Monday "Vietnam News" Posted by Henig at KTFA 2-13-2023

KTFA: Vietnam: 

Henig:  State Treasury to auction VND400 trillion worth of government bonds in 2023

08:47 | 13/02/2023

The State Treasury has announced that it plans to raise VND400 trillion (over US$17 billion) worth of Government bonds via auctions on the Hanoi Stock Exchange (HNX) this year.

In the first quarter of 2023, the State Treasury will offer 108 trillion VND worth of G-bonds with different maturities, including 5-year and 7-year bonds valued at 8 trillion VND, 10-year and 15-year bonds each valued at 45 trillion VND, and 5 trillion VND worth of 20-year and 30-year bonds each.

On February 1, the HNX organised three auctions of 5-year bonds worth 500 billion VND, and 10-year and 15-year bonds worth 5 trillion VND each.

The State Treasury said in 2023, the agency will issue G-bonds closely following market developments, and the revenue collection and disbursement progress of the public investment capital plan from the State budget.

It will manage interest rates of auctioned G-bonds in line with the Government's direction of fiscal and monetary policies, and issue G-bonds with different maturities to meet the needs of investors, thus promoting the liquidity of the G-bond market, raising more capital for the State budget and supporting the development of the capital markets.

Source: VNA   LINK

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Henig:  Bắc Giang’s train station to offer int’l freight transportation services

February, 13/2023 - 10:35

The Kép station will organise a fleet of trains running from Kép to Đồng Đăng Station in the border province of Lạng Sơn and then to China’s Pingxiang station.

HÀ NỘI — Kép train station in the northern province of Bắc Giang will offer international freight transportation services from February 20, as it meets all necessary conditions, according to the Vietnam Railways Corporation (VNR).

Specifically, the station will organise a fleet of trains running from Kép to Đồng Đăng Station in the border province of Lạng Sơn and then to China’s Pingxiang station.

The Kép Station’s load and unload capacity is from 80 to 100 carriages or containers per day. Freight includes electronics and industrial products, construction materials, industrial wood and raw ore.

A bonded warehouse is expected to be built at the station to serve the import and export activities of enterprises in Bắc Giang and Bắc Ninh provinces and neighbouring localities. It specialises in receiving refrigerated containers transported from the South which will then be exported to China.

Currently, VNR is managing international freight terminals, namely Lào Cai, Yên Viên, Hải Phòng, Đồng Đăng, Giáp Bát and Sóng Thần.

— VNS   LINK

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Henig:  Knock wood: UKVFTA boosts exports to UK

06:00 | 13/02/2023

(VEN) - The UK-Vietnam Free Trade Agreement (UKVFTA) has served as a catalyst to Vietnamese timber exports to the UK, said Ngo Sy Hoai, Vice Chair and General Secretary of the Vietnam Timber and Forest Products Association (VIFORES) in a talk with Vietnam Economic News’ Hoa Quynh.

How did Vietnamese wood exporters exploit market opportunities after the UKVFTA took effect?

Before Brexit, the UK was an important market for Vietnamese wood products, which accounted for 30-40 percent of Vietnam’s export value to the EU. While Brexit raised exporters’ concerns, the UKVFTA, taking effect in May 2021, helped increase Vietnam’s wood export value to the UK to more than US$265 million in 2021, up over 18 percent from 2020. More than 90 percent of wood exports to the UK are furniture products.

According to the agreement, refined furniture exports to the UK are subject to a 1.2-2 percent tax that will be gradually reduced in the near future, while wood product and intermediate material exports to this market are subject to a 2-10 percent tax, which will be also gradually reduced according to the agreed roadmap. The export growth shows that wood enterprises have taken advantage of UKVFTA opportunities. The EU and the UK are discerning markets and without the UKVFTA’s tax incentives, wood enterprises would find it hard to increase exports to the UK, as similar products from other countries like China have carved a major niche in this market.

What difficulties do timber exporters face under the UKVFTA?

Vietnam is gradually becoming a wood processing center as a result of free trade agreements (FTAs) in general and the UKVFTA in particular. However, Vietnamese products accounted for only 7.2 percent of the UK's wood and wood product import value, while the UK represents only two percent of Vietnam’s wood export value.

The UK has a long-established wood industry and has strict standards on product quality, design, environmental protection, climate change control, green growth and greenhouse gas emissions, obliging Vietnamese businesses to pay special attention to the legality of wood origin if they are to enter supply chains to this market.

Businesses have not made good use of digital platforms to introduce and bring wood products to British customers. Vietnamese producers need to improve product design and marketing if they are to enjoy bigger export opportunities. If Vietnam maintains export growth to the UK, the country will improve its prestige and attract the interest of customers from other markets.

What solutions do businesses and management agencies need to implement?

Wood enterprises need to make a breakthrough by making products with higher added value, using less labor and less input materials. They also need to better corporate governance and apply modern accounting software to ensure input and output transparency and avoid trade remedy-related lawsuits.

It is necessary to promote Vietnam as a capable, competitive and sustainable wood processing center, and identify opportunities and challenges related to the UKVFTA’s exploitation. Particularly, the Government needs to consider signing a Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA/FLEGT) with the UK to ensure that exporters to the UK meet environmental and forest protection standards.   LINK

Henig:  SBV works to mitigate potential risks for non-banking credit institutions

February, 13/2023 - 10:09

The State Bank of Việt Nam (SBV) is collecting comments on its draft circular to minimise potential risks for non-banking credit institutions and ensure they work in accordance with international standards.

HÀ NỘI — The State Bank of Việt Nam (SBV) is collecting comments on its draft circular to minimise potential risks for non-banking credit institutions and ensure they work in accordance with international standards.

The draft circular stipulates the internal control system of non-banking credit institutions, which include financial companies, financial leasing companies and other non-banking credit institutions.

According to the SBV, the operation of non-banking credit institutions is simpler than that of commercial banks and foreign bank branches. Under the current legal regulations, the institutions are not allowed to receive deposits from individuals, but only from organisations; as well as not being permitted to provide payment means and payment services like commercial banks and foreign bank branches, but their operations still pose risks.

Therefore, the establishment of a risk management system according to Basel standards can be considered a solution to minimise potential risks that may occur during the operation of non-banking credit institutions, the SBV said, adding that the change is also consistent with the current trend of corporate governance in general.

The draft circular stipulates the internal control system must have three independent protection lines.

The first line has the function of identifying, controlling and mitigating risks. Banks’ divisions related to sales, risk control, accounting and human resources will take responsibility for the line.

The second line has the function of developing risk management policies and internal regulations on risk management. It also takes the responsibility for measuring and monitoring risks.

The third line has the function of internal auditing, which will be performed by the banks’ internal audit division in accordance with the Law on Credit Institutions and this circular.

According to the SBV, the draft circular is also consistent with the regulations in Basel which also has the similar three-line protection model.

Besides, the new regulations in the draft circular are dispensable as the Law on Credit Institutions has also amended and supplemented regulations that credit institutions must issue internal regulations to ensure risk management, the SBV said.

— VNS   LINK

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Henig:  Deposit rate continues to drop but lower lending rate remains a challenge

February, 13/2023 - 09:22

Both the six-month and 12-month term rates now stand at 9.3 per cent per year, down from 9.7 per cent and 9.5 per cent per year, respectively.

Compiled by Mai Hương

Commercial joint stock banks continued to lower deposit interest rates early this month – a move that raises hope of a fall in lending rates.

After the ‘rate war” in December when saving interest rates were pushed up to 11 per cent per year at some banks, commercial banks started to adjust rates down after Tết (Lunar New Year) and cut further last week.

From Thursday, National Citizen Joint Stock Bank (NCB) lowered its saving interest rates by between 0.2-0.45 percentage points, depending on the term. Both the six-month and 12-month term rates now stand at 9.3 per cent per year, down from 9.7 per cent and 9.5 per cent per year, respectively.

Early last week, Sài Gòn Commerical Joint Stock Bank (SCB) – the leading player in the ‘rate war’ last year – reduced saving rates on many terms. Its 24-month rate now stands at 9.1 per cent per year, down from 9.95 per cent, and the 12-month rate dropped to 9.5 per cent from 9.95 per cent.

Techcombank also cut saving rates by 0.5 percentage points for terms of six months or more from February 7, while PVComBank reduced rates by 0.2-0.3 percentage point, bringing the six-month rate down to 8.3 per cent per year and 12-month rate to 8.8 per cent per year.

Except the Big Four, including Agribank, Vietcombank, VietinBank and BIDV, which have kept their interest rates steady in the past several months, deposit rates listed at most banks now fall to 9.5 per cent at the highest.

At the meeting between the State Bank of Việt Nam (SBV), commercial banks and property developers on Thursday, Vietcombank General Director Nguyễn Thanh Tùng said before this meeting, banks’ leaders agreed to cut the deposit rates to reduce the lending rate.

The ceiling deposit rate may be brought down to 8.7 per cent per year in the coming time instead of the current 9.5 per cent per year, a bank leader said.

The Governor of the central bank has asked commercial banks to continue decreasing operating costs, streamlining administrative procedures and unnecessary expenses to have room to reduce lending interest rates. The SBV emphasised that it will monitor cases where banks continue to raise interest rates and take measures to deal with these banks.

Unexpected but understandable

The banks’ movements, though surprised the market, are comprehensible given the context that many global central banks have officially slowed down their rate hike roadmap on belief that inflation has passed its peak.

In the policy meeting in early February, US Federal Reserve (Fed) only raised the key rate by 0.25 percentage points after having made four consecutive hikes of 0.75 percentage point in 2022 and one more 0.5 percentage point increase in the last month of 2022.

Meanwhile in Việt Nam, some comments have suggested the pressure to continue raising the interest rate of the State Bank (SBV) to support the exchange rate in 2023 has decreased significantly.

In a recent report, Bảo Việt Securities Co (BVSC) said deposit rates were almost flat in January, showing signs of cooling down from the fever in December and may continue to decrease in 2023 due to favourable macro conditions.

“BVSC believes that (SBV’s) pressure to raise interest rates to support the exchange rate will no longer continue in 2023. Instead, monetary policy this year is likely to shift to a supportive direction for growth,” it said in the report.

The securities company expects interest rates to fall again in 2023, with clearer signs from the second quarter, when the Fed stopped raising interest rates and Việt Nam's inflation cooled down.

According to Việt Dragon Securities Co, exchange rate pressure was the main cause for the hike of interest rates in 2022 but now this pressure has cooled down, which may lay a foundation for SBV to keep key interest rates unchanged in 2023.

In addition, the inflation target in 2023 is loosened to 4.5 per cent and fiscal policy shares the pressure with monetary policy, so the exchange rate is expected to decrease as well.

Challenges remain

However, pressure on interest rate is still large.

It can be seen that the lending rate now doubles or more of the deposit rate, averaging between 13-17 per cent per year, even higher.

Economist Lê Xuân Nghĩa, a member of the National Financial and Monetary Policy Advisory Council said the current interest rate ground is too high.

If the inflation rate is around 4 per cent, the savings interest rates should be around 6-7 per cent per year to help keep the lending rates at rational levels.

Vietcombank Securities Company (VCBS) predicts the deposit interest rate will remain high at least until the middle of the year. Amid stiff competition to mobilise capital, VCBS believes the group of small- and medium-sized commercial banks will not reduce interest rates in major terms. It is forecast that deposit rates will peak in the first six months of 2023 with an increase of 1-1.5 percentage points.

Director of SBV’s Monetary Policy Department Phạm Chi Quang said in 2023, the global economy is likely to have a recession, and at the same time Fed will continue its rate hike. These factors will put pressure on interest rates to continue. 

— VNS    LINK

Iraqi News Highlights Monday Afternoon 2-10-23

Iraqi News Highlights Monday Afternoon 2-10-23

Tlm724 Administrator Bondlady’s Corner

The Coordination Framework Reveals The Results Of Washington's Dollar Negotiations And Awaits US Measures

Posted On 2023-02-13 By Sotaliraq   Today, Monday, the coordination framework that brings together the Shiite political forces revealed the results of the Iraqi negotiations in Washington regarding the dollar crisis.   Iraq, the second largest producer in OPEC, was under pressure from the United States to limit the flow of money to neighboring Iran, as the Federal Reserve Board in New York last November imposed stricter restrictions on dollar transactions by Iraqi commercial banks.

These measures contributed to a dollar shortage, led to a decline in the dinar and fueled inflation, prompting Prime Minister Muhammad Shia al-Sudani to replace the central bank governor, Mustafa Ghaleb Makhaif.

After that, the Iraqi Foreign Ministry, Fouad Hussein, along with the Acting Central Bank Governor, Ali Al-Alaq, visited Washington to discuss issues, including the newly applied standards for transfers in US dollars.

The leader in the framework, Hassan Fadam, said, "The Iraqi negotiations in Washington that are currently taking place are very positive after communicating with some members of the negotiating delegation, pointing out that the US Federal Reserve and the US Treasury, as well as the US State Department, support the stability of Iraq and its market."

And between Fadaam, “We are currently awaiting practical measures on the ground to support this stability in a real and realistic way by the United States of America, just as the measures that the US federal government previously requested to implement, which are from the period of Mustafa Al-Kazemi’s government, are in the interest of Iraq, before they are in the interest of Washington.” Iraq also benefits from linking the central bank and remittances to the global system, and this matter reveals where the dollar goes in any transfer, and the exchange of the dollar is actually for those who import real materials to Iraq and prevent the great waste that occurs in the currency auction.

He added, "The implementation of these measures takes time, especially since the Al-Kazemi government fell short in completing these procedures, and the current government is working to implement these procedures quickly and is responding to the demands of the US Federal Reserve and the US Treasury and is working to organize the Central Bank of Iraq well and monitor the funds that come out of it." Iraq, where are you going?

The Iraqi markets have recently witnessed a deterioration in the price of the dollar against the dinar, exceeding the threshold of one thousand and 700 dinars, after America activated a package of decisions related to financial transactions, to tighten its grip on currency smuggling, which prompted the Iraqi government to take a series of successive measures and discussions with Washington to contain the crisis.

The government decisions concluded with decreasing the value of the US dollar against the dinar, and adopting the price (one thousand and 300 dinars against the dollar) in the draft federal budget law 2023, but this step may lead to new inflation that hits the economy that relies on selling oil to finance its budgets.

For Iraq, adopting stricter regulatory measures means more transparency, and tackling money laundering.   LINK

Taif Sami: The Ministry Of Finance Is In The Process Of Finalizing The Federal Budget For The Current Year

Monday, February 13, 2023 3:16 PM  Baghdad / National News Center  The Iraqi Minister of Finance, Taif Sami, confirmed today, Monday, that the ministry is in the process of finalizing the federal budget for the current year.

During her participation in the work of the Financial Sustainability Forum held in the UAE, the Minister of Finance said, "The Iraqi government is adopting an ambitious program at the economic and financial level, whose positive indicators have appeared on the life of society and the institutional structure of the state to achieve financial sustainability."

She added, "The problem of the high price of the dollar was remedied by governmental and popular will to enhance the value of the Iraqi dinar," noting that "the Ministry of Finance is in the process of finalizing work on the federal budget for the year 2023."

And Taif Sami continued, "The ministry sought to pass the food security, development and financial hedging law at an amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens," adding that "the Iraqi government has faced the Corona epidemic by taking several immediate measures." To limit its spread through national, mobilizing, health and social policies that focused on marginalized social groups and facilitated access to health services and social care, which added these immediate and precautionary measures to heavy financial burdens on public funds.

She explained during the forum, that "the Iraqi economy suffers from chronic structural problems, as the spring character is still mostly on it, and its recovery depends on oil prices in the global market, which puts the government and its economic and financial institutions on alert to overcome challenges and crises."

The minister indicated that "the Iraqi government, headed by Prime Minister Muhammad Shia'a al-Sudani, adopted an ambitious program at the economic and financial level, and over a period of several months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability."

She pointed out that "the government is about to complete the federal budget for the year 2023, move towards comprehensive economic reforms in the Iraqi economy, and develop a clear strategy to diversify its economy, raise its revenues, and push development forward."

And the Minister of Finance pointed out that “the challenges that the world faces from the effects of climate change, which have become more dramatic and their repercussions on peoples, which makes it imperative for Arab countries to increase financing, cooperation and investment that help mitigate the effects of climate change.”

It is noteworthy that the forum is organized by the Arab Monetary Fund in cooperation with the International Monetary Fund, with the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.   https://nnciraq.com/186432/

The Most Important Requirements For Obtaining Dollars From The Rafidain And Rashid Banks And The Iraqi Trade Bank

Today, Monday, Baghdad International Airport announced the most important requirements for obtaining dollars for travelers from bank outlets at the airport.

And a statement from Baghdad Airport stated, “The Baghdad International Airport administration would like to indicate to Iraqi travelers that the most important requirements are obtaining dollars from the outlets of the Rafidain Bank, the Rasheed Bank and the Iraqi Trade Bank at the airport in light of the instructions issued by the Central Bank of Iraq:

1- An original passport and a copy of a valid passport. ”

2- Travel ticket (travel ticket)

3- Airplane boarding ticket

He added, "It is required that the date of travel be on the same day as the application for obtaining the amount in dollars from the bank outlets at the airport."

https://www.radionawa.com/all-detail.aspx?jimare=33404

Planning Discussed With The German Development Bank A Project To Promote The Development Of Small And Medium Enterprises In Iraq

Monday 13 February 2023 15:39 | Economical Number of readings: 186

Baghdad / NINA /- Today, the Ministry of Planning held a coordination meeting with representatives of the German Development Bank (KFW). To discuss the possibilities of supporting the private sector through the project (promoting the development of small and medium enterprises in Iraq), funded by a grant from the German Development Bank.

The Director General of the Economic Policies Department, Sabah Jundi Mansour, said that this meeting is part of a series of meetings aimed at supporting the government's efforts in providing an appropriate environment for the development of the private sector, especially the small and medium industries sector.

He added: "The meeting discussed the needs of this sector in the areas of financing and guarantee to reduce risks in supporting the work of these institutions in the field of access to financing, as well as developing the capabilities of these institutions and entrepreneurs."

The meeting was attended by a number of representatives of the private sector. In addition to a number of members of the Department of Economic and Financial Policies./ End 7

https://ninanews.com/Website/News/Details?key=1033140

The Head Of The Border Crossings Authority Presides Over A Meeting With The Kurdistan Regional Government Delegation To Close The Unofficial Crossings And Unify The Customs Tariff

Monday 13 February 2023 18:43 | political Number of readings: 111   Baghdad / NINA / - The head of the Border Crossings Authority, Major General Omar Al-Waeli, chaired a meeting with the delegation of the Kurdistan Regional Government to discuss the paragraphs of the ministerial program related to the border crossings.

The Commission's statement stated that, based on the ministerial program, a meeting was held at the headquarters of the Border Crossings Authority, which included representatives of the federal government, the head of the Crossings Authority, the Director of the Customs Police, the Director of the Legal Department and Customs Affairs in the General Authority for Customs, and a representative of the Joint Operations Command, who was met by representatives of the regional government, each of Dr. Jutiar Adel, a member of the region's negotiating delegation, Dr. Sami Jalal, advisor to the region's interior minister, and Abdul Qadir Abdullah, assistant director general of the region's General Authority for Customs.

The statement indicated that the paragraphs related to the work of the border crossings were discussed, as the delegation of the region demanded obtaining the approval of the federal government on the official recognition of a number of border crossings in the region.

He added that it was agreed to close all unofficial outlets and crossings through the formation of a joint committee whose task is to close all those outlets and crossings along the border strip between the region and neighboring countries.

He pointed out that it was agreed to unify tariffs, residence and customs procedures through a joint committee that would complete its work within a month.

The statement confirmed that the implementation of the outputs and recommendations of the Diwaniya Committee No. 62 of 2023 concerned with the re-evaluation of Cabinet Resolution 13 of 2019 was confirmed.

He explained that it was agreed to open official electronic channels for communication via mail and direct correspondence between the work of the Federal Customs and the border crossings in the region./ End 9    https://ninanews.com/Website/News/Details?key=1033168

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Monday 2-13-2023

TNT:

Tishwash:  Fuad Hussein from Washington: The currency crisis is gradually receding, and Iraq is becoming aware of it

 Fuad Hussein, Deputy Prime Minister and Minister of Foreign Affairs, on Monday, expressed optimism that the Iraqi currency crisis that prompted him to visit Washington appears to be receding, after the recent central bank raised the value of the currency, and after his meetings here with treasury officials.  

Hussein said in statements to Al-Monitor, followed by “NAS” (February 13, 2023): “There is already a system in place between the Central Bank of Iraq and the US treasury, but it is new, and the Iraqi parties have become more familiar with the mechanism.”  

He added, "Iraq also benefits from large currency reserves and relatively high oil prices." "There are also positive results from the recent shifts made by the Central Bank of Iraq in monetary policy. So I think this crisis is gradually receding."   link

Tishwash:  Iraq tops the list of the best Arab stock exchanges in January 2023

The Arab Monetary Fund's composite index of Arab financial markets recorded an increase of 0.34% at the end of January 2023's trading, compared to the end of December 2022.

The market value of the Arab stock exchanges increased by about 1.32%, and the improvement in the performance indicators of a number of Arab stock exchanges came in line with the increases recorded in most of the global financial markets, and a number of emerging stock exchanges, in addition to raising expectations of growth rates by a number of international institutions.

he Damascus Securities Exchange led the ascending movement recorded at the level of the Arab stock exchanges, with its index rising by 16.03%, and it topped the rises recorded at the level of the market value by 16.03%.

market toppedIraqThe Arab stock exchanges in terms of the increase in trading value indicators and in terms of the increase in trading volume, mainly supported by the increase in the banks index.

The Arab Monetary Fund Composite Index for Arab financial markets ended January 2023 transactions, up by 0.34%, to reach about 487.90 points, compared to its level recorded at the end of December 2022.    link

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Tishwash:  Finance Minister: The problem of the high price of the dollar was remedied by governmental and popular will

The most important thing that the Minister of Finance, Taif Sami, spoke about during her participation in the work of the forum held under the title ((Financial sustainability in the Arab region in the post-Corona pandemic crisis: challenges and opportunities)

) And the institutional structure of the state to achieve financial sustainability.

The problem of the high price of the dollar was remedied by governmental and popular will to enhance the value of the Iraqi dinar.

The Ministry of Finance is in the process of finalizing work on the federal budget for the year 2023,

We appreciate the efforts to enhance economic cooperation between Arab countries and coordinate with partners to serve our economy and financial investments.

In her speech at the forum, which opened its work today, Sunday, in the UAE capital, Abu Dhabi, the Minister of Finance said, "We sought to pass the food security, development, and financial hedging law at an amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability, and continue to provide services to citizens," adding that the government Al-Iraqiya has faced the Corona epidemic by taking several immediate measures to limit its spread through national, mobilizing, health and social policies that focused on marginalized social groups and facilitated access to health services and social care, which added these immediate and precautionary measures heavy financial burdens on public money.

Minister Taif added, "The Iraqi economy suffers from chronic structural problems, as the spring character still often has it, and its recovery depends on oil prices in the global market, which puts the government and its economic and financial institutions on alert to overcome challenges and crises."

Sami indicated that the Iraqi government, headed by the Prime Minister, Eng. Muhammad Shia'a Al-Sudani, adopted an ambitious program at the economic and financial level, and during a period of several months, and over a period of a few months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability, adding, "We are about to finish the work." With the federal budget for the year 2023 and the trend towards comprehensive economic reforms in the Iraqi economy and the development of a clear strategy to diversify its economy, raise its revenues and push development forward

, while the Minister of Finance stated, the Iraqi government’s appreciation for the unremitting efforts, and keenness to strengthen economic cooperation between Arab countries and coordination with partners to serve economies and investments Those countries, noting that international relations are based on balance and broadening the base of interests to serve the goals of economic and financial development in the Arab countries.

And the Minister of Finance drew attention to the challenges facing the world from the effects of climate change, which have become more dramatic and their repercussions on peoples, which makes it imperative for Arab countries to increase financing, cooperation and investment that helps mitigate the effects of climate change.

Sami expressed the Iraqi government's high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences and the lessons it offers from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is exposed to very serious challenges.

It is worth noting that the forum is organized by the Arab Monetary Fund in cooperation with the International Monetary Fund and with the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.

Ministry of Finance
#Media _ Office   link

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Monday Morning Iraq Economic News Highlights 2-13-23

Monday Morning Iraq Economic News Highlights 2-13-23

The President Of The Republic Stresses The Importance Of Expediting The Approval Of The Budget To Initiate Development Plans

Time: 02/13/2023 13:53:59  Read: 273 times    {Politics: Al Furat News} The President of the Republic, Abdul Latif Jamal Sheid, stressed today, Monday, the importance of expediting the approval of the general budget in order to initiate development plans, rehabilitate infrastructure, and continue economic reform.

And the media of the Presidency of the Republic stated in a statement received by {Euphrates News}, that "the latter received, in the Baghdad Palace, the delegation of the National Alliance of Hopes, while stressing the need to consolidate security and stability, and invest it towards improving the country's reality in various sectors, especially those related to providing services to citizens and improving living conditions." Referring to "the basic role of the House of Representatives in legislation, enacting laws and oversight to improve performance."

President Rashid stressed "the importance of speeding up the approval of the general budget in order to initiate development plans, rehabilitate infrastructure, continue economic reform, and focus on priority projects, especially health, housing and basic services, and support investment and the private sector through the necessary legislation and required facilities."

For its part, the delegation of the National Alliance of Hopes appreciated the directives of the President of the Republic, pointing to "the need to expedite the enactment of important laws, especially those related to the country's economy and the lives and requirements of citizens."    LINK

The Coordination Framework Reveals The Results Of Washington's Dollar Negotiations And Awaits US Measures

 2023-02-13 04:17  Shafaq News/ Today, Monday, the coordinating framework, which brings together the Shiite political forces, revealed the results of the Iraqi negotiations in Washington regarding the dollar crisis.

Iraq, the second largest producer in OPEC, was under pressure from the United States to limit the flow of money to neighboring Iran, as the Federal Reserve Board in New York last November imposed stricter restrictions on dollar transactions by Iraqi commercial banks.

These measures contributed to a dollar shortage, led to a decline in the dinar and fueled inflation, prompting Prime Minister Muhammad Shia al-Sudani to replace the central bank governor, Mustafa Ghaleb Makhaif.

After that, the Iraqi Foreign Ministry, Fouad Hussein, along with the Acting Central Bank Governor, Ali Al-Alaq, visited Washington to discuss issues, including the newly applied standards for transfers in US dollars.

"The Iraqi negotiations in Washington that are currently taking place are very positive after communicating with some members of the negotiating delegation, pointing out that the US Federal Reserve and the US Treasury, as well as the US State Department, support the stability of Iraq and its market," the leader in the framework, Hassan Fadam, told Shafaq News agency.

And between Fadaam, "We are currently awaiting practical measures on the ground to support this stability in a real and realistic way by the United States of America, just as the measures that the US federal government previously requested to implement, which are from the period of Mustafa Al-Kazemi's government, are in the interest of Iraq, before they are in the interest of Washington." Also, Iraq benefits from linking the central bank and remittances to the global system, and this matter reveals where the dollar goes in any transfer, and the exchange of the dollar is actually for the parties that import real materials to Iraq and prevent the great waste that occurs in the currency auction.

He added, "The implementation of these measures takes time, especially since the Al-Kazemi government fell short in completing these measures, and the current government is working to implement these measures quickly and is responding to the demands of the US Federal Reserve and the US Treasury and is working to organize the Central Bank of Iraq well and monitor the funds that come out of it." Iraq, where are you going?"

The Iraqi markets have recently witnessed a deterioration in the price of the dollar against the dinar, exceeding the threshold of one thousand and 700 dinars, after America activated a package of decisions related to financial transactions, to tighten its grip on currency smuggling, which prompted the Iraqi government to set up successive measures and discussions with Washington to contain the crisis.

The government decisions concluded with decreasing the value of the US dollar against the dinar, and adopting a price (one thousand and 300 dinars against the dollar) in the draft federal budget law 2023, but this step may lead to new inflation that hits the economy that relies on selling oil to finance its budgets.

For Iraq, the adoption of stricter regulatory measures means more transparency and tackling money laundering.   LINK

Parliamentary Finance: Reducing The Price Of The Dollar Made The 2022 Revenues About 135 Trillion Dinars

Posted On2023-02-13 By Sotaliraq    Baghdad / Firas Adnan   The Parliamentary Finance Committee stated that reducing the dollar exchange rate will make last year’s revenues about 135 trillion dinars, pointing out that the budget deficit in light of these changes will be determined by about 35 trillion dinars, which will be covered by several outlets, including the remainder of the Emergency Support for Food Security and Development Act that was voted Parliament last year.

Committee member Mueen Al-Kazemi said, “The final draft of the budget law for the current year was decided a month ago, but the amendments that took place in order to make them compatible with the ministerial curriculum and then reduce the exchange rate of the dollar to 1,300 dinars necessitated the Ministries of Finance and Planning to recalculate the project on the basis of these variables.” ».

And Al-Kazemi added, "What the Ministry of Finance has reached regarding these amendments will be officially approved by the Council of Ministers very soon."

He pointed out, "Parliament, represented by the Finance Committee, is ready to receive and study the draft budget in a serious manner, with the hope that it will be approved as soon as possible."

And Al-Kazemi stated, "The Finance Committee hopes that this budget will be equal in terms of revenues and expenditures," explaining that "last year's revenues were about 149 trillion dinars, and with the devaluation of the dollar, it reached 135 trillion."

And he called for “setting up a limited and reasonable deficit that could be covered by available means,” expecting that “the total budget amounts for this year will be between 165 to 170 trillion.”

Al-Kadhimi noted, "The deficit of 30 to 35 trillion dinars will be filled from various gates, whether through the surplus reserve balance or the money recovery program that the government is working on during the current year, in addition to the remaining funds from the Emergency Support Law, Food Security for Development No. (2) For the year 2022, amounting to 9 trillion dinars for the development of regions, these sums have not been disbursed until the present time.

And he hopes, that «all the belongings of the budget will end with the approval of the Council of Ministers and then the approval of Parliament during these two months, so that we can start implementing it in early April».

Al-Kazemi pointed out, "The government will hold its regular session tomorrow, Tuesday, and we hope to present the project during it and then approve it."

And he stated, “The Finance Committee, after the budget reaches it, will study it and follow up on its amounts with the relevant ministries to find out what each of them needs, and it had a meeting with the Ministry of Electricity recently, in which it was briefed on the needs of the electricity sector and will work to include them in the budget.”

Al-Kadhimi spoke about “many demands received from political blocs and representatives of the components of Iraqi society that they need to be included in the budget law, but the Parliamentary Finance Committee will look at the higher interest of Iraq and the need to expedite the approval of the law to start projects in the provinces and ministries for implementation.”

And he warned, "There are good preparations among the public spending units in state institutions towards implementing the ministerial curriculum through the financial allocations included in the budget."

Al-Kazemi stated, "The disputes with the Kurdistan region should be resolved through the required transparency by looking at oil exports and the money obtained from them, which is what the Ministry of Oil and the federal government requires, given that the export of Iraqi oil should take place under the supervision of the federal authorities."

And he believes, "The failure to resolve this dispute means that we will continue to apply the previous mechanisms, not on the basis of percentage, but with certain payments that will be placed within the budget."

Al-Kazemi concluded, "The differences with the Kurdistan region will soon end through continuous dialogues, and the previous agreements we reached in the State Administration coalition that resulted in the formation of the government of Muhammad Shia'a al-Sudani."

For his part, Representative Raed Al-Maliki stated, "Financial Management Law No. 6 of 2019 sets deadlines for preparing the budget law and sending it to Parliament."

Al-Maliki continued, "The law stipulates that the Council of Ministers begins to discuss the law in mid-October, but the delay in forming the government prevented commitment to this date."

He pointed out, "The budget is supposed to reach parliament no later than December 31, that is, before the end of the year, but that also did not happen because of political differences."

And al-Maliki said, "The government has been formed for about four months, but it did not succeed in sending the law that was placed at the forefront of its platform voted on by Parliament."

And he finds that “the delay may have justifications related to fluctuations in the exchange rate of the dollar against the Iraqi dinar and the recent decision by the government to amend this price, in addition to fixing the price of a barrel of oil, as well as disputes with the Kurdistan region.”

And al-Maliki concluded, that “all these issues should not be a gateway to the non-legislation of the law during the current year as well, or to disable it more than we are at the present time, and therefore the government must expedite the completion of the project by sending it to Parliament for approval.”   LINK

Aware / Finance: The Problem Of The High Price Of The Dollar Was Remedied By Governmental And Popular Will

February 13, 2023 2 Views  Conscious / Baghdad / Follow-up  Finance Minister Taif Sami announced, on Monday, that the ministry is in the process of finalizing work on the federal budget for the current year, while indicating that the problem of the high price of the dollar was remedied by the government and popular will.

Sami said in her speech at the Seventh Arab Finance Forum, which opened its business in the UAE capital, Abu Dhabi, and was followed by (Iraqi Media News Agency / INA), “We sought to pass the food security, development and financial hedging law in the amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue providing services to citizens,”

noting that “the Iraqi government has faced the Corona epidemic by taking several immediate measures to limit its spread through national, mobilizing, health and social policies that focused on marginalized social groups and facilitated access to health services and social care, which added these immediate and precautionary measures heavy financial burdens.” on public money.”

She added, "The Iraqi economy suffers from chronic structural problems, as the spring character is still mostly on it, and its recovery depends on oil prices in the global market, which puts the government and its economic and financial institutions on alert to overcome challenges." and crises," noting that "the adoption of the Iraqi government headed by a president The Council of Ministers, Mohamed Shia Al-Sudani, launched an ambitious program on the economic and financial level, and over a period of several months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability.

And she stated: “We are on the verge of ending work with the federal budget for the year 2023 and moving towards comprehensive economic reforms in the Iraqi economy and setting a clear strategy to diversify its economy, raise its revenues and push development forward.” noting that “the Iraqi government appreciates the unremitting efforts and keenness to strengthen economic cooperation between Arab countries.” And coordination with partners to serve the trade and investments of those countries.

And she continued, “International relations are based on balance and expanding the base of interests to serve the goals of economic and financial development in the Arab countries,” pointing to “the challenges that the world faces from the effects of climate change, which have become more dramatic and their repercussions on people, which makes it imperative for Arab countries to increase financing, cooperation and income.” In investments that help mitigate the effects of climate change.

Sami expressed "the Iraqi government's high confidence that the annual financial forum is an important factor in transferring successful Arab and international ideas and experiences and the lessons it offers from the sustainable development goals for the year 2030 that raise the level of the Arab reality, which is exposed to very serious challenges.

It is worth noting that the Seventh Arab Finance Forum was organized by the Arab Monetary Fund in cooperation with the International Monetary Fund, with the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.

https://1-al--iraqinews-com.translate.goog/archives/334320?_x_tr_enc=1&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Iraqi News Highlights Sunday Evening 2-12-23

Iraqi News Highlights Sunday Evening   2-12-23

Tlm724 Administrator Bondlady’s Corner

Nermin Maarouf Confirms That The Legislation Of The Oil And Gas Law Will See The Light Soon After The Approval Of The Budget

Sunday, February 12, 2023 08:37 | Economical Number of readings: 861   Baghdad / NINA / - A member of Parliament for the Patriotic Union of Kurdistan, Nermin Maarouf, confirmed: The oil and gas law legislation will soon see the light.  She told the National Iraqi News Agency / NINA /: The legislation of the law is part of the government curriculum, and within 6 months the government is supposed to send the copy to Parliament based on Article 112 of the constitution.

And she explained: According to this agreement, the legislation of the law is soon and will see the light after the approval of the budget./ End 3    https://ninanews.com/Website/News/Details?Key=1032815

A Jump In The Iraqi Central Bank's Sales Of Hard Currency

Economie  Sunday, February 12, 2023 10:32 am Baghdad / National News Center  The Central Bank of Iraq recorded a big jump in dollar sales today, Sunday, which is the highest in weeks.

Total total sales amounted to 305 million dollars and 406 thousand and 95 dollars. The total amounts of cash sales, including 47 million and 900 thousand dollars.


As for the total amounts of transfers abroad (remittances, credits), they were 257 million 506 thousand and 95 dollars.    https://nnciraq.com/186163/

The Appearance Of Muhammad Salih Identifies Two Considerations Behind The Big Jump In Central Bank Sales

Money and business  Economy News-Baghdad   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Sunday, the reasons for the large increase in the Central Bank’s sales of hard currency.

Saleh told "Al-Iqtisad News" that "the increases in sales of the Central Bank of Iraq's foreign currency window are due to two considerations, the first: the high degree of compliance of private banks, participating in the Central Bank of Iraq's window, with the requirements of the regularity of international trade financing, which came with the joint auditing platform."

He added, "The second consideration is due to the strength of the package of facilities launched by the Central Bank in the matter of small and direct transfers to small merchants and various small transfers through the mediation of the highly compliant international banking system."

Today, Sunday, the central bank’s sales of hard currency achieved a big jump, as it exceeded the ceiling of $300 million for the first time since 2022.   https://economy-news.net/content.php?id=32427

Chairman Of The Integrity Commission: We Were Able To Recover Large Sums Of Money Dating Back To The Time Of The Former Regime

political| 01:58 - 12/02/2023  Baghdad - Mawazine News, the head of the Integrity Commission, Judge Haider Hanoun, said on Sunday that the commission was able during this period to "recover large funds dating back to the time of the former regime" and "handle many corruption files in recent years."

And a statement by the Presidency of the Republic, received by Mawazine News, said, "The President of the Republic, Abd al-Latif Jamal Rashid, received today, Sunday, at the Baghdad Palace, the head of the Integrity Commission, Judge Haider Hanoun."

During the meeting, according to the statement, "the development of the commission's work was discussed in a way that serves the application of the law," where the president referred to "the important role of the commission in detecting and combating corruption," pointing to "the importance of working on a serious culture to alert the dangers of corruption and its impact on the country's economy." And the life of society, and this requires support from everyone, especially the media, and requires serious thinking about devoting a culture of combating corruption in all its forms.

The President of the Republic stressed, "the importance of enhancing joint cooperation and exchanging experiences between the Integrity Commission and the rest of the relevant state institutions in order to achieve integrity and transparency in its work." He also affirmed his support for "the Commission's efforts in the proper application of the principles approved by the Constitution and the relevant laws to ensure the preservation of public money and the closure of outlets for corruption."

For his part, Judge Haider Hanoun praised "the support of the President of the Republic for the Commission's work," pointing to "the difficulties that hinder its work and ways to raise the level of its performance in a way that serves the consolidation of law in the country and secures the interests of the people."

He continued, "During this period, the integrity was able to recover large sums of money dating back to the time of the former regime, in addition to dealing with many corruption files in recent years, which helped recover looted funds and refer wanted persons to the judiciary." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=219122

The Central Bank.. American Parties Express Their Willingness To Face The Challenges Of Working On The Electronic Platform For Remittances And Cash / Expanded

Saturday 11 February 2023 19:36 | Economical Number of readings: 466

Baghdad / NINA / - The delegation of the Central Bank of Iraq met for many hours with the delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, DC.

The two parties, according to a bank statement, expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash.

The delegation of the US Federal Reserve Bank and the US Treasury discussed a number of support and attribution mechanisms for the Central Bank of Iraq, in order to enhance its capabilities to deal flexibly with crises during this stage.

The US Federal Bank confirmed that the Central Bank of Iraq's measures are in the right direction to build a solid banking sector.

The Assistant Deputy Secretary of the US Treasury indicated ways to fully support the efforts of the government of Iraqi Prime Minister Muhammad Shia al-Sudani in economic reform, and the readiness of the US Treasury Department to provide the required support.

The meeting listened to a presentation by the Governor of the Central Bank of Iraq regarding the bank's directions in achieving its most important goals to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer.

The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed the bank’s intention to launch the second package of facilities that would enhance the stability of the exchange rate

https://ninanews.com/Website/News/Details?key=1032763

The President Of The Republic Stresses The Importance Of Continuing Consultation And Coordination Between The Federal Government And The Region

political| 04:27 - 12/02/2023  Baghdad - Mawazine News, President of the Republic Abdul Latif Rashid stressed today, Sunday, the importance of continuing consultation and coordination between the federal government and the Kurdistan Regional Government to reach real understandings that lead to radical solutions to outstanding issues.

The Presidency of the Republic said in a statement, a copy of which was received by Mawazine News, that "The President of the Republic, Abd al-Latif Jamal Rashid, received at the Baghdad Palace the delegation of the Kurdistan Region headed by the Minister of Interior of the region, Riber Ahmed, and his accompanying delegation," pointing out that "during the meeting, Discussing the political, security and economic developments and the file of the displaced in the country, and the need to unify efforts among the Iraqi forces to face the challenges facing the country.

And the president stressed, according to the statement: "The importance of continuing consultation and coordination between the federal government and the Kurdistan Regional Government to reach real understandings that lead to radical solutions to outstanding issues based on the constitution, the law and the national interest of the country," stressing that "the Iraqis are waiting for important benefits, including approving the budget and the oil and gas law for what They have direct contact with the lives and livelihood of citizens.

He pointed out that "the federal government and the regional government have the will and desire to resolve issues through understanding and dialogue between the two parties."

In turn, Reber Ahmed stressed, "the keenness of the Kurdistan Regional Government to reach understandings and radical solutions to outstanding issues with the federal government," referring to "the good relations between the two sides."  https://www.mawazin.net/Details.aspx?jimare=219136

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

https://www.bondladyscorner.com/

Sunday "Vietnam News" Posted by Henig at KTFA 2-12-2023

KTFA Vietnam: 

Henig:  PM holds roundtable discussion with Brunei energy, oil and gas firms

February, 11/2023 - 17:11

Delegates discussed and proposed new business ideas and opportunities to lift bilateral economic, trade and investment ties, especially in energy and oil and gas.

BANDAR SERI BEGAWAN — Prime Minister Phạm Minh Chính held a roundtable discussion with Brunei energy and oil and gas enterprises in Bandar Seri Begawan capital on February 11, as part of his ongoing visit to Brunei.

Delegates discussed and proposed new business ideas and opportunities to lift bilateral economic, trade and investment ties, especially in energy and oil and gas.

A representative of the Brunei Government shared the vision, socio-economic development strategy and economic restructuring and diversification plans under the Brunei Vision 2035 that turns the country into an economy with dynamic and sustainable development.

PM Chính committed all possible support for Brunei firms to do business effectively and sustainably in the country. "Your success is also our success,” he affirmed.

He suggested both nations focus on promoting emerging economic fields such as green, digital, circular and knowledge-based economies and innovation; diversifying markets, products and supply chains. He asked for measures to step up collaboration in energy, chemicals, and Halal food for Islamic people.

The Vietnamese leader expressed his belief that with determination, efforts and close friendship between the two peoples, trade and investment cooperation will continue to be an important pillar of Việt Nam-Brunei relationship and a driving force to lift bilateral ties to a greater height.

— VNS   LINK

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Henig:  HDBank to maintain high growth, promote digital transformation

February, 11/2023 - 13:40

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) is set to maintain strong growth both in scale and quality, a representative of the bank told its Investors Conference while announcing its business results for 2022 in HCM City on February 10

HCM CITY — The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) is set to maintain strong growth both in scale and quality, a representative of the bank told its Investors Conference while announcing its business results for 2022 in HCM City on February 10.

The bank is focusing on programmes that are expected to make a positive contribution to raise operational efficiency and safety for the bank such as implementing Basel III standards, accelerating digital transformation and further promoting the service sector.

The representative said HDBank’s 2022 results were the “best-ever,” with its pre-tax profit up 27.2 per cent over 2021 to VNĐ10.27 trillion (US$435.8 million).

Total operating income topped VNĐ21.97 trillion ($933 million), a year-on-year rise of 31.1 per cent.

The bank's bancassurance revenue more than doubled over the figure of 2021, promising robust growth in the future.

HDBank's asset quality was also at a good level with the consolidated and stand-alone non-performing loan ratio at 1.67 per cent and 1.3 per cent, respectively, much lower than the sector’s average of 1.92 per cent.

The loan-to-deposit ratio was low compared to the maximum level set by the State Bank of Vietnam thanks to its success in liquidity risk management and capital mobilsation from businesses and households.

As of December 31, 2022, HDBank had 347 branches and transaction offices and more than 24,500 consumer finance transaction points, with over 16,000 employees serving over 14 million customers.

In addition, it has a large and potential customer ecosystem including customers of HDBank, Vietjet Air and HD SAISON.

The bank attributed its outstanding results last year to its implementation of a number of strategic initiatives such as speeding up digital banking development, taking advantage of its ecosystem, promoting bancassurance and enhancing corporate governance and environmental and social risk governance in line with the best international standards.

Notably, HDBank’s digital transformation has delivered positive results, with the number of customers using digital banking services nearly doubling, and transaction value up by 547 per cent last year.

This year, the bank aims to maintain high growth momentum, effectively manage risks, and ensure asset quality and operational safety indicators that are among the best in the sector.

Meanwhile, it will carry out programmes to support customers to overcome difficulties.

Besides that, the bank is also stepping up signing an exclusive bancassurance contract and mobilising international capital at a reasonable cost to further improve its safety and performance indicators to be ready to apply Basel III.

— VNS    LINK

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Henig:  RoK firms show interest in Việt Nam’s medical equipment market

February, 11/2023 - 11:14

This year's edition will be the first to be held in Việt Nam and feature 250 booths by 150 domestic and foreign firms, COEX said.

SEOUL — COEX, a leading exhibition organiser and venue of the Republic of Korea (RoK), and the Vietnam Advertisement and Fair Exhibition JSC (VIETFAIR) will co-organise the Mekong Medical & Healthcare Expo 2023 in the southern province of Bình Dương in June.

This year's edition will be the first to be held in Việt Nam and feature 250 booths by 150 domestic and foreign firms, COEX said.

It is expected to help Korean businesses penetrate the health sector of Việt Nam and other countries in the region.

COEX CEO Lee Dong-gi stressed that the Vietnamese health sector has posted an annual growth rate of 13.1 per cent over the past five years, with more than 90 per cent of medical equipment and supplies imported.

The country’s total health expenditure accounts for about 6.5 per cent of its GDP, the highest in the Association of Southeast Asian Nations (ASEAN), he said, calling Việt Nam a promising market for Korean medical equipment firms.

The organisers will prepare diverse solutions to help Korean companies expand its global network and explore new markets in ASEAN through the exhibition, he said.

— VNS     LINK

Henig:  HCMC ranks among top markets for data centre development

February, 11/2023 - 12:15

HCM City is ranked among the top markets in the land price category for data centre development, experts said.

HCM CITY — HCM City is ranked among the top markets in the land price category for data centre development, experts said.

In an annual report by Cushman & Wakefield, the company said that with many of the largest markets in the APAC region boasting particularly high land costs, only HCM City ranks within the top 10 for the land price category.

The rest of the top ten markets in the category are: Columbus, Santiago, Johannesburg, Atlanta, Nashville, Phoenix, Austin, Denver, and Chicago.

The report ranks major data centre markets around the world according to 13 weighted categories, including market size, fiber connectivity, power cost and environmental risk, to determine the top overall markets as well as the top performing markets in each category.

According to the company’s latest forth quarter of 2022 HCM City marketbeat report, the average rental price reached US$159 per sq.m per lease cycle, up 3 per cent quarter-on-quarter and 10 per cent year-on-year. 

Việt Nam may be a frontier data centre market at this juncture but it has numerous fundamentals that would suggest great potential for development going forward. The country currently has 70 per cent internet penetration, with an estimated 29 million people yet to get online. 

Over 48 per cent of Việt Nam’s capacity is located in the centre of HCM City. Currently, only a small number of multinationals require high-level capacity.

The common approach for international operators is to partner with local telecommunication operators. There is a sizable lack of existing infrastructure relative to the population of the market and demand for internet services. This represents a major opportunity at both the content provision and infrastructure establishment level.

According to Cush & Walkfield, south of HCM City is preferred as a hub for data centres, especially for cloud services platform providers, due to latency issues and the securing of manpower. CMC Telecom opened its Tân Thuận Data Centre in August last year. The facility was designed by B-Barcelona of Singapore. The facility has a total area of 13,133sq.m and was 30 per cent pre-leased at launch according to CMC. 

Australian edge data centres firm Edge Centres has expanded into Asia with the deployment of their first data centre, EC51, in Việt Nam in HCM City in collaboration with the Việt Nam National University. They also have plans for an additional edge site in HCM City. 

GAW Capital acquired greenfield land in the Sài Gòn Hi-Tech Park in the city. The data centre is expected to be over 18,000sq.m and support 20MW in capacity.  

Viettel, a Vietnamese telecommunications company, announced plans to build a new data centre with $260 million in investment. While specifics on the facility have yet to be announced, this would be Viettel’s third project in the city.

Competition for sites between both data centre players and other asset classes has reached a fever pitch over the course of the past year. Fulfillment centres and large-scale single family rental developments have been evaluating similar sites as data centres. 

According to the company, one notable advantage that data centres have in competition for these sites is the limited impact on surrounding traffic and parking availability, a key area of concern for a number of local communities. However, data centres do require a higher power draw, and there have seen greater local community concerns about the potential effect on electrical grids. The growth of edge data centres has continued, optimising workload for latency. 

— VNS    LINK

Sunday Morning Iraq Economic News Highlights 2-12-23

Sunday Morning Iraq Economic News Highlights 2-12-23

Economist: Reducing The Dollar Will Not Create A Large Deficit With An Explosive Budget

Today 09:25  Baghdad...   The economist, Dr. Mustafa Ikram Hantoush, confirmed that the decision to reduce the value of the dollar will not create a large deficit compared to an explosive budget that is being prepared, pointing out that there are huge revenues and a large financial surplus from last year that will be used .

Hantoush told Al-Maalouma, "The 2023 budget represents the biggest challenge to implementing the decision to reduce the dollar exchange rate, as the reduction will create a deficit gap of 10 trillion dinars."

He added, "The amount of the deficit is not large on an explosive budget, and a financial surplus from the year 2022 is not less than 30 trillion dinars in the state treasury, in addition to the central bank's reserves amounting to more than 105 billion." dollars, and it is possible to resort to it in the event that the state needs to cover the deficit in the event that occurs.”

And he indicated that "there are large revenues that Iraq will receive during the current year, in addition to the existing surplus from last year, which will be relied upon to secure the 2023 budget." LINK

An Economist Determines The Duration Of The End Of The Dollar Exchange Rate Gap Between The Official And The Parallel

February 11 19:58  Economic expert Abd al-Rahman al-Mashhadani specified, on Saturday, the period for ending the official exchange rate gap with the parallel local market, while stressing that government measures are moving towards reforming the Iraqi economy in all its details.

Al-Mashhadani said in an interview with Al-Maalouma agency that "the period of the gap between the official dollar exchange rate and the local parallel market will not exceed two weeks from now," noting that "the difference in foreign remittances for merchants is still large compared to the official price.”

He attributed the reasons for the gap to that “the notary's failure to ratify the contracts of small merchants granted by the Chamber of Commerce in order to obtain a license that allows him to facilitate the purchase of the dollar,” noting that “the central bank decided today to work by granting commercial licenses in order to obtain a license to buy dollars from the central bank directly, and this is what It will reduce the size of the gap between the official and the parallel.”

He continued, "The government's measures are moving towards reforming the Iraqi economy in all its details," stressing that "many decisions were taken during the meeting of Prime Minister Muhammad Shia' al-Sudanese with members of the Chamber of Commerce, the deputy governor of the Central Bank, the director of the TBI Bank, and a number of economists.”

And he added, "Al-Sudanese is following all the details of getting out of the dollar crisis and ways to develop the Iraqi economy in all its fields."

The local markets, due to the measures taken by the US Federal Bank on Iraq, are witnessing a discrepancy in the exchange rates of the dollar between high and low, despite the decision of the Council of Ministers to reduce the official dollar exchange rate to 130,000 for every 100 US dollars. LINK

The Birth Of The Parallel Market For Selling The Dollar And Demands That Violators Be Held Accountable

Today 09:59  Information / Diyala..  A specialist in the currency market in Diyala revealed, on Sunday, the birth of what he called the parallel market for selling the dollar by refraining from using the dollar and saving it secretly.

Fouad Abdel-Qader said in an interview with Al-Maalouma, that "the strike in the currency selling market is still the master of the situation, and there is a wide difference between the prices set by the Central Bank and the data of the local market, with a difference of approximately 20 thousand for every 100 dollars.”

He added, “The concern of the exchange offices about the legal procedures prompted them to raise banners stating that they do not deal in dollars in order to avoid any prosecutions, but in the subconscious they provide dollars to customers on a limited scale, especially those who are forced at prices that reach 150 thousand per 100% within what is known as the parallel market.”

He pointed out, “Everyone is waiting for new measures by the Central Bank regarding correcting the course of the currency market and pushing it to adopt the officially established prices in order to restore balance to the markets after a period of turmoil that lasted for weeks. "

The markets in Diyala and the rest of the governorates are witnessing a rise in the prices of basic materials, under the pretext of the continued high exchange rate of the dollar.   LINK

Leaks Reveal The Results Of The Iraqi Delegation's Visit To Washington Regarding The Dollar Crisis

2023.02.12 - Baghdad - people    An informed source revealed the results of the Iraqi delegation's visit to Washington and the dollar crisis talks.

  "Nass" channel on Telegram.. our latest updates  The source (from within the delegation) said in a statement to "Ruado" followed by "NAS" (February 12, 2023), that "the Americans will agree in principle to grant Iraq a temporary deadline regarding Iraq's measures to combat corruption and money laundering, intensify the process, and control border crossings and airports in front of the exit of the country." Dollar and the new system for requesting money through claiming bills and the SWIFT system.

According to the source, "the Americans want to see what the changes will be on the ground and whether Iraq is able to implement the procedures they set, so easing the conditions will be relative and not lifting them completely."

He added, "Discussions are still ongoing and other details still need to be discussed regarding operational and technical issues, and the meetings will continue."

The delegation of the Central Bank of Iraq met, earlier, for many hours with both the delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, DC.

According to a statement by the Central Bank, a copy of which "NAS" received (February 11, 2023), "the two parties expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash."   

The delegation of the US Federal Reserve Bank and the US Treasury discussed "a number of support and attribution mechanisms for the Central Bank of Iraq, in a way that enhances its capabilities to deal flexibly with crises during this stage."   

The US Federal Reserve affirmed that "the Central Bank of Iraq's measures are in the right direction to build a sober banking sector."   

The Assistant Deputy Secretary of the US Treasury explained, "Ways to fully support the efforts of the government of Iraqi Prime Minister Muhammad Shia'a al-Sudani in economic reform, and the readiness of the US Treasury Department to provide the required support."   

The meeting listened to "a presentation by the Governor of the Central Bank of Iraq regarding the bank's directions in achieving its most important goals to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer."   

And the Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed, "The bank's intention to launch the second package of facilities that would enhance the stability of the exchange rate."

https://www.nasnews.com/view.php?cat=101902

Saleh: The Price Of The Dollar In The Parallel Market Is Artificial To Achieve Fake Profits

Time: 02/12/2023 13:28:04   Read: 572 times  Saleh:  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, described the price of the dollar in the parallel market as "artificial to achieve fake profits."

Salih told {Euphrates News} agency: "The effects of the mysterious parallel markets come on the country's markets mostly and their poor knowledge of the positive signs of the strength of the national economy and the strength of its reserves, which exceeded 115 billion dollars. The market is still with distorted and false information that is based on rumor to generate artificial price deviations to achieve fake profits on Calculating the effect on price stability itself.

He stressed "the importance of realizing two important things, the first is the foreign trade arm of the government that operates in accordance with international rules of trade and carries flexibility and a very high possibility in providing commodity supply at stable prices at any moment, and the second is the role of effective packages launched by the Central Bank of Iraq on which the policy is working." Cash in accelerating the openness of the levels of meeting the demand for foreign currency, with the degree of progress of the banking system in the transparent use of foreign trade financing documents for the private sector, in order to increase the conversion in foreign currency in accordance with the rules and provisions of international trade and international compliance controls.

The Council of Ministers approved in its meeting last 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, equivalent to 1300 dinars to one dollar.

About four days after the government's decision to reduce the exchange rate of the dollar against the dinar, and two days after the Iraqi delegation's discussions in Washington, the dollar's prices did not stabilize in the parallel local markets.

The rate adopted by the Central Bank of Iraq for the dollar against the dinar, which is 1,300 dinars for one dollar, led to a temporary decrease in the price of the dollar, but it returned to rise to record more than 1,500 dinars, which means that the difference in the parallel market remains from the official price.

The reason, according to observers, is related to the lack of clarity in the final results of the discussions being held in Washington by the Iraqi delegation, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and the Governor of the Central Bank, Ali Al-Alaq, with officials in the US administration.     Raghad Daham   LINK

Will Congress Impose Sanctions On Iraq? An Analysis Of America's Member Messages Answers

[ltr]2023.02.12 - Baghdad - people  An analysis explained the consequences of the letter sent by members of Congress to the administration of US President Joe Biden, which carried inquiries about Iraqi political figures.

  "Nass" channel on Telegram.. our latest updates    

In his analysis, which was reviewed by "NAS", (February 12, 2023), investigative journalist Riyad Muhammad, an observer of Iraqi affairs and residing in the United States, said, "Every day, members of the US House of Representatives (who are 435 members) and members of the Senate (who are 100 members) send Dozens or hundreds of letters to the White House."    

He added, "These messages are related to various and varied issues, most of which are internal and some are external, and they generally aim to put pressure on the president to make a decision or end a policy."    

He continued, "Most of these messages are summarized by the president's aides (the president of the United States has an army of aides that may reach hundreds) and send them to specific offices in the White House such as the budget office or the National Security Council ... etc., or to the office of the White House chief of staff or His deputy," noting that "the majority of these messages do not reach the president himself, because he does not have time to read every letter written to him, and resorts to reading the most important, then the important, and neglects what is not important."    

He pointed out that "when 3 members of the House of Representatives ask the President of the United States to take a policy, this does not mean that the president is bound by what they ask, nor is he obligated even to read their letter."    

And he stated, "Changing the American policy towards Iraq is possible, but it is moving slowly and is subject to a basic rule, which is the lack of interest of the United States in Iraqi affairs in general," explaining, "The United States will enter the presidential election campaign after months, and this will be the first priority."    

He pointed out that "in foreign policy, Iraq is not a priority. Ukraine, Russia, and the relationship with China are much more important," adding: "Fundamentally, foreign policy usually declines in importance in light of democratic administrations that are concerned with issues of the economy, combating inflation, preventing recession, reducing crimes, the issue of weapons, immigration, and abortion." Homosexuals...etc.    

And he continued, "And to complete the picture, the news of the message of the 3 members of the House of Representatives to the president about Iraq was not reported in any American media because it is not considered news at all, and certainly it is not urgent or important news."    

And he said: "In conclusion, a group of senators from both parties is preparing to issue legislation that ends the authorization given to the president with regard to the 1991 Gulf War and the 2003 war, and thus officially ends America's wars with Iraq, and Biden supported the project because it is compatible with his ideas and policies related to Iraq, and their summary is ending American involvement." in this country."    

And he concluded, "All indications indicate that the US reserve will continue its decision taken two years ago and implemented months ago regarding the transfer of dollars to Iraq."    

Earlier, members of the US Congress' Foreign Relations and Armed Forces Committee sent a letter to US President Joe Biden's administration to inquire about several Iraqi figures and officials.

The letter, published by the Iraqi blogger residing in the United States of America Stephen Nabil, seen by “NAS” (February 11, 2023), indicated that “Have the Ministries of Foreign Affairs or the Treasury reached out to know whether Faiq Zaidan (the head of the Iraqi Supreme Judicial Council) meets the conditions of the sanctions? America on severe human rights abuses...as well as corruption and subsidies."    

On the authority of Nabil, the letter carried another question, which read: "What is the status of the sanctions package against Nouri al-Maliki because of terrorism or corruption?...and the governor of the central bank?"      

According to the letter, "the deputies who submitted it gave the Biden administration 14 days to officially respond to the demands."   

Will Congress impose sanctions on Iraq? An analysis of America's member messages answers Me_ga

https://www.nasnews.com/me_ga.php?id=45058   PIC

https://www.nasnews.com/view.php?cat=101904

"Tidbits From TNT" Sunday 2-12-2023

TNT:

Tishwash:  Beijing announces the resumption of the momentum of personnel exchange with Iraq soon

On Sunday, the People's Republic of China affirmed its support for Iraq in various political, economic, urban, cultural and media fields, while indicating the tendency to provide opportunities for the Iraqi youth elite to visit and support exchange in the media field.  

The Chinese Assistant Foreign Minister, Zhu Rui, said in a statement to the official agency, followed by "NAS" (February 12, 2023), that "after China amended its policy to confront the Corona pandemic, the momentum of exchange of individuals between the two countries will resume, and we will strengthen support for the exchange of views and experiences." .  

He added, "China will work in cooperation with its embassy in Baghdad to provide more opportunities for the Iraqi youth elite to visit China, and it will also support exchange between the two countries in the field of media, intellectual institutions and non-governmental organizations in order to deepen the friendship between the Chinese and Iraqi peoples."   

He pointed out, "Iraq is one of the first countries in the region to sign a cooperation agreement with China in the initiative to build the Belt and Road," noting that "this agreement includes many political, economic, cultural, tourism, media and other fields."  

He stated, "The current year 2023 marks the tenth anniversary of the launch of the Belt and Road Initiative," suggesting that "China will hold the third session of a high-level forum for cooperation on the Belt and Road, in addition to the main forum."  

He pointed out, "There are five parallel forums that include politics, infrastructure, financial culture, and communication between peoples," noting that "the parallel forum for communication between peoples will be organized by our department, and it includes cultural and media cooperation    link

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CandyKisses:  Credit rating puts Iraq at the forefront of Arab countries "high risk"

Shafaq News / Moody's credit rating agency announced that Iraq obtained high-risk credit, while the UAE came with the best credit among the Arab countries and lower Lebanon.

Moody's said in a statistic seen by Shafaq News Agency, that "Iraq obtained a stable credit rating during the year 2022, which is CAA1, which puts it in the category of weak obligations and bearing very high credit risks, but the stable outlook for Iraq reflects the balance between the recent positive developments that occurred in 2022 and the fragility of the financial, economic and political situation in general.

"According to Moody's, "the UAE came at the top of the list of Arab countries with the highest credit rating, with a grade of AA2, which is a high creditworthiness, and a stable outlook for the UAE, and Qatar came second with a score of AA3, which is a good credit score, followed by Kuwait and Saudi Arabia with the same grade A1, which is an average credit score on good."

She added that "Morocco came fifth with a score of Ba1, which is non-investment, and Oman came sixth with a score of Ba2 non-investment, while Jordan, Bahrain and Egypt came with a score of B1, B2 and B3, respectively, and it has a risk, while Lebanon ranked the table of Arab countries with a score of C, which is faltering, which means the lowest in the evaluation and the value of recovery of obligations is usually low.

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Tishwash:  Saleh: The price of the dollar in the parallel market is artificial to achieve fake profits

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, described the price of the dollar in the parallel market as "artificial to achieve fake profits."

Salih told {Euphrates News} agency: "The effects of the mysterious parallel markets come on the country's markets mostly and their poor knowledge of the positive signs of the strength of the national economy and the strength of its reserves, which exceeded 115 billion dollars. The market is still with distorted and false information that is based on rumor to generate artificial price deviations to achieve fake profits on Calculating the effect on price stability itself.

He stressed "the importance of realizing two important things, the first is the foreign trade arm of the government that operates in accordance with international rules of trade and carries flexibility and a very high possibility in providing commodity supply at stable prices at any moment, and the second is the role of effective packages launched by the Central Bank of Iraq on which the policy is working." Cash in accelerating the openness of the levels of meeting the demand for foreign currency, with the degree of progress of the banking system in the transparent use of foreign trade financing documents for the private sector, in order to increase the conversion in foreign currency in accordance with the rules and provisions of international trade and international compliance controls.

The Council of Ministers approved in its meeting last 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, equivalent to 1300 dinars to one dollar.

About four days after the government's decision to reduce the exchange rate of the dollar against the dinar, and two days after the talks of the Iraqi delegation in Washington, the dollar's prices did not stabilize in the parallel local markets.

The rate adopted by the Central Bank of Iraq for the dollar against the dinar, which is 1,300 dinars for one dollar, led to a temporary decrease in the price of the dollar, but it returned to rise to record more than 1,500 dinars, which means that the difference in the parallel market remains from the official price.

The reason, according to observers, is related to the lack of clarity in the final results of the discussions being held in Washington by the Iraqi delegation, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and the Governor of the Central Bank, Ali Al-Alaq, with officials in the US administration.   link

Mot:  .. beeeee Careful what Ya Asks Fur!! ~~~~

Mot: ... What a Scary Moment!!! ~~~~ Dang!!! ~~~

Iraqi News Highlights Saturday Evening 2-11-23

Iraqi News Highlights Saturday Evening 2-11-23

Tlm724 Administrator Bondlady’s Corner

"Pressure Expenditures Or Accept The High Deficit." Deputy: The Government Has Two Options Regarding The Budget

Money and business  Economy News – Baghdad The Parliamentary Finance Committee indicated, on Saturday, that changing the exchange rate may increase the budget deficit by no less than 10 to 15 trillion dinars, with the price of a barrel of oil remaining at around $70.

Committee member Jamal Cougar said, “The financial management law does not allow the government to exceed the budget deficit of 3%, which in all cases does not exceed 15 trillion dinars, but the truth is that the deficit reached more than 60 trillion dinars before changing the exchange rate.” We expect that at least 10 to 15 trillion dinars will be added to this deficit.

He explained that the government “has two options that do not have a third, either pressure expenditures and go towards deleting some paragraphs in the executive budget or the operational and investment budget, or accept the increase in the deficit from 60 trillion to 75 trillion,” and he believed that “the government should not borrow from local banks.” Basically, the city.

Regarding the government's internal debts, he said: "These banks are supposed to play the role that is synonymous with the role of the government because the latter can create job opportunities through projects through the investment budget, while banks can create job opportunities for the private sector by granting soft loans."

And Cougar continued, in an interview with the official newspaper, that "if the government tends to withdraw liquidity from these banks, it will burden it with increasing debts and loans and handcuffing the banks by creating job opportunities, and thus the pressure will transfer to the government, which tended towards appointment."

Regarding the price of a barrel of oil, Cougar explained that "it will be in the budget estimates about $70, even with its low prices, and the government will have to withdraw from bank reserves as happened in previous budgets," pointing out that "the operational budget will be fixed, while the investment budget will change if it chooses."

The government is compressing expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of higher oil prices.    https://economy-news.net/content.php?id=32410

Central Bank Sales Exceed 400 Million Dollars In A Week 

Economy News-Baghdad  The Central Bank of Iraq's total sales of hard currency to dollars during the past week amounted to more than 400 million dollars.

The correspondent of the "Economy News" agency stated that the central bank sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, the amount of 421 million and 971 thousand and 681 dollars, at a daily rate of 84 million and 394 thousand and 336 dollars, up by 6.33% from the previous week.

He added that the highest dollar sales during the current week were on Monday, when sales amounted to 95,26,216 dollars, while the lowest sales were on Sunday, when sales amounted to 76,217,760 dollars.

He pointed out that sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, reached 1460 dinars per dollar, during three days of the week, and it decreased to 1310 starting on Wednesday.

https://economy-news.net/content.php?id=32406

A Slight Decrease In The Dollar Exchange Rate This Evening

Saturday 11 February 2023 17:42 | EconomicalNumber of readings: 118   Baghdad / NINA / - The exchange rate of the dollar witnessed, on Saturday afternoon, a slight decrease this evening.

The selling price of $100 was 149,750 dinars.  And the purchase price of $100 was recorded as 148,750 dinars./ End 8   https://ninanews.com/Website/News/Details?key=1032747

A Kurdish Delegation Is Visiting Baghdad This Evening To Discuss Outstanding Issues Between The Region And Baghdad

Saturday 11 February 2023 16:06 | political Number of readings: 155   Baghdad / NINA   / - The head of the Cabinet of the Kurdistan Region Council of Ministers, Omid Sabah, announced that a delegation from the regional government will visit Baghdad this evening, to discuss and agree on outstanding issues between Erbil and Baghdad. The Kurdistan region comes in the context of official visits by the Kurdistan government to Baghdad to reach an agreement on the issue of oil and gas, the budget, financial rights, dues of the region and many other issues./ https://ninanews.com/Website/News/Details?key=1032709

Oil Prices Achieve A Weekly Gain Of More Than 8%

Economie| 09:19 - 11/02/2023   Follow-up - Mawazine News  Oil prices rose by more than 2%, with a weekly gain of more than 8%, as Russia announced plans to cut oil production next month after the West imposed a ceiling on crude oil and fuel prices from the country.   Brent crude futures rose at the settlement by $1.89, or 2.2%, to $86.39 a barrel.

US West Texas Intermediate crude futures rose $1.66, or 2.1%, to $79.72.

Brent achieved a weekly gain of 8.1%, while WTI rose 8.6%. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=219009

Al-Sudani: The Government And All Its Competent Agencies Will Firmly Confront All Smugglers And Speculators

political| 03:14 - 11/02/2023   Baghdad - Mawazine News, Prime Minister Muhammad Shia' al-Sudani affirmed today, Saturday, that the government and all its relevant agencies will firmly confront all smugglers and speculators.

A statement by the Prime Minister's Media Office, received by Mawazine News, 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 harms the Iraqi economy and affects the living conditions of citizens.” Ended 29/M99

https://www.mawazin.net/Details.aspx?jimare=219040

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

https://www.bondladyscorner.com/

KTFA Members "Saturday Iraq News" 2-11-1012

KTFA:

Clare:  The Central Bank of Iraq meets the US Federal Reserve Bank and the US Treasury at the same time

February 11, 2023

On Friday 10/2/2023, the delegation of the Central Bank of Iraq met for long hours with both the delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, DC.

The two parties expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash.

The delegation of the US Federal Reserve Bank and the US Treasury discussed a number of support and attribution mechanisms for the Central Bank of Iraq, in order to enhance its capabilities to deal flexibly with crises during this stage.

The US Federal Bank confirmed that the Central Bank of Iraq's measures are in the right direction to build a solid banking sector.
Mr. Assistant Deputy Secretary of the US Treasury showed ways to fully support the efforts of the government of Iraqi Prime Minister Mr. Muhammad Shia'a Al-Sudani in economic reform, and the readiness of the US Treasury Department to provide the required support.

The meeting listened to a presentation by the Governor of the Central Bank of Iraq regarding the bank's directions in achieving its most important goals to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer.

The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, confirmed the bank's intention to launch the second package of facilities that would enhance the stability of the exchange rate.

Central Bank of Iraq
Media Office 
11/2/2023

https://cbi.iq/news/view/2236

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Clare:  J.P. Morgan to facilitate payments from the Iraqi banking system to China, CBI

2/11/2023

On the sideline of his visit to Washington, the Central Bank of Iraq (CBI) Governor, Ali Al-Allaq, met with Daniel Zeliko, Vice Chair and Chair of the Governing Board of J.P. Morgan Development Finance Institution.

J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments, and institutions in more than 100 countries.

According to a CBI statement, both sides discussed financial issues, including reserves and liquidity management, and the J.P. Morgan technical support to the Central Bank and the banking sector in Iraq.

The meeting agreed that J.P. Morgan would facilitate payments from the Iraqi banking system to China to directly finance the private sector imports.

"CBI is committed to applying international standards in anti-money laundering and countering the financing of terrorism (AML/CFT) measures," Al-Allaq said.

Trade between Iraq and China rose to a record level last year, making Iraq the Asian country's second most important trading partner.

According to data from the Chinese embassy, goods worth around $53.37 billion were traded between the two countries, up around 43.1% from 2021.

Iraq has become one of the biggest beneficiaries of China's Belt and Road Initiative as China deepens its economic ties across the Middle East through billion-dollar construction and energy contracts.

Beijing struck $10.5bn in new construction deals in Iraq last year, part of a "strong shift" in its engagement towards the Middle East despite a broader downturn in Chinese outbound investment.

"In terms of contracts, Iraq is China's biggest partner. It is also its second largest commercial partner," China's ambassador to Baghdad, Cui Wei, said in a press conference in October 2022.LINK

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Clare:  It continued for many hours.. The Iraqi Central Bank reveals the details of its meeting with the Federal Reserve and the US Treasury

2/11/2023

The Central Bank of Iraq revealed, on Saturday, the details of its meeting with the US Federal Reserve Bank and the US Treasury Department, which it said lasted for many hours.

In a statement received by Shafaq News agency, the bank stated, "The Central Bank of Iraq delegation met for long hours with both the US Federal Reserve Bank and the US Treasury delegation in Washington, D.C. at the same time."

According to the statement, the two parties expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash.

The delegation of the US Federal Reserve Bank and the US Treasury discussed a number of support and attribution mechanisms for the Central Bank of Iraq, in order to enhance its capabilities to deal flexibly with crises during this stage.

The US Federal Bank confirmed that "the Central Bank of Iraq's measures are in the right direction to build a sober banking sector."

The Assistant Deputy Secretary of the US Treasury indicated ways to fully support the efforts of the government of Iraqi Prime Minister Muhammad Shia al-Sudani in economic reform, and the readiness of the US Treasury Department to provide the required support.

The meeting listened to a presentation by the Governor of the Central Bank of Iraq regarding the bank's directions in achieving its most important goals to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer.

The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed the bank's intention to launch the second package of facilities that would enhance the stability of the exchange rate. LINK

Henig:  News about the arrest of a bank manager on charges of smuggling millions of dollars out of Iraq with forged invoices

Feb. 11, 2023

Baghdad/Al-Masala: Sources revealed the arrest of an Iraqi bank manager on charges of smuggling millions of dollars out of Iraq.

Sources said that the director of an Iraqi bank was arrested for his involvement in smuggling hundreds of millions of dollars out of the country, through forged invoices.    LINK

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Henig:  Babylon.. Oil derivatives smuggling factory seized and owner arrested after fleeing to Baghdad

2023-02-10 | 05:32

Al-Sumaria News - Security The National Security

Agency announced on Friday the seizure of a factory for smuggling oil derivatives in Babylon, while pointing to the arrest of its owner after fleeing to Baghdad.

The agency's media said in a statement received by Al-Sumaria News that the detachments of the National Security Agency "managed to seize a refinery and smuggling of oil derivatives in Babylon."

The statement added that "the National Security Agency was also able to arrest the owner of the factory after he fled to Baghdad."     LINK

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Henig:  ExxonMobil is close to leaving Iraq. Find out the details of the upcoming deal

Economy News - Baghdad

ExxonMobil is close to exiting the West Qurna 1 field.

Iraq Oil reported in a report translated by Al-Eqtessad 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 company Pertamina and the Iraqi state-owned Basra Oil Company."

The sale, if it takes place, will "resolve the dispute that ExxonMobil has submitted to international arbitration. It will also strengthen China's foothold in Iraq's oil sector, with China's PetroChina, which currently has a 32.7 percent non-operating stake in the project, taking over as operator."

According to the website, two Iraqi oil officials confirmed the broad outlines of this proposed deal, "where Pertamina will receive an additional 10 percent stake in the project, bringing its total stake to 20 percent, while the Basra Oil Company will buy the remaining 22.7 percent of ExxonMobil."  LINK

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Henig:  Jojoba plant in the deserts of Iraq. What is its economic value? How does it support the agricultural sector?

10/2/2023

BAGHDAD – 100 years ago, Iraq was called the "Land of Blackness" because of the greenness of its large land resulting from the cultivation of many crops, fruits, vegetables, grains and others, but today the country suffers from a significant decline in agricultural areas.

Although the country is suffering from drought, the green carpet has returned to cover some areas, especially in the south, where the cultivation of jojoba has begun to flourish in many areas. And what is its use? And how does the government invest it?

Agriculture in Numbers

During the seventies and eighties of the last century, Iraq adopted development programs and policies for the agricultural sector, but it did not achieve its goals fully as a result of the abnormal conditions that the country went through, from many wars and then an international blockade that extended between 1991 and 2003, which reflected negatively on agriculture and natural resources, especially water.

As a result, figures obtained by Al Jazeera Net correspondent from government sources confirmed that the contribution of the agricultural sector to GDP for 2022 is estimated between 2.5% and 3.5% as a result of water scarcity and lack of government support from fertilizers and seeds, but government efforts are now heading to the "jojoba" plant, which turns the arid desert into a green carpet.

What is jojoba?

According to agricultural engineer Ali Al-Qaragholi, one of the advantages of the soil in Iraq is that it embraces the cultivation of any plant, including the jojoba plant, which is a dicotyledonous plant, adding, "Jojoba has a strong root network consisting of a deep wedge root that reaches a length of more than 10 meters and branches from it a group of non-superficial side roots, and it is also characterized by the fact that its root network may reach a length of more than 10 times the length of the visible part of the plant above the ground, depending on the quality of the soil. and the ability of the roots to penetrate into them."

Speaking to Al Jazeera Net, Al-Qaragholi explains that the jojoba plant is considered a single genus, and is characterized by several stems that are in total a circular shrub ranging in height from one meter to 4 meters, depending on the rate of rainfall or irrigation water, while its leaves are very similar to the leaves of the olive tree, but they are thick and their texture is similar to the texture of the skin.

As for the flowers of the plant, they are odorless and have colors that do not attract insects, according to Al-Qaragholi, who explained that as a result, the pollination process is carried out by the wind, as the light weight of pollen grains and their disc shape help them to move through the wind for distances of more than a thousand meters.

Jojoba fruits are of the "can" type and bear on both sides of the modern branches, and may be individual and sometimes even or in clusters ranging in number of fruits from two to 10 fruits according to many factors that control this, according to Karagholi.

Benefits & Investment

The goboba plant is a type of nut and its extracted oil is used in lotions of lotion liquids, soaps, medical applications and ointments, Dr. Kazem Dili Hassan, dean of the College of Agricultural Engineering Sciences at the University of Baghdad, told Al Jazeera.

Regarding the benefits of this plant, Dr. Hassan adds that the oil constitutes 50% of the content of the jojoba seed, as it is classified as a safe waxy oil that traps moisture, which prevents dryness, and contributes to the manufacture of skincare, body and cosmetics.

"Jojoba wax oil is also used in painting furniture and floors, making high-quality, slow-burning candles, and is also used in biofuels," the agricultural academic added.

Muthanna Governorate (south) is the first in the country to actually start investing in the jojoba plant by exploiting the desert areas scattered in it.

Speaking to Al Jazeera Net, the Director General of the Muthanna Investment Commission, Adel Al-Yasiri, said, "The Commission tended to exploit the Muthanna desert through agricultural investment, where it was actually started planting 500,<> jojoba plants."

Al-Yasiri revealed the Investment Authority's plan to reach the cultivation of one million dunums of this plant during the current year, in addition to asking the owners of strategic projects invested in the governorate to allocate 10% of the project area to plant jojoba plants or palm trees, according to him.

He stressed that the plan of the Muthanna Investment Commission is to transform the desert of the southern province into an integrated food and economic basket for many strategic and food crops that contribute effectively to the development of the economic reality of the province in particular and Iraq in general, as he put it.

Poor agricultural culture

Despite the high hopes, agricultural expert Tahseen Al-Musawi believes – in his interview with Al Jazeera Net – that the culture of growing jojoba plants in Iraq is weak, as well as guidance messages through research and relevant institutions.

Al-Moussawi explained that going towards the cultivation of jojoba will contribute to the reclamation of desert areas, stabilizing the soil and preventing erosion, explaining that "the age of one plant may reach 200 years and perhaps more, as this plant tolerates thirst, salinity and temperatures that reach more than 45 degrees Celsius, in addition to the possibility of growing jojoba in all types of soil, even in rocky ones."

The agricultural expert said that jojoba cultivation needs a national project adopted by state institutions, with government support to benefit from Egypt's experience, which succeeded in investing jojoba to stimulate its green economy, according to him.

Source : Al Jazeera LINK

Henig:  More than $ 53 billion in trade exchange between Iraq and China during the year 2022

2023-02-10 03:38

The Chinese Embassy in Iraq announced on Friday that the volume of trade exchange between the two countries exceeded 53 billion US dollars during the past year.

The embassy said in a statement published today that the volume of trade exchange between China and Iraq reached 53.37 billion US dollars in 2022, an increase of 43.1% year on year.

Last October, Chinese Ambassador to Baghdad Cui Wei told a press conference that "Iraq is the largest country for the Chinese side in terms of contracts and the second partner in terms of crude oil and the volume of trade."    LINK

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Henig:  More than $ 53 billion in trade exchange between Iraq and China during the year 2022

2023-02-10 03:38

The Chinese Embassy in Iraq announced on Friday that the volume of trade exchange between the two countries exceeded 53 billion US dollars during the past year.

The embassy said in a statement published today that the volume of trade exchange between China and Iraq reached 53.37 billion US dollars in 2022, an increase of 43.1% year on year.
Last October, Chinese Ambassador to Baghdad Cui Wei told a press conference that "Iraq is the largest country for the Chinese side in terms of contracts and the second partner in terms of crude oil and the volume of trade."   LINK

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Henig:  Baghdad: We seek to pay the money owed to Russian companies 

Iraqi Foreign Minister Fuad Hussein announced that Baghdad will not violate US sanctions and wants to discuss with Moscow ways to pay the money owed to Russian companies.

During his visit to Washington, Hussein said: "We have a problem with payments. How can we pay Russian companies? That's a real problem."

"That's a problem, because if we pay, our financial system must eventually work through the international system. There are many sanctions for dealing with the Russian side. Our financial and banking systems are connected to Europe, America and many others."

"Doing business financially with Russia means opposing these sanctions. This means that we will create problems for our banking system. Of course, our mission and responsibility is to protect our banks, the central bank and other banks."

"We are discussing these matters with the U.S. side. But we know this is not so easy. As I said, our priority and first task is to protect our banks. When we go back to Baghdad, if the Russians want to discuss these things, we will explain to them why it is so difficult for us."

"If we can reach an agreement with the Russian side in order to protect our banking system, we will do it, because we understand that we have to pay the Russians. The question is when are we going to do it, and when are we going to discuss it with the Russians."

He noted that Moscow and Baghdad have strong ties, and that Russian business is widely represented in Iraq.

"As you know, we have many Russian companies, especially in the oil fields in Iraq, that have been operating for a long time, and we have good historical relations with Moscow."

He noted that cooperation between Russia and Iraq under sanctions against Moscow was discussed during the recent visit of Russian Foreign Minister Sergey Lavrov to Baghdad.

Source: TASS   LINK

Some "Vietnam News" Posted by Henig at KTFA Saturday 2-11-2023

KTFA:   Vietnam:

Henig:  Banks suffered big losses from securities trading in 2022

February, 11/2023 - 08:52

Fiin Ratings attributed the banks’ negative results in securities trading and investment to the interest rate hike, the exchange rate uncertainty, the sharp decline of stock indices and the ‘freezing’ of the corporate bond market.

HÀ NỘI — Many banks reported negative results in securities trading and investment in 2022 due to the interest rate hike, the exchange rate uncertainty, the sharp decline of stock indices and the ‘freezing’ of the corporate bond market, cafef.vn reported.

At State-owned VietinBank, most of its main business segments experienced positive development in the last quarter of 2022. The bank’s net interest income rose by 23.6 per cent to VNĐ12.85 trillion and the net income from service activities increased by 53 per cent to more than VNĐ1.78 trillion while the net income from foreign exchange trading was VNĐ1.123 trillion, up by nearly 2.5 times year-on-year.

However, VietinBank’s proprietary trading made a loss of VNĐ126 billion in 2022. The result was much worse than the previous year when the bank made a profit of VNĐ720 billion in the business segment.

Another State-owned big player Vietcombank was also under the same trend. Though the bank’s net interest income grew by 38.8 per cent to VNĐ14.8 trillion, its proprietary trading in 2022 made a loss of VNĐ115 billion, while it made a profit of VNĐ137 billion in 2021.

Techcombank also had proprietary trading seeing a loss of VNĐ241 billion in 2022, against a profit of VNĐ152 billion in 2021.

Sacombank also recorded negative results from proprietary trading. Specifically, the bank lost VNĐ20 billion from the activity in 2022, while in the previous year it made a profit of VNĐ163 billion.

TPBank’s pre-tax profit in 2022 was nearly VNĐ7.83 trillion, up 30 per cent against the previous year, but the bank’s net income from proprietary operation fell by 70 per cent.

According to the quarterly consolidated financial statement recently released by ACB, the bank’s pre-tax profit in 2022 was more than VNĐ17.11 trillion, up 43 per cent year-on-year, thanks to a decrease in credit risk provisions and an increase in income from service activities (up 22 per cent to VNĐ3.53 trillion) and from foreign exchange trading (up 20 per cent to VNĐ1.05 trillion). However, the bank’s securities trading segment plummeted by up to 92 per cent.

Many other banks such as VPBank, SHB and ABBank all recorded lower securities business results compared to 2021.

Fiin Ratings attributed the banks’ negative results in securities trading and investment to the interest rate hike, the exchange rate uncertainty, the sharp decline of stock indices and the ‘freezing’ of the corporate bond market.

Closing the session at the end of 2022, VN-Index and HNX-Index decreased by 32.7 per cent and 56.7 per cent, respectively, compared to the beginning of the year, which caused the stock portfolio held by banks and their subsidiaries of which business results are consolidated on the banks’ financial statements declined sharply.

— VNS     LINK

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Henig:  Nearly $1.4 billion worth of G-bonds raised in January

February, 11/2023 - 10:25

The figure was equivalent to 30.4 per cent of the first-quarter issuance plan and 8.21 per cent of the annual target.

HÀ NỘI — The State Treasury raised VNĐ32.8 trillion (US$1.39 billion) worth of Government bonds, or 96.56 per cent of the total G-bonds on offer, via eight auctions on the Hà Nội Stock Exchange (HNX) during January.

The figure was equivalent to 30.4 per cent of the first-quarter issuance plan and 8.21 per cent of the annual target.

Of which, 49.74 per cent were 10-year bonds while the remainder were 15-year bonds, with respective interest rates of 4.36 per cent and 4.56 per cent. The rates are down 29 and 24 basis points from the previous auction.

On the secondary market, the trading value of G-bonds during the month reached over VNĐ65.79 trillion, down 9.48 per cent month-on-month, with outright transaction value accounting for 53.74 per cent. The rest was traded via repurchase agreements.

—VNS    LINK

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Henig:  Vietnamese aviation sector to fully recover by end of year

February, 11/2023 - 10:10

The Vietnamese aviation sector is expected to fully recover from the impact of the COVID-19 pandemic by the end of 2023 with an estimated 80 million passengers and 1.44 million tonnes of cargo to be transported by air this year, according to the Civil Aviation Authority of Việt Nam (CAAV).

HCM CITY — The Vietnamese aviation sector is expected to fully recover from the impact of the COVID-19 pandemic by the end of 2023 with an estimated 80 million passengers and 1.44 million tonnes of cargo to be transported by air this year, according to the Civil Aviation Authority of Việt Nam (CAAV).

According to the global outlook for the aviation industry by CAAV, the amount of passengers and cargo transported by air in Việt Nam this year will be up 45.4 per cent and 15 per cent from last year, respectively, or up 1 per cent and 14.8 per cent from 2019 before the pandemic broke out.

Việt Nam saw a full recovery and recorded strong growth in the domestic aviation market in 2022, while its international market is expected to reach the level recorded in 2019 by the end of 2023.

However, there remain huge hurdles for the sector, including limited aviation infrastructure, fluctuation of fuel prices, human resource shortages, and the Russia-Ukraine conflict, which will continue to have a negative impact on the industry this year.

In addition, there are only a few large airports in Việt Nam, all of which have very limited capacities. 

Domestic airports served 9.8 million passengers in January, up 13.8 per cent from the previous month, including 2.3 million international arrivals, a rise of 10 per cent, according to CAAV.

Vietnamese airports handled 112,000 tonnes of cargo in January, up 11.6 per cent from the previous month, according to the authority.

Around 34 million passengers from Việt Nam are expected to travel overseas this year, triple the number of last year, according to analysts at CAAV.

Though China has already resumed travel and economic activities with Việt Nam, it will take longer than this year for the aviation sector to recover to pre-pandemic levels, experts said.

The IATA predicted a recovery of 80 per cent and 95 per cent in the number of international passengers and domestic passengers, respectively, compared to the pre-pandemic period. 

The Asia-Pacific region is expected to recover slowest, according to the association.

— VNS     LINK

Henig:  Thanh Hoa boosts forest product processing

10:00 | 11/02/2023

(VEN) - The industry promotion and energy efficiency center of Thanh Hoa Province is drafting a forest product processing development project for the 2022-2025 period in compliance with directions of the provincial Department of Industry and Trade.

Thanh Hoa Province is home to 160,000 hectares of forests with the Forest Stewardship Council (FSC) certification, more than 10,000ha of planted forests and 6.2 million scattered trees, with the area of large timber forests having increased to 56,000ha and Dendrocalamus barbatus to 30,000ha.

The 2022-2025 forest product processing development project is designed to support rural industrial establishments, increase the province’s wood and non-timber forest product export value to US$100 million and encourage more than 80 percent of wood processors in the province to apply advanced production technology by 2025. The project is expected to promote investment connectivity among rural industrial manufacturers, assist them in raw materials planning, technology, production and competitiveness improvement, and adding value to natural and planted timber.

In 2018, the center provided support worth VND1.3 billion for rural industrial producers in the province. In 2019, the center implemented vital industry promotion projects in the province’s Thach Thanh, Nhu Xuan and Nhu Thanh districts at a total cost of VND2.3 billion, and in 2020, it helped three industrial producers in Ngoc Lac, Nhu Thanh and Trieu Son districts apply advanced forest product processing machinery and equipment, and assisted two other rural industrial establishments, one in Nong Cong District and one in Nghi Son Town, to build technical demonstration models.

Thanh Hoa Province is home to more than 400 forest products processors. Industry promotion projects and forest product processing development workshops have helped them enrich their knowledge, standardize and improve production, and apply advanced technology and equipment. Businesses have begun to connect with each other to form value chains.

Industry promotion projects in Thanh Hoa Province give priority to local raw material exploitation and development and provision of jobs for local residents.

Linh Nhi    LINK

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Henig:  Việt Nam seeks solutions to keep up with green urban development trend

07:00 | 11/02/2023

In Việt Nam, a growing number of cities and municipalities are embracing this trend and are making plans to develop green urban areas that will help to protect the environment and support healthy, thriving communities.

As the world's great cities look to the future, one trend that has become increasingly unavoidable is the development of sustainable green urban areas. This shift is driven by a desire to create better, more livable environments for citizens and to improve their overall quality of life.

In Việt Nam, a growing number of cities and municipalities are embracing this trend and are making plans to develop green urban areas that will help to protect the environment and support healthy, thriving communities.

Reality of green cities

According to the Technical Infrastructure Department, the average tree density across Việt Nam is only 2-3 sq.m per capita. This is a low figure compared to the criteria of the United Nations of 10 sq.m per capita and one-fifth to one-tenth of the number in big cities worldwide, which is around 20-25 sq.m per capita.

In HCM City, although national standards indicate tree density is 15 sq.m per capita, the actual figure is much lower, at only one sq.m per capita.

The total area planned for public parks in HCMC is 11,400 hectares, which equates to a tree density of 7 sq.m per capita. However, only 500 hectares are used as parks, which is only a mere 0.55 sq.m per capita.

HCMC needs to plan and build "green belts" around the city, according to Đinh Quang Diệp, former head of the Department of Scenery and Flower Garden Technology.

Diệp's suggestion is because land reserves for green development in central urban areas, such as in Districts 1, 3, 4, 5, and 10, are no longer available. New urban areas in development need green areas to accompany the concrete architecture.

HCM City authorities have been raising the criteria of land reserves for trees in the city while trying to fulfil the current plans for developing parks in the city.

HCM City plans at least 150 hectares of parks and 10 hectares of public greenery from 2021 to 2025. The city will need to plant 10 million trees to get this done.

In Biên Hoà, Đồng Nai Province, where six industrial areas are present, the economic development has brought about a great rise in population and urbanisation.

Biên Hoà is the most populous Class I urban area in Việt Nam, with more than 1.15 million residents. This high population density has made the land reserves in the city smaller, leading to a decrease in land for trees.

The Ministry of Construction's technical regulation states that Class I urban areas must have a tree density of at least 6 sq.m per capita, but Biên Hoà currently has just over one sq.m per capita.

To meet up with demands for green development, Biên Hoà is focusing on reworking its plans for 2030 and 2050.

Opening up a greener space

For years, the green development of HCMC has been tied to the development of infrastructures. However, the speed of green development has never caught up to the speed of urbanisation, especially in areas such as Thủ Đức, Bình Tân, Bình Chánh, and Nhà Bè.

Experts suggested that HCM City must tightly manage the areas planned for parks that have been misused. Urban and residential projects must seriously commit to building parks for a more harmonious environment.

The city of Thủ Đức has ordered 34 wards to gather feedback from residents to build a general plan for 2040 to 2060. The wards are also ordered to review the current public land reserves planned for parks.

HCM City should have a policy that allows social investments in developing public parks of 10 hectares or more, said Nguyễn Đình Hoà, architect and urban planning expert.

Hoà suggested the parks provide proper ways of generating their own income, such as paid amusement parks, art exhibition areas, and indoor or outdoor gyms.

To achieve their tree density criteria of 3-4 sq.m per capita in 2030, HCMC has started a campaign, "Every resident plant a tree".

Funding and human resources, and volunteers have also been called in their quest to plant ten million trees by 2025.

The city also focuses on building legal frameworks and policies that attract investors to build greenery parks. The government will plan for each of these projects, build policies to gather investment, and manage policies to develop and maintain these parks.

In Biên Hoà, Đồng Nai, the authorities have been focusing on the development of new parks and greenery across the city in recent years.

Đỗ Khôi Nguyên, chairman of Biên Hoà People's Committee, suggested the city be allowed to enact their own measures to increase the tree density rate.

The city will gather investors to build parking lots which had to incorporate areas for greenery. The investors of these parking lots are also responsible for managing and developing green areas.

Smaller parks are also planned to be built in the city, which would also meet the demands for recreation of the public, as well as increase the urban green areas.

Source: VNS LINK