Iraqi News Highlights Sunday Afternoon 4-16-23

Iraqi News Highlights Sunday Afternoon 4-16-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Is Discussing With The International Monetary Fund The Need For Iraq To Develop A Technical Program

Economy| 08:57 - 04/16/2023  Baghdad - Mawazine News, Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, discussed today, Sunday, with the head of the International Monetary Fund, Kristalina Georgieva, the need for Iraq to develop a technical program with the fund.  The bank said in a statement, a copy of which Mawazine News received, that "the governor of Iraq at the International Monetary Fund and the governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met on the sidelines of the fund's annual meetings in Washington, Kristalina Georgieva, head of the International Monetary Fund."

He added, "Al-Alaq discussed Iraq's need to develop a technical program with the fund that takes into account the country's security and economic conditions, especially the exceptional challenges that cost it dearly at various levels."

For her part, Kristalina expressed "understanding of the situation in Iraq and the circumstances it went through, and supported the governor's proposal of the need for a program with the Fund to serve as a proven reference for economic policies between the two parties."

The statement added, "The governor met later with the Executive Director of the International Monetary Fund, Mahmoud Mohieldin, and the two sides discussed issues of financial stability in Iraq."

Mohieddin expressed, according to the statement, "the Fund's interest in providing the necessary support to Iraq in issues of economic reform in order to achieve a gradual increase in its non-oil imports."

The statement continued, "The two parties discussed the necessity of signing an agreement between Iraq and the Fund, whose framework and content will be determined during the visit of the International Monetary Fund team delegation to Baghdad."

And he added, "The visit, which is scheduled to take place next month, aims to organize the steps of economic reform and financial performance programs, and the aspects in which Iraq requests technical and advisory support."

And he indicated that "the Fund's experts stressed to the Iraqi delegation the importance of Iraq embarking on economic reforms in times of financial abundance, as oil revenues provide the possibility of support and flexibility for this program, especially those related to supporting the poorest segments and building financial buffers to counter fluctuations in global oil prices." Ended 29 / m 99

 https://www.mawazin.net/Details.aspx?jimare=224752

Central Bank Sales Rise To More Than 174 Million Dollars

Economy| 11:38 - 04/16/2023   Baghdad - Mawazine News  The Central Bank's sales of foreign currency increased in an auction today, Sunday, recording more than 174 million dollars.   https://www.mawazin.net/Details.aspx?jimare=224706

The Central Bank Is Developing A Joint Plan To Monitor Money Laundering Operations

Economy| 01:28 - 04/16/2023  Baghdad - Mawazine News  Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating the development of a joint plan with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.

The Director General of the Bank’s Investments Department, Muhammad Yunus, told the official news agency, “The Anti-Money Laundering and Terrorism Financing Council indicated that the real estate sector is the most dangerous in Iraq, because of this sector’s attractive features for money laundering, and as a result, the Central Bank took measures commensurate with With these risks, which made this sector an unsafe haven for the proceeds of crime.

Younes indicated, "Developing treatments in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorism Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting supply and demand for those real estate, and paid using banking services and enhancing financial inclusion in Iraq." It guarantees the rights of both parties to receive and deliver money.

And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be specified at 500 million dinars, the purpose of which is for the bank to take the necessary measures.”

At this ceiling, after which it will come down gradually, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations.

https://www.mawazin.net/Details.aspx?jimare=224715

A Proposal To List Oil, Gold And Foreign Companies In The Iraqi Stock Exchange

Economy| 12:12 - 04/16/2023  Baghdad - Mawazine News, Chairman of the Association of Investors of the Iraq Stock Exchange, Alaa Al-Moussawi, said, on Sunday, that the market's management is making great efforts in training its members and listed companies in order to create a "free, honest, effective, competitive and transparent market."

Al-Moussawi explained, “The recent past periods witnessed a significant technological development in the market’s performance, which contributed to organizing and simplifying securities transactions in a fair, effective and regular manner, including the clearing and settlement processes for these transactions, and now there are great efforts being made to switch to direct electronic trading (on line) which is now in its experimental stages.

Al-Moussawi expressed his support for the idea of​​attracting government companies to be included in the Iraqi Stock Exchange, which leads to the development of these companies by providing the necessary financial liquidity for them, and the establishment of new production lines and modern factories belonging to the company, as well as providing an opportunity for the scientific and professional competencies present in the private sector in order to Participate with the public sector in developing companies to serve the national economy.

And Al-Moussawi believed that, “with the aim of increasing the number of shareholders and capital to invest in the market, incentives and privileges should be granted to companies to encourage them to be listed, as well as oblige foreign investment companies operating in Iraq to be listed in the Iraqi Stock Exchange,” suggesting at the same time, “the establishment of a market for commodity trading.” And there will be trading in oil and gold.

Al-Moussawi also urged the need to "create a safe environment in order to attract foreign capital, and work to raise the level of investment awareness in securities among individual and corporate investors, as well as providing transparency and disclosure and providing the investor with all the necessary information that he needs when making his investment decision." And issuing the necessary instructions and procedures in order to protect the capital and the rights of investors. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=224710

Saleh: Exiting The List Of The Most Indebted To (International Monetary) Raises The Creditworthiness Of Iraq

Economy| 10:02 - 04/16/2023  Baghdad - Mawazine News   The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, considered that Iraq's exit from the list of countries most indebted to the International Monetary Fund is an attractive element for investment, as it greatly raises the creditworthiness of Iraq.

Saleh said, "Iraq's exit from the list of countries most indebted to the International Monetary Fund raises the creditworthiness of Iraq significantly in the list of the most worthy countries," adding that "this is an attractive element for investment on the one hand, and on the other hand, all international contracting that takes place in Iraq It reduces the risks of affecting project costs, in addition to positive repercussions on all external business costs associated with the Iraqi economy.

He noted that "Iraq, since the (Paris Club) agreement signed on 11/21/2004 by former Finance Minister Adel Abdul-Mahdi at the time, got rid of 100 billion dollars of its debt, i.e. 80% was reduced, and the volume of debt was about 130 billion dollars.

According to the agreement, 100 billion dollars were deducted from it, as I mentioned above, and the remainder was scheduled for 20 years, with a grace period of six years,” according to the official newspaper.

The advisor to the Prime Minister for Financial Affairs confirmed that "Iraq is committed to fulfilling its debts, whether to companies or creditor countries, and there is great cooperation between the Ministry of Finance and the Central Bank of Iraq in paying the installments with their benefits and on time, and since 2009 Iraq began paying the interests, and in 2011 it began paying the installments with their benefits." .

A report issued by the International Monetary Fund last week indicated that there are 19 countries with debts exceeding one billion US dollars (not including Iraq), out of the total number of creditor countries from the United Nations Economic Foundation, which is 94 countries. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=224693

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

https://www.bondladyscorner.com/

Goldilocks "The Big Kahuna" Sunday 4-16-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ: Good morning Dinar Recaps,

Goldilocks posted commentaries and links this morning:

Bitcoin is getting ready to go through a repricing event.

Currently, the London Clearing House (LCH) is starting to clear Bitcoin Futures and Options in Q4.

The LCH is a British Clearing House Group that serves major international exchanges.

The Global Futures and Options is a digital-assets-focused platform where this is taking place.

Clearing is a post-transaction management event that ensures transactions on an exchange will settle. All futures transactions involve a level of risk in that one party will fail in its obligations to deliver to another.

Bitcoin has a major influence on how cryptocurrencies move in the current markets.

This restructuring event will reprice the Bitcoin Market giving unfulfilled contracts the ability to move into other digital assets. Thus, enabling buy/sell options on other sectors of the digital economy to find their real values in the new digital asset-based trading system.

The Financial Conduct Authority will be overseeing this event.

Next stop, look for the dollar to go through a similar process in leveling the playing field among Global Currencies in a Global Currency Reset.

© Goldilocks

https://www.regulationasia.com/lch-to-start-clearing-btc-futures-and-options-in-q4/

http://www.hedgeweek.com/2023/04/14/320205/harbour-capital-founders-gfo-x-teams-london-stock-exchange-crypto-clearing

https://www.investopedia.com/terms/c/clearing.asp#:~:text=Clearing%20is%20necessary%20for%20the,party%20with%20whom%20they%20transact.

~~~~~~~~~~

"A new report from yStats published on "Research And Markets" has revealed that the US is leading the charge when it comes to crypto regulation implementation."

For the last year and almost a half, you and I have been able to witness and learn about these new crypto regulations while other countries have been creating platforms and programs to bring the QFS into full implementation.

It has taken an entire Global Nation to see this project through to its end. As you can see from the last few days, we are at the point of interfacing/connecting crypto regulations inside currency reforms.

© Goldilocks

 https://www.prnewswire.com/news-releases/global-blockchain-and-cryptocurrency-market-2023-us-remains-the-frontrunner-in-implementing-cryptocurrency-regulation-301793350.html

~~~~~~~~~~

There were several liquidity events that took place last month, but this one was the Big Kahuna.

"After years of scandal and losses, 167-year-old Credit Suisse came to the brink of collapse before Zurich-based rival UBS rode to the rescue with a merger engineered and bankrolled by the Swiss authorities last month.

UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), a fraction of its earlier market value."

The UBS goes on record as saying, "it expects the deal to create a business with more than $5 trillion in total invested assets."

There was a rush to get this acquisition cleared within a month. The launching of this newly owned banking system is coming at a time when currency reforms and digital-asset-based trading platforms are racing toward implementation.

© Goldilocks

https://money.usnews.com/investing/news/articles/2023-04-14/fed-approves-ubs-credit-suisse-deal-in-us

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Awake-In-3D "GCR Infrasturcture? IMF & DCMA Announces Global Foreign Exchange Digital Currency

Awake-In-3D

RV/GCR infrastructure? IMF & DCMA Announces Global  Foreign Exchange Digital Currency 

When I first became involved in the RV/GCR 12 years ago, it was frequently stated that our RV currency exchange and bond redemption proceeds would be:

• non-fiat, asset-backed money

• managed by an intelligent computing network 

• traceable transactions to prevent criminal usage of RV funds

• connected to all countries and currencies worldwide to create fair and equal economic prosperity 

Back then there were no blockchains, digital tokens nor Ai technologies capable of such a GCR scenario. I thought it was unrealistic and impossible at the time. 

I concluded that such a GCR reality would have to have a centralized monetary unit, backed by gold/other assets, and managed by existing infrastructure such as the IMF or BIS. 

Wait! But aren’t those organizations run by Bad Guys? 

I was then informed (consistently) that there were many White Hats in place globally and positioned across the financial system at the IMF, BIS, Central Banks and national Treasury departments worldwide. Additionally, these Good Guys were actively building the system and preparing for an Event that would bring the RV/GCR into reality. 

Of course, who knew it would take all this time to come into view? And what is the “Event” that would make it a reality? 

I came to discover that the Event must be the logical conclusion of the current, global fiat currency experiment. After all, every fiat currency tried by any country over the past 2,000 years has failed and caused the eventual collapse of all great Civilizations or Empires that adopted a fiat currency. 

However, never before has the entire planet adopted a concurrent fiat currency system like we have today. 

Most don’t realize the fact that after WW2 (in 1944 Bretton Woods Agreement), the world officially recognized the US Dollar as the first Global Reserve Currency, and since the USD was gold-backed, every country that pegged their currency to the USD was also gold-backed. When the USA ended the Gold Standard in 1971 and became a 100% fiat currency, every other national currency became Fiat as well. 

It’s also worth noting that the IMF was first created by the 1944 Bretton Woods Agreement. 

Fast forward to today… 

At the recent International Monetary Fund (IMF) Spring Meeting, a new “Universal Monetary Unit” named UniCoin was introduced by the Digital Currency Monetary Authority (DCMA). 

Based on the information released, this new UniCoin has all of the RV Exchange features described above. 

If there truly are secretive White Hats at the IMF and embedded throughout the Global Financial System, I cannot help but wonder if this is Universal Monetary Unit just announced is the Trojan Horse disguised as the coming, asset-backed (by Historical Royal/Elder Gold Certificates) Base Currency Unit by which all global currencies will be Reset, Revalued and rationed equally according to a country’s Economic Output (GDP) and Natural Resources relative to the new Universal Monetary Unit. 

This system could easily RV currencies and bonds from Iraq, Vietnam, Zimbabwe, etc. to high values relative to an equalized USD and Euro (for example). 

While I certainly recognize that such a system could also be used malevolently by the Bad Guys, I cannot see any other mechanism that could realize our RV/GCR out there. I certainly don’t subscribe to ET “Savior” intervention scenarios, nor a USA military-backed coup to force a NESAR/GESARA scenario. 

If one considers the above with an open and unbiased approach, a devastating collapse of the current Fiat Debt System would bring about an unprecedented awakening and global Consciousness Shift. No one would want to keep the same leaders in charge who brought down the entire system on their watch. 

At this point, it’s time for the White Hats to unveil Our GCR. 

I don’t personally subscribe to an “all things financial and political are inherently evil” world view. 

Blockchains, Digital Currencies, and Financial System infrastructures are merely Tools. It’s those who wield those tools that determine whether they’re utilized for good or evil. 

Sure there are Bad Guys in positions of power and control. Yet there are certainly many Good Guys as well. One things for sure, the Current Debt System is imploding and will collapse in on itself. Every experienced, financial monetary system professional knows this. The BRICS nations also certainly know this. 

What will eventually replace the old system upon its deathbed is not predictable. One just has to look around the world and observe the constant reports about gold as “real money” and new asset-backed currency plans in the works to ascertain what’s coming. 

Good Guys or Bad Guys notwithstanding, it will come down to what “We the People” allow to replace the old financial system. 

Source: @GCR_RealTimeNews  

Many Blessings,

 Ai3D

"Tidbits From TNT" Sunday 4-16-2023

TNT:

Tishwash:  Deputy Speaker: All efforts are focused on approving the budget shortly after the holiday

 Deputy Speaker of the House of Representatives, Shakhwan Abdullah, affirmed that all efforts are focused on approving the general budget law, shortly after Eid Al-Fitr.

Abdullah said in a statement to the "Rudaw" network, followed by "Al-Iqtisad News", that "the budget was delayed a lot, and it cannot be delayed any longer, so we decided to conduct the first reading despite the objections to it."

He explained: “Then we decided to conduct the second reading before Eid Al-Fitr, and it was agreed that the second reading of the bill will take place today, and today’s session will continue, and even if we do not finish reading and listening to the report of the Finance Committee until the time of Suhoor, we will continue reading tomorrow.”

And he continued, "The Finance Committee will have until after Eid Al-Fitr to carry out its tasks and correct the errors contained in the draft budget law, and all efforts are to pass the general budget law shortly after Eid Al-Fitr."

And he indicated that "parliament's powers in the field of the budget are defined by a law, and parliament can only mitigate the draft budget law and make transfers in it."  link

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

CandyKisses:  A proposal to list oil, gold and foreign companies on the stock exchange

Baghdad: Haidar Falih Al-Rubaie

The Iraq Stock Exchange revealed that the shares that were traded during the first quarter of this year reached (226) billion shares, with a financial value of (260) billion dinars, indicating that the number of companies that existed during the trading sessions in the first quarter amounted to 82 companies, while specialists in economic affairs believe that these indicators represent a clear recovery in the culture of trading, stressing the need to oblige foreign investment companies operating in Iraq to list in the Iraq market, and seek to issue laws A new one that allows public sector companies to list their shares on the stock exchange as well.

In order to expand the work of the stock exchange, specialists urged the need to expand market activity, establish a market for trading commodities and have oil and gold trading.

The quarterly report of the stock exchange, which concerned the Iraq Stock Exchange, stated that "the number of trading days for the first quarter of this year amounted to 60 days, by 21 sessions in January, which witnessed the trading of 71 billion shares, with a financial value of 62 billion dinars, and the participation of 74 companies.

The report pointed out that the month of February witnessed the holding of 19 sessions, during which the participants traded 146 billion shares, with a value of 186 billion dinars, with the presence of 73 companies, while during the month of March of the first annual quarter, 20 sessions were held that witnessed the trading of eight billion shares with a financial value of 11 billion dinars, and the participation of 65 companies.

The report noted that the market indices compared to the same period last year increased remarkably, as the index of the number of traded shares increased by (25.8)%, as well as an increase in the value of traded shares index by (56.2)%, in addition to the increase in the value of the ISX60 price index by (9.5) % from the close of 2022.

Dr. Alaa al-Moussa, head of the Iraq Stock Exchange Investors Association, told Al-Sabah that "the market's management is making great efforts in training its members and listed companies in order to create a free, honest, effective, competitive and transparent market and provide the necessary infrastructure to serve the national economy and help companies build the capital necessary for investment."

Al-Moussawi explained that the recent periods have witnessed "a significant technological development in the performance of the market, which contributed to organizing and simplifying securities transactions in a fair, effective and regular manner, including clearing and settlement operations for these transactions, and now there are great efforts being made to switch to direct electronic trading (on line), which is now in its experimental stages."

Al-Musawi expressed his support for the idea of attracting government companies to be listed on the Iraq Stock Exchange in a way that leads to the development of these companies by providing the necessary financial liquidity for them, establishing new production lines and modern factories belonging to the company, as well as providing the opportunity for scientific and professional competencies in the private sector to participate with the public sector in developing companies to serve the national economy.

Al-Musawi believes that in order to increase the number of shareholders and capital to invest in the market, incentives and privileges should be granted to companies to encourage them to list, as well as obliging foreign investment companies operating in Iraq to list on the Iraq Stock Exchange, proposing at the same time the establishment of a market for trading commodities and that there be trading of oil and gold.

Al-Moussawi also urged the need to "create a safe environment in order to attract foreign capital, and work to raise the level of investment awareness in securities among investors, individuals and companies, as well as provide transparency and disclosure and provide the investor with all the necessary information he needs when making his investment decision, and issue the necessary instructions and procedures in order to protect capital and investors' rights."

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

Tishwash: Central: directed to provide services in currencies such as «yuan or euro»

 The Deputy Governor of the Central Bank of Iraq, Faisal Al-Haimus, stated that the bank has a tendency to expand the network of correspondent banks to provide services in different currencies, indicating that there is a desire by solid international banks to enter the Iraqi banking sector and work inside the country.

Al-Haimus said that the Central Bank is striving to bridge the gap between the official and parallel rate, and our supervision continues over all banks, by increasing confidence in the local market and cooperating with international institutions.

And he added, “We noticed a reluctance to enter the electronic platform launched by the Central Bank of Iraq by merchants, and there were delays due to the recent experience by banks dealing with the bank, and we noticed that some banks do not carry out the transfer for a long time and arrive at the bank late, and we check it and ensure the safety of the parties.” Dealing with the window, we implement it in a record period, and then release the money.

Al-Haimus also noted that the number of employees of the electronic platform is sufficient in the current situation, and the number will be increased and the work will be shifted to morning and evening shifts in the event of an increase in the demand for remittances in the platform.

He pointed out that due to inquiries about money laundering and other issues related to the auditing authority, the period for releasing the electronic platform’s funds to the beneficiary who owns the transfer is prolonged, stressing that the US Federal Reserve does not work on auditing, but rather the Central Bank of Iraq is responsible for that through the auditing company contracting with us.

He went on to say that there is a development in the Iraqi banking sector to achieve the objectives of the feasibility studies and the expansion of the network of correspondent banks to provide service in different currencies such as the yuan or the euro. There is also an agreement with banking institutions regarding yuan transfers. After a short pause, there is also a desire from solid international banks to enter the Iraqi banking sector and work inside the country.

Al-Haimus denied that there is a directive from the bank to limit the withdrawal ($250) per day, saying: It is the prerogative of the bank issuing the card or the owner of the ATM, and there is no cash limit if the purchase is through electronic payment devices (POS).

The Iraqi banking official indicated that there is a great tendency to deal with cards and electronic payment devices (POS), and there is a big plan to increase the confidence of the beneficiary of these services, and we confirm the presence of great support from the Iraqi Council of Ministers in many executive decisions, as well as the support by Parliament in this aspect.

He stressed that the Central Bank of Iraq is working to stop networks that issue cards with forged documents or to deceased persons, and use these cards to smuggle currency out of Iraq, which affects the Iraqi economy.  link

Mot: .. getting ready fer Sunday Bullentins we Are!! ~~~

CandyKisses:  SOME PEOPLE WALK INTO OUR LIVES 

Sunday Morning Iraq Economic News Highlights 4-16-23

Sunday Morning Iraq Economic News Highlights 4-16-23

Iraq Comes Out Of The List Of Countries Most Indebted To The International Monetary Fund

Iraq  09:42 - 2023-04-16  The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, considered that Iraq’s exit from the list of countries most indebted to the “International Monetary Fund” is an attractive element for investment, as it greatly raises the creditworthiness of Iraq, while experts considered that leaving Iraq carries great positive economic repercussions that must be invested. professionally.

Salih said in a statement reported by "Al-Sabah" newspaper, that "Iraq's exit from the list of countries most indebted to the (International Monetary Fund) raises the creditworthiness of Iraq significantly in the list of the most worthy countries," and he explained that "this is an attractive element for investment on the one hand, and on the other hand."

On the other hand, all international contracting that takes place in Iraq reduces the risks of affecting project costs, in addition to positive repercussions on all external business costs associated with the Iraqi economy.

He noted that "Iraq, since the (Paris Club) agreement signed on 11/21/2004 by former Finance Minister Adel Abdul-Mahdi at the time, got rid of 100 billion dollars of its debt, i.e. 80% was reduced, and the volume of debt was about 130 billion dollars, A deduction from it, according to the agreement, as I mentioned above, is 100 billion dollars, and the rest is scheduled for 20 years, with a grace period of six years.

The advisor to the Prime Minister for Financial Affairs confirmed that "Iraq is committed to fulfilling its debts, whether to companies or creditor countries, and there is great cooperation between the Ministry of Finance and the Central Bank of Iraq in paying installments with their benefits and on time, and since 2009 Iraq began paying interest, and in 2011 it began paying installments with their benefits." .

With regard to the internal objections that affect the international institutions (the Bank and the Monetary Fund), Saleh indicated that "the reason for the great objections is that the dealings of these two institutions are completely in accordance with the Western system," and indicated that "in fact - and according to my closeness to my work with (the International Monetary Fund) since From 2003 until now, Iraq has entered into six agreements with (the fund) and has not suffered any harm, and has facilitated many things for Iraq, especially the simple agreement that was for a period of months as an emergency agreement, which helped drop 80% of Iraq's debts.

A report issued by the "International Monetary Fund" last week indicated that there are 19 countries with debts exceeding one billion US dollars (not including Iraq), out of the total number of creditor countries from the United Nations Economic Foundation, which is 94 countries. https://kirkuktv.net/AR/Details/14636

Al-Mandalawi: We Will Proceed With The Second Reading Of The Budget Law In The Session Tomorrow, Sunday

Iraq  16:21 - 2023-04-15  Today, Saturday, First Deputy Speaker of the House of Representatives Mohsen Al-Mandalawi announced that the Presidency of the House of Representatives had received the report of the Finance Committee related to the draft budget law.

Mandalawi said in a statement, "The Presidency of the House of Representatives has received the report of the Parliamentary Finance Committee related to the draft general budget law."

He added, "We will proceed to the second reading of the law in the session tomorrow, Sunday."

https://kirkuktv.net/AR/Details/14625

p>Hello, World!

A Proposal To List Oil, Gold And Foreign Companies In The Iraqi Stock Exchange

Economy| 12:12 - 04/16/2023  Baghdad - Mawazine News,  Chairman of the Association of Investors of the Iraq Stock Exchange, Alaa Al-Moussawi, said, on Sunday, that the market's management is making great efforts in training its members and listed companies in order to create a "free, honest, effective, competitive and transparent market."

Al-Moussawi explained, “The recent past periods witnessed a significant technological development in the market’s performance, which contributed to organizing and simplifying securities transactions in a fair, effective and regular manner, including the clearing and settlement processes for these transactions, and now there are great efforts being made to switch to direct electronic trading (on line) which is now in its experimental stages.

Al-Moussawi expressed his support for the idea of​​attracting government companies to be included in the Iraqi Stock Exchange, which leads to the development of these companies by providing the necessary financial liquidity for them, and the establishment of new production lines and modern factories belonging to the company, as well as providing an opportunity for the scientific and professional competencies present in the private sector in order to Participate with the public sector in developing companies to serve the national economy.

And Al-Moussawi believed that, “with the aim of increasing the number of shareholders and capital to invest in the market, incentives and privileges should be granted to companies to encourage them to be listed, as well as oblige foreign investment companies operating in Iraq to be listed in the Iraqi Stock Exchange,” suggesting at the same time, “the establishment of a market for commodity trading.” And there will be trading in oil and gold.

Al-Moussawi also urged the need to "create a safe environment in order to attract foreign capital, and work to raise the level of investment awareness in securities among individual and corporate investors, as well as providing transparency and disclosure and providing the investor with all the necessary information that he needs when making his investment decision." And issuing the necessary instructions and procedures in order to protect the capital and the rights of investors. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=224710

Before The Second Reading Session.. A Parliamentary Committee Discusses The Proposed Additions Within The Budget

Political | 12:30 - 04/16/2023   Baghdad - Mawazine News   The Strategic Planning and Federal Parliamentary Service Committee met today, Sunday, headed by Representative Laila Al-Tamimi.

And the media department of Parliament stated in a statement, "The committee discussed its observations, amendments, and proposed additions within the texts of the federal general budget, with the aim of preparing a report on them and submitting them to the Presidency of the House of Representatives urgently."

On Sunday morning, the Parliamentary Finance Committee completed its report on the general budget law.   The committee decided to present the report to parliament today, Sunday, and to read it during the second reading of the budget law.

Parliament is scheduled to hold a session this evening, Sunday, and its agenda includes a report and discussion (second reading) of the draft federal budget law for the fiscal years (2023, 2024, 2025). Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=224711

Parliamentary Finance Completes Its Report On The Budget Law

Political | 08:00 - 04/16/2023  Baghdad - Mawazine News  Today, Sunday, the Parliamentary Finance Committee completed its report on the general budget law.

The committee decided to present the report to parliament today, Sunday, and to read it during the second reading of the budget law.

Parliament is scheduled to hold a session this evening, Sunday, and its agenda includes a report and discussion (second reading) of the draft federal budget law for the fiscal years (2023, 2024, 2025). Ended https://www.mawazin.net/Details.aspx?jimare=224687

International Concern About The Economic Situation In The Middle East.. What About Iraq?

Economy  1,389 views  Alsumaria News – Internationals  A senior official at the International Monetary Fund said today, Saturday, that the chances of banks in the Middle East and Central Asia being exposed to the banking turmoil that the United States and Europe witnessed last month are very limited, but financial pressures exacerbate the pressures resulting from high interest rates, volatile oil prices and the continuation of financial pressures. Inflation rates have been in double digits for years.

The Director of the Middle East and Central Asia Department at International Monetary Fund Jihad Azour, that "the pressures of the banking sector came quickly after more stringent monetary policies that led to raising interest rates and reduced the possibility of obtaining financing," adding that "there is a growing gap between countries that have good credit and are able to access markets, including Morocco and Jordan and their exporters." Oil and others, and countries facing problems.

And he added, "We are concerned because the matrix of risks is constantly increasing: high interest rates, volatile oil prices, geopolitical tension, and this is the third year in a row that inflation continues to be in the double digits."

He stated that "the stability of the financial sector is not the main concern, as it is preceded at the present time by concerns about high debt levels, the risk of social unrest, and the ability to maintain strict policies due to pressures on social conditions."

"We see increasing vulnerabilities again, which is why countries are being encouraged to do more structural reforms, to increase their growth by at least 1 or 2 percent... They have a window of opportunity as governments are now willing to do more, not put money in," he added. in the vaults of central banks.

and expect  International Monetary Fund  Last Thursday, GDP growth in the Middle East and North Africa region slowed to 3.1% in 2023 from 5.3% a year earlier.

and put  International Monetary Fund Iraq Egypt is at the top of the list of the highest growing Arab economies in 2023, and according to the Fund, the economies of both countries are expected to grow by 3.7%, which is a greater percentage than the expected growth in other Arab countries such as the UAE, Palestine and Saudi Arabia.  LINK

A Proposal To List Oil, Gold And Foreign Companies On The Stock Exchange

Economical  2023/04/16  Haider Fleeh Al-Rubaie   The Iraq Stock Exchange revealed that the shares that were traded during the first quarter of this year reached (226) billion shares, with a financial value of (260) billion dinars, indicating that the number of companies that were present during the trading sessions in the first annual quarter amounted to 82 companies,

On the other hand, specialists in economic affairs believe that these indicators represent a clear recovery in the culture of trading, stressing the need to oblige foreign investment companies operating in Iraq to be listed in the Iraqi market, and to seek to issue new laws that allow public sector companies to list their shares in the stock exchange as well.

In order to expand the work of the Stock Exchange, the specialists urged the necessity of expanding the market's activity, establishing a market for trading commodities, and for there to be trading in oil and gold.

The quarterly report of the Stock Exchange, which singled out the Iraq Stock Exchange, stated that “the number of trading days for the first quarter of this year amounted to 60 days, with 21 sessions in January, which witnessed the trading of 71 billion shares, with a financial value of 62 billion dinars, and the participation of 74 companies.” .

The report indicated that the month of February witnessed the holding of 19 sessions, during which the participants traded 146 billion shares, with a value of 186 billion dinars, with the presence of 73 companies. One billion dinars, and the participation of 65 companies.

The report noted that the market indices increased significantly compared to the same period last year, as the number of shares traded increased by 25.8%, and the value of traded shares increased by 56.2%, in addition to the increase in the value of the ISX60 price index by 1%. (9.5)% from the close of 2022.

In turn, the head of the Association of Investors of the Iraq Stock Exchange, Dr. Alaa Al-Mousa, indicated during his speech to "Al-Sabah" that "the market management is making great efforts in training its members and listed companies in order to create a free, honest, effective, competitive and transparent market and provide infrastructure necessary to serve the national economy and assist companies in building the necessary capital for investment.

Al-Moussawi explained that the recent past periods witnessed a "significant technological development in the performance of the market, which contributed to organizing and simplifying securities transactions in a fair, effective and regular manner, including clearing and settlement processes for these transactions, and now there are great efforts being made to switch to direct electronic trading (on line) which is now in its experimental stages.

Al-Moussawi expressed his support for the idea of​​attracting government companies to be included in the Iraqi Stock Exchange, which leads to the development of these companies by providing the necessary financial liquidity for them, and the establishment of new production lines and modern factories belonging to the company, as well as providing an opportunity for the scientific and professional competencies present in the private sector in order to participate. With the public sector in developing companies to serve the national economy.

Al-Moussawi believes that, with the aim of increasing the number of shareholders and capital to invest in the market, incentives and privileges should be granted to companies to encourage them to be listed, as well as oblige foreign investment companies operating in Iraq to be listed in the Iraqi Stock Exchange, suggesting at the same time, the establishment of a market for commodity trading and that there be Trade for oil and gold.

Al-Musawi also urged the need to "create a safe environment in order to attract foreign capital, and work to raise the level of investment awareness in securities among individual and corporate investors, as well as providing transparency and disclosure and providing the investor  https://alsabaah.iq/75351-.html

300 Million Dollars A Month.. The Revenues Of The Region’s Outlets Are In “The Pockets Of Parties And Clans.”

Politics / Security / Economy  Kurdish politician Latif Al-Sheikh confirmed today, Saturday, that the revenues and revenues of the outlets in the Kurdistan region go to the pockets of the ruling parties.

In an interview with (Baghdad Today), the Sheikh said, "The border crossings are controlled by the ruling parties, and there are crossings in Sulaymaniyah belonging to families and clans that have partisan influence."

He added, "The monthly revenues of the outlets exceed $300 million, but they are not included in the budget of the Ministry of Finance in the regional government, but rather go to the parties directly." LINK

Goldilocks "Dollar and Dinar Trading on Par" 4-15-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good afternoon Dinar Recaps,

Goldilocks posted:

Iraq Stock Market Report
4/14/2023
RSISX Index
ReturnRS ISX Index Closings Change (w/w) (%)Change (YTD) (%)

RSISX IQD Index1,000.35.5%9.9%

RSISX USD Index983.65.5%27.0%

Yes, the dollar and the dinar are trading on par with each other in Iraq per CBI Banker Contact.

© Goldilocks

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

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Thank you Dinar Recaps

Iraqi News Highlights Saturday Afternoon 4-15-23

Iraqi News Highlights Saturday Afternoon 4-15-23

Tlm724 Administrator Bondlady’s Corner

Deputy Governor Of The Central Bank: We Are Striving To Bridge The Gap Between The Official And Parallel Exchange Rates

Economy| 09:02 - 04/15/2023   Baghdad - Mawazine News, Deputy Governor of the Central Bank, Faisal Al-Haimus, said that the bank is striving to bridge the gap between the official and parallel price of dollar exchange, stressing that there are supervisory teams that visit banks to follow up sales of dollars and meet the demand for it and the need of the market and citizens.

Al-Haimus added, "Because there are inquiries about issues related to money laundering and other auditing entities, the period for releasing the electronic platform's funds to the beneficiary who owns the transfer is prolonged," stressing that "the US Federal Reserve does not work on auditing, but the Central Bank of Iraq is the last responsible for that through the auditing company." contractor with us.

Al-Haimus continued, in a televised interview, according to what was reported by the bank's media, that "there is a development in the Iraqi banking sector to achieve the goals of feasibility studies and an expansion of the correspondent bank network to provide service in different currencies such as the yuan or the euro, and there is also an agreement with banking institutions regarding yuan transfers."

 The pause will not take a long period, and it is only days, and it will return to meet the requests after a simple pause, and there is a desire from discreet international banks to enter the Iraqi banking sector and work inside the country.

The Deputy Governor of the Central Bank indicated, "The bank is working to stop networks that issue cards with forged documents or deceased people, and use these cards to smuggle currency out of Iraq, which affects the Iraqi economy."    https://www.mawazin.net/Details.aspx?jimare=224613

Central Bank Sales Exceed 800 Million Dollars In 5 Days

Economy News / Baghdad   The total sales of the Central Bank of Iraq in hard currency to dollars during the past week amounted to more than 800 million dollars.

The correspondent of the agency / information / stated that the Central Bank sold during the past week, for the four days in which the auction was opened, the amount of 844 million and 627 thousand and 921 dollars, at a daily rate of 211 million, 156 thousand and 980 dollars, down by 5% from what was recorded the previous week in which it reached The sales rate is 222 million and 425 thousand and 512 dollars.

He added that the highest dollar sales during the past week were on Sunday, when sales amounted to 281,889,029 dollars, while the lowest sales were on Wednesday, when sales amounted to 157,564,543 dollars.

He pointed out that sales of foreign remittances amounted during the past week to 681,777,921 dollars, an increase of 76.11% compared to cash sales, which amounted to 162,850,000 dollars.

He explained that the sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1,305 dinars per dollar, while the selling price of remittances abroad and the cash sale price amounted to 1,310 dinars per dollar.   https://economy-news.net/content.php?id=33575

Central Bank: Foreign Exchange Reserves Exceed $110 Billion

Economy| 11:26 - 04/15/2023  Baghdad - Mawazine News  The Central Bank of Iraq announced, on Saturday, the size of foreign reserves, while indicating its endeavor to spare them from risks.

The assistant general manager of the investment department at the bank, Muhammad Yunus, told the official news agency, "The central bank's investments originate in the foreign reserves held by the bank," noting that "it is divided into a group of segments, including liquidity segments and investment segments."

Yunus added, "These reserves have now exceeded (110) billion dollars," noting that "most of them are invested in assets that are as close as possible to risk-free."

He continued, "We try as much as possible to enter into investments that achieve reasonable returns and avoid the risks that foreign reserves may be exposed to," stressing that "the returns on investments achieved are acceptable and achieve the goal for which the reserves were found."

https://www.mawazin.net/Details.aspx?jimare=224624

Alia Nassif: The Budget In Its Current Form Will Cut Off Corruption Mafias And End Political Blackmail

Saturday 15, April 2023 10:29 | political Number of readings: 310  Baghdad / NINA / - The representative of the State of Law coalition, Alia Nassif, confirmed that the financial budget in its current form, which includes the next three years, will ensure the sustainability of projects and end the annual political blackmail.

And she said in a statement today: "We see that the financial budget with this bold formulation includes goals related to the government program for the first time for the next three years and puts an end to the annual political extortion, and through it we will ensure sustainability in the implementation of projects and their independence because it gives stability to projects instead of fluctuation in implementation and waste of public money without realization." Results on the ground.”

 Nassif indicated: "This budget will block the road to corruption mafias that are accustomed to draining public money through bargaining and extortion."/ https://ninanews.com/Website/News/Details?Key=1047224

Dollar Exchange Rates In The Local Market

Saturday 15, April 2023 11:21 | Economical Number of readings: 364

Baghdad / NINA / - Today, Saturday, the exchange rates of the dollar witnessed a slight increase in exchange shops in the local markets in all the country's governorates.

Where the selling price recorded 145,250 dinars per 100 dollars, while the purchase price reached 143,250 dinars per 100 dollars./   https://ninanews.com/Website/News/Details?key=1047232

Former Member Of Parliamentary Finance: Central Bank Decisions Regarding The Dollar Stopped The Exploitation Of Citizens By Speculators

Saturday 15, April 2023 09:52 | Economical Number of readings: 301  Baghdad / NINA / - Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, described the decisions of the Central Bank regarding the dollar as good decisions, stressing that they reflected positively on the local market.

Rashid said in a statement to the National Iraqi News Agency ( NINA ) that "the central bank's decisions that were taken to control the exchange rate of the dollar were good, as it gradually decreased to 145,000 dinars per hundred dollars, after it rose to 170,000 dinars a short while ago."

He pointed out that "the cabinet set the exchange rate of the dollar at 130 in the central bank and took punitive measures against violators. It also conducted inspection campaigns for banking offices in Baghdad to stop the exploitation of citizens by speculators at the dollar price, and all of them brought positive results for the price of the dinar."

Rashid stressed, "The decline in the exchange rate of the dollar and the return to its previous price contributes to the stability of the local market and prevents the exploitation of the simple citizen, indicating that the dollar in the future will be a bilateral currency after several currencies that will enter into foreign imports. Some countries seek to consider them as official currencies as an alternative to the dollar in their commercial dealings."   https://ninanews.com/Website/News/Details?key=1047216

Fruitful Meetings Between Iraq With The International Monetary Fund And The World Bank

Finance Minister Taif Sami Muhammad affirmed that the government will continue its national and economic reform efforts.

A statement by the Ministry of Finance stated, "On the sidelines of the spring meetings of the International Monetary Fund and the World Bank, held in Washington, D.C., for the period from 10 to 16 April, the Iraqi delegation is holding a series of meetings with a number of international financial and monetary institutions."

He added, "The Minister of Finance, Taif Sami Muhammad, held a meeting with the Executive Director of the World Bank, Mansour Al-Shamali, in the presence of the Governor of the Central Bank, Ali Al-Alaq, and his accompanying delegation, and with the participation of the Director-General of the Public Debt Department and the Director-General of the Iraqi Fund for External Development," noting that "the meeting witnessed trading in opinions."

The economic and financial that the Iraqi government is working to achieve in accordance with the priorities of sustainable development, projects, water, climate, environment, transportation and social protection, in addition to strengthening the capabilities of the banking sector, applying automation, supporting small projects, advancing the reality of the private sector, and establishing development funds.

And the Minister of Finance indicated, according to the statement, that the Iraqi government will continue its national and economic reform efforts, adopting for this purpose a road map to achieve the goals of sustainable development and the gradual approach to financing development by maximizing revenues for the budget.

For his part, the representative of the World Bank expressed the bank's readiness to contribute to supporting the course of the government program.

In the meantime, Finance Minister Taif Sami Muhammad held a meeting with the representative of the International Monetary Fund, Jihad Azour, and the Director of the Fund Department for the Middle East, Tukhir, in the presence of the Director General of the Public Debt Department and the Director General of the Iraqi Fund for External Development.

The statement added that during the meeting, they discussed Iraq's relationship with the International Monetary Fund, and cooperation in the field of supporting financial policies and plans, in a way that contributes to achieving the stability of the Iraqi economy.

He continued, "The meeting also discussed the most prominent economic challenges and government measures taken to address them, in a way that guarantees the protection of the poor and vulnerable classes and provides them with protection, in addition to creating the conditions for holding a partnership program between Iraq and the IMF to contribute to strengthening the requirements of comprehensive development and reform of the Iraqi economy."

According to the statement, the fund's representatives expressed their willingness to provide all forms of support to accomplish the tasks of the government program in terms of capacity building, training of working cadres and technical contributions in a manner appropriate to the establishment of productive sectors that contribute to raising the rates of domestic product and achieving balance for the Iraqi economy.

The Minister of Finance also discussed supporting development and investment projects with the regional representative of the World Bank, on the sidelines of the spring meetings of the International Monetary Fund and the World Bank in Washington.

A statement by the Ministry of Finance stated that the meeting of the Iraqi delegation, headed by Minister of Finance Taif Sami Muhammad, with the regional representative of the World Bank, Farid Belhaj, and the executive team discussed efforts to support economic development and investment projects.

During the meeting, emphasis was placed on the continuation of bilateral coordination to promote sustainable development in the financial, economic, energy and investment sectors, and to accelerate the pace of reform of the banking sector in line with the vision of the Iraqi government aimed at achieving economic balance and correcting the course of financial policy in Iraq.

For his part, Belhaj pointed out the World Bank's readiness to continue serious and fruitful cooperation with the Iraqi government in everything related to financing development projects and fundamental reforms to strengthen the structure of the Iraqi economy.

https://www.radionawa.com/all-detail.aspx?jimare=34063

Relationships Reveal A Program To Restructure Government Banks

Economy   Friday, April 14, 2023 9:14 am  Baghdad / National News Center  Today, Friday, the Governor of the Central Bank of Iraq, Ali Mohsen Ismail Al-Alaq, revealed a program to restructure government banks.

The media office of the Central Bank stated, in a statement received by the National News Center, that “the Governor of the Central Bank, Ali Mohsen Ismail, stated, during the participation of an Iraqi delegation in the meetings of the World Bank and the International Monetary Fund in the American capital, Washington, that the assets and assets of government banks constitute more than 80%. from the Iraqi banking sector.

He added, "The central bank has a program to restructure government banks and has been working on it for years in cooperation with relevant international organizations, the World Bank and the International Monetary Fund," stressing "the existence of harmony between the Iraqi government and the central bank in the process of reforming the banking sector."

And he continued: “There are several possibilities related to the restructuring of government banks, as these possibilities depend on the results of analyzes of the financial statements of some banks that have the problem of final accounts,” adding that “all possibilities involving merger and acquisition exist, and that any formula that is useful we will study with the competent authorities and international organizations that have long experience and experience in this field.”

The statement indicated that "Al-Alaq held several bilateral meetings on the sidelines of the Iraqi delegation's participation in the meetings of the World Bank and the International Monetary Fund that took place in Washington, DC."    https://nnciraq.com/199725/

Al-Alaq: A Program To Restructure Government Banks

Posted On2023-04-15 By Sotaliraq   Yesterday, Friday, the Governor of the Central Bank, Ali Mohsen Ismail Al-Alaq, revealed the existence of a program to restructure government banks.

A bank statement stated that Al-Alaq made it clear, during the participation of an Iraqi delegation in the meetings of the World Bank and the International Monetary Fund in Washington, DC, that “the assets and assets of government banks constitute more than 80 percent of the Iraqi banking sector.”

He added, "The central bank has a program to restructure government banks and has been working on it for years in cooperation with relevant international organizations, the World Bank and the International Monetary Fund," stressing "the existence of harmony between the Iraqi government and the central bank in the process of reforming the banking sector."

And he continued, “There are several possibilities related to the restructuring of government banks, as these possibilities depend on the results of analyzes of the financial statements of some banks that have a problem in the final accounts,” adding that “all possibilities involving merger and acquisition exist, and that any formula that is useful we will study with the authorities specialized and international organizations that have long experience and experience in this field.

The statement indicated that "Al-Alaq held many bilateral meetings on the sidelines of the Iraqi delegation's participation in the meetings of the World Bank and the International Monetary Fund that took place in the American capital." Washington".   LINK

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

https://www.bondladyscorner.com/

Goldilocks "Form/Rule 144 and more" Saturday 4-15-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ: Good morning Dinar Recaps,

Goldilocks posted a commentary with multiple links:

Forex trading is regulated as trading in either a security or a derivative.

Its regulation varies depending on provincial legislation.

Form 144 also known as the Securities Exchange act of 1933 has undergone a revision.

The form now has to be filed in digital format. It is gone through several steps to get to the legislative process.

It was just presented last Thursday to Congress. Currently, it is sitting on "introduced status."

As we have discussed, Congress is currently working on currency reforms digitally and paper currencies.

Below is an article that lists current restricted securities. Iraq is not currently on that list, but it's association with Iran still makes it a risk.

This is why Rule144's adoption is important: "When you acquire restricted securities or hold control securities, you must find an exemption from the SEC's registration requirements to sell them in a public marketplace. Rule 144 allows public resale of restricted and controlled securities if a number of conditions are met."

© Goldilocks

https://www.b2bpay.co/list-restricted-currencies

https://www.chathamhouse.org/2023/03/are-new-us-financial-restrictions-iraq-missing-their-target

https://www.sec.gov/reportspubs/investor-publications/investorpubsrule144

https://www.sec.gov/edgar/filer-information/form-144-resources-filing-electronically

https://www.securities-administrators.ca/investor-tools/avoiding-fraud/forex-resources/#:~:text=Forex%20trading%20is%20generally%20regulated,varies%20depending%20on%20provincial%20legislation.

https://www.investopedia.com/terms/f/form144.asp

https://www.congress.gov/bill/118th-congress/house-bill/2576?q=%7B%22search%22%3A%5B%22The+securities+act%22%5D%7D&s=2&r=2

https://www.troutman.com/insights/access-to-the-us-capital-markets-by-foreign-issuers-a-guide-to-rule-144a-and-regulation-s-offerings.html#:~:text=Securities%20of%20U.S.%20and%20foreign,automated%20inter%2Ddealer%20quotation%20system.

~~~~~~~~~~

Goldilocks also posted 3 pdf's on Form 144 that can be found in their telegram room posted at 8:35 am EDT this morning.

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

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Thank you Dinar Recaps

Vietnam and Indonisia News Posted by Harambe at TNT 4-15-2023

TNT:

Harambe: IMF expert considers Vietnam bright spot in world economy | Vietnam+

(4/14/23)

Vietnam’s 8% growth in 2022 was a bright spot of the region and the world, said Daniel Leigh, head of the World Economic Studies division in the International Monetary Fund (IMF)'s Research Department, which produces the World Economic Outlook (WEO).

In an interview granted for the Vietnam News Agency during the week of Spring Meetings of the IMF and the WB in Washington DC, Leigh said the IMF have just revised up the growth forecast for Vietnam, adding that this is partly due to the rebound from COVID-19 and trade diversion. Some of the investment is shifting to Vietnam, giving the country a lift, said the expert.  

Although the IMF expected a slowdown in Vietnam’s growth, the projected rate is still high, at 5.8% in 2023 and 6.9% in 2024, he said.

He also noted that inflation in Vietnam is relatively low, at over 3% in 2022. It is coming up – partly because of the dynamic economy – and is expected to be back to the world inflation target, at around 4.3% in 2024.    

For Vietnam to continue to grow strongly in the remaining quarters of this year and the next five years, Leigh recommended that the country's monetary policy continue to focus on bringing down inflation as it happens, and fiscal policy continue giving the targeted support to the vulnerable households. 

Regarding financial stability, a priority should be given to helping stabilise the real estate and corporate bond markets with specific tools, but this should not distract from the overall move toward inflation stability, he suggested.

https://en.vietnamplus.vn/imf-expert-considers-vietnam-bright-spot-in-world-economy/251551.vnp

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

Harambe:  Groundbreaking ceremony held for new US Embassy in Hanoi | Vietnam+

(4/15/23)

Vietnamese Minister of Foreign Affairs Bui Thanh Son and United States Secretary of State Antony Blinken on April 15 broke ground on the construction of the new US Embassy in Cau Giay district, Hanoi.

The new embassy represents "another significant step towards strengthening the vital partnership between our nations and peoples," US State Secretary Blinken said in his address.

The US Embassy campus has a total investment of 1.2 billion USD, built on 39,000sq.m, on a land area of 3.2 hectares, featuring plenty of greenery.

The design of the US Embassy complex will combine the modern urban landscape with the natural beauty of Hanoi as well as inspiration from the UNESCO World Heritage of Ha Long Bay.

Most of the construction will be done with recycled materials and the embassy's design will be energy-efficient and flood-resistant. The foundation of the building will be built with basalt stone, available both in Vietnam and the US, 

The architecture of the campus will stand for the shared commitments of the two countries in sustainability and climate change resilience.

Blinken said this is the day he has been waiting for a long time, adding he first heard about this project when he was still Deputy Secretary of State.

He expressed his gratitude to the Vietnamese Government and the US Embassy’s staff for their efforts to make this historic day into reality.

Over the past 27 years, since the normalisation of ties in 1995, the relationship between Vietnam and the US has been continually strengthened. This year marks the 10th anniversary of the Comprehensive Partnership between the two countries. The two countries have cooperated in all aspects, from improving public health to expanding all-encompassing economic opportunities to accelerating the transition to clean energy, Blinken noted.

The new embassy building will be eight stories tall and large enough to accommodate all personnel, according to the US diplomat.

The embassy will also be able to increase the number of consular service windows by four times the current capacity, allowing for more efficient and faster processing of visas and passports for a larger number of people, he noted.

It is estimated that over the course of six years of construction, the project will provide employment for approximately 1,800 local workers and contribute an additional 350 million USD to the Vietnamese economy.

At the event, Vice Chairman of the Hanoi People's Committee Duong Duc Tuan said that the project is the result of many years of efforts by both countries with the active participation of many agencies.

Just before the US Secretary of State's visit, Hanoi authorities approved the detailed planning for the remaining part of the new Cau Giay urban area at a ratio of 1/500 in the planning area with the code D30, which is an important condition for carrying out procedures related to the construction of the embassy.

The Hanoi People's Committee will continue to closely coordinate with central agencies and the US Embassy in the construction process, supporting the project to achieve its goals and timeline.

https://en.vietnamplus.vn/groundbreaking-ceremony-held-for-new-us-embassy-in-hanoi/251596.vnp

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

Harambe:  United States Signs Rupiah 10.2 Trillion Infrastructure, Finance Deal with Indonesia - News En.tempo.co (4/15/23)

US Secretary of the Treasury Janet Yellen and Indonesian Minister of Finance Sri Mulyani Indrawati signed the Rp10.2 trillion (US$698 million) Indonesia Infrastructure and Finance Compact. This is a five-year compact between the U.S. government’s Millennium Challenge Corporation (MCC) and the Government of Indonesia

The US government contributes Rp9.5 trillion (US$649 million) while the Indonesian government accounts for Rp718 billion (US$49 million).

MCC CEO Alice Albright joined the signing ceremony at the International Monetary Fund in Washington DC on Thursday, April 13, with representatives from the US and Indonesian governments.

“This partnership represents the United States’ and Indonesia’s shared belief in democracy and innovation-driven economic growth,” said Secretary Yellen, who is Vice Chair of MCC’s Board of Directors.

According to Yellen, the deal is expected to Indonesia’s Just Energy Transition Partnership, and the development of climate-resilient infrastructure that meets the standards under the Partnership for Global Infrastructure and Investment (PGII) – jointly announced by our presidents at the G20 Leaders’ Summit.

The Indonesia Infrastructure and Finance Compact aims to improve access to finance for the country’s transport and logistics infrastructure and MSMEs, especially those owned by women.

“Indonesia is taking crucial action to build a robust financial environment, promoting economic growth that benefits everyone. I am excited to see how our joint efforts will continue to strengthen economic security for current and future generations of Indonesians,” Finance Minister Sri Mulyani said.

The Indonesia Infrastructure and Finance Compact consists of three projects. The first is 'The Advancing Transport and Logistics Accessibility (ATLAS) Project'—working with the provincial governments of South Sumatra, North Sulawesi, Riau, Riau Islands and Bali.

The second is 'The Access to Finance for women-owned/MSME Project', and the third is the 'Financial Markets Development (FMD) Project', which aims to provide technical assistance and blended finance grants to increase the participation of private sector or commercially oriented finance in infrastructure investments.
https://en.tempo.co/read/1715218/united-states-signs-rp10-2tn-infrastructure-finance-deal-with-indonesia

Saturday Morning Iraq Economic News Highlights 4-15-23

Saturday Morning Iraq Economic News Highlights 4-15-23

The Budget Is Awaiting Release After Being Placed Behind The Bars Of The Political Forces

Posted On2023-04-14 By Sotaliraq  Most of the parliamentary and political statements confirm that everyone is heading towards approving the budget and supporting the Sudanese government and its government program, although the budget is currently going through a zigzag road punctuated by many bumps set by some political parties that compete with each other to obtain gains and include them in the budget, as some seek to obtain Amounts for the provinces and others for the components and service of the affected areas at a time when some politicians seek to use the budget paper to reach power again.

Former MP Jassim Muhammad said, “There is pressure exerted by the Kurds, Sunnis, and even Shiites in order to obtain gains for each party in the budget, although this competition is legitimate, but it must come out of the circle of betting and armies, and as a result, passing the federal budget will not be easy and will face difficulties.” It is likely to pass within the next month.

On the other hand, the representative of the Kurdistan Democratic Party, Sharif Suleiman, stated that “the budget, after completing its first reading, was scheduled to be decided in the past days, but the matter did not take place due to discussions between the political parties about some of its paragraphs, and as a result, it will witness some amendments before proceeding.”

 With the second reading and voting on it as a whole, as some parties found that there is a need for extensive discussions, especially since the law is intended for three years.

On the other hand, the head of the Parliamentary Health Committee, Majid Shankali, confirmed that there are three issues that will take time for discussion by the political forces regarding the budget law, and the most prominent of these issues is the disagreement of the political forces regarding preparing and voting on a budget for three years, as there is a rejection by some forces that do not want to pass it.

For three years, as for the second matter, it is related to the deficit, which reached 64 trillion, which constitutes 33% of the budget size, and therefore the discussion will intensify in order to reduce it, even if it is a hypothetical deficit. Some consider it a risk and would like to reduce it to a lower level. LINK

]Parliamentary Finance Announces That It Will Soon Host The Minister Of Finance To Discuss Budget Items

Today 12:54  Information/Baghdad..  The Deputy Chairman of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, revealed, on Saturday, her intention to host Finance Minister Taif Sami to discuss many important matters within the Parliamentary Finance Committee, most notably the issue of the budget. 

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Dulaimi said in an interview with the information agency, that "discussions are continuing regarding the budget law, and there will be a close hosting of the Minister of Finance to discuss many important matters."

She added, "The hosting comes on the application of the budget and automation paragraphs, how to activate the electronic system in the ministries, and the extent of its negativity in the budget law."

She pointed out that "the paragraphs of the budget cannot be deleted or amended until they are presented for a second reading, and then the date for starting budget amendments is set."

 And the representative of the Kurdistan Democratic Party, Sharif Suleiman, had confirmed in a previous interview with Al-Maalouma, that “the budget, after completing its first reading, was to be decided in the past days, but the matter did not take place due to discussions between the political parties.”  LINK

Parliamentary Finance Confirms To / Nina/ That There Are Political Differences Over The Budget

Saturday 15, April 2023 09:43 | politics Number of readings: 328  Baghdad / NINA / - A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed the existence of political differences between the blocs over the budget.

Cougar said in a statement to the National Iraqi News Agency ( NINA ): "The differences are related to the approval of three budgets at once, and this matter constituted a concern among some political blocs that the parliament's work will be marginal after the approval of These budgets, so they wish to pass each annual budget separately, and also there are problems with the petrodollar shares and the shares of the governorates.

He pointed out that there is no fairness in the distribution of funds to the ministries, including not giving importance to some ministries, such as industry and agriculture, whose budgets must be feasible for the recovery of the industrial and agricultural sectors. The same previous distribution returned, huge funds were allocated, and the budget was singled out for electricity and defense, so transfers must be made from our point of view.

And he stressed: “The price of a barrel of oil in the budget will remain at 70 dollars per barrel, given that scientific studies say that the global oil price in the future will range from 80 to 85 dollars per barrel.”/ End 9 To receive more news, subscribe to our channel on   https://ninanews-com.translate.goog/Website/News/Details?key=1047213&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Alia Nassif: The Budget In Its Current Form Will Cut Off Corruption Mafias And End Political Blackmail

Saturday 15, April 2023 10:29 | politics Number of readings: 264  Baghdad / NINA / - The representative of the State of Law coalition, Alia Nassif, confirmed that the financial budget in its current form, which includes the next three years, will ensure the sustainability of projects and end the annual political blackmail.

And she said in a statement today: "We see that the financial budget with this bold formula includes goals related to the government program for the first time for the next three years and puts an end to the annual political extortion, and through it we will Ensure sustainability in the implementation of projects and their independence because it gives stability to projects instead of fluctuation in implementation and waste of public money without realization. Results on the ground.”

Nassif indicated: "This budget will block the road to corrupt mafias that are accustomed to draining public money through bargaining and extortion."

https://ninanews-com.translate.goog/Website/News/Details?key=1047224&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Iraqi Delegation Is Discussing In Washington Ways To Stabilize The Iraqi Economy

Saturday 15, April 2023 04:07 | Economical Number of readings: 418  Baghdad / NINA / - The Iraqi delegation discussed, on the sides of the meetings of the International Monetary Fund and the World Bank in Washington, with the International Monetary Fund, ways to stabilize the Iraqi economy.

And the Ministry of Finance stated in a statement: “The Minister of Finance, Taif Sami Muhammad, held a meeting with the representative of the International Monetary Fund, Jihad Azour, and the Director of the Fund Department for the Middle East, Tukhir, in the presence of the Director General of the Public Debt Department and the Director General of the Iraqi Fund for External Development."

She added, "During the meeting, they discussed Iraq's relationship with the International Monetary Fund, and cooperation in the field of supporting financial policies and plans, in a way that contributes to achieving stability in the Iraqi economy."

The meeting discussed the most prominent economic challenges and government measures taken to address them, in a way that guarantees and provides protection for the poor and vulnerable classes, in addition to creating the conditions for concluding a partnership program between Iraq and the IMF to contribute to Strengthening the requirements of comprehensive development and reform of the Iraqi economy.

For their part, the Fund's representatives expressed their willingness to provide all forms of support to accomplish the tasks of the government program in terms of capacity building, training of working cadres and technical contributions in a manner appropriate to the establishment of productive sectors that contribute to Raising the rates of domestic product and achieving balance for the Iraqi economy. https://ninanews-com.translate.goog/Website/News/Details?key=1047175&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Chambers Of Commerce: The Dollarization Of The Markets Has Decreased, And The Exchange Rate Will Reach 140

Economy:  information / special..  The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, confirmed, on Saturday, that the circulation of the dollar in the markets decreased by 10%.

Al-Tamimi said in an interview with Al-Maalouma, that "the use of the dollar in commercial exchange and the payment of debts at home, or what is known as the dollarization of markets, decreased by 10% for the first time in many years, and the demand for the dinar began to be greater in ending deals and exchanges between merchants in the local markets." .

He added, "The decline in dollarization led to a lack of demand for buying dollars from parallel markets and pushed the exchange rate to 144,000 dinars per $100," expecting that "the exchange rate will reach 140,000 dinars per $100 at the end of this April."

He pointed out that "the government's steps to make important changes in the Iraqi markets are taking place at a good pace so far by limiting the use of the dollar at home, restricting the exit of hard currency abroad, and adopting the principle of electronic trading in transferring funds, which will directly enhance control efforts."

The Diyala markets and the rest of the provinces are witnessing a remarkable decline in the exchange rate of the dollar recently, and it reached 144, while it was about 160 weeks ago. LINK

The Central Bank Of Iraq Is Taking Measures To Spare Currency Reserves From Risks

Economy  11:29 - 2023-04-15   Today, Saturday, the Central Bank of Iraq announced the size of foreign reserves, while indicating that it seeks to spare them from risks.

"The central bank's investments originate in foreign reserves held by the bank," said Deputy Director General of the Investments Department at the Central Bank of Iraq, Muhammad Yunis, pointing out that "it is divided into a group of segments, including liquidity segments and investment segments."

Yunus added, "These reserves have now exceeded (110) billion dollars," noting that "most of them are invested in assets that are as close as possible to risk-free."

He continued, "We try as much as possible to enter into investments that achieve reasonable returns and avoid the risks that foreign reserves may be exposed to," stressing that "the returns on investments achieved are acceptable and achieve the goal for which the reserves were found."

https://kirkuktv.net/AR/Details/14612

Former Member Of Parliamentary Finance: Central Bank Decisions Regarding The Dollar Stopped The Exploitation Of Citizens By Speculators

Saturday 15, April 2023 09:52 | Economical Number of readings: 263  Baghdad / NINA / - Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, described the decisions of the Central Bank regarding the dollar as good decisions, stressing that they reflected positively on the local market.

Rashid said in a statement to the National Iraqi News Agency ( NINA ) that "the central bank's decisions that were taken to control the exchange rate of the dollar were good, as it gradually decreased to 145,000 dinars per hundred dollars, after it rose to 170,000 dinars a short while ago."

He pointed out that "the cabinet set the exchange rate of the dollar at 130 in the central bank and took punitive measures against violators. It also conducted inspection campaigns for banking offices in Baghdad to stop the exploitation of citizens by speculators at the dollar price, And all of them brought positive results for the price of the dinar.”

Rashid stressed, "The decline in the exchange rate of the dollar and the return to its previous price contributes to the stability of the local market and prevents the exploitation of the simple citizen, noting that the dollar in the future will be a bilateral currency after Several currencies that will enter into foreign imports.Some countries seek to consider them official currencies as an alternative to the dollar in their commercial dealings. https://ninanews-com.translate.goog/Website/News/Details?key=1047216&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Israel Is Threatened With Great Financial Losses Because Of Iraq

Baghdad today – Baghdad  An economist said that the decision of the International Tribunal in Paris regarding the export of Kurdistan region's oil threatened the crude oil refining trade in Israeli refineries.

Nabil Al-Marsoumi indicated in a post on his Facebook page that "Israel was making great profits from re-exporting some of the crude oil produced in Kurdistan, which it buys at reduced prices. Israel uses part of it in the Haifa and Ashdod refineries, and transports the other part through pipelines to the waters of Eilat on the Red Sea." From there, it is shipped to Asian customers, including refineries in China and Taiwan."

He added, "It seems that this trade is threatened after the decision of the International Chamber of Commerce Court in Paris, which prevented Turkey from allowing the export of Kurdistan's oil through the port of Ceyhan."

An informed source told Reuters that the Iraqi government has not asked the Turkish side to resume oil exports from the Kurdistan region so far, despite the agreement between Baghdad and Erbil to resume exports.

Oil exports from Iraqi Kurdistan to the Turkish port of Ceyhan are still suspended, nearly three weeks after the issuance of a ruling in an arbitration case stipulating that Ankara pay compensation to Baghdad in return for allowing the export of oil from the region without a permit from the Baghdad government.

The ruling issued by the International Chamber of Commerce on March 23 obligated Turkey to pay $1.5 billion in compensation to Baghdad for allowing Ankara to pump Kurdistan’s exports from 2014 to 2018.

In response, Turkey cut off the flow of 450,000 barrels per day of oil exports and sources said Turkey was willing to negotiate compensation as well as resolve a second arbitration case related to the flows from 2018 before pumping oil was reopened.

A third source told Reuters that Turkey is seeking direct negotiations on compensation amounting to $1.5 billion, which was ordered to be paid to Iraq.   LINK

Al-Bawi Is Likely To Continue To Recover The Dinar Against The Dollar, With The Approaching Approval Of The Budget

Political analyst Hazem Al-Bawi suggested, on Friday, that the dollar will continue to decline and collapse against the dinar, as the timing of approving the financial budget for the current year approaches.

Al-Bawi said in a press interview seen by “Takadam” that this continuous decline in the ceiling of the price of the American currency in the local stock exchange, especially in the capital, proves to the people that the political and economic decision-maker in power is more serious in the task of dealing with this crisis that affected the people in recent years as a result of chaotic The monetary policy adopted by the government of Mustafa Al-Kazemi.

He added that the people are the asset of any government, and that the Sudanese cabinet, if it wants to write for itself success, is required to prove its credibility before it, and thus solve suffocating economic crises, most notably the dollar, as well as housing, unemployment, services, and others.

He pointed out that the cabinet's progress with a clear-cut scientific service program makes the people the first line of defense in the face of any political campaign, whether internal or external, to which the government is exposed in the foreseeable future.  https://takadum-news.com/archives/159472

Alia Nassif: The Budget In Its Current Form Will Cut Off Corruption Mafias And End Political Blackmail

Saturday 15, April 2023| politics Number of readings: 264  Baghdad / NINA / - The representative of the State of Law coalition, Alia Nassif, confirmed that the financial budget in its current form, which includes the next three years, will ensure the sustainability of projects and end the annual political blackmail.

And she said in a statement today: "We see that the financial budget with this bold formula includes goals related to the government program for the first time for the next three years and puts an end to the annual political extortion, and through it we will Ensure sustainability in the implementation of projects and their independence because it gives stability to projects instead of fluctuation in implementation and waste of public money without realization. Results on the ground.”

Nassif indicated: "This budget will block the road to corrupt mafias that are accustomed to draining public money through bargaining and extortion

https://ninanews-com.translate.goog/Website/News/Details?key=1047224&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Iraqi News Highlights Friday Evening 4-14-23

Iraqi News Highlights Friday Evening 4-14-23

Tlm724 Administrator Bondlady’s Corner

Iraqi Gas.. A Glimmer Of Hope After Years Of Neglect And Squandering Of Wealth

Reports   Economy News-Baghdad  Although Iraq is one of the most prominent oil countries in the Middle East, it suffers from a chronic shortage of gas, which it imports large quantities of from neighboring Iran, while the associated gas is burned to extract oil that can be used.

Adviser to the Iraqi Prime Minister, Mazhar Muhammad Salih, estimated the losses of flaring and importing gas at $12 billion annually, stressing that

it is an exorbitant cost to the country's oil and financial resources.

In a statement to the Iraqi News Agency (INA), he indicated that the development of the energy sector needs to invest this gas associated with oil extraction, especially for the purposes of the uses of power stations.

Saleh expects Iraq to reach "zero gas associated with flaring... during the next two years," as

the Iraqi government aims to "stop flaring gas in a way that protects the Iraqi environment, and the second is to use it for power stations."

Iraq continues to burn some of the gas extracted with crude oil in the fields due to the lack of facilities to process it and convert it into fuel for domestic consumption or export, according to a previous report by Reuters.

Iraq is a country rich in oil resources,

but its infrastructure is dilapidated as a result of decades of wars and chronic corruption.

Iraq is witnessing frequent power outages due to this deteriorating infrastructure, according to Agence France-Presse.

"political reasons"

The Iraqi academic economist, Abd al-Rahman al-Mashhadani, attributed Iraq's failure to exploit the gas associated with oil extraction to "political reasons that may be linked to pressures from Tehran on the political forces so that dependence on Iranian gas used to generate electric power remains,

in addition to the failure of Washington to grant Baghdad Successive exemptions from international sanctions imposed on Iran and allowing the import of Iranian gas to Iraq.

He said in an interview with the "Al-Hurra" website that the issue of relying on importing gas made "Tehran use it as a pressure card, as it was reducing the pumping quantities of gas at certain times."

Iraq relies heavily on Iranian gas imports to feed the electricity grid, as the country generates about 14,000 megawatts from the local grid, in addition to nearly four thousand additional megawatts by importing gas and energy, according to Reuters.

The problem of Iranian gas has returned to the fore again in Iraq after the Iraqi Ministry of Electricity announced that Iranian gas supplies to the central and southern regions decreased from 49 million to eight million cubic meters per day, which caused the risk of a serious energy shortage.

Iraq is the main importer of more than 80 percent of Iran's electricity exports over the past few years, according to previous data from the Iranian Ministry of Energy.

Iraq suffers from a shortage of electricity, which leads to its interruption at varying periods of up to 20 hours in some areas, which contributed in previous years to fueling popular demonstrations in protest against the low level of basic services.

Last February, the Iraqi Prime Minister, Muhammad Shia al-Sudani, confirmed in statements that

Iraq "will reach the stage of self-sufficiency in gas within three years," stressing that

investment in gas associated with oil and natural gas "stems from his conviction" to achieve economic reforms.

Iraq currently produces 16 thousand megawatts of electricity, which is much less than its estimated need of 24 thousand megawatts, and reaches 30 thousand in the summer, while

its population may double by 2050, which means an increase in its energy consumption, according to the United Nations.   Al-Mashhadani adds that

the problem of not exploiting gas in Iraq "is old and everyone has been talking about it for years, but it was raised on a large scale, in 2010, and at that time agreements were drawn up with the World Bank with the aim of Iraq reaching zero percentage of gas burning associated with oil extraction, in 2030."  Al-Mashhadani pointed out that

"several rounds of licensing companies and concessions were granted in the years 2009 and 2014 in order to benefit from this gas and separate it in fields in Nasiriyah and Basra and benefit from it in generating electricity, but they were not successful or completely forgotten."

The Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, confirmed in an exclusive interview with Al-Hurra channel that

his country’s government considers investment in the field of natural gas a priority, with the

aim of achieving self-sufficiency and stopping imports, denying, on the other hand, the existence of any “Chinese interference.” On Iraqi Oil Policies.   He added,

"In 2018 and 2019, talk about this matter resumed, but in 2020, with the emergence of the Corona pandemic, everything stopped, and

the discussion about it was reopened in 2022 and early 2023, in the hope that it would succeed."

Al-Mashhadani said that there is no justification for continuing not to benefit from this gas, whose combustion amounts are equivalent to twice the needs of Iraq, and the treasury incurs $2.5 billion annually.

It is likely that the next few years will witness the start of benefiting from this gas in some fields, and

if Iraq invests real money in developing oil facilities and developing gas facilities to benefit from it, we may reach a stage of zero gas flaring in 2030.

Iraq burns more than half of the natural gas produced by its fields, more than most countries in the world.

This results in chemicals capable of causing many diseases, including asthma, high blood pressure and some types of cancer, according to the New York Times.

Iraq is among the nine countries responsible for the majority of gas flaring operations, which account for about half of the global production of oil, and according to World Bank data,

Iraq is the second most country in the world that uses this practice after Russia and before Iran and the United States. In 2020, the volume of gas flared in Iraq was 17.374 million cubic meters.

https://economy-news.net/content.php?id=33244

Governor Of The Central Bank Confirms The Real Reconstruction Of The Government Banking Sector

April 14, 2023   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, confirmed that what is meant by restructuring the Iraqi banking sector is government banks, considering that

strengthening and restructuring these banks represents a real rebuilding of the banking sector in Iraq.

His Excellency mentioned during the participation of an Iraqi delegation in the meetings of the World Bank and the International Monetary Fund in Washington, DC, that the

assets and assets of government banks constitute more than 80% of the Iraqi banking sector.       His Excellency revealed that

the Central Bank has a program to restructure government banks and

has been working on it for years in cooperation with relevant international organizations, the World Bank and the International Monetary Fund,

stressing the existence of harmony between the Iraqi government and the Central Bank in the process of reforming the banking sector.     And he continued, that

there are several possibilities related to the restructuring of government banks, as

these possibilities depend on the results of analyzes of the financial statements of some banks that have the problem of final accounts, adding, that

all the possibilities involved in merger and acquisition exist, and that

any formula that is useful, we will study it with the competent authorities and organizations. International, which has long experience and experience in this field.

    It is noteworthy that His Excellency the Governor held many bilateral meetings on the sidelines of the Iraqi delegation's participation in the meetings of the World Bank and the International Monetary Fund that took place in Washington, DC.      Central Bank of Iraq      information Office      April 14, 2023 https://cbi.iq/news/view/2307

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

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