KTFA Members "Tuesday News" 2-28-2023

KTFA:

Henig:  Seven members of the Kurdistan Regional Parliament submit their resignations

| Today, 18:02 | 

Baghdad Today - Baghdad

On Monday, a number of members of the Kurdistan Regional Parliament submitted their resignation from the Council.

An informed source told Baghdad Today that "seven deputies in the Kurdistan Regional Parliament submitted their resignation from the Council against the background of extending the life of the regional parliament."

The source added that "the deputies who submitted their resignation are (Shirku Jawdat Mustafa, Abu Bakr Abdullah Saeed, Ismail Ali Taha, Sargnar Ahmed Mahmoud, Halz Ahmed Muhammad Hassan, Ali Ham Saleh Taha, Kazem Farouk Namiq)."

The Kurdistan Regional Parliament plans to hold a session next Wednesday to discuss a number of draft laws and present the resignation of the 7 deputies to a vote.   LINK

Clare:  urgent... The Secretary-General of the United Nations arrives in Baghdad today on an official visit

2/28/2023
The Ministry of Foreign Affairs announced the visit of the Secretary-General of the United Nations, Antonio Guterres, today, Tuesday, to Baghdad.

The ministry's spokesman, Ahmed Al-Sahhaf, said in a statement, which Al-Furat News received a copy of, that: "The Secretary-General of the United Nations, Antonio Guterres, arrives today in Baghdad on an official visit."   LINK

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Clare:  Al-Mandalawi calls on ICAO to help lift the European ban on Iraqi flights

2/28/2023

Today, Tuesday, First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on (ICAO) to help lift the European ban on Iraqi flights, after its commitment to international aviation standards.

The media office of the First Deputy Speaker of Parliament said, in a statement received by the Iraqi News Agency (INA), that "First Deputy Speaker of Parliament Mohsen Al-Mandalawi met in his office today, the Secretary-General of the International Civil Aviation Organization "ICAO" Juan Carlos Salazar, and his accompanying delegation, in the presence of the President. The Iraqi Civil Aviation Authority, Imad al-Asadi.

Mandalawi called on the International Civil Aviation Organization to "help return Iraq to its normal position at the level of air transport, and lift the European ban on the green bird, especially after its commitment to security audit controls, standards and contexts of international civil aviation, and an emphasis on developing national capabilities and developing air transport efficiency in accordance with standards." international".

The First Deputy affirmed "the support of all presidencies for the Civil Aviation Authority, and the Parliament's keenness to legislate laws and approve international agreements and treaties that would improve air transport work, and provide the required support
for the success of the goals of this visit."   LINK

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Henig:  Oil rises after Russia's plans to cut oil exports

2023-02-27 20:39

Oil prices rose on Tuesday, after Russia's plans to reduce its oil exports, this comes after oil prices fell on Monday on concerns about rising interest rates, which led to a decline in demand, and expectations of an increase in US crude inventories.

At 04:25 GMT, April Brent crude futures were up 82 cents at $59.14 a barrel, and U.S. West Texas Intermediate crude futures were up 24 cents at $75.92 a barrel.

Russia announced a plan to cut its oil exports from its western ports by as much as 25% in March versus February, exceeding previously announced production cuts of 5% of its output during the month that provided an opportunity to raise oil prices.

The threat of further interest rate hikes in the United States after stronger-than-expected new orders for basic capital goods manufactured in the United States in January limited oil prices.

A number of oil industry specialists expect crude inventories to grow in the week to end, which will mark the tenth consecutive week of increase and thus affect oil prices.   LINK

Henig:  With anticipation of the results. Chinese yuan chases dollar in Iraq's foreign trade

 3 hours ago

New transactions in Iraq's foreign trade through the use of the Chinese yuan currency to help strengthen its dinar and to relieve pressure on the dollar after the latter witnessed large booms against the Iraqi dinar in the parallel market, which caused major economic problems and revived the black market.

The Central Bank of Iraq revealed that the move to pay in Chinese yuan comes within the second package of transactions, which includes the regulation of foreign trade from Beijing, by providing facilities for financial transfers to the United States and Europe, with the same mechanism later.

A number of specialists in fiscal and economic policy agreed that the use of the Chinese yuan currency comes to relieve pressure on the dollar and reduce the time period for cash transfers for trade purposes.

Payment is subject to compliance

The financial adviser to the Prime Minister and former Deputy Governor of the Bank, Mazhar Muhammad Saleh, said in a press interview seen by "Taqaddum" that "the step of payment in yuan comes to be the mechanisms that are in dollars lighter," adding that "this does not mean that it is not subject to compliance rules, as all foreign transactions and financing foreign trade, whether in dollars, yuan or euros, are subject today to the compliance platform, which must be correct papers and the last beneficiary is present and the goods enter Iraq."

He added that "this measure will not extend its application to Iraq's oil trade," explaining that "this measure only covers private sector imports."

He pointed out that "Iraq's trade with China is large and in order not to be hindered, the Chinese yuan has been adopted as an intermediate currency to finance foreign trade for the private sector only, but this does not prevent the existence of audit, compliance and knowledge of the last beneficiary."

Ash in the eyes

Economist and oil expert Hamza Al-Jawahiri said in a press interview seen by Taqaddam that "the use of this or that currency in trade exchanges and monetary and financial transactions is not subject to superficial decisions, but to the facts that control the global monetary system."

He added that "many countries previously announced the abandonment of the dollar and the adoption of other currencies such as the ruble and the yuan, but these decisions were often futile and are an attempt to sow ashes in the eyes and achieve fake victories, as it is a matter of confidence in these currencies and the extent of the independence of the central banks issuing them."

He pointed out that "the adoption of the yuan for the foreign trade of any country means narrowing the opportunities for trade exchange to a large extent because the confidence of dealers at the global level is limited, while the dollar still sits on the throne of monetary transactions."

He stressed that "most of Iraq's foreign trade is taking place with China, if Iraq succeeds in converting it into Chinese yuan, this is considered a liberation from the domination of the dollar on global trade and will be in the interest of Iraq."

Conversion is faster

The economist and professor of economics at the Iraqi University confirmed that "the use of the yuan currency in foreign trade with China will be subject to the same previous conditions and not be outside the electronic platform, which is the point that some imagined that it would not be subject to the platform," noting that "in any case you will pay in dollars until you get the other currency."

He added that "a section of traders called on the government to import goods from China in their local currency to facilitate the import process faster, which was approved by the Central Bank of Iraq," pointing out that "the trader can open an account in the Central Bank of China or the Asian Development Bank or even through the American JP Morgan, which will finance Iraqi trade through China by paying in dollars and converting it to the Chinese yuan."

"This process may make traders feel more secure, liberated and fast in transferring after these transfers were made for more than 20 days, which is a long period for them, while relying on the Chinese bank as an agent or the Asian Development Bank will shorten the period because there is a financial balance in these banks," he said.

Iraq witnessed a shortage of dollars after being subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which have been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York imposed last November stricter controls on dollar transactions for Iraqi commercial banks, as a result, the approval of transfers slowed down and eventually prompted traders to buy dollars from exchange offices, which raised the prices of the dollar against the Iraqi dinar to high levels that led to a rise in the prices of basic materials and food in the local markets.    LINK

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Henig:  The citizen in need of the dollar can only find it with speculators

Feb. 28, 2023

Baghdad/Obelisk: Iraqi citizens complain about the lack of smooth dealing in dollars through private banks, forcing them to wait for hours without a breakthrough.

The Central Bank authorized the sale of dollars to citizens at the official rate, by a number of private banks, within the monthly quota of $ 7,500.

Currency traders are accused of acquiring citizens' shares in agreement with banks.

Dollar exchange rates have stabilized in domestic markets. Selling prices were 152,500 dinars per $100, while purchase prices were 152,100 dinars per $1300. The bank decided earlier to amend the exchange rate of the dollar against the dinar, as the price of buying the dollar from the Ministry of Finance reached 1310 dinars per dollar and selling it 1320 dinars per dollar to banks through the electronic platform, and it is sold from banks to the final beneficiary at a price of <>.

Speculators are active on the black market for the dollar, which has kept the dollar exchange rate high in the parallel market and a difference of up to 200 dinars from the official rate.

The bank launched a second package of reforms to push the dollar lower closer to the official rate, and focused on facilitating trade financing from China through the electronic platform, as well as facilitating remittances to the United States and Europe, as well as facilitating citizens' transfer of funds through international companies (Western Union and MoneyGram) and for multiple purposes.

But banks complain about the difficulty of obtaining dollars, and the delay in disbursing funds, which reaches a period ranging from 10 to 14 days from the date of submitting the application, and in limited quantities that do not exceed $ 100,200 per request and do not exceed $ <>,<> per month and do not cover the market need.

Economic advisor Ziad al-Hashemi expects that if banks, companies and traders fail to adapt to the requirements of external transfer controls, the dollar exchange rate will continue to rise, noting that the continued support of the dinar from falling costs the Iraqi treasury millions of dollars per month.

Journalist Ali al-Azzawi believes that the Iraqi government should provide teams and committees to follow up the exchange rate of the dollar in private and government banks and monitor traders and market owners that exploit this situation under the pretext of the rise of the dollar, calling for strict penalties to control the economic situation in markets and banks.

Activist Aziz talks about private banks that have shell companies that withdraw dollars from the currency auction, go to the black market and flee out of Iraq under the pretext of importing from fake companies that do not exist.

The continued work of speculators leads to market confusion, in addition to the backwardness of monetary instruments in Iraq, as the interest rate has not been well invested, and the bonds offered are also ineffective, and even compulsory saving is not a suitable option at the present time as a result of the problems caused by a "living crisis" resulting from the mismanagement that accompanied the process of changing the previous exchange rate, which led to the loss of the citizen about 50% of his real income, according to the economist, Dr. Abdul Rahman Al-Mashhadani, considering that the inactivity of banks and the lack of Providing appropriate financial incentives that enable them to attract the money hoarded by citizens, which is estimated at about 77% of the total issued currency, pointing out that this matter needs real education and hard work by banks.    LINK

Iraqi News Highlights Tuesday Afternoon 2-28-23

Iraqi News Highlights Tuesday Afternoon 2-28-23

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic: The Government Will Provide The Best Services To Citizens If The Budget Is Approved / Expanded

Tuesday 28 February 2023 18:28 | political Number of readings: 56  Baghdad / NINA / - The President of the Republic, Abdul Latif Jamal Rashid, received today, Tuesday, at the Baghdad Palace, British Minister of State for Middle East and North Africa Affairs, Lord Tariq Ahmed, and his accompanying delegation.

During the meeting, the President referred to the close relations between the two friendly countries, and the need to strengthen them in a way that contributes to expanding the volume of cooperation in various fields to serve the common interests of the Iraqi and British peoples.

Rashid pointed to the suffering left by the terrorist organization ISIS to Iraqis, especially Christians and Yazidis, pointing out that he is in contact with Christians, and there are efforts being made with international organizations to rebuild the city of Sinjar, end the file of the displaced, and implement the Sinjar Agreement.

The President said, "The government has an ambitious program that includes providing the best services to citizens once the budget is approved, expressing the aspiration to benefit from British expertise in the fields of infrastructure reconstruction, provision of necessary services, and facing the challenges of the environment and climate change and their negative effects on life."

The President of the Republic indicated that "Iraq's relations with neighboring countries are good and constructive, stressing: "Iraq supports Syria's return to the Arab League.

" The Republic expressed its appreciation and pride in the generous invitation.

https://ninanews.com/Website/News/Details?key=1037432

To More Than 154 Thousand.. The Dollar Rises In Baghdad With The Closing Of The Stock Market

Economie  Tuesday, February 28, 2023 4:17 PM  Baghdad / The National News Center

The exchange rates of the US dollar rose against the Iraqi dinar, today, Tuesday, with the closure of the main stock exchange in Baghdad.

The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at an exchange rate of 154,200 Iraqi dinars against 100 dollars, while the prices this morning were 153,700 thousand dinars against 100 dollars.”

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 155,000 Iraqi dinars, while the purchase prices reached 153,000 dinars for every 100 dollars."    https://nnciraq.com/189821/

Mandalawi Calls On Private Banks To Support The Government's Efforts And Work To Stabilize The Market

Tuesday 28 February 2023 18:02 | Economical Number of readings: 96  Baghdad / NINA / - Deputy Speaker of Parliament, Mohsen Al-Mandalawi, called on private banks to support the government's efforts and work to stabilize the market.

Mandolay stressed, during an expanded meeting held today with a number of directors of private Islamic banks, in the presence of a number of heads of parliamentary committees and representatives: "The banking sector is one of the most important factors for the advancement of the economic reality of countries."

He called on bank departments to exercise their active role in supporting the government and its decisions and endeavors aimed at regulating the banking reality, stabilizing the market and fighting currency smugglers.

During the meeting, a number of files related to activating some laws related to the work of banks and monetary policy were discussed.

Al-Mandalawi called on banks to launch advanced banking services to serve citizens and economic sectors, and expand them to include all the promising opportunities that are waiting to be delved into, provide direct support to them, and work to contribute to the events of discreet development to serve all segments.

He called on the management of the Central Bank, banks, and those concerned with financial and monetary policies to study and implement the decision to reduce the interest rate on loans granted to citizens in general and the industrial and commercial sectors in particular./ End 7 To

https://ninanews.com/Website/News/Details?key=1037429

The Central Bank’s Dollar Sales Increased By 124%

Economy News-Baghdad  Today, Tuesday, a report by the Central Bank of Iraq confirmed that its sales increased by 124%, to record $233 million.

The bank's report stated, "It sold today, during a window for buying and selling US dollars, 233 million and 921 thousand and 34 dollars, an increase of 124% compared to yesterday, Monday, which amounted to 104 million, 216 thousand and 250 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar." Dollars 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, "Most of the dollar sales went to reinforce the balances abroad in the form of (remittances, credits) at 180 million 321 thousand and 34 dollars, while the rest of 53 million and 600 thousand dollars went in the form of cash sales.

He pointed out that the banks that bought cash dollars amounted to 15 banks, while the number of banks that met requests to strengthen balances abroad reached 23 banks, while the total number of exchange and mediation companies participating in the auction was 190 companies.

140 views   Added 2023/02/28 - 2:24 PM   https://economy-news.net/content.php?id=32714

Investors Association: Non-Distribution Of Profits Is Behind The Decline In Investment In Corporate Shares

Money and business  Economy News-Baghdad  The head of the Association of Investors in the Iraqi Stock Exchange confirmed that the decline in investment in the Stock Exchange is due to companies not distributing profits.

Alaa Al-Moussawi told Al-Eqtisad News that investment in the stock market began to decline due to companies not distributing profits, and the dominance of major investors in the decision-making process in the company.

He added that most foreign investors refuse to enter the market because of the lack of disclosure and lack of distribution of profits, especially after the decline in the shares of many companies from 2 dinars to 300 fils.  Views 153  Added 02/28/2023 - https://economy-news.net/content.php?id=32716

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

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"Tidbits From TNT" Tuesday Morning 2-28-2023

TNT:

Tishwash:  Iran announces the discovery of huge reserves of a precious metal

Director General of the Geological Exploration Department at the Iranian Ministry of Industry, Ibrahim Ali Malabiji, stated that geologists discovered the first lithium deposits in Iran, with reserves estimated at 8.5 million tons of ore.

Fars News Agency quoted the Iranian official as saying, "Iran is one of the few countries that has sufficient reserves of rare earth elements and precious metals. The discovery of the first lithium deposits in Hamedan province paves the way for the discovery of other precious metal deposits in this province."

Bolivia leads the world with lithium reserves, estimated at 21 million tons, followed by Argentina (19 million tons), Chile (9.6 million tons), Australia (6.4 million tons) and China (5.1 million tons).

Lithium is a necessary component for the production of all electric vehicle batteries and consumer electronics. Lithium-ion batteries are also widely used in many other applications, from energy storage to air transport.   link

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CandyKisses:  Al-Sudani enumerates the benefits of banking digitization and Visa supports the plan of the government and the Central Bank

Twilight News / Prime Minister Mohammed Shiaa Al-Sudani said on Tuesday that the government's plans to digitize banking transactions will facilitate financial transactions for citizens and combat money laundering, while representatives of Visa expressed their comprehensive support for the government's plan and the Central Bank to publish electronic card points of sale (POS).

"Prime Minister Mohammed Shiaa Al-Sudani received, on Tuesday, a delegation from Visa International Electronic Payment Cards," the Prime Minister's Information Office said in a statement received by Shafaq News.

During the meeting, Al-Sudani expressed "the government's determination to implement reform, and to proceed with financial inclusion and digitization plans for banking transactions, and upgrade them; to meet international standards and specifications in force at an international level," according to the statement.

Al-Sudani stressed that "the government's steps in this field will facilitate financial transactions of citizens, reduce time and strengthen the umbrella of the law by implementing controls that combat money laundering."

For their part, Visa representatives pointed to "their comprehensive support for the government's plan to publish points of sale with electronic cards (POS), the steps of the Central Bank of Iraq, and the government program seeking more flexibility in economic transactions, while raising the level of efficiency and legal commitment," according to the statement.

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Tishwash:  Cougar reveals the details of the settlement to recover the money of the corrupt

 Today, Tuesday, a member of the Parliamentary Finance Committee, Jamal Cougar, revealed proposals for the mechanisms used to recover smuggled funds abroad.

Cougar said, in a statement transmitted by the correspondent of (Iraqi Media News Agency / WA), that “the mechanisms used in recovering smuggled funds are limited to several means, including following the international Interpol route and arresting any corrupt or criminal, and bringing him to the requesting country.” Pointing out that the second method is through diplomatic representation and according to the state’s agreements with other countries, by refusing to reside any opposition, corrupt, or wanted person in the corresponding country.

Cougar added, “The third method is that international companies adopt corruption files and follow them up in exchange for a percentage of the money, while the fourth method is to contact the smuggler for the amount to obtain a specific percentage of the money he acquired in the event that 80% of it is returned, from the “fifth way without legal consequences.” Indicating that it is the announcement of a reward at a specific rate for anyone who gives the government information about smuggled money, because the quantities and places of smuggled money are not known.

And he pointed out that there are people who are aware of the smuggled amounts and do not have to disclose them, pointing out that “there is no specific number for the smuggled amounts, because the previous governments failed in this matter with some personalities and did not open it, in addition to that the smugglers of money are influential figures previously and currently.” The file was not opened as required, as it was passed unnoticed without serious steps.   link

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Tishwash:  Deputy: Reducing the price of the dollar, the last arrival of the budget on time

Representative Nazem Al-Shibli attributed, on Tuesday, the reason for the delay in the arrival of the budget to parliament by making some reforms and changes underway by the government after officially reducing the exchange rate of the dollar.

Al-Shibli said, in a statement to Al-Maalouma, that "the decision to change the exchange rate of the dollar forced the government to conduct a comprehensive review of all items of the budget, as the main reason was the delay in sending it to Parliament," noting that "the government has reached the final technical and mathematical stages, and that its arrival in Parliament is very close." "

He added, "The negotiations between the government and the region have no impact on the progress of technical procedures in accordance with the government's vision and in accordance with its government program."

And the representative of the Al-Fateh Alliance, Ali Turki, had confirmed in a previous statement to Al-Maalouma that the budget would soon arrive after making some digital changes to the amounts after decreasing the price of the dollar.  link

Mot:  ....... the Things You Learn on the Internet!! ~~~

Mot: Yet another Insightful Tip on Raising the Wee Folks - from Mot of Course!

Tuesday Morning Iraq Economic News Highlights 2-28-23

Tuesday Morning Iraq Economic News Highlights 2-28-23

Iraq Tends To Use The Yuan In Non-Oil Foreign Trade

Markets  London  The New Arab  February 28, 2023   Iraq plans to pay for private sector imports from China in yuan (Murtaja Latif/AFP)  Iraq tends to use the Chinese yuan as an official currency in its non-oil foreign trade exchanges. The Iraqi government plans to pay for private sector imports from China in yuan in order to inject foreign currency into the financial system and help relieve pressure on the dinar , according to the US Bloomberg Agency, today, Tuesday.

Saudi Arabia and the UAE have previously taken steps to use currencies other than the dollar in non-oil transactions.

The UAE and India are working to promote non-oil trade in rupees, and Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan recently said that the kingdom is open to trade in currencies other than the dollar.

Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries ( OPEC ), is intensifying its efforts to stabilize the dinar, after raising its value earlier this month.

Iraq suffered from a shortage of dollars after being subjected to US pressure to limit the flow of funds to neighboring Iran, as the Federal Reserve Board (US Central Bank) in New York imposed, last November, stricter controls on dollar transactions by Iraqi commercial banks. .

An official source in the Central Bank of Iraq, who asked not to be named, said in previous statements to Al-Araby Al-Jadeed, “The bank launched, in the past short period, a second package of reforms to push the dollar to decline closer to the official price, and focused on facilitating trade financing from China.”

Through the electronic platform, it also included the facilitation of money transfers to the United States and Europe and the facilitation of citizens transferring money through international companies (Western Union and Money Gram) and for various purposes.

This is happening at a time when countries are balancing the US currency in global trade and establishing deeper economic relations with emerging powers in Asia, and China has been pressuring the use of the yuan in transactions with major energy and commodity exporters.

While Middle Eastern economies may flirt with other currencies, according to Bloomberg, their decades-long dollar foundations are here to stay.   LINK

With Anticipation Of The Results, The Chinese Yuan Is Chasing The Dollar In Iraq's Foreign Trade

726   New dealings in Iraq's foreign trade through the use of the Chinese yuan currency to help strengthen its dinar and to relieve pressure on the dollar after the latter witnessed large booms against the Iraqi dinar in the parallel market, which caused great economic problems and revived the black market.

The Central Bank of Iraq revealed that the step of paying in Chinese yuan comes within the second package of transactions, which includes organizing foreign trade from Beijing, by providing facilities for financial transfers to the United States and Europe, using the same mechanism later.

A number of specialists in financial and economic policy agreed that the use of the Chinese yuan currency comes to relieve pressure on the dollar and to reduce the time period for cash transfers for trade purposes.

Payment Is Subject To Compliance

And the financial advisor to the Prime Minister and former deputy governor of the bank, Mazhar Muhammad Salih, said in a press interview seen by “Takadam” that “the step of paying in the yuan currency comes so that the mechanisms that are in dollars are lighter,” adding that “this does not mean that it is not subject to compliance rules, as all transactions Foreign affairs and foreign trade financing, whether in dollars, yuan or euros, are subject today to the compliance platform, in which the papers must be correct, the final beneficiary is present, and the goods enter Iraq.

He added, "This measure will not extend its application to Iraq's oil trade," explaining, "This measure covers only private sector imports."

He pointed out that "Iraq's trade with China is large, and in order not to be hindered, the Chinese yuan was adopted as an intermediary currency to finance foreign trade for the private sector only, but this does not prevent the existence of auditing, compliance and knowledge of the final beneficiary."

Throw Ashes In The Eyes

“The use of this or that currency in commercial exchanges and monetary and financial transactions is not subject to decisions from above, but rather to the facts that control the global monetary system,” says economist and oil expert Hamza Al-Jawahiri, in a press interview seen by “Takadam”.

He added, "Many countries previously announced the abandonment of the dollar and the adoption of other currencies such as the ruble and the yuan, but these decisions were in most cases sterile, and it is an attempt to sow ashes in the eyes and achieve imaginary victories. It is related to confidence in these currencies and the independence of the central banks that issue them."

He pointed out that “the adoption of the yuan in relation to foreign trade for any country means narrowing the opportunities for trade exchange to a large extent because the confidence of dealers in it at the global level is limited, while the dollar is still on the throne of monetary transactions.”

And he stressed that "most of Iraq's foreign trade takes place with China, so if Iraq succeeds in converting it into Chinese yuan, this is considered liberation from the dominance of the dollar in global trade and it will be in the interest of Iraq."

The Conversion Is Faster

The economist and professor of economics at the Iraqi University confirmed that “using the yuan currency in foreign trade with China will be subject to the same previous conditions and will not be outside the electronic platform, which is the point that some had imagined that it would not be subject to the platform,” noting that “in all cases, you will pay in dollars until you get on the other currency.

He added, "Some of the merchants called on the government to import goods from China in their local currency to facilitate the import process faster, which was approved by the Central Bank of Iraq." The American who will finance Iraqi trade through China by paying in dollars and converting it into Chinese yuan.

Al-Mashhadani explained that “this process may make merchants feel more reassured, liberated, and quick in transferring, after these transfers were made for more than 20 days, which is a long period for them, while relying on the Chinese Bank as an agent or the Asian Development Bank will shorten the period due to the presence of a financial balance in these banks.” .

Iraq witnessed a shortage of dollars after it was subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which had been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York last November imposed stricter controls on dollar transactions for banks.

As a result, the approval of transfers slowed down and ultimately prompted merchants to buy dollars from exchange offices, which raised the price of the dollar against the Iraqi dinar to high levels, which led to a rise in the prices of basic and food items in the local markets.

https://takadum-news.com/archives/151548

The Central Bank’s Dollar Sales Increased By 124%

Economy News-Baghdad  Today, Tuesday, a report by the Central Bank of Iraq confirmed that its sales increased by 124%, to record $233 million.

The bank's report stated, "It sold today, during a window for buying and selling US dollars, 233 million and 921 thousand and 34 dollars, an increase of 124% compared to yesterday, Monday, which amounted to 104 million, 216 thousand and 250 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar." Dollars 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, "Most of the dollar sales went to reinforce the balances abroad in the form of (remittances, credits) at 180 million 321 thousand and 34 dollars, while the rest of 53 million and 600 thousand dollars went in the form of cash sales.

He pointed out that the banks that bought cash dollars amounted to 15 banks, while the number of banks that met requests to strengthen balances abroad reached 23 banks, while the total number of exchange and mediation companies participating in the auction was 190 companies.

https://economy-news.net/content.php?id=32714

A Citizen In Need Of Dollars Can Only Find It With Speculators

February 28, 2023   Baghdad / Obelisk: Iraqi citizens complain about the inconsistency of dealing in dollars through private banks, which forces them to wait for hours without a breakthrough.

The Central Bank authorized the sale of dollars to citizens at the official rate, by a number of private banks, within the monthly quota of 7 thousand and 500 dollars.

Accusations are leveled at currency dealers of acquiring citizens' shares in agreement with banks.

The exchange rates of the dollar have stabilized in the local markets. The selling prices were recorded at 152,500 dinars per 100 dollars, while the purchase prices were recorded at 152,000 dinars per 100 dollars. And the bank decided, earlier, to adjust the exchange rate of the dollar against the dinar, as the price of buying a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at 1,310 dinars per dollar to banks through the electronic platform, and it is sold from banks to the final beneficiary at a price of 1320.

Speculators are active through the black market for the dollar, which has kept the exchange rate of the dollar high in the parallel market, with a difference of up to 200 dinars from the official rate.

The bank launched a second package of reforms to push the dollar to decline closer to the official rate, and focused on facilitating trade financing from China through the electronic platform, as well as facilitating money transfers to the United States and Europe, as well as facilitating citizens’ transfer of funds through international companies (Western Union and Money Gram). And for multiple purposes.

However, banks complain about the difficulty of obtaining dollars, and the delay in disbursing funds, which reaches a period ranging from 10 to 14 days from the date of submission of the request, and in limited quantities that do not exceed 100 thousand dollars per request and do not exceed 200 thousand dollars per month and do not cover the market need.

The economic advisor, Ziyad Al-Hashemi, expects that if banks, companies, and merchants fail to adapt to the requirements of external transfer controls, the dollar exchange rate will continue to rise, indicating that the continued support of the dinar from falling costs the Iraqi treasury millions of dollars per month.

Journalist Ali Al-Azzawi believes that the Iraqi government must provide teams and committees to follow up the exchange rate of the dollar in private and governmental banks and monitor merchants and market owners who exploit this situation under the pretext of the rise of the dollar, calling for strict penalties to control the economic situation in markets and banks.

Activist Aziz talks about private banks that have fake companies that withdraw the dollar from the currency auction, go to the black market, and flee outside Iraq under the pretext of importing from fake companies that do not exist.

The continued work of speculators leads to confusion in the market, in addition to the underdevelopment of monetary instruments in Iraq, as the interest rate was not well invested, and the bonds offered are also ineffective, and even compulsory saving is not considered an appropriate option at the present time as a result of the problems arising due to a “living crisis” caused by On the mismanagement that accompanied the process of changing the previous exchange rate, which led to the citizen losing about 50% of his real income, according to the economist, Dr. About 77% of the total currency issued, pointing out that this matter needs real education and hard work by banks.

https://almasalah.com/archives/43824

Iraqi News Highlights Monday Evening 2-27-23

Iraqi News Highlights Monday Evening 2-27-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Finance Directed To Increase The Number Of US Dollar Exchange Outlets For Citizens At The Official Rate

Political | 03:26 - 02/27/2023   Baghdad - Mawazine News   Finance Minister Taif Sami directed, on Monday, to increase the number of outlets selling dollars to citizens at the official rate.

Sami said, in a statement issued during her visit to Al-Rafidain and Al-Rasheed Banks, that "projects to modernize banking systems must be completed and advanced methods must be adopted to raise the level of services for the two banks, especially with regard to point-of-sale systems and the facilities that the Ministry of Finance is working to provide within the framework of generalizing the experience." as one of the main pillars of modern banking systems.

And she emphasized "to secure all the requirements for completing the stages of the comprehensive banking system project in agreement with the executing company (Ernst & Young) in terms of securing databases and servers, in addition to agreeing on a contract for maintenance, operation, training and all procedures to ensure the success of the project,"

noting "the importance of completing the conditions for adopting the system Modernizing the IFMIS public financial management with the two banks, which in turn will provide a secure and integrated information environment for financial management operations in a way that allows safe transmission of information between ministries, government departments, banks and financial institutions.

And Sami directed to "increase the number of outlets selling US dollars to citizens at the official rate fixed by the Central Bank, through branches spread in Baghdad and the provinces, to ensure smooth access to foreign currency and reduce the momentum and delays resulting therefrom."

The visit of the Minister of Finance included touring the corridors and departments of the two banks, and she listened to a group of employees and auditors.

https://www.mawazin.net/Details.aspx?jimare=220470

Iraq Achieved Oil Revenues Of More Than 7 Billion Dinars During The Past Month

Political | 03:42 - 02/27/2023   Baghdad - Mawazine News  The Oil Ministry announced, on Monday, that last month's revenues amounted to more than $7 billion.

The ministry stated in a statement, which Mawazine News received a copy of, that "the total oil exports and revenues achieved for the month of January, and according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the amount of exports of crude oil amounted to (101) million and ( 245 thousand and (95) barrels, with revenues amounting to (7) billion and (663) million and (788) thousand dollars.

She added, "The total exported quantities of crude oil for the month of January from the oil fields in central and southern Iraq amounted to (98) million and (460) thousand and (50) barrels, while the exported quantities of Kirkuk oil through the port of Ceyhan were (2) One million (475) thousand and (516) barrels, and the average price per barrel amounted to (75,695) dollars.

And she indicated, "The exported quantities have been loaded by (36) international companies of several nationalities, from the ports of Basra, Khor Al-Zubayr, mono-buoys on the Gulf, and the Turkish port of Ceyhan." Ended 29 / h   https://www.mawazin.net/Details.aspx?jimare=220473

Governor Of The Central Bank: We Seek To Make A Quantum Leap In The Field Of Financial Technology

Economie| 03:53 - 02/27/2023  Baghdad - Mawazine News  The Governor of the Central Bank, Ali Al-Alaq, affirmed, on Monday, the endeavor to make a quantum leap in the field of financial technology.

The bank stated, in a statement that Mawazine News received a copy of, that "the Governor of the Central Bank, Ali Mohsen Ismail, received, today, the regional head of the global "Visa" company, Andrew Tory and his accompanying delegation."

He added, "The support provided by Visa to regulate the market and increase the acceptance of electronic collection was discussed, in support of the government's directions and the decisions it took in activating electronic payment through the use of the technology provided by the company, as well as improving the regulations and instructions for digital financial services."

Al-Alaq stressed that "the Central Bank of Iraq is supportive in its steps to expand the use of the latest digital technologies in the banking sector and enhance financial inclusion in Iraq," noting that "the Central Bank of Iraq seeks to make a quantum leap in the field of financial technology in the Iraqi banking sector by keeping pace with the latest global technologies." Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=220476

The Secretary-General Of The United Nations Visits Baghdad At The End Of This Week

Political | 05:09 - 02/27/2023  Baghdad - Mawazine News  The Secretary-General of the United Nations, Antonio Guterres, will visit Iraq this weekend on an official visit.

A government source said, in an interview with Mawazine News, that "Guterres will visit Iraq next Wednesday on an official visit that will last for several days."

He added, "The Secretary-General will meet the three presidencies in Baghdad on Wednesday and Thursday, and then he will head to the Kurdistan region."

https://www.mawazin.net/Details.aspx?jimare=220487

An Economist Warns Against Using The Yuan In Iraqi Trade With China

Monday 27 February 2023 08:39 | Economical   Number of readings: 387  Baghdad / NINA / - The expert in economic affairs, Raad Twij, warned against using the yuan currency in Iraqi trade with China.

Twigg said in a statement to the National Iraqi News Agency / NINA /:

"The use of the yuan in Iraqi trade with China means, in part, the sale of Iraqi oil in yuan, and this has caveats in making Iraqi oil revenues, under the control of the monetary policy of the Chinese Central Bank, and the possibilities of manipulation." The value of the Chinese yuan and in proportion to the interest of the Chinese economy, which may cause losses to Iraq, both in selling Iraqi oil and in the conduct of commodity trade.

Twigg called for "the use of a basket of cash from a group of international currencies that may preserve the value of the Iraqi dinar."

The Central Bank of Iraq intends to organize the financing of foreign trade from China directly in the Chinese yuan currency, in a step that is the first of its kind, as part of a package of measures aimed at facilitating access to foreign currencies. /   https://ninanews.net/Website/News/Details?key=1037006

The Governor Of The Central Bank Of Iraq Receives The Regional President Of "Viza" Global Company

February 27, 2023  His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, received today, Monday, the regional president of the global company "Viza", Mr. Andrew Toure, and his accompanying delegation.

His Excellency stressed that the Central Bank of Iraq is a supporter of its steps to expand the use of the latest digital technologies in the banking sector and enhance financial inclusion in Iraq, indicating that

the Central Bank of Iraq seeks to create a qualitative shift in the field of financial technology in the Iraqi banking sector by keeping pace with the latest global technologies.

During the meeting, the support provided by the "Viza" company to  regulate the market and  increase the acceptance of electronic collection, in support of the government's directions and the decisions it took in activating the electronic payment by using the technology provided by the company, as well as improving the regulations and instructions for digital financial services. The Central Bank of Iraq  information Office  2023/27/27  https://cbi.iq/news/view/2251

The Collapse Of The Iranian Currency Casts A Shadow On The Iraqi Sectors Economically, Agriculturally And Healthy

Reports and analyzes    Iraq  2023-02-24  Shafaq News/ The historical collapse of the Iranian currency raised 5 million per 100 dollars due to Western sanctions, questions about the impact of this collapse on the Iraqi market and economy.

Iraq is the first importer of Iranian goods and goods at about 17 billion dollars annually, according to specialists.

The Bonpest website data revealed the day before yesterday, Wednesday, that the Iranian currency fell to a record level against the US dollar and recorded 501,300 riyals.

The price of the US dollar in the Iranian free market is witnessing a record increase, with the continued turmoil and the increase in the country's isolation amid Western criticism of the strict security measures taken by Iran and its relations with Russia.

Increase export

"Iran is the first exporter of Iraq with a value of 17 billion dollars annually, and sometimes more, so a decrease in its currency helps a lot to increase its export, and a country like Iraq may increase its imports from Iran, and thus this issue is in favor of the Iranian trade balance.".

"Some countries deliberately reduce their currency to increase their exports, and Iraq imports many things from Iran, as they are nourishing the Iraqi market with food and plastic materials, building materials, and Samsik, and other daily basic consumables, and thus reducing the currency works in the interest of exporting the industry. And Iranian agriculture."

The Iranian Minister of Industry, Mines and Trade, Reda Fatmi Amin, announced on February 21 that the volume of his country's exports of goods and goods to Iraq increased by 23 percent during the first ten months of the Iranian year, which started on March 21, 2022.

Fatimi Amin said in a televised interview, that Iran's exports exceeded 50 billion dollars so far, explaining that export is important for us for several reasons, the first function of export is to provide the currency to meet the needs of import for the country and the maximum export function is to achieve international ability.

Multiple economic effects

The impact of the collapse of the Iranian currency is not limited to the Iraqi economy in terms of industrial and agricultural aspect The value of the hard currency, which is a factor brought from abroad, as well as in Lebanon and other countries.

Eid continues to Shafaq News, that  "the financial market is also open towards Iran, as well as the entry of an Iraqi coin from Iran to Iraq and the withdrawal of hard currency and its purchase from banking stores 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 Iranian to withdraw the hard currency from Iraq and smuggle it towards Iran illegally and legal.

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

After years of Western sanctions due to Iran's nuclear program, the riyal was circulated, at 315,000 riyals for the dollar when anti -government protests broke out 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 his Iraqi counterpart, and explains this by saying that

"the Iranian tourist when he comes to Iraq has to pay the costs of housing, travel and food in the Iraqi dinar or the US dollar, while the Iraqi tourist who travels To Iran, he faces the high cost of living despite the decrease in the currency."  Radi explains to Shafaq News,

"The US sanctions on Iran affected all the joints of life, and caused prices to rise, when the Iraqi tourist visits Iran and even Lebanon or Syria, because he feels high despite the decrease in their currency,

unlike the Iranian visitor when he comes to Iraq, it is It is true that he feels high, but compared to their currency, and for the dollar, it is low.

In turn, the owner of a store selling vegetables and fruits in Diwaniyah Governorate, Abu Ali, says that "the collapse of the Iranian currency affects us by increasing its export of agricultural crops to Iraq, including tomatoes, potatoes and eggplant."  Abu Ali notes during his talk to Shafaq News, that

"the citizen prefers the imported goods for the cheap price compared to the local crop, and  therefore Iran is the winner at the expense of our local merchandise,  so I demand - especially during this period - to limit the import rate from neighboring countries, especially From Iran, so that our local product is not harmed by this import."   https://shafaq.com/ar/تقارير-وتحليلات/انهيار-العملة-الايرانية-يلقي-بظلاله-على-القطاعات-العراقية-اقتصاديا-وزراعيا-وصحيا

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

https://www.bondladyscorner.com/

Monday "Vietnam News" Posted by Henig at KTFA 2-27-2023

KTFA:  Vietnam

Henig:  Vietnamese banking brands climb in value

February, 27/2023 - 09:18

Vietnamese banks showed great performance in 2022, consolidated by a credit growth rate of nearly 13 per cent and an economic growth rate of 8 per cent, the highest in the last 25 years.

HÀ NỘI — Vietnamese banking brands are riding high with a growth of 31.3 per cent in brand value in 2023, according to Brand Finance Banking 500 Report.

Almost all the 12 Vietnamese banks featured in the report have climbed in their global rankings. However, Agribank – the second most valuable brand in Việt Nam – runs counter to the trend by dropping two positions. Its brand value grew by just 1.7 per cent to hit $1.4 billion. 

Meanwhile, VIB enters the top 500 most valuable banking brands for the first time, with a brand value increase of 14 per cent year-on-year, reaching $181 million.

The report said Vietnamese banks showed great performance in 2022, consolidated by a credit growth rate of nearly 13 per cent and an economic growth rate of 8 per cent, the highest in the last 25 years.

It was this strong revenue rebound and economic recovery that has given a big push to Vietnamese banking brand value. 

Alex Haigh, managing director of Brand Finance Asia Pacific, remarked that Vietnamese banks are making headway in digital banking by integrating the power of technology into their core business. 

"Vietnamese banks were finding themselves among the best performers in 2022," said Haigh. 

The director was impressed by Techcombank, the second fastest-growing brand in Việt Nam, which rose by 46.7 per cent in brand value to reach $1.5 billion. In two years, the bank moved up by 107 positions to the 163rd among the top 200 valuable banking brands in 2023. 

Thái Minh Diễm Tú, director of the Marketing Divison, Techcombank, noted that the remarkable feat of reaching $1.5 billion in brand value represents an important milestone for the bank.

It is an indication that Techcombank has achieved success in improving customer experience, moving one step closer toward its ultimate objective of "Transforming the financial sector and improving the quality of life".   

It is worth noting that the bank made it to many global podiums in 2022 for its effort in digital transformation. Notably, it was recognised as 'Best bank in Việt Nam' by Euro Money and its application Techcombank Mobile was awarded 'Most innovative mobile banking app' by Global Business Outlook.

The bank is currently the first bank in Việt Nam to be assigned a Baseline Credit Assessment score of ba2 with a stable outlook by Moody's. It also gets a rating of BB- from S&P with a similar outlook. 

By late 20222, Techcombank made a pre-tax profit of around VNĐ25.6 trillion ($1.1 billion) and secured a customer base of over 10.8 million.

— VNS    LINK

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

Henig:  Bình Dương promotes cashless payment trend

February, 27/2023 - 09:04

The People's Committee of Bình Dương Province’s Dầu Tiếng District plans to establish a pilot project that uses cashless payments at traditional markets, grocery stores and other businesses.

BÌNH DƯƠNG — The People's Committee of Bình Dương Province’s Dầu Tiếng District plans to establish a pilot project that uses cashless payments at traditional markets, grocery stores and other businesses.

Dầu Tiếng is located at between HCM City and the provinces of Tây Ninh and Bình Phước and has Dầu Tiếng Lake, a place that attracts many tourists.

The plan of Dầu Tiếng District aims to promote the implementation of digital transformation and digital payment, and promote local businesses and enterprises to use digital platforms to make non-cash payments, which would provide convenience in payment for tourists.

Non-cash payment methods include QR code, internet Banking, Mobile Web Payment and cards.

By the end of 2022, Bình Dương strived to achieve 50 per cent of schools, educational institutions, hospitals and medical facilities using non-cash payment methods.

Up to now, Bình Dương is one of the localities where consumers can use modern payment methods to pay for online transactions as well as at stores, schools, hospitals, administrative services and shopping centers.

Cashless payment and transaction channels are increasingly popular in Bình Dương, with commercial banks, e-wallets and fintech companies promoting the application of technology for online payments.

Many customers now choose cashless payments, the most popular being a payment card, followed by scanning a QR code and transferring money.

Card payment sales at many goods and service suppliers have also increased significantly. Commercial banks and e-wallet companies in Bình Dương said that cashless transactions are even more popular now than during the COVID-19 pandemic.

Enterprises are ready for infrastructure with low investment costs that bring convenience to people. The outstanding method that meets the above factors and is likely to explode next year is paying via QR codes.

Customers can open banking applications or e-wallets to choose a source of money to scan the code and make payments.

— VNS   LINK

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

Henig:  Rice exporters to benefit from tight supplies, lower costs

February, 27/2023 - 08:17

Việt Nam is very likely to benefit from the upward trend in rice prices which is fueled by limited supplies and a shift away from the Indian supply.

HÀ NỘI — Decreasing input costs as Europe eases sanctions against Russia and increased fertiliser supply will benefit rice export businesses, said Vietcombank Securities Company (VCBS).

A recent report on the rice sector from VCBS showed that the global rice output is estimated at 519.7 million tonnes at the end of the 2021/2022 crop. China, India, and ASEAN are key consumption markets, while India, Việt Nam, and Thailand are the largest rice exporters.

Rice prices witnessed an uptrend in global markets last year as the Indian government's ban on rice export, floods in Pakistan, and adverse weather in China and the Philippines caused reductions in rice output in these countries.

While depleted inventories in the Philippines will result in higher imports in 2023, rice production will drop due to prolonged droughts in China and India. On the other hand, due to heavy rain in Việt Nam over the past year and gradually neutral weather in the first half of 2023, the country's rice output is forecast to be stable this year, according to the US Department of Agriculture (USDA).

Therefore, VCBS said that Việt Nam is very likely to benefit from the upward trend in rice prices which is fueled by limited supplies and a shift away from the Indian supply. 

Meanwhile, input costs are also expected to go down in 2023 as Europe eases sanctions and welcomes back Russian fertiliser exporters, increases reservations, and aggressively reduces gas consumption.  

The availability of fertiliser on a global scale is anticipated to rise, boosting rice industry profit margins.

According to VCBS, the business growth prospects of Lộc Trời Group are positive thanks to the promotion of rice exports to the European market, starting with the French market. The merger with Lộc Nhân Food also increased the company's capacity. 

With three production facilities under its control, Lộc Nhân can now dry more than 12,000 tonnes of rice per day and export 6,000 tonnes of rice a day. Its projected revenue for 2022 was close to VND8 trillion ($336.8 million).

This company also has a wide partner network. In particular, it has signed contracts to supply up to 350,000 tonnes of rice to Vinafood 1 in 2023. 

VCBS said that the food segment will be the main growth driver for Lộc Trời this year, making up for the decrease in revenue in the pesticide sector. However, it noted that the company still struggles with the plan for issuing private placement bonds and transferring from the current listing exchange - UPCoM - to the Hồ Chí Minh Stock Exchange (HoSE).

The securities firm expects that Lộc Trời's net revenue and profit after tax will grow by 28 per cent and 15 per cent year-on-year, respectively, this year to VNĐ14.9 trillion and VNĐ475 billion. The growth for 2024 is projected to advance 1 per cent in revenue but fall by 17 per cent in profit.

Meanwhile, Vietnam National Seeds Group posted a positive growth in business results in 2022, mainly boosted by the rice segment, with a gross profit margin of about 40 per cent. 

VCBS believes that the company's rice and fruit crops will grow well in the next five years. 

In the national key product development project, the government plans to increase the rate of high-tech cultivation from 70 per cent to 75 per cent, the rate of using certified varieties from 78 per cent to 90 per cent, the area of ​​fruit trees from 1,067 million ha to 1.2 million ha, and the yield from 10 tonnes/ha to 12 tonnes/ha.

Vietnam National Seeds also has an ambitious business plan to double its size in the next five years, with an annual growth rate of approximately 20 per cent/year. 

By doing so, the market share of plant varieties across all fields can rise from 21 per cent to 25 per cent of the entire nation. The market shares will rise to nearly 60 per cent of the national market, particularly for grain corn.

It is forecast that the company's net revenue and profit after tax will rise by 11 per cent and 25 per cent on-year, respectively, this year, to more than VNĐ2.09 trillion and VNĐ282 billion. 

— VNS    LINK

Henig:  Real estate market to recover by Q3: experts

February, 27/2023 - 08:59

With the Government’s drastic measures to address problems related to legal bottlenecks, lack of capital access, and challenges in corporate bonds, the real estate market is expected to recover from the third quarter, experts have said.

HCM CITY — With the Government’s drastic measures to address problems related to legal bottlenecks, lack of capital access, and challenges in corporate bonds, the real estate market is expected to recover from the third quarter, experts have said.

Experts have also called for continuing market restructuring by diversifying products, especially affordable housing, and addressing the mismatch between supply and demand.

Speaking at a talk on how to remove challenges in the real estate market last Saturday, Prof Dr Trần Đình Thiên, a member of the Prime Minister’s Economic Advisory Group, said the real estate market was facing serious problems such as a lack of capital access, credit tightening, and legal bottlenecks.

The market has faced unprecedented hurdles in the past five years with a huge inventory and a sharp drop in liquidity, he added.

It has seen a significant imbalance between supply and demand with an oversupply in the high-end segment but a shortage of affordable housing products, he said. 

Fortunately, the market would have positive signals based on Việt Nam’s economic prospects in 2023, he added.

He attributed to the promulgation and amendment of the three laws related to the real estate market, including the Law on Land, the Law on Housing, and the Law on Real Estate Business.

“The key is to remove the legal and capital bottlenecks, including real estate corporate bonds,” he noted.

It’s good that the Prime Minister has already issued four directives to remove difficulties for the economy, especially the real estate market, according to Thiên. 

Dr. Cấn Văn Lực, a member of the National Monetary and Financial Policy Advisory Council, said the Government has focused on improving mechanisms and policies (both short- and medium-term) related to the real estate market, aiming at improving the cash flow, which is important to regain the confidence in the market.

Removing roadblocks for the corporate bond market is also important to unlock capital sources, Lực said.

“The decree amending Decree 65 issued in September 2022 on corporate bonds is being urgently revised, which is expected to remove difficulties for the corporate bond market.” 

The Government has also taken measures such as rescheduling, deferring debt, tax, and land rent for real estate businesses, he added.

The Ministry of Construction has recently proposed a credit package worth around VNĐ110 trillion (US$4.6 billion) similar to the VNĐ30 trillion package implemented in the 2013-16 period to finance social housing projects and housing projects for workers, he said.

Dr. Nguyễn Văn Đính, vice chairman of the Vietnam Real Estate Association, said: “The real estate market will become warmer by the third quarter of 2023 as the government has made drastic moves to create conditions to help the market develop sustainably.”

The government has also established a working group to propose solutions with ministries and local authorities, and will review and work with localities, projects, and investors to remove bottlenecks, he added.

Speaking at a recent meeting, economist Võ Trí Thành said there remained high hopes this year for the real estate market, especially in segments of real estate tourism, industrial parks, and retail, following drastic actions of the Government. 

Once the Land Law and Law on Real Estate Business are finalised, they would provide opportunities for investors to come back to the market, he added.

Experts also recommended the Ministry of Finance implement measures to develop the corporate bond market transparently, safely and sustainably. 

The event aimed to discuss ways to address challenges in the real estate market and promote its sustainable development.

— VNS  LINK

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

Henig:  Poland seeks to promote exports of food products to VN

February, 27/2023 - 09:05

Việt Nam and Poland both grow a lot of agricultural products, but they are complementary to each other, offering them the opportunity to tie up, a bilateral business matching heard in HCM City on February 24.

HCM CITY — Việt Nam and Poland both grow a lot of agricultural products, but they are complementary to each other, offering them the opportunity to tie up, a bilateral business matching heard in HCM City on February 24.

Nguyễn Hữu Nam, deputy director of the VCCI in HCM City, said: “Poland has high demand for Vietnamese products such as rice, basa fish, shrimp, mango, pineapple, passion fruit, coffee, and cashew, while Poland is capable of supplying Việt Nam with various EU-standard fresh and processed foods and fruits, beef, lamb, pork and others.”

Their trade and investment relations have made solid progress, but are still not commensurate with their traditional friendship and potential, partly due to the lack of information about each other's markets, he said.

Alexander Nowakowski, second secretary of Economic Affairs at the Polish embassy in Việt Nam, speaking at a press briefing held before the meeting, said after COVID many business delegations have come to each other markets to seek co-operation opportunities.

The EU-Việt Nam Free Trade Agreement has also helped boost trade ties between the two countries.

Poland’s Deputy Minister of Agriculture and Rural Development Lech Kołakowski told the press briefing that his country is one of largest producers of food products such as pork, beef, chicken, fruits and vegetables, and dairy products in Europe, and exports them to more than 200 markets.

“Poland’s foods not only have high quality, but are also are absolutely safe.”

The Government of Poland is paying great attention to expanding export portfolios to Việt Nam, he said, adding that his ministry is now working with its Vietnamese counterpart for finalising procedures to allow Polish exporters of beef, goose and duck access to the Southeast Asian country.

He hoped that beef, duck, goose meat from his country would soon be available in Việt Nam.

At a meeting with the Ministry of Agriculture and Rural Development in Hà Nội on February 23, he asked that Việt Nam should also open up Polish barley and wheat, he said.

He said the agricultural products of the two countries do not compete with each other.

Việt Nam could become an important destination for the distribution of Polish agri-food products to the Asian region, and Poland is ready to do the same for Vietnamese products headed Europe, he said.

Executives from 70 Vietnamese food companies and eight Polish companies met and exchanged information to seek business opportunities at the business matching.

— VNS    LINK

Iraqi News Highlights Monday Afternoon 2-27-23

Iraqi News Highlights Monday Afternoon 2-27-23

Tlm724 Administrator Bondlady’s Corner

Hammam Al-Shamaa Explains Why The Exchange Rate Of The Dollar Remains High

Monday 27 February 2023 11:47 | Economical Number of readings: 334  Baghdad / NINA / - The economic expert, Hammam Al-Shamaa, confirmed: The dollar exchange rate remains high due to the high prices of foreign remittances.   He told the National Iraqi News Agency / NINA /: "The difference between the official exchange rate and its price in the parallel market is due to the high prices of remittances outside Iraq due to the decrease in sales of the central bank."

Al-Shamaa added: "The decrease in sales resulted from the restrictions placed by the US Federal Reserve on the external transfer of those who are called money laundering dealers."

He explained: "The transfer rate abroad affects the parallel exchange rate, meaning that the demand for the dollar as a transfer is very high, which is reflected in the cash exchange rate at home."

The exchange rate of the dollar is still high, exceeding 150,000 dinars per hundred dollars, in several numbers, despite the government's announcement that the official exchange rate is 132,000 dinars./ Ended 3   https://ninanews.com/Website/News/Details?Key=1037112

An Economist For / Nina / Dealing With Iraqi Trade In Foreign Currencies Needs Several Important Things.. That Must Be Followed

Monday 27 February 2023 08:43 | Economical Number of readings: 309  Baghdad / NINA / - The expert in economic affairs, Safwan Qusay, confirmed that dealing with Iraqi trade in foreign currencies requires several important things that must be followed for success.

Qusay said in a statement to the Iraqi National News Agency / NINA/ That "the Central Bank of Iraq is trying to reassess all monetary policies to control the demand for the dollar in the parallel market by expanding the circle of direct dealings in international currencies, including the Chinese yuan, the European euro, the Japanese yen and the US dollar to facilitate the task of final transfer for the purposes of international trade with the currency of the supplier,

especially after that The Central Bank noted that the adoption of the fixed price of the dinar against the dollar and the increase in the value of the dollar globally caused the decline of the Chinese yuan in the parallel market, and thus traders tended to buy the yuan from the parallel market instead of the official market before the People’s Bank of China (the central) adjusted the official value of the yuan more than once.

During the previous periods, in order to preserve its value, which is linked to the migration of most world currencies towards the US dollar, especially after raising interest rates on the US dollar in addition to the Russian-Ukrainian war.

He stressed that dealing in foreign currencies needs to "control the movement of imports by dealing with regular merchants and activating the role of local banks in financial transactions through documentary credits and controlled transfers that contribute to the consolidation of the Iraqi commercial system and thus expand dealing with international brands and control the movement of imports and attract investment and stop the arrival of the dollar to the penalized countries." And Iraq will remain within the US dollar zone.

The Central Bank of Iraq intends to regulate the financing of foreign trade from China directly in the Chinese yuan currency, in a step that is the first of its kind, as part of a package of measures aimed at facilitating access to foreign currencies./ End 8 To receive more news, subscribe to our channel on

https://ninanews.com/Website/News/Details?key=1037012

The High Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market

Monday, February 27, 2023 4:43 PM   Baghdad / The National News Center   The exchange rates of the US dollar rose against the Iraqi dinar today, Monday, with the closure of the main stock exchange in Baghdad.

The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at an exchange rate of 153,500 Iraqi dinars against 100 dollars, while the prices this morning were 153,200 thousand dinars against 100 dollars.”

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 Iraqi dinars, while the purchase prices amounted to 151,500 dinars per 100 dollars."    https://nnciraq.com/189606/

The Head Of The Association Of Private Banks Is Discussing With The Arab Monetary Fund The Promotion Of Financial Inclusion

Money and business   Economy News-Baghdad  The head of the Arab Monetary Fund, Abd al-Rahman al-Hamidi, visited the capital, Baghdad, and met with the Prime Minister, Muhammad Shia al-Sudani, the Governor of the Central Bank, Ali al-Alaq, and the head of the Iraqi Private Banks Association, Wadih al-Handal.

A statement issued by Al-Sudani's office said, "During the meeting, they discussed mechanisms for joint cooperation in the field of supporting financial and banking policies and building human capacities, and discussed Iraq's steps to engage in the international financial system, and the most prominent measures and reforms that the government is taking in the banking and financial sector, in a way that contributes to strengthening economic development in Iraq.

During Al-Hamidi's meeting with the President of the Association of Private Banks, Wadih Al-Handal, the two parties discussed the development of bilateral relations with regard to the banking sector, in addition to strengthening the concepts of financial inclusion.

Al-Hamidi said that Iraq occupies an important place in the Arab economy, and the Arab Monetary Fund is very interested in it, pointing to the indicators of the Iraqi economy growing well.

He added that Iraq continues to promote the concepts of financial inclusion, which reflects positively on the economy.   https://economy-news.net/content.php?id=32682

Economists Call For The Establishment Of The Investment Council

Money and business  Economy News – Baghdad Iraqi economists called on the Council of Ministers to establish the Investment Council headed by Prime Minister Muhammad Shia’ al-Sudani, with membership in the Investment Authority, the governor of the Central Bank and a number of competent authorities, in addition to representatives of the private sector such as the Association of Private Banks, in order to end the problems of investors and speed up their work, which is reflected positively. on the national economy.

"The government is required today to establish the Investment Council or the Reconstruction Council because it will contribute to studying the country's needs in all sectors of the economy," said Abdul Rahman al-Mashhadani, a professor of economics at the Iraqi University, to Al-Iqtisad News.

He added, "The investment board must be chaired by the prime minister, with the membership of 8 other institutions, and the role of the private sector should be effective, because it is the body responsible for implementing projects and spending money," explaining that "quotas and affiliation must be removed from this council, because it will lead to killing." Its role is similar to what happens with some councils.

He pointed out that "the executive management of the council must be of the same competence because the role of this council will be great and contribute to resolving major crises in which the Iraqi people live."

On the other hand, economist Ammar al-Rubaie told "Al-Iqtisad News" that "many countries have investment councils, with the aim of facilitating the investment environment," noting that "the private sector must have a greater number in the council than the government, because this will lead to a strong in making decisions.”

He stressed, "Many investment companies suffer from problems in their work with ministries and state departments, and thus delay their work in completing the project, which requires the establishment of a council that will solve these problems and accelerate the pace of work."

Jordan established the Investment Council headed by the Prime Minister, and includes the membership of: the Minister of Investment as Vice-Chairman, the Minister of Planning and International Cooperation, the Minister of Finance, the Minister of Industry, Trade and Supply, the Minister of Digital Economy and Entrepreneurship, the Governor of the Central Bank, the Chairman of the Board of Directors of the Jordan Chamber of Commerce, and the Chairman of the Board of Directors. Management of the Jordan Chamber of Industry, and four representatives of the private sector are: Basem Al-Salem, Majd Shweikeh, Ahmed Abu Ghazaleh, and Issam Fakhreddin.  https://economy-news.net/content.php?id=32692

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

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"Tidbits From TNT" Monday 2-27-2023

TNT:

Tishwash:  An oil agreement paves the way for announcing a comprehensive budget in the coming days

A member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed today, Monday, that there is a presence to deliver Kurdistan’s oil to Baghdad to proceed with an oil agreement within the terms of the 2023 budget, while he indicated that there are more than 30 illegal outlets for oil smuggling in the region.

Karim said in a televised interview, followed by the information agency, that "the delegation of the Kurdistan region, for the first time, participated in writing the draft general financial budget in coordination with the federal government in Baghdad."

He added, "The salaries of employees in Kurdistan will be paid from the 14% share of the budget for the region for the year 2023."
Karim pointed out that "more than 30 illegal outlets are used by the owners of al-Qaqjaq to smuggle oil in the Kurdistan region."

Yesterday, Sunday, the representative of the State of Law coalition, Ahmed Al-Watifi, confirmed in a statement to Al-Maalouma that the governments of Baghdad and Erbil have reached an integrated road map to resolve the crises, indicating that parliamentary consensus exists and is awaiting the budget to be passed   link

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Tishwash:  The Minister of Finance and the Arab Monetary Fund are discussing Iraq's reforms in the banking sector

The Minister of Finance, Taif Sami, discussed with the Director of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, and his accompanying delegation, Iraq's reforms in the banking sector.

The ministry stated, in a statement received by the Iraqi News Agency (INA), today, Monday, that "on the sidelines of the activities of the 34th conference of the Arab Parliamentary Union held in Baghdad, it received Finance Minister Taif Sami, director of the Arab Monetary Fund, Abd al-Rahman al-Hamidi, and his accompanying delegation.

" The two sides discussed Iraq's steps to engage in the financial system among the Arab countries, in addition to reviewing the procedures and reforms that the Iraqi government is taking in the field of the banking and financial sector, in a way that contributes to enhancing economic development in Iraq. Sami also reviewed with the delegation the most important economic and financial challenges facing the countries of the region

, In addition to the joint bilateral relations between Iraq and the Arab Fund, and pushing towards the development of mutual cooperation in the field of finance and economy, as well as discussing joint cooperation mechanisms in the field of supporting financial and banking policies and building human capacities.   link

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Tishwash:  With anticipation of the results, the Chinese yuan is chasing the dollar in Iraq's foreign trade

New dealings in Iraq's foreign trade through the use of the Chinese yuan currency to help strengthen its dinar and relieve pressure on the dollar, after the latter witnessed large booms against the Iraqi dinar in the parallel market, which caused major economic problems and revived the black market.

The Central Bank of Iraq revealed that the step of paying in Chinese yuan comes within the second package of transactions, which includes organizing foreign trade from Beijing, by providing facilities for financial transfers to the United States and Europe, using the same mechanism later.

A number of specialists in financial and economic policy agreed that the use of the Chinese yuan currency comes to relieve pressure on the dollar and to reduce the time period for cash transfers for trade purposes.

Payment is subject to compliance

The financial advisor to the Prime Minister and former deputy governor of the bank, Mazhar Muhammad Salih, said in an interview with Shafaq News agency, "The step of paying in the yuan currency comes to make the mechanisms that are in dollars lighter," adding that "this does not mean that it is not subject to compliance rules, as all foreign transactions and trade financing Foreign affairs, whether in dollars, yuan or euros, are subject today to the compliance platform, in which the papers must be correct, the final beneficiary is present, and the goods enter Iraq.

He added, "This measure will not extend its application to Iraq's oil trade," explaining, "This measure covers only private sector imports."

He pointed out that "Iraq's trade with China is large, and in order not to be hindered, the Chinese yuan was adopted as an intermediary currency to finance foreign trade for the private sector only, but this does not prevent the presence of auditing, compliance and knowledge of the final beneficiary."

Throw ashes in the eyes

"The use of this or that currency in commercial exchanges and monetary and financial transactions is not subject to decisions from above, but rather to the facts that control the global monetary system," said economist and oil expert Hamza Al-Jawahiri, in an interview with Shafaq News agency.

He added, "Many countries previously announced abandoning the dollar and adopting other currencies such as the ruble and the yuan, but these decisions were in most cases sterile, and it is an attempt to sow ashes in the eyes and achieve imaginary victories. It is related to confidence in these currencies and the independence of the central banks that issue them."

He pointed out that "the adoption of the yuan in relation to foreign trade for any country means narrowing the opportunities for trade exchange to a large extent because the confidence of dealers in it at the global level is limited, while the dollar is still at the top of monetary transactions."

And he stressed that "most of Iraq's foreign trade takes place with China, so if Iraq succeeds in converting it into Chinese yuan, this is considered liberation from the dominance of the dollar in global trade and it will be in the interest of Iraq."

The conversion is faster

The economist and professor of economics at the Iraqi University confirmed that "using the yuan currency in foreign trade with China will be subject to the same previous conditions and will not be outside the electronic platform, which is the point that some had imagined that it would not be subject to the platform," noting that "in all cases, you will pay in dollars until you get on the other currency.

He added, "Some of the merchants called on the government to import goods from China in their local currency to facilitate the import process faster, which was approved by the Central Bank of Iraq." The American who will finance Iraqi trade through China by paying in dollars and converting it into Chinese yuan.

Al-Mashhadani explained that "this process may make merchants feel more reassured, free and quick to transfer after these transfers were made for more than 20 days, which is a long period for them, while relying on the Chinese Bank as an agent or the Asian Development Bank will shorten the period due to the presence of a financial balance in these banks." .

Iraq witnessed a shortage of dollars after it was subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which had been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York last November imposed stricter controls on dollar transactions for banks. As a result, the approval of transfers slowed down and ultimately prompted merchants to buy dollars from exchange offices, which raised the price of the dollar against the Iraqi dinar to high levels, which led to a rise in the prices of basic and food items in the local markets.  ink

Mot:  .... yet another Marital Thingy! ~~

Mot:  ....... Never Have I Ever!!

Sunday "Vietnam News" Posted by Henig at KTFA 2-26-2023

KTFA:

Henig:  Vietnam, China’s Hainan province strengthen trade ties

06:10 | 26/02/2023

Minister of Industry and Trade Nguyen Hong Dien and the visiting Secretary of the Party Committee of China’s Hainan province, Shen Xiaoming, reached consensus on measures to strengthen trade ties at a meeting in Hanoi on February 22.

The host official expressed his belief that as the world’s biggest free-trade port, Hainan will play an increasingly important role in trade between Vietnam and China, helping increase Vietnam’s exports and reduce the trade imbalance.

He suggested establishing a trade promotion office of Vietnam in Hainan’s Haikou city; accelerating the opening of the Chinese market to Vietnam’s agricultural products, especially fresh coconut which is in high demand in the province; and cooperating in agricultural processing.

Dien asked Hainan to give assistance and preferential treatment to Vietnamese enterprises to capitalize on e-commerce incentives and take part in major international expos in Hainan.

For his part, Shen voiced his support for Minister Dien’s proposals and affirmed that he will order relevant agencies and localities of Hainan to coordinate with the Vietnamese side to step up the establishment of a trade promotion office in Vietnam.

He also pledged to assign his province’s agencies to work with the Chinese General Administration of Customs to promote the market opening to fresh coconut from Vietnam.

Regarding the upgrade of a memorandum of understanding (MoU) on cooperation between the Vietnamese Ministry of Industry and Trade and the Hainan administration, the Secretary showed his support for negotiations to sign the MoU to help facilitate Vietnam’s trade ties with Hainan and China as a whole.

In 2022, trade revenue between Vietnam and Hainan reached 1.35 billion USD, up 56% year on year. That comprised 695.2 million USD in Hainan’s exports and 658 million USD in Vietnam’s exports, respectively rising 171.9% and 7.5%, according to data from the Chinese province.

Source: VNA    LINK

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Henig:  197 enterprises receive High Quality Product - Global Integration Standards certificates

February, 24/2023 - 13:03

Amid international economic integration, it is vital for farm producers and retailers to meet internationally recognised standards to gain access to local and international markets, experts said.

HCM CITY — Amid international economic integration, it is vital for farm producers and retailers to meet internationally recognised standards to gain access to local and international markets, experts said.

The Vietnamese High Quality Product - Global Integration Standards programme initiated by the Business Association of High Quality Vietnamese Products helps farmers and enterprises gradually adopt good agricultural practices to access demanding markets, said Vũ Kim Hạnh, chairwoman of the association.

Launched in 2016, the programme has so far granted certificates to 197 enterprises, including 135 enterprises in the food sector and the remaining 62 enterprises in non-food sectors, Hạnh said at a conference held on Wednesday to review the implementation of the programme over six years.

A set of criteria for Vietnamese High Quality Product - Global Integration Standards based on Vietnamese and global Good Agricultural Practices (VietGAP and GlobalGAP) has been developed by the programme to improve the competitiveness of local firms.

The programme has frequently provided training and updated information to enterprises, with a focus on food safety, consuming trends, capacity building, digital transformation, and standards for exporting products to demanding markets.

Nguyễn Quân, president of the experts council of Vietnamese High Quality Product -Global Integration Standards, said local enterprises must achieve local and international quality management systems and standards to access global supply chains and regional markets.

He encouraged enterprises to participate in the programme to take Vietnamese products into the global markets.

—VNS    LINK

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Henig:  HCM City People's Committee to remove bottlenecks for foreign businesses

February, 26/2023 - 11:18

The People's Committee of HCM City held a meeting to resolve obstacles for foreign enterprises.

HCM CITY — The People's Committee of HCM City held a meeting to resolve obstacles for foreign enterprises.

Đào Minh Chánh, Deputy Director of the Department of Planning and Investment, reported that by 2025 the city aims to be a modern, smart, service and industrial-oriented city, maintaining its role as the economic locomotive with a per capita GRDP reaching US$8,500. 

To achieve this goal, the city authority proposed five solutions.

The first solution is to develop the economy rapidly and sustainably by transforming its hi-tech parks, industrial parks, and export processing zones into centers for high technology, creativity, digital economy, green economy, and circular economy, and concentrate on high value-added products and stages that can join regional and global value chains.

The second solution is to focus on the synchronous development of economic sectors, promoting the private economic sector, building large enterprises with national and global brands. 

The third solution is to promote its role as a driving force and leader of public investment, combining capital sources from the private sector, foreign investment, sponsors, and international financial institutions.

The fourth solution is to improve the quality of planning, management, and implementation, develop urban sustainability, and promote the construction of modern infrastructure. 

Specifically, the city will complete the construction of national highways, which include completing and putting into operation urban railway line No.1 by 2024, and completing Ring Road No.3 by 2026 and Ring Road No.4 by 2030. In addition, the city will also invest in the HCM City-Mộc Bài Expressway and the HCM City-Chơn Thành Expressway, among other projects.

The fifth solution is to emphasize the development of culture, society, education and training, healthcare, and the improvement of people's quality of life.

James Ollen, Managing Director of the American Chamber of Commerce in Vietnam (AmCham) in HCM City, said the southern hub’s authorities need to have policies to develop high technology and industries with high-added values, improve local supply chains, develop digital economy services, and develop lifelong education. 

HCM City should also have a consistent policy on simplifying administrative procedures related to visa issuance for foreigners, he noted.

Chairman of the municipal People's Committee Phan Văn Mãi affirmed that the city is focusing on improving the investment environment, clarifying the administrative responsibilities of agencies and the public duties of each public servant. 

The city will pay heed to speeding up digital transformation in connection with improving the investment environment, thus creating the most favorable conditions for businesses, he said.

Basic activities of the local authorities are expected to be operated on a digital platform by 2025, Mãi said, adding that the city has officially implemented digital economic development and increased the proportion of the digital economy in its economy in 2023.

VNS    LINK

Henig:  UK’s joining CPTPP will benefit agreement members: Vietnamese minister

February, 24/2023 - 17:59

Việt Nam's hosting the next round of talks in Phú Quốc late this month will contribute to accelerating the process

HÀ NỘI — The UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will bring about wonderful trade and investment opportunities to each CPTPP member, while affirming the deal as a model of economic cooperation in the region in the 21st century, a Vietnamese official has said.

During his phone talks with Kemi Badenoch, Secretary of State for the Department for Business and Trade of the UK, on February 23, Minister of Industry and Trade Nguyễn Hồng Diên stressed that Việt Nam would continue its coordination with other CPTPP members to soon conclude the negotiations on the UK’s joining the agreement.

For her part, Badenoch said joining the CPTPP was one of her top priorities as the Secretary of State for the Department for Business and Trade of the UK, and thanked Việt Nam for its cooperation and support for the process.

Việt Nam's hosting the next round of talks in Phú Quốc late this month would contribute to accelerating the process, especially in the context of the two countries celebrating the 50th anniversary of the bilateral diplomatic ties this year, she noted.

Badenoch expressed her hope that CPTPP members and the UK would handle the pending issues during the meeting to end the negotiations in principle.

After the four rounds of talks held online in 2022, the next meeting is scheduled for February 27 in Phú Quốc, off the Mekong Delta province of Kiên Giang.

— VNS   LINK

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Henig:  MoF proposes decree amendment to allow bond payment conversions

February, 25/2023 - 09:34

Converting the bond debt into properties will help realty enterprises reduce inventories and the pressure of cash flows.

HÀ NỘI — Due to the stagnant bond market, the Ministry of Finance (MoF) has proposed a decree amendment to allow enterprises to convert bond payments into assets, including real estate.

The corporate bond market remained quiet in the first month of this year, with a large number of maturing bonds. Of which, half of the bonds - VNĐ104 trillion (US$4.37 billion) maturing out of around VNĐ205 trillion - were issued by property developers.

According to FiinRatings, only one batch of private placement bonds worth VNĐ110 billion was successfully issued by Phan Vũ Investment Corporation in January. These bonds' term is five years, with a nominal rate of interest of 10.5 per cent a year. And Asia Pile Holdings is the batch's sole bondholder.

Nguyễn Tùng Anh, head of the Credit Analysis and Green Financial Services Department of FiinRating, said that low demands and supplies on the market were attributed to the steep reduction in the size of bond issuance. 

In the midst of the market's stagnation, Novaland recently proposed a solution for its two batches of bonds that are to due by extending the principal payment date for an appropriate period of time or converting the principal with the company's real estate.

According to the property developer the solution is force majeure as the market still has many unpredictable fluctuations which is in line with the document relating to bond issuance. 

It assured that the proposal was legal and in accordance with the decree's directives.

Therefore, it was expected that the decree amendment would help the bond market recover.

"The new decree is required due to the high liquidity pressure enterprises faced at the end of last year when 12 issuers in the real estate and energy industries breached debt obligations such as late payment of interest and/or principal," Tùng Anh said.

Similarly, Dr. Lê Đức Chí of the University of Economics HCM City's School of Finance stated that the conversion of bond debts into properties would be a necessary solution because it would help companies reduce inventories, relieving pressure on cash flows.  

Risks in bond payment by properties

However, bondholders may refuse to agree to convert bond debts into real estate debt, according to Phạm Đức, an attorney of the HCM City Bar Association.

He said that with this kind of payment, bondholders would be at a disadvantage because they would not receive interest, while assets have extremely low liquidity, especially when the property market is merely frozen and the volatility of realty prices is unpredictable in the future. 

"If bondholders insist on cash payments but the enterprises are unable to settle, the enterprises' bank loans will become bad debts. They, then, can't access capital to retain and develop their projects," he said. 

"Bondholders and enterprises still can reach consensus on the payment method for real estate if businesses pay both principal and interest, then offer a reasonable price for the converted property," Đức suggested. 

Analysts said that the payments in real estate meant switching from financial transactions of borrowing and paying in cash to buying and selling assets. Therefore, the transaction must satisfy regulations, including legally completing and meeting the criteria of an agreement to buy and sell.

Bondholders were recommended to learn about and choose reputable enterprises. 

If the enterprise proposed exorbitant prices for the properties, bondholders should resolutely demand payment in cash. If the enterprise was three months behind on bond payments, bondholders could sue and ask the court to initiate bankruptcy proceedings against it.

Experts also suggested that the Government should take effective measures to solve the problems of real estate and bonds at their root, such as transparency or legal problems with projects. Only then could the bondholders accept the bond payment in real estate.

— VNS    LINK

Iraqi News Highlights Sunday Afternoon 2-26-23

Iraqi News Highlights Sunday Afternoon 2-26-23

Tlm724 Administrator Bondlady’s Corner

The Rise In The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Exchange

Economie  Sunday, February 26, 2023 4:38 PM  Baghdad / The National News Center  The exchange rates of the dollar rose 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 152,700 Iraqi dinars, compared to 100 dollars, while it was 152,200 this morning.”  He added, "The buying and selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 153,500 Iraqi dinars, while the purchase prices reached 151,500 dinars per 100 dollars."     https://nnciraq.com/189335/

The Stock Market Closed Higher By 1.21%

Economy News – Baghdad   The Iraq Stock Exchange closed, the first session of the week, up by 1.21%, thanks to foreign investors whose turnover amounted to more than one billion dinars.

The traded shares amounted to more than 1.13 billion shares, with a value of 1.73 billion dinars, through 595 deals for 38 traded companies.

The share of Al-Taif Islamic Bank achieved the most profit, amounting to 14%, followed by Al-Haditha Company for Animal Production, by 4.76%, and the Bank of Baghdad, by 3.4%, while the Iraqi Company for Engineering Works lost the most, amounting to 11%, Baghdad Hotel 6.98%, and Sumer Bank 4.76%.

The traded value of foreigners amounted to more than 1.5 billion dinars, as they bought the shares of the Bank of Baghdad at a value of 456.7 million dinars and the National Bank at a value of 31.2 million dinars, while they sold the shares of Baghdad Soft Drinks Company at a value of 490 million dinars.

https://economy-news.net/content.php?id=32660

Central Bank Sales Exceed $161 Million

Economy News-Baghdad  The Central Bank of Iraq’s sales of dollars increased in an auction today, Sunday, by 56%, to record 161 million dollars.

The correspondent of "Al-Iqtisad News" stated that the Central Bank sold today, during its auction for buying and selling US dollars, 161 million and 162 thousand and 413 dollars, an increase of 56% compared to last Thursday's sales, which amounted to 106 million and 855 thousand and 419 dollars, which the bank covered at a basic exchange rate of 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 and credits of $97,162,413, while the rest of $69 million went in the form of cash sales.

He pointed out that the banks that bought cash dollars amounted to 18 banks, while the number of banks that met requests to strengthen balances abroad reached 22 banks, and the total number of exchange and mediation companies participating in the auction was 185 companies.

https://economy-news.net/content.php?id=32659

Al-Alaq: The Arab Monetary Fund Made Strenuous Efforts In Providing Support, Advice And Training To The Central Bank Of Iraq

Economie| 05:05 - 02/26/2023  Baghdad - Mawazine News, His Excellency the Governor of the Central Bank of Iraq, Ali Mohsen Ismail, received today, Sunday, the Director General of the Arab Monetary Fund, Abdul Rahman Al-Hamidi.

The Governor of the Central Bank, Ali Al-Alaq, said in a statement, a copy of which was received by Mawazine News, that "the Arab Monetary Fund has provided unremitting efforts in support, advice and training to the Central Bank of Iraq and its cadres, in implementing field surveys related to indicators of financial inclusion in Iraq."

And the Director General of the Arab Monetary Fund, Abd al-Rahman al-Hamidi, praised, according to the statement, the role of the Central Bank of Iraq in consolidating the work of the fund, and supporting its policies and programs, while expressing the fund’s readiness to provide technical support and capacity building in areas related to the bank’s work, praising the role of the Central Bank of Iraq in Launching the payments platform (Buna) in the field of covering payments for intra-trade using various types of currencies.

And the statement stated, "The Central Bank of Iraq is an active member of the Arab Monetary Fund, and it is considered one of the largest shareholders among central banks and financial institutions, and it invests part of its foreign reserves with it." https://www.mawazin.net/Details.aspx?jimare=220391

Rashid Stresses The Importance Of Strengthening Cooperation And Coordination Between Iraq And America

Political | 05:39 - 02/26/2023  Baghdad - Mawazine News, President Abdul Latif Rashid stressed today, Sunday, the importance of strengthening cooperation, coordination and consultation on issues of common interest between Iraq and America.

A statement by the Presidency of the Republic, a copy of which Mawazine News received, stated that "The President of the Republic, Abdul Latif Rashid, received today, Sunday, at the Baghdad Palace, the Ambassador of the United States of America to Iraq, Alina Romanovsky."

Rashid Ali stressed, "the depth of the relations between the two countries, pointing to the importance of enhancing cooperation, coordination and consultation on issues of common concern."

He pointed out, "The importance of the New York Water Conference adopting radical solutions to the water file and climate change, as Iraq is one of the countries most affected by water scarcity and drought."

He explained that "  He continued, "The tragic situation experienced by the displaced families," calling on "international organizations to exert more efforts to secure the return of the displaced and provide them with a suitable environment." He stressed that "the Iraqi government pays attention to consolidating security and stability, curbing corruption and rehabilitating the infrastructure in a way that provides a decent life for citizens," praising "the efforts of the United States to support Iraq in its war against terrorism and extremism."

And His Excellency", appreciating "the keenness of the President of the Republic to strengthen relations between the two countries and ways to develop them in a way that serves the interests of the two peoples."

She stressed "the importance of Iraq's participation in the water conference to be held in New York, due to the scarcity of water it is witnessing and severe climatic changes, expressing its hope that it will contribute Conference decisions on serious solutions to the problem of water scarcity in Iraq.

https://www.mawazin.net/Details.aspx?jimare=220394

Sudanese Advisor: America's Relationship With Iraq Is Not Governed By Conditions

Political | 07:30 - 02/26/2023  Baghdad - Mawazine News,  the media advisor to Prime Minister Hisham Al-Rikabi confirmed today, Sunday, that America's relationship with Iraq is not governed by conditions or controls.

Al-Rikabi said in a tweet, followed by Mawazine News, "America's relationship with Iraq is not governed by conditions or controls, and the ruler in it is mutual interests."

And he added, "Talk about the existence of preconditions for the prime minister's visit to Washington is just an attempt to distract public opinion from the diplomatic efforts being made by the national service government at various levels."    https://www.mawazin.net/Details.aspx?jimare=220399

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Sunday 2-26-2023

TNT:

Tishwash:  Economists call for the elimination of dollarization of the Iraqi economy

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.  link

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Tishwash:  An economist explains about replacing the dollar with the yuan in dealing with China

Economic expert Abd al-Rahman al-Mashhadani explained, on Saturday, the process of trade exchange with China in yuan instead of the US dollar, while stressing that the process will be under the supervision of the Singapore Development Bank and the American J Morken Bank.

Al-Mashhadani said in an interview with Al-Maalouma agency, "The decision came to facilitate the process of transferring money to China to finance trade and reduce auditing procedures," noting that "the Chinese yuan is considered one of the global currencies that can be relied upon in all countries of the world."

He continued, "The decision is part of the options to diversify the financing of Iraqi trade with the major countries of the world," noting that "the mechanism will be in two ways, the first is: making part of the oil export money block to Iraq in Chinese yuan, on the basis of which commercial transactions will be settled, and the second It is: they give dollars to these banks in order to obtain Chinese yuan for trade financing purposes.”

And he added, "The purchase process for Iraqi merchants will be by buying dollars from the electronic platform, and the money is transferred to China in yuan to finance import purposes," noting that "Iraq's problem with regard to the dollar is the merchants' lack of commitment to the official transfer process through the electronic platform so far."

 And the Central Bank of Iraq had announced earlier about the second package of facilities to obtain foreign currency, including reliance on the yuan currency to organize the financing of foreign trade from China  link

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Tishwash:  Is Saudi Arabia preparing for the collapse of the petrodollar and US dollar dominance?

One of the most illusory phenomena in our current existence is the money we use for buying, selling and hoarding on a daily basis. It is, to put it simply, in the air, backed up by nothing and reliant on nothing, yet at the same time highly delicate and sensitive to geopolitical and monetary shifts.

The currencies we all use are reliant on the strength and performance of the US dollar, and that dollar is backed up by debt and the global trust in itself and its delicate monetary system. There was a time, half a decade ago, when the dollar and other prominent currencies were backed by gold, that secure and stable asset largely immune to the wild swings and falls of today's debt-based system.

That was until US President Richard Nixon took the dollar off that gold standard in 1971, in a pivotal and momentous move which both secured America's supremacy in the global economy – at least until now – and deemed Washington and the subsequent monetary system to a future of inevitable crashes, and many say an eventual collapse.

Since then, especially in this digital age, fiat money consists of little more than digits on a screen, based on a system of automated calculations and manual interventions. Businesses procure money and employees are paid it, yes. Consumers spend it and it is essential to survival and attaining basic necessities, true. Yet the fact remains that at any time, the amount can be seized, altered, or removed from an account with little immediate impact on an economy, as it is not backed by any material or tangible assets subject to limitations.

We deal with mere numbers on a screen, which a bank can quite literally edit at will. With physical cash, this is not entirely the case, but even that is subject to that reality. As our world becomes ever more digitalised and less reliant on cash, this will only grow. As the Wolf of Wall Street popularised, our current monetary system, along with its markets and stocks, are simply "fugazy".

A major part of that system and America's hegemony over it, of course, has been the 'petrodollar' – the payment of US dollars for the trade and sale of oil globally from Saudi Arabia and other member states in the Organisation of the Petroleum Exporting Countries (OPEC) – following the deal struck between Washington and Riyadh in 1974, coincidentally a mere three years after Nixon took the dollar off the gold standard.

That deal not only secured military defence of the kingdom through guarantees by the US, but also secured a stable stream of foreign purchase of US Treasury bonds and debt – a strategy of recycling the petrodollars back unto Washington – through the Gulf state's reserves. Like any good business, that stable stream successfully resulted in many more streams of reserves, powered by the subsequent rolling success of the dollar and the increase of global trust in its stability. It was one of the machine's most essential components.

So when it was revealed last year that Saudi Arabia is considering trading its oil with China in the yuan, it was no small matter or minor shift. Many analysts at the time – largely pro-Western – played it down as merely a symbolic gesture, a tactic to pressure the US or send a political message. Almost a year on, however, the kingdom seems to be serious in those potential intents. At Davos in January, Finance Minister Mohammed al-Jadaan revealed Riyadh's willingness to trade in not just the yuan, but also a variety of other currencies.

Saudi Arabia has not been the only country, as other considerable US allies such as India, Pakistan, and UAE have also struck deals with Russia or China to pay for oil or other commodities in their various respective local currencies. Iraq was the latest to distance itself from dollar dominance, announcing this month that it plans to regulate foreign trade from China directly in yuan.

Those states' decisions – predicted soon to be joined by many more – have represented a huge shift towards a more decentralised global monetary system away from the dollar, primarily due to a major miscalculation by Washington in its hard-hitting sanctions against Russia at the outset of Moscow's invasion of Ukraine.

Without defending the Kremlin and its so-called 'special military operation', and without condemning sanctions which do have their uses as a non-physical measure and financial pressure, the US seems to have scored a devastating self-goal against its currency when it cut Russia off from the SWIFT payment system and froze over $350 billion of its gold and foreign exchange reserves. That act alone massively reduced trust in the dollar-based monetary system amongst many countries, especially those in the Global South which have long been sceptical of US hegemony, causing them to further question the viability and risk of holding their reserves in the mighty dollar.

That is exactly why the Ukraine war is such a pivotal issue – it is a gamble the US is willing to take to re-secure the dollar's fortunes, having the potential to restore trust in it as a stable currency worthy of remaining the dominant global reserve exchange. That is if Ukraine wins and lands a Russian defeat. If Kyiv loses and Moscow scores a victory, though, it would spell a further disaster for the dollar. There lies one of the primary reasons why so much is reliant on the results of the war in Ukraine.

In that equation, Saudi Arabia does not intend to rely on the outcome of the war to determine its foreign and economic policies. It insists on maintaining excellent relations with the US while at the same time expanding its ties with Russia, China, and other powers to the east. it will continue to trade largely in dollars in the foreseeable future, but will at the same time be open to accepting other currencies even if that comes at the apparent expense of American hegemony and represents a breach of the petrodollar agreement with Washington all those decades ago.

The kingdom's interest in joining BRICS – the economic bloc consisting of Brazil, Russia, India, China, and South Africa – is part of that policy outlook, along with Iran's, Turkiye's, Algeria's and Egypt's who also aim to join the bloc. Rather than an exclusive club for the developing world's fastest-growing economies, they view BRICS as an opportunity for countries in the Global South to band together to either match the dominance of the US dollar or secure a place in the attempt to do so.

Due to discuss the expansion of the bloc this year, BRICS is soon to decide on the potential membership of those nations. If Saudi Arabia is accepted and joins it, it would be hailed as a momentous blow to the dollar and the end of petrodollar recycling, as the kingdom would then be more economically interconnected with the likes of China and India in particular.

Already, analysts and economists are speculating on potential of countries selling their US dollar reserves, particularly the effects of a mass dump by some of the most prominent holders. China, for instance, is the largest at $3.184 trillion in reserves, while India's numbers $573.7 billion and Saudi Arabia's $457.66 billion. If they were to sell or drop even a fraction of their reserves, especially in a coordinated effort, it would severely dent the US dollar's strength and reputation even further.

This is not certainly not the first time the American currency's dominance has been threatened, nor is it the first time total global dollar reserves held by central banks have dropped significantly, as they have been declining for the past two decades or so and were at some of the lowest levels even prior to the Ukraine war.

Now it is different, however, and there has never been a threat to the dollar's supremacy as significant as this. There is a good reason central banks throughout the world last year bought the most gold on record since 1950, in an effort to combat rising inflation and financial instability. They know best the fragility of our precarious monetary system, as they aim to stabilise themselves with the asset that would forever remain valuable.

Whether the counter to the US dollar will be the yuan, a BRICS currency, or some other gold or asset-backed currency in the future, Saudi Arabia sees that the current global reserve may be on the decline for good. The kingdom is preparing to diversify its reserves and trade practices for whatever may lay ahead.   link

The Rise of BRICS: The economic giant that is taking on the West

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