denoms, the same old reasoning stands concerning the 000’s. They aren’t user friendly.

Im just as confused how all this works but seems to me they are stuck in a paradox.

I think the supply of dollars is dwindling. They will be forced to use the 000’s they have remaining in those mattresses. The CBI is a business that will use whatever means necessary to reduce the amount they owe out after the rate change. At least I would.
(Could also push more people to the banks to open them dang accounts as well, digital is much easier to transact if you don’t have dollars.)

Obviously the 1300 is a slap in the face if that’s all you see, but Iraqs financial delegation didn’t have all these meetings with the UST to keep a worse than sanctioned rate. Consider all the things they’ve done and all the things WS and Frank have brought, and that’s just the human side. We know what’s coming. imo

Patriots12: Well said Im with you IMO they have to move fast... they were behind what they had to do and thus the CBI replacement to Alaq... and yes... its confusing same for me... 1300 is a slap in the face they have to go to one 1 currency and quick IMO market is shocked and will continue to be

DeepWoodz: Imo RIGHT! Frank was pushing the cashless society pretty hard recently. I added this while you were posting…..(Could also push more people to the banks to open them dang accounts as well, digital is much easier to transact if you don’t have dollars.) kinda makes sense to me

DoTalkToMe: We all know this new rate is still a BS program rate.
We still await for an RI and REER.
I question if this is just a temperary move to pull more old 3 zero notes off the street.
As far as some entity trying to crash Iraq currency and scuttle everything.
I believe it was very likely the case.
At least they caught it on time. But it should never have happened in the first place

KandG: Hopefully this one is just propaganda to hide the real rate. Does nothing for the people IMO

"The Iraqi government revealed, on Wednesday, that the Ministry of Finance has begun to re-prepare the general budget for the year 2023 according to the new exchange rate (130) thousand dinars per 100 dollars"

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

Clare: Iraqi Finance requires government banks to adopt the new exchange rate

2/08/2023

Today, Wednesday, the Ministry of Finance directed the two governmental banks, Al-Rafidain and Al-Rashid, to adopt the new exchange rate for the dollar against the Iraqi dinar.

The ministry said in a statement today that the two banks have initiated procedures for selling dollars at the outlets of Baghdad International Airport at a price of (1320) dinars per dollar, in order to enhance the value of the local currency against the dollar by facilitating procedures and achieving stability in exchange rates.

The Ministry confirmed that this measure comes to alleviate the burden of the citizen and in line with the plan of the government, the Ministry of Finance and the Central Bank to reduce the exchange rate as follows:

(1300) dinars per dollar, the purchase price of a dollar from the Ministry of Finance

(1310) dinars per dollar, the price of selling dollars to banks through the electronic platform

(1320) dinars per dollar, the selling price of the dollar from banks and non-bank financial institutions to the final beneficiary.

The Ministry of Finance considered this step as part of the executive plans for the ministry's curriculum and its policy towards developing the banking and financial sector in Iraq. LINK

Henig: Obelisk Hour: Changing the country's banking system inaugurates electronic currency handling

Feb. 8, 2023

Baghdad/Obelisk: The obelisk publishes the most prominent interactions of television dialogues on Tuesday.

State of Law member Adel Al-Mana during a televised interview:

– The rise in the dollar exchange rate did not make the Sudanese government idle

– There is a package of decisions that will be issued by the Sudanese government during the next two days that will have great stability in the exchange rate

– The Sudanese government will not respond to any pressure, whether internal or external
– Currency conversion will be electronically through the platform after the decision of the Sudanese
government – The Sudanese government and the Central Bank are working to change the country's banking system better

Writer and political researcher Jassim Al-Musawi during a televised interview:

– Lavrov carried in his sleeve the file of Russian contracts in Iraq

– Power governs relations and balances between countries – Iran behaves like a superpower because of its strategic alliances Iraq is the oldest country in the region with relations with Russia

– America plays with fire when "gangs" move towards Turkey and Iran
– Russia maintains relations between contradictory countries in the region

– Russia has positive positions and stood against the US occupation of Iraq

– America prevented contracts between Iraq and China when it moved its "tails" – Russia displayed its strength and victories when entering the Ukraine war – Russia was not an occupying power in the region unlike America and Britain

– Moscow seeks strategic relations with the countries of the region
– The restrictions of the US Federal Reserve imposed on Iraq are political

– America seeks to restrict Iraq so that it does not open up large areas in its relations

– The Middle East is the "key to the world"

– Iraq must diversify its economic dealings – Iraq enjoys political stability and a strong government that seriously fights corruption – The Iraqi dinar is the best currency in the region

– America blackmails Iraq with dollars

Alina Suponina, a political adviser at the Center for International Studies, during a televised interview:

– Lavrov's visit to Baghdad is important and not the first

– Russia was delayed by "returning a little" to Iraq – Russia's historical presence in Iraq – Russia was relatively absent in Iraq due to "priorities" – Russia does not ask much because it knows the extent of US pressure on countries

– There are "gaps" in the US sanctions regime – Russia has a way to settle differences between Baghdad and Erbil
– Moscow supports a unified Iraq unlike Washington

Spokesman for the Islamic Supreme Council Ali Al-Dafaei during a televised interview:

– We applaud the government's decision to raise the value of the national currency – The Sudanese government has taken several measures to solve the dollar crisis – The decision to reduce the dollar was a victory for the current government – Citizens' confidence is the real basis for the success of any government – The previous government and the former central bank governor failed to manage the currency smuggling crisis

– The Sudanese government is serious about putting an end to the issue of currency smuggling

– The government needs parliamentary support to implement the ministerial curriculum

– The people's meeting with the government will silence negative voices

– The Iraqi people are aware of the popular movements targeting the government – The government is continuing to implement its ministerial
curriculum

– There must be Iraqi sovereignty over its funds

– The availability of national will restore sovereignty to the Iraqi economy

– The Sudanese government has proven to be a government of words and deeds
– The government's decisions to reduce the dollar were courageous and timely

– The decision to reduce the dollar is the first step to economic reform

– The government faces a major challenge to find strategic solutions to the crisis of the economy, such as reviving industry

– The step of reducing the dollar is wise, but it is not the final solution

– We need to enact investment laws and protect the national product

Economist Majed Al-Suri during a televised interview:

– The decision to raise the dollar previously was wrong and the refusal of the Central Bank

– The US Federal Reserve imposed the use of the platform on Iraq two years ago

– The financial problem does not lie in the exchange rate, but in market prices

– The greed of traders exacerbated the dollar crisis

– The dollar crisis was exploited by some traders during the current period

– Those affected by government decisions will stand against the Sudanese LINK

DINARRECAPS8 2/8/23 DINARRECAPS8 2/8/23

Iraqi News Highlights Wednesday Afternoon 2-7-23

Tlm724 Administrator Bondlady’s Corner

An Economist Asserts That The Dollar's Price Reduction Must Be Real By Adjusting Its Selling Policy

Wednesday 08 February 2023 09:06 | Economical Number of readings: 212 Baghdad / NINA / - The specialist in economic affairs, Dergham Muhammad Ali, confirmed that the black dollar market is caused by intermediary banks, not the exchange rate.

Iraqi News Highlights Wednesday Afternoon 2-7-23

Tlm724 Administrator Bondlady’s Corner

An Economist Asserts That The Dollar's Price Reduction Must Be Real By Adjusting Its Selling Policy

Ali said in a statement to the Iraqi National News Agency ( NINA ) that if the auction mechanisms continue to be held hostage by the banks, the black dollar market will remain in control and the dollar prices will return higher than the auction price.

Muhammad Ali called on the government to make more efforts with the Central Bank to maintain the new price or something close to it in the market.

Yesterday, the Cabinet approved the Central Bank's decision to amend the dollar exchange rate at the equivalent of 1,300 dinars per dollar https://ninanews.com/Website/News/Details?key=1031908

Central Bank Sales Approaching $90 Million

Money and business Economy News / Baghdad The Central Bank's cash sales of the dollar increased in an auction today, Wednesday, at the expense of foreign transfers.

The correspondent of "Al-Iqtisad News" stated that the Central Bank sold today, during its auction for the sale and purchase of US dollars, 89 million, 236 thousand and 314 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

He added that most of the dollar sales went in the form of cash, amounting to 61 million 297 thousand and 629 dollars, while the rest of 27 million 938 thousand and 685 dollars went to strengthening balances abroad in the form of (transfers, credits).

He pointed out that the banks that bought cash dollars amounted to 15 banks, while the number of banks that met requests for strengthening balances abroad reached 11 banks, and the total number of exchange and mediation companies participating in the auction was 174 companies.

https://economy-news.net/content.php?id=32364

The Dollar Is Falling Again In The Iraqi Market

Economie| 11:14 - 08/02/2023 Baghdad - Mawazine News The exchange rates of the dollar witnessed a new decline, today, Wednesday, on the Iraqi Stock Exchange. Selling price: 145,500 dinars per 100 dollars Buying price: 144,500 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=218752

Al-Sudani's Advisor: Iraq Has Made Great Strides In Combating The Financing Of Terrorism And Money Laundering

Economie| 01:28 - 08/02/2023 Baghdad - Mawazine News, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said today, Wednesday, that Iraq has "made great strides" in combating the financing of terrorism and money laundering.

In an interview with the official newspaper, "Al-Sabah", followed by Mawazine News, Salih added, "Last year, the European Union removed Iraq from the most dangerous countries and moved from the gray list to the white list."

And he continued, "The procedures practiced by Iraq in combating money laundering are good, although the conditions of trade in Iraq in the last 20 years took place through irregular financing in most of its paragraphs, and this raised the ire of international prospects, especially the prospects for compliance with the conditions of global institutions."

And between, that

He pointed out that "the central bank has an important lever that it launched to facilitate freedom of external transfer through the international banking system and financial institutions that are subject to compliance, and there is cooperation between Iraq and those agencies, especially the Financial Action Organization, so Iraq is complying with these rules and needs some time to change some things."

"The Iraqi international cooperation continues and will reflect positively on the price of the Iraqi dinar," said the prime minister's advisor for financial affairs. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=218763

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

https://www.bondladyscorner.com/

DINARRECAPS8 2/8/23 DINARRECAPS8 2/8/23

Wednesday Morning Iraq Economic News Highlights 2-8-23

Raising The Value Of The Iraqi Dinar Against The Dollar By 10%, And An American Adherence To The Demand To Close The Smuggling Outlets To Iran

February 7, 2023 Baghdad - (AFP) - Washington – Zaman The Iraqi authorities decided to raise the official exchange rate of the dinar against the dollar by 10 percent, a measure aimed at To combat the devaluation of the currency, which accompanied the adoption of stricter regulations regarding financial transfers outside the country.

Wednesday Morning Iraq Economic News Highlights 2-8-23

Raising The Value Of The Iraqi Dinar Against The Dollar By 10%, And An American Adherence To The Demand To Close The Smuggling Outlets To Iran

While the Iraqi Foreign Minister Fouad Hussein arrives in Washington authorized by his government to discuss the financial file of Iraq M P. The Federal Bank and the issue of foreign remittances, and sources in the US administration told the correspondent of "Azaman" that President Biden promised the Iraqi prime minister, in a phone call a few days ago, to support Iraq, but there are international obligations They must abide by it, including controlling the border crossings, preventing smuggling and cutting off all means of that with the punishing Iran From Washington in addition to internal reforms.

For two months, the Iraqi dinar has been fluctuating sharply, losing on some days 15 % of its value against dollar, sparking sporadic demonstrations by Iraqis worried about losing their purchasing power.

To confront this spiral, the Central Bank of Iraq proposed in recent days to raise the value of the national currency by about 10 %. And the exchange rate was raised from about 1470 dinars to 1300 dinars per dollar.

And the Council of Ministers approved on Tuesday the decision of the Board of Directors of the Central Bank to amend the exchange rate of the dollar against the dinar, which It reaches 1,300 dinars for one dollar, according to a press release issued by the media office of Prime Minister Muhammad Peanut chia.

The measure immediately had repercussions on the foreign exchange market, as the rate fell to below 1,500 dinars For the dollar, after it had reached 1,700 dinars on certain days. The Iraqi economist, Bariq Chopper, said it was a "temporary" improvement. In response to a question by Agence France-Presse, he indicated a decrease in market demand because “dollar buyers Now they are waiting to buy the dollar at a cheaper price and directly from the Central Bank.

However, he believes that resolving the crisis requires "radical solutions", such as better control over the remittance and transfer market And a complete shift to letters of credit.” Analysts and officials attribute the depreciation of the dinar to the regime's compliance Iraqi banker of international money transfer regulations.

Iraqi banks must now manage these transfers through the electronic platform SWIFT, which is synonymous with more monitoring strictness of transactions, in particular by the US Federal Reserve, which rejects any transfer deemed suspicious .

But the authorities have admitted that the old system allowed for many abuses, with some users getting dollars from the system The central bank, through official channels, to carry out money laundering operations abroad or capital flight.

Deprived of official channels, these users returned to the parallel market, causing an increase in demand. The Prime Minister recently admitted fraudulent transfers of dollars from Iraq to foreign countries. LINK

The Citizen Is Waiting For A Breakthrough In Commodity Prices After Raising The Value Of The Dinar Against The Dollar

February 7, 2023 Baghdad / Obelisk: Observers warn that decreasing the exchange rate of the dollar will not be accompanied by a reduction in market prices except by working on effective treatments that prove the exchange rate of the dollar, just as failure to approve the budget will lose the decision to reduce the price of the dollar, its effects in favor of the citizen.

And the rapporteur of the Parliamentary Finance Committee for the fourth session, Ahmed Al-Saffar, said in an interview with Al-Sabah newspaper 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, puts the legislator in front of a problem over any price.” The budget will be approved, in addition to the problem of the dollar exchange rate.

Al-Saffar warned that if the budget is approved and money is pumped into the market through public expenditures while maintaining the same ineffective procedures, 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 more increases if the necessary measures are not taken by offering the dollar.

And the expert in economic affairs, Jaafar Baqir Alloush, says, “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 match the gap in the exchange rate and an attempt to bridge it by increasing expenditures directed to support foreign trade.” And this was announced in the official state speech.

He noted that the exchange rate is not linked to the budget, “on the contrary, it is the budget that 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.

And the economist, Nabil Al-Marsoumi, stated 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 dollar-financed imports, and the pressure on the hard currency will increase.” “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 and at higher levels than it is now.”

And in the event that the decline in the exchange rate of the US dollar against the Iraqi dinar is accompanied by the stability of commodity prices downward, this will stop the high cost of living and reassure the Iraqi citizen, and this requires monitoring the stability of the exchange rate in the local market and taking steps that maintain the balance.

And in the obelisk’s communication with economic analysts, the high price is linked to the exchange rate, and it should not be left according to the mood of traders and currency speculators.

https://almasalah.com/archives/40634

Al-Alaq: A New Package To Control Dollar Fluctuations Will Start In The Middle Of This Month

February 7, 2023 Baghdad - Qusay Munther The Governor of the Central Bank, Ali Al-Alaq, revealed the launch of a second package that will be issued in the middle of this month to control the exchange rate of the currency.

A statement received by (Al-Zaman) yesterday said that (Al-Alaq met 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 executing dollar purchase requests), and Al-Alaq confirmed ( The bank's ability to meet all legitimate requests), and he indicated that (a second important package will be issued in the middle of this month).

Cash Sale

Pointing out (there are no restrictions, internal or external, on the external transfer or cash sale of the dollar, in compliance with the International Monetary Fund agreement, which was ratified by the House of Representatives in 2008). Noting that (the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the application of the law on combating money laundering and terrorist financing and related instructions, and also promotes the openness of the banking sector abroad, which was forbidden long decades).

He continued, "The exchange rate is related to the lives of citizens and their purchasing capabilities, which should ensure its stability at the targeted levels is a high priority, and that the efforts of the relevant concerned parties join forces to prevent harm to citizens," calling for "not limiting requests to external transfers and cash in Baghdad, And take immediate measures to receive the bank branches in the provinces of those requests.

And he indicated that “the Central Bank has begun to open new external channels and outlets to facilitate the conduct of external transfers and avoid the role of unqualified intermediaries to do so.”

And he went on to say that (the bank will take strict punitive measures against the violators authorized by it), and praised (the role of some banks in adhering to everything that achieves the desired goals), and the statement went on to say that (the governor listened to the proposals of the conferees, and directed the central departments to take the necessary measures In this regard, it was decided to form a joint operations room between the bank and the banks, to follow up the implementation of the first package of procedures, monitor phenomena, results and obstacles, and make appropriate recommendations in this regard.

And the Prime Minister, Muhammad Shia'a al-Sudani, had confirmed that the treatments presented by the Central Bank come within the process of financial and banking reform.

Yesterday's statement indicated that (the coordination framework held a meeting in Haider Al-Abadi's office in the presence of Al-Sudani, where developments in the political and security scene were discussed, in addition to discussing the federal budget file that the Council of Ministers intends to submit to the House of Representatives for approval).

On its basis, the federal budget was drawn up and the extent of its compatibility with the government program, in addition to the dialogues that the bank conducted with the US Federal Bank in Istanbul, and the reform packages it issued), indicating that (the treatments presented by the bank come within the process of financial and banking reform). The statement pointed out that (the meeting witnessed a discussion of government measures to reduce the effects of exchange rate fluctuations on the poor and marginalized segments, as well as the upcoming visit of the Iraqi delegation to Washington headed by the Minister of Foreign Affairs to complement the Istanbul meetings).

In addition, the Federal Intelligence and Investigation Agency ousted 7 suspects in possession of more than one and a half billion dinars in Nineveh Governorate.

Currency Smuggling

A statement received by Al-Zaman yesterday said that (to follow up on smuggling and speculation in dollar prices, the agency's detachments intensified their measures to prevent currency smuggling, as a joint force embarked on separate duties that included several areas and land roads used to transfer money in Nineveh Governorate), stressing that (after conducting inspections And the audit arrested seven suspects in possession of one billion and 654 million dinars, which were used to make financial transfers informally, which were smuggled to the northern governorates). LINK

The Dollar, The Central Bank, And The Owner - Salah Al-Din Al-Janabi

February 3, 2023 The Dollar, the Central Bank, and the Owner - Salah al-Din al-Janabi

The rate of rise is accelerating, and this leads to an acceleration of poverty and the inability of the citizen to pay his daily expenses, in addition to his inability to cover his family and other obligations, which is sold from the dollar in the parallel market with a large difference from the exchange rate (purchase) and enters the pockets of speculators, beneficiaries, corrupt and even merchants who buy dollars at the price Officials sell goods at the parallel price, briefly and clearly, all parties benefit from the price difference, and the only one affected is the owner (the citizen),

so all future measures must be to transfer all these profits to the citizen through a set of procedures that start with selling dollars in government banks only (covering all The citizen’s need for dollars) and directing private banks to exercise their role in development similar to their counterparts in the countries of the world and obligating merchants who buy dollars at the official price to sell their goods at the official price and it does not end with activating electronic transactions in all public and private facilities. LINK

After Resolving The Dollar Crisis.. Kurdish Demands To Expedite Approving The Budget

2023-02-08 Shafaq News / On Wednesday, Kurdish citizens called for resolving the outstanding differences regarding approving the federal budget for the current year, especially after taking guarantees from the United States of America regarding the stability of the dollar price.

Kamran Ahmed (owner of a store that sells sanitary materials) saw, during his interview with Shafaq News agency, that approving the federal budget will contribute significantly to increasing the market movement here in Kurdistan, as well as in the central and southern regions of Iraq.

Ahmed added, "The approval of the budget will provide job opportunities for the unemployed in the central and southern regions, as well as will move the stalled projects, and at that time there will be a movement of the economy in those areas, and this movement will reflect positively on Kurdistan, by increasing and revitalizing the tourism movement in Sulaymaniyah and the rest of the regions of the region, thanks to Improving the economic reality in the central and southern regions of the country.

14% of the budget

In turn, Luqman Kakai told the agency, "The approval of the budget in agreement with the regional government will guarantee a legal share of no less than 14%, and these funds will move the economy here as well as restore life to many stalled projects after the region's budget was cut by successive Baghdad governments since 2014.

Kakai called on the Kurdish forces to "unify discourse and visions and go to Baghdad with a delegation representing all the Kurdish forces to demand the region's share of the federal budget in accordance with the Iraqi constitution."

Goods' prices

For his part, citizen Farhad Akram noted that "approving the budget at a new exchange rate for the dollar will contribute to reducing the prices of basic and luxury goods by no less than 30% from their current price, and this stability does not take place until after approving the budget and adopting a new exchange rate for the dollar."

On the other hand, the spokesman for the dollar market in Sulaymaniyah, Jabbar Goran, stated that "the exchange rate of the dollar against the Iraqi dinar will be 135 thousand dinars for every 100 US dollars in the Kurdistan region and Iraq."

Goran said, in a press conference, attended by the agency, that "the reason for the dollar's rise in Iraq was political, but now the central bank has received full guarantees from the United States, which caused the dollar's price to decline."

He added, "Submitting the Iraqi budget bill for the year 2023 at a price of (130) thousand dinars for every (100) dollars means the stability of the exchange rate in the market, but until the budget is approved, the value of the dollar will fluctuate."

Goran expressed regret that citizens suffered losses as a result of the dollar's fluctuation, while a number of banks and politicians made "huge profits," while urging citizens "not to buy dollars unless they need them so as not to cause confusion in the market." LINK

The Central Bank Of Iraq Allocates A Hotline To Receive Complaints About The Dollar

Economy News-Baghdad The bank mentioned this in a statement issued today, Wednesday, and indicated that complaints and inquiries will be received during official working hours, from eight thirty in the morning until seven in the evening.

And the Central Bank of Iraq announced that it will start selling the dollar at the new official price, starting today, Wednesday.

Yesterday, 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 per dollar.

And a statement by the bank stated, “It will start selling the dollar at the new official price, starting tomorrow, Wednesday, corresponding to 2/8/2023, and it will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate.”

https://economy-news.net/content.php?id=32348

Deb Aspinwall 2/8/23 Deb Aspinwall 2/8/23

"Tidbits From TNT" Wednesday Morning 2-8-2023

TNT:

Tishwash: Iraq Restores Value of Dinar

Text: Cabinet session 7/2/2023

Approval of the decision of the Board of Directors of the Central Bank
Iraqi to adjust the exchange rate of the dollar against the dinar, including
Equivalent to:
Seard
1300 dinars for one dollar

The Iraqi authorities have approved a revaluation of the Iraqi dinar.

In a statement said on Tuesday, the Central Bank of Iraq (CBI) said that, starting on Wednesday, the exchange rates will be as follows:

1,300 dinars per dollar: the price of purchasing a dollar from the Ministry of Finance;

1,310 dinars per dollar: the selling price of the dollar to banks through the electronic platform; and,

1,320 dinars per dollar: the sale price of the dollar from banks and non-bank financial institutions to the final beneficiary.

The dinar had fallen as low as 1,470 dinars per dollar in recent days, causing increased prices for imported goods.

(Sources: Govt of Iraq, CBI) link

TNT:

Tishwash: Iraq Restores Value of Dinar

Text: Cabinet session 7/2/2023

Approval of the decision of the Board of Directors of the Central Bank
Iraqi to adjust the exchange rate of the dollar against the dinar, including
Equivalent to:
Seard
1300 dinars for one dollar

The Iraqi authorities have approved a revaluation of the Iraqi dinar.

In a statement said on Tuesday, the Central Bank of Iraq (CBI) said that, starting on Wednesday, the exchange rates will be as follows:

1,300 dinars per dollar: the price of purchasing a dollar from the Ministry of Finance;

1,310 dinars per dollar: the selling price of the dollar to banks through the electronic platform; and,

1,320 dinars per dollar: the sale price of the dollar from banks and non-bank financial institutions to the final beneficiary.

The dinar had fallen as low as 1,470 dinars per dollar in recent days, causing increased prices for imported goods.

(Sources: Govt of Iraq, CBI) link

Sooneriam: are we looking for the IQD to revalue by itself this week?

Famous13: Sooneriam I'm curious about the dong and zim as well

Yada: Famous13, you have have heard the expression of "All boats rise with the tide", When the dinar increases, all those other countries who swapped with Iraq may see an increase in their values. They all exchange on the Forex so Im expecting an increase once the dinar increases.

Sooneriam: we have some changes in Iraq and the currency world now

CharlieOK: Sooneriam: When you reinstate something, you bring it back to it's original status prior to the event that lessened "its" value. The dinar was $3+/1 prior to being devalued. What we are seeing is the ptb allowing the "float game"….On the other hand, the ptb might give us the whole enchilada and revalue the entire first basket. Hope that is what they do.

CourntryDoc: this was posted a couple of hours ago: Glajef wrote 2h ago NewMoney... Take 1 dollar and divide it by 1300 dinar. You get .000769 dollars per dinar. You can't take .000769 international but after you drop the 3 zeros you get .769 dollars per dinar. You can take that as the starting point. As enthusiasm grows for the dinar, that will grow which is what we want.

Jetpack: just seems like opening on forex at 1300 that every legit currency trader globally would buy up as much as they could get their hands on and ride the wave! For years it seemed like they out don't take that route for this reason an dat least launch at a 1 to 1 rate. But after 17 years on this ride we all have learned there is no way to predict the final outcome and we just have to stay patient and hopefully if this float will move quickly to 1:1 and beyond , thanks for all you day TonY, Ray, Tish and all whom have supportive the cause

RVAlready: The 1300 appears not to be on forex, so in country only until they decide to make it international…Might also be 1300 for international treasury use, but not for retail US bank public use.

Ivantulafitov: 1458.52 on tradingview.com this is not forex but a good place to look https://www.tradingview.com/chart/?symbol=FX_IDC%3AIQDUSD

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

Tishwash: The President of the Republic: We support the measures to raise the exchange rate of the dinar

Today, Wednesday, the President of the Republic, Abdul Latif Jamal Rashid, affirmed his support for the measures of the Council of Ministers and the Central Bank to raise the exchange rate of the dinar.

Rashid said in a tweet to him via Twitter, followed by (Baghdad Today), "We support the measures of the Council of Ministers and the Central Bank to raise the exchange rate of the dinar because of its positive results on the standard of living and enhancing the value of the national currency."

Rashid emphasized "the need to continue economic reform measures for the productive sectors, support investment and the private sector, and combat corruption in order to achieve development and prosperity."

Yesterday evening, 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 per dollar. link

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

Tishwash: Member of Parliamentary Energy: A "semi-official" agreement on the oil and gas law

A member of the Parliamentary Oil and Energy Committee revealed a "semi-official" agreement regarding the controversial draft oil and gas law.

Zainab Juma al-Moussawi told {Euphrates News} agency: "We in the Oil, Gas and Natural Resources Committee are working continuously in discussing the oil and gas law and making the amendment to request, especially that there is a political will to approve it in the current fifth parliamentary session and not to deport it to the next session."

She added, "Many of the problems facing the oil and gas sector in Iraq will be resolved by its approval."
Al-Moussawi pointed out that "it was agreed semi-officially that the outstanding issues be dealt with, in accordance with what was stipulated in the Iraqi constitution."

She explained, "The oil and gas law stipulates that the responsibility for managing the oil fields in the country must be entrusted to a national oil company, and it is supervised by a federal council specialized in this issue, but since 2003, Baghdad and Erbil have disagreed on the issue of managing the region's oil fields."
And the Prime Minister, Muhammad Shia al-Sudani, revealed this evening, Tuesday, that there is a draft oil and gas law that is being reviewed between Baghdad and Erbil in order to ripen it and then approve it.

Al-Sudani said during the weekly press conference, "The oil and gas law is one of the government's obligations, and there is a draft law being circulated between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Region." He pointed out that "after approving the budget law, the draft oil and gas law will be discussed." link

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

Tishwash: Prime Minister: Selling the dollar at the new price will start tomorrow and there are no red lines in combating corruption

The Prime Minister, Muhammad Shia'a Al-Sudani, confirmed that the sale of the dollar at the new price will start from tomorrow, Wednesday, while he indicated that there are no red lines in combating corruption.

Al-Sudani said in the press conference held today, Tuesday, followed by the Iraqi News Agency (INA), "The government has become 100 days old, and it has set 5 priorities since the first day to vote on it and on its ministerial platform. Its selection depended on the country's living, economic and service reality and the challenge of combating corruption." Pointing out that "the government started its work with a new experience and simple personal and financial capabilities represented by the service and engineering efforts."

He added, "70 billion dinars from the funds of the former prime minister's office, turned into service and engineering effort that reached forgotten residential areas, and we have a special vision in the 2023 budget related to financial allocations for the service effort," stressing, "The government began its service effort with lagging projects, and a mechanism was taken to accelerate Building 9 hospitals in Baghdad, and the time limit for completing the projects is one year.

He continued, "We organized the process of distributing emergency food security funds and directing them to infrastructure projects in the governorates, and we directed the governorates to distribute food security allocations according to the government's vision," stressing, "We found broken files related to unemployment and job creation, and we started with the lecturers' file because they have a legal basis for confirmation." And we ended the problems of lecturers and contracts in all ministries.

He pointed out that "we stopped appointments and contracts because it is an economically unfeasible policy, and we allocated 500 billion dinars in the 2023 budget for the Small Projects Lending Fund," explaining that "recovering money was a priority in the anti-corruption process while not leaving legal accountability, and we adopted mechanisms that organized the process of recovering stolen funds." Whether it was before or after 2003, there are no red lines in combating corruption."

And he stated, "We redeployed the security services according to the government program, and there are 3 governorates whose police directorates received their security files after the army left them," stressing, "We are following up the level of service provision in hospitals, and we are working to rehabilitate (10) hospitals, as happened with Kadhimiya Hospital."

And he went on to say, "We are dealing with a concept called (multidimensional poverty) through food, health and other services, and obtaining a housing unit is the most important thing that will be achieved for those who are included among the poor. We have also allocated a financial subsidy for the children of the poor in order to complete their studies," adding, "We are proud to contribute to a championship file." Gulf 25".

He pointed out that "the path of international relations adopted productive diplomacy within 100 days of the government's life, and our visits to countries were planned and had goals," stressing, "We prepared the equipment for the electricity file during the summer of 2023, and we provided all requirements as requested by the Minister of Electricity."

He pointed out that "all state files are covered by work, not just the five priorities," noting that "economic reform was included in the priorities because of the shock caused by the ill-conceived change in the exchange rate in 2021, because the harm of the high exchange rate became compounded to citizens after the rise in food prices."

He explained, "The previous government did not take measures to protect the citizen against the effects of changing the exchange rate, which affected even middle-income people, and because of it all economic facilities stopped," stressing, "We were surprised in the first month that there were obligatory obligations related to the dollar sale mechanism agreed upon two years ago between The government and the central bank with the US Federal Reserve.
He pointed out that "we have taken quick measures regarding the issue of the currency sale window, but it needs time," noting that "

And he explained, "The delay in the general budget because of this crisis and its solutions, and we will restore the numbers placed in the budget, and there is an impact on the deficit percentage in light of the price difference for the exchange of the dollar, and the state bears the damage, not the citizen, and the negative effects of any decision borne by the state," noting that "the budget will be a mirror It reflects the government program and contains important steps towards development and urgent projects that the citizen needs.”

And he indicated, "The Council of Ministers took an important decision in the field of natural gas investment and associated gas, and approved the recommendation of the Economic Energy Council to sign contracts for the licensing round (the fifth round) for the border plots and fields as a final signature and to activate them after a long period of time has passed since their referral," noting that "

He pointed out that "one of the companies operating in the project can provide a quarter of the amount of imported gas within 15 months, and our goal is to secure and cover all the amount of imported gas within 3 years, and the imported gas costs up to 10 trillion dinars annually in the budget, after three years the project will provide these amounts, And it will be transferred to health, education and housing, within the framework of economic reform," stressing, "We will soon announce the sixth round, which will target patches and natural gas fields, for the first time in Iraq."

And he continued, "Iraq must enter the gas market and be a country that exports and supplies all its needs, and it is a gain on all political, economic and security levels," noting that "the second important decision is the Nibras petrochemical project, which is one of our commitments in the government program."

He explained, "The project has also been suspended since 2015, and it is considered one of the strategic projects in the region, and the third project in the Middle East, and the Ministry of Industry has begun to contract with an international consulting company within two to four months to move to the next step," stressing that "this would The project is to operate most of our factories in the private sector, and instead of importing granules from neighboring countries, we will produce and export. link

Mot: ...... Ya Ready!!! ~~~~~~~~~~

Mot: .... Ya Know this Super Bowl Thingy Coming up ~~~

DINARRECAPS8 2/7/23 DINARRECAPS8 2/7/23

Iraqi News Highlights Tuesday Evening 2-7-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank: To Start Selling The Dollar At The New Price Of 1,300 Dinars, Starting Tomorrow

Political | 06:09 - 07/02/2023 Baghdad - Mawazine News The Central Bank of Iraq announced, today, Tuesday, the start of selling the dollar at the new official price, starting tomorrow, Wednesday.

A statement of the bank, received by Mawazine News, stated that it "will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate. It announces 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 The new exchange rate granted to merchants and others provides lower prices for citizens.

Iraqi News Highlights Tuesday Evening 2-7-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank: To Start Selling The Dollar At The New Price Of 1,300 Dinars, Starting Tomorrow

Political | 06:09 - 07/02/2023 Baghdad - Mawazine News The Central Bank of Iraq announced, today, Tuesday, the start of selling the dollar at the new official price, starting tomorrow, Wednesday.

And he explained, “The exchange rates will be as follows:

1,300 dinars per dollar, the price of buying dollars from the Ministry of Finance.

1,310 dinars per dollar, the price of selling dollars to banks through the electronic platform.”

1320 dinars per dollar, the selling price of the dollar from banks and non-bank financial institutions to the final beneficiary. https://www.mawazin.net/Details.aspx?jimare=218705

After The Cabinet's Decision... Queues In Front Of Money Changers To Get Rid Of The Dollar In Erbil

political| 04:55 - 07/02/2023 Baghdad - Mawazine News Citizens flocked to exchange shops to get rid of the dollar after the Cabinet's decision to adjust the exchange rate.

Today, Tuesday, the Council of Ministers approved the decision to adjust the exchange rate of the dollar, equivalent to 1,300 dinars.

A statement by the Prime Minister's Office, a copy of which Mawazine News received, stated that "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, at the equivalent of 1,300 dinars to one dollar."

https://www.mawazin.net/Details.aspx?jimare=218693

Sudanese Advisor After Adjusting The Exchange Rate Of The Dollar: Wait For The Next Package Of The Process Of Reforming The Iraqi Economy

political| 05:05 - 07/02/2023 Baghdad - Mawazine News, Advisor to the Prime Minister Hisham Al-Rikabi revealed, today, Tuesday, a new package of reforming the Iraqi economy.

Al-Rikabi said in a tweet to him on Twitter, followed by Mawazine News, "We said that it is the government's battle against speculators, and its resolution is close. Today, the resolution came from the Council of Ministers, which approved the adjustment of the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar."

"Wait for the next package of reforming the Iraqi economy," he added. Suspect

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 per dollar. https://www.mawazin.net/Details.aspx?jimare=218696

Al-Hakim: We Welcome The Council Of Ministers' Approval Of The Central Bank's Decision To Amend The Exchange Rate Of The Dollar

political| 06:05 - 07/02/2023 Baghdad - Mawazine News, the head of the National State Forces Alliance, Mr. Al-Hakim, welcomed the Council of Ministers' approval of the decision to reduce the dollar to 130,000 dinars.

Al-Hakim said in a statement, a copy of which Mawazine News received, "We welcome the approval of the esteemed Council of Ministers of the decision of the Board of Directors of the Central Bank of Iraq to calculate the foreign exchange rate at one thousand three hundred dinars for every 100 dollars in the expected financial budget."

Al-Hakim stressed that "this step would reduce the burdens on the shoulders of citizens," urging the government to provide more positive steps and initiatives within its promising service platform to bring justice to the people and achieve their aspirations. Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=218704

Statement From The Governor Of The Central Bank Regarding The Reduction Of The Dollar Exchange Rate

Political | 05:38 - 07/02/2023 Baghdad - Mawazine News The Governor of the Central Bank, Ali Al-Alaq, issued today, Tuesday, a statement regarding reducing the exchange rate of the dollar after the decision of the Council of Ministers.

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

Al-Alaq added, according to the statement, "We affirm our esteemed government's continued efforts and fruitful coordination to achieve the desired goal."

And he continued, "We pledge our dear people to make more efforts to enhance their confidence in their national currency and to preserve the integrity and sustainability of the financial and banking system." https://www.mawazin.net/Details.aspx?jimare=218700

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

https://www.bondladyscorner.com/

Deb Aspinwall 2/7/23 Deb Aspinwall 2/7/23

Tuesday "Vietnam News" Posted by Henig at KTFA 2-7-2023

KTFA: Vietnam

Henig: Businesses exporting medicinal herbs to China required to register

13:05 | 06/02/2023

Vietnamese businesses which want to export medicinal herbs to China must submit information about growing areas and packaging establishments to the provincial Departments of Agriculture and Rural Development.

The departments were required to report to the Plant Protection Department under the Ministry of Agriculture and Rural Development by April 15, 2023.

The Vietnamese authority will the work with the General Administration of Customs of China (GACC) to grant export licences to eligible exporters.

According to the Plant Protection Department, GACC has informed it about China’s plan to review the supervision system for exported medicinal herbs and the registration of enterprises which produce, process and preserve medicinal herbs for export to China.

KTFA: Vietnam

Henig: Businesses exporting medicinal herbs to China required to register

13:05 | 06/02/2023

The departments were required to report to the Plant Protection Department under the Ministry of Agriculture and Rural Development by April 15, 2023.

The Vietnamese authority will the work with the General Administration of Customs of China (GACC) to grant export licences to eligible exporters.

To meet the requirements of the Chinese side and minimise its impacts on the export of Vietnamese medicinal herbs to the market, the Plant Protection Department asked agencies to review the growing areas and packing facilities of medicinal herbs.

Source: VNA LINK

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

Henig: Trade ministry to support enterprises in boosting exports

February, 07/2023 - 08:01

The Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) will collaborate with relevant agencies in carrying out measures to help enterprises expand their shares in foreign markets, said Vũ Bá Phú, head of the agency.

HÀ NỘI The Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) will collaborate with relevant agencies in carrying out measures to help enterprises expand their shares in foreign markets, said Vũ Bá Phú, head of the agency.

Localities will get support relating to trade promotion activities in key markets, the official told Sài Gòn Giải Phóng (Liberated Saigon) newspaper.

Support programmes will be devised, aiming to improve the capacity for enterprises to meet the trend of green trade, he said, adding the MoIT will also facilitate the connection between businesses and localities.

Attention will be paid to enhancing the effectiveness of the National Brand Programme, thus helping enterprises’ products go deeper into global supply chains.

According to the MoIT, the total import-export turnover of Việt Nam reached US$732 billion last year, up 10 per cent year-on-year.

Minister Trần Hồng Diên said rising inflation, energy shortages and disruptions of raw material supply chains in many countries will result in a decline in orders. This will have a negative impact on Việt Nam’s economy, he noted.

To maintain traditional export markets as well as expand new ones, it is necessary for enterprises to grasp market signals, the minister said, noting that Vietnamese trade offices abroad play a vital role in collecting market information and providing it for enterprises, associations and localities.

Trần Công Quỳnh, Vietnamese Trade Counsellor in Canada, said her trade office is working with the textile, garment, footwear and food processing associations in the host country to capture demand for importing goods from Việt Nam. A delegation of Canadian businesses is expected to arrive in Việt Nam to explore opportunities in this regard, she revealed.

A representative of a Vietnamese trade office in Europe said preparations are underway to bring domestic trade promotion delegations to international trade fairs in this continent, including Global Seafood Expo 2023 from April 25-27 in Barcelona, Spain and Fruit Attraction 2023 from October 3-5 in Madrid. VNS LINK

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

Henig: M&A 2023 prospects looking up

06:00 | 07/02/2023

Although the market for mergers and acquisitions (M&A) in Vietnam decelerated in 2022, many economists are looking ahead to plentiful prospects for 2023

From quantity to quality

In its most recent report, the Ministry of Industry and Trade's Vietnam Competition and Consumer Authority (VCCA) found that M&A activities encountered significant challenges in Vietnam and around the world. It noted that the world is experiencing rising inflation and economic contraction, and that interest rate hikes to combat inflation have driven up the price of M&A. With the securities market in constant flux, reaching an agreement on the value of M&A deals has also posed challenges.

2022 saw a decline in M&A compared to the pre-pandemic levels, according to economists. However, the quality of M&A deals improved at a faster rate than the quantity, with investors shifting their focus from "opportunity" to "strategy" in favor of creating long-term profit rather than capitalizing on opportunities that present themselves on temporary terms.

Data from KPMG Vietnam show that in the first 10 months of 2022, the total value of M&A deals reached US$5.7 billion, down 35.3 per cent compared to the same period in 2021. Singapore is the leading country in cross-border transactions with about US$1.2 billion, followed by the US with US$570 million and the Republic of Korea (RoK) with US$370 million. The average size for a transaction of published value has decreased from US$31.1 million in 2021 to US$16.5 million in the first 10 months of 2022.

M&A activity has been relatively dormant among domestic firms until recently. In a reversal, domestic investors are increasing their share of deal value compared to their overseas counterparts. In 2022, investors from Singapore, the US, the RoK, and Spain (the top five investors in the M&A market) typically contributed some 40 percent to the overall deal value.

Future M&A drivers

Tran Quoc Phuong, Deputy Minister of Planning and Investment, said maintaining political stability, economic growth and macroeconomic stability, inflation control, and business investment environment improvement will be an important foundation to both attract and promote investment.

“These will be big drivers for Vietnam’s economic growth in 2023, and the driving force for Vietnam’s M&A market to develop. The recent slowdown of such activities in Vietnam is expected to be short-term and will recover soon. The market in the country has always been assessed as a safe and attractive market to activate new opportunities,” Phuong said.

Dr. Nguyen Cong Ai, Deputy General Director at KPMG Vietnam, foresees three drivers of M&A expansion in 2023 and 2024. He pointed particularly to the sustainable energy development trend gaining increasing traction in Vietnam, and the country’s wave of digital change and innovation. The middle class is also growing quickly, creating a promising consumer market. Therefore, investors with adequate funds will soon be able to purchase attractive projects at reasonable prices. Ai believes that when interest rates rise and liquidity decreases, foreign investors will contribute more than ever before.

On the same note, Dr. Le Duc Khanh, Investment Capability Development Director of VPS Securities Joint Stock Company agrees that many businesses are facing difficulties, forcing them to restructure or liquidate valuable assets. Therefore, 2023 will likely be a hectic year for M&A in the finance, real estate, technology, science, consumer goods, and retail industries.

According to economists, numerous new investors will enter the Vietnam M&A market. Middle Eastern investment institutions, for example, seeking to alter the economic structure and reduce reliance on oil, are supporting investments in startups and renewable energy. Therefore, investors from the Middle East will invest in developing nations with high growth rates, such as Vietnam.

Future M&A in Vietnam will be primarily focused on digital transformation, clean energy, the consumer market, and ESG (environment, social, and governance) awareness.

Ngan Thuong LINK

Henig: Việt Nam wrestles with labour productivity issue when heading to innovation-based development

February, 07/2023 - 08:50

Rasing labour productivity is key to Việt Nam's sustainable development strategy by 2030.

*Võ Trí Thành

Việt Nam achieved and exceeded 14 out of 15 targets assigned by the National Assembly for 2022 with many impressive numbers including GDP growth, export turnover and the number of newly-established and re-opened businesses. Only labour productivity was under expectations.

Việt Nam’s labour productivity was expected to increase by between 4.7 per cent and 5.2 per cent on average in 2022, higher than the average growth rate of 4.7 per cent in 2021 but behind the target of 5.6 per cent set for the whole of 2022.

On January 10 this year, the Government issued Resolution No 06/NQ-CP on the development of a modern, efficient, sustainable and integrated labour market serving quick socio-economic recovery, setting the average labour productivity target for 2023 at more than 6.5 per cent.

Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness and living standards within an economy. According to International Labour Organisation (ILO), labour productivity represents the total volume of output (measured in terms of Gross Domestic Product, GDP) produced per unit of labour (measured in terms of the number of employed persons or hours worked) during a given time period. This indicator provides general information about the efficiency and quality of human capital in the production process.

Paul Krugman has said: “Productivity isn’t everything, but in the long run it is almost everything.”

After more than 35 years of implementing Đổi Mới (Renewal) policy, Việt Nam has made remarkable achievements in socio-economic development. The economy has continuously grown positively for many decades, averaging 6.8 per cent during 2016-19. Even in challenging times due to the COVID-19 pandemic, Việt Nam's economy still maintained positive growth.

Despite 2022 being a tumultuous year for the world economy, Việt Nam’s economy still grew by over 8 per cent, the highest pace since 1997.

The process of renovating the growth model has also witnessed important initial results towards gradually reducing dependence on the exploitation of natural resources, raw exports and cheap labour and slowly turning to the strong application of science, technology and innovation.

The Vietnam 2035 Report (World Bank, 2016) emphasises Việt Nam's aspirations of modernity, industrialisation and a higher quality of life on “three pillars: balancing economic prosperity with environmental sustainability, promoting equity and social inclusion, and bolstering the state’s capacity and accountability. The rapid growth needed to achieve these aspirations will be sustained only if it stands on faster productivity growth and reflects the costs of environmental degradation.”

In its draft project on the national programme on increasing labour productivity to 2030, the Ministry of Planning and Investment in December 2022 pointed out Việt Nam’s labour productivity improved relatively quickly and continuously in the period of 2011-21, increasing 2.5 times from VNĐ70.3 million (US$3,004) per employee in 2011 to VNĐ172.8 million ($7,385) per employee in 2021. The average growth rate of labour productivity in 2011-20 reached 6 per cent. However, the growth rate was not stable and has shown signs of slowing down.

In 2020 and 2021 when Việt Nam was hit hard by the COVID-19, Việt Nam's labour productivity grew by 5 per cent and 3.8 per cent, respectively. World Bank data shows that although Việt Nam's labour productivity has improved relatively quickly in the 2011-21 period, it is still low compared to other countries in the region in absolute terms.

By 2021, Việt Nam's labour productivity reached $18,792, equivalent to 10.25 per cent of Singapore, 14.20 per cent of Brunei, 24.32 per cent of Japan, 22.67 per cent of South Korea, 33.02 per cent for Malaysia and 59.15 per cent for Thailand. In Southeast Asia, Việt Nam's labour productivity is only higher than that of Laos, Cambodia, Myanmar and East Timor. In addition, the Asian Productivity Organisation Report (APO, 2020) also shows that Việt Nam's labour productivity lags by 60 years behind Japan, 40 years behind Malaysia and 10 years behind Thailand.

Việt Nam has searched for solutions to boost labour productivity quickly and sustainably. However, the pandemic in the past three years has significantly affected the implementation of this task.

The report on the evaluation of the five-year socio-economic development during 2016-20 and the tasks for the next five years recognised: “Science, technology and innovation have yet to become a driving force to improve labour productivity, competitiveness and promote socio-economic development. Labour productivity remains much lower than in other countries in the region and the gap continues to widen.”

Most recently, the 2022 Global Innovation Index Report of the World Intellectual Property Organisation (WIPO) ranked Việt Nam at 48th out of 132 countries and economies, a slip of four places compared to 2021, although it was still among the group that has made the greatest progress over the past decade and was one of only three middle-income economies (along with Iran and the Philippines) to have the highest innovation performance in 2022.

The Government’s leader Phạm Minh Chính has affirmed that increasing labour productivity is an important factor to improve the competitiveness, independence and self-reliance of the economy. Việt Nam’s labour productivity has improved significantly but not fast enough to close the gap with other countries in the region.

Prime Minister pointed out the main reasons including inadequate awareness and investment for this task while the quality of human resources is still limited. The growth rate of trained workers, especially those with degrees and certificates, is still low along with backward technology and unreasonable economic structure.

The Government is expected to approve the MPI’s proposal on the National Programme on increasing labour productivity to 2030 with some key targets including raising the average labour productivity growth by 6.5-7 per cent/year, of which the growth rate of the processing and manufacturing industry is 6.5-7 per cent/year; of agriculture, forestry and fishery at 7-8 per cent/year; of service sector at 7-7.5 per cent/year; the labour productivity growth rate of key economic regions and five centrally-run cities is higher than the national average labour productivity growth rate in the 2022-30 period.

The project also targets to increase the proportion of contributions of science, technology, and innovation to the growth of total factor productivity (TFP) to 45 per cent of GDP by 2025 and 50 per cent by 2030.

By 2025, investment in science and technology will reach 1.2-1.5 per cent of GDP. By 2030, the number of enterprises meeting the criteria of science and technology enterprises and the number of innovative start-ups will increase by two-fold compared to 2020; the rate of enterprises having innovative activities reached 40 per cent of the total number of enterprises.

In terms of international standards, Việt Nam will strive to be listed in the top 40 countries ranked by the Global Innovation Index by 2025 and the top 60 of the United Nations e-Government Development Index (EGDI). It will also strive to be in the leading group of ASEAN in terms of labour productivity growth by 2030.

To realise these goals, besides many solutions such as improving the business investment environment to attract both foreign and domestic investment in high-added value industries, enhancing the competitiveness of industries, and developing regional economic linkage, the policies should focus on two key areas - the quality of human resources and promoting science and technology, innovation and digital transformation.

Việt Nam needs to build a strategy for developing human resources to meet the requirements of the Industry 4.0 and digital transformation through completing mechanisms and policies for labour market development towards greater flexibility and integration through strengthening employment services to connect workers with employers and standardise vocational training qualifications according to national and international vocational skills standards.

The country should develop mechanisms and policies to attract overseas Vietnamese experts, intellectuals and workers to return to work in Việt Nam, participate in innovation activities, cooperate in capacity building and improving labour productivity in Việt Nam, expand the network of links and promulgating policies to encourage the use of Vietnamese talents abroad.

With regard to innovation, the policymakers are expected to amend and supplement legal documents related to science, technology and innovation to remove difficulties and create a favourable environment for businesses, especially small and medium enterprises to innovate, perfecting the policy of socialising investment resources for scientific research, technology development and innovation, promote the policy of commercialising research results, technology development and improvement. VNS LINK