DINARRECAPS8 2/26/23 DINARRECAPS8 2/26/23

Sunday Morning Iraq Economic News Highlights 2-26-23

Less Than 10 Days After Its Launch.. Suspension Of Selling Dollars At The Official Rate At Sulaymaniyah Airport

2023-02-26 Yes Iraq: Baghdad On Sunday, the Sulaymaniyah International Airport administration announced the temporary suspension of the sale of the official hard dollar, less than 10 days after the sale was opened. And the Sulaymaniyah International Airport administration stated in a statement today, that “according to the notice published by the Regional Commercial Bank (RT Bank), it draws the attention of travelers to stop the currency exchange process in the bank’s office inside the airport,” noting that “the suspension of the sale of the dollar came with a notification from the Central Bank and it will be Temporarily".

Less Than 10 Days After Its Launch.. Suspension Of Selling Dollars At The Official Rate At Sulaymaniyah Airport

This suspension comes less than 10 days after the launch of selling dollars at the official rate at the Sulaymaniyah airport outlet. LINK

Disclosure Of Prior Parliamentary Consensus To Approve The Budget

Today The representative of the State of Law Coalition, Ahmed Al-Watifi, confirmed, on Sunday, that the governments of Baghdad and Erbil will soon reach an integrated road map to resolve the crises, indicating that parliamentary consensus exists and is waiting for the budget to be passed.

Al-Watifi said in an interview with Al-Maalouma Agency, "The budget agreement is in its final stages, and we are optimistic about reaching an agreement that can be implemented within the House of Representatives."

He added, "There are understandings among the political blocs on the need to pass every law that provides service to the citizen and not obstruct it within the House of Representatives."

He pointed out that "there are positive indicators and understandings to move forward in resolving the differences and outstanding issues between Erbil and Baghdad," noting that "the negotiations reached a set of understandings between the two sides to resolve the differences and outstanding issues between Erbil and Baghdad.”

Earlier, the representative of the Kurdistan Democratic Party, Jay Taymur, revealed the scenes and developments of the recent meetings and negotiations that took place between the federal government and the delegation of the Kurdistan Regional Government regarding the oil and gas law, the share of the region, and ending the outstanding differences, stressing that the agreement is almost in place between the two parties. End / 25 hours LINK

Al-Maliki: The Government Without Backing The Political Forces Will Not Succeed

February 25, 2023 Baghdad / Obelisk: The head of the State of Law coalition, Nuri al-Maliki, confirmed that the government without assigning political forces will not succeed.

Al-Maliki said, in a statement followed by the obelisk, that women are the true partner in good work and the transmission of the Islamic message, stressing the need to build a generation capable of assuming responsibilities.

He added that the government without assigning political forces will not succeed and should fulfill the requirements of the citizens.

He concluded his speech by saying that improving the service reality for Iraqis is done through reviving housing and agricultural initiatives. https://almasalah.com/archives/43936

Research Paper: Washington's Emphasis On The Dollar Is A Message To The Factions That Al-Sudani Can Benefit From

2023.02.25 - Baghdad - Nas Former government advisor and researcher at the French National Center for Scientific Research (CNRS) Hisham Daoud wrote about the strategic and political dimensions of the dollar exchange rate crisis against the dinar in Iraq, stressing that the repercussions and consequences of the financial crisis resulting from the dollar are "the most dangerous since 2003" because they are not limited to Not only on the economic situation, but it also has geo-strategic repercussions, and it will have a great impact on the political power relations in Iraq.

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Daoud stated in a research paper he wrote for the Emirates Policy Center (EPC), followed by "NAS" (February 25, 2023), that the goal of restricting the Federal Reserve in New York is to ensure Baghdad's compliance with an electronic system that guarantees transparency in dollar transactions and to stop money laundering and dollar "smuggling".

To neighboring countries, and this constitutes an incentive for the Iraqi authorities to adopt more prudent financial and economic policies. "This American policy also includes a strong message to the Iraqi factions loyal to Iran, which depend to a large extent in exercising their influence on networks of corruption and money laundering."

Daoud pointed out that in the medium term, the Iraqi prime minister could benefit from the tightening US monetary policy to weaken his distant opponents, such as the Sadrist movement, as well as weaken his "close allies" in the coordination framework, who aspire to expand their sphere of influence and exercise extended executive powers.

The research paper indicated that, while the United States is likely to ease its financial policy towards Iraq, it is not possible for it to accept the return of the previous situation to what it was. The electronic financial system will be implemented gradually, and factions linked to Iran will have to deal with it as a fait accompli.

The following are excerpts from the paper:

The crisis was exacerbated to some extent by rumors, misunderstandings, and a state of uncertainty, which led to a halt in the demand for some imported goods, which became expensive and were seen as unnecessary, and thus affected small traders who are today threatened with leaving the market and joining the ranks of Jobless.

The World Bank estimates the unemployment rate in Iraq at 14.5% among the general population, and 27.5% among youth. The crisis has also prompted many merchants to resort entirely to the informal market (let's call it the parallel market), or even to load trucks with dollars and transport them out of Iraq.

Over the years, the armed factions and parties took control of the banking and private financial sector (full control or owning a majority stake in banks), and used the dollar auction system either to achieve huge profits (by taking advantage of the low price of selling dollars by the Central Bank of Iraq), Or to launder illegal money (resulting from smuggling, embezzlement of public property or commissions), or to send money to both Iran and Syria.

The result is that these factions are now relying heavily on the regime to recycle their income. However, there is a problem with the new US restrictions towards the monetary system in Iraq represented in the fact that they affect individuals and importers, as well as financial institutions linked to the factions without any kind of exception or discrimination. However, the armed factions have huge sums of money at stake, and pressure from the New York Federal Reserve could incentivize them to "clean up".

And while the United States is likely to ease its financial policy towards Iraq, it is not possible for it to accept the return of the previous situation to what it was. The electronic financial system will be implemented gradually, and factions linked to Iran will have to deal with it as a fait accompli.

By using disguised sanctions against pro-Iranian elements, supporting the approach of the Iraqi prime minister and his successor, the Dawa Party, and exerting direct pressure on Tehran, this new US policy may bear fruit.

In any case, this crisis shows that all pressure cards are in the hands of the United States, such as the dollar weapon, as well as its ability to collect and extract data, in light of the fact that the information infrastructure of the main Iraqi ministries and institutions is entirely American industry, and the American military aid to Iraq, and the sanctions weapon, Perhaps resorting, as a last resort, to targeted strikes targeting militia leaders and their facilities.

In the meantime, the Iranian position has been greatly weakened due to the continuation of the protest movement in the country and the high rates of inflation (one of the motives for smuggling dollars from Iraq to Iran is to pump dollars into the market for the purpose of slowing down the decline in the value of the Iranian riyal and the resulting inflation and financing the budget deficit);

And the continuation of drone attacks (by Israel and with the approval of Washington) on strategic facilities in Iran. In light of this state of weakness, the Iranian regime now needs to rely on an Iraqi government backed by Washington.

Therefore, Iran is likely to exercise its hegemony over Iraqi factions and militias, and limit these factions' obstruction of the Iraqi government's efforts to implement policies to adhere to the new monetary systems.

At the local level in Iraq, there are fears of a slowdown in commercial activity, and a delay in approving the 2023 budget (which was supposed to be approved at the end of January, and to be approved within two months after that). The worsening economic crisis may also lead to social unrest, especially before the month of Ramadan, which will begin at the beginning of the last third of March, and thus the possibility of re-igniting the protest movement in the country. Moreover, the Sadrist movement may find itself increasingly besieged and excluded from informal decision-making positions and financial resources, and thus may threaten to organize mass demonstrations and possibly resort to street clashes.

Conclusions

Today, Iraq has come to the conclusion that it is necessary to get rid of the dominance of the informal sector and abandon the cash-based economic model, and move towards an organized banking sector that would make way for the growth of the private sector.

The commitment of Iraqi Prime Minister Muhammad Shia al-Sudani to make his rule an opportunity to launch major development projects sends two somewhat contradictory messages. He appears to be sending a message to the factions that he will not attempt to change the status quo, while at the same time encouraging them to transcend political and factional differences to focus on the economy.

However, it is clear that the aspirations of economic development require adherence to international standards, transparency and the fight against corruption, standards that the dominant factions currently see as weakening them organizationally, socially and politically. After it became a wealthy class that relied for an important part of its income on the dollar auction system, these same factions created a weapon that Washington can now use against it. https://www.nasnews.com/view.php?cat=102754

Economists Call For The Elimination Of Dollarization Of The Iraqi Economy

Baghdad - Economy News Iraqi economists called on state officials to eliminate dollarization in the economy, in order to meet the growing demand for the dollar currency.

And the Central Bank of Iraq launched a series of measures to counter the rise in the exchange rate of the dollar against the dinar, including the settlement of private sector trade between Iraq and China, in the yuan currency through the American JPMorgan Bank.

The economist, Mahmoud Dagher, told Al-Iqtisad News that businessmen and importers have begun to increase their numbers to go to banks to obtain dollars to cover imports, and this is a very important step that will contribute to reducing the demand for dollars in the parallel market.

He added that selling goods in foreign currencies inside the Iraqi market increases demand, and this is called dollarization, a procedure that shakes the citizen's confidence in his currency.

On the other hand, economist Aqil al-Ansari told Al-Iqtisad News that the state must control dollarization by preventing the sale of goods in the local market in dollars or any other currency except for the Iraqi dinar.

He stressed that this matter will lead to reducing the demand for the dollar, and therefore the dollar will go to the main needs to cover Iraq's imports of goods, indicating that the last consumer must pay in the dinar currency, while the main importer is the one who buys the dollar from the banks.

He pointed out that what is happening now is the organization of foreign trade for Iraq, which is a very important measure for the Iraqi economy and ends the chaos that was taking place.

https://economy-news.net/content.php?id=32655

DINARRECAPS8 2/25/23 DINARRECAPS8 2/25/23

Iraqi News Highlights Saturday Evening 2-25-23

Tlm724 Administrator Bondlady’s Corner

New Directives From The Central Bank Regarding The Sale Of The Dollar .. Document

Economie Saturday, February 25, 2023 Baghdad / National News Center Today, Saturday, the Central Bank of Iraq directed all licensed exchange companies to announce the sale of the dollar at the official rate outside its headquarters. And according to a document obtained by the National News Center, it was decided that your companies should announce clearly and explicitly outside their headquarters, including that you sell dollar currency in accordance with the controls of this bank to citizens wishing to travel or receive treatment outside Iraq and at the official exchange rate announced by this bank.

Iraqi News Highlights Saturday Evening 2-25-23

Tlm724 Administrator Bondlady’s Corner

New Directives From The Central Bank Regarding The Sale Of The Dollar .. Document

https://nnciraq.com/189013/

Deputy: A Proposal To Adopt A Price Of $65 Per Barrel Of Oil In The Budget

Money and business Economy News – Baghdad Independent MP Muhammad Al-Ziyadi confirmed, on Saturday, that the 2023 budget bill will reach the House of Representatives during the current week.

Al-Ziyadi said, "The draft budget law is important in supporting the country's economy and infrastructure," pointing out that "the budget is unilateral as it depends on selling oil."

He added, "The change in oil prices between decline and rise will affect the Iraqi economy," noting that "there is a proposal to adopt the selling price of oil in the 2023 budget within the limits of $65 per barrel."

Al-Ziyadi added, in a statement to "Al-Ghad Press" agency, followed by "Al-Iqtisad News", that "the budget will reach the House of Representatives during the current week."

https://economy-news.net/content.php?id=32643

Oil Prices.. Basra Crude Closed With A Slight Weekly Loss

Economie| 08:43 - 02/25/2023 Follow-up - Mawazine News, Basra crude closed with a slight weekly loss, while Brent and American crude closed with gains.

Basra Heavy crude closed in its last session of yesterday, Friday, at an increase of 51 cents, to reach 73.75 dollars, but it recorded a slight weekly loss of 47 cents, equivalent to 0.63%.

While Basra Light crude closed in its last session, also at an increase of 51 cents, to reach $ 79.97, and it also recorded a slight weekly loss of 47 cents, or the equivalent of 0.59%.

As for Brent crude, it closed in the last session of Friday, up by 95%. US cents, to reach $83.13, and recorded a slight weekly gain of 13 cents, or 0.16%.

The US West Texas Intermediate crude closed in its last session on Friday, also up by 93 cents, to reach $76.35 a barrel, and also recorded slight weekly gains of $76.35 a barrel. one cent.

Crude oil prices witnessed fluctuations during the past week, with investors' fears of raising interest rates for central banks, which weakens the global economy, offset by Russia's statements to reduce its production in March, which reduces the supply of crude oil.

https://www.mawazin.net/Details.aspx?jimare=220256

Secrets Of “Inflation” Of The 2023 Budget Numbers.. Will Investment Spending Increase By 170%?

2023-02-23 Yes Iraq: Baghdad Huge numbers are being talked about regarding the 2023 budget, which is witnessing widespread anticipation in the political, popular and commercial circles, as the numbers being talked about about the size of the budget still touch the 200 trillion Iraqi dinars, a number that can be described as the “largest” in the history of public budgets in Iraq.

The government economic advisor, Mazhar Muhammad Salih, says,

“Last year, 145 trillion dollars were spent through applying the principle of 1/12 in the 2021 budget that preceded it, and what was included in the Emergency Support for Food Security and Development Law, which is the minimum that can be spent for the year 2023.” And he adds,

“But the ceiling of the budget for the current year, we expect it to range between 180-200 trillion dinars, according to our expectations, thanks to what was included in the ministerial program of great support for the social curriculum in it, such as support for the ration card and the social welfare file, in addition to strategic and service projects and the continuation of service work in many regions.”".

Saleh talks about the 2021 budget, amounting to 129 trillion dinars, “which has not been fully spent,” in addition to 25 trillion dinars for the food security law, which has not been fully spent yet, according to what data from ministries and government institutions indicate.

Hence, Saleh says that these 145 trillion dinars that were spent last year will be spent during the current year as well, with the addition of new sections for spending that exceed these 145 trillion, as these ruling spending sections represent the appointments and grades that have been installed, amounting to about one million new employees. In addition to the new categories that have been added to social care.

Prime Minister Muhammad Shia al-Sudani said in previous statements that the salaries section in the current budget rose from 41 to 62 trillion dinars, meaning that operating expenses alone rose more than 20 trillion dinars.

And while only one million employees have been appointed, the rate of what they will raise from salaries will not exceed 10 trillion dinars during a full year, and thus the 20 trillion that Al-Sudani talked about, including the salaries of the newly added retirees, as well as the salaries of social welfare.

However, the total new expenditures from salaries will raise the actual spending to 170 trillion dinars at best, which raises questions about whether more than 30 trillion dinars will be allocated to investment projects, after it reached last year 2022, less than 9 trillion dinars, and in 2021 amounted to only 13 trillion dinars.

Accordingly, the rate of spending on investment during the past two years amounted to 11 trillion dinars, and if 30 trillion dinars were allocated and spent on investment in this budget, this means that investment spending will reach more than the rate of the past two years by 170%.

https://yesiraq.com/أسرار-تضخم-ارقام-موازنة-2023-هل-سيرتفع-ال/

Abdul Hassan Al-Shammari For / Nina / There Is No Benefit From Financial Abundance Without A Strategic Economic Mindset

Wednesday 23, November 2022 21:48 | Economy Number of readings : 884 Baghdad / Nina / economist Abdul Hassan Al-Shammari stressed that:

"there is no benefit from financial abundance without a strategic economic mindset".

"In light of the great financial abundance, it is possible to build industry and agriculture and achieve high financial goals,

but the country needs high-level planning to achieve this," Al-Shammari said in a statement to the Iraqi national news agency (Nina).

He added: "some do not understand the existence of strategic economic minds that promote the economy for the better by developing various sectors of industry, agriculture and tourism that generate more money for the country than oil revenues and transport Iraq to a country with diversified revenues. / https://ninanews.com/Website/News/Details?key=1016035

Al-Sudani: Importing Gas Costs Us Nearly 10 Trillion Dinars Annually

2023-02-21 Yes Iraq: Baghdad On Tuesday, the Prime Minister, Muhammad Shia'a al-Sudani, attributed the reasons for the continuation of the shortage crisis in the production of electric power to the lack of fuel, indicating that about 10 trillion dinars.

Al-Sudani said in a speech during the signing ceremony of the fifth licensing round,

“Importing gas supplied to electricity production plants costs the country annually about 8 to 10 trillion dinars, revealing that the Ministry of Oil is determined to achieve self-sufficiency in gas production within three years.”

Al-Sudani said in his speech that the delay in this tour cost Iraq millions of dollars, and damaged the environment in various fields, and had a negative impact on citizens, especially in the oil-producing provinces. https://yesiraq.com/السوداني-استيراد-الغاز-يكلفنا-مايقار/

The Prime Minister's Adviser Confirms The High Investment Spending In The Budget This Year

Balsam Hamed The Financial Adviser to the Prime Minister, Mazhar Mohamed Saleh, confirmed today, Friday, the high investment spending in the budget, indicating that

he will contact infrastructure services projects with efficiency in the financial achievement confirmed by the services campaign according to the ministerial curriculum.

Saleh told the official agency, which was followed by (Al-Awal News), that

"the greater the ceiling of spending, the greater the percentage of increased or height will be devoted to investment spending on a continuous manner."

"What distinguishes the federal public budget for the year 2023 is investment spending related to infrastructure services in the cities of Iraq and consistently," he added, noting that

"the most important thing in the investment spending activity is the efficiency of material and financial achievement."

He pointed out that "ensuring the efficiency of investment spending was confirmed by the services campaign that the ministerial curriculum brought the government, which has started its realistic and practical indicators strongly since last October before the adoption of the Federal Public Budget Law 2023, as the maximum benefit from the emergency support law for food security and development was made and in a manner that achieves the efficiency of allocation and disbursement Really directed at investment business related to economic development.”

And Saleh indicated that “the approved expenditures focused on the basic services related to the infrastructure that concerns the people’s daily lives and ensuring their well -being, especially in providing drinking water, roads, sewers and hospitals without neglecting the electricity dilemma.”

Earlier, the Prime Minister's Financial Adviser expected that the current year of the budget will range between 180-200 trillion dinars thanks to the great support of the ministerial program for the social curriculum in it, such as supporting the ration card and the social welfare file as well as strategic and service projects and the continuation of service work in many From the regions.

https://www.awla.news/مستشار-رئيس-الوزراء-يؤكد-ارتفاع-الإنف/

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

https://www.bondladyscorner.com/

Dinar Recaps 20 2/25/23 Dinar Recaps 20 2/25/23

Saturday "Vietnam News" Posted by Henig at KTFA 2-25-2023

KTFA: Vietnam:

Henig: Swiss daily: Vietnam becomes a new destination for foreign companies

13:15 | 25/02/2023

Swiss daily Tribune de Gèneve has recently published an article hailing Vietnam as a new destination for foreign companies.

The article said two-way trade between Switzerland and Vietnam hit about 3.2 billion USD in 2020. Switzerland is well-positioned to leverage advantages brought about by the Vietnamese economy.

Hundreds of Swiss companies have been among the most important European investors present in Vietnam. In particular, the Swiss industrial equipment sector should fully tap the growing trend of "Made in Vietnam" products.

KTFA: Vietnam:

Henig: Swiss daily: Vietnam becomes a new destination for foreign companies

13:15 | 25/02/2023

Swiss daily Tribune de Gèneve has recently published an article hailing Vietnam as a new destination for foreign companies.

The article said two-way trade between Switzerland and Vietnam hit about 3.2 billion USD in 2020. Switzerland is well-positioned to leverage advantages brought about by the Vietnamese economy.

According to the article, the industrial boom in Vietnam could be clearly felt when entering the Van Trung Industrial Park, which is an hour's drive to the north of Hanoi. Early in the morning, many people were lining up in front of recruitment office of Foxconn - the most famous subcontractor for Apple. In front of a large dormitory for workers, there is also a large poster with a notice that Foxconn is recruiting 10,000 employees with favourable working conditions.

Foxconn is not the only factory hiring a large number of workers. Not far away, LuxShare, a competitor, is announcing that it will recruit 13,000 new employees. An automobile supplier is seeking 700 eligible positions while a solar panel manufacturer is announcing the recruitment of 6,000 positions.

Large industrial zones are being built and taken over by advanced electronics manufacturers, said the article.

The Republic of Korea's electronics conglomerate Samsung inaugurated a brand new research and development centre in Hanoi in December 2022. It also plans to invest around 3.2 billion USD to produce semiconductors in a neighbouring province. The US’s semiconductor equipment company Amkor Technology will soon open a factory near the airport. And Pegatron of Taiwan (China) that produces components for electric carmaker Tesla and assembles iPhones, has recently begun operations near Ha Long Bay.

The article attributed Vietnam's above-said attraction to various factors such as a stable investment environment, 15 free trade agreements, including one signed in 2020 with the European Union (EU), helping Vietnam become a hub of industrial production at affordable costs.

Vietnam is being rated by foreign investors as a top priority for investment. Therefore, the country will continue to witness the emergence of super factories in the future, it concluded.

Source: VNA LINK

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

Henig: Falling interest rates facilitate production and business sectors

06:05 | 25/02/2023

Many banks have just launched credit packages with preferential lending interest rates that decreased by between 0.5-3% per year for customers in the fields of business and production, including real estate.

Most recently, the Vietnam Bank for Agriculture and Rural Development (Agribank), one of the largest banks in Vietnam, announced that as of January 31, the interest rates for real estate business is likely to be reduced by up to 3% per year from the interest rates that are being applied. The adjusted interest rates will be applied from January 31, 2023 to December 31, 2014.

Agribank said it will also spend more than 100 trillion VND in 2023 on preferential loans for businesses, import - export firms, and those operating in the healthcare and education sectors; and reduce interest rates for enterprises meeting difficulties in production and business.

Previously, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Joint Stock Commercial Bank for Industry and Trade (VietinBank) also launched incentive credit packages to support business and production firms.

The wave of reducing lending interest rates has been also recorded in many other commercial banks such the Viet Capital Commercial Joint Stock Bank (Viet Capital Bank), Orient Commercial Joint Stock Bank (OCB), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), and Southeast Asia Commercial Joint Stock Bank (SeABank).

According to Nguyen Huu Trung, Acting General Director of the Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank), the capital demand of businesses still remains high, so banks need to have appropriate policies to support their customers.

Banks continued to lower deposit interest rates early this month, thus cutting lending rates in general, and those for the real estate sector in particular.

According to a report of Bao Viet Securities (BVSC), the deposit interest rates have showed signs of dropping since late January 2023, raising the hope of a fall in lending rates.

Source: VNA LINK

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

Henig: Vietnam to have 16 more railway lines by 2030

08:00 | 25/02/2023

Vietnam’s railway network planning expects to have 16 new national lines with a total length of about 4,802km by 2030.

According to the Ministry of Transport, the planning for 2021-2030 will also upgrade seven existing lines, whose total length amounts to 2,440km.

By 2050, the number of new rail lines will be 25, which together are 6,354km long.

The completely upgraded and expanded network following the planning will connect strategic economic areas and corridors, urban centres, international sea ports, border gates, and airports nationwide, said a leader of the ministry.

Rail transport boasts several advantages. It requires less land areas, leaves little impact on the environment, and carries a large amount of goods and passengers. It is also fast, safe, and low cost.

However, the railway investment budget is enormous, while the State budget resources are limited. Due to the low financial efficiency of railway investment, it is difficult for the sector to attract capital from society.

Source: VNA LINK

HCM City gains considerable achievements in sci-tech development

06:30 | 25/02/2023

Ho Chi Minh City has recorded significant achievements in scientific and technology between 2012 and 2021, greatly contributing to the local economy, the municipal Party Committee said.

The HCM City Party Committee held a conference on February 16 to review the 10-year implementation of the 11th-tenure Party Central Committee’s Resolution 20-NQ/TW, issued on November 1, 2012 on the development of science and technology toward international integration. The resolution was issued in service of industrialisation and modernisation amid the socialist-oriented market economy.

It reported that over the last 10 years, the southern metropolis has strongly applied science and technology to public administration, especially using information technology in public services. The technological level of industrial production businesses has also been improved gradually.

The general speed of technological and equipment reform in the city was about 18.85% annually during 2016 - 2020, an increase from the 15% before 2016. Meanwhile, total spending on machinery and equipment averaged 20.6 trillion VND (870.3 million USD at the current exchange rate) each year.

This could be seen in the high total factor productivity (TFP), 35.62% on average, with science and technology contributing to 74% of the TFP growth. Between 2011 and 2021, the social labour productivity in HCM City was 2.7 times higher and the productivity growth was 1.7 times higher than the nationwide figures.

However, Vice Secretary of the municipal Party Committee Nguyen Ho Hai pointed out that there remain many challenges to the development of science and technology, which has yet to meet socio-economic development and urban management demand or truly become momentum toward development.

Deputy Minister of Science and Technology Le Xuan Dinh said HCM City is home to thousands of startups that account for about half of the total in Vietnam. Meanwhile, total investment in science, technology and innovation needs to make up at least 2% of the local GRDP, but it is hard for the state budget to cover the rate.

Therefore, HCM City should pay attention to attracting investment from venture funds to startups and innovation, he suggested.

The municipal Party Committee said in the coming time, HCM City will focus on reforming the system of science and technology organisations, and enhance connectivity with businesses in developing and reforming technology. They will also work to train manpower, offer preferential treatment to attract science and technology personnel. The committee plans to expand cooperation with international partners, and attract overseas Vietnamese scientists and technological experts.

Source: VNA LINK

DINARRECAPS8 2/25/23 DINARRECAPS8 2/25/23

Iraqi News Highlights Saturday Afternoon 2-25-23

Tlm724 Administrator Bondlady’s Corner

Parliament Is Still Awaiting The Budget.. 3 “Urgent” Requirements Depend On It

Posted On2023-02-25 By Sotaliraq The head of the National Approach bloc, Ahmed Taha Al-Rubaie, called for the need to expedite sending the draft financial budget law for the year 2023 to the House of Representatives for the purpose of its legislation. Al-Rubaie said in an interview, “We are on the cusp of March, and we are still waiting for the budget to arrive to pass it, because many service projects and programs related to the segments of the poor and others will be linked to approving the budget.”

Iraqi News Highlights Saturday Afternoon 2-25-23

Tlm724 Administrator Bondlady’s Corner

Parliament Is Still Awaiting The Budget.. 3 “Urgent” Requirements Depend On It

And he stressed “the importance of the budget and it must be passed, especially since last year did not witness the passing of the budget law, and therefore it has become necessary to send it for discussion and add what can be added in relation to the segments of society or even the possibility of adding new job grades, as there are great entitlements for graduates and citizens that must be obtained.”

Al-Rubaie added, "The budget for the current year will include many projects for the governorates, especially Basra, for which a budget can be allocated that can complete previous projects in it and add projects for the secretions that were previously distributed."

It is noteworthy that the Prime Minister, Muhammad Shia' al-Sudani, announced during his attendance at the meeting of the International Administration coalition on February 20 that "there has been great progress in completing the draft federal budget law and its presentation to the House of Representatives for a vote."

On the same day, the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, announced that “the budget will reach the House of Representatives next week.” LINK

The decline in the exchange rates of the dollar in Baghdad with the closing of the stock market

Saturday, February 25, 2023 4:31 PM Baghdad / The National News Center The exchange rates of the dollar fell against the Iraqi dinar, today, Saturday, with the closure of the main stock exchange in Baghdad.

The correspondent of the National News Center said, “The central Kifah Stock Exchange closed in Baghdad at 152,000 Iraqi dinars, compared to 100 dollars, while it was 152,800 this morning.”

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 152,500 Iraqi dinars, while the purchase prices reached 150,000 dinars per 100 dollars." https://nnciraq.com/189115/

Signing Memorandums Of Understanding Between Federal Trade And Regional Trade

Today, Saturday, the Ministry of Industry and Trade in the Kurdistan region announced the distribution of the dues of the region's farmers tomorrow, while the Federal Ministry of Trade confirmed the development of alternative plans to provide ration items if the budget approval was delayed.

The Director General of the Ministry, Nawzad Kamel, said in a press conference held today with a number of general managers in the Federal Ministry of Trade, that "an important meeting was held between the Ministries of Federal Trade and Industry and Commerce in the region, where memorandums of understanding were signed and a clarification mechanism was developed to implement these notes in a manner consistent with the citizen Iraqi in all its provinces and the Kurdistan Region, with the employees of the Ministry of the Region enjoying the same rights and duties as the rest of the Iraqi trade employees.

He added that "the farmers' dues have arrived in the region, and the instruments are now in the banks, and their issuance has been validated," noting that "as of tomorrow, they will start distributing them in Erbil for the years 2015-2016, amounting to more than 272 billion dinars," noting that "this file For those years it was completely shut down."

Meanwhile, the Director General of Grains at the Federal Ministry of Trade, Haider Nuri Jabr, said during the conference, "We discussed ways of cooperation with Kurdistan regarding the food basket, flour and wheat, and how to reach our citizens in the provinces of Kurdistan," pointing out, "We have studied the obstacles and problems and developed future solutions, especially for employees Kurdistan in the Ministry of Commerce and how to deal with them like our employees in Baghdad and other provinces.

And he stated: "We talked about the food basket and how to deliver it to Kurdistan, and we talked about the issue of wheat for the next season and how the farmers in Kurdistan receive their dues, and we came out with good results," pointing to "the importance of the farmer for us, whether it is in the region, Baghdad, or any other province."

While the General Manager of the General Company for Foodstuff Trade, Lama Hashem Al-Mousawi, confirmed during the conference that "the citizen in the region is the same as the citizen in the center, and the ministry took it upon itself to deliver all the ration card materials to Kurdistan from the first day until now," pointing out that "the citizen in the region reaches him vocabulary The card is like the rest of the citizens of the Iraqi provinces.

And she stressed that "in the event of a delay in the budget, the ministry has drawn up plans in this regard, and the existing materials are within the storage."

https://www.radionawa.com/all-detail.aspx?jimare=33546

Washington: Iraq Bought US Bonds Worth $18.31 Billion In 2022

Money and business Economy News - Baghdad

The US Treasury revealed, on Saturday, that Iraq ranked first among the Arab countries that purchased US bonds the most during the past year.

And the ministry stated in a statistic on its official website, that “Iraq bought US bonds during the past year 2022 and from January to December, amounting to 18.31 billion dollars, with a growth rate of 81.38%, and its possession amounted to 40.814 billion dollars, and it ranked first among the Arab countries that were the most purchase of US bonds over the past year.

She added, "The UAE came second by purchasing bonds during one year by $13.7 billion, with a growth of 30.51%, followed by Kuwait by purchasing $2.1 billion, with a growth of 4.53%, followed by Saudi Arabia by purchasing $700 million, with a growth of 0.59%."

She pointed out that "Saudi Arabia was the most Arab country in owning US bonds with a value of $119.709 billion, followed by the UAE with $58.50 billion, followed by Kuwait with $48.522 billion, then Iraq fourth with $40.814 billion, followed by Oman with $6.860 billion."

https://economy-news.net/content.php?id=32644

Iraq Calls For Improving The Investment Environment And Developing The Roads And Transportation Sectors Between The Arab Countries

Political | 01:10 - 02/25/2023 Baghdad - Mawazine News,First Deputy Speaker of Parliament Mohsen Al-Mandalawi affirmed, on Saturday, that Iraq has come a long way in achieving victory over terrorism at the security and military levels, while calling for a unified Arab position on many challenges, especially with regard to the file of water security.

Mandalawi said in Iraq's speech delivered at the thirty-fourth conference of the Arab Inter-Parliamentary Union, which is hosted by the capital, Baghdad, and which bears the title (Arab support for strengthening Iraq's stability and sovereignty), that "there is the importance of upgrading the economic, commercial and investment reality in the Arab world through the parliaments' adoption of the necessary legislation."

necessary in this regard, and the ratification of agreements related to enhancing trade exchange, improving the investment environment, developing the roads and transportation sector between Arab countries, and unifying positions in international forums related to trade and energy," calling on "brothers to take advantage of the real opportunities for investment that Iraq offers in all fields." .

He added, "Iraq has come a long way in achieving victory over terrorism, security and military, and is seeking at the current stage to achieve intellectual and cultural victory over all sources and forms of extremism and intolerance that lead to violence," noting that "everyone must spread a culture of tolerance and acceptance of the other and reject extremist ideas, and that responsibility It is the responsibility of the parliaments to strive to achieve this through the tasks of legislation and oversight, leading to a state of stability, peace and social coexistence.

Al-Mandalawi called for "taking a unified Arab position on many challenges, especially with regard to the file of water security and the rights of Arab countries to protect their water shares from rivers, in addition to providing support to Syria to help it in relief operations and support for those afflicted by the earthquake," stressing "Iraq's firm position."

And supportive of the Palestinian cause, ending the occupation, and establishing an independent state with Al-Quds Al-Sharif as its capital.

Mandalawi affirmed his support for "the efforts of the Arab Inter-Parliamentary Union in implementing the strategic axes of action, especially those related to strengthening coordination, cooperation and joint work between the parliaments on a permanent and continuous basis."

https://www.mawazin.net/Details.aspx?jimare=220280

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

https://www.bondladyscorner.com/

Dinar Recaps 20 2/25/23 Dinar Recaps 20 2/25/23

"Tidbits From TNT" Saturday 2-25-2023

TNT:

Tishwash: Will the “Chinese Dragon” take over the Iraqi economy?

The Central Bank of Iraq organized the financing of Iraq's foreign trade with China directly in the Chinese Yuan currency. This step is the first of its kind after the package of measures that facilitate access to foreign currencies.

The bank also initiated, in a statement, to take urgent measures aimed at compensating for the dollar shortage in the local market, which prompted the Iraqi Council of Ministers to agree to re-evaluate the Iraqi dinar against the dollar during the current month.

TNT:

Tishwash: Will the “Chinese Dragon” take over the Iraqi economy?

Strengthening bank balances

This step comes by the Central Bank to strengthen the balances of Iraqi banks that have accounts with Chinese banks in the yuan currency. The bank stated in the statement that the second option would be by strengthening the balances of Iraqi banks through the accounts of the central bank with JP Morgan Bank and the Development Bank in Singapore.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that the first option depends on the reserves of the Central Bank of the yuan, while the other option will take advantage of the bank’s reserves in US dollars in the JP Morgan Bank and the Development Bank in Singapore, as it is scheduled that these banks will work to convert the dollar into Yuan and payment to the ultimate beneficiary in China.

Today, China is working to open up its financial markets gradually to raise the role of the Chinese yuan globally, in addition to the endeavor of some countries to diversify their dealings in foreign currencies.

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said that this is the first time that imports from China are funded in yuan, and Iraq's imports from China are funded by dollars only

Gas exploration

Yesterday, Iraq signed contracts for exploration and development of oil and gas fields with three international energy companies, including two Chinese companies, in a number of provinces. The Chinese Geo-Gad company will supervise the exploration and development of oil and gas fields in Diyala Governorate and Maysan Governorate in the south of the country, while the Chinese United Energy Group Ltd. will explore and develop an oil and gas field in Basra Governorate, at a time when the Emirates-based Crescent Petroleum Company signed contracts. Exploration and development of three oil and gas fields in the provinces of Diyala and Basra as well.

armed attack

Last Monday, a number of tribal militants in Dhi Qar governorate launched an armed attack on the Chinese company that implements Nasiriyah airport in southern Iraq. Sources said that the Police Command and the Operations Command were inquired about the shooting incident at the Chinese company executing Nasiriyah International Airport.

The employees of the Chinese company, but there are no human losses, and the sources indicated that this matter occurs in the event of encroachment on the agricultural land belonging to the citizens without informing them before starting any project. limk

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

Tishwash: Company.. keeping pace with the best electronic payment systems

Hajja Um Montaser goes to collect her monthly retirement pension from an office adjacent to their house, and she used to repeat the phrase “God bless you, Abu Key Card.” This matter did not come out of nowhere, but left behind great pain. She receives her salary, his answer is from the grievances of the bank that I used to see.

This is one of the thousands of cases that were finding it extremely difficult to receive the pension salary, which is one of the most important dues, but the presence of the International Smart Card Company represented for them the door of access from the long suffering that they never imagined would end with this happy ending that the salary would be at the head of the street.

Hajjah Umm Muntasir, at first, did not realize that her salary was in this small card “according to the owner of the port,” and she did not pay him the required attention, but when she saw the receiving mechanism, the situation changed and it was put in a folder and an important place.

Through this experience, it becomes clear to us the importance of electronic payment in Iraq, the role of the “K” company and its founder, and how he was able, through directives from the Central Bank, to transfer advanced technology and to have an active role in the process of developing financial performance in Iraq.

As we have mentioned on more than one occasion, Kei Company is working on adopting the best smart systems around the world and benefiting from them to provide advanced products that are characterized by ease in providing financial dues, and thus it is the first national company to provide world-class services and keep pace with the new that is taking place in the field of international electronic payment.

Al-Kinani pointed out that the company's teams are working closely on the reality of the development of payments around the world and benefiting from them locally, as the company realizes that the volume of work in Iraq needs advanced payment systems that contribute to providing modern payment requirements.

It is noteworthy that the family of the company includes more than 7 million beneficiaries in all regions of Iraq. link

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

Tishwash: The collapse of the Iranian currency casts a shadow over the Iraqi economic, agricultural and health sectors

The historic collapse of the Iranian currency, recording 5 million per 100 dollars due to Western sanctions, raised questions about the impact of this collapse on the Iraqi market and economy.

Iraq is the first importer of Iranian goods and commodities, with about $17 billion annually, according to specialists. Bonbast data revealed, on Wednesday, that the Iranian currency fell to a record low against the US dollar, recording 501,300 riyals.

The price of the US dollar in the Iranian free (black) market is witnessing a record high, with the continuation of unrest and the increasing isolation of the country amid Western criticism of the strict security measures taken by Iran and its relations with Russia.

Export increase

Salam Sumaisem, an economist, says, "Iran is the first export to Iraq with a value of 17 billion dollars annually, and sometimes more, so the decline of its currency helps a lot to increase its exports, and a country like Iraq may increase its imports from Iran, and therefore this issue is in favor of the Iranian trade balance." .

Sumaisem explained to Shafaq News agency, "Some countries deliberately devalue their currency to increase their exports, and Iraq imports many things from Iran, as it feeds the Iraqi market with foodstuffs, plastics, building materials, ceramics, and other daily basic consumer items, and thus devaluing the currency works in the interest of export sovereignty for industry." Iranian agriculture.

And the Iranian Minister of Industry, Mines and Trade, Reza Fatemi Amin, announced on February 21 that the volume of his country’s exports of goods and commodities to Iraq increased by 23 percent during the first ten months of the Iranian year, which began on March 21, 2022.

Fatimi Amin said in a televised interview that Iran's exports have exceeded $50 billion so far, explaining that export is important to us for several reasons.

multiple economic effects

The impact of the collapse of the Iranian currency is not limited to the Iraqi economy in terms of industry and agriculture only, but also includes multiple aspects, foremost of which is the tourism aspect (religious, recreational, and therapeutic), according to the researcher in economic affairs, Ahmed Eid, noting, “The more the Iranian currency decreases, the higher it will rise.” The value of the hard currency, which is a factor of bringing in from abroad, as it happened in Lebanon and other countries.

Eid continues to Shafaq News agency, "The financial market is also open towards Iran, in addition to the entry of counterfeit Iraqi currency from Iran into Iraq and the withdrawal of hard currency and buying it from exchange shops in Baghdad and a number of provinces as well as in the Kurdistan region, which means that the Iraqi financial market is invaded by networks." Iran to withdraw hard currency from Iraq and smuggle it towards Iran illegally and legally.

The decline of the Iranian currency comes despite the recent steps taken by the regime, including the appointment of Muhammad Reza Farzin as the new governor of the Central Bank on December 30, 2022, after the value of the local currency reached its lowest level ever against the dollar, in the midst of mass protests and continuous Western sanctions.

After years of Western sanctions over Iran's nuclear program, the riyal was trading at 315,000 riyals to the dollar when anti-government protests erupted in mid-September.

Tourism sector

The head of the Najaf Hotels Association, Saeb Radi, believes that the impact of the collapse of the Iranian currency on the Iranian tourist is greater than on his Iraqi counterpart, and he explains this by saying that “when the Iranian tourist comes to Iraq, he must pay the costs of housing, travel and food in Iraqi dinars or US dollars, while the Iraqi tourist who travels To Iran, he faces the high cost of living despite the depreciation of the currency.

Rady explained to Shafaq News agency, "The US sanctions on Iran affected all aspects of life, and caused prices to rise, when the Iraqi tourist visits Iran and even Lebanon or Syria, he feels the high price despite the depreciation of their currency, unlike the Iranian visitor when he comes to Iraq. It is true that it feels expensive, but compared to their currency and in relation to the dollar, it is considered low.”

In turn, Abu Ali, the owner of a vegetable and fruit shop in Diwaniyah Governorate, says, "The collapse of the Iranian currency affects us by increasing its export of agricultural crops to Iraq, including tomatoes, potatoes, and eggplant."

Abu Ali indicated, during his interview with Shafaq News agency, that "the citizen prefers imported goods for their cheap price compared to the local crop, and therefore Iran will be the winner at the expense of our local goods, so I demand the government - especially during this period - to limit the proportion of imports from neighboring countries, especially From Iran, so that our local product would not be harmed by this import.” link

Mot: Dang! -- There is No End to this Marital Thingy I Guess! ~~

Mot: . FINALLY!!! - Instructions on How to Properly Use Chopsticks! ~~

DINARRECAPS8 2/25/23 DINARRECAPS8 2/25/23

Saturday Morning Iraq Economic News Highlights 2-25-23

Dollar Crisis.. 5 New Directives From The Central Bank Of Iraq

2023.02.24 - 22:23 Dollar crisis Baghdad - Nas The Governor of the Central Bank of Iraq, Ali Al-Alaq, received a number of leaders of the security services and owners of exchange companies and brokers in the sale and purchase of foreign currency.

"Nass" channel on Telegram.. our latest updates -- A statement by the Central Bank, which "NAS" received a copy of on Friday (February 24, 2023), stated that "Al-Alaq discussed ways of coordination and procedures between the Central Bank and the concerned agencies, and defining roles and tasks in light of the directives of the Commander-in-Chief of the Armed Forces."

Saturday Morning Iraq Economic News Highlights 2-25-23

Dollar Crisis.. 5 New Directives From The Central Bank Of Iraq

During the meeting, the following was directed:

1- The Central Bank is the sole authority responsible for monitoring and inspecting banks, exchange companies, and non-banking financial institutions licensed by the Central Bank, based on its law.

2- The transfer of cash (in dinars and dollars) and any other currencies is permitted inside Iraq for all natural and legal persons, including banks, exchange companies and mediation companies in the sale and purchase of foreign currency, and their branches in all governorates.

3- With the aim of preventing the exit of cash funds across borders and ports, which exceed what is specified in the instructions of the Central Bank (10,000) ten thousand dollars, the competent security authorities follow up and inspect vehicles on the roads and paths leading to the borders to prevent smuggling and take legal measures in coordination with the Central Bank, with Providing the bank with the amounts of the discovered banknotes and their serial numbers.

4- The sums sent from banks and companies to their branches are accompanied by documents from the sending party showing the details of the sender and the recipient, and they are presented at the external control points upon request, and in the event of a suspicion or a need for confirmation, a contact is made with the Banking Control Department at the Central Bank on the numbers (07809224663 - 07853330555). - 07721111418).

5- Banks and companies shall notify the Central Bank in the event that they are subjected to procedures or inspection visits, or interference in their business by non-employees.

Al-Alaqin praised "the role of the security authorities in uncovering attempts to smuggle dollars in the past days." https://www.nasnews.com/view.php?cat=102695

The Dollar Crisis.. A Decision To Prevent Exchange Companies From Being Inspected By The Security Authorities

Economie Ultra Iraq 24-February-2023 Among a number of decisions reached by a meeting between the management of the Central Bank, exchange companies and leaders of security agencies, within the framework of procedures to solve the currency exchange crisis, a directive was issued to prevent the inspection of exchange companies and banks by the security authorities.

The past weeks witnessed raids on stock exchanges and exchange companies that ended with the arrest of many people on charges of prohibited dollar speculation , which prompted company owners and banks to stop buying and selling dollars, except in a limited range, for fear of being subjected to similar measures.

The new decision, issued Friday, February 24, stipulates, according to a statement by the central bank, that “the central bank is the sole authority responsible for monitoring and inspecting banks, exchange companies, and non-bank financial institutions licensed by it, based on its law.”

It also allowed banks and companies to inform the Central Bank in the event that they are subjected to procedures, inspection visits, or interference in their business from non-bank employees.

The directives also included allowing $10,000, as a maximum, for money transferred outside the country, through border crossings and airports, provided that the security services monitor measures to prevent the removal of larger sums. LINK

Parliament is still awaiting the budget.. 3 “urgent” requirements depend on it

Al-Rubaie said in an interview, “We are on the cusp of the month of March, and we are still waiting for the budget to arrive to be passed because many service projects and programs related to segments of the poor and others will be linked to approving the budget.”

On the same day, the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, announced that “the budget will reach the House of Representatives next week. LINK

The Fifth Licensing Round... Billions Of Dollars In Revenue, And Experts Diagnosing Loopholes

Economy |Yesterday, 19:54 | Baghdad today – Baghdad overnment officials estimated revenues of up to 300 billion dollars from the revenues of the fifth licensing round contracts signed by Iraq recently, while experts diagnosed "gaps" in the contracts.

In an official ceremony at the Ministry of Oil, Iraq signed contracts with foreign companies last Tuesday as part of the fifth round of licensing oil for oil patches and border fields.

The Sudanese Prime Minister, Muhammad Shia'a, pointed out that the delay in implementing the fifth round of oil licensing for 5 years has caused the country great losses and environmental damage, stressing that "the trend towards investment in associated gas and natural gas stems from a firm conviction, to achieve economic reforms, which are a main focus of the program." government.”

Iraq produces more than 4.5 million barrels of oil per day, and the sector’s imports represent more than 94% of the country’s GDP, at a time when Iraq is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about $6 billion annually.

Big Returns

The importance of the fifth licensing round lies in the fact that it will invest in the border fields with neighboring countries, as they will be converted into productive fields that add large quantities of crude oil and gas to local production, according to Oil Ministry spokesman Assem Jihad.

Regarding the reason for the delay in signing these contracts, Jihad explained, “The delay, which extended for 5 years, was due to political interference,” noting that “the fields included in this round include 6 fields in the governorates of Diyala (east), Maysan, and Basra (south).

As for the production rates from these fields, they will reach 250,000 barrels of oil per day, in addition to the production of between 800,000 and one million standard cubic feet of gas per day, with the possibility of doubling this production during the progress of development operations that will be sponsored by the companies, which contributes to In providing part of the local need for gas to produce electric power, as well as stipulating contracts to operate the Iraqi workforce at a rate of 90%.

In this direction, the appearance of Muhammad Salih, Advisor to the Prime Minister for Financial Affairs, goes, who added that Iraq began for the first time investing in the field of gas associated with oil production operations, especially since the country annually spends $12 billion to import foreign gas.

Saleh adds, "Iraq began for the first time investing in joint fields with neighboring countries such as Iran and Kuwait," expecting that "the financial revenues from the last licensing round will reach about $300 billion."

Type Of Contracts

And at a time when a spokesman for the Ministry of Oil indicated that the contracts for the fifth licensing round are service contracts, not participation, the economic advisor to the Prime Minister confirmed this, noting that the specificity of the recent contracts lies in the costs of oil production, which will decrease in the event of a decline in oil prices, according to an agreed formula. on her.

Saleh pointed out, "Iraq needs nearly 3 years to exploit the gas extracted according to these contracts."

On the other hand, Professor of Economics at Al-Maqel University in Basra, Nabil Al-Marsoumi, does not agree that the contracts for the recent licensing round are service contracts, indicating that they are primarily partnership contracts.

Al-Marsoumi - who specializes in oil affairs - indicates that Iraq had initially signed this round in 2018 during the era of the government of former Prime Minister Haider al-Abadi, and then returned to sign the final contracts last Tuesday after a 5-year delay.

He explained that there is a disagreement between the Ministry of Oil, which describes these contracts as "sharing contracts" in profits, while the media office of the Prime Minister describes them as service contracts.

He continued, "The difference between the two contracts is very large in the basic elements and contractual obligations, and therefore in order to solve this problem and achieve transparency and consistency with Iraq's membership in the Extractive Industries Transparency Initiative, and consistent with Article 111 of the Iraqi constitution that stipulates the people's ownership of oil wealth, it is of great necessity." Publication of the original texts of these contracts to the Iraqi people.

Gaps

One of the drawbacks of recent contracts, according to Al-Marsoumi, is that oil costs are very high, and because foreign companies control costs, more than half of the oil revenues will be obtained by those companies.

His estimates are inferred by comparing the contracts of the fifth round with the oil contracts of the Kurdistan region, as he indicates that the region obtained only 44% of the total oil revenues in 2022, despite the passage of about 8 years since the start of production in the region.

And Al-Marsoumi indicated that foreign companies are keen to keep costs high in order to maximize their profits, and therefore, it is expected that foreign companies will acquire about half of Iraqi oil revenues.

The matter does not stop at that, according to the oil expert, as the peak of production was not specified in the contracts of Kurdistan and in the fifth round as well, in addition to the fact that most of the companies that were contracted with in the Kurdistan region are small companies and are not known internationally, which applies to the licenses of the fifth round that were transferred. In which the six fields belong to the UAE Crescent Company and the Chinese Geo Giad Company.

In addition to all this, the share of the government partner in most of Kurdistan contracts amounts to 20%, while there is no share for the government partner in the fifth round, at a time when the economic advisor to the Prime Minister confirmed that ownership of the fields will remain with Iraq by 100%.

The fifth licensing round is better than the previous rounds, according to many experts who explained that investing in common fields is better than neglecting them, especially since neighboring countries had already begun to invest in these fields, and that Iraq had incurred large economic losses as a result of its neglect in recent years. LINK

DINARRECAPS8 2/24/23 DINARRECAPS8 2/24/23

Iraqi News Highlights Friday Evening 2-24-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Governor Issues 5 New Directives To Stabilize The Exchange Rate

Political | 10:16 - 02/24/2023 Baghdad - Mawazine News The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, issued 5 new directives to stabilize the exchange rate.

And the bank stated in a statement, which Mawazine News received a copy of, that “the governor of the Central Bank of Iraq, Ali Mohsen Ismail, received yesterday, Thursday, a number of leaders of the security services and owners of exchange companies and brokers in the sale and purchase of foreign currency. He discussed ways of coordination and procedures between the central bank and the agencies.” concerned, and defining roles and tasks in light of the directives of the Commander-in-Chief of the Armed Forces.

Iraqi News Highlights Friday Evening 2-24-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Governor Issues 5 New Directives To Stabilize The Exchange Rate

Political | 10:16 - 02/24/2023 Baghdad - Mawazine News The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, issued 5 new directives to stabilize the exchange rate.

He added, "During the meeting, the following was directed:

1- The Central Bank is the only entity responsible for monitoring and inspecting banks, exchange companies, and non-banking financial institutions licensed by the Central Bank, based on its law.

5- Banks and companies will notify the Central Bank in the event that they are subjected to procedures, inspection visits, or interference in their business by non-employees.”

And the governor praised, according to the statement, “the role of the security authorities in detecting attempts to smuggle dollars in the past days.” https://www.mawazin.net/Details.aspx?jimare=220247

The Prime Minister Confirms The Continuation Of Government Measures Aimed At Achieving Stability In The Currency Market

The Prime Minister, Mohamed Shia Al-Sudani, affirmed the continuation of government measures to achieve stability in the currency market.

And the media office of the Prime Minister stated in a statement, that "Prime Minister, Muhammad Shia'a Al-Sudani, chaired the fourth meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, in the presence of the Governor of the Central Bank and government financial agencies and departments; taxes, customs, border crossings and trade fairs." Al-Sudani affirmed, according to the statement, " the continuation of the government's measures aimed at achieving stability in the currency market, and the prosecution of speculators and manipulators who try to destabilize the market, and to pursue the economic reforms adopted by the government in its ministerial platform."

Where our security services continue to monitor them and hold them accountable legally.

The statement added, "The meeting witnessed a review of a number of recommendations related to improving the work environment, which will be presented next week to the Ministerial Council for Economy and deliberation in developments in the economic conditions in Iraq, and follow-up on laws, recommendations and directives issued, and the level of their implementation by the concerned institutions."

He pointed out that "the project of the electronic permit system and networking was reviewed in detail, and the directives that were implemented were discussed during the meeting chaired by the Prime Minister more than ten days ago, with the team in charge of implementation, as His Excellency praised the project, which will secure the work of border crossings and simplify procedures." Which will be done electronically, prevent manipulation and forgery, and limit money laundering and customs evasion.

He pointed out that "the meeting also witnessed a discussion of what has been implemented regarding communication with importers of medical devices, and submitting proposals on facilitating procedures in terms of importing and manufacturing medicine, and the proposals included reducing customs tariffs for a number of raw materials for medicines and medical supplies, secondary packaging materials for medicines, and medical supplies." And machines, production lines, and laboratory and medical devices, with raising the customs tariff on imported medicines that are similar to what is produced locally.

He continued, "The meeting discussed the issue of joint operating contracts between private sector companies and the General Company for Iraqi Ports, and the most important steps that were implemented in this regard, which included field visits to the company, and the process of auditing the fees and wages that are charged." https://www.radionawa.com/all-detail.aspx?jimare=33532

Oil Rises As A Result Of Russia's Export Cuts

Economy News – Baghdad Oil prices extended their gains for the second consecutive session on Friday, as the impact of expectations of lower exports from Russia outweighed the increase in inventories in the United States.

By 0215 GMT, Brent crude futures were up 61 cents, or 0.7 percent, at $82.82 a barrel. West Texas Intermediate crude futures rose 63 cents, or 0.8 percent, to $76.02 a barrel.

The two benchmarks ended Thursday's trading up about 2 percent, supported by Russia's plans to cut oil exports from its western ports by up to 25 percent in March, which exceeds its announced production cut by 500,000 barrels per day.

During the week, oil prices fell slightly, after declining by nearly four percent in the past week, due to fears that raising interest rates may strengthen the dollar, as well as the increase in US crude inventories for the ninth week in a row.

The rise of the dollar increases commodity prices denominated in the greenback for holders of other currencies. https://economy-news.net/content.php?id=32628

The Exchange Rate Of The Dollar Continues To Rise In The Iraqi Market

Economie| 10:04 - 02/24/2023 Baghdad - Mawazine News The exchange rates of the dollar continued to rise in the local markets. And the selling prices of the dollar were recorded today, Friday, 153,250 dinars per 100 dollars, while the buying prices of the dollar were recorded at 152,250 dinars per 100 dollars.

And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=220194

A Government Bank Begins To Adopt The Electronic Platform In Selling Dollars To Travelers

Economie| 08:11 - 02/24/2023 Baghdad - Mawazine News Al-Rafidain Bank announced, today, Friday, that it has started adopting the electronic platform in selling dollars to travelers through its outlet at Baghdad International Airport.

The media office of the bank, in a statement, a copy of which Mawazine News received, called on "travelers to bring the special identification documents required by the Central Bank of Iraq for the purpose of the electronic platform."

And he added, "The identification documents are (the civil status identity or the unified national card - and the housing card), in addition to the passport, travel ticket, and boarding pass during the process of buying dollars from the bank's outlet." https://www.mawazin.net/Details.aspx?jimare=220231

Advisor To The Prime Minister: Increased Investment Spending In The Current Year Budget

Political | 10:11 - 02/24/2023 Baghdad - Mawazine News , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, the increase in investment spending in the budget, indicating that it will relate to infrastructure service projects with efficiency in financial achievement confirmed by the services campaign under the ministerial platform.

Saleh said, "The greater the spending ceiling, the greater or higher percentage will be allocated to investment spending in a continuous manner."

He added, Saleh, that "what distinguishes the federal general budget for the year 2023 is the investment spending related to infrastructure services in the cities of Iraq in a consistent manner," noting that "the most important thing in investment spending activity is the efficiency of material and financial achievement."

He pointed out that "ensuring the efficiency of investment spending was confirmed by the service campaign that came in the government's ministerial curriculum, whose realistic and practical indicators began strongly since last October before the adoption of the Federal General Budget Law 2023, as the maximum benefit was made from the emergency support law for food security and development in a manner that achieves efficient allocation and exchange." Oriented really on the investment business associated with economic development."

And Saleh indicated that "the approved expenditures focused on basic service work related to the infrastructure that concerns the daily lives of the people and ensuring their well-being, especially in the provision of drinking water, roads, sewage and hospitals, without neglecting the electricity dilemma." Ended https://www.mawazin.net/Details.aspx?jimare=220246

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

https://www.bondladyscorner.com/

DINARRECAPS8 2/24/23 DINARRECAPS8 2/24/23

Iraqi News Highlights Friday Afternoon 2-24-23

Tlm724 Administrator Bondlady’s Corner

February 2023 IRIS REPORT The Institute of Regional and International Studies (IRIS) is an Iraq based research center committed to producing independent and empirically rigorous political analysis of Iraq and the broader Middle East region. Housed at the American University of Iraq, Sulaimani (AUIS), the Institute partners with academic institutions and funding agencies from across the world that share IRIS’ mission of grounding the policy conversation on Iraq in rigorous research and local expertise.

What’s Happening with the Dinar? Interview with Ahmed Tabaqchali Page 5

Iraqi News Highlights Friday Afternoon 2-24-23

Tlm724 Administrator Bondlady’s Corner

What’s Happening with the Dinar? Interview with Ahmed Tabaqchali Page 5 LINK;

https://auis.edu.krd/iris/sites/default/files/IER7%20-%20The%20Dinar%20%26%20Al-Sudani%E2%80%99s%20Agenda%20-%20Feb%2020%2C%202023.pdf

The Prime Minister Confirms The Continuation Of Government Measures To Achieve Stability In The Currency Market

Political Yesterday, 22:24 Baghdad - The Prime Minister, Muhammad Shia'a Al-Sudani, confirmed today, Thursday, the continuation of government measures to achieve stability in the currency market.

The media office of the Prime Minister stated, in a statement received by the news agency (INA), that

"Prime Minister Muhammad Shia' al-Sudani presided today, Thursday, the fourth meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, in the presence of the Governor of the Central Bank and government financial bodies and departments; taxes, customs, border crossings, and exhibitions." commercial". Al-Sudani affirmed, according to the statement,

"the continuation of the government's measures aimed at

achieving stability in the currency market, and the

pursuit of speculators and manipulators who try to destabilize the currency market, and the

pursuit of speculators and manipulators who are trying to destabilize the market."

Where our security services continue to monitor them and hold them accountable legally. The statement added,

"The meeting witnessed a review of a number of recommendations related to improving the work environment, which will be presented next week to the Ministerial Council for Economy and deliberation in developments in the economic conditions in Iraq, and follow-up on laws, recommendations and directives issued, and the level of their implementation by the concerned institutions."

He pointed out that "the project of the electronic permit system and networking was reviewed in detail, and the directives that were implemented were discussed during the meeting chaired by the Prime Minister more than ten days ago, with the team in charge of implementation, as His Excellency praised the project, which will secure the work of border crossings and simplify procedures." Which will be done electronically, prevent manipulation and forgery, and limit money laundering and customs evasion.

He pointed out that "the meeting also witnessed a discussion of what has been implemented regarding communication with importers of medical devices, and submitting proposals on facilitating procedures regarding the import and manufacture of medicine, and the proposals included reducing customs tariffs for a number of raw materials for medicines and medical supplies, secondary packaging materials for medicines, and medical supplies." And machines, production lines, and laboratory and medical devices, with raising the customs tariff on imported medicines that are similar to what is produced locally.

Economist / Nina / Linking Iraq To The Global Swift System Will Monitor The Quality Of The Iraqi Banking System

Wednesday 22 February 2023 08:00 | Economical Number of readings: 446 Baghdad / NINA / - The expert in economic affairs, Safwan Qusay, confirmed that linking Iraq to the global Swift system will monitor the quality of the Iraqi banking system.

Qusai said in a statement to the National Iraqi News Agency ( NINA ) that " it is clear that Iraq will comply with the requirements of the US federal system and the international remittance system, given that

the process of securing international transfers will contribute to enhancing confidence in the Iraqi banking system and thus attracting investment and creating job opportunities for Iraqis." He added that

the process of linking Iran's economy to the sanctions and the attempt to export Iranian goods to the Iraqi interior without external transfer, in my estimation, contributed to an increase in the exchange rate in the parallel market, given that

Iranian goods are sold in Iraqi dinars, and then the dollar is bought from the parallel market and an attempt is made to extract the dollar by several means, indicating that

Previously, the transfer process was carried out by following a system of transfers to secondary correspondent banks and inflated bills for prices that contribute to taking out the Iraqi dollar without bringing goods or services. checked daily.” He added that

the Iranian side should demand the organization of trade with Iraq through the US Federal Reserve to buy Iran's economic needs through a clear trade system between Iraq and Iran in order for us not to be subject to US sanctions because the violation of sanctions on the Iraqi side could lead to subjecting the Iraqi banking system to sanctions.

Certainly, securing trade will be followed by the process of establishing a new base for importers to Iraq, and this system will certify the quality of the Iraqi banking system.”

A member of the Iranian Chamber of Commerce, Ali Shariati, confirmed that linking Iraq to “Swift” hinders Iran’s circumvention of sanctions.

Iran’s Arabic website quoted Shariati as saying :

Soon, Iraq will be linked to the global Soviet system of financial courtship, and

this matter will deprive us of some ways to circumvent the US sanctions imposed on us. And Shariati continued:

We have to increase the volume of our trade exchange with Iraq and China and work to enhance our exports to the rest of the world. / https://ninanews.com/Website/News/Details?key=1035917

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

https://www.bondladyscorner.com/

Dinar Recaps 20 2/24/23 Dinar Recaps 20 2/24/23

"Tidbits From TNT" Friday Morning 2-24-2023

TNT:

Tishwash: The Kurdistan region will suspend official working hours for six days to celebrate several occasions, including the birth of Barzani

The Kurdistan Regional Government decided to suspend official working hours for a period of six days during the month of March.

The government stated, in a statement followed by Mawazine News, that "the holidays are March 5, on the occasion of the anniversary of the uprising of the people of Kurdistan, and March 11, the anniversary of the announcement of the March 1970 statement, and March 14, the anniversary of the birth of Mustafa Barzani."

And she pointed out, "The official working hours were suspended on March 21, 22, and 23, on the occasion of the Nowruz celebrations." link

TNT:

Tishwash: The Kurdistan region will suspend official working hours for six days to celebrate several occasions, including the birth of Barzani

Tishwash: In an attempt to control the markets of Iraq.. and in the presence of the Governor of the Central Bank..the Sudanese hold a meeting of the Federation of Chambers of Commerce..

Prime Minister Muhammad Shia Al-Sudani presided over the fourth meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, in the presence of the Governor of the Central Bank and government financial agencies and departments. Taxes, customs, border crossings and trade fairs.

Al-Sudani stressed the continuation of the economic reforms adopted by the government in its ministerial platform, and the implementation of institutional reform as a starting point for comprehensive reforms in the structure of the state.

And he stressed the continuation of government measures aimed at achieving stability in the currency market, and pursuing speculators and manipulators who try to destabilize the market, as our security services continue to monitor them and hold them legally accountable.

The meeting witnessed a review of a number of recommendations related to improving the work environment, which will be presented next week to the Ministerial Council of Economy, deliberation on developments in the economic situation in Iraq, follow-up on laws, recommendations and directives issued, and the level of their implementation by the concerned institutions.

The electronic declaration and networking system project was reviewed in detail, and the directives that were implemented during the meeting chaired by the Prime Minister more than ten days ago were discussed with the team in charge of implementation, where he praised the project that will secure the work of border crossings and simplify the procedures that will be done electronically. It prevents manipulation and forgery, and limits money laundering and customs evasion.

The proposals included reducing the customs tariff for a number of raw materials for medicines, medical supplies, secondary packaging materials for medicines, medical supplies, machinery, production lines, and laboratory and medical devices, while raising the customs tariff on imported medicines that are similar to what is produced locally.

The meeting discussed the issue of joint operating contracts between private sector companies and the General Company for Iraqi Ports, and the most important steps that were taken in this regard, which included field visits to the company, and the process of auditing the fees and wages that are charged. link

Tishwash: The regional government announces reaching a preliminary agreement with Baghdad regarding the oil file

On Friday, the Kurdistan Regional Government announced that it had reached a preliminary agreement with Baghdad regarding the oil file, while indicating that the talks would resume next Monday.

The head of the Kurdistan Regional Government’s representative in Baghdad, Fares Issa, said in a statement to the media affiliated with the Presidency of the Government, followed by “NAS” (February 24, 2023), that “the delegation of the Kurdistan Regional Government will visit Baghdad on Monday (February 27, 2023), and will remain until the next day.” Thursday to continue the talks.

Issa confirmed, "The government delegation will meet with the Iraqi Oil Ministry, and a preliminary agreement has been reached regarding the oil and gas law," adding that "the previous meetings were very positive and reached a solution." link

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Tishwash: Global praise for Baghdad's adoption of the yuan currency in importing Chinese goods

Today, Friday, economists praised the decision of the Central Bank of Iraq regarding the adoption of the Chinese yuan as an alternative to the US dollar in commercial transactions between the two countries, according to the Asian "Yakai Global" network.

The network said, according to a report translated by (Baghdad Today), that "the specialists see in Baghdad's decision a great opportunity to improve the conditions of the global oil market," explaining that "the adoption of the yuan as a financial consideration for oil will give China a greater say in the affairs of its international market," as they described.

Experts confirmed, according to the network, that the Iraqi decision is an "unprecedented historical step," announcing that "this is the first time in history that a Middle Eastern country sells its oil for the Chinese yuan," expecting that "the Chinese currency will witness international popularity."

The director of analysts at the CITIC Center, Guay Tenchix, assured the network that "the Iraqi decision represents an unprecedented step for the globalization of the Chinese yen against the US dollar and gives Beijing the opportunity for it and its companies to be a force in the world of the oil market," explaining that "the adoption of the yuan will reduce the risks of the exchange rate discrepancy between Baghdad And Beijing, especially since the latter is still very dependent on Iraq for its access to crude oil.

It is noteworthy that the Central Bank of Iraq took a decision on the twenty-second of this month to adopt the Chinese yen as a substitute for the dollar in commercial transactions between the two countries, including the sale of oil and the import of goods and commodities, with the aim of reducing dependence on the dollar and obtaining stocks of other foreign currencies, as Iraq represents the third largest The countries of the world export oil to China at an import rate of 55 million tons, according to the network.

The network also indicated the possibility of concluding a similar agreement with Saudi Arabia that guarantees the use of the yuan as an alternative to the dollar in economic and oil transactions between the two countries, prompted by the step taken by Iraq. link

Mot: . Celebrating little acts of love

Mot: .. Hi!! --- Morning to Ya! ~~~~

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

KTFA Members "News and Views" Thursday 2-23-2023

KTFA:

Clare: Historic collapse.. The Iranian currency records 5 million per 100 dollars

2/23/2023

Bonbast data revealed, on Wednesday, that the Iranian currency fell to a record level against the US dollar, recording 501,300 riyals.

The unrest poses one of the biggest challenges to the ruling regime in Iran since the 1979 Islamic Revolution.

KTFA:

Clare: Historic collapse.. The Iranian currency records 5 million per 100 dollars

2/23/2023

Bonbast data revealed, on Wednesday, that the Iranian currency fell to a record level against the US dollar, recording 501,300 riyals.

The unrest poses one of the biggest challenges to the ruling regime in Iran since the 1979 Islamic Revolution.

After years of Western sanctions over Iran's nuclear program, the riyal was trading at 315,000 riyals to the dollar when anti-government protests erupted in mid-September.

The protests erupted with the death of a young Kurdish woman in the custody of the country's "morality police". The demonstrations escalated quickly and turned into calls for an end to more than 4 decades of mullahs' rule. LINK

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Clare: POC cash withdrawal machines

February 23, 2023

For supervisory and regulatory purposes, the Central Bank of Iraq has decided not to transfer the ownership of the agents / cash withdrawal outlets (POC). The above mentioned are the legal consequences according to what is stated in (Chapter Three/First/1) of the work controls of agents of electronic payment services providers.

https://cbi.iq/news/view/2246

Calandlq: KTFA Family,

Frank, Tink, Admins and teams thank you all so much for your tireless efforts to bring us to the transition point. I say transition because as Frank has stated countless times this isn’t over. Rather, it’s just about to get started.

This article is both astounding and brilliant all at once. Allow me to share (strictly in my own opinion) my understanding of the financial use of POC (in this instance). POC Point Of Cash is a feature that was made standard on a POS/Card Swipe Machine some years ago.

If I understand correctly the process is exactly like using an ATM except the citizens/customers swipes their card at any register terminal, i.e POS/Card Swipe Machine.

The citizens/customer then tells the shopkeeper/store mgr or attendant what denomination (possibly NSCNs) they would like to receive back.

If I’m right what makes this brilliant is that as F26 and teams have repeatedly told us “this must not fail with the citizens “, so this means the citizens /customers can make an ATM like transaction with an actual human attendant so that they can ask and have any/all questions answered so that they will know exactly what to do when the ATMs go live.

Again, ONLY if I’m correct…MIND BLOWN!!!

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Clare: Al-Nusairi: The Central Bank's electronic platform for external transfer is the beginning of the solution to banking reform and the stability of the exchange rate

2/22/2023

Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed that the central bank's electronic platform for external transfer is the beginning of the solution for banking reform, and that bridging the gap between the official and parallel exchange rate actually begins with applying the instructions and controls of the external transfer platform, which were issued the day before yesterday by the Central Bank of Iraq, which are new instructions for external transfer for the year 2023 to licensed banks and based on Central Bank Law No. 56 of 2004 as amended.

Al-Nusairi said in an interview with "Al-Iqtisad News", that the instructions aim to strengthen the role of the banking system and non-bank financial institutions in securing foreign currency to the final beneficiaries and controlling its movement internally and externally, which leads to controlling and maintaining the stability of the exchange rate and adhering to the requirements of the law on combating money laundering and financing.

Terrorism No. 39 of 2015, which included entry controls for the platform, transactions, entities allowed to be financed by law, procedures and obligations of banks that enter this platform, mechanisms, flexibility, facilities, and expansion of inclusiveness with the aim of allowing financing all economic, commercial and investment activities, and achieving legal interests related to funding citizens in dollars in buying and selling, treatment, study, and travel. .

He explained that the application of entry controls to the platform for the year 2023 confirms that Iraq is strictly committed to international standards by ensuring that the dollar reaches the final beneficiary, preserving Iraqi funds from foreign currency from illegal behavior, adhering to international compliance rules and international standards adopted within the global financial system, as well as adhering to the decisions of the international community.

Related to international banking transactions, and this confirms that there is no going back because economic reforms cannot be fully carried out without reform starting first with the banking sector as modern banking systems, policies and contexts, and in accordance with internationally disciplined and monitored standards.
Pointing out that the Central Bank of Iraq aims mainly to achieve economic stability by achieving stability in the monetary system and the financial system through its programs and plans that aim to maintain stability in the exchange of the dinar against other foreign currencies, provided that it cooperates with the financial policy that must take into account financial discipline in addition to combating Economic crime and activities that violate local and international laws in force, such as financial crimes of all kinds, in addition to building sufficient foreign cash reserves to cover our local currency in circulation and control stable rates of inflation and interest rates.

Al-Nusairi urged the Iraqi media to be accurate and non-extremist economic and media analyzes of the reality of monetary stability in Iraq, and so as not to take expectations of media intimidation and create a state of fear among the public and the banking sector.

And he indicated that, through an insight into the state of the money circulation market from a neutral and transparent point of view, I am certain that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves amount to more than 100 billion dollars on average, and with regard to what determines its adequacy to cover the monetary mass in circulation and to cover imports, the Central Bank He will make exceptional efforts in accordance with monetary policy applications, and he will preserve the real purchasing value of the dinar, its recovery, and the stability of the target rates of exchange rates in the short term. LINK

Clare: During a parliamentary hosting.. Al-Alaq: The rise in the price of the dollar was caused by some traders who were afraid of the electronic platform

2/22/2023

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Wednesday that the electronic platform for selling the dollar will contribute to limiting the rise in its price in the parallel market, indicating that the current rise is caused by some merchants evading the electronic system and resorting to the market to buy the dollar.

A member of the Parliamentary Economy Committee, Yasser Al-Husseini, told Shafaq News agency, that his committee hosted today the Governor of the Central Bank, Ali Al-Alaq, to discuss a number of important axes, most notably "what are the negatives and positives of the new electronic system approved by the bank's management and the extent of its impact on the exchange rate of the parallel dollar, the market and life Economic".

And he indicated that "according to the words of the governor of the central bank, there are minor effects, but there are positive benefits that will contribute to the stability of the exchange rate and the prices of foodstuffs and consumer goods in the market."

"The hosting discussed controlling ports, taxes and customs to raise the state's financial revenue, reduce smuggling of the dollar and not affect foreign trade," he added.

Al-Husseini indicated that "the bank's governor stressed that proceeding with the procedures will contribute to a decrease in the exchange rate of the parallel dollar, and the need to adopt the official rate only in commercial transactions."

And the governor of the bank, according to Al-Husseini, stated that "some merchants are trying to escape from the electronic system and resort to the market to buy dollars, which causes an increase in the exchange rate of the dollar."

Al-Husseini explained, "The governor of the Central Bank confirmed that approximately 25% of merchants relied on the system and the electronic platform to buy the dollar, but the rest are among those wary and afraid of entering the electronic system, and that the new electronic system limits the smuggling of the dollar abroad and contributes to the stability of the exchange rate." dollar in the market. LINK

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Clare: Saturday begins.. Shafaq News is unique in publishing the details of the 34th Conference of Arab Parliaments in Baghdad

2/23/2023

Shafaq News Agency is unique in publishing the details of the thirty-fourth conference of the Arab Inter-Parliamentary Union and the accompanying committees, with the participation of the heads of the councils and parliaments of the Arab member states of the union.

The activities of the conference, which will be hosted by the Iraqi capital, Baghdad, will begin next Saturday.

Iraq chaired the Arab Parliamentary Union, on January 15, 2023, and Parliament Speaker Muhammad al-Halbousi was assigned to head the union, as of January 9.

An informed source told Shafaq News agency, "The heads of parliaments and councils, heads of delegations and observers will arrive in Iraq next Friday and hold a consultative meeting before the start of the conference's activities."

The opening session, according to the source, will be in (Baghdad Hall - Government Palace) and will include the speech of Muhammad al-Halbousi, President of the Conference, Speaker of the House of Representatives in the Republic of Iraq, and the speech of Ahmed bin Salman Al-Musallam, President of the Arab Inter-Parliamentary Union, Speaker of the House of Representatives in the Kingdom of Bahrain, in addition to a speech Ahmed Aboul Gheit, Secretary General of the League of Arab States.

The source added, "The conference's vice president and conference secretary will be appointed by the president based on the provisions of Article (10) of the rules of procedure of the Arab Inter-Parliamentary Union, after which committees will be formed."

The first working session, according to the same source, will be in (Baghdad Hall - Governmental Palace), during which the agenda, the report of the president, the report of the Secretary-General, and the reports of sessions 29-30-31 of the Executive Committee of the Arab Inter-Parliamentary Union will be approved for approval, in addition to the speeches of the heads of parliaments and councils and heads of delegations. .

And the source added, "Saturday afternoon will be dedicated to committee meetings, while the third working session will be held in Baghdad Hall - the government palace on Sunday, and it includes completing the speeches of the heads of parliaments, councils and heads of delegations, in addition to the meeting of the Drafting Committee to prepare the final statement after it is formed."

The closing session will be held in Baghdad Hall - the government palace on Sunday evening, according to the source. LINK

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Clare: Finance Minister: Iraq looks forward to the support of the World Bank to implement the national strategic goals

2/23/2023

Finance Minister Taif Sami Muhammad confirmed today, Wednesday, Iraq's aspiration to support the World Bank to implement the national strategic goals.

A statement by the ministry, received by the Iraqi News Agency (INA), said, "The Minister of Finance, Taif Sami Muhammad, received a delegation from the International Finance Corporation for the Middle East and Asia region (IFC), affiliated with the World Bank Group, headed by the investment official, Julie Kalos, and Bilal Rabah, the resident representative of the institution in Iraq, in the presence of the general manager of the fund." Iraqi Foreign Development Brain Abdel Salam.

The statement added, "The importance of the role played by the International Finance Corporation alongside the Iraqi government in advancing sustainable development projects in Iraq, including supporting renewable energy projects and electrical interconnection with neighboring countries, and enhancing opportunities to involve the private sector alongside the public in implementing the reform national economy strategy, was discussed." ".

According to the statement, the minister stressed the importance of the studies and consultations provided by the International Finance Corporation in the field of capacity building and technical cooperation to achieve the goals of sustainable development, especially with regard to environmental rehabilitation projects, the reconstruction of liberated cities and economic reform, stressing the keenness of the Ministry of Finance to enhance the work process and coordination with the International Finance Corporation. To stimulate private sector growth and job creation in Iraq.

She added, "Iraq is looking forward to more support from the World Bank Group to implement the national strategic goals in addition to the structural reform programs adopted by the new Iraqi government, calling for" strengthening cooperation and coordination between Iraq and the World Bank and expressing the necessary assistance to overcome the obstacles facing the institution's work in Iraq. . LINK

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

Iraqi News Highlights Thursday Evening 2-23-23

Tlm724 Administrator Bondlady’s Corner

Oil Prices End Six Days Of Losses

Economie| 08:40 - 02/23/2023 Follow-up - Mawazine News Oil prices rose slightly in weak Asian trade on Thursday, ending six days of losses fueled by growing concerns that higher interest rates by central banks could put pressure on economic growth and boost fuel demand. And by 0110 GMT, Brent crude futures rose two to $ 80.62 a barrel. West Texas Intermediate crude rose nine cents, or 0.1 percent, to $74.04 a barrel.

Iraqi News Highlights Thursday Evening 2-23-23

Tlm724 Administrator Bondlady’s Corner

Oil Prices End Six Days Of Losses

A statement from the latest meeting of the Federal Reserve (the US Central Bank) revealed that the majority of bank officials agreed that the risks of high inflation are still an important factor in formulating monetary policy, which justifies the continuation of raising interest rates until it is controlled. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=220074

Trade Moves To Launch (Iraq Stock Exchange) For Food And Construction Materials

Economie| 09:49 - 02/23/2023 Baghdad - Mawazine News, on Thursday, the Ministry of Commerce revealed a project to establish the Iraq Stock Exchange platform to display the prices of food and construction materials to limit their rise.

The director of the Private Sector Development Department in the ministry, Muhammad Hanoun, said, "The department is working to implement the paragraphs of the government program, including the launch of the Iraq Stock Exchange platform on the Internet, which includes the prices of food and construction materials for the purpose of limiting the rise in their prices in the local market and becomes the open market window for supply and demand."

Hanoun added, in an interview with the official newspaper, "Al-Sabah", which was followed by Mawazine News, that "the government is working to support the private sector of meat and poultry producers, while providing large quantities of basic foodstuffs at reduced prices in the local markets in support of the national effort." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=220081

Iraq's Possession Of US Bonds Rises To 40.8 Billion Dollars

Economie| 12:32 - 02/23/2023 Follow-up - Mawazine News The US Treasury Department announced, on Thursday, that Iraq's possession of US bonds has increased to $40.8 billion.

According to the ministry's latest schedule, "Iraq's possession of these bonds amounted to $40.8 billion for the month of December 2022, up by 2.77 percent from November of the year 2022, and up by 7.37 percent from October 2022."

She added, "Iraq rose one place to reach the 31st rank among the countries with the largest possession of US Treasury bonds, which number 38 countries listed in the table for countries with possessions of more than 32 billion dollars," noting that "Iraq came the fourth largest Arab country after Saudi Arabia, Kuwait and the Emirates." ". https://www.mawazin.net/Details.aspx?jimare=220098

In The Document.. A Circular From The Anti-Money Laundering Office Regarding (Suspicious Transactions)

Economie| 01:37 - 02/23/2023 Baghdad - Mawazine News The Central Bank's Anti-Money Laundering and Terrorist Financing Office issued circulars to banks licensed by the Central Bank of Iraq and all non-bank financial institutions to report "suspicious transactions". https://www.mawazin.net/Details.aspx?jimare=220106

Al-Sudani To The Australian Envoy: We Look Forward To Establishing Partnerships In The Fields Of Economy, Culture And Investment

Political | 12:36 - 02/23/2023 Baghdad - Mawazine News, Prime Minister Muhammad Shia' al-Sudani received today, Thursday, Australian envoy Nick Warner.

During the meeting, according to a statement by the Prime Minister's Office, which Mawazine News received, they discussed "bilateral relations between the two countries, and ways to develop joint cooperation in several fields."

The statement added that Warner "conveyed the greetings of the Australian Prime Minister to the Prime Minister, and Australia's desire to build bridges of cooperation with Iraq in various fields, in a way that enhances the interests of the two countries in development and prosperity."

Al-Sudani praised "Australia's role and its support for Iraq in the war against ISIS terrorist gangs," stressing "Iraq's aspiration for more development cooperation and partnerships in the economic, cultural and investment fields, and in the field of facing climate challenges." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=220100

The Parliamentary Economy Calls On The Bank To Explain The Reasons For The Fluctuation Of The Dollar Exchange Rate In The Markets

Wednesday, February 22, 2023 5:38 PM Baghdad / The National News Center The Parliamentary Economy Committee demanded, today, Wednesday, the Central Bank of Iraq, to explain the reasons for the fluctuation of the dollar exchange rate in the Iraqi markets against the dinar, and the procedures followed.

And the media department of the council stated in a statement received by the National News Center that “the Committee on Economy, Industry and Trade, headed by Representative Ahmed Salim Al-Kinani, Chairman of the Committee, and in the presence of its members, hosted Ali Al-Alaq, Governor of the Central Bank.”

She added, "The committee discussed with the relationship the fluctuation in the exchange rate of the dollar against the Iraqi dinar in the local markets, as well as the measures taken by the Central Bank to support financial and economic stability in Iraq." https://nnciraq.com/188481/

The Minister Of Interior Is Discussing With The US Ambassador Providing Support And Training To The Joints And Formations Of The Ministry

Interior Minister Abd al-Amir al-Shammari and the US ambassador to Baghdad, Alina Romanowski, discussed supporting and training the ministry's joints and formations.

The Ministry of Interior said in a statement: "The Minister of Interior, Abd al-Amir al-Shammari, received, in his office, the US Ambassador to Baghdad, Alina Romanowski."

He added, "Al-Shammari discussed with the American ambassador a number of issues of common interest, foremost of which is providing support and training to the joints and formations of the Ministry of Interior." https://www.radionawa.com/all-detail.aspx?jimare=33518

Central Bank Sales Drop To 106 Million Dollars

Money and business Economy News / Baghdad The central bank’s sales of dollars decreased at auction today, Thursday, by 47%, to record 106 million dollars.

The correspondent of the "Economy News" agency stated that "the central bank sold today, during its auction for buying and selling US dollars, 106 million and 855 thousand and 419 dollars, a decrease of 47% compared to yesterday's sales, which amounted to 203 million and 926 thousand and 209 dollars, which the bank covered at an exchange rate."

The base amounted to 1305 dinars per dollar for documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

He added that most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at 81,655,419 dollars, while the rest of 25,200,000 dollars went in the form of cash sales.

He pointed out that the banks that bought cash dollars amounted to 9 banks, while the number of banks that met requests to strengthen balances abroad reached 18 banks, while the total number of exchange and mediation companies participating in the auction was 65 companies.

https://economy-news.net/content.php?id=32619

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

https://www.bondladyscorner.com/