Iraqi News Highlights Saturday Afternoon 2-11-23
Iraqi News Highlights Saturday Afternoon 2-11-23
Tlm724 Administrator Bondlady’s Corner
The Sudanese Advisor Suggested New Targeted Measures To Control The Exchange Rate
Economie Saturday, February 11, 2023 11:11 am Baghdad / National News Center
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that the monetary authority in the country would take more measures aimed at controlling the exchange rate in the parallel market, including dissolving obstacles to external transfer.
Iraqi News Highlights Saturday Afternoon 2-11-23
Tlm724 Administrator Bondlady’s Corner
The Sudanese Advisor Suggested New Targeted Measures To Control The Exchange Rate
Economie Saturday, February 11, 2023 11:11 am Baghdad / National News Center
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that the monetary authority in the country would take more measures aimed at controlling the exchange rate in the parallel market, including dissolving obstacles to external transfer.
Saleh said in a statement to the official newspaper: “The first round of negotiations by the Central Bank and the US Treasury Department in Turkey gave clear flexibility to the process of selling the dollar and the exchange rate, and I believe that the Istanbul meeting is successful, and that success will reflect positively on the Washington meetings that ended yesterday and which will be held in the future.”
At the same time, praising the recent package of reforms put forward by the Central Bank with the aim of confronting the rise in the exchange rate of the dollar against the dinar, which includes dissolving obstacles to external transfer, purchasing real estate, transferring profits, and others, indicating that the liberalization of the current account of the balance of payments is a positive step and is consistent with our relationship with the World Bank. ".
The financial advisor to the Prime Minister expected that “the central bank will take more steps aimed at controlling the exchange rate, especially with the improvement in disclosure standards for banks and banks that request foreign currency for the purpose of financing trade, as these procedures will be greatly facilitated, to then lead to conformity.” price.”
And Saleh indicated that “the exchange rate in the general budget represents a contractual price between the Ministry of Finance and the Central Bank, so there should be great understandings between the two sides to determine the exchange rate for the purposes of calculating oil revenues in the budget, as this matter can be directly or indirectly reflected on exchange rate".
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation met with US Deputy Secretary of the Treasury Wally Adeyo, Assistant Secretary of the Treasury Elizabeth and senior ministry officials concerned with Iraq and the Middle East. https://nnciraq.com/185904/
The Kurdistan Region Suspends Cash Transfers Outside The Country
Economie Saturday, February 11, 2023 1:56 PM Baghdad / National News Center Today, Saturday, the Customs Directorate at the Ibrahim Al-Khalil International Border Crossing in the Kurdistan Region announced the suspension of cash transfers from the crossing outside the region.
The Directorate said in a brief statement today, followed by the National News Center, that "it was decided, according to the instructions issued, to suspend the cash transfer from the Kurdistan Region outside the country."
This decision comes at a time when the Central Bank of Iraq issued strict instructions to limit the smuggling of hard currency out of the country. https://nnciraq.com/185954/
He Revealed The Details Of An Agreement Between The Central Bank And The American “J. Morgan” Bank
Economie| 10:53 - 11/02/2023 Baghdad - Mawazine News, the Governor of the Central Bank of Iraq, Ali Al-Alaq, met, on Saturday, the Vice Chairman of the Board of Directors of the JPMorgan Corporation, Daniel Zeliko, on the sidelines of his visit to Washington.
According to a statement by the Central Bank, "During the meeting, it was agreed that JPMorgan Bank would facilitate payments from the Iraqi banking system to the People's Republic of China to finance private sector imports directly."
And the statement continued, "A number of issues related to reserves management, liquidity management, and technical support provided by the aforementioned bank to the Central Bank of Iraq and to the banking sector in Iraq were also discussed."
The statement quoted Al-Alaq as saying, "The Central Bank of Iraq is committed to applying international standards in combating money laundering and financing terrorism," stressing, "Strengthening the Central Bank of Iraq's relations with its counterparts in countries of the world to serve the work and development of the Iraqi banking sector." https://www.mawazin.net/Details.aspx?jimare=219018
The Council Of Ministers Follows Up The Exchange Rates Of The Dollar And Confirms Confronting All Smugglers And Speculators
Today, Saturday, Prime Minister Muhammad Shia al-Sudani chaired the third meeting of the Federation of Chambers of Commerce, the Association of Iraqi Banks, and government financial agencies and departments. Taxes and customs as well as border crossings, the central bank and trade fairs.
A statement by the Prime Minister's Media Office stated that "during the meeting, developments in the economic situation throughout Iraq were discussed, and dollar exchange rates were followed up, after the Council of Ministers approved the Central Bank's decision to reduce the official price of the dollar."
The statement added that "the meeting witnessed a discussion of the mechanisms used to implement the decisions of the Council of Ministers in the financial aspects, in addition to discussing the implementation of the directives issued in the previous meeting."
Al-Sudani stressed the importance of continuing to hold these meetings, in order to overcome obstacles facing the private sector, which the government considers a key partner in implementing its strategic programs and projects.
He stressed that "the wheel of economic reform is moving forward, as one of the priorities of the government's ministerial platform," stressing that "whoever bets on going backwards, smuggling and violating laws and instructions is a losing bet. The government and all its competent agencies will confront firmly all smugglers and speculators, and whoever obstructs the progress of reform and harm the Iraqi economy and affect the living conditions of citizens.
Foreign Minister From Washington: The Government Is Ready To Provide Facilities For Investment Companies In Iraq
Foreign Minister Fuad Hussein affirmed the government's readiness to provide facilities for investment companies in Iraq, while noting that the Iraqi government's priorities focus on building the economy, providing services, and developing the private sector.
A statement by the Ministry of Foreign Affairs stated, "The American Chamber of Commerce hosted Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation," noting that it "organized an expanded meeting of the American-Iraqi Business Council, which included a large group of specialized American companies in various fields."
The Chairman of the Council, Steve Lotus, stressed "the importance of Iraq and the investment opportunities available in it, and the emphasis on the participation of American companies in investment, and the image of strengthening and intensifying joint cooperation in various sectors."
In turn, the minister said in his speech during the session that "Iraq is open to foreign companies and provides the necessary facilities for investment in various fields, and focus on the importance of cooperation and strengthening bilateral relations in the economic aspect with the United States."
And he continued, "As the American side previously provided assistance and support in the field of combating terrorism and eliminating terrorist gangs of ISIS, and now we aspire to build and develop the Iraqi economy and move to the stage of economic cooperation," noting that "the purpose of the visit to Washington is to enhance cooperation and economic partnership."
He stressed that "the priorities of the Iraqi government focus on building the economy, providing services, developing the private sector, and raising the level of income for the Iraqi citizen," noting that "the Iraqi economy depends heavily on oil and that the risks of dependence on oil through international prices require diversification of sources and resources and investment in various sectors." And the importance of focusing on the gas sector and its extraction, and for Iraq to be a self-sufficient and self-reliant country in the energy sector, and in particular in gas and electricity.
The minister reviewed the steps taken.
He stressed "the special nature of this visit of an economic nature to discuss ways to enhance cooperation in the field of energy, trade and development of the banking sector, as the American side was keen to cooperate in this aspect and to show full support through the outputs of the current meetings."
He stressed, "The Iraqi government's readiness to provide the necessary facilities to attract companies and the private sector to invest in Iraq by creating transparent legal and administrative mechanisms. He also reviewed efforts aimed at combating corruption and legislative procedures for enacting the oil and gas law and developing and reforming the existing banking and monetary system."
The statement added that "a group of specialized members of the delegation presented a review of existing investment opportunities and proposed projects."
https://www.radionawa.com/all-detail.aspx?jimare=33372
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Why You Should Learn How the Chinese Manage Wealth
Why You Should Learn How the Chinese Manage Wealth
By Financial Imaginer
We selectively attend to what we believe is true. As the notorious Dan Sullivan has said, “Our eyes only see and our ears only hear what our brain is looking for.”
Hong Kong in the clouds
What’s hiding under the clouds?
With other words, by right, we should all have one or two blind spots. Being aware of them is a first step, however, we should “learn to unlearn” them. In my experience and work with the wealthy of Asia and without wanting to make a political statement here, I believe we in the West don’t know enough about the East – and it would be beneficial for us to change that.
Why You Should Learn How the Chinese Manage Wealth
By Financial Imaginer
We selectively attend to what we believe is true. As the notorious Dan Sullivan has said, “Our eyes only see and our ears only hear what our brain is looking for.”
Hong Kong in the clouds
What’s hiding under the clouds?
With other words, by right, we should all have one or two blind spots. Being aware of them is a first step, however, we should “learn to unlearn” them. In my experience and work with the wealthy of Asia and without wanting to make a political statement here, I believe we in the West don’t know enough about the East – and it would be beneficial for us to change that.
Recently this picture was shared in the international press:
Do you know this group of men? Any of them? Well, they are all Chinese gentlemen in their late 30’s and early 40’s. What do they have in common? Besides being Chinese, they are all extremely successful internet entrepreneurs, and yes, most of them are billionaires. As a matter of fact, only a few hand selected individuals in the West recognize them.
Did you know that Asia is home to the most billionaires with China leading the pack? Two billionaires are “minted” in China every week! In average puttygen download windows , the Chinese billionaire reaches this status 6 years earlier than their U.S. or even 7 years ahead of European peers at age 55.
While certainly much more volatile than the West, the Chinese economy is advancing at a breath taking pace and with unprecedented magnitude. Just have a look at the projects that are about to become reality in the next couple of decades:
https://www.youtube.com/watch?v=gNE7VPtvfbI
To continue reading, please go to the original article here:
https://www.financial-imagineer.com/why-you-should-learn-how-the-chinese-manage-wealth/
Saturday Morning Iraq Economic News Highlights 2-11-23
Saturday Morning Iraq Economic News Highlights 2-11-23
A New Statement From Parliamentary Finance Regarding The Budget
11/02/2023 Earth News / The Parliamentary Finance Committee confirmed today, Saturday, that there is no specific time period for passing the budget law in Parliament.
Committee member Mustafa Al-Karawi told Earth News Agency, "There is no specific time period in the House of Representatives to put forward the budget, but the more it is uncomplicated and agreed upon politically and mathematically, according to the instructions of the Financial Department Law No. 6 of 2019, the faster the approval procedures will be." Al-Karawi added, "We hope that the budget will be real and clear in items and data, so that it can be discussed and approved faster."
Saturday Morning Iraq Economic News Highlights 2-11-23
A New Statement From Parliamentary Finance Regarding The Budget
11/02/2023 Earth News / The Parliamentary Finance Committee confirmed today, Saturday, that there is no specific time period for passing the budget law in Parliament.
Committee member Mustafa Al-Karawi told Earth News Agency, "There is no specific time period in the House of Representatives to put forward the budget, but the more it is uncomplicated and agreed upon politically and mathematically, according to the instructions of the Financial Department Law No. 6 of 2019, the faster the approval procedures will be." Al-Karawi added, "We hope that the budget will be real and clear in items and data, so that it can be discussed and approved faster." https://earthiq.news/archives/197415
The US Congress Calls On Biden To "Take Action" Against The Intelligence Chief And Iraqi Ministers
Policy |Today, 15:28 Republican members of the US Congress called on President Joe Biden to take action against Iraqi ministers on charges of "involvement in terrorism," according to correspondence between the two parties published by an American media network.
And the "Free Beacon" network stated in its translation report (Baghdad Today), that letters sent by members of Congress yesterday, Friday, to US President Joe Biden, include demands and pressures exerted on the US presidency to move and disclose procedures regarding the selection of ministers in Iraq that the US Congress accuses of having links to organizations. involved in terrorism," they said.
They also called for "disclosing the measures that the Biden administration will take and explaining them to the deputies regarding preventing high-ranking Iraqi officials linked to organizations accused of terrorism from running important ministries in Iraq."
These members of Congress, according to the American Network, referred to the Minister of Higher Education and Scientific Research, Naim al-Aboudi, the Minister of Electricity, Ziyad Fadel, the Minister of Defense, Thabet al-Abbasi, and the head of the Iraqi Intelligence Service, and asked the American President to explain what he intends to do against them.
Yesterday, Republican members of Congress, in a letter they submitted to Biden, requested the imposition of sanctions on Iraq and the freezing of its bank assets. . LINK
A Leader In Al-Fateh Talks About An American Strategy To "Change The Compass" Of Arming The Iraqi Army
Special permit |Today, 16:40 | A leader in Al-Fateh talks about an American strategy to "change the compass" of arming the Iraqi ar Iraqi-air-force
Today, Saturday, the leader of the Al-Fateh Alliance, Uday Abdul-Hadi, warned of an American strategy to change the compass of arming the Iraqi army.
Abd al-Hadi said in an interview with (Baghdad Today), that "more than half of the weapons and equipment of the Iraqi army are Russian-made, and this is a fact that no two dispute about," pointing out that "these weapons need maintenance and spare parts from time to time."
He added, "America is pressing to obstruct the arrival of spare parts for Russian weapons and equipment to Iraq under the pretext of the Ukrainian war and the existence of sanctions against Moscow, but the essence of what is happening is implementing a strategy towards changing the armament of the army to the American weapon through pressure, and this is what Western reports have shown recently."
Abdel-Hadi warned of "the danger of Washington's recent strategy and the importance of having a principle in diversifying weapons and equipment, with an emphasis on localizing military industries, especially within light ordnance, as a first stage to secure needs, especially as we are facing major security challenges."
Earlier in the day, the American "The War Zone" council revealed, in a report translated by "Baghdad Today", information provided by the leadership of the international coalition stating that there is "a plan to replace the fleet of military helicopters owned by Iraq, where the army is trying to obtain American-made helicopters instead." About the Russian fleet in his possession.
The reasons, according to the report, are due to "the war in Ukraine and its effects. The Iraqi army is having difficulty obtaining spare parts for its Mi-17 helicopters, due to the Russian-Ukrainian war and Moscow's diminished ability to supply spare parts for these helicopters." , according to the magazine.
The report, which was translated by (Baghdad Today), explains that "Iraq's current plan includes obtaining four Bell 412 APX helicopters and 16 Bell 412 medium payload helicopters, to replace the (MI-17) fleet that Iraq is currently using it.
According to "The War Zone" magazine, the Iraqi army intends to purchase 15 Bell 407M light attack aircraft, and associated weapons, missile and maintenance systems, as well as other plans to obtain 15 Bell 505 aircraft for training.
Earlier, international reports indicated that the sanctions imposed on Russia; Because of its invasion of Ukraine, it cut off the supply of spare parts for Iraqi military transport aircraft, indicating that the Iraqi army relies on its fleet of 40 Russian-made Mi-17 helicopters used for air transportation. LINK
Member Of The American Democratic Party To "Tigris": Iran Obtains Dollars Through Smuggling From Iraq
https://www.dijlah.tv/index.php?page=article&id=324188
Al-Sudani: The Wheel Of Economic Reform Is Moving Forward, And Whoever Bets On Going Backwards Will Lose
Time: 02/11/2023 15:17:06 Read: 1,183 times {Politics: Al Furat News} Prime Minister Muhammad Shia Al-Sudani said today, Saturday, that the wheel of economic reform is moving forward as one of the priorities of the government's ministerial curriculum.
His media office stated in a statement received by {Euphrates News} that "Prime Minister, Muhammad Shia'a Al-Sudani, presided over the third meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, government financial agencies and departments; taxes and customs, as well as border crossings, the central bank and trade fairs, and during the meeting, developments were discussed. The economic situation throughout Iraq, and follow-up on the exchange rates of the dollar, after the Council of Ministers approved the Central Bank's decision to reduce the official price of the dollar.
The statement continued, "The meeting witnessed a discussion of the mechanisms used to implement the decisions of the Council of Ministers in the financial aspects, in addition to discussing the implementation of the directives issued in the previous meeting," stressing "the importance of continuing to hold these meetings, in order to overcome obstacles facing the private sector, which the government considers an essential partner." implementation of its strategic programs and projects.
Al-Sudani stressed that "the wheel of economic reform is moving forward, as one of the priorities of the government's ministerial platform," stressing that "whoever bets on going backwards and practicing smuggling and violating laws and instructions is a losing bet, as the government and all its competent agencies will confront firmly all smugglers and speculators, and whoever It obstructs the course of reform, harms the Iraqi economy, and affects the living conditions of citizens. LINK
Al-Rafidain: The Maximum Ceiling For Selling Dollars At The Baghdad Airport Outlet Is 7 Thousand Dollars, At The Official Rate
02/10/2023 2441 Earth News / Today, Friday, Al-Rafidain Bank set the ceiling for selling dollars at the Baghdad airport outlet.
The bank said in a statement, received by Earth News, that “the upper ceiling for selling the dollar at the bank’s outlet at Baghdad International Airport amounted to 7000 thousand dollars, and at the official price set by the Central Bank 1320.” https://earthiq.news/archives/197087
Reducing The Exchange Rate.. Will Iraq Move To The “Punished Currencies” Zone?
1,387 The economist, Salam Sumaisem, shed light on an issue related to the move to reduce the exchange rate of the dollar, noting that it “contradicts” with Iraq’s post-2003 policy that goes towards the “freedom of exchange” system, not restricting it, wondering whether the step comes within the context of the “divorce of the dollar.” And moving to the penalized currency area.
Sumaisem said in an article published by the Public Policy-Making Forum-London, that “the reduction of the exchange rate is not a government decision, but rather it is the result of economic policies and reform measures that cause an adjustment in the exchange rate,” noting that “this reduction will lead to some obtaining a dollar at a reduced price and selling it at a lower price.” higher for people, and the difference between the two prices will be high, which leads to new inflation that hits the economy.”
She pointed out that “Iraq after 2003 abandoned the policy of restricting the exchange rate to a system of freedom of exchange,” while wondering whether “Iraq had retreated and decided to return to the previous system, or is it a step to divorce the dollar and move to the area ofpenalized currencies?”
And if the second goal is achieved, Sumaisem shows that there are two facts: “The first is that no oil country is allowed to value its oil in anything other than the dollar, and whoever dares to bear the consequences, like Venezuela, Iran, and Iraq before 2003.”
The second is that “the international monetary system for the world after 1945 and until now is a system that relies on the dollar, as the Bretton Woods agreement aims to create a kind of stability in monetary policies and exchange rates between countries of the world by laying the infrastructure for the movement of capital between countries as a basis for facilitating trade.” Global,” indicating that “Iraq does not need economic suicide, but rather a decision that recognizes Iraq’s economic importance and its great role.” https://takadum-news.com/archives/148328
To Follow Up The Exchange Rates.. Sudanese Chairs An Economic Meeting
Economie 2023-02-11 | 07:17 Source: Alsumaria News 4,182 views Today, Saturday, Prime Minister Muhammad Shia al-Sudani chaired the third meeting of the Federation of Chambers of Commerce, the Association of Iraqi Banks, and government financial agencies and departments. Taxes and customs, as well as border crossings, the central bank and trade fairs.
The media office of the Prime Minister said, in a statement received by Alsumaria News, that "during the meeting, developments in the economic situation throughout Iraq were discussed, and dollar exchange rates were followed up, after the Council of Ministers approved the Central Bank's decision to reduce the official price of the dollar."
He added, "The meeting witnessed a discussion of the mechanisms used to implement the decisions of the Council of Ministers in the financial aspects, in addition to discussing the implementation of the directives issued in the previous meeting."
The office indicated that "the Prime Minister stressed the importance of continuing to hold these meetings, in order to overcome obstacles facing the private sector, which the government considers a key partner in implementing its strategic programs and projects."
He explained that he "stressed that the wheel of economic reform is moving forward, as one of the priorities of the government's ministerial platform." Stressing that "whoever bets on going back and practicing smuggling and violating laws and instructions is a losing bet. The government and all its competent agencies will confront firmly all smugglers and speculators, and whoever obstructs the course of reform, harms the Iraqi economy and affects the living conditions of citizens." LINK
"Tiddbits From TNT" Saturday Morning 2-11-2023
TNT:
CandyKisses: Central Bank agrees with US bank to facilitate payments from the Iraqi banking system to China
The Central Bank of Iraq agreed with JPMorgan on Saturday to facilitate payments from the Iraqi banking system to China to finance private sector imports directly.
"The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, met with Daniel Zeliko, Vice Chairman of the Board of Directors of JPMorgan, on the sidelines of his visit to Washington," a statement from the bank said.
The statement added that "the meeting was agreed that JPMorgan will facilitate payments from the Iraqi banking system to the People's Republic of China to finance private sector imports directly."
TNT:
CandyKisses: Central Bank agrees with US bank to facilitate payments from the Iraqi banking system to China
The Central Bank of Iraq agreed with JPMorgan on Saturday to facilitate payments from the Iraqi banking system to China to finance private sector imports directly.
"The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, met with Daniel Zeliko, Vice Chairman of the Board of Directors of JPMorgan, on the sidelines of his visit to Washington," a statement from the bank said.
The statement added that "the meeting was agreed that JPMorgan will facilitate payments from the Iraqi banking system to the People's Republic of China to finance private sector imports directly."
He continued, "The meeting also discussed a number of issues related to reserve management, liquidity management and technical support provided by the aforementioned bank to the Central Bank of Iraq and the banking sector in Iraq."
The governor said that "the Central Bank of Iraq is committed to applying international standards in combating money laundering and terrorist financing," stressing "strengthening the relations of the Central Bank of Iraq with its counterparts in the countries of the world to serve the work and development of the Iraqi banking sector."
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CandyKisses: Al-Sudani: The wheel of economic reform is moving forward and the loser of those who bet on going backwards
(Political: Al-Furat News) Prime Minister Mohammed Shiaa Al-Sudani explained on Saturday that the wheel of economic reform is moving forward as one of the priorities of the government's ministerial curriculum.
His media office said in a statement received by {Euphrates News} that "Prime Minister Mohammed Shiaa Al-Sudani chaired the third meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, government financial bodies and departments; taxes and customs as well as border crossings, the Central Bank and trade fairs. During the meeting, I had to
The statement continued that "the meeting witnessed a discussion of the mechanisms used to implement the decisions of the Council of Ministers in financial aspects, in addition to discussing the implementation of the directives issued at the previous meeting," stressing "the importance of continuing to hold these meetings, in order to overcome obstacles facing the private sector, which the government considers an essential partner in implementing its strategic programs and projects."
Al-Sudani stressed that "the wheel of economic reform is moving forward, as one of the priorities of the government's ministerial curriculum," stressing that "those who bet on going back and practicing smuggling and violating laws and instructions are a loser bet, the government and all its competent bodies will firmly confront all smugglers and speculators,
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Tishwash: An expert presents a solution to reduce the prices of commodities in the Iraqi markets
On Saturday, economist Nabil Al-Marsoumi presented a solution to reduce the prices of domestic commodities.
Al-Marsoumi said in a brief post that "NAS" viewed (February 11, 2023), "Closing the gap between the official and parallel prices is the only solution to reduce the prices of domestic goods."
A press report shed light on the movement of the Iraqi delegation in Washington in the framework of alleviating the dollar crisis in the country, while noting that the indicators "do not bode well."
The report, published by "Al-Arab" newspaper, followed by "Nass" (February 11, 2023), says, "The Iraqis are betting on the visit of their country's high-level delegation to Washington to alleviate the dollar crisis that erupted after the US Federal Bank took a package of strict measures to curb hard currency smuggling operations." to Iran, but these bets began to fade in the absence of any signs of a breakthrough during the ongoing visit.
Following is the text of the report:
Iraqi political circles say that the indications received from Washington on the second day of a high-ranking Iraqi delegation's visit to reach new understandings regarding the conditions of the US Federal Bank regarding financial transfers in dollars do not bode well.
The circles point out that the press conference that took place between US Secretary of State Anthony Blinken and his Iraqi counterpart Fouad Hussein did not include any indications of an American tendency to ease these conditions or implement them in a gradual manner, and that Blinken's statements did not depart from the circle of repeated public speech about his country's keenness to strengthen partnership with Iraq.
On Thursday, an Iraqi delegation led by the Foreign Minister began an official visit to Washington to discuss a number of sensitive files, foremost of which is the issue of the decline in the value of the Iraqi dinar, following the measures recently imposed by the Federal Bank on the Central Bank of Iraq, to put an end to dollar smuggling operations to Iran and Syria.
This indefinite visit is of great importance to the Iraqis, due to the revival of their local currency, which in recent weeks has witnessed a serious decline, which caused an unprecedented wave of high prices, which led to protest marches.
The Federal Reserve imposed strict measures on dollar transfers, which US and Iraqi officials said were "aimed at curbing money laundering and the illegal transfer of dollars to Iran and other heavily sanctioned countries."
The procedures include establishing an electronic platform - which the Central Bank of Iraq began implementing in early December - that requires accurate details of foreign transfers that take place from Iraq.
Among the Iraqi demands of the US administration is to postpone work on this platform until users know how to deal with it, but Washington has reservations about that, considering that this problem belongs to the Iraqis because the agreement on it took place about two years ago.
During the joint press conference with his American counterpart in Washington, the Iraqi foreign minister thanked the United States for "its support for Iraq in its war against ISIS," and stressed "continuing to work together on the basis of building the Iraqi economy," adding, "We need your support in various fields, and we will continue our cooperation." ".
For his part, Blinken said, "We are working to strengthen the Iraqi economy and reintegrate it into the region in accordance with the strategic framework agreement that connects the two countries," explaining, "We are now focusing very intensively on the economic dimension of that agreement."
In 2008, Washington and Baghdad concluded a "strategic framework" agreement that paved the way for the exit of US forces from Iraq at the end of 2011 after eight years of occupation.
Blinken stated that "there will be a special focus on energy and electricity in the strategic framework agreement," adding that Iraq "can and must be independent in the field of energy."
He pointed out that "US President (Joe Biden) had a very good conversation with the Iraqi Prime Minister a few days ago, stressing moving forward in strengthening the strategic partnership that unites Iraq and the United States."
In his statements, Blinken did not mention the main issue related to the issue of the dollar, in an indication that the US administration did not respond to the Iraqi demands, which was apparently grabbed by the forces of the coordination framework loyal to Iran, which returned to launch a campaign against Washington, accusing the latter of waging an economic war on Iraq. .
Aqil al-Fatlawi, a member of the Al-Fateh Alliance, said that the World Bank and the US administration are using the Swift platform to impose their will and blackmail Iraq, adding that the United States has passed the stage of military domination and moved towards economic domination through those institutions under the international cover.
And he considered that “those institutions are a bad example of domination and starvation of peoples,” and continued that “the United States at the present time is still the restrictive and pressing element on the Iraqi economy, especially after Iraq’s exit from the seventh and sixth items.”
Al-Fatlawi called on the government to take more steps to disengage from the US Federal Reserve, and indicated that “the government has actually started its steps in this direction to lift the restrictions that the US Federal Reserve controls.”
The leader of the Al-Fateh Alliance said, "The meeting held by the Governor of the Central Bank of Iraq, Ali Al-Alaq, with the Assistant Secretary of the US Treasury, succeeded in releasing a lot of Iraqi funds secured by the federal funds."
Observers believe that the reactions of the members of the Al-Fateh Alliance are due to the great embarrassment caused to them by the American measures, in terms of ways to smuggle dollars to their sponsor, Iran.
Observers point out that the United States is not on track to change its position on the measures taken, for the simple reason that it does not trust the current regime that governs Iraq and which owes allegiance to Tehran.
The Iraqi government had sought to take a number of confidence-building measures with Washington prior to its delegation's visit, including launching a campaign against those involved in forging fake supply receipts, allowing large amounts of hard currency to be transferred abroad, and banning financial companies and banks from dealing with the central bank through a window. Selling hard currency.
During recent days, the Iraqi dinar incurred significant losses that exceeded 30 percent of its value against the dollar, and the Iraqi market witnessed a dangerous rise in the levels of prices of food and consumer goods, compared to what it was less than a month ago.
The Iraqi government fears that its measures taken so far will not have an effect on restoring the stability of the dinar, which could generate angry popular reactions.
Baghdad and a number of Iraqi provinces have witnessed protest demonstrations in recent days, in response to the high price of the dollar. link
CandyKisses: DEFINITION OF A FRIEND
Mot: .. Fun Fruit Salad ~~~~
Iraqi News Highlights Friday Afternoon 2-10-23
Iraqi News Highlights Friday Afternoon 2-10-23
Tlm724 Administrator Bondlady’s Corner
Finance Circulates New Prices For The Sale Of Currency To The Directorates Of Customs
Friday 10 February 2023 14:33 | Economical Number of readings: 222 Baghdad / NINA / The Ministry of Finance circulated the new prices for selling currency to all customs directorates.
Last Tuesday, the Council of Ministers approved reducing the exchange rates of the dollar to become as follows: (1300) dinars per dollar, the price of buying 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 price of selling dollars in Banks and non-bank financial institutions for the final beneficiary./End 8 https://ninanews.com/Website/News/Details?key=1032463
By More Than 150 Thousand Dinars.. The Dollar Exchange Rates Increased In Iraq
Economie| 09:59 - 10/02/2023 Baghdad - Mawazine News The exchange rates of the dollar witnessed, on Friday, an increase in the local markets in Iraq.
The selling price of the dollar was recorded at 151,000 dinars per 100 dollars, while the buying price of the dollar was 150,000 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying a dollar from the Ministry of Finance reached 1,300 dinars per dollar. Ended 29 https://www.mawazin.net/Details.aspx?jimare=218927
Al-Rafidain Sets The Ceiling For Selling Dollars At The Baghdad Airport Outlet
Economie| 08:26 - 10/02/2023 Baghdad - Mawazine News, Al-Rafidain Bank set, on Friday, the ceiling for selling dollars at the Baghdad airport outlet.
The bank said in a statement, which Mawazine News received a copy of, that "the upper ceiling for selling dollars at the bank's outlet at Baghdad International Airport amounted to 7,000 thousand dollars, at the official price set by the Central Bank 1320." https://www.mawazin.net/Details.aspx?jimare=218922
Member Of Parliamentary Finance: The 2023 Budget Will Exceed 200 Trillion Dinars
Money and business Economy News – Baghdad A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, confirmed, on Friday, that the size of the 2023 budget amount exceeds 200 trillion dinars.
Maarouf said, "The recent changes and the reduction of dollar prices disrupted or delayed sending the budget from the government to Parliament," indicating that "the price of the dollar in the budget has not been determined yet after the government approved reducing its price and circulation to 1,300 dinars per dollar."
And she added, "Changing the price of the dollar and its official approval will determine the budget deficit and its amount, if any, and we are awaiting the official approval of the dollar price in the next budget."
"The volume of the 2023 budget exceeds 200 trillion dinars, and it is awaiting the arrival of the budget to parliament and discussing its doors in detail," Maarouf said in an interview with "Shafaq News" agency, followed by "Al-Iqtisad News". https://economy-news.net/content.php?id=32395
The Iraqi Delegation In Washington: Government Measures Aim To Reform The Banking System
Money and business Economy News – Baghdad The Iraqi delegation, headed by Foreign Minister Fouad Hussein, who is currently in the US capital, Washington, confirmed today, Friday, that the government's measures aim to reform the banking system.
Foreign Ministry spokesman Ahmed Al-Sahhaf said in a statement, "Deputy Prime Minister and Foreign Minister Fuad Hussein and his accompanying delegation met with US Deputy Secretary of the Treasury Wali Adimo, Assistant Secretary of the Treasury Elizabeth and senior ministry officials concerned with Iraq and the Middle East," pointing out that "during The meeting discussed issues of common interest and bilateral cooperation between the two countries.
The Iraqi delegation indicated, according to the statement, that "the measures of the government and the central bank in developing and reforming monetary policy, and the government's priority in promoting investment and trade, diversifying energy sources, and facing current challenges at the monetary and banking levels, and what these measures reflect in terms of reforming the banking system by combating corruption and money laundering, and the importance of The continuation of technical meetings between specialists in this aspect. https://economy-news.net/content.php?id=32392
Washington's Visit Will Give Iraq More Flexibility In Dealing With The Federal Bank
Economist To / Nina /: Friday 10 February 2023 11:41 | Economical Number of readings: 326 Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed today, Friday: "The visit of the Iraqi delegation to Washington is of utmost importance to the country's economy."
Twigg said in a statement to the National Iraqi News Agency / NINA /: "The visit of the Iraqi delegation to the United States is of the utmost importance, and financial and banking issues are the essence of the discussions," stressing that this visit will contribute to Iraq obtaining greater flexibility in dealing with the Federal Reserve in its procedures with Iraqi banks. .
He explained: "Iraqi banks need enough time to comply with international standards in financial transfers, taking into account the financial needs of Iraq, and giving Iraq the necessary freedom to withdraw the necessary amounts from its funds in its account with the Federal Reserve."
He pointed out: "The current negotiations set the future features of financial dealings between the two countries," indicating: "The compromise will be the most likely nature of the negotiations."/ End 8 To
https://ninanews.com/Website/News/Details?Key=1032429
Washington: We Are Working To Strengthen The Iraqi Economy And Reintegrate It Into The Region
Foreign Minister Fuad Hussein confirmed that Iraq will continue to work with Washington, on the basis of building our economy.
"We thank the United States for supporting Iraq in its war against ISIS," Hussein said, in a speech during a joint press conference with his American counterpart, Anthony Blinken, stressing that "we will continue to work together on the basis of building our economy."
In turn, Blinken said: "We are working to strengthen the Iraqi economy and reintegrate it into the region, and this comes within the framework of the strategic framework agreement that connects the two countries," noting: "Now we are focusing very intensively on the economic dimension of that agreement."
He continued, "There will be a special focus on energy and electricity in the strategic framework agreement," noting that "Iraq can and must be independent in the field of energy."
He pointed out that "the American president had a very good conversation with Prime Minister Muhammad Shia' al-Sudani a few days ago, stressing" moving forward with the prime minister to strengthen the strategic partnership that unites Iraq and the United States.
https://www.radionawa.com/all-detail.aspx?jimare=33363
Oil Prices Fell For The Second Consecutive Session
Economie| 10:51 - 10/02/2023 Baghdad - Mawazine News Oil prices fell for the second consecutive session, today, Friday, amid concerns about the possibility of a recession in the United States and hopes for a recovery in demand for crude in China.
By 10:23 Baghdad time, US West Texas Intermediate crude futures fell 0.24% to $77.87 a barrel.
While Brent crude futures fell by 0.12% to $84.40 a barrel, according to Bloomberg agency data.
And the black gold contracts closed yesterday at $ 84.50 a barrel for “Brent” crude, and at $ 78.06 a barrel for American crude. Ended 29 / h https://www.mawazin.net/Details.aspx?jimare=218933
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Friday "Vietnam News" Posted by Henig at KTFA 2-1-0-2023
KTFA:
Henig: Hà Nội targets GRDP per capita of $36,000 by 2045
07:00 | 10/02/2023
As the country continues to develop, the government is focused on ensuring that the capital remains at the forefront of this progress, positioning it as a hub for commerce, culture, and innovation in the years to come.
Hà Nội is set to become a globally-connected city with high living standards and quality of life, according to a new plan that aims to raise the Gross Regional Domestic Product (GRDP) per capita to US$36,000 by 2045.
As the country continues to develop, the government is focused on ensuring that the capital remains at the forefront of this progress, positioning it as a hub for commerce, culture, and innovation in the years to come.
KTFA:
Henig: Hà Nội targets GRDP per capita of $36,000 by 2045
07:00 | 10/02/2023
As the country continues to develop, the government is focused on ensuring that the capital remains at the forefront of this progress, positioning it as a hub for commerce, culture, and innovation in the years to come.
Hà Nội is set to become a globally-connected city with high living standards and quality of life, according to a new plan that aims to raise the Gross Regional Domestic Product (GRDP) per capita to US$36,000 by 2045.
As the country continues to develop, the government is focused on ensuring that the capital remains at the forefront of this progress, positioning it as a hub for commerce, culture, and innovation in the years to come.
The average annual growth rate of GRDP is set to increase to 7.5-8 per cent by 2025 and 8-8.5 per cent by 2030. As a result, the GRDP per capita is expected to reach $8,500 by 2025 and up to $12,000-13,000 by 2030.
The figure is projected to reach $36,000 by 2045.
From 2026 to 2030, the processing and manufacturing industry will make up 20 per cent of the GRDP, the digital economy will make up 40 per cent of the GRDP, 80 per cent of the agricultural production value will use high technology, and labour productivity will increase by 7.5 per cent.
The urbanisation rate will reach 75 per cent by 2030.
By 2045, the city's economic, cultural and social development will be comprehensive, unique and harmonious and at the same level as the capitals of developed countries.
The plan details were revealed after the Politburo issued Resolution 15/NQ-TW on the orientations and tasks for the capital city's development until 2030 with a vision towards 2045 last April.
To fulfil these targets, the Resolution puts forwards key tasks and solutions, including continuing to raise awareness of the significant position, role and importance of the capital city; and developing the capital's economy rapidly and sustainably based on restructuring the economy in connection with renewing growth models and mobilising all resources effectively.
It is also necessary to strongly develop the city's culture in line with its role as a centre of education and training, science and technology, and healthcare while ensuring social security and welfare.
Other tasks include improving planning quality and promoting infrastructure construction, urban development and management. Furthermore, effective use of natural resources and environmental protection are key ones.
They also include ensuring national defence, security, social order and safety in all situations and promoting diplomacy, international integration and development cooperation to raise the position and prestige of the capital city.
The building and rectification of the Party and the political system must be increased for transparency and a stronger Party and political system, and legal systems must be completed in the capital with appropriate mechanisms and policies to meet the city's development requirements in the new period.
The Politburo asked the Party Organisation, administration and locals of the capital city to stay united and determined to work with central ministries, sectors and agencies, as well as other localities, to implement the resolution effectively.
The Politburo underlined the need to make comprehensive adjustments to the Capital Law to meet the development requirements of the capital city in the new situation.
Under the action plan, the city will tighten cooperation with government ministries and agencies to implement the tasks of the capital city's development strategy.
It will improve its coordination with provinces and cities throughout the country, especially with Hải Phòng and Quảng Ninh, to promote each other's potential and advantages for mutual development.
Source: VNS LINK
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Henig: IMO: FDI stands for Foreign Direct Investment
HCM City hopeful of getting $4.5b FDI in 2023
February, 10/2023 - 08:22
HCM City will be able to attract US$4.1- 4.5 billion worth of FDI this year if the economic situation stabilises and inflation remains under controlled, according to its Department of Planning and Investment
HCM CITY — HCM City will be able to attract US$4.1- 4.5 billion worth of FDI this year if the economic situation stabilises and inflation remains under controlled, according to its Department of Planning and Investment
Phạm Tuấn Anh, deputy head of its Foreign Economic Relations Sub-Department, said last year, despite being the locality worst affected by the COVID-19 pandemic, the city attracted $3.94 billion, a 5.4 per cent increase from 2021 and the highest among the country’s 63 provinces and cities.
Notably, inflows changed direction and, instead of the property sector, went into technology and manufacturing, he said.
The global economy would continue to face challenges this year, and so the city could struggle to increase FDI much from last year, he pointed out.
If the economic situation stabilises and inflation remains under controlled, it could get $4.1-4.5 billion, he told chinhphu.vn.
As of January 20 FDI for the year was worth $179 million, or 74 per cent higher year-on-year.
Of this, $87 million went into 50 new projects, $55 million was spent on acquiring stakes in other companies and $37 million went into 20 existing projects.
Singapore ranked first with 12 projects and $77 million, followed by Taiwan with $3.2 million and Hong Kong with $2.2 million.
Anh said the city has difficulty attracting investment, especially in large manufacturing projects, because it has little land left.
So its FDI strategy involves attracting foreign investment not only directly but also into supply chains in the south whose headquarters and R&D, logistics, training and support centres are located in the city and production activities are carried out in neighbouring localities, he added.
— VNS LINK
Henig: Shares mixed on declining liquidity
February, 09/2023 - 16:55
Shares were volatile this week with up-and-down sessions intertwining amid rising investor caution about the market outlook.
HÀ NỘI — Shares were volatile this week with up-and-down sessions intertwining amid rising investor caution about the market outlook.
On the Hồ Chí Minh Stock Exchange, the VN-Index decreased 0.76 per cent to close Thursday at 1,064.03 points. The benchmark index increased 0.6 per cent in the previous session.
Liquidity declined from VNĐ12 trillion on Tuesday to VNĐ10 trillion on Wednesday and VNĐ9.2 trillion (US$389 million) on Thursday.
Billion-dollar-cap stocks dropped in the last trading minutes of the afternoon session, pushing the VN-Index down sharply, while overall market breadth was rather balanced with 235 stocks falling, 184 rising and 166 closing flat.
Vietjet (VJC) surprised the market with a loss of 5.7 per cent despite its earlier reporting an impressive recovery after COVID-19 with a year-on-year rise of 175 per cent in net revenue to VNĐ7.35 trillion ($313.4 million) and a profit of VNĐ902 billion in the last quarter of 2022.
Other big draggers included Vietcombank (VCB), Vietinbank (CTG), BIDV (BID), Techcombank (TCB), Masan Group (MSN), Mobile World Investment (MWG), Vinhomes (VHM), Vincom Retail (VRE) and Hòa Phát Group (HPG), each losing between 1.1 and 2.8 per cent.
With negative movements of many large-cap stocks, major industry groups including banking, real estate, iron and steel, securities, retail and beverages were among the worst performers on Thursday.
On the bright side, the oil and gas group gained value. The largest company by market value PV Gas (GAS) increased 0.8 per cent while PetroVietnam Drilling and Well Services (PVD) hit the ceiling price of 7-per-cent growth, Petrolimex Gas (PGC) was up 1.3 per cent.
According to Viet Dragon Securities Co (VDSC), the market's decline was restrained with a support level of around 1,065 points for the VN-Index. Decreasing liquidity showed that supply pressure temporarily cooled down.
“However, the market's ability to rally is still difficult as the cash flow is still cautious and the supply pressure gradually increases when the market rallies. It’s expected that the market will continue to fluctuate and probe at 1,070 – 1,080 points in the next trading sessions,” said VDSC’s market analyst Phương Nguyễn.
On the Hà Nội Stock Exchange, the HNX-Index increased for a second day, up 0.14 per cent to close at 210.91 points. The northern market’s index edged up 0.3 per cent on Wednesday.
Liquidity also declined here with more than 46 million shares worth VNĐ743 billion being traded, down 25.5 per cent in volume and 15.8 per cent in value compared to the previous session.
Foreign trading was mixed. Foreigners concluded as net sellers on HCM City’s bourse with a trivial value of VNĐ11 billion. They were net buyers but for a value of VNĐ5 billion on the Hà Nội exchange.
— VNS LINK
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Henig: Fertiliser prices likely to remain at high level in coming months
February, 10/2023 - 08:31
Gas and petrol prices greatly affect the production cost of fertiliser because gas prices account for about 80-90 per cent of the production cost of ammonia - an important input for urea and DAP fertilisers.
HÀ NỘI — Fertiliser prices in the coming months are forecasted to remain at a high level due to the global market's continuing gas and petrol price fluctuations.
According to Phùng Hà, general secretary and vice chairman of the Vietnam Fertiliser Association, many experts in the fertiliser and finance world forecast that fertiliser prices are falling, but the possibility of them remaining at a high level remains.
Gas and petrol prices greatly affect the production cost of fertiliser because gas prices account for about 80-90 per cent of the production cost of ammonia - an important input for urea and DAP fertilisers. Therefore, fertiliser prices in the coming months will still fluctuate unpredictably.
According to a survey of some fertiliser companies and trading agents, the current fertiliser price is at VNĐ10.5 million per tonne of Phú Mỹ urea fertiliser and VNĐ19 million per tonne for potassium sulphate fertiliser, while DAP fertiliser price ranges from VNĐ17 to VNĐ25.5 million per tonne depending on the type.
Hà said that the fertiliser prices in 2021-2022 increased rapidly by VNĐ1-1.9 million per tonne. However, China has started to open up the market and has not been limited to exporting 29 types of fertiliser, so the supply of fertiliser in the world market has been abundant, and fertiliser prices have also started to cool down.
For fertiliser supply for the winter-spring crop 2022-2023, at present, the production capacity of urea at four factories under the Vietnam Oil and Gas Group (PVN) and the Vietnam Chemical Group (Vinachem) has reached 2.5 million tonnes per year, while the domestic demand is only 1.6-1.8 million tonnes each year.
The domestic supply of phosphate-containing fertiliser and NPK fertiliser is higher than the local demand. However, Việt Nam still has to import about 40 per cent of DAP fertiliser and all potassium fertiliser volume to meet the domestic demand.
Vũ Xuân Hồng, deputy general director of Lâm Thao Fertiliser and Chemical Joint Stock Company, said that to ensure the supply and reasonable price of fertiliser for farmers, the company prepared before the Tết holiday a large volume of raw materials for production within at least three months, such as SA, sulfur, potassium.
Lâm Thao expects to meet the supply for the agricultural production of the winter-spring crop 2022-2023 with over 30,000 tonnes of fertilisers of all kinds in store and a production output of nearly 2,000 tonnes of fertiliser per day, Hồng said.
According to Hồng, to keep stability in fertiliser prices for farmers, Lâm Thao has found input materials with good prices, such as SA imported from the Middle East and Africa and urea imported from domestic factories.
With these efforts, the market prices of Lam Thao's fertiliser products are kept stable compared to the fourth quarter of 2022.
Besides that, Lâm Thao has had efforts to reduce the cost of transporting fertiliser in the context of higher gasoline prices and handling costs.
Accordingly, the company has diversified forms of transporting fertiliser, including using cheaper transport means such as railway, waterway, and river instead of road transport as before, Hồng said.
According to Hoàng Văn Hồng, deputy director of the National Centre for Agricultural Promotion, the centre works closely with localities to guide farmers in using fertilisers reasonably, economically and effectively. It also encourages farmers to increase the use of organic fertilisers. VNS LINK
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Henig: SBV has not tightened credit into real estate: deputy governor
February, 09/2023 - 07:58
Deputy Governor of the State Bank of Việt Nam Đào Minh Tú dismissed the recent rumours from some associations that the central bank has been squeezing loans for this sector.
HÀ NỘI — The State Bank of Việt Nam (SBV) has not tightened credit into the real estate sector, Deputy Governor of the State Bank of Việt Nam Đào Minh Tú confirmed in a meeting with Vietnamese banks and property developers on Wednesday.
Tú dismissed the recent rumours from some associations that the central bank has been squeezing loans for this sector, saying that there has been no new document or statement issued on the matter.
"The SBV has put a grip on credit into some high-risk sectors and segments in the real estate, such as speculative investment and high-end segments with great value, which has the nature of a bubble, potentially threatening the system's safety," Tú said.
He said the real estate sector is one of the key industries that have largely contributed to the country's economic development.
However, the realty market has seen a growing supply and demand imbalance with an excess of high-end products, a lack of housing for middle- and low-income people, land fever in some localities and wrongdoings in the corporate bond market.
However, there is no tightening of credit in this sector, Tú reaffirmed.
The SBV's data shows credit balance for real estate businesses accounted for 21.2 per cent of the total credit outstanding of the whole economy worth VNĐ25.8 quadrillion (roughly US$109 billion) as of December 31, 2022 – the five-year high and the highest proportion in all industries.
Loans focused on consumer demand and self-use with a proportion of 68.7 per cent of total outstanding loans, up 31.1 per cent over the past year, and credit to real estate business accounted for 31.3 per cent, up 11.5 per cent.
By segment, credit balance for housing needs accounts for 62.2 per cent, land use rights 20.7 per cent, industrial parks and export processing zones 2.7 per cent, social housing 0.7 per cent and other fields 13.7 per cent.
"Therefore, it can be seen that credit institutions are still providing credit to the real estate sector with high growth and large outstanding loans. Feasible projects and loan plans are still provided capital following regulations," said Hà Thu Giang, director of SBV's Department of Credit for Economic Sectors.
Giang said there is no separate 'room' for the real estate, as the credit limit for the whole system is set to suit inflation control, and there will be no shortage of credit at the beginning of the year.
Proposals of property developers
At the meeting, property businesses also raised the difficulties and problems of the real estate market, focusing on legal issues.
According to Lê Hoàng Châu, chairman of the HCM City Real Estate Association, 'legal problems' account for 70 per cent of the difficulties of real estate businesses in accessing credit loans.
Next is the risk of private corporate bonds becoming 'bad debt' or credit loans' turning into bad debt groups'.
Châu explained this happens when a loan which is about to be due that, if not extended, will be classified as 'bad' debts, or businesses with overdue credit loans may be 'jumped' into a group of 'worse' debt. In addition, homebuyers now find it difficult to get credit.
Meanwhile, Phạm Thiếu Hoa, chairman of Vinhomes, proposed the SBV allow banks to finance purchasing, selling, depositing, and transferring contributed capital and shares in project investment companies and M&A activities.
At the same time, Hoa said that lending rates need to be adjusted in parallel with maintaining the collateral ratio as conventional loans for projects with a fully legal basis.
In addition, it is necessary to add specific mechanisms and policies for large investors and major projects with full legal stands to avoid the situation of 'levelling'.
Lê Trọng Khương, vice chairman of Hưng Thịnh Group and general director of Hưng Thịnh Land, also said that raising capital from bond issuance is an excellent source of money for businesses. However, at present, this channel is at an impasse.
To solve this bottleneck, he proposed that the SBV expand the 'credit room' so businesses can access more capital for business and investment.
According to Khương, interest rates currently stand at a very high level, affecting the price of products sold in the market. He hopes SBV and commercial banks may devise plans to push it down to support businesses to create affordable products for people.
In the future, to tackle difficulties and obstacles for real estate businesses and individuals when accessing credit, Tú said the SBV would continue to operate monetary policies proactively and flexibly, in line with fiscal policy and other macroeconomic policies, to support the economy, including the real estate sector.
The monetary authority will guide banks to increase credit securely and efficiently, providing economic capital and focusing on viable loan plans with good sales and payment ability, particularly in the real estate sector.
— VNS LINK
Friday Morning Iraq Economic News Highlights 2-10-23
Friday Morning Iraq Economic News Highlights 2-10-23
Its Volume Exceeded 200 Trillion Dinars.. New Details About The Budget And The Exchange Rate Delay Approval
2023-02-10 02:58 Shafaq News / A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, announced, on Friday, the size of the 2023 budget, noting that it exceeds 200 trillion dinars, while pointing out that the fluctuation of dollar prices and the failure to fix its price in the budget delayed sending it to Parliament.
Friday Morning Iraq Economic News Highlights 2-10-23
Its Volume Exceeded 200 Trillion Dinars.. New Details About The Budget And The Exchange Rate Delay Approval
2023-02-10 02:58 Shafaq News / A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, announced, on Friday, the size of the 2023 budget, noting that it exceeds 200 trillion dinars, while pointing out that the fluctuation of dollar prices and the failure to fix its price in the budget delayed sending it to Parliament.
Maarouf told Shafaq News agency, "The recent changes and the reduction in dollar prices have disrupted or delayed sending the budget from the government to Parliament," indicating that "the price of the dollar in the budget has not been determined yet after the government decided to reduce its price and circulation to 1,300 dinars per dollar."
And she pointed out that "changing the price of the dollar and its official approval will determine the budget deficit and its amount, if any, and we are awaiting the official approval of the dollar price in the next budget."
Maarouf indicated that "the size of the 2023 budget exceeds 200 trillion dinars, and it is awaiting the arrival of the budget to parliament and discussing its doors in detail."
For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, indicated that there is a controversy about the price of a barrel of oil for the purposes of calculating oil revenues in the general budget for the year 2023, between 65-75 dollars per barrel.
In his interview with Shafaq News agency, Salih said, "We are waiting for the discussion of the budget issue to be launched in the coming days, and for the final opinion of the Council of Ministers, before the draft budget law is presented to the Parliament."
And the Iraqi government revealed, the day before yesterday, Wednesday, that the Ministry of Finance had begun to re-prepare the general budget for the year 2023 according to the new exchange rate (130) thousand dinars for every 100 dollars.
A source in the government told Shafaq News agency, "The ministry needs some days to prepare a draft law, which will be completed and sent to the Council of Ministers next week."
The source stressed that "the cabinet needs only one session to discuss and approve the general budget law for the year 2023." On Tuesday, 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. LINK
Foreign Minister: Washington Wants To Help Iraq With Its Economic Problems
2023-02-10 Yes Iraq: Baghdad Iraqi Foreign Minister Fouad Hussein affirmed that the United States of America wants to help Iraq in order to solve the problems it faces, indicating that there is no problem between Baghdad and Washington.
Hussein said, "The United States of America wants to help Iraq solve its problems," pointing to "the good relationship between the two countries."
This came in conjunction with Hassan's presence in the US state of Washington, on an official visit that will last for days, during which the Iraqi foreign minister will meet a number of the country's officials, to discuss bilateral relations and joint cooperation in the fields of economy, environment, and energy.
Hussein made it clear that there is no problem between the United States and Iraq, stressing that all parties in the United States want to help Iraq and support its economy.
US Secretary of State Anthony Blinken had told reporters that he was pleased to meet his Iraqi counterpart, and his emphasis on continuing cooperation, especially in the economic field. LINK
Iraq Thanks The US For Its Support In The Fight Against ISIS
FRI, 02-10-2023, AM 10:36 TAYSEER AL-ASADI The Iraqi Foreign Minister, Fouad Hussein, confirmed yesterday, Thursday, that his country will continue to work with the American administration, on the basis of building the Iraqi economy.
Yesterday evening, Thursday, the Iraqi News Agency (INA) reported that Fouad Hussein's statements came during a joint press conference with his American counterpart, Anthony Blinken, during his visit to Washington, DC.
The Iraqi foreign minister expressed his thanks to the United States of America for its support for his country in its war against the "ISIS" organization, stressing the continuation of joint work on the basis of building the Iraqi economy.
For his part, Anthony Blinken said, "The United States is working to strengthen the Iraqi economy and reintegrate it into the region, and this comes within the framework of the strategic framework agreement that connects the two countries," adding that Washington is very focused. intensively on the economic dimension of that agreement.
Among the special projects that Fouad Hussein discussed with his American counterpart were energy and electricity files within the strategic framework agreement between the two sides, at a time when Blinken said, "Iraq can and must be independent in the field of energy," noting that US President Joe Biden had a good conversation. With the Iraqi Prime Minister, Mohammed Shia Al-Sudani, a few days ago.
Anthony Blinken stressed moving forward with the Iraqi Prime Minister, with the aim of strengthening the strategic partnership that unites Iraq and the United States.
It is noteworthy that the Iraqi Foreign Minister, Fouad Hussein, arrived in the US capital, Washington, on Wednesday evening, at the head of a high-level government delegation that includes a number of financial and banking figures.
In a previous report by the Iraqi News Agency, it was reported that Hussein would discuss with his American counterpart support for Iraq's monetary policy and the exchange of financial and banking support between the two countries, in order to enhance the Iraqi government's vision regarding the exchange rate of the dollar.
Ina / Al-Sudani: We Are Open To All Forms Of Exchange And Business Partnership
February 10, 2023 17 Views Conscious / Baghdad / ZN Iraqi Prime Minister Muhammad Shia' al-Sudani affirmed Iraq's openness to all forms of trade and economic exchange and partnership.
This came during his meeting with a number of Emirati businessmen and heads of prominent companies, on the sidelines of his official visit to the United Arab Emirates.. according to the reporter of (Iraqi Information News Agency / INA).
The meeting witnessed a review of the available prospects for investment and economic cooperation with Iraq, and the opportunities provided by the government to launch major strategic projects and various infrastructure projects in various Iraqi cities.
The Foreign Minister And His American Counterpart Stress The Need To Strengthen Bilateral Relations And Joint Coordination
Policy 2023-02-10 |Source: Alsumaria news Alsumaria News – Politics Deputy Prime Minister and Foreign Minister Fuad Hussein stressed, today, Friday, during his meeting with United States Secretary of State Anthony Blinken, stressing the need to strengthen bilateral relations and joint coordination.
The media office of the Minister of Foreign Affairs stated, in a statement received by Alsumaria News, that the latter "met with the Secretary of State of the United States of America, Anthony Blinken, in the presence of the minister's assistants and the ministry's leaders .”
The statement indicated that "during the meeting, common views were exchanged on the most important issues related to bilateral relations," adding that "Fouad Hussein praised the United States' support for Iraq, and its continuous fight against ISIS terrorist gangs."
The Foreign Minister stressed, according to the statement, "the importance of benefiting from the experiences of the United States in various fields, especially the investment sectors, and exchanging vital cooperation in developing monetary and financial policy," pointing to "the importance of joint work with the aim of building, developing and integrating Iraq's economy in the region." He noted “mutual support.
” And cooperation with major American companies at various levels.”
In turn, Minister Blinken stressed “the need to strengthen bilateral relations in light of joint coordination,” expressing the United States' readiness to cooperate and achieve the desired progress in joint relations.
He pointed out that "the meeting with the Iraqi delegation came at an important moment, to push the vitality of the Iraqi economy, enhance the envisioned integration and integrate it with the economies of the region, and focus on energy and electricity files, to make a qualitative difference in the daily life of the Iraqi people.”
Blinken described that "all of the above is based on the economic aspect of the strategic agreement between the two countries." LINK
New Statements By Fouad Hussein From Washington: America Understands Iraq's Economic Problems
2023.02.10 - Baghdad - Nas The Iraqi Foreign Minister, Fouad Hussein, said that the United States understands the steps Iraq has taken to achieve economic, financial and monetary reform, according to Al-Hurra.
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Hussein stated in an interview with the American website on the sidelines of his visit at the head of an Iraqi delegation to Washington, which was followed by "NAS" (February 10, 2023), that "the first day of meetings with the American side was fruitful," and witnessed a discussion of important topics from the Iraqi economy to the fight against ISIS. Islamic "ISIS".
The economy and energy, in addition to investing in gas, were among the discussions of the first day, and Hussein explained to Al-Hurra that "Iraq is heading to be a gas country in addition to being an oil country."
The Iraqi official explained that the meetings at the US Treasury focused on monetary policy and the banking field, and "how to deal with some countries that are subject to US sanctions." He said that US officials showed their understanding of "Iraq's problems and their support for Iraq's monetary policy."
US officials at the US Treasury Department expressed their understanding of Iraq's problems, its monetary policy and the policy of the Central Bank of Iraq, according to the Iraqi minister.
Hussein stressed that the Iraqi government has a "clear plan to diversify the Iraqi economy," in addition to encouraging the private sector and building the agricultural and tourism sectors.
On the issue of gas, Hussein explained that the meetings witnessed a discussion about the assistance of US companies and the US government to Iraq in this field, noting that communication with the World Bank and the Monetary Fund continues.
And "there is a plan for the government to diversify sources of income and diversify the Iraqi economy to encourage the private sector and other sectors such as agriculture, in addition to building the tourism sector," according to the Iraqi minister.
The issue of climate change had a share in the meetings of the Iraqi delegation, and Hussein said that his meeting with John Kerry, the US envoy for climate, dealt with climate change and how to deal in this field, referring to "the presentation of various projects that will be studied."
The Iraqi delegation, headed by the Minister of Foreign Affairs, will discuss with the US Department of Defense "Pentagon" "American support for Iraq in the field of combating" ISIS "and extremist groups.
The United States has about two thousand military personnel in Iraq to carry out training and advisory missions.
And last month, Iraqi Prime Minister Muhammad Shia al-Sudani considered that his country still at the present time "needs the foreign forces" present in it, most of which are American, according to what was stated in an interview published in the Wall Street Journal.
A high-ranking Iraqi delegation, headed by the Minister of Foreign Affairs and including the Governor of the Central Bank, Ali Al-Alaq, the Minister of Finance, Taif Sami, and officials in the Prime Minister's Office for Security Affairs, began a visit to Washington, on Wednesday.
On Thursday, US Secretary of State Anthony Blinken said, during his meeting with his Iraqi counterpart, in the US capital, that Washington is focusing on the economic dimension of the strategic framework agreement with Iraq. https://www.nasnews.com/view.php?cat=101812
"Tidbits From TNT" Friday Morning 2-10-2023
TNT:
Tishwash: "ExxonMobil" is close to leaving Iraq.. Learn about the details of the upcoming deal
ExxonMobil is close to exiting the West Qurna 1 field.
And the "Iraq Oil" website stated in a report translated by "Al-Iqtisad News", that the company "is negotiating a two-part deal to sell its 32.7% stake in the West Qurna 1 oil field to the Malaysian Pertamina Company and the Basra Oil Company owned by the Iraqi state."
The sale, if it takes place, according to the site, will lead to “resolving the dispute that Exxon Mobil presented to international arbitration. On the other hand, it will strengthen China’s foothold in the Iraqi oil sector, as the Chinese PetroChina Company, which currently owns a non-operating share of 32.7 percent, will take over. % in the project, the role of the operator.
TNT:
Tishwash: "ExxonMobil" is close to leaving Iraq.. Learn about the details of the upcoming deal
ExxonMobil is close to exiting the West Qurna 1 field.
And the "Iraq Oil" website stated in a report translated by "Al-Iqtisad News", that the company "is negotiating a two-part deal to sell its 32.7% stake in the West Qurna 1 oil field to the Malaysian Pertamina Company and the Basra Oil Company owned by the Iraqi state."
The sale, if it takes place, according to the site, will lead to “resolving the dispute that Exxon Mobil presented to international arbitration. On the other hand, it will strengthen China’s foothold in the Iraqi oil sector, as the Chinese PetroChina Company, which currently owns a non-operating share of 32.7 percent, will take over. % in the project, the role of the operator.
According to the site, two Iraqi officials in the oil sector confirmed the outlines of this proposed deal, "whereby Pertamina will obtain an additional 10% stake in the project, raising its total stake to 20%, while the Basra Oil Company will buy the remaining 22.7% stake from ExxonMobil." link
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CandyKisses: Close to Sudanese: Those who obstruct the contract of the German company Siemens
Baghdad - Iraq Today:
A member of the House of Representatives, Mohammed Saadoun Al-Sudani, revealed the reasons for America's move towards addressing the electric power crisis in Iraq after 20 years of its exacerbation, while Washington's assistance to Baghdad was considered a "new obstruction."
Al-Sudani said in a press interview that "America's progress to help Iraq in the field of electric power at this particular time is part of the obstacles to address the crisis by contracting with the German company Siemens."
Al-Sudani asked: "Where has America been since 2003 until now in addressing the electricity crisis?" He pointed out that "the current US move comes as a result of the seriousness of the current government to contract with Siemens and return electric power to normal."
The member of the House of Representatives stressed that "America's new position is not serious and unclear," pointing out that "during the previous governments that tried to contract with Siemens, Washington is well aware that the heads of the Iraqi government are not serious and their movements are just (ink on paper);
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Tishwash: Member of Parliamentary Finance: The 2023 budget will exceed 200 trillion dinars
Economy News - Baghdad
A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, confirmed, on Friday, that the size of the 2023 budget amount exceeds 200 trillion dinars.
Maarouf said, "The recent changes and the reduction in dollar prices disrupted or delayed sending the budget from the government to parliament," indicating that "the price of the dollar in the budget has not been determined yet after the government approved reducing its price and circulation to 1,300 dinars per dollar."
And she added, "Changing the price of the dollar and its official approval will determine the budget deficit and its amount, if any, and we are awaiting the official approval of the dollar price in the next budget."
"The volume of the 2023 budget exceeds 200 trillion dinars, and it is awaiting the arrival of the budget to parliament and discussing its doors in detail," Maarouf said in an interview with "Shafaq News" agency, followed by "Al-Iqtisad News". link
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Tishwash: The Iraqi delegation in Washington: Government measures aim to reform the banking system
The Iraqi delegation, headed by Foreign Minister Fouad Hussein, who is currently in the US capital, Washington, confirmed today, Friday, that the government's measures aim to reform the banking system.
Foreign Ministry spokesman Ahmed Al-Sahhaf said in a statement, "Deputy Prime Minister and Foreign Minister Fuad Hussein and his accompanying delegation met with US Deputy Secretary of the Treasury Wali Adimo, Assistant Secretary of the Treasury Elizabeth and senior ministry officials concerned with Iraq and the Middle East," pointing out that "during The meeting discussed issues of common interest and bilateral cooperation between the two countries.
The Iraqi delegation indicated, according to the statement, that "the measures of the government and the central bank in developing and reforming monetary policy, and the government's priority in promoting investment and trade, diversifying energy sources, and facing current challenges at the monetary and banking levels, and what these measures reflect in terms of reforming the banking system by combating corruption and money laundering, and the importance of The continuation of technical meetings between specialists in this aspect. link
Mot: Seeeeeeeee !!! - It Came Up Salad! AGAin! - Must Be True!
Iraqi News Highlights Tuesday Evening 2-9-23
Iraqi News Highlights Tuesday Evening 2-9-23
Tlm724 Administrator Bondlady’s Corner
The Fact That Intra-Trade Is Affected By The New Price Of The Dollar In Iraq
425 Today, Thursday, the economic expert, Rashid Al-Saadi, explained the fact that the intra-regional trade was affected by the new price of the dollar, which was set according to the decision of the Council of Ministers.
Al-Saadi said in a press interview seen by “Takadam” that: “inter-regional trade will not be affected by the new price of the dollar,” explaining that “inter-regional trade between merchants has nothing to do with foreign trade and does not depend on a specific price for the dollar, so whatever the price is, the division and sale take place.”
Iraqi News Highlights Tuesday Evening 2-9-23
Tlm724 Administrator Bondlady’s Corner
The Fact That Intra-Trade Is Affected By The New Price Of The Dollar In Iraq
425 Today, Thursday, the economic expert, Rashid Al-Saadi, explained the fact that the intra-regional trade was affected by the new price of the dollar, which was set according to the decision of the Council of Ministers.
Al-Saadi said in a press interview seen by “Takadam” that: “inter-regional trade will not be affected by the new price of the dollar,” explaining that “inter-regional trade between merchants has nothing to do with foreign trade and does not depend on a specific price for the dollar, so whatever the price is, the division and sale take place.”
He added, "There are also steps supported by the government in distributing the food basket, and this helps in reducing prices, and in general the economy is going better."
Al-Saadi continued, "According to the timing, the federal budget was supposed to be submitted to the House of Representatives, but the repercussions of the exchange rate prevented it from being sent."
It is noteworthy that the Council of Ministers approved, in its meeting on Tuesday, 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.
The Central Bank began selling the dollar at the new official rate, starting from Wednesday.
https://takadum-news.com/archives/148160
“A $20 Million Fine.” Exchange Offices: The Closure Penalty Prompts Us Not To Sell Dollars
Posted On2023-02-09 By Sotaliraq Many exchange offices are witnessing a reluctance to sell dollars to citizens after the new price was determined 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.
A banker in Baghdad said in an interview that “the central bank’s threat to impose financial penalties and close our offices made us wary of selling the dollar,” noting that “the central bank demanded that we 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.”
And 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 that “economic security is spread in the region and they follow and deliberately enter our offices and companies claiming their need to sell or buy dollars to ensure the extent of the company’s commitment to the Central Bank’s instructions,” noting that “the violator will close his office immediately and refer him to the court to be fined 20 million.” Dinar".
He pointed out that “Economic Security is also following up the outlets for distributing salaries that were previously buying dollars, and they 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
The Central Bank Of Iraq’s Dollar Sales Declined In Today’s Auction
2023-02-09 Posted On2023-02-09 By Sotaliraq The Central Bank’s sales of dollars in an auction, today, Thursday, decreased by more than 14%.
Our correspondent stated that “the Central Bank sold today, during its auction for the sale and purchase of US dollars, 76 million and 217 thousand and 760 dollars, a decrease of 14.61% compared to yesterday, Wednesday, when sales amounted to 89 million, 236 thousand and 314 dollars, which the bank covered at a basic exchange rate of 1305 dinars.” For every dollar for documentary credits and international settlements for electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.
Our correspondent added that most of the dollar sales went in the form of cash, amounting to 43,800,000 dollars, while the rest of 32,417,760 dollars went to strengthening balances abroad in the form of (remittances, credits).
Our correspondent indicated that the number of banks that bought the cash dollar amounted to 14, while the number of banks that responded to requests for strengthening balances abroad reached 18, while the total number of exchange and mediation companies participating in the auction was 69 companies. LINK
The Iraqi Foreign Minister Meets With The US Treasury Department In Washington
Political | 05:06 - 09/02/2023 Baghdad - Mawazine News Foreign Minister Fuad Hussein held today, Thursday, a meeting with the US Treasury Department in Washington to discuss a number of files.
The Iraqi Foreign Minister, Fouad Hussein, arrived yesterday evening, Wednesday, to Washington on an official visit at the head of a senior Iraqi delegation, according to what was announced by the Ministry of Foreign Affairs, which confirmed that he will discuss with senior officials there bilateral relations and ways to enhance them in various sectors, based on the strategic framework agreement between the two countries. The two sides.” Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=218886
The Iraqi Delegation Headed By The Foreign Minister Arrives In Washington
Thursday 09 February 2023 | political Number of readings: 1061 Baghdad / NINA / - The Iraqi delegation, headed by Foreign Minister Fuad Hussein, arrived in the US capital, Washington, on an official visit.
Foreign Ministry spokesman Ahmed Al-Sahhaf said in a press statement: "Deputy Prime Minister and Foreign Minister Fuad Hussein arrived in the American capital, Washington, at the head of a high government delegation, which includes a number of financial and banking personalities. It is hoped that he will meet his American counterpart, Anthony Blinken."
He added, "The delegation will hold dialogues with the American side, which will focus on supporting Iraq's monetary policy and exchanging financial and banking support."/ End
https://ninanews.com/Website/News/Details?Key=1032148
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Thursday "Vietnam News" Posted by Henig at KTFA 2-9-2023
Vietnam:
Henig: Free trade deals yield bumper export year
06:00 | 09/02/2023
(VEN) - Effective use of Vietnam’s various free trade agreements (FTAs), especially of new-generation high-standard ones, has yielded a bumper year for exporters.
Increase recorded in markets
The value of 2022 import-export turnover, estimated at about US$750 billion, and the record trade surplus of more than US$11 billion, is being attributed largely to implementation of new-generation trade agreements Vietnam has signed in recent years. In fact, the FTAs have created opportunities to add value to key exported consumer goods.
Vietnam:
Henig: Free trade deals yield bumper export year
06:00 | 09/02/2023
(VEN) - Effective use of Vietnam’s various free trade agreements (FTAs), especially of new-generation high-standard ones, has yielded a bumper year for exporters.
Increase recorded in markets
The value of 2022 import-export turnover, estimated at about US$750 billion, and the record trade surplus of more than US$11 billion, is being attributed largely to implementation of new-generation trade agreements Vietnam has signed in recent years. In fact, the FTAs have created opportunities to add value to key exported consumer goods.
According to To Hoai Nam, Secretary General of the Vietnam Association of Small and Medium Enterprises, after the shock of the COVID-19 pandemic, 2021 and 2022 exports to members of the 11-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) show that businesses and industries have grasped the opportunities offered by the deal.
General Department of Vietnam Customs data show that roughly 50,000 small and medium-sized enterprises participate in exporting to CPTPP markets, reflecting the deal’s value for the participation of small and medium-sized enterprises in exports.
Since activation of the EU-Vietnam Free Trade Agreement (EVFTA) in August 2020, Vietnam’s exports have also grown by over 22.3 percent in the first 10 months of 2022 with a turnover of goods reaching more than US$39.4 billion. A series of key products, such as textiles, footwear, furniture and electronics have all attained high growth rates. The group of agricultural, forestry and fishery products also experienced growth, with some products (rice, seafood) which previously struggled to penetrate the EU market able to take advantage of EVFTA tax quota commitments to boost exports.
Almost two years since coming into force, and despite being significantly affected by the COVID-19 pandemic, the new-generation FTA between Vietnam and the UK (UKVFTA) has yielded a 15.4 percent growth of exports to the UK market.
The Regional Comprehensive Economic Partnership (RCEP) trade deal that entered into force on January 1, 2022, while not a new-generation agreement, has also yielded opportunities for Vietnam, especially in agriculture. The markets of the 10-nation Asia-Pacific trade agreement accounts for 40 percent of the Vietnam’s export turnover of agricultural, forestry and fishery products, and the terms of the deal provide agricultural enterprises with greater opportunities to expand exports, especially of advantageous products such as rice, coffee, pepper, cashew, seafood, timber and wood. RCEP operates under open regulations on the origin of goods, helping businesses take better advantage of incentives from partners. It also offers opportunities for manufacturers to import input materials, diversify supply sources and grades of quality at cheaper prices.
Preserving achievements
Despite the varied opportunities and advantages of these free trade agreements, exporters are expected to face challenges in accessing and expanding their markets in 2023.
Nguyen Tien Chuong, President of the Dong Nai Export Association, identifies inflation and increased costs as responsible for these business difficulties. Nguyen explains that consumption markets have slowed, many importers are cancelling or delaying the receipt of goods, leading to increased costs for storage and logistics. In addition, limited resources challenge small and medium-sized enterprises. In order to improve competitiveness, Nguyen urges support of enterprises in technological innovation, backed by capital and human resources. Absent these two factors, enterprises are hard pressed to grasp export opportunities.
According to Vu Chi Mai, Energy Consultant of the German Agency for International Cooperation (GIZ), “with an open economy like Vietnam, when participating in new generation FTAs of high standards such as CPTPP and EVFTA, especially to be able to export sustainably to the EU, the enterprises must consider producing goods with clean energy sources associated with environmental standards.”
International trade experts point to the increasing emphasis by Vietnam’s FTA partners on the agreements’ commitments to the environment, green transition, labor conditions and sustainable development. Therefore, Vietnamese enterprises are being advised to comply with the green production process in order to export products with clearly indicated origin, ensuring standards, environmental considerations, efficient use of resources, protection of the ecological environment and fair settlement of social problems and thereby helping Vietnam achieve sustainable exports.
Ngoc Thao LINK
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Henig: High rates hurting businesses, hamper economic recovery
February, 09/2023 - 07:01
High interest rates have been hurting businesses' ability to invest in ramping up production capacity, said industry insiders and economists.
HÀ NỘI High interest rates have been hurting the ability of businesses to recover and invest in ramping up production capacity, said industry insiders and economists.
Economists called for the central government to take measures to bring down the rates, which have been sitting around 10 per cent in recent months.
Trần Việt Anh, director-general of Nam Thái Sơn Import/Export JSC., said a majority of businesses were not interested in fresh loans but lower rates would be a significant help as they faced lower demand and struggled to keep workers.
"There are businesses with credit room but still reluctant to apply for loans due to high rates, which will contribute to higher operational costs," he added.
Even developers for social housing projects were not immune as they were forced to borrow at regular rates.
Lê Hữu Nghĩa, director of Lê Thành Construction JSC., said many social housing projects had to borrow at 14 per cent, roughly the same as other commercial projects. It certainly will not help bring down housing costs in the market.
Despite a directive from the State Bank of Vietnam to give preferential policies to social housing developers, commercial banks have been slow in implementing them, citing a lack of guidance from the central bank.
Nguyễn Ngọc Hòa, president of the HCM City Union of Business Associations (HUBA) said as current rates sit above 10 per cent, it's very unlikely for businesses to stay financially viable and stressed the need for measures by the central bank and the government to step in to bring it down in the next six months.
Hòa said a large portion of businesses uses their property assets as collaterals. As the property market has been hit with a cold spell, money have become difficult to come by as banks tightened their purse string.
Professor Trần Đình Thiên, former head of the Vietnam Institute of Economics, said as inflation started to pick up and numerous disruptions experienced by the domestic and the international markets, high rates have been making life difficult for businesses.
He said injecting money through public spending could be useful at a time like this but this channel has been known to be sluggish and inadequate in responding to market changes in a timely manner. Even public fund disbursements aimed at speeding up economic recovery have been slow due to a number of legal and framework barriers.
"There were always the same issues with our financial market and public investment we must address, especially with the corporate bond market and the stock market, to enhance trust and reduce risk across the banking system," Thiên said.
President of the Vietnam International Arbitration Centre Vũ Tiến Lộc said the country's long-term economic prospect depends a lot on the development of its business community. He stressed the importance of establishing a more streamlined and transparent framework for the financial market.
"Our businesses can only operate as well as the business environment allows. Improving business performance can only be done along with improving the business environment," he said.
Lộc called for the removal of cumbersome and unnecessary business conditions, stronger administrative reform and shorter import/export processing.
VNS LINK
Henig: Digital payment systems have massive growth potential: fintech leader
February, 09/2023 - 08:07
Nguyễn Đăng Hùng, head of the Fintech Club Việt Nam under the Việt Nam Banks Association, speaks to the Vietnam News Agency about this development.
Chip card transactions via the National Payment Corporation of Việt Nam (NAPAS) system nearly tripled in 2022, while the proportion of cash withdrawals processed through the NAPAS system decreased by half, as people transition from cash to other payment methods such as transfer, QR code scanning, swiping cards or using e-wallets. This result is thanks to the strong digital transformation in the payment field in the past years.
Nguyễn Đăng Hùng, head of the Fintech Club Việt Nam under the Việt Nam Banks Association, speaks to the Vietnam News Agency about this development.
How effective has digital transformation been in the payment field in recent years?
According to the State Bank of Việt Nam, non-cash payment transactions in 2022 increased by 85 per cent in volume and 31 per cent in value.
It can be seen that the transaction value and quantity are different, and there are many transactions with low values. But this low value is not a worry and is actually good news. Low-value transactions prove that people have used more non-cash payments than before.
It shows the strong growth rate of electronic transaction channels such as the internet, mobile phones, and QR code scanning.
The State Bank said the growth rate of electronic transactions reached 89 per cent via the internet and even gained triple-digit growth via mobile phones and QR code scanning. That means people are increasingly familiar with cashless payment methods and the use of cashless.
There are many concerns that when financial technology (fintech) companies are established, it will pressure the banking industry greatly. What is the current reality?
There is a view that establishing fintech companies will create competition with the banking sector. Still, I think establishing fintech companies will create cooperation, not competition, with the banking industry. They could have a synergy of strengths with partners and minimise their weaknesses.
Việt Nam has three fintech unicorns, with each value at over US$1 billion. These three companies have payment centres, including MOMO, VNPay, and ZaloPay.
Momo is an app that provides e-wallet services for tens of millions of Vietnamese people. MOMO has close cooperation with banks.
The second is VNPay. VNPay is a company licensed by the State Bank as a payment intermediary. It has many payment services related to QR code scanning and various other payment services based on mobile banking platforms. VNPay also has close cooperation with banks.
ZaloPay is also a payment intermediary based on the chat network - Zalo, as well as VNG Corporation, a billion-dollar technology company in Việt Nam.
The success of these three payment centres is based on close cooperation with banks.
NAPAS provides national payment infrastructure for all banks. It is also indispensable for the cooperation and sharing of the infrastructure between the banks themselves and the fintech companies.
In addition, there is the lending sector, including consumer finance companies such as FE credit or some other consumer lending companies and banks' lending companies.
These companies all have close cooperation with banks. For example, FE credit cooperates with VPBank and Vietcredit cooperates with Viet Capital Bank. Fintech companies and banks cooperate among them to take advantage of banks' capital, experience and technology from the fintech firms.
High-tech crime is increasing. Is this the biggest challenge for banks and fintech companies in the digital transformation progress?
When banks and financial companies deploy digital transformation or launch new services using financial and banking technology, there are requirements for cybercrime prevention and combat.
Companies are willing to invest in biometric technology to ensure that the right users use these services. There are often vulnerability scanning and cooperation with different cybersecurity companies to prevent high-tech crimes.
However, if the user is not worrying when sharing a pin code or transferring money to a stranger, there is no way to prevent deceptive crimes using high-tech. Even if the investment in technology and security measures is so large.
Therefore, banks and financial companies need to coordinate with the media to share information about guidance on using high-tech banking services with the users and their customers. Then, they could recognise the dangers and risks of using such high-tech services and protect themselves.
What is the growth potential of digital payment and the digital ecosystem in Việt Nam?
Việt Nam's developing economy has shifted from agriculture to industry and services. This brings a huge development opportunity for the digital transformation field, optimising all activities in the social-economic development.
The government's national digital transformation programmes have set targets that the digital economy will account for 20 per cent of GDP by 2025 and 30 per cent by 2030.
According to a forecast by the International Monetary Fund (IMF), Việt Nam's economy will rise to the third position in the ASEAN region by 2025 with a GDP of about $570 billion.
That means in 2025, the digital economy will reach a value of about $114 billion, or 20 per cent of $570 billion. This is an extremely large number, showing the great potential in digital transformation and the digital payment field for all businesses.
In addition, the Government has licensed Mobile Money with the expectation that mobile money services will be popular in cities and can reach remote and rural areas.
The most recent is payment services using QR codes. This is the story of financial universalisation not only in the city, big markets and supermarkets but also in night markets and tourist areas in rural and remote areas. The use of QR code payment methods has the support of the internet and mobile phones.
It is expected a great development of digital transformation in rural areas as well as in the agricultural sector.
What do banks, fintech companies, and payment intermediaries need to do to take advantage of that opportunity effectively?
The banks and payment intermediary companies have an important role in the payment stage of the digital transformation value chain.
For example, Việt Nam has level-4 public service payment with an online payment service. With level-3, people still have to go towards and the State treasury to pay cash.
With the payment of social insurance and pensions, people only need to provide their account numbers, and they can check their money through the internet or mobile devices anywhere.
Payment plays an important role in the digital transformation process.
Those show that banks and payment intermediaries have taken full opportunities to promote the development of digital transformation.
If the banks and payment intermediaries have significant investments in technology, innovate technology and quickly deploy new digital applications, they will succeed in taking the most of the opportunities to develop digital payment.
What are your proposals to solve the current difficulties to accelerate the digital transformation in the fintech and banking sectors?
The Government has issued a national digital transformation programme by 2025 with a vision to 2030. The Government is willing to create policies so that the fintech companies can test the new technologies.
In the payment sector, the State Bank has developed a new draft decree providing a controlled testing mechanism (sandbox) for fintech activities in the banking industry.
Currently, Việt Nam has 154 fintech companies, of which about 50 fintech companies are payment intermediaries managed by the State Bank.
Fintech companies and banks hope this draft decree will be issued soon to protect their customers from risks in payment services.
For the draft of Decree 101 on non-cash payments, a law in the field of payment, the State Bank is compiling a draft on amending many items in this decree, including cross-border payments and banks' agencies.
If this draft is issued, I believe it will remove difficulties and create a basic legal corridor for consumer finance companies and banks to do business favourably while protecting consumers from risks.
VNS LINK
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Henig: Shares recover on strong buying force
February, 09/2023 - 05:17
Shares recovered on Wednesday thanks to strong buying force, bolstering many large-caps to grow.
HÀ NỘI Shares recovered on Wednesday thanks to strong buying force, bolstering many large-caps.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 0.6 per cent to close the day at 1,072.22 points. The southern bourse’s index decreased 2.15 per cent on Tuesday.
Some 569.3 million shares were traded on the southern bourse, worth VNĐ10 trillion (US$423.7 million).
Market breadth was positive with 210 gainers and 188 losers.
According to Lê Đức Khánh, Director of Analysis - Director of Investment Capacity Development, VPS Securities Joint Stock Company, for the stock market, the most difficult period has passed when the VN-Index fell deeply from the peak.
However, in the current context, when interest rates are high, cash flow in the stock market is unlikely to return to the peak like in the 2020-2021 period. Accordingly, during this period and in the first half of 2023, the market is accumulating, causing small fluctuations.
The VN-30 Index, tracking the 30 biggest stocks on HoSE, rose 0.36 per cent to close at 1,073.38 points.
In the VN-30 basket, the biggest gainers included Hoà Phát Group (HPG), Bảo Việt Holdings (BVH), FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), SSI Securities Inc (SSI), HD Bank (HDB), and Viet Nam International Commercial JS Bank (VIB).
Masan Group (MSN), Vietjet (VJC), Mobile World Group (MWG), Vinhomes (VHM) were among the losers.
In the banking group, most of the stocks moved up with gainers including Military Bank (MBB), Vietcombank (VCB), Saigon-Hanoi Commercial JS Bank (SHB), Tiên Phong Bank (TPB), Bank for Investment and Development of Việt Nam (BID), VietinBank (CTG) and Techcombank (TCB).
Energy stocks also performed positively with gainers such as PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).
On the Hà Nội Stock Exchange, the HNX-Index gained 0.30 per cent to close at 210.62 points.
Trading value on the northern exchange reached VNĐ865 billion, with a trading volume of 61.5 million shares.
VNS LINK
Iraqi News Highlights Thursday Afternoon 2-9-23
Iraqi News Highlights Thursday Afternoon 2-9-23
Tlm724 Administrator Bondlady’s Corner
The Iraqi Foreign Minister Meets With The US Treasury Department In Washington
Political | 05:06 - 09/02/2023 Baghdad - Mawazine News Foreign Minister Fuad Hussein held today, Thursday, a meeting with the US Treasury Department in Washington to discuss a number of files.
The Iraqi Foreign Minister, Fouad Hussein, arrived yesterday evening, Wednesday, to Washington on an official visit at the head of a senior Iraqi delegation, according to what was announced by the Ministry of Foreign Affairs, which confirmed that he will discuss with senior officials there bilateral relations and ways to enhance them in various sectors, based on the strategic framework agreement between the two countries. The two sides.” Ended 29/M99
Iraqi News Highlights Thursday Afternoon 2-9-23
Tlm724 Administrator Bondlady’s Corner
The Iraqi Foreign Minister Meets With The US Treasury Department In Washington
Political | 05:06 - 09/02/2023 Baghdad - Mawazine News Foreign Minister Fuad Hussein held today, Thursday, a meeting with the US Treasury Department in Washington to discuss a number of files.
The Iraqi Foreign Minister, Fouad Hussein, arrived yesterday evening, Wednesday, to Washington on an official visit at the head of a senior Iraqi delegation, according to what was announced by the Ministry of Foreign Affairs, which confirmed that he will discuss with senior officials there bilateral relations and ways to enhance them in various sectors, based on the strategic framework agreement between the two countries. The two sides.” Ended 29/M99
She Did Not Mention The Dollar.. The American Ambassador Reveals The Details Of The Iraqi Delegation's Meeting In Washington
Political | 02:30 - 09/02/2023 Baghdad - Mawazine News , the US Ambassador to Iraq, Ilinia Romanisky, revealed the details of the Iraqi delegation's meeting in Washington.
The ambassador said in a tweet on Twitter, followed by / Mawazine News /: "Today in Washington, the work of the Supreme Coordinating Committee between the United States and Iraq begins, headed by US Secretary of State Antonio Blinken and Deputy Prime Minister and Iraqi Foreign Minister Fuad Hussein."
She pointed out that, "cooperation will be strengthened according to the strategic framework agreement between the two countries in the areas of trade, energy independence, the environment, climate change, and ties between the two peoples."
The ambassador did not address the exchange rate of the dollar during the talks. Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=218869
Minister Of Industry: We Seek With The Jordanian Side To Open Factories Inside Iraq
Economie| 09:47 - 09/02/2023 Baghdad - Mawazine News, Minister of Industry and Minerals Khaled Battal confirmed, on Thursday, the endeavor to open factories inside Iraq through the joint industrial city project with Jordan.
Battal said, "Attendance to the joint industrial city project conference with Jordan was large," adding, "We have listened to the interventions and preparations of the Jordanian side for the project," according to the official news agency.
And he continued, "I spoke with the Prime Minister about providing facilities and everything that would overcome obstacles that may occur in order to attract investments," stressing the need for "factories to be inside Iraq and not to import goods from neighboring countries."
And the Minister of Industry went on to say, "We want the factories to be inside Iraq to operate the labor force and have other beneficial benefits that are reflected on the Iraqi side." Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=218838
The Exchange Rates Of The Dollar Stabilized At 146 Thousand Dinars
Economie| 10:37 - 09/02/2023 Baghdad - Mawazine News The exchange rates of the dollar stabilized today, Thursday, on the Iraqi Stock Exchange. Sale price: 146,000 dinars per 100 dollars Sale price: 145,000 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=218844
Stability Of Oil Prices In World Markets
Economie| 08:48 - 09/02/2023 Follow-up - Mawazine News Oil prices stabilized in early trading today, Thursday, as disturbances in crude oil loading in Turkey and optimism about the recovery of Chinese demand continued to support sentiment, offset by the rise in US crude inventories, which limited the price rise. Brent crude futures rose 1 cent, to $85.08 a barrel, by 04:39 GMT.
West Texas Intermediate crude futures fell 3 cents, to $78.45 a barrel. Both benchmarks have gained more than 6% so far this week. https://www.mawazin.net/Details.aspx?jimare=218830
Integrity: The Arrest Of The Former General Manager Of The Iraqi Trade Bank
Political | 03:22 - 09/02/2023 Baghdad - Mawazine News The Federal Integrity Commission announced the arrest of the former general manager of the Trade Bank of Iraq (TBI), on the grounds of her conviction in a number of administrative and financial corruption cases.
The recovery department of the authority stated, according to a statement that Mawazine News received a copy of, that "the arrest came in conjunction with the visit of the Prime Minister (Muhammad Shia' al-Sudani) to the United Arab Emirates."
She added, "It had previously organized recovery files against the fugitive convict who was arrested in the United Arab Emirates, indicating that (17) recovery files were sent to the Presidency of Public Prosecution for the purpose of sending them to the UAE, in order to extradite the convict through diplomatic means."
She indicated that the convict caused damage to public money during her assumption of the position of General Manager of the Trade Bank of Iraq (TBI), amounting to (1,116,024,788) billion US dollars and (90,786,020,500) billion Iraqi dinars, noting that these amounts were determined in the penal decisions issued by the courts. Concerned with the right of the fugitive convict. Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=218876
The Iraqi Market Is Down By More Than 1% And 7 Billion Shares Are Being Traded
Market Economy News – Baghdad The Iraqi Stock Exchange announced, on Thursday, the weekly trading indicators for Iraqi stocks.
The market stated in a statement that "the number of shares traded during this week amounted to more than (7) billion shares," adding that "the value of shares traded this week is more than (Cool billion dinars."
And the trading index in the market closed for the first session of the week at "(612.21) points, while the index closed at the end of the week at (602.95) points, achieving a decrease of (1.54%) from its closing at the beginning of the session."
And executed during the week "more than (2800) sale and purchase contracts on the shares of companies listed in the market." https://economy-news.net/content.php?id=32380
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