Friday "Vietnam News" Posted by Henig at KTFA 2-17-2023

KTFA:  Vietnam

Henig:  Đà Lạt plans to open casinos, new night market at tourist destinations

07:00 | 17/02/2023

Đà Lạt has proposed to Lâm Đồng Province that the city open food markets, new night markets, and casinos in the Valley of Love and other tourist destinations as part of its night-time economy development project.

The Đà Lạt People’s Committee plans to open a musical park at a city flower garden, and a food market in the area of Trần Lê and Hoàng Văn Thụ streets. Business hours of cafes, cinemas, and shopping centres will be lengthened to increase sales.

In the period of 2023 to 2030, a 1,600-metre walking street on Trần Quốc Toản Street will be opened. A new, modern night market located in the city’s Light Park will also replace the current one on Nguyễn Thị Minh Khai Street.

There will be different programmes and activities in each location to stimulate local demand and tourism.

The city also proposed to let Thành Công Lâm Đồng Tourism Joint Stock Company develop a night-time economy complex, including shophouses and casinos at the Valley of Love and other destinations.

The city’s night-time development project aims to reduce heavy traffic in the city centre, exploit the potential local economy, and bring positive changes to its tourism.

Source: vietnamnews.vn    LINK

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Henig:  Vietnamese collector successfully purchases royal seal

07:00 | 17/02/2023

Authorities are carrying out procedures for the repatriation of the seal to Việt Nam in accordance with the laws of both nations.

A Vietnamese collector from the northern province of Bắc Ninh has spent €6.1 million (US$6.5 million) purchasing the Nguyễn Dynasty imperial seal from a French auction house.

According to the Ministry of Culture, Sports and Tourism, the purchaser of the gold seal is Nguyễn Thế Hồng, Chairman of Bắc Ninh Antiquities Association. He has covered all the expenses for negotiating with Millon Auction House with regard to the seal’s authenticity and repatriation, under the timely sponsorship of the Vietnamese Government and relevant ministries, branches and agencies.

The contract to purchase the seal was signed with Millon on January 13 in France. Authorities are carrying out procedures for the repatriation of the seal to Việt Nam in accordance with the laws of both nations. It is expected to return at the end of April.

Hồng is a real estate businessman. He also established the Nam Hồng Royal Museum in Từ Sơn District, Bắc Ninh Province, which displays the artifacts he has collected, from bronze antiques and ceramics to wooden furniture.

One item in his collection, the Đông Sơn Bronze Jar dating back between 2,200 and 2,300 years ago, was recognised as a national treasure in January.

In November last year, Việt Nam announced that the negotiation for the seal’s return had been successful "in the spirit of consensus and understanding between the two sides and the friendly cooperation relationship between Việt Nam and France".

On October 19, Millon announced its auction of 329 antiquities, including two dating back to the Nguyễn Dynasty – a golden seal made in 1823 and a golden bowl made under the reign of King Khải Định (1917 - 1925). The auction of the seal was deferred twice by the Paris-based auction house due to "the strong interest of the Vietnamese State", as they announced on their website.

According to the French auction house, the gold square seal is 10.4 centimetres high and weighs 10.78 kilograms. It was passed down from the second king of Nguyễn Dynasty, Minh Mạng (1791-1841) to its last, King Bảo Đại (1913-1997).

Its handle is in the form of a coiled dragon with a raised head. The dragon's forehead is engraved with the word Vương (Emperor) which symbolises the emperor's supreme power, and each of its legs has five claws. The phrase Hoàng Đế Chi Bảo (Treasure of The Emperor) appears on the imperial seal.

Việt Nam’s Department of Cultural Heritage has confirmed that the seal is authentic.

According to Dr. Phan Thanh Hải, Director of the Department of Culture and Sports of Thừa Thiên-Huế Province, a member of the National Heritage Council, the Hoàng Đế Chi Bảo gold seal is extremely valuable in terms of culture and history.

"That a private collector has spent all the money to purchase and bring the artifact back home is really a good sign in the process of socialising heritage conservation and promotion activities," he told Thanh Niên (Youth) Newspaper.

Source: vietnamnews.vn   LINK

Henig:  Horticultural, floricultural technology expo attracts 200 brands

February, 16/2023 - 14:55

HortEx Vietnam 2023, the fifth international exhibition and conference for horticultural and floricultural production and processing technology in Việt Nam, will be held in HCM City’s Saigon Exhibition and Convention Centre from March 1 to 3.

HCM CITY — HortEx Vietnam 2023, the fifth international exhibition and conference for horticultural and floricultural production and processing technology in Việt Nam, will be held in HCM City’s Saigon Exhibition and Convention Centre from March 1 to 3.

The exhibition has attracted nearly 200 exhibitors from 25 countries and territories, including Belgium, mainland China, Egypt, France, Germany, Greece, India, Israel, Italy, Japan, the Netherlands, New Zealand, Singapore, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey, the UK, and the host Việt Nam, with those from Egypt and the UK attending the show for the first time.

There will be national pavilions of the Netherlands, Turkey, Taiwan, and Việt Nam. This year, the Netherlands is a “partner country” at the expo, with the participation of 30 Dutch companies under the Netherlands pavilion organised by the Netherlands Embassy in Hà Nội.

In addition to showcasing equipment and technologies for the vegetable, flower and fruit industries, the expo will feature seminars, a fruit and vegetable export forum, Grower Talks, B2B business matchmaking, a flower showcase, a premium fruit showcase and other activities.

To facilitate farmers to have access to new technologies and products from all over the world, the organising committee will provide free shuttle buses for delegations of 40 people or more from provinces to visit the exhibition and attend the seminar.

HortEx Vietnam has become the largest professional meeting place in Southeast Asia for businesses and experts in horticultural and floricultural industry, and helps Vietnamese businesses access advanced technology in the world and expand export markets, said Nguyễn Bá Vinh, director of Minh Vi Exhibition & Advertising Services Company Limited (VEAS), one of the expo’s organisers.

Jointly organised by VEAS, Nova Exhibitions BV Company (Netherlands), and China Great Wall International Exhibition Co., Ltd, the exhibition is expected to attract 8,000 trade visitors.

Đặng Phúc Nguyên, general secretary of the Vietnam Fruit and Vegetables Association, said Việt Nam has the potential to become one of the major fruit exporters for the world. The country has an area of 1.2 million hectares of fruit growing, with total output of about 12 million tonnes a year.

Vegetables and fruit export revenue is over US$3.5 billion per year, he said.

— VNS   LINK

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Henig:  US, Việt Nam to counter wildlife trafficking through sea ports

09:27 | 16/02/2023

The growing demand for endangered, exotic, and protected wildlife drives a global illegal market, valued at more than US$20 billion per year.

Ninety per cent of the world trade is seaborne and an estimated 72-90 per cent of illicit wildlife volumes are trafficked through maritime transport, meaning detecting and intercepting wildlife shipments at maritime ports is critical.

The figures were revealed on February 14 at a workshop on ‘Strengthening inspection, detection, investigation and handling illegal wildlife trade through seaports', co-hosted by the Management Board for Forestry Projects under the Ministry of Agriculture and Rural Development (MARD); the General Department of Việt Nam Customs, United Nations Office on Drugs and Crime (UNODC), US Department of State, USAID. The conference draw the participation of customs representatives from major seaport authorities in HCM City, Hải Phòng, Đà Nẵng, Quy Nhơn and TRAFFIC.

The workshop provided participants with information on the maritime cargo inspection and screening procedures to control and detect wildlife trafficking, including the Customs Container Control Programme, technology interventions to improve detection rates, including new x-ray innovations supported by USAID and the US Department of State, and new guidelines on wildlife trafficking adopted by the International Maritime Organisation.

Examples of interdepartmental, international, and cross-sector coordination and cooperation in countering wildlife trafficking, opportunities and the latest trends of this transnational crime were also highlighted.

“Wildlife trafficking is a cross-border, transnational crime. We focus on capacity building and supporting stakeholders of Việt Nam, including customs and port authorities, to effectively and responsibly enforce international treaties,” said director of the Management Board for Forestry Projects (MBFP), Đỗ Quang Tùng.

Thought to be the world’s largest known ivory seizure, in March 2019 Việt Nam Customs seized over nine tonnes of ivory at Đà Nẵng port. The seizure represents over 1,000 elephants and brought the amount of ivory seized in Việt Nam since 2004 to over 70 tonnes.

“Countering wildlife trafficking is a global priority for the US Government. USAID supports interagency collaboration, transboundary cooperation, and reforms to policies and practices to ensure transnational wildlife crime is prevented,” said Annie Wallace, director of Office of Climate Change, Energy and Environment, USAID Việt Nam.

Participants highlighted opportunities to strengthen the detection and interception of wildlife trafficking cases after a tour at Đà Nẵng port.

"Wildlife trafficking is a growing concern globally, threatening not only biodiversity but also ecosystems vital for climate change mitigation, domestic and international economies. Investigating and intercepting the perpetrators of this illegal trade is a challenge, requiring coordination and collaboration between enforcement agencies and the maritime shipping industry. Through USAID’s Saving Threatened Wildlife project, we aim to change the perception that trafficking wildlife to Việt Nam is a low risk, high reward activity," said Michelle Owen, Chief of Party - Saving Threatened Wildlife, WWF.

Supported by USAID and implemented under the Ministry of Agriculture of Rural Development (MARD) by WWF, TRAFFIC and ENV, the Saving Threatened Wildlife project supports efforts to counter wildlife trafficking.

USAID partners with MARD to assist Việt Nam’s customs and seaport authorities to use technology to counter wildlife trafficking.

USAID’s Saving Threatened Wildlife project, implemented by WWF, convened agencies to discuss tools and technology that combat wildlife trafficking through improved detection and interception at maritime ports.

Source: VNS   LINK

Henig:  Market extends rallies on back of bank stocks

February, 17/2023 - 05:18

The index claimed back nearly 20 points after falling for fourth straight session due to strong selling pressure.

HÀ NỘI — Shares settled higher on Thursday, boosted mainly by banking stocks while foreign investors continued to run away from the market.

The market's benchmark VN-Index gained 10.09 points, 0.96 per cent, to end the day at 1,058.29 points. The index claimed back nearly 20 points after falling for the fourth straight session due to strong selling pressure.

The market's breadth was positive as the number of stocks adding points outnumbered those performing negatively. Specifically, 251 ticker symbols advanced, while 61 stocks went down.

However, liquidity declined over the previous session.

The index's rallies were thanks to gains in large-cap stocks, especially in the banking sector. The VN30-Index, tracking the 30 biggest stocks on the southern bourse, increased by 11.92 points, or 1.4 per cent, to 1,055.26 points.

Twenty-six stocks of the VN30 basket rose, while only two declined. And two stocks stayed flat.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also inched higher on Thursday. It closed the trading session at 210.84 points, an increase of 2.87 points, or 1.38 per cent.

During the session, more than 70.1 million shares were traded on HNX, worth more than 1.2 trillion (US$473.1 million).

Of the top five stocks dominating the market trend, there were three bank stocks, led by BIDV (BID) with a gain of nearly 2.3 per cent. The other two stocks were Vietinbank (CTG) and VPBank (VPB), up 2.77 and 1.74 per cent, respectively.

Hòa Phát Group (HPG)'s and Vingroup (VIC)'s positive performances also lifted the market's sentiment.

On the other hand, foreign capital continued to exit the market as foreign investors net sold VNĐ109.54 billion on the main southern exchange HoSE. They net bought VNĐ16.72 billion on HNX.

VNS   LINK

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Henig:    Attracting green investment in southeast region

06:00 | 16/02/2023

(VEN) - Sustainable development orientation is on the rise, helping Vietnam remain competitive and advance its green economy. Ho Chi Minh City and the southern provinces of Binh Duong, Dong Nai, and Ba Ria-Vung Tau are developing strategies to boost "green" foreign direct investment (FDI) in the region.

Leaders in attracting FDI

Attracting foreign direct investment is a major Party and State policy that contributes to the achievement of socioeconomic development goals. With the existing advantages and appropriate investment attraction plan, provinces in the southeast are leading the country in terms of FDI attraction in the country.

After more than 30 years of attracting FDI, Ho Chi Minh City has become the economic, financial, commercial, science-technology and innovation hub of the area and the country. The city has attracted US$55.8 billion in FDI, accounting for 12.7 percent of the country's total. It has efficiently utilized 18 export processing zones, industrial parks, and high-tech zones, contributing to economic growth, exports, state budget revenue, and country-wide employment.

Binh Duong Province has made significant strides in attracting FDI by concentrating on solutions to improve the investment climate and consistently enhancing competitiveness. As a result, Binh Duong attracted US$3.1 billion in 2022, nearly double its goal. Binh Duong has so far attracted 4,082 FDI projects worth a total of US$39.7 billion from 65 countries and territories, with a rapid investment growth in high technology, environmentally friendly, less labor intensive and high added value sectors.

Dong Nai Province has attracted 1,551 investment projects worth almost US$33 billion from 43 nations and territories. The Republic of Korea, Chinese Taipei and Japan have become the biggest foreign investors in Dong Nai. According to Nguyen Thi Hoang, Vice Chair of the Dong Nai Province People's Committee, FDI inflows are crucial to the province's socioeconomic growth and contribute to the economic restructuring of the industrial sector.

Ba Ria-Vung Tau Province drew more than US$1.3 billion in FDI in 2022, bringing the total to over US$30 billion in 446 FDI projects, placing it fourth in the country in FDI attraction.

Green capital attraction

Many communities in the southeast are keen to attract green-oriented foreign direct investment in order to meet the demands of sustainable development. Ho Chi Minh City People's Committee Chair, Phan Van Mai, has stated that the city will prioritize industrial development based on high technology and a digital economy, with an emphasis on developing industries that have a high science and technology content. The city's export processing zones and industrial parks are undergoing a gradual transition toward high-tech industrial parks.

Notably, in March 2022, Binh Duong Province began development of the Vietnam- Singapore Industrial Park III (VSIP III) on an area of 1,000 hectares, with total capital of more than VND6.4 trillion to attract green FDI. Following the global trend, this industrial park was developed and funded with a focus on sustainability.

The trend of sustainable development, or green industry, is becoming clearer than ever in Vietnam. Vo Van Minh, Chair of the Binh Duong Province People's Committee, affirmed that the province is focusing on developing green industry and industry with high added value. Similarly, in order to be ready to welcome hoped-for green FDI investment, Dong Nai and Ba Ria-Vung Tau provinces are also changing policies to prioritize high-tech and sustainable projects.

High-quality foreign investment capital to green Vietnam’s economy is crucial given the growing interest of developed nation consumers not only in product design and quality, but also in eco-friendly goods. Therefore, the growth of green industries becomes an essential aspect in Vietnam's investment competition.

Thanh Minh    LINK

Iraqi News Highlights Friday Afternoon 2-17-23

Iraqi News Highlights Friday Afternoon 2-17-23

Tlm724 Administrator Bondlady’s Corner

The Government Announces The Adoption Of The Official Exchange Rate At All Airline Outlets

Economy News – Baghdad   On Friday, the official spokesman for the government, on behalf of Al-Awadi, confirmed the adoption of the official exchange rate of 1,320 dinars per dollar in all airline outlets, starting today.

Al-Awadi said in a statement: “In compliance with the pledge made by the government before public opinion to follow up on the implementation of its decisions, and in implementation of the Prime Minister’s directives in the seventh session, to follow up on all Iraqi institutions concerned with applying the new exchange rate, and to assist them in facilitating any obstacle that prevents the implementation of the decision, Direct and serious work has been done to solve the problem of the exchange rate in Iraqi Airways tickets, and starting today, the official exchange rate of 1320 dinars has been adopted in all Iraqi Airways outlets.   https://economy-news.net/content.php?id=32512

The Decline In The Exchange Rate Of The Dollar In The Local Markets

Economie| 09:59 - 02/17/2023   Baghdad - Mawazine News  The exchange rate of the dollar decreased this morning in the local markets.  The selling price of 100 dollars was recorded as 153 thousand dinars.

The purchase price was also recorded at 152 thousand dinars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance reached 1,300 dinars per dollar.

https://www.mawazin.net/Details.aspx?jimare=219560

JP Morgan: Oil Would Exceed $100 A Barrel In This Case

Energy Economy News – Baghdad “JP Morgan” analysts said in a note, on Friday, that Brent crude prices are unlikely to exceed the $100 per barrel mark this year unless major geopolitical developments occur, amid possibilities that the “OPEC +” group will increase supplies and that Russian flows will recover by Mid 2023.

According to the note, it is unlikely that the "OPEC +" group, which includes members of the Organization of the Petroleum Exporting Countries "OPEC" and producers outside it, including Russia, will defend the level of eighty dollars and therefore it will not need to reduce production quotas this year.

She indicated that the conglomerate may instead add 400,000 barrels per day to production.

And Saudi Energy Minister Prince Abdulaziz bin Salman said, yesterday, Thursday, that the current “OPEC +” agreement to reduce production target by two million barrels per day will remain in effect until the end of the year.

JPMorgan analysts said that with Russian production expected to see a full recovery by June, and high price levels preventing the United States from buying back to boost its strategic petroleum reserves, the supply-demand balance gap is likely to narrow.

Brent crude futures are trading, on Friday, near $84 a barrel, and are heading for a weekly decline, amid expectations that any tightening monetary policy in the United States may undermine demand.

JP Morgan maintained its estimate of oil demand growth from China, the largest importer, at 770,000 barrels per day.

Analysts expect China to import record quantities of crude in 2023 due to the increased demand for fuel, mainly due to the recovery of movement and travel after the abolition of Covid-19 restrictions.

https://economy-news.net/content.php?id=32516

Oil Prices Are Falling Globally

Economie| 09:46 - 02/17/2023   Baghdad - Mawazine News  Oil prices fell on Friday, incurring weekly losses, as strong US economic data increased concern about the continuation of the Federal Reserve (US Central Bank) policy of monetary tightening to curb inflation, which may affect fuel demand even with the growth of crude stocks.

And by 0305 GMT, Brent crude futures fell 49 cents, or 0.6 percent, to $ 84.65 a barrel, while West Texas Intermediate crude futures fell 46 cents, or 0.6 percent, to $ 78.03. The two benchmarks are heading for a weekly decline of about 2 percent.

Data showed the producer price index in the United States rose 0.7 percent in January, after falling 0.2 percent in December. Meanwhile, claims for unemployment benefits unexpectedly fell to 194,000, versus an expectation of 200,000 in a Reuters poll.

"The strong US data reinforced concerns about raising interest rates and pushed up US Treasury yields, putting pressure on oil and other commodity prices," said Kazuhiko Saito, senior analyst at Fujitomi Securities.

He added that the increase in crude stocks in the United States exacerbated the pressure.

On Wednesday, the Energy Information Administration reported that US crude oil inventories rose last week to the highest level since June 2021, after a larger-than-expected increase.

Saito said  The International Energy Agency said this week that China will account for nearly half of global oil demand growth this year after easing restrictions related to Covid-19, but restrictions imposed by OPEC + countries, the group that includes the Organization of the Petroleum Exporting Countries (OPEC) and allies, on production. It could mean a supply deficit in the second half of the year.

Saudi Energy Minister Prince Abdulaziz bin Salman said that the current OPEC + agreement to reduce oil production by two million barrels per day will remain until the end of the year, adding that he is still cautious about Chinese demand. Ended 29 / H   https://www.mawazin.net/Details.aspx?jimare=219558

Washington Affirms Support For The "Economic Reforms" Adopted By The Sudanese Government

Arab and international  Economy News – Baghdad On Friday, Prime Minister Mohamed Shia al-Sudani met US Senator Chris Van Hollen, on the sidelines of his participation in the Munich Security Conference.

The meeting witnessed, according to a statement by Al-Sudani's office, "they discussed relations of joint cooperation between Iraq and the United States of America, and ways to consolidate them in several fields."

The meeting also dealt with "Iraq's continuous efforts in combating terrorism and extremism, affirming support for the economic reforms adopted by the current government, and the path it is taking in implementing its government program."   https://economy-news.net/content.php?id=32514

General Electric Clarifies Its Business Map In Iraq And The Most Important Objectives Of The Signed Memorandum Of Understanding

Reconstruction and building   Economy News-Baghdad   Today, Thursday, General Electric confirmed that the memorandum of understanding signed with Iraq aims to achieve the vision of the Ministry of Electricity to provide a highly reliable infrastructure for the energy sector and support economic growth, while the company showed its business map in the country.

The President and CEO of General Electric, Joseph Anis, told the Iraqi News Agency (INA): "The memorandum of understanding signed today is an extension of our continuous cooperation with the Iraqi Ministry of Electricity, and reflects its vision to stimulate positive change by developing a sustainable and highly reliable infrastructure for the energy sector, especially as it strengthens it." It not only contributes to meeting the growing energy needs, but also constitutes a springboard for achieving economic growth.”

He added, "General Electric has supported the endeavors of the Iraqi people in developing the energy sector for more than 50 years, and we added up to 19 gigawatts of production capacity in the country in just over a decade, and we were among the first companies to rehabilitate power generation stations in the regions."

liberated, and we have helped the Iraqi government secure more than $2.4 billion to finance energy projects since 2015, and the new cooperation principles document (the signed memorandum of understanding) confirms our continued commitment to providing effective results that drive progress in various regions of Iraq, and help build its local capabilities.

And he continued, "In 2021, General Electric announced a comprehensive plan for energy transition in Iraq that includes several proposed strategic initiatives to support the transition to the use of cleaner energy sources, and to continue enhancing the capabilities of Iraqi workers in this field.

The initiatives include the use of gas associated with oil production in electricity generation." Converting existing power plants that operate in the simple cycle system to the combined cycle, which contributes to enhancing their efficiency, achieving significant fuel savings, and reducing emissions, in addition to implementing carbon capture solutions and using hydrogen as fuel for power plants in order to achieve climate neutrality in the long term.

The initiatives provide stable and sustainable energy for more areas, create thousands of jobs for the Iraqi people, and stimulate the growth of the local economy by opening wide opportunities for local companies and suppliers.

He pointed out, "In addition to its efforts to develop the vital national infrastructure, General Electric is constantly focusing on community development projects in Iraq, as the company has cooperated during the last period with the "Capita" institution to support the private sector in supporting up to 50 micro-companies.

It is owned by Iraqi citizens by providing grants and training courses on marketing and doing business, and the company provided scholarships to students of the Baghdad College of Business, and the percentage of Iraqi citizens working for the company in Iraq reaches about 95%.

Today, Thursday, the media office of the Prime Minister announced the signing of a memorandum of understanding between the Ministry of Electricity and the American General Electric Company, while Prime Minister Muhammad Shia al-Sudani affirmed the government's seriousness in supporting the energy file.   https://economy-news.net/content.php?id=32511

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

https://www.bondladyscorner.com/

Friday Morning Iraq Economic News Highlights 2-17-23

Friday Morning Iraq Economic News Highlights 2-17-23

The Iraqi Government In The Face Of Money Laundering And Terrorist Financing.. Who Will Prevail?

Money laundering operations devoured much of Iraq's financial imports throughout the post-2003 years (Al-Jazeera)

Salah Hassan Baban  2/16/2023  During the past days, Iraqi Foreign Minister Fuad Hussein headed a high-ranking economic and banking delegation on an official visit to Washington, during which he discussed a number of files that were described as "important", including those related to the development and reform of monetary policy, and facing current challenges at the monetary and banking levels. What these measures reflect in terms of reforming the banking system by combating corruption and money laundering.

The United States also welcomed these moves on the sidelines of a meeting between Brian Nelson, Assistant Secretary of the US Treasury, and the Governor of the Central Bank of Iraq, Ali Al-Alaq, in Istanbul earlier this month.

The US official acknowledged Iraq's "unwavering" dedication to improving compliance standards to combat money laundering and terrorist financing, and offered continued cooperation in modernizing the banking sector.

Regarding his meeting with Al-Alaq, Nelson said in press statements that he came to discuss reforms in the banking sector, and ways to fulfill the mutual commitment to combating money laundering, and confronting the financing of terrorism.

Join Egmont

Among those positive steps is Iraq's recent accession to the membership of the "Egmont" group of financial investigation units, to enhance efforts to combat corruption and money laundering.

The group includes 167 countries, and works to facilitate the exchange of information on criminal records, money laundering and terrorist financing at the international level, by providing the office with a secure communications network with countries of the world, which contributes to following up the movement of funds internationally and strengthening financial investigation procedures, leading to the recovery of funds and assets.

Iraq's recent moves came after its local currency reached the brink of collapse, reaching its lowest record level against the dollar in 18 years, and its decline to about 1,700 dinars against one dollar in informal market exchanges early this month, due to the US sanctions imposed on it, which prompted the prime minister's government. Minister Muhammad Shayaa al-Sudani took an urgent decision to raise the value of the dinar to 1,300 against the dollar and approve it in the financial budget for the current year 2023.

Government Optimism

Optimistic that Iraq will join that group, Mazhar Muhammad Salih, economic advisor to the Iraqi prime minister, acknowledges that the country is in dire need of joining the Egmont membership.

He explained that it is "an international network that works to enhance communication and interaction between the financial investigation units in the world, which are represented at the national level by the Anti-Money Laundering and Terrorist Financing Office."

The Governor of the Central Bank of Iraq heads the Supreme Committee for Combating Money Laundering and Terrorist Funds, which issues regulatory regulations and related instructions, based on the Anti-Money Laundering and Terrorist Financing Law adopted by Iraq in 2015.

According to Saleh's statement to Al-Jazeera Net, the strengthening of cooperation ties between Baghdad and international compliance institutions requires that Iraq be an active member of the "Egmont" to create better international cooperation for the benefit of the country and the world in combating money laundering and related activities.

Iraq is an active member of the Financial Action Organization for the Middle East and North Africa region since 2004, which qualifies it - according to Saleh - to join the international group "Egmont", which is relevant and effective in combating money laundering.

Before 2003, Iraq did not know many money laundering operations, which began to intensify after the American occupation, and reached very high levels, especially with its association with “ illegal” activities that contributed to smuggling money outside the borders to be laundered and returned again in a “legitimate form” such as real estate. Or other in-kind holdings such as gold.

On the ground, Iraq's first steps to reduce this phenomenon came through the establishment of the Anti-Money Laundering Office in April 2007, whose tasks are summarized in collecting and analyzing information related to financial transactions, and creating channels of cooperation and interaction with the relevant local and international authorities to combat it.

The Iraqi government in the face of money laundering and terrorist financing.. Who will prevail? 44-3Mazhar Muhammad Salih believes that Iraq is in dire need to join the "Egmont" (social networking sites)

Iraq Losses

Money laundering operations devoured much of Iraq's financial revenues throughout the post-2003 years, but the scandal known as the "theft of the century", which wasted $2.5 billion illegally from a bank account of the Iraqi government and was laundered through private banks, is considered the largest case of corruption through money laundering in the country.

According to previous annual reports, international and local remittances were considered one of the most used tools for money laundering for the years 2019, 2020 and 2021. These figures appear to be somewhat identical with what a member of the Parliamentary Integrity Committee in the Iraqi Parliament, Representative Hadi al-Salami, spoke about Iraq's losses from money laundering operations.

And the Iraqi representative refers to one of those cases, which is that in 2020 only the Central Bank sold 40 billion US dollars in the currency auction, which is supposed to be matched by the same value of imports at 40 billion dollars, but its value amounted to only 14 billion dollars, and this means that the value of Corruption operations were estimated at $23 billion in the aforementioned year.

In 2021, the volume of the currency sold at the auction amounted to 30 billion US dollars, while the value of imports amounted to only 13 billion dollars, and the difference between them - according to Al-Salami - represents what Iraq loses in terms of money laundering and terrorist financing.

In his interview with Al-Jazeera Net, MP Al-Salami calls on the Iraqi government and the Central Bank to abide by the terms and laws of the international community to prevent smuggling of currency to prevent it from colliding with it in ways that it considers "inappropriate" in order to achieve the interests of the people.

Regarding the most prominent mechanisms that must be taken to amputate or limit money laundering operations, the member of Parliamentary Integrity stresses the need for a monetary policy for the Central Bank, and a financial policy for the Ministry of Finance, calling on the Central Bank to withdraw the licenses of banks involved in currency smuggling or money laundering through speculation. The same applies to some offices and companies.

The Iraqi government in the face of money laundering and terrorist financing.. Who will prevail? 22-5Representative Hadi Al-Salami calls on the Iraqi government and the Central Bank to abide by international laws to prevent currency smuggling (Al-Jazeera)

Modest Steps

On the possibility that the recent steps of the Iraqi government and the central bank to combat money laundering and terrorist financing operations will pave the way for more dollars to flow into the country, economist Dr. Kovind Sherwani says that these steps are "modest", and that they are still in their infancy, and may not rise to the level of ambition. required to achieve the expected results.

Sherwani infers his opinion from the continuation of the smuggling of hard currency, with a scarcity of it in the market, and this is what reinforced the unprecedented rise in its prices against the local currency.

And the economist indicates - in his speech to Al-Jazeera Net - that most of the money laundering and smuggling operations do not take place through transfers, which decreased by 70%, but rather take place in cash.

Regarding the impact of this on the stability of the local currency against the US dollar, Sherwani warns that the continuation of money laundering and smuggling abroad will increase the decline of the Iraqi dinar against the dollar, with its impact on the existing quantities of hard currency in the parallel markets with the continued demand for it.

Source : Al Jazeera   LINK

A Trip To Washington.. What Did The Iraqi Delegation Achieve By Visiting America?

Ahmed Al-Dabbagh  2/17/2023  Baghdad - Many questions are being raised about what the Iraqi delegation, headed by Iraqi Foreign Minister Fuad Hussein, went to the United States of America, accompanied by a high-ranking delegation that included the governor of the Central Bank and many officials.

The visit, which the Iraqi delegation began on the ninth of February, lasted more than 6 days and was marred by a lot of ambiguity, especially since the American Middle East Institute made it clear in a report that the administration of US President Joe Biden pressured the Iraqi delegation that visited Washington to push Baghdad towards Redirecting the Iraqi energy sector away from Iran, and dealing with accusations against the Iraqi banking sector that it is helping the Iranian regime to evade Western sanctions.

A trip to Washington.. What did the Iraqi delegation achieve by visiting America? 04-2The Iraqi Central Bank announced a few days ago the adjustment of the exchange rate of the dollar against the dinar to control the exchange rate in parallel markets (Al-Jazeera Net)

Mysterious Visit

About 3 months ago, Iraq witnessed a significant rise in the exchange rate of the dollar against the Iraqi dinar in the parallel markets, which prompted the Iraqi government to officially reduce the exchange rate of the dollar from 1460 to 1310 dinars per dollar to control the economic situation and avoid popular protests, which appears to be the Iraqi government It did not fully succeed in it, especially since the exchange rate of the dollar in the parallel markets is still around 1,530 dinars per dollar.

The ambiguity of the Iraqi delegation's visit to Washington was exacerbated by the press conference held by Iraqi Foreign Minister Fuad Hussein with his American counterpart Anthony Blinken, where the two parties in Washington talked about the importance of continuing the American-Iraqi relationship at all levels without going into details.

While the statement of the Iraqi Ministry of Foreign Affairs referred to the Iraqi minister's emphasis during the conference on the need to strengthen bilateral relations and joint coordination, as he said, "During the meeting, common views were exchanged on the most important issues related to bilateral relations, and the Iraqi foreign minister praised the United States' support for Iraq."

Yesterday, Wednesday, the Iraqi and American governments issued a joint statement of the US-Iraqi Higher Coordination Committee, which included a number of agreements and understandings, in which it stated that the Iraqi Foreign Minister and his American counterpart chaired a meeting of the Higher Coordination Committee, in accordance with the strategic framework agreement for the relationship of friendship and cooperation between the two countries signed in 2008. .

The statement touched on the support provided by Washington to Baghdad with regard to the financial and banking sectors, combating money laundering, climate change, Baghdad's relationship with the Gulf countries, and electrical interconnection, without addressing the details of the talks that brought the two parties together regarding the conditions of the US Federal Reserve and the application of the Swift system.

According to a report published by the American Middle East Institute, the Iraqi government was betting that Fouad Hussein and the Governor of the Central Bank of Iraq, Ali Al-Alaq, would be able to persuade the US administration to freeze or postpone the restrictions imposed by the US Federal Reserve on dollar transfers to Iraq, then the report returned and confirmed that Washington had not No promises are made in this regard.

A trip to Washington.. What did the Iraqi delegation achieve by visiting America?   Al-Shammari: The Iraqi delegation was unable to persuade Washington to stop the electronic platform of the Central Bank of Iraq (Al-Jazeera Net)

Behind The Scenes

It seems that the Iraqi delegation was unable to persuade the United States to stop the electronic platform of the Central Bank of Iraq or to postpone its work, according to what was revealed by the head of the Center for Political Thinking, Ihsan Al-Shammari, to Al-Jazeera Net.

Al-Shammari added that the United States informed the Iraqi delegation that it is ready to cooperate with Baghdad regarding the mechanisms of implementing the electronic platform and delivering the dollar to Iraq according to documents proving the end user of the American currency, in line with the “Swift” system, in addition to the need for the Iraqi government not to contribute to handing over the dollar to the Iraqis subject to it. to US sanctions.

The Iraqi-American talks did not stop at this point, according to Al-Shammari, who said that Washington discussed with the Iraqi delegation many issues related to the strategic framework agreement, and stressed the need to remove tension between Baghdad and the Kurdistan region and settle the oil and gas files between them, attributing the reason for the long stay of the delegation Iraqi in Washington for the thorny files that were discussed.

It is clear from the ambiguity that accompanied the Iraqi delegation's visit to Washington that there are recommendations for the Iraqi delegation to follow what is described as "media silence" and not to reveal the scenes of what was discussed behind closed doors, according to political researcher Raad Hashem.

Speaking to Al-Jazeera Net, Hashem explained that the Iraqi delegation discussed the economic and financial situation with regard to the dollar and the understandings with the US Treasury and the US Federal Reserve, explaining that "there may be a very specific deadline, not exceeding 3 months, for Iraq in order to prevent the smuggling of the dollar to all of Iran."

And Syria, Lebanon and Russia, in return for facilitating the supply of dollars to Iraq, while the electronic platform and the Swift system remain in operation without returning to the old system in the currency auction at all.

A trip to Washington.. What did the Iraqi delegation achieve by visiting America?   AFGhanem Al-Abed: Washington will determine the extent of its satisfaction with the Iraqi government by inviting the Sudanese or not (Al-Jazeera Net)

American Complacency

In the midst of the talk about the Iraqi delegation's visit to the United States, many Iraqi circles are wondering about the extent of American satisfaction with the Iraqi government headed by Muhammad Shia'a al-Sudani, who assumed his duties at the end of last October.

This question is answered by the researcher at the Roaa Institute for Studies, Ghanem Al-Abed, who explained that the United States did not give any hope to Baghdad to postpone work on the electronic platform in exchange for promises to support the Iraqi government in its relations with Jordan and the Gulf countries, indicating that this support will be according to conditions, and otherwise support will not continue. Washington to the Sudanese government, as he put it.

As for Al-Sudani's visit to Washington, which was long talked about, Al-Abed believes - in his interview with Al-Jazeera Net - that it is not known until this moment whether Al-Sudani will visit Washington soon or not, indicating that this visit will be the criterion for knowing the extent of American satisfaction, and that knowledge of this needs For more time, which may not exceed one month only, he said.

A trip to Washington.. What did the Iraqi delegation achieve by visiting America? A621cf8c-f782-4cdf-bae2-6aea3eab2b6fAl-Mashhadani saw that Washington's imposition of the Swift system is an opportunity for Baghdad to control dollar smuggling (Al-Jazeera Net)

Iraqi Opportunity

On the other hand, Professor of Economics at the Iraqi University in Baghdad, Abd al-Rahman al-Mashhadani, considered that Washington's imposition of implementing the Swift system on Iraq is an opportunity for the Iraqi government to control the file of dollar smuggling outside the country, which previous Iraqi governments did not succeed in.

In his speech to Al-Jazeera Net, Al-Mashhadani revealed that the Iraqi delegation did not intend to ask Washington to postpone work on the electronic platform, knowing that this was impossible, and that what happened with the US Treasury and the Federal Bank does not go beyond how to organize cash payments, monitoring and auditing, and how the Federal Reserve helps the Iraqi Central Bank to achieve stability.

Cash inside Iraq, leaving the determination of the exchange rate for the dollar in the custody of the Iraqi government, which undertakes the tasks of controlling the exchange rate and determining the value of the Iraqi currency.

Economically, Al-Mashhadani says, "The currency auction sales at the Central Bank of Iraq are now proceeding according to the normal situation, and that the continued reduction of the cash sale of the dollar will dry up the sources of smuggling, although it will lead to an increase in the exchange rate of the dollar in the parallel markets, taking into account that smuggling is still continuing in cash through Iraqi borders with neighboring countries.

Al-Mashhadani holds the Central Bank and Iraqi governments responsible for the monetary situation related to the dollar, especially since the US Federal Reserve had informed Baghdad about the necessity of working on the electronic platform about two years ago.

Attempts by the Al-Jazeera Net correspondent to communicate with officials of the Central Bank and the Iraqi government to comment on the visit and the understandings that resulted in it did not succeed.

Source : Al Jazeera   LINK

"Tidbits From TNT" Friday Morning 2-17-2023

TNT:

CandyKisses:  Al-Fatlawi: America is playing according to a scheme to drag Iraq towards it to ensure the implementation of its policies

Information / Baghdad.

A member of the Fatah Alliance, Ali Al-Fatlawi, said that America is playing a certain chord in order to drag Iraq towards it and ensure the achievement and implementation of its policies, pointing out that America was behind raising the value of the dollar currency in the Iraqi markets in order to achieve its goals.

Al-Fatlawi told Al-Maalouma that "America can no longer implement and enforce its agendas inside Iraq, especially after it was revealed to everyone its actions, goals and plans, as the people realized what they aspired to through its presence in Iraq."

He added that "America plays on a certain chord and concept so that it seeks to drag Iraq towards it and ensures that it continues to cooperate with it and not stand against it, which pushes it to intervene and refuses to cooperate with other countries."

He pointed out that "Iraq has a neutral and balanced role with all regional and international powers, at a time when America plays a chord through which it seeks to implement its agenda inside Iraq and achieve what its policy aims at, including changes in the exchange." rate of the currency and its repercussions, as it stood behind this matter in order to achieve its goals.”

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Candy/Kisses:  Economist: The total budget amount may reach 160 trillion dinars

Information/Baghdad...

Economist Mustafa Akram Hantoush explained that the total budget amount may reach 160 trillion dinars, pointing out that the operational aspect of salaries has risen to about 105 trillion, as well as that there are tendencies to build new cities.

Hantoush told Al-Maalouma that "the Sudanese is working on preparing a budget that does not exceed 150-160 trillion in its spending, operational and investment aspects, which put him in front of a great challenge."

“The budget should take into account the ongoing and lagging investment projects and accommodate the salary increase, and salaries are expected to reach 105 trillion from the 91 trillion allocated to the operating side,” he added.

He pointed out that "the investment side, after it was 27 trillion, but expectations indicate that it will reach 50 trillion dinars with the implementation of the Prime Minister's plan for residential and real estate projects and the construction of new cities, and therefore the total budget amount may reach 160 trillion dinars.” 

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CandyKisses:  Oil is heading for weekly losses of about 2 percent

Baghdad - Nas  

Oil prices fell in early Asian trading on Friday, heading for weekly losses, as strong U.S. economic data increased concern that the Federal Reserve will continue its monetary tightening policy to curb inflation, which could affect fuel demand even as crude inventories grow.      

Data showed the U.S. producer price index rose 0.7 percent in January, after falling 0.2 percent in December. Meanwhile, applications for unemployment benefits unexpectedly fell to 194,200, versus <>,<> in a Reuters poll.  

Price movement  

By 0405 GMT, Brent crude futures were down 68 cents, or 0.8 percent, at $84.46 a barrel, while U.S. West Texas Intermediate crude futures were down 66 cents, also 0.84 percent, at $77.83. Crude is heading for a weekly decline of about two percent, according to Reuters data.  

Kazuhiko Saito, senior analyst at Fujitomi Securities, said: "Strong U.S. data reinforced concerns about interest rate hikes and led to higher U.S. Treasury yields, putting pressure on oil and other commodity prices."  

He added that the increase in crude inventories in the United States had exacerbated pressures.  

The Energy Information Administration reported on Wednesday that U.S. crude oil inventories rose last week to the highest level since June 2021 after a larger-than-expected increase.   

"However, the loss was limited as investors expect fuel demand in China to recover," Saito said.  

The International Energy Agency said this week that China will account for nearly half of global oil demand growth this year after COVID-19 restrictions are eased, but restrictions imposed by OPEC+ countries, a group that includes the Organization of the Petroleum Exporting Countries and allies, on production could mean a supply deficit in the second half of the year.  

 Saudi Energy Minister Prince Abdulaziz bin Salman said the current OPEC+ agreement to cut oil production by two million barrels per day would remain until the end of the year, adding that he remained cautious about Chinese demand.  

**

CandyKisses:  What are the most important religious and historical Ramadan series this year?

Baghdad - Nas  

Arab TV drama makers are preparing to air dozens of series as the month of Ramadan approaches, and a host of important historical dramas are emerging among these highly anticipated series.      

"Raise Your Voice" prepared a report followed by "Nas", (February 17, 2023), about the most important historical works, and why some of them sparked controversy in the Arab street. What series have been postponed and will not be included in the Ramadan season?.  

The report reads as follows:-  

 The Sultan's Secret  

An Egyptian series produced by United Media Services Company and Synergy Productions. It is based on the story "His Secret of the Father" by the late Egyptian writer Youssef Idris. It is a script, dialogue and directed by Khaled Youssef in his first television work. The series stars many Egyptian and Arab stars, including Ahmed Fahmy, Ahmed Al-Saadany, Hanan Mutawa, Reem Mustafa, Hussein Fahmy, Amr Abdel Jalil, Kuwaiti Shams, Tunisian Rania Al-Toumi, Syrian Nidal Najm.  

The production company hasn't released much information about the series yet. But director Khaled Youssef referred to the main idea of the work through his Facebook page, when he said that: The series takes place in the framework of a modern historical drama, between two times, namely the current era and the era of the French campaign on Egypt in 1798.

On the other hand, some sources said that the work revolves around the myths of the Egyptian countryside, and the reasons for building a shrine for a person somewhere, so that people start going to this place to ask for the fulfillment of their wishes.  

The series is expected to transport viewers to the atmosphere of Egypt at the end of the eighteenth century. At that time, the most famous French commander Napoleon Bonaparte was the leader of the French expedition to the East in 1798. The French triumphed over the Mamluks and Ottomans and managed to rule Egypt for a short time. They soon left "Mahrousa" in 1801 after they concluded an agreement with the British and the Ottoman Empire.  

 Muawiyah Bin Abi Sufyan  

 Produced by MBC TV, written by Egyptian journalist Khaled Salah, and directed by Tarek El-Erian. It stars many stars, including Iyad Nassar, Asma Jalal, and Soheir Ben Amara, and includes Tunisians Aicha Ben Ahmed and Jamila Chiha. The character of Muawiya bin Abi Sufyan is represented by the Syrian artist Loujain Ismail.

The series is filmed at Cartago Film Studios in Hammamet, Tunisia, along with scenes in northern and southern Tunisia in cities such as Mahdia, Monastir and Enfidha. Several news reports stated that the work would be the most expensive in the history of Arab television drama. It has a budget of more than $75 million.  

Talk about the series has revived the controversy that always arises about the problem of embodying companions on the small screen. This situation is very similar to the controversy that arose in 2012 when Omar Bin Al-Khattab was a co-production of MBC TV and Qatar Media Foundation. Its budget at the time was 53 million US dollars.  

The series is also expected to generate more controversy, especially in Shiite circles. Almost two months before his presentation, Sadrist leader Muqtada al-Sadr called on Saudi Arabia to halt the work.  

Muawiyah's series is also expected to break into many booby-trapped areas in Islamic history. They are the most rugged areas surrounded by halos of holiness and reverence. The series will be about the biography of the companion Muawiya bin Abi Sufyan. He will tell about his role in the war that took place within the Islamic State after the death of Caliph Othman bin Affan in the year 35 AH.

The work will also monitor the most prominent stations on Muawiyah's path to the seat of succession, in particular his war against the fourth caliph, Ali bin Abi Talib, and the arbitration incident.  

It is worth mentioning that the Arab historical drama has already dealt with the biography of Muawiya bin Abi Sufyan before in more than one work. The series "Muawiyah, Hassan and Hussein", which aired in 2011, was the most important of these works ever. At the time, the series was heavily attacked in Shiite circles.

For example, the supreme Shiite authority in Iraq, headed by Ali al-Sistani, announced its "reservation" about the series being shown during the month of Ramadan by a number of Arab satellite stations, considering that it would increase the difference between Muslims by exposing it to very sensitive events in Islamic history. Following the announcement, the Iraqi parliament took a decision to ban the series from being shown on any Iraqi channels.  

Imam Shafi'i  

Egyptian series. Written by Mohammed Hisham Abey, and directed by Syrian director Laith Hajo. It stars a large group of Egyptian and Arab actors: Khaled Al-Nabawy, Nidal Al-Shafei, Khaled Anwar, Mohamed Al-Sharnoubi, Arwa Gouda, Khaled Al-Qish, Farah Bseiso.

News of the start of work on the series received positive reactions from many critics because it brings "historical religious works in drama back to the fore after being absent for years due to huge costs and many preparations..."  

It is worth mentioning that the biography of Imam Shafi'i has previously been presented in Egyptian television drama on more than one occasion. In 1997, this character was embodied in the series "The Age of the Imams" directed by the late director Hossam El-Din Mustafa, and Al-Shafei was highlighted again in 2007 when a series entitled Imam Al-Shafi'i directed by Sherine Qassem was broadcast.  

 It is known that Imam Muhammad bin Idris Al-Shafi'i was born in 150 AH in Gaza City, and his mother moved him to Mecca, where he lived his childhood. He then traveled throughout the Islamic world and learned from some of the great scholars such as Malik bin Anas and Muhammad bin Al-Hassan Al-Shaibani. Al-Shafi'i traveled to Egypt in 198 AH, and gave his lessons at the Mosque of Amr Ibn Al-Aas.

He managed to attract dozens of pupils and students to his council. He is known for his famous doctrine of jurisprudence, which has become one of the four most famous schools of jurisprudence in Sunni Islamic circles throughout history.  

Levantine historical drama  

Levantine historical drama has proven itself in past years as one of the hallmarks of Arab screens in every Ramadan season. The genre has attracted viewers for its ability to blend history with social Levantine folklore. Next Ramadan two works of that category will be exhibited. The first is the thirteenth part of the popular series Bab al-Hara.

The first part of which was shown in 2006, and is produced by Maysaloon Film for artistic production. It was written by Marwan Kaouk and Kamal Murra, and directed by Bassam Al-Mulla and Mohammed Zuhair Ragab. It stars Samer Al-Masri, Abbas Al-Nouri, Sabah Al-Jazaery and others.

This part deals with the period of the forties of the twentieth century in Syria. It is exposed to the era of the French occupation by monitoring social life in one of the popular dialogues.  

The second work is the third part of the series Haret Al-Qobba. The first part of which was shown in 2021. It is directed by Rasha Sharbatji, written by Osama Kokash and starring Abbas Al-Nouri and Sulafa Mimar. The series tells about the period of Ottoman rule in the Levant in the nineteenth century, and illustrates the suffering that Syrians were subjected to.   

Deferred work  

Many historical works will not catch up with the next Ramadan season due to delays in preparations and the production process. The most important absent series of the season is "The Assassins", written by Abdel Rahim Kamal and directed by Peter Mimi. It stars a large number of artists, including: Karim Abdel Aziz, Fathi Abdel Wahab, Sherif Salama, and Mirna Nour El-Din.

The series sheds light on the Assassins/Hashishis group that emerged in Iran in the fifth century AH. The series reviews the epic biography of Hassan bin Al-Sabah Al-Himairi, the leader of that group. And how this mysterious man managed to recruit followers and supporters in his mountain castle called Alamut Castle.

It is noteworthy that the story of the Assassins and Al-Hasan bin Al-Sabah has already been embodied in many television dramas. Perhaps the most prominent of them are the Syrian series Omar Khayyam in 2002, the Egyptian series Imam Al-Ghazali in 2012, and the Samarkand series in 2016.  

The absence of the Egyptian series "One Thousand and One Nights", produced by Aroma Studios, was also confirmed due to the large equipment and long filming time. The production company decided to "postpone its presentation to Ramadan 2024, until the work comes out in a manner befitting all the details it addresses."  

The Syrian historical series "Haremlak" will also miss the upcoming Ramadan season. The series deals with the events of the struggle for power in the Levant in the sixteenth century AD. The work, which starred a large number of Syrian, Tunisian and Egyptian stars, has been a huge success in previous years.

 There have been some reports that a third part of it will be produced and released next Ramadan. But the production company confirmed that the previous two parts were sufficient and that a third part was not produced.  

Mot:  ..... Those with OCD . and Raising the Kids! – siigghhhhh

Mot: .. Uh Oh.. a Pig in the Road! ~~~

Iraqi News Highlights Thursday Evening 2-16-23

Iraqi News Highlights Thursday Evening 2-16-23

Tlm724 Administrator Bondlady’s Corner

The Regional Government: Satisfactory Solutions With The Federal Government Regarding The Oil And Gas Law

Political | 03:59 - 02/16/2023  Baghdad - Mawazine News  The Kurdistan Regional Government announced, today, Thursday, that it is seeking to reach satisfactory solutions with the federal government regarding the oil and gas law, while indicating that there are positive understandings with the central government regarding the budget law for the current year.

Government spokesman Jutiar Adel said, during a press conference, that "the regional government is committed to the provisions of the constitution," noting that "there are good understandings between the central and regional governments, especially with regard to the issue of the budget law for the current year."

He explained, "The region presented its point of view regarding the oil and gas law, and there is seriousness on the part of the two parties to resolve the issue," expressing his hope that "satisfactory solutions will be reached in accordance with the constitution."

He stressed, "the regional government's seriousness in reaching an agreement with Baghdad," explaining, "Some issues and issues need to be resolved and discussed."

And he continued, "There is an agreement between the two bureaus of financial control in the region and the center, as they were provided with all the special data, and there is progress in this field." Ended 29 /    https://www.mawazin.net/Details.aspx?jimare=219521

Iraq Market: Trading Of Shares Worth 36 Billion Dinars Within A Week

Economie| 02:37 - 02/16/2023  Baghdad - Mawazine News  The Iraqi Stock Exchange announced, today, Thursday, the weekly trading indicators.

The market said in a statement, that “during the third week of February 2023, it organized four trading sessions, from Sunday 02/12/2023 to Wednesday 02/15/2023, as the trading session was not organized on Thursday 02/16/2023.” It coincides with an official holiday.

He added, "During this week, the following indicators were achieved:

1. The number of shares traded during this week amounted to more than (28) billion shares.

2. The value of shares traded this week amounted to more than (36) billion dinars.

3. The trading index closed at The market for the first session of the week reached (592.89) points, while the index closed at the end of the week at (597.18) points, achieving an increase of (0.72%) from its closing at the beginning of the session.

4. During the week, more than (2400) buying and selling contracts were executed on the shares of companies listed in the market.” https://www.mawazin.net/Details.aspx?jimare=219511

Signing A Memorandum Of Understanding Between The Ministry Of Electricity And The American General Electric Company

Economie| 12:13 - 02/16/2023   Baghdad - Mawazine News, the media office of Prime Minister Muhammad Shia' al-Sudani announced today, Thursday, the signing of a memorandum of understanding between the Ministry of Electricity and the American General Electric Company.

In a statement received by Mawazine News, the office said, "Under the auspices of Prime Minister Muhammad Shia' al-Sudani, the Ministry of Electricity signed, this morning, Thursday, a memorandum of understanding with the American General Electric Company / GE, within the framework of the government program that aims to develop the electricity sector in Iraq." ".

According to the statement, "The memorandum included several basic axes, which will contribute to developing the electrical system in the field of production, increasing its efficiency, transportation, maintenance, staff training, and reducing carbon emissions to support the energy transition in Iraq."

The statement quoted Al-Sudani as confirming, "The government is serious about supporting the energy file, and providing full support to the Ministry of Electricity in order to raise the level of production and maintenance of stations, in a way that contributes to addressing the problem of electric current and alleviating the suffering of citizens."

The statement added, “In light of the memorandum, long-term maintenance works will be contracted for a period of five years, to sustain the work of the energy production units that have been equipped by the company, in addition to increasing the work efficiency of the energy production units currently operating by modernizing the systems attached to them, and establishing new stations to produce energy.” Electricity will be phased in, commensurate with available fuel and financing.

The memorandum also included, “conducting studies for the exploitation of associated gas and implementing a number of secondary stations with a capacity of (400 and 133 kV) with their connections in the various governorates of Iraq, and establishing a monitoring center for the performance and work of generating units, as well as establishing a training center for cadres working in the Ministry of Electricity to develop their capabilities.” technical,” according to the statement. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=219499

The Foreign Minister Invites The US Agency For Development To Participate In The Climate Conference In Basra

Wednesday 15 February 2023 22:52 | Economical Number of readings: 769   Baghdad / NINA / - Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, invited the US Agency for International Development to participate in the climate conference to be held in Basra next March.

A statement by the Ministry of Foreign Affairs stated, "The United States Agency for International Development (USAID) hosted Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation. During the meeting, the minister gave a briefing on the close relationship that the agency has with Iraq for twenty years, and its projects that contributed to providing support to Iraq." .

He added: "The two sides also discussed the most important environmental challenges in Iraq and proposals that can be implemented with the IAEA, and the two sides discussed the possibility of providing support for the development of the private sector in Iraq and reaching effective mechanisms to implement the agreed policies, and they also agreed to continue meetings, joint coordination and put forward future plans." For the agency's work in Iraq, and taking the facilities supported by the Iraqi government to provide a better development reality.

In turn, the agency's director, Samantha Power, reviewed the plans and efforts that the agency is working on, which are in the interest of the Iraqi people and developing the relationship with the United States. The Iraqi government's plans in providing the best services and looking forward to a better future for the relationship between the two countries were also reviewed by encouraging investment in various sectors. Al-Iraqiya, adding that: "The agency can also provide support in the field of the environment through many sub-American institutions."

In conclusion, the minister invited the agency to participate in the climate conference to be held in Basra next March. / End 2    https://ninanews.com/Website/News/Details?key=1033717

The Rise In Oil Prices Amid Optimism About The Recovery Of Chinese Demand

Economie| 08:46 - 02/16/2023  Follow-up - Mawazine News  Oil prices rose on Thursday, as hopes for a strong recovery in fuel demand in China, the largest oil consumer, compensated for the losses resulting from the strength of the dollar and the increase in crude stocks.   Brent crude futures were up 42 cents, or 0.5%, at $85.80 a barrel by 0352 GMT.   Also, US West Texas Intermediate crude futures rose 48 cents, or 0.6%, to $79.07 a barrel.    https://www.mawazin.net/Details.aspx?jimare=219478

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

https://www.bondladyscorner.com/

Some "Vietnam News" Posted by Henig at KTFA Thuesday 2-16-2023

KTFA: Vietnam:

Hanig:  Minister asks India to open market for farm produce

February, 16/2023 - 07:44

Việt Nam hopes India will speed up the opening of its market for Việt Namese farm produce and fresh fruit, Minister of Industry and Trade Nguyễn Hồng Diên proposed during his reception of Indian Ambassador to Việt Nam Sandeep Arya in Hà Nội on Tuesday.

HÀ NỘI — Việt Nam hopes India will speed up the opening of its market for farm produce and fresh fruit, Minister of Industry and Trade Nguyễn Hồng Diên proposed during his reception for Indian Ambassador to Việt Nam Sandeep Arya in Hà Nội on Tuesday.

Highlighting that Việt Nam is rich in tropical fruits, but only dragon fruit has reached the Indian market, Minister Diên asked for the Indian diplomat’s support in hastening the import licensing process for Vietnamese fruits, initially longan, pomelo, rambutan and durian, and then for others such as avocado, coconut, watermelon and strawberry.

The Vietnamese official raised concerns about India's policy measures in recent years, including those against peppercorn, cashew nuts and incense sticks of Việt Nam, underlining that the measures may hinder trade activities between the two sides.

He suggested that the Indian ambassador convey these concerns of Việt Nam in particular and ASEAN countries in general to relevant authorities, while seeking suitable solutions on the basis of regulations and commitments in a multilateral framework, ensuring the legitimate interests of all parties.

Diên hailed the role of the ambassador in promoting the partnership between the two countries, especially in trade, industry and energy. He expressed his hope that the diplomat will make greater contributions to the growth of the Việt Nam-India comprehensive strategic partnership in the time to come.

Both sides shared delight at the expanding bilateral economic, trade and investment cooperation over the years, with India becoming the largest investor and trade partner of Việt Nam in the South Asian region.

Two-way trade reached only US$15 billion in 2022, up 13.6 per cent year on year but accounting for only 2 per cent of the total trade of Việt Nam and the world, they noted.

They held that with the sound political and diplomatic relations, high cooperation potential and large international scale of both sides, there is still room for both sides to further promote their bilateral trade.

Diên asked for India’s close coordination in preventing the disruption of the supply and production chain in the region and the world.

The two sides should increase trade promotion programmes and activities to connect businesses of the two countries, the Vietnamese minister said.

For his part, Ambassador Sandeep Arya said that Việt Nam is the most important trade partner of India among the ASEAN countries, and the Vietnamese and Indian economies can supplement each other. Việt Nam is also India’s important partner within its Indo-Pacific Vision and Act East Policy, he said.

He spoke highly of the economic cooperation potential between the two countries, especially in renewable energy, oil and gas, information technology, digital economy and pharmaceuticals, which will lead to abundant collaboration opportunities between the two sides at present and in the future.

The diplomat agreed with measures to strengthen the bilateral economic and trade ties proposed by Diên, especially those on preventing the disruption of supply chains, strengthening trade promotion and expanding the trade of farm produce.

Regarding India's trade-restrictive policy measures, Ambassador Sandeep Arya pledged that he will discuss the issue with relevant Indian agencies to seek positive solutions.

As both sides are preparing for high-level visits in 2023, they should promptly deal with existing problems in bilateral economic and trade partnership, he underlined.

He agreed to organise the next meeting of the Việt Nam-India joint sub-committee on trade cooperation in New Delhi in the first half of 2023 before the organisation of the Việt Nam-India Joint Committee’s meeting and visits of leaders of the two countries this year.

— VNS   LINK

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Henig:  SBV to prioritise credit for production, business in HCM City

February, 16/2023 - 10:22

The State Bank of Việt Nam’s (SBV) HCM City branch will continue to prioritise credit for production and business, especially in priority sectors, to boost economic recovery.

HCM CITY — The State Bank of Việt Nam’s (SBV) HCM City branch will continue to prioritise credit for production and business, especially in priority sectors, to boost economic recovery.

Nguyễn Đức Lệnh, deputy director of the SBV’s HCM City branch, said the credit flow would be directed to priority sectors while credit quality would also be improved.

Priority fields include agriculture, rural areas, exports, small and medium-sized enterprises, supporting industries, high-tech enterprises, and others.

Credit institutions must also ensure stable liquidity, safe banking operations, and strictly control credit from potentially risky areas, according to Lệnh.

Credit growth in the city has focused on production and business to support economic recovery, accounting for 60-70 per cent of the total outstanding loans, said Lệnh.

Last December, the SBV lifted the credit growth target by 1.5-2 percentage points for 2022 from its earlier target of 14 per cent, allowing lenders to lend an additional VNĐ240 trillion (US$9.7 billion).

Interest rates remain high

Economist Lê Xuân Nghĩa, a member of the National Financial and Monetary Policy Advisory Council, said interest rates are still too high, despite the central bank calling on banks to cut lending rates to support enterprises.

Deposit interest rates at banks have surged to as much as 12 per cent per year, pushing lending interest rates up to 15-16 per cent a year, he said.

If the inflation rate is around 4 per cent, the savings interest rates should be around 6-7 per cent per year, he added.

Experts have predicted the deposit interest rate will remain high at least until June and that deposit rates would peak in the first half of 2023 with an increase of 1-1.5 percentage points.

Recently, the Việt Nam Banks Association called on commercial banks to keep deposit interest rates at 9.5 per cent or below to reduce lending interest rates.

Commercial banks started lowering deposit interest rates early this month and cut further last week, raising hope of a drop in lending rates.

SBV Governor Nguyễn Thị Hồng has constantly called on banks to cut operating costs and improve administrative procedures so as to reduce lending interest rates.

Expert Cấn Văn Lực said enterprises should look to other capital mobilisation channels instead of relying too much on bank loans.

— VNS    LINK

HenigL   VN-Index to increase by over 20 per cent this year: VinaCapital

February, 16/2023 - 09:43

The rally in Vietnamese stocks still has a long way to go, with the consensus expecting the VN-Index to increase by over 20 per cent this year, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a recent report.

HCM CITY — The rally in Vietnamese stocks still has a long way to go, with the consensus expecting the VN-Index to increase by over 20 per cent this year, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a recent report.

The index surged by 10.3 per cent in January, driven by an easing of concerns about the credit crunch and corporate bond market, which were the main reasons for a 33 per cent fall in 2022, and by a resurgence in foreign buying.

The 10 per cent increase outpaced the 4 per cent average in Asian emerging market peers (Thailand, Indonesia, Malaysia and Philippines) though admittedly the low-base effect was in play since the decline in Việt Nam’s stock market last year was much greater.

The biggest contributor to the increase was an average 15 per cent rise in the prices of bank shares, which accounted for nearly half of the index’s gains.

It was due in part to an easing of concerns that corporations (especially property developers) will face challenges rolling over or redeeming US$13 billion worth of maturing bonds this year, which could have created significant issues for banks, which hold nearly $10 billion worth of bonds.

“Notwithstanding all of the above, we also see some evidence that the rebound in bank share prices was also driven by a rotation out of the best performing stocks in 2022 and into the worst performing stocks,” Kokalari said.

Over half the stocks that drove the increase in January were among the 20 that pulled the index down the most last year, and those 20 contributed a third of the market’s increase, he said.

Foreign inflows rebounded in November-January, partly because the market’s valuation had reached its lowest level in nearly ten years, with a P/E ratio of below 10x. Foreign investors bought $1.3 billion of stocks in November-January, including $179 million in January alone.

The stock that foreigners bought the most in January was steel producer Hòa Phát Group (HPG). Foreigners are hopeful that China’s reopening would also lead to a revival of construction in that country and that Việt Nam’s Government would follow through on its ambitious plans to increase infrastructure spending by 50 per cent this year (to $30 billion), Kokalari said.

Finally, a modest decline in the value of the US dollar/DXY Index helped boost Asia emerging stock markets in January, another factor that helped drive the VN-Index higher, he added.

“We remain cautiously optimistic that the Vietnamese market will move higher in 2023, even after the strong start.

“We also believe that while many of the stocks that drove the market higher in January will be decent performers this year, much of this year’s performance will come from stocks that did not have a very strong January, and that select mid- and small-cap stocks will be very attractive the next 12 months.”

He said stock selection will continue to be important this year because 2023 will not be a simple beta rally. Active managers like VinaCapital have an opportunity to outperform the VNI and deliver a better risk-adjusted return, he said.

— VNS   LINK

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Henig:  Bình Dương Province attracts second most FDI in Việt Nam

February, 16/2023 - 09:23

Bình Dương Province as of the end of 2022 has attracted more than 4,082 foreign direct investment (FDI) projects with nearly US$40 billion of registered funds, ranking it among the top two provinces in the country in FDI attraction, just after HCM City.

BÌNH DƯƠNG — Bình Dương Province as of the end of 2022 has attracted more than 4,082 foreign direct investment (FDI) projects with nearly US$40 billion of registered funds, ranking it among the top two provinces in the country in FDI attraction, just after HCM City.

HCM City and Bình Dương were the leading localities in FDI attraction in 2022 with $3.94 billion and $3.14 billion, respectively.

According to the Ministry of Planning and Investment's (MPI) Foreign Investment Agency, the southeast region will continue to be the major FDI magnet of the country in 2023. This year, the country may lure about $36-38 billion in FDI.

Bình Dương has estimated its gross regional domestic product (GRDP) growth rate at 8.01 per cent and GRDP per capital at VNĐ170 million ($7,100), according to the provincial People’s Committee.

Bình Dương's total import and export turnover hit nearly $61.5 billion, of which, exports reached $35.7 billion, up 9 per cent year-on-year, resulting in a trade surplus of $10 billion. Total social investment capital reached over VNĐ154.5 trillion, up 12.9 per cent year-on-year.

Denmark was the biggest investor of Bình Dương with $1.32 billion, followed by the Netherlands with $609 million, and China at $258 million.

Preben Enef, general director of LEGO Vietnam Technology Co. Ltd. (Denmark), which is investing $1.3 billion in a toy factory in Bình Dương, appreciated the support from leaders of the province as well as ministries for the construction of the project.

The locality’s post-pandemic recovery and development efforts have also gained applause from the Republic of Korea Chamber of Commerce (KOCHAM) office in Bình Dương and the European Chamber of Commerce (EUROCHAM) in Việt Nam.

In recent years, Bình Dương has spent large amount of money to improve road infrastructure to enhance transport connectivity with HCM City and nearby provinces, develop concentrated industrial zones and attract workers from provinces and cities around the country.

Early this year, Secretary of the Bình Dương Party's Committee Nguyễn Văn Lợi directed departments and relevant units to speed up the construction and upgrade progress of National Highway 13 from six lanes to eight lanes to improve the connectivity of the province and HCM City.

National Highway 13 not only plays the role of the "backbone" traffic axis of the province's transport system, but is also an arterial route connecting HCM City to Bình Phước and the Central Highlands provinces.

The province also plans to expand and upgrade the Mỹ Phước - Tân Vạn expressway and provincial highways No. 743, 747B and 746, which will improve transport to Đồng Nai Province and HCM City.

The upgrade of Mỹ Phước - Tân Vạn expressway is one of the key projects because it connects urban areas and industrial parks, and opens up a freight corridor along the North - South backbone axis parallel to National Highway 13.

This will create favourable conditions for access to Cái Mép - Thị Vải Port in Bà Rịa-Vũng Tàu Province and the Long Thành International Airport in the future, according to the construction department.

The widening of major roads such as National Highway 13 and Mỹ Phước - Tân Vạn between concentrated industrial zones has eased travel to ports.

The province is always looking to develop transport infrastructure to help ship goods to other provinces and abroad.

It plans to further improve transport connectivity by developing waterways and, in the future, create a rail link to transport goods to ports in HCM City and Đồng Nai Province.

— VNS   LINK

Iraqi News Highlights Thursday Afternoon 2-16-23

Iraqi News Highlights Thursday Afternoon 2-16-23

Tlm724 Administrator Bondlady’s Corner

The Dollar Skips Decisions To Contain The Crisis And Records A New Jump

Posted On2023-02-16 By Sotaliraq   Baghdad / Hussein Hatem  The exchange rates of the dollar are still fluctuating despite the recent decision of the Council of Ministers to amend the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar.  The government of Prime Minister Muhammad Shia' al-Sudani expects prices to gradually stabilize during the coming days, while noting that fluctuation in the exchange rate cannot be eliminated unless demand is met.

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

Since the beginning of this year, the exchange rate of the dollar has witnessed sudden jumps, as it crossed the threshold of 1,600 dinars to the dollar, and it remained between 1,600 during the month of November.

And the financial advisor to the Prime Minister, Mazhar Muhammad Salih, says, “The function of the Central Bank of Iraq and its monetary policy is to ensure monetary stability in Iraq,” noting that “volatility in the exchange rate cannot be eliminated except in the event that demand is met.”

Salih added, "The central bank has adopted a strong monetary policy in favor of the strength of the Iraqi dinar," noting that "the rise in exchange rates has dealt with inflation."

He pointed out, "The general level of prices will witness stability, prices will gradually decrease, and things will return to normal."

Saleh pointed out that "all financial transfers will be made through international banking channels clearly," adding that "the package launched by the Central Bank allows the transfer to any citizen."

Saleh explained, "Economic stability is one of the rights of the Iraqi citizen, and whoever contradicts his rights will be subject to legal and judicial accountability." And he indicated, “The purpose of raising the dollar exchange rates about a year and a half ago was to bridge the financial deficit and debt,” noting that “manipulation in exchange rates affects the public life of the citizen greatly, as happened during the last two years.”

In turn, the rapporteur of the Finance Committee in the former parliament, Ahmed Al-Saffar, says, "Citizens have lost confidence in the Central Bank of Iraq and government measures regarding the exchange rate of the dollar against the Iraqi dinar."

Al-Saffar added, "The government focuses on small merchants, leaving the big ones who illegally acquired public money."

He pointed out, “The recent central bank measures are temporary,” adding, “We will remain exposed to shocks repeatedly if the Iraqi economy is not rebuilt, exit from the rentier economy, and alternative solutions away from dependence on imports are developed.”

Al-Saffar pointed out that “linking the fate of citizens to the price of the dollar and imports from abroad, as well as total dependence on oil revenues, is an incorrect procedure.” He explained, "The crisis is not related to the central bank only, and the government must control smugglers and speculators at exchange rates, as well as provide goods in the market and avoid inflation."

For his part, the researcher and economist, Hammam Al-Shamma, says, “The decision to return the exchange rate to an average level is appropriate because the conditions have been disturbed,” adding, “However, financial speculation will remain within reasonable limits, as it shows the state of the economy and knowledge of the effective exchange rate to move economic factors.”

Al-Shamaa added, "Talking about disengaging the US Federal Reserve is a technical economic issue and means disengaging us from the dollar," adding, "We hope to convert to the Chinese yen or the Russian ruble, but it is not available because we sell oil in dollars."

He suggested, “The delay in sending the 2023 budget due to a review of some of its paragraphs, and it may not be issued, and the exchange will remain at a rate of 1/12.”

Al-Shamaa concluded by saying, "The number of employees is not an exaggeration that is being talked about, and the operational budget will be reduced due to necessities and openness to investment."

It is noteworthy that the two central Al-Kifah stock exchanges in the capital, Baghdad, closed yesterday evening, Wednesday, at 153,000 Iraqi dinars, compared to 100 dollars. LINK

A Slight Decrease In The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market

Economie  Thursday, February 16, 2023 5:13 PM  Baghdad / The National News Center  The exchange rates of the dollar decreased against the Iraqi dinar, today, Thursday, with the closure of the two main stock exchanges in Baghdad.

The correspondent of the National News Center said, "The central Kifah Stock Exchange closed in Baghdad at 153,000 Iraqi dinars for 100 dollars, while the prices this morning were 154,000 Iraqi dinars for every 100 dollars."

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 154,000 Iraqi dinars, while the purchase prices reached 152,000 dinars for every 100 dollars."    https://nnciraq.com/187114/

Baghdad And Washington Confirm Their Determination To Continue Working Together To Modernize The Financial System In Iraq

The US-Iraqi Higher Coordination Committee on the Strategic Framework Agreement issued a joint statement after the Iraqi and US delegations met in Washington.

The joint statement stated that "the Iraqi and American delegations held a meeting of the Higher Coordination Committee in accordance with the strategic framework agreement," noting that "the two delegations renewed their determination to deepen the strategic relationship between the two countries."

He added, "The meeting focused on economic cooperation, energy sector development and climate change," noting that "the two sides discussed the challenges facing the Iraqi economy, including the parallel exchange rate markets."

He pointed out that "the United States welcomed the efforts of the Iraqi government to enact economic reforms," ​​stressing that "the American delegation renewed its support for Iraq's continuous efforts to protect the banking system."

And between, "the two sides affirmed the determination to continue working together to modernize the financial system in Iraq," noting that "the two delegations confirmed the convergence of views that seek an ambitious agenda for energy independence."

He pointed out that "the two delegations expressed their agreement that Iraq has a historic opportunity to invest in energy infrastructure initiatives," stressing that "the two sides decided to accelerate efforts to capture the flared gas."

He explained, "The American delegation praised Iraq's commitment to regional electrical interconnection projects," noting that "Iraq will soon publish a comprehensive government strategy to confront climate change."

He stressed that "the discussions emphasized the importance of the need for ambitious projects related to solar energy farms," ​​noting that "the two sides discussed the water crisis in Iraq."

He continued, "The United States expressed its intention to provide technical assistance to improve water management practices in Iraq, and welcomed the positive developments in relations between the Iraqi federal government and the regional government," noting that "the United States confirmed that the American private sector is the best in the field of technology."

He pointed out that "the American delegation announced that the US embassy in Baghdad has gradually begun to provide services for granting visas to non-immigrants," explaining that "the United States and Iraq are planning to hold meetings of joint coordination committees under the strategic framework agreement."

Below is the text of the joint statement:

The Iraqi Deputy Prime Minister and Minister of Foreign Affairs, Dr. Fuad Hussein, headed the delegation of the Republic of Iraq, and US Secretary of State Anthony J. Blinken, the delegation of the United States, held a meeting of the Higher Coordination Committee, in accordance with the 2008 Strategic Framework Agreement for the relationship of friendship and cooperation between the United States of America and the Republic of Iraq.

The two delegations renewed their determination to deepen the strategic relationship between the two countries across a full range of bilateral issues for the sake of the national interests of both countries, and their common interests in regional stability.

This meeting is the first meeting of the Supreme Coordination Committee focusing on economic cooperation, energy sector development, and climate change, which is a sign of a mature strategic partnership under the Strategic Framework Agreement. The Iraqi delegation included high-level representatives from the House of Representatives, the Central Bank, the Ministry of Foreign Affairs, and the Ministry of Foreign Affairs. Oil, the Ministry of Planning, the Ministry of Finance, the Ministry of Electricity, the Prime Minister's Office, Iraq's Climate Envoy, and the Kurdistan Regional Government.

In addition to the US State Department, the US delegation included the President of the US Agency for International Development, Ms. Samantha Power, the Special Presidential Envoy for Climate Change, Mr. John Kerry, Deputy Secretary of the Treasury Wally Adeyo, the Special Presidential Coordinator for Global Energy and Infrastructure Amos Ho-Schstein, and the Coordinator for Global Anti-Corruption Richard Nephew, and National Security Council Coordinator for the Middle East Brett McGurk, and senior officials from the Department of State, Treasury, Energy, and Commerce.

The two sides discussed the challenges facing the Iraqi economy, including the parallel exchange rate markets. The United States welcomed the Iraqi government's efforts to enact economic reforms, as well as reforms in the field of monetary policy, modernizing the banking and financial sector, combating corruption, and preventing manipulation of the financial system—measures that would help enhance Iraq's economic prospects, including strengthening financial and financial markets. Exchange.

The US delegation renewed its support for Iraq's continuous efforts to build technical capabilities and implement international standards to protect the banking system from financial crimes, money laundering and terrorist financing.

The two sides also affirmed their determination to continue working together to modernize the financial system in Iraq in order to improve the conditions of the Iraqi people. The US and Iraqi delegations confirmed the convergence of views that pursuing an ambitious agenda for energy independence is essential to maximizing Iraq's economic prosperity and protecting its sovereignty.

The two delegations expressed their agreement that Iraq has a historic opportunity to invest in energy infrastructure initiatives designed to improve electricity services for the Iraqi people, secure energy self-sufficiency for Iraq, and mitigate environmental damage to both the global climate and Iraqi public health. To this end, the two sides decided to accelerate efforts to capture the flared gas, Modernizing the natural gas distribution infrastructure, reducing methane leakage, regional connectivity to the Iraqi electricity grid, modernizing the electricity infrastructure in Iraq, and exploring renewable energy opportunities.

The American delegation praised Iraq's commitment to regional electrical interconnection projects with Jordan and Saudi Arabia, and the GCC Interconnection Authority. The two countries stressed the importance of combating climate change and adapting to it, and the Iraqi delegation stated that Iraq will soon publish a comprehensive government strategy to confront climate change.

The two sides also affirmed their commitment to accelerating the implementation of flared gas capture projects to achieve the disposal of traditional gas burning by 2030, to achieve the global pledge on methane, and the United States reviewed its plan to expand climate change programs in Iraq, after it provided Iraq with more than $ 1.2 billion in development aid over the past five years. The discussions also emphasized the need for ambitious solar farm projects, and the establishment of a regulatory framework to attract investment in renewable energy.

The two sides also discussed the water crisis in Iraq, and the United States expressed its intention to continue its technical assistance to improve water management practices in Iraq. The United States called on Iraq to nominate experts in water management to participate in exchange programs with US leaders in this field, and the two delegations stressed the importance of benefiting from modern technologies in groundwater management and irrigation efficiency. The United States welcomed the positive developments in relations between the Iraqi federal government and the Kurdistan Regional Government and the ongoing negotiations regarding the 2023 federal budget and hydrocarbons law.

The United States assured the Iraqi delegation that the American private sector is the best in the field of technology and its unique ability to meet the energy challenges in Iraq. The Iraqi-American Business Council at the American Chamber of Commerce also hosted a round table for the Iraqi delegation with 40 American companies and industry leaders who are experts in the field of gas capture, modernization of electricity infrastructure, and renewable energy sources. After this event, the Chamber of Commerce announced that it would lead two US trade missions to Iraq in June to explore investment opportunities.

In addition, the two delegations indicated the intention of the Office of the United States Trade Representative and the Iraqi Ministry of Trade to begin planning for the meeting of the Trade and Investment Framework Agreement Council in 2023. This agreement between the United States and Iraq serves as a forum for resolving trade obstacles, and promoting investment and bilateral trade opportunities between the two countries. .

The United States and Iraq confirmed that they plan to hold meetings of the Joint Coordination Committees under the Strategic Framework Agreement, and additional meetings of the Higher Coordination Committee, to follow up on investments in the field of energy, economy, and climate-related discussions held during the meetings of this Higher Coordination Committee. The American and Iraqi delegations affirmed their determination to strengthen the strategic relationship between the two countries.   https://www.radionawa.com/all-detail.aspx?jimare=33439

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

https://www.bondladyscorner.com/

KTFA Members "Thursday Iraq News" 2-16-2023

KTFA:

Clare:  Al-Sudani leaves Iraq for Germany

2/16/2023

The Prime Minister, Muhammad Shia' al-Sudani, left Iraq today, Thursday, heading to Germany, at the head of a high-ranking government delegation, to participate in the 59th Munich Security Conference.

The President of the Kurdistan Region of Iraq, Nechirvan Barzani, is also scheduled to participate in the Munich Security Conference, which will be held on the 17-19 of February.

According to information obtained by Shafaq News Agency, the President of Kurdistan Region, Nechirvan Barzani, will participate in the fifty-ninth Munich Security Conference, which will be held from February 17 to 19, with the participation of 45 presidents and prime ministers to discuss global political and security issues, and 100 defense and foreign ministers will also participate in the conference. And internal to various countries of the world, as well as dozens of leaders, prominent global personalities, security and terrorism experts.

The President of the region, Nechirvan Barzani, the French President, the Secretary of NATO, the President of the European Union, and a large American delegation that mostly includes members of Congress, in addition to a Ukrainian delegation and many international delegations, organizations and global strategic and political centers, will participate.

Both Iran and Russia will not participate in the conference, according to conference chairman Christoph Heusgen, who stated that Russia has no place in the conference because it has been proven to have committed war crimes in Ukraine, adding that Iran will also not participate in the conference this time for violating human rights principles, and a number of people will participate instead. opposition figures.    LINK

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Henig:   Parliamentarian calls for speeding up the adoption of the oil and gas law: it will regulate the relationship between Baghdad and Erbil

 3 hours ago

A member of the House of Representatives, Mohammed Saadoun Al-Sudani, on Wednesday, called for the need to speed up the adoption of the oil and gas law, and while stressing that the law will regulate the relationship between Baghdad and Erbil, he indicated that Kurdistan is required to abide by the decisions of the Federal Court.

Al-Sudani said in a press interview seen by Taqadum that "the issue of oil and gas is one of the most prominent outstanding problems between Baghdad and Erbil, as a result, everyone must resort to the decisions of the Federal Court."

He added that "the judiciary has proven more than once the unconstitutionality of the sale and export of oil by the region without returning to the federal government."

"The oil and gas law assumes speeding up its legislation in order to solve this problem," the member of the House of Representatives said, calling on the regional government to "abide by the decisions of the federation and the constitution, which stand at the same distance from everyone."

"The oil and gas law will regulate the relationship between the region and the center and will put the dots over the letters," al-Sudani said.   LINK

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Clare:  Q&A: Iraqi Foreign Minister Discusses US Ties, Currency Issues, Iran Policy
February 15, 2023

WASHINGTON — 

Iraqi Foreign Minister Fuad Hussein is visiting Washington this week to discuss with U.S. officials the country’s faltering currency and a new money-tracking program aimed at cracking down on money laundering.

In an interview with VOA’s Kurdish Service, Hussein discussed his country’s strategic relations with the United States, the presence of foreign troops in Iraq, and Iran's influence in the country, among other issues.

Hussein said his team discussed the sharp decline of Iraq’s currency against the U.S. dollar, an issue that has been tied to Iranian money laundering.

"The Central Bank of Iraq has taken a number of measures that appear in this regard, and I think the currency rate is slowly stabilizing,” he said.

Hussein, who previously served as minister of finance, said a system has been set up in which the United States and Iraq can monitor where money goes.

"Under the new system, it will be more difficult for dollars to move without the knowledge of the Iraqi government and the U.S. Treasury," he said, adding that “a mechanism has been put in place to regulate the outflow of dollars” from Iraq.

U.S. officials recently met with Iraqi officials in what they called an attempt to discuss “reforms” in Iraq’s banking sector and “a mutual commitment to anti-money laundering and countering the financing of terrorism.”

Brian E. Nelson, undersecretary of the U.S. Treasury for terrorism and financial intelligence, met with Central Bank of Iraq Governor Ali al-Allaq in Istanbul earlier this month.

In a statement, the Treasury Department said Nelson praised Iraq’s “steadfast dedication” to improving its compliance with international standards “and offered continued cooperation in modernizing the banking sector.”

Following a meeting last week with Hussein, U.S. Secretary of State Antony Blinken vowed to work with Iraqi officials “to strengthen Iraq’s economy, its integration, reintegration in the region in ways that make a material difference in the lives of the Iraqi people.”

This interview has been edited for clarity and brevity.

VOA: One of the main purposes of your visit to Washington is discussing the rate of the Iraqi dinar against the dollar. Have you reached any conclusions?

Fuad Hussein, Iraq's foreign minister: Our main reason for coming here is to strengthen ties, especially in the fields of finance and economy, and one of these issues is related to the currency. I think the discussions we had with the U.S. Treasury and the Federal Reserve have reached a good conclusion. The Central Bank of Iraq has taken a number of measures that appear to have support, and I think the currency issue is slowly stabilizing.

VOA: One of the concerns of the United States is that dollars do not go from Iraq to the countries in the region, especially Iran. What steps has the Iraqi government taken to prevent this money from going to Iran?

Hussein: Iraqi society buys everything from abroad, from agricultural materials to food and medicines, and industrial goods. If you look at Iraq's trade or its trade balance with other countries, you will see that everything comes from abroad. The Iraqi market and the Iraqi government spend a lot of dollars on this. So, the dollar going abroad is fine if it is related to trade. And in fact, most of this is related to trade. However, there was no mechanism on how the dollar would be issued from the central bank, who would receive it from the Iraqi market and how it would go abroad. Now, a mechanism has been established to regulate the movement of the dollar. This mechanism slowly controls the outflow of dollars through smuggling or for other purposes.

VOA: With Iran's obvious influence in Iraq, can this method prevent dollars from entering Iran through Iraq?

Hussein: We have not come to say that the dollar should not enter this country or that. We have come here to regulate the situation of the dollar in the Iraqi market. When it is regulated in the Iraqi market, this means that dealing with the U.S. dollar will be normal. Some of the dollars that went to some countries in the past were actually our problem — a problem related to the system in Iraq. But with this new system, it will be more difficult for dollars to go elsewhere without the knowledge of the Iraqi government and U.S. Treasury. With this system of the central bank, the entire U.S. Treasury and the Federal Reserve are allowed to monitor it.

VOA: Did the Americans make demands of you, or did you make any demands of them?

Hussein: We met many officials of this country. They discussed many issues, ranging from politics and the economy to oil, gas, electricity and the investment of U.S. companies in Iraq. They had some comments about their Iraqi policy, and we have reached an agreement on most of the issues that were raised. They support us, and we understand some areas of their policy. In the currency field, there is a good understanding by the Americans of the policy pursued by the Central Bank of Iraq.

VOA: What are some of the other issues that you have not agreed on?

Hussein: We have not come here to agree on everything. They have their own policies. For example, they have their own policy towards Russia, and they have their own policy towards Iran. For us, Iran is a neighboring country, and we treat it differently. This is a reality.

VOA: Baghdad and Washington have a strategic partnership. But some Iraqi factions have been demanding that foreign troops withdraw from Iraq. Does that include U.S. forces?

Hussein: U.S. forces that are still in Iraq obviously need to stay there for Iraq’s security and military interests. But let me make something clear: These are not combat forces. Based on a mutual agreement, these American troops advise and train the Iraqi army and the [Kurdish] peshmerga forces. They have also been helping us with intelligence sharing, especially with regards to ISIS [Islamic State] terrorists.

This story originated in VOA’s Kurdish Service.   LINK

Henig:  Integrity announces the execution of an arrest warrant against defendants who embezzled 3.5 billion dinars

WEDNESDAY,15-02-2023,PM 10:54

The Integrity Commission announced on Wednesday the execution of an arrest warrant against defendants who embezzled about 3.5 billion dinars.

The authority said in a statement that "the operation, which was carried out under a judicial warrant, was able to implement a team from the Commission's Investigation Directorate in Baghdad to execute the arrest warrant issued against a treasurer in the Industrial Bank, and an employee in the State Real Estate Department, for embezzling an amount of (3,428,000,000) billion Iraqi dinars."

She explained that "the defendants embezzled the amount under (33) instruments written by the Industrial Bank for the order of the State Real Estate Department," noting that "the instruments are related to a public auction related to real estate belonging to the Ministry of Finance, where the team was able to seize the instruments after the treasurer admitted that he submitted - in agreement with the representative of the State Real Estate Department - to issue the absence of need for the instruments;

In its statement, Al-Nazaha noted "organizing a fundamental report of the operation, and presenting it with the defendants and the seized exhibits to the judge of the Rusafa Investigation Court, which is competent to consider integrity cases, who decided to arrest them in accordance with the provisions of Article 315 of the Iraqi Penal Code, and after believing the statements of the defendants, arrest warrants were issued against other defendants."  LINK

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Henig:   Integrity: Seven years in prison for the assistant manager of Rafidain Bank branch in Khalidiya

3 hours ago

The Federal Integrity Commission announced the issuance of an adversarial verdict against the assistant manager of the Rafidain Bank branch in Khalidiya, sentencing seven years in prison for harming public funds.

The Investigations Department of the Commission, while talking about the case investigated by the Commission's Investigation Directorate in Baghdad and referred it to the judiciary, reported that the Rusafa Criminal Court, which is competent to hear integrity cases, issued an adversarial sentence sentencing a seven-year prison sentence against the former assistant manager of the Rafidain Bank branch in Khalidiya, "credit officer", against the background of issuing (6) letters of guarantee in the amount of (3,411,000,000) billion dinars, without following the required mechanism when issuing letters of guarantee.

She went on to explain that the details of the case indicate that the defendant issued (6) forged letters of guarantee in collusion with the former branch manager, at the request of two trading and general contracting companies Ltd., for the benefit of a company affiliated with the Ministry of Industry and Minerals merged with the State Company for Copper and Mechanical Industries, indicating that the issuance of letters of guarantee was without following the required mechanism when issuing them, which is to take commissions and insurances, while taking sufficient guarantees to cover the amount of the guarantee.

The Chamber pointed out that the court, after reviewing the evidence obtained in the case, represented by the statements of the legal representative of the bank who requested the complaint against the defendant and the minutes of the administrative investigation, reached sufficient conviction of her negligence, and issued a verdict against her, based on the provisions of Article (340) of the Iraqi Penal Code.

On the twenty-second of last January, the Authority announced the issuance of a decision to sentence (in attendance) by the Rusafa Criminal Court, to imprisonment for a period of (15) years and a fine of (10) million US dollars on the assistant director of Rafidain Bank / Khalidiya branch, as a result of transferring, transferring and legitimizing the proceeds of the embezzlement crime that it carried out from the bank's funds.   LINK

Thursday Morning Iraq Economic News Highlights 2-16-23

Thursday Morning Iraq Economic News Highlights 2-16-23

"There Is No Dollar Except In The Alleys, And The Price Is Black": Speculation That Will "Raise" Food Prices

economy |Today, 13:51    Baghdad today – Diyala   The head of the Diyala Governorate Chamber of Commerce, Muhammad Mulla Jawad, revealed today, Thursday, that the sale of the dollar in the exchange offices in the province has stopped and that it is satisfied with buying according to the official price, "then selling it at black market prices in the alleys to avoid censorship."

Mulla Jawad told (Baghdad Today) that "all exchange offices in Diyala never sell dollars, but they buy them at the central bank's rate of 130,000 dinars for every 100 dollars."

He added, "Obtaining dollars has become somewhat complicated, and sales to citizens take place in the alleys at prices ranging between 152-154 thousand dinars per 100 dollars, which makes a large difference between the selling price and the purchase price."

The head of the Chamber of Commerce in Diyala said, "These speculations occur due to the lack of sufficient liquidity to cover the daily needs of internal trade, which relies on the dollar by up to 75% to pay commercial dues."

He pointed out that this "will lead to a further rise in the prices of basic commodities, especially foodstuffs."

He pointed out, "The need for state companies specialized in importing foodstuffs to intervene by moving to the top of the leadership in importing materials, feeding the Iraqi markets, and securing the needs of merchants through selling in dinars."

He believed that "this may lead to a reduction in the demand for the dollar by up to 40% at least, thus stabilizing the prices of the currency market and ending the case of speculation."

Earlier today, the intelligence agency announced the arrest of a "currency smuggler in possession of $158,000."

Yesterday, the intelligence agency announced the arrest of 18 people on charges of manipulating exchange rates and seizing about 800 million dinars and 385 thousand dollars in their possession.

The agency closed exchange and money transfer offices that do not have licenses, and a security force launched a campaign of arrests in Ramadi against dollar traffickers.  LINK

Meeting Of The Iraqi-American Coordination Committee.. What About The Exchange Rate And Combating Money Laundering?

2023.02.16 - Baghdad - people    The Iraqi-American Coordination Committee on the strategic framework agreement discussed the challenges facing the Iraqi economy, while the American side renewed its support for efforts to protect the Iraqi banking system.    

"Nass" channel on Telegram.. our latest updates    

And a joint statement by the committee, which “NAS” received a copy of, stated that “the two sides discussed the challenges facing the Iraqi economy, including the parallel exchange rate markets, and the United States welcomed the efforts of the Iraqi government to enact economic reforms, as well as reforms in the field of monetary policy, and modernizing the sector.” Banking and financial, combating corruption, and preventing manipulation of the financial system - actions that will help enhance Iraq's economic prospects, including strengthening financial and exchange markets.

The statement added, "The American delegation renewed its support for Iraq's continuous efforts to build technical capabilities and implement international standards to protect the banking system from financial crimes, money laundering, and terrorist financing."

The two sides also affirmed, according to the statement, "the determination to continue working together to modernize the financial system in Iraq in order to improve the conditions of the Iraqi people."

And the statement continued, "The American and Iraqi delegations affirmed the convergence of views that pursuing an ambitious agenda for energy independence is necessary to achieve maximum economic prosperity for Iraq and protect its sovereignty. https://www.nasnews.com/view.php?cat=102164

Bilateral Talks: America Is Rushing To Impose Trusteeship On Iraq In Terms Of Energy, Dollars And Technology

February 16, 2023   Baghdad / Obelisk: The Iraqi-American statement, after the end of bilateral talks in Washington, is devoid of postponing US restrictions on the dollar exchange markets in Iraq, while focusing on achieving energy independence in reference to the dimensions of the Iranian partnership, as well as an American willingness to link the Iraqi technological system with American mechanisms. It means absolute domination of the political and economic tracks in Iraq.

In the statement, Washington affirmed that it would help Iraq achieve its independence in the field of energy and invest associated gas with the aim of achieving its liberation from Iranian gas, which it currently needs to provide electric power to its citizens.

Also, private US companies in the field of technology will have a strong entry to face the energy challenges in Iraq.

The American side did not respond to Washington's request to postpone the recent banking restrictions imposed on Baghdad, but it welcomed the Iraqi monetary reforms.

The American Heritage organization, which is close to the White House, reported that the Iraqi delegation in Washington, after facing its requests for a period of exemption from US restrictions on the transfer of dollars to Iraq, retracted its previous demands and moved towards demanding a “relaxation” of the current restrictions, instead of canceling them temporarily.

Reuters had reported that US sanctions on Iraqi commercial banks aim to increase pressure on Iran's nuclear program and that America is using strict restrictions on the dollar in Iraq as warning messages to Al-Sudani to keep abreast of US interests.

The observer of Iraqi affairs, Ali al-Rubaie, believes that what is happening is an American tutelage. Despite Iraq’s exit from Chapter VII, according to Resolution 2621, which stipulates the termination of the mandate of the United Nations Compensation Commission and the lifting of all financial restrictions, the Central Bank of Iraq cannot withdraw money from American banks.

The statement of the US-Iraqi Higher Coordination Committee stated that “both Iraqi Deputy Prime Minister and Foreign Minister Fouad Hussein and US Secretary of State Anthony Blinken headed his country’s delegation at a meeting of the Higher Coordination Committee that was held in accordance with the strategic framework agreement signed between them in 2008. Where the two delegations stressed their determination Deepening the strategic relationship between the two countries across a full range of bilateral issues for the sake of the national interests of both countries and their common interests in regional stability.

The joint statement considered this meeting as the first for the Higher Coordination Committee to focus on economic cooperation, energy sector development, and climate change, which is a sign of a mature strategic partnership under the Strategic Framework Agreement.

The Iraqi delegation included high-level representatives of the ministries of oil, finance and foreign affairs, while the American delegation included representatives of the ministries of foreign affairs, treasury, energy and commerce, the global anti-corruption coordinator and the coordinator of the National Security Council for the Middle East.

The joint statement indicated that the two sides discussed the challenges facing the Iraqi economy, including the parallel exchange rate markets, where the United States welcomed the efforts of the Iraqi government to enact economic reforms, as well as reforms in the field of monetary policy, modernizing the banking and financial sector, combating corruption, and preventing manipulation of the financial system. - Measures that will help enhance Iraq's economic prospects, including strengthening the financial and exchange markets.

The US delegation affirmed its support for Iraq's continuous efforts to build technical capabilities and implement international standards to protect the banking system from financial crimes, money laundering and terrorist financing. They also affirmed their determination to continue working together to modernize the financial system in Iraq in order to improve the conditions of the Iraqi people.

The American and Iraqi delegations confirmed the convergence of views that pursuing an ambitious agenda for energy independence is necessary to achieve maximum economic prosperity for Iraq and protect its sovereignty.

The two delegations also agreed that Iraq has a historic opportunity to invest in energy infrastructure initiatives designed to improve electricity services for the Iraqi people, secure energy self-sufficiency for Iraq, and mitigate environmental damage to both the global climate and Iraqi public health.

Providing natural gas and modernizing the electrical infrastructure

. To this end, the two sides decided to accelerate efforts to capture the flared gas, modernize the infrastructure for natural gas distribution, reduce methane leakage, connect regionally to the Iraqi electricity grid, modernize the electricity infrastructure in Iraq, and explore renewable energy opportunities.

The US delegation praised Iraq's commitment to regional electrical interconnection projects with Jordan, Saudi Arabia and the GCC Electricity Interconnection Authority. https://almasalah.com/archives/42259

Money and business    Economy News-Baghdad  On Thursday, the weekly trading indicators of the Iraqi Stock Exchange showed an increase of 0.72%.

The number of shares traded during this week amounted to more than (28) billion shares, with a value of more than (36) billion dinars.

The trading index in the market closed for the first session of the week at (592.89) points, while the index closed at the end of the week at (597.18) points, achieving an increase of (0.72%) from its closing at the beginning of the session.

During the week, more than (2400) buying and selling contracts were executed on the shares of the companies listed in the market.    https://economy-news.net/content.php?id=32504

Officials Embezzle 3 Billion Dinars Through Instruments From The Industrial Bank[/Size]

February 15, 2023   Baghdad / Obelisk: The Integrity Commission announced the implementation of an arrest warrant against suspects who embezzled nearly 3.5 billion dinars.

And the Investigation Department stated, in a statement received by Al-Masalla, that the staff of the Federal Integrity Commission managed to implement an arrest warrant against an official in the Industrial Bank and an employee in the State Real Estate Department on charges of embezzling approximately 3.4 billion dinars.

She added that a team from the Commission's Investigation Directorate in Baghdad managed to implement the arrest warrant issued against a treasurer in the Industrial Bank and an employee in the State Real Estate Department for embezzling an amount of 3,428,000,000 billion Iraqi dinars.

She explained that the defendants embezzled the amount according to 33 instruments issued by the Industrial Bank to the order of the State Real Estate Department, noting that the instruments relate to a public auction of real estate belonging to the Ministry of Finance, where the team was able to seize the instruments after the treasurer admitted that he was older - in agreement with a representative of the Department. State real estate - by issuing no need for sukuk, as a result of which these amounts are embezzled.

The department noted that a formal record of the operation had been organized and presented, along with the defendants and the seized exhibits, to the judge of the Rusafa Investigation Court, which is competent to hear integrity cases. Who decided to arrest them in accordance with the provisions of Article 315 of the Iraqi Penal Code, and after approving the statements of the accused, arrest warrants were issued against other suspects.    https://almasalah.com/archives/42197

Iraq Confirms US Approval To Help Modernize The Iraqi Financial System

byMoahmmad EditorIraq news   The joint statement of the US-Iraqi Higher Coordination Committee affirmed that the two countries will continue to “work together to modernize the financial system in Iraq in order to improve the conditions of the Iraqi people.”

The statement issued by Iraq and the United States stated that the two sides discussed “the challenges facing the Iraqi economy, including the parallel exchange rate markets.”

He pointed out that the Iraqi Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, headed the Iraqi delegation, while US Secretary of State Anthony Blinken headed the US delegation in the supreme coordination meeting, in accordance with the 2008 Strategic Framework Agreement.

The statement pointed out that "the meeting is the first meeting of the Higher Coordination Committee to focus on economic cooperation, energy sector development, and climate change, which is a sign of a mature strategic partnership under the Strategic Framework Agreement."

The United States welcomed "the positive developments in relations between the Iraqi federal government and the Kurdistan Regional Government and the ongoing negotiations regarding the federal budget for 2023 and the hydrocarbon law," according to the statement.

Below is the text of the statement:

“The Iraqi Deputy Prime Minister and Minister of Foreign Affairs, Dr. Fuad Hussein, headed the delegation of the Republic of Iraq, and the US Secretary of State Anthony J. Blinken, the delegation of the United States, held a meeting of the Higher Coordination Committee, in accordance with the 2008 Strategic Framework Agreement for the relationship of friendship and cooperation between the United States of America and the Republic of Iraq.

The two delegations renewed their determination to deepen the strategic relationship between the two countries across a full range of bilateral issues, for the sake of the national interests of both countries, and their common interests in regional stability.

This meeting is the first meeting of the Supreme Coordination Committee focusing on economic cooperation, energy sector development, and climate change, which is a sign of a mature strategic partnership under the Strategic Framework Agreement.

The Iraqi delegation included high-level representatives from the House of Representatives, the Central Bank, the Ministry of Foreign Affairs, and the Ministry of Foreign Affairs. Oil, the Ministry of Planning, the Ministry of Finance, the Ministry of Electricity, the Prime Minister's Office, Iraq's Climate Envoy, and the Kurdistan Regional Government.

In addition to the US State Department, the US delegation included USAID President Samantha Power, Special Presidential Envoy for Climate Change John Kerry, Deputy Secretary of the Treasury Wally Adeyo, Special Presidential Coordinator for Global Energy and Infrastructure Amos Hochstein, Global Anti-Corruption Coordinator Richard Nephew, Coordinator for Global Energy and Infrastructure Middle East National Security Council Brett McGurk, and senior officials from the Department of State, Treasury, Energy, and Commerce.

The two sides discussed the challenges facing the Iraqi economy, including the parallel exchange rate markets.

The United States welcomed the Iraqi government's efforts to enact economic reforms, as well as reforms in the field of monetary policy, modernizing the banking and financial sector, combating corruption, and preventing manipulation of the financial system—measures that would help enhance Iraq's economic prospects, including strengthening financial and financial markets. Exchange.

The US delegation renewed its support for Iraq's continuous efforts to build technical capabilities and implement international standards to protect the banking system from financial crimes, money laundering and terrorist financing.

The two sides also affirmed their determination to continue working together to modernize the financial system in Iraq in order to improve the conditions of the Iraqi people.

The American and Iraqi delegations confirmed the convergence of views that pursuing an ambitious agenda for energy independence is necessary to achieve maximum economic prosperity for Iraq and protect its sovereignty. Both delegations agreed that Iraq has a historic opportunity to invest in energy infrastructure initiatives designed to improve electricity services for the Iraqi people, secure energy self-sufficiency for Iraq, and mitigate environmental damage to both the global climate and Iraqi public health.

To this end, the two sides decided to accelerate efforts to capture the flared gas, modernize the infrastructure for natural gas distribution, reduce methane leakage, connect regionally to the Iraqi electricity grid, modernize Iraq's electricity infrastructure, and explore renewable energy opportunities. The American delegation praised Iraq's commitment to regional electrical interconnection projects with Jordan, the Kingdom of Saudi Arabia, and the Electricity Interconnection Authority of the Gulf Cooperation Council states.

The two countries stressed the importance of combating climate change and adapting to it, and the Iraqi delegation stated that Iraq will soon publish a comprehensive governmental strategy to combat climate change. And the United States reviewed its plan to expand climate change programs in Iraq, after it provided Iraq with more than $1.2 billion in development aid over the past five years.

The discussions also stressed the importance of the need for ambitious projects related to solar energy farms, and the establishment of a regulatory framework to attract investment in renewable energy.

The two sides also discussed the water crisis in Iraq, and the United States expressed its intention to continue its technical assistance to improve water management practices in Iraq. The United States called on Iraq to nominate experts in water management to participate in exchange programs with US leaders in this field, and the two delegations stressed the importance of benefiting from modern technologies in groundwater management and irrigation efficiency.

The United States welcomed the positive developments in relations between the Iraqi federal government and the Kurdistan Regional Government and the ongoing negotiations regarding the 2023 federal budget and the hydrocarbons law.

The United States assured the Iraqi delegation that the American private sector is the best in the field of technology and its unique ability to face the energy challenges in Iraq. The Iraqi-American Business Council at the American Chamber of Commerce hosted a round table for the Iraqi delegation with 40 American companies and industry leaders who are experts in the field of gas capture, modernization of electricity infrastructure, and renewable energy sources.

After this event, the Chamber of Commerce announced that it would lead two American trade missions to Iraq in June to explore investment opportunities.

In addition, the two delegations noted the intent of the Office of the United States Trade Representative and the Iraqi Ministry of Commerce to begin planning for the Trade and Investment Framework Agreement Council meeting in 2023.

This agreement between the United States and Iraq serves as a forum for resolving trade obstacles and promoting investment and bilateral trade opportunities between the two countries.

The US delegation announced that the US Embassy in Baghdad has gradually started providing non-immigrant visa services.

The United States and Iraq confirmed that they plan to hold meetings of joint coordination committees under the Strategic Framework Agreement, and additional meetings of the Higher Coordination Committee, to follow up on investments in the field of energy and economy, and the climate-related discussions that took place during the meetings of this Higher Coordination Committee. The American and Iraqi delegations affirmed their determination to strengthen the strategic relationship between the two countries.    https://altahreernews.com/43272/

"Tidbits From TNT" Thursday Morning 2-16-2023

TNT:

Tishwash:  There is no dollar except in the alleys, and the price is black": speculation that will "raise" food prices

The head of the Diyala Chamber of Commerce, Muhammad Mulla Jawad, revealed today, Thursday, that the sale of the dollar in the exchange offices in the province has stopped and that it is satisfied with buying according to the official price, "then selling it at black market prices in the alleys to avoid censorship."

Mulla Jawad told (Baghdad Today) that "all exchange offices in Diyala never sell dollars, but they buy them at the central bank's rate of 130,000 dinars for every 100 dollars."

He added, "Obtaining dollars has become somewhat complicated, and sales to citizens take place in the alleys at prices ranging between 152-154 thousand dinars per 100 dollars, which makes a large difference between the selling price and the purchase price."

The head of the Chamber of Commerce in Diyala said, "These speculations occur due to the lack of sufficient liquidity to cover the daily needs of internal trade, which relies on the dollar by up to 75% to pay commercial dues."

He pointed out that this "will lead to a further rise in the prices of basic commodities, especially foodstuffs."

He pointed out, "The need for state companies specialized in importing foodstuffs to intervene by moving to the top of the leadership in importing materials, feeding the Iraqi markets, and securing the needs of merchants through selling in dinars."

He believed that "this may lead to a reduction in the demand for the dollar by up to 40% at least, thus stabilizing the prices of the currency market and ending the case of speculation."

Earlier today, the intelligence agency announced the arrest of a "currency smuggler in possession of $158,000."

Yesterday, the intelligence agency announced the arrest of 18 people on charges of manipulating exchange rates and seizing about 800 million dinars and 385 thousand dollars in their possession.

The agency closed exchange and money transfer offices that do not have licenses, and a security force launched a campaign of arrests in Ramadi against dollar traffickers  link

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

RVAlready:  Hopefully, Iraq still wants to get this done ASAP.

KMan:  Ramadan 2023 begins at sunset on Wednesday, March 22 and ends on Saturday, April 20

RVAlready:  Hopefully the RV hits long before Ramadan.

CharlieOK:  Historically, all Ramadan has meant as it relates to the rv, is that nothing is going to happen. Period. End of story.

Yada:  Dont believe that will be true this time arouind. The reason nothing happened before was the politicians used that time to delay on purpose. This time around, this is beyond Iraq's ability to stop the process. It has already reached international boundries and the central banks are positioned to receive the release.

Yada:  Charlie, have to look at this as they are lowering the heat in Iraq to match the increased heat in the international markets. Like fitting flexible joints to connect at the right point and we are moments away.

CharlieOK:  I agree with your thinking, yada. And we have plenty of time before the arrival of the R word to get this done. R is a religious scenario that is very powerful in the ME. Business just stops.

BabysMom:  Work still gets done during the day during Ramadan. The country does not shut down. Lol. Certain days are more holy than the others

Annie68:  It's business as usual during Ramadan.....They fast during the day and have meal time in the evening.

MountainMole:  If this requires 3 day weekend in the US then this weekend provides the additional day due to Presidents Day.

Yada:  I dont think so Mountain Mole,,,again, this is international,,our holidays don't coicide with the worlds. And besides our banks are closed on 3 day weekend so I'm expecting Iraq to release 1000 to $1 and like a wave, banks will adjust as the markets open.

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

CandyKisses:  "Most of the currency smuggling operations from Iraq are carried out in cash"

Baghdad Today - Follow-up

On Thursday, the Qatari website "Al Jazeera Net" addressed the capabilities of the Iraqi government in combating money laundering, and several steps have been taken recently and the extent of its ability to end foreign currency smuggling.

The website said, in a report followed by (Baghdad Today), that Iraq's movements have recently increased at the economic level of optimism that it can succeed in combating money laundering and terrorist financing, or reduce them to lower levels than it was after they worsened significantly after 2003, especially with its link to "political corruption" through banking sector reforms.

He added that one of these positive steps is Iraq's recent accession to the membership of the Egmont Group of Financial Intelligence Units, to enhance efforts to combat corruption and money laundering.

The report pointed out that the group includes 167 countries, and works to facilitate the exchange of information on criminal records, money laundering and terrorist financing at the international level, by providing the office with a secure communication network with countries of the world, which contributes to following up the movement of funds internationally and strengthening financial investigation procedures, leading to the recovery of funds and assets.

He pointed out that Iraq's recent moves came after its local currency reached the brink of collapse by reaching its lowest record level against the dollar in 18 years, and its decline to about 1700,1300 dinars against the dollar in informal market exchanges earlier this month, due to the US sanctions imposed on it, which prompted the government of Prime Minister Muhammad Shia Al-Sudani to take an urgent decision to raise the value of the dinar to 2023 against the dollar and adopt it in the financial budget for the current year <>.

Government optimism

Optimistic that Iraq will join the group, Mazhar Mohammed Saleh, economic adviser to the Iraqi Prime Minister, acknowledges that the country is in dire need of Egmont membership.

"It is an international network that works to enhance communication and interaction between the world's financial intelligence units, which are represented at the national level by the Anti-Money Laundering and Combating the Financing of Terrorism Office," he said.

The Governor of the Central Bank of Iraq chairs the Supreme Committee for Combating Money Laundering and Terrorist Funds, which issues the relevant regulations and instructions, based on the Anti-Money Laundering and Combating the Financing of Terrorism Law, which Iraq adopted in 2015.

According to Saleh's interview with Al Jazeera Net, strengthening cooperation ties between Baghdad and international compliance institutions requires that Iraq be an active member of "Egmont" to create better international cooperation for the benefit of the country and the world in combating money laundering and related activities.

Iraq has been an active member of the Middle East and North Africa Financial Action Organization (MENAFATF) since 2004, which qualifies it, according to Saleh, to join the international group "Egmont" related and effective in combating money laundering.

Before 2003, Iraq did not know much about money laundering operations, which began to intensify after the US occupation, and reached very high levels, especially with their association with "illegal" activities that contributed to smuggling money outside the borders to launder it and return it again in a "legitimate form" such as real estate or other property collectibles such as gold.

On the ground, Iraq's first steps to curb this phenomenon came through the establishment of the Anti-Money Laundering Office in April 2007, whose tasks are to collect and analyze information related to financial transactions, and to create channels of cooperation and interaction with relevant local and international bodies to combat them.

Iraq's losses

Money laundering consumed much of Iraq's financial imports throughout the post-2003 years, but the scandal known as the "Theft of the Century", which illegally squandered $2.5 billion from an Iraqi government bank account and laundered through private banks, is the country's largest case of corruption through money laundering.

According to previous annual reports, international and domestic remittances were one of the most used tools for money laundering in 2019, 2020 and 2021. These figures seem to be somewhat identical to what Hadi al-Salami, a member of the parliamentary integrity committee in the Iraqi parliament, said about Iraq's losses from money laundering.

The Iraqi MP refers to one of these cases, which is that in 2020 alone, the Central Bank sold $ 40 billion in the currency auction, which is supposed to be matched by the same value of imports of $ 40 billion, but its value amounted to only $ 14 billion, which means that the value of corruption operations was estimated at about $ 23 billion in the said year.

In 2021, the volume of currency sold in the auction amounted to 30 billion US dollars, while the value of imports amounted to only 13 billion dollars, and the difference between them - according to Al-Salami - represents what Iraq loses from money laundering and terrorist financing.

Speaking to Al Jazeera Net, MP Al-Salami calls on the Iraqi government and the Central Bank to abide by the conditions and laws of the international community to prevent currency smuggling to prevent collisions in ways he considers "inappropriate" in order to achieve the interests of the people.

Regarding the most prominent mechanisms to be taken to amputate or reduce money laundering operations, the member of the parliamentary integrity stressed the need for a monetary policy for the Central Bank, and a financial policy for the Ministry of Finance, calling on the Central Bank to withdraw the licenses of banks involved in currency smuggling or money laundering through speculation, as well as the case with some offices and companies.

***********

Tishwash:  The dollar crisis reveals the need to modernize the backward banking system in Iraq

The dollar crisis reveals the need to organize the work of Iraqi banks and to carry out reforms at the level of technologies and management of financial transactions.

The Iraqi Banks Association did not succeed in influencing the end of the crisis, which indicates that its structure and performance are weaker than facing such a challenge.

The leader in the coordination framework, Mahmoud al-Hayani, said that the Iraqi Private Banks Association is part of the issue of the dollar’s ​​rise crisis, especially since this association includes many banks that are the cause of currency smuggling and money laundering, and this association did not have any role in this crisis, rather it was part of the crisis not resolved.

The banking sector in Iraq suffers from underdeveloped technologies, bureaucracy and administrative red tape.

Prime Minister Muhammad Shia' al-Sudani said that some banks and exchange offices do not follow a real and regular national financial policy.

Political analyst Qusai Mahbouba said on Twitter that government banks are hotbeds of corruption, failure and abhorrent bureaucracy, adding: There is no solution for these dilapidated banks except to liquidate them.

Al-Jubouri, who is interested in Iraqi affairs, said that one of the biggest lies in Iraq is the governmental and private banks, pointing out that the banks operate in the fifties of the last century.

Journalist Haider Ebrisem believes that government banks account for nearly 80% of the monetary mass, which means that 80% of the system will not move a finger in the face of the monetary stability crisis in Iraq.

The follower of Iraqi affairs, Ahmed Al-Abadi, believes that the number of banks in countries reflects the developmental dimension and the development of the financial and banking sector of the economy, except in Iraq, the number of banks that resemble shops reflects the extent of financial and administrative corruption.

The official website of the Central Bank of Iraq indicates that the number of local and foreign banks operating in the country is 78, including 7 government and 45 private banks, in addition to 17 branches of foreign banks operating in the country.

The former minister, Muhammad Iqbal al-Saydali, talks about the Iraqi experience in private banks being shameful, and the imbalance in their work is great, and its indicators in the Iraqi economy are almost bringing the country to the abyss, as is happening now, considering that the problem is in the weakness of the political system and the encroachment of corruption cartels in the state system.

And the economic analyst, Nabil Jabbar Al-Ali Al-Tamimi, conveys a scene of the performance of Iraqi banks, where remittance funds are collected without asking merchants for any documents related to his trade or the reasons for transferring money, then they are collected and a remittance service is purchased from private banks, which in turn ask the Central Bank for requests to strengthen their balances in banks.

Correspondents outside Iraq are provided with the Central Bank with formal and fictitious documents (forged) for the purpose of passing these transfers, considering that this mechanism has been going on for nearly 20 years and its continuation has led to a clear distortion in the import data, and great suspicions in passing transfers that may include deals for laundering and money laundering or financing groups terrorist, and this is the origin of the US federal objection.   link

Mot: .. an Apple???? Huh!!!

Iraqi News Highlights Wednesday Evening 2-15-23

Iraqi News Highlights Wednesday Evening 2-15-23

Tlm724 Administrator Bondlady’s Corner

Central Bank Governor: We Are Determined To Stabilize The Exchange Rate

Economie| 01:00 - 02/15/2023   Baghdad - Mawazine News  The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Wednesday, that the platform was found to protect the banking sector, while indicating the central bank’s determination to stabilize the exchange rate of the dollar.

Al-Alaq said, "The new electronic platform is to avoid any penalties for those who carry out transfers, whether they are banks or others. It is a protection for the banking sector, the central bank and banks from falling into any forms related to external financial transfers, and this serves all parties."

On the exchange rate of the dollar, Al-Alaq explained, “The responsibility of the central bank is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal.” He added, “Our discussions with the International Monetary Fund were very fruitful, and we agreed on programs that serve properly directly and indirectly to achieve this goal.” Ended 29 / h     https://www.mawazin.net/Details.aspx?jimare=219374

Dollar Exchange Rates Today

Wednesday 15 February 2023 10:43 | Economical Number of readings: 505  Baghdad / NINA / - The exchange rates of the dollar rose, on Wednesday, on the Iraqi Stock Exchange, to exceed 155,000 dinars per 100 dollars.   The selling price of the dollar in Baghdad reached 153 thousand dinars for every 100 dollars.   And the purchase is 152 thousand dinars for every 100 dollars.

And the selling price of the dollar in Erbil was 155,500 dinars for every 100 dollars.  And the purchase is 154,500 dinars for every 100 dollars./ https://ninanews.com/Website/News/Details?key=1033577

Sudanese Advisor Reveals The Size Of Iraq's Internal And External Debts

Money and business  Economy News – Baghdad   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, determined, on Wednesday, the total public debt of Iraq, while indicating that extinguishing and repaying debts are subject to a tight financial program and regular timings.

Salih told the official news agency, "Iraq's internal debt, which is exclusively in the possession of the government banking system, is estimated at about $55 billion if it is valued in foreign currency according to the new exchange rate," noting that "a percentage of no less than 63% of the internal public debt is in the possession of the Central Bank." Iraq, whether in the form of government bonds or treasury transfers.

He added, “The average annual interest on all of them is about 3% with the offer,” pointing out that “the external public debt that must be paid between the years 2023-2028 is estimated at 21-23 billion dollars, which means that the total internal and external indebtedness is 76 billion.” dollar".

He pointed out that "the total balance of public debt (internal and external) still does not exceed 35% of Iraq's gross domestic product, while international standard ratios allow up to 60% and consider it stable."

And he continued, "Based on the rules of discipline or fiscal reinforcement, the fiscal policy should reduce the total amount of public debt annually, as well as gradually reduce the annual deficit rate through rational management of public spending and maximizing total public revenues, especially non-oil revenues, the proportion of which should become About 20% of the total public revenues in the budget instead of the current percentages that do not exceed 8%, according to what was stated in the ministerial curriculum of the government of Prime Minister Muhammad Shia'a al-Sudani.

He noted that "extinguishing and repaying debts are subject to a tight financial program and regular timing, especially external debt receivables through the allocations allocated in the general budget for debt extinguishment and services, which still indicates Iraq's high creditworthiness with international credit rating institutions and according to its data issued periodically since its adoption." from 2015 to the present.   https://economy-news.net/content.php?id=32488

Integrity: A 7-Year Prison Sentence For The Assistant Manager Of The Rafidain Bank Branch In Khalidiya

Political | 02:58 - 02/15/2023  Baghdad - Mawazine News  The Federal Integrity Commission announced, today, Wednesday, the issuance of a judgment in presence against the assistant director of the Rafidain Bank branch in Al-Khalidiyah, serving seven years in prison for "damaging public money."

According to a statement received by Mawazine News, the Commission’s Investigation Department stated, “The Rusafa Criminal Court, which is competent to look into integrity cases, issued a judgment in the presence of seven years imprisonment against the assistant director of the Rafidain Bank branch in Al-Khalidiya, formerly the “credit officer,” on the background of issuing (6 Letters of guarantee for the amount of (3,411,000,000) billion dinars, without following the required mechanism when issuing letters of guarantee.

The department stated, “The details of the case indicate that the accused issued (6) forged letters of guarantee in collusion with the former branch manager, at the request of two limited trading and general contracting companies, for the benefit of a company affiliated with the Ministry of Industry and Minerals merged with the General Company for Copper and Mechanical Industries.” Indicating that "the issuance of letters of guarantee was without following the required mechanism when issuing them represented by taking commissions and insurances, while taking sufficient guarantees covering the amount of the guarantee."

And she pointed out that "the court, after reviewing the evidence obtained in the case represented by the statements of the legal representative of the bank who requested the complaint against the accused and the administrative investigation record, reached sufficient conviction of her negligence, so it issued the ruling against her, based on the provisions of Article (340) of the Iraqi Penal Code." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=219421

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

https://www.bondladyscorner.com/