Dinar Recaps 20 5/14/23 Dinar Recaps 20 5/14/23

"Tidbits From TNT" Sunday Morning 5-14-2023

TNT:

Tishwash: The Deputy Speaker sets the date for voting on the budget law

Deputy Speaker of the House of Representatives, Shakhwan Abdullah, announced today, Sunday, that a vote will be held on the federal budget law this week.

Abdullah said, in a statement received by {Euphrates News}, that "the Finance Committee is scheduled to complete its final report on the draft federal budget law for the years 2023, 2024, and 2025."

He added, "The federal budget law will be voted on this week," noting that "the House of Representatives will hold a special session to approve and approve the general budget, because it is an important law and citizens in all governorates of Iraq are waiting for it." link

TNT:

Tishwash: The Deputy Speaker sets the date for voting on the budget law

Deputy Speaker of the House of Representatives, Shakhwan Abdullah, announced today, Sunday, that a vote will be held on the federal budget law this week.

Abdullah said, in a statement received by {Euphrates News}, that "the Finance Committee is scheduled to complete its final report on the draft federal budget law for the years 2023, 2024, and 2025."

Tishwash: Al-Rafidain Bank announces a new system for completing citizens' transactions

Al-Rafidain: Starting the electronic documents system to cancel the validity transactions of paper chests

in line with government directives to leave paper dealing and adopt electronic work. By activating a number of the bank’s branches, which amounted to 79 branches, provided that the experience is circulated to all branches successively by relying on the QR code

And canceling the validity of manual issuances and converting it into an electronic one by linking the system between the bank and all departments through the official website of the Ur electronic portal, which represents one of the basic elements of the electronic governance project and automating the cancellation of the validation of paper issuances.

The bank indicates that this step contributes to simplifying the procedures provided to citizens , bypassing bureaucracy, eliminating administrative corruption, ending fraud cases, and shortening the time in completing the transaction electronically. link

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CancyKisses: The Iraq Stock Exchange achieves the first place in the Arab world in the volume and daily trading rate

Economy News - Baghdad

The Iraq Stock Exchange (ISE) achieved the first place in the daily trading rate for 2022.

The market said in a statement that "the conference of the Arab Capital Markets Union AFCM for 2023 - Muscat, Sultanate of Oman witnessed the announcement of the realization of the Iraq Stock Exchange as the first place as the best market in daily trading (trading volume) and the rate of the number of shares traded for 2022 in accordance with the standards of the Arab Capital Markets Union AFCM. “.

He explained that "at the same conference, Al Rabeel Brokerage Company was selected as the best performance achieved by a brokerage company for 2022 and Carmel Brokerage Company as the best performance in trading fixed income instruments."

He pointed out that "the evaluation shield was received on Tuesday 9/5/2023 in Muscat - Sultanate of Oman / at the conference of the Union of Arab Financial Markets."

The Iraq Stock Exchange has been a member of the Union of Securities Markets since 2005 and was selected as a member of the Federation's Board of Directors in 2022.

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CandyKisses: The President Of The Republic Receives An Official Invitation To Attend The Arab Summit In Saudi Arabia

Earth News / President of the Republic Abdul Latif Jamal Rashid received, on Sunday, an official invitation from Saudi King Salman bin Abdulaziz to attend the Arab Summit at its thirty-second regular session hosted by Jeddah.

A statement by his office received by Earth News said that "this came during the reception of Abdul Latif at Baghdad Palace, the Ambassador of the Kingdom of Saudi Arabia to Iraq, Abdul Aziz Al-Shammari, where the ambassador conveyed at the beginning of the meeting, the greetings of the Custodian of the Two Holy Mosques to the President of the Republic and his wishes for the Iraqi people continued progress and prosperity."

Abdul Latif Jamal Rashid, the Saudi ambassador, conveyed his greetings and appreciation to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, and his thanks and appreciation for the kind invitation, wishing the brotherly Saudi people further development and prosperity.

The president stressed "the need to convene the Arab summit at the present time to discuss many important issues and work to solve them and strengthen joint cooperation among the countries of the region."

"The meeting discussed the progress of bilateral relations and ways to strengthen them in a way that achieves the interests of the two brotherly countries and peoples," the statement said.

CandyKisses: A GOOD MOTHER.....

Mot... To the Mother Who -----

Dinar Recaps 20 5/13/23 Dinar Recaps 20 5/13/23

KTFA Members "News and Views" Saturday 5-13-2023

KTFA:

Henig: A scary revolutionary to Nina: The budget can be approved in two days. If this condition is met

Baghdad / Nina / MP for the State of Law Coalition Thaer Makhif said: "The budget can be approved within two days if a single condition is met."

Makhif said in a statement to the Iraqi National News Agency (NINA) that: "If discussions between the political blocs on the budget take place naturally and professionally away from the bloc's demands, and to stop those demands, the budget can be approved in just two days, but those demands and disputes are what delayed the adoption of the budget so far."

He explained that: "So far, there are disputes, demands, financial and non-financial problems (political) and means of pressure from one party against another related to the budget of the political blocs."

KTFA:

Henig: A scary revolutionary to Nina: The budget can be approved in two days. If this condition is met

Baghdad / Nina / MP for the State of Law Coalition Thaer Makhif said: "The budget can be approved within two days if a single condition is met."

He pointed out: "The parliament, in all cases, is determined to approve the budget before going to the legislative recess," stressing: "The speed of approving the budget depends on the political consensus between the blocs." LINK

DeepWoodz: Imo They have no choice but to approve before recess. Recess being the break between the two legislative sessions during the year.

Constitution Article 57: The Council of Representatives shall have one annual term, with two legislative sessions, lasting eight months.The session in which the general budget is being presented shall not end until approval of the budget.

Henig: Parliamentary Finance reveals to "Baghdad Today" the possibility of passing the budget on May 17

Baghdad Today - Baghdad

Today, Saturday, the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed that the seventeenth of May is the deadline for voting on the 2023 budget, in accordance with the agreement between the political blocs.

Al-Atwani told "Baghdad Today", "The decision of the State Administration Alliance related to setting the seventeenth of this month as a date for passing the budget gave momentum and strength to the work of the Finance Committee," noting that "the committee intensified its work and divided into two committees, the Committee of Items and the Committee of Tables."

He pointed out that "the committee will have other hosts for ministers and officials soon," stressing that "the date of the 17th of this month we agreed in principle that it is a date for voting on the budget and we are serious about submitting it as soon as possible."

Al-Atwani added that "observations are being collected to resolve the final budget amount and the mechanism for its distribution in order to complete the transfers between the items," noting that "the amount so far remains as it is, amounting to 198 trillion as received from the government."

The State Administration Alliance had announced the agreement to set the seventeenth of this month as a preliminary date for voting on the budget, amid millions of Iraqis looking forward to approving it.

It is expected that no major changes will be made to the budget, especially since any changes will require more time, as the budget is large and branched, which is the largest in the history of Iraqi budgets. LINK

DeepWoodz: ImoThis article is a little mis-leading. I think ALL Iraqi’s are waiting for PURCHASING POWER.

Henig: Well, given that we've been taught that the rate comes before the budget, and the rate brings with it purchasing power, IMO I disagree with you in a minor way--I think they are waiting for the budget because they'll get that purchasing power right close to that time. But I also think that's a minor enough distinction that we really don't have a disagreement.

DeepWoodz: Imo No disagreement at all. Ive always believed what Frank taught here but one step further….I actually think they are using a new rate in their trade agreements. We are just waiting with the citizens for them to show it. Imo

TSM: Is this "the approved budget, the one they are now supposed to be using?...or is this the budget that MOST say needs the 3rd reading and a vote to approve?..imo

Clare: THE BUDGET HAS BEEN APPROVED.. THE 3RD VOTE IS A FORMALITY THAT WILL MAKE IT LAW. WHICH THEY ALSO REFER TO AS APPROVAL, BUT IT REALLY MEANS MADE INTO LAW- TO IMPLEMENT

IF THEY WERE NOT GOING TO AGREE TO PASS IT INTO LAW, IT WOULD'VE BEEN SENT BACK TO THE COM.(council of ministers) .. WHICH IT NEVER WAS.

THE PARLIAMENT SESSION WAS SUPPOSED TO END ON THE 9TH OF MAY - THEY ALREADY EXTENDED THE SESSION TO HAVE THE 3RD VOTE ON THE BUDGET AS PER ARTICLES IMO

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Clare: The Parliamentary Finance completes the discussion of the budget items and confirms its commitment to the legal frameworks

5/13/2023

The Parliamentary Finance Committee announced, today, Saturday, that it has completed discussing the provisions of the Federal Budget Law.

The committee stated, in a statement that {Euphrates News} received a copy of: “It is continuing, headed by Atwan Al-Atwani, its meetings through the sub-committees for reading the items and following up the schedules on Saturday 5/13/2023, in preparation for raising them to vote,” stressing “the need to follow up on the exchange authorities after approval The budget is in accordance with the legal frameworks, to come out with a result that meets the aspirations of the Iraqi people, as it directly affects the lives of citizens.\

And the special committee for studying the items - according to the statement - completed reading the legal texts contained in the budget and presenting visions and ideas in order to maximize the revenues of the state’s public treasury, in addition to discussing the allocations of the vehicle fees law for the maintenance of roads and bridges, distributing the amounts according to the spending authorities, and estimating the revenues, stressing on “

The committee also checked the listed tables to study the amounts allocated for service and commodity requirements and special programs, electricity and water fees, gas imports, as well as allocations for the school feeding program, and discussed them scientifically and expressed views to ensure that they reached their places, and hosted those concerned in this regard.

The committee affirmed "its keenness to adhere to the accuracy of making transfers between spending units, and transferring funds as needed, with knowledge of all exchange chapters contained within the schedules of the Federal General Budget Law, and stressing increasing allocations for poor governorates for the implementation of service projects." LINK

Clare: THIS ARTICLE HERE TELLS USE EVERYTHING IS DONE FOR THE BUDGET TO BECOME LAW... THEY ONLY NEED THE FORMAL VOTE NOW. IMO

Clare: Finance" hopes to reduce the deficit by 18 trillion dinars, so that the total budget becomes 180 trillion

5/13/2023

The Finance Committee in the Iraqi Parliament indicated, on Saturday, new figures for the fiscal deficit and the value of the total budget, while confirming that the approval of the draft law will take place within the next few days.

A member of the committee, Mueen Al-Kadhimi, told Shafaq News agency, "The House of Representatives will vote on the general budget law in the coming days, after the Parliamentary Finance Committee finishes preparing its final report, after which the government will start implementing its government program in early June."

Al-Kazemi added, "We in the Parliamentary Finance Committee hope that there will be a possibility to reduce the budget deficit rate of 64 trillion dinars, by increasing revenues and reducing unnecessary expenditures, especially since the remaining period of this year is seven months, and it is certain that many things cannot be done." disbursed in a short period of time.

The member of the Finance Committee indicated that the committee worked to reduce the deficit to about 18 trillion dinars by reducing and compressing operating expenses, so that the total deficit in the budget would be 46 trillion, instead of 64, and thus the total amount of the general budget would be 180 trillion dinars.

The Iraqi Council of Representatives completed the first and second readings of the draft federal budget law for the Republic of Iraq, which was submitted by the government of Muhammad Shia al-Sudani for the fiscal years (2023, 2024, 2025).

On Tuesday, the ninth of May, the committee announced that the size of the operating budget in the 2023 budget, which has not yet been approved by the Iraqi parliament, amounts to approximately 133 trillion dinars. The State Administration Coalition formed by the government of Muhammad Shia’ al-Sudani set May 17 as the initial date for voting on the tripartite budget (2023-2024-2025). LINK

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DeepWoodz: Imo We having some fun now. Let’s talk about something Walkingstick and Frank brought up. Currency swaps.

A currency swap is an agreement in which two parties exchange the principal amount of a loan and the interest in one currency for the principal and interest in another currency. At the inception of the swap, the equivalent principal amounts are exchanged at the spot rate.

Forward rates are also worthy of study.

This is one of the things that makes me think they are using new rate/rates already.

In my mind, this agreement has to be beneficial to both countries. That said, no one would want to swap currency with Iraq at 1310. So what then? Just for argument sake….They agree to meet Iraq in the middle. The middle being they swap at a rate that is higher than the value of the other countries currency, with the agreement that the dinar will go up in value at a later date. So they benefit twice, Iraq benefits twice as well when their currency goes up even higher…say 3+. Since these countries have already agreed ie. in the IMF to allow Iraq a high rate in the world.

I didn’t come up with this phrase but in this scenario….

”All ships rise with the tide.”

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Henig: International Monetary Fund: Iraq is third in the Arab world in terms of exports of goods and services last year

Baghdad / Nina / The International Monetary Fund announced that Iraq came in third place in the Arab world in exports of goods and services last year.

The Fund stated in a table: Iraq exported goods and services in 2022 worth $ 140.7 billion, which increased from the years 2020 and 2021, which amounted to $ 54 and $ 94 billion, respectively, while the rate of these exports between 1990 and 2000 was worth $ 64 billion.

The Fund expected that the value of exports in Iraq for goods and services for the year 2023 will decrease to reach $ 119.3 billion, and also decrease for the year 2024 to reach $ 118.5 billion.

He pointed out that Iraq came third among the Arab oil-producing countries with the highest value of exports of goods and services after the UAE and Saudi Arabia, in which the latter's exports for the year 2022 amounted to $ 519.3 billion and $ 441.3 billion, respectively, while Bahrain was the least oil-producing Arab country exporting goods and services with a value of $ 40.1 billion for the year 2022. LINK

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Henig: SEIZURE OF FAKE TRANSACTIONS WORTH 17 BILLION DINARS IN DIYALA ELECTRICITY

Saturday, 13 May 2023 5:17 PM

Baghdad / National News Center

Today, Saturday, the Federal Integrity Commission announced the seizure of (1463) fake exchange transactions in the branch of the Electricity Distribution Department in Diyala, under which billions of dinars were disbursed.

"The Commission's Investigations Department, while talking about the seizure operation carried out based on a judicial warrant, reported that the Commission's investigation office in Diyala rushed to form a working group to investigate and investigate as soon as it received information about the allegations of spending an amount of more than (17) billion dinars, under hundreds of fake fraudulent transactions," the integrity said in a statement received by the National News Center.

She continued, "The team moved to the headquarters of the Diyala Electricity Distribution Branch, and was able to seize (1463,2021) fake exchange transactions that were processed in 17, pointing out that the amounts disbursed under these transactions exceed (000,000,000,<>) billion dinars."

Al-Nazaha explained that "the seized transactions are for fake purchases and projects, in addition to casting, drilling and maintenance work," noting that "those purchases, projects and works allegedly carried out show that all of them are fictitious, as they were "carried out on paper only," while noting that most of "those transactions whose amounts have been disbursed are free of administrative orders for implementation."

She noted that "a fundamental report of the process was organized, and presented with the seized exhibits, to the judge of the Investigation Court competent to consider integrity cases in Diyala, in order to complete the legal procedures and determine the negligence." LINK

DINARRECAPS8 5/13/23 DINARRECAPS8 5/13/23

Iraqi News Highlights Saturday Afternoon 5-13-23

Tlm724 Administrator Bondlady’s Corner

An Expert Counts Budget Expenditures And Warns Of A (Big Dilemma)

Economy| 02:58 - 05/13/2023 Baghdad - Mawazine News, economist Nabil Al-Marsoumi warned, on Saturday, of Iraq's exposure to a "major financial and economic impasse" whose features will begin in the next year, especially if there is no significant increase in Iraqi oil exports and in global oil prices.

Al-Marsoumi wrote on his Facebook page, “Fixed expenses in the 2023 budget.

Iraqi News Highlights Saturday Afternoon 5-13-23

Tlm724 Administrator Bondlady’s Corner

An Expert Counts Budget Expenditures And Warns Of A (Big Dilemma)

Al-Marsoumi wrote on his Facebook page, “Fixed expenses in the 2023 budget.

Salaries of employees on fixed staff = 59.814 trillion dinars.

Self-financing salaries = 2.102

social welfare = 27.941 trillion dinars.

Internal and external debt service installments = 18.962 trillion dinars.

Expenses of oil licensing contracts with expenses.” Transporting Kurdistan oil = 15 trillion dinars,

importing gas and electricity = 4.841 trillion dinars,

electricity wages for the local investor = 2 trillion dinars,

total fixed burdens in the budget = 130.660 trillion dinars.

He added, "These expenditures are public burdens that are very difficult to reduce, and their burden will be borne by the 2023 budget and the upcoming annual budgets, which in total are greater than the expected oil revenues, which amount to 117 trillion dinars in 2023, which will expose Iraq to a major financial and economic impasse, the features of which will begin in the next year, especially If there is no significant increase in Iraqi oil exports and in world oil prices. https://www.mawazin.net/Details.aspx?jimare=226760

Oil Continues Its Losses For The Third Week In A Row

Economy| 12:12 - 05/13/2023 Follow-up - Mawazine News Oil prices extended their losses for the third week in a row, as the market continues to balance concerns about supplies and renewed economic concerns in the United States and China.

Brent crude futures fell by about 1.5 percent over the past week, and US crude fell by an even greater 1.82 percent.

Oil prices were also affected by the rise in the dollar, as uncertainty about the debt ceiling and monetary policy in the United States led investors to turn to assets considered safe havens.

A stronger dollar makes oil, denominated in the greenback, more expensive for holders of other currencies.

And increased fears that the United States, the world's largest oil consumer, will enter a recession after the decision to raise the US government's debt ceiling was postponed and concern grew about the failure of another regional bank.

The market drew support from expectations of a supply shortage in the second half of the year, even despite Iraqi Oil Minister Hayan Abdul-Ghani's statements to Reuters on Friday that he did not expect the OPEC + alliance to decide on a new production cut at its next meeting in Vienna on the third and fourth of June.

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday kept its forecast for global oil demand growth in 2023 unchanged, adding that higher demand from China would offset the impact of economic risks. https://www.mawazin.net/Details.aspx?jimare=226747

The Islamic Development Bank Confirms Its Desire To Develop The Capabilities Of The Employees Of The Central Bank Of Iraq

Economy News – Baghdad A high-ranking delegation from the Central Bank of Iraq participated in the annual meetings of the Islamic Development Bank, held for the period 10-13 May 2023 in Jeddah.

A statement to the Central Bank's media said, "On the sidelines of the annual meetings, the delegation held side meetings with the various institutions of the Islamic Development Bank, which affirmed their continuous support for the Republic of Iraq, and the provision of support and financing for strategic projects for the public and private sectors."

The two deputy governors of the central bank met with the deputy head of the Islamic Development Bank Group, Zamir Iqbal, who confirmed, according to the statement, "the Islamic bank's desire to develop the capabilities of the employees of the Central Bank of Iraq in various related aspects, especially in the issue of Islamic sukuk and others."

And the statement continued, "A number of side meetings were also held with some international financial institutions and some state officials to enhance joint cooperation between them and Iraq."

Views 106 Added 05/13/2023 https://economy-news.net/content.php?id=34172

Sudanese Advisor: The Rise In The Exchange Rate Of The Dollar Is A "Time Disturbance"

Economy| 08:59 - 05/13/2023 Baghdad - Mawazine News The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Saturday, that the central bank controls the exchange rate, and the rise in the dollar is a "temporary disturbance."

And Salih stated in a press statement, that "after the Central Bank of Iraq controlled the exchange rate through its calm monetary policy, and through packages facilitating external transfer in accordance with international compliance controls, and the great effort of the government by facilitating imports, there was stability in the exchange rate and the exchange rate became The parallel exchange rate is close to the official rate.

However, he added, "But organized crime gangs took advantage of (electronic) travelers' cards. These gangs illegally and legally use citizens' passports in order to issue electronic cards and smuggle them out of Iraq in order to finance black transfers and smuggle money."

He added, "What organized crime gangs are doing has created a temporary disturbance in the exchange rate in the local market. There are deterrent measures taken by the government against these gangs, to reduce this dangerous phenomenon of smuggling, money laundering, and manipulation of citizens' rights."

The financial and economic advisor to the Prime Minister confirmed that "the exchange rate in the local market will be better during the next few days, and the dinar is strong, and the exchange rate will decline again, until the official price is reached." https://www.mawazin.net/Details.aspx?jimare=226733

Sudanese Advisor: The Dinar Is Strong And The Exchange Rate Will Decline Again In The Next Few Days

Money and business Economy News – Baghdad The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Saturday, that the central bank controls the exchange rate, and the rise in the dollar is a "temporary disturbance."

International Monetary: Iraq Is The Third Arab Country In The Value Of Exports Of Goods And Services For The Past Year

Saturday 13, May 2023 17:06 | Economical Number of readings: 99 Baghdad / NINA / - The International Monetary Fund announced that Iraq ranked third in the Arab world in terms of exports of goods and services for the past year.

And the fund stated in its table: that Iraq exported goods and services in the year 2022, amounting to $ 140.7 billion, which increased from the years 2020 and 2021, which amounted to 54 and 94 billion dollars, respectively, while the average of these exports was between 1990 and 2000, a value of 64 billion dollars.

The fund expected: that the value of exports in Iraq for goods and services will decrease for the year 2023 to reach 119.3 billion dollars, and also decrease for the year 2024 to reach 118.5 billion dollars.

He pointed out: Iraq came third among the Arab oil-producing countries with the highest value of exports of goods and services after the UAE and Saudi Arabia, whose exports of the latter two for the year 2022 amounted to 519.3 billion dollars and 441.3 billion dollars, respectively, while Bahrain was the least oil-producing Arab country in exporting goods and services. And a value of $ 40.1 billion for the year 2022./ End 3 https://ninanews.com/Website/News/Details?key=1053112

Low Dollar Exchange Rates On The Local Stock Exchange

Saturday 13, May 2023 11:53 | Economical Number of readings: 416 Baghdad / NINA /- The exchange rates of the US dollar against the Iraqi dinar witnessed a decline in the main stock exchange in the capital, Baghdad, today, Saturday.

The exchange rate of the dollar on the Al-Harithiya and Al-Kifah Stock Exchanges recorded 146,000 dinars for every 100 dollars.

While the selling price was 146,500 dinars and the purchase price was 145,500 dinars, for every 100 dollars, in the local banking offices. Yesterday,

Friday, the exchange rate of the dollar in Baghdad and the provinces reached 148,000 dinars for every 100 dollars. / End8 https://ninanews.com/Website/News/Details?key=1053047

The Central Bank Refers Speculators With Exchange Rate Issues To The Competent Courts

The Central Bank of Iraq announced that speculators would refer exchange rate issues to the competent courts. A statement by the bank's media office said, "In response to citizens' requests for the US dollar currency at the official exchange rate for legitimate purposes, the Central Bank of Iraq succeeded in providing easy and appropriate tools represented in the packages of facilities it issued that include support for electronic card settlement at the official price and money transfers of various kinds,

except That some of those who were able to obtain the cards misused them far from the goals intended for this purpose, as revealed by the reports of the competent security authorities and the supervisory procedures of the Central Bank and the Office of Combating Money Laundering and Terrorist Financing, which led to the development of a “strict new electronic system” that ends this phenomenon and the violations used. in those cards.

According to the statement, the Central Bank revealed, “the completion of legal procedures against the violators, individuals, companies, and banks, announcing their referral to the courts specialized in money laundering and financing terrorism,” stressing “its keenness to provide all appropriate tools to achieve the stability of the exchange rate, especially with the arrival of external transfers through the electronic platform.”

To high levels, in addition to the use of electronic cards and the cash sale of dollars, all of this made what is called the “parallel market exchange rate” not reflecting the real exchange rate as long as the Central Bank of Iraq responds to all (legitimate requests) to buy dollars.

And that "the price in the parallel market is linked to speculative activity, and non-fundamentalist operations trying to get away from the methods offered by the Central Bank of Iraq law and its decisions." https://www.radionawa.com/all-detail.aspx?jimare=34353

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

https://www.bondladyscorner.com/

Dinar Recaps 20 5/13/23 Dinar Recaps 20 5/13/23

"Tidbits From TNT" Saturday 5-13-2023

TNT:

Tishwash: Next Monday... the start of the Iraqi-Emirati Business Forum

The Iraqi-Emirati Business Forum announced the launch of its work next Monday, under the auspices of Prime Minister Muhammad Shia'a Al-Sudani, at the Babel Hotel, in the presence of a high-ranking delegation that includes 65 Emirati businessmen commissioned by the government of the United Arab Emirates.

The forum stated in a statement that it will be launched in the presence of the President of the Federation of UAE Chambers of Commerce and more than 200 Iraqi businessmen from various commercial and economic sectors, headed by the President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi link

TNT:

Tishwash: Next Monday... the start of the Iraqi-Emirati Business Forum

Tishwash: An economist: Paying farmers' dues in Iraqi dinars will contribute to stabilizing the demand for the dollar

The expert in economic affairs, Safwan Qusai, confirmed that opening a window to receive the Iraqi dinar for the benefit of wheat marketers from farmers in Iraqi bank accounts as a protected dinar from fluctuations, will contribute to stabilizing the demand for the dollar in the parallel market.

Qusai said in a statement to the Iraqi National News Agency ( NINA ) that "paying farmers' dues directly in Iraqi dinars and increasing the quantity received to more than 4 million tons during this year and buying it at a price of 850,000 dinars per ton means pumping more than 3.5 trillion dinars and trying to hedge by buying The dollar by marketers, "stressing that, opening a window to receive the Iraqi dinar for the benefit of marketers in Iraqi bank accounts as a protected dinar from fluctuations will contribute to the stability of the demand for the dollar in the parallel market and its gradual return to the official price."

He indicated that there are other solutions that can be activated to limit the decline in the value of the dinar in the parallel market in the current period. link

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Tishwash : Concerning the dollar.. The Ministry of Interior issues "important" directives to shop owners

The Minister of Interior, Abd al-Amir al-Shammari, today, Saturday, issued directives regarding dealing in dollars in local markets in two governorates, while the Organized Crime Directorate conducted a campaign to publish the directives.

The director of the Organized Crime Division, ColJamal Al-Din Abdul-Razzaq, in an interview withAlsumaria NewsAccording to the instructions of the Minister of the Interior, to follow up the prices in the local markets and showrooms for the sale of cars, it was decided to prevent dealing in buying and selling in US dollars and to adhere to the local currency, exclusively in the city ofSamarrain the provinceSalahaddin".

He added, "His detachments conducted a round that included taking pledges from merchants and exhibition owners not to deal in dollars, in order to raise the level of the dinar against the dollar and miss the opportunity for crisis traders."

The director of the crime department vowed to "take legal measures against the violators and complete the investigative papers to present them to the judiciary."

Besides, I didDirectorateFight against organized crime, in the capitalBaghdad, with a similar campaign and taking pledges from shop owners and commercial companies not to deal in dollars and support the Iraqi dinar.

In turn, the owners of shops and exhibitions praised this step. As it will contribute to the stability of the dollar price in the local markets.link

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CandyKisses: Parliamentary Finance nears end of budget discussions

Baghdad - NAS

The Finance Committee in the House of Representatives is close to concluding discussions on the general budget paragraphs, as it has come a long way by hosting the relevant ministries and institutions, stressing its efforts to increase the allocations for the development of regions in the governorates within the draft budget.

The second vice president of the Finance Committee, Ikhlas Al-Dulaimi, said in an interview with the official newspaper "Nas", (May 13, 2023), that "the budget discussions have reached advanced stages, after the committee hosted most of the ministries and institutions, of which only a few remain."

She pointed out that "the committee reached a vision that it is very difficult to reduce the volume of spending in it, as we found real spending needed by the state because of the obligations or amounts of money it incurred due to exceptional circumstances, demonstrations and other major problems, in addition to the fact that the launch of appointments added great financial burdens on it."

She explained that "the size of the budget reached 198 trillion dinars, and it is very difficult to reduce it, but we are trying to address the imbalance of the deficit by maximizing state revenues and developing texts that achieve collection, as our non-oil revenues are not at the level of ambition, and we need to support and organize revenues to match oil revenues or at least be at a reasonable percentage in the budget and not this very small percentage."

Al-Dulaimi added that "the financial committee's orientation towards supporting the families of martyrs because their budgets are few and do not live up to ambition, especially those who were martyred in recent years during the war with (ISIS) to the present time," and while referring to the meeting of the (State Administration Coalition), which set May 17 as a preliminary date for voting on the budget, she stressed that "the committee will proceed with approving the budget as soon as possible because the Iraqi street is waiting for the opening of the door for spending to change the difficult living conditions it is going through."

For his part, a member of the Finance Committee, Mueen Al-Kazemi, explained in a statement to the same newspaper, "The committee appreciates the needs of the governorates, and in appreciation of the good performance of some governors, there is a trend to increase the development of the regions from 2 trillion and 500 million to 4 trillion dinars, taking into account that the emergency support budget was disbursed to the governorates at the beginning of this year 2023 and not much of it has been spent so far."

"The governors have nearly 8 trillion dinars, distributed and not used so far, in addition to the remaining amounts of previous years, so the provinces have a great opportunity to complete projects and the funds will not remain rounded," he said.

CandyKisses: TYPICAL DAY OF A MOM

Mot: ... Shhhhhh - Lets Make Mum Breakfast in Bed!!!! ~~~~~

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Saturday Morning Iraq Economic News Highlights 5-13-23

Sudanese Advisor: The Dinar Is Strong And The Exchange Rate Will Decline Again In The Next Few Days

And Saleh stated in a press statement, that "after the Central Bank of Iraq controlled the exchange rate through its calm monetary policy, and through packages facilitating external transfer in accordance with international compliance controls, and the great effort of the government by facilitating imports, there was stability in the exchange rate and the exchange rate became The parallel exchange rate is close to the official rate.

Saturday Morning Iraq Economic News Highlights 5-13-23

Sudanese Advisor: The Dinar Is Strong And The Exchange Rate Will Decline Again In The Next Few Days

Sudanese Advisor: The Rise In The Exchange Rate Of The Dollar Is A "Time Disturbance"

Economy| 05/13/2023 Baghdad - Mawazine News The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Saturday, that the central bank controls the exchange rate, and the rise in the dollar is a "temporary disturbance."

Parliamentary Finance: The Budget Discussions Have Reached Advanced Stages And We Are Proceeding With Its Approval As Soon As Possible

Political | 05/13/2023 Baghdad - Mawazine News, the second deputy head of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, said, on Saturday, that the budget discussions have reached "advanced stages", after the committee hosted most of the ministries and institutions, of which only a few remained.

Al-Dulaimi stated in an interview with the official newspaper, followed by Mawazine News, that "the committee has reached a vision that it is very difficult to reduce the amount of spending in it, as we found real spending that the state needs because of the obligations or financial sums it incurred due to exceptional circumstances, such as demonstrations and other problems." In addition, the launch of appointments added huge financial burdens to them.

She explained, "The size of the budget has reached 198 trillion dinars, and it is very difficult to reduce it, but we are trying to address the deficit imbalance by maximizing state revenues and setting texts to achieve collection, as our non-oil revenues are not at the level of ambition, and we need support and regulation of revenues in order to match oil revenues or At least, it will be at a reasonable rate in the budget, and not at this very small percentage.

Al-Dulaimi added, "The Finance Committee directs to support the families of the martyrs because their budgets are few and do not rise to the level of ambition, especially those who were martyred in recent years during the war with (ISIS) to the present time."

While she referred to the meeting of the State Administration Coalition, which set May 17 as the initial date for voting on the budget, she stressed that "the committee will proceed with approving the budget as soon as possible, because the Iraqi street is waiting for the door of spending to be opened to change the difficult living conditions it is going through." https://www.mawazin.net/Details.aspx?jimare=226734

Parliamentary Finance Is Close To Ending The Budget Discussions

The first 2023/05/13 Muhannad Abdel Wahhab The Finance Committee in the House of Representatives is close to finalizing the discussions of the paragraphs of the general budget, as it has come a long way by hosting the relevant ministries and institutions, confirming its endeavor to increase the allocations for the development of regions in the governorates within the draft budget.

The second vice-chairman of the Finance Committee, Ikhlas Al-Dulaimi, told Al-Sabah: "The budget discussions have reached advanced stages, after the committee hosted most of the ministries and institutions, of which only a few are left."

And she stated, “The committee reached a vision that it is very difficult to reduce the amount of spending in it, as we found real spending that the state needs because of the obligations or financial sums it incurred due to exceptional circumstances, from demonstrations and other major problems, in addition to the fact that launching appointments added large financial burdens.” on her".

She explained, "The size of the budget has reached 198 trillion dinars, and it is very difficult to reduce it, but we are trying to address the deficit imbalance by maximizing state revenues and setting texts to achieve collection, as our non-oil revenues are not at the level of ambition, and we need to support and organize revenues in order to match oil revenues or in The lowest is at a reasonable rate in the budget, and it is not at this very small percentage.”

Al-Dulaimi added, "The Finance Committee is directed towards supporting the segment of the families of the martyrs because their budgets are few and do not rise to the level of ambition, especially those who were martyred in recent years during the war with (ISIS) to the present time."

May 17 is the initial date for voting on the budget, and she confirmed that "the committee will proceed with approving the budget as soon as possible, because the Iraqi street is waiting for the door of spending to be opened to change the difficult living conditions it is going through."

For his part, a member of the Finance Committee, Mueen Al-Kazemi, explained to “Al-Sabah” that “the committee appreciates the need of the provinces, and in appreciation of the good performance of some governors, there is a tendency to increase the development of the regions from 2 trillion and 500 million to 4 trillion dinars, taking into account that the budget Emergency support was disbursed to the governorates at the beginning of this year 2023, and much of it has not been spent yet," revealing that "

Edited by: Muhammad Al-Ansari https://alsabaah.iq/76778-.html

Parliamentary Finance: Voting On The 2023 Budget Next Week

Information / Baghdad.. Member of the Parliamentary Finance, Representative Mudar Al-Karawi, expected, on Saturday, that the House of Representatives would start voting on the 2023 budget next week.

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

Al-Karawi said, in an interview with Al-Maalouma, that "the Parliamentary Finance Committee is working around the clock in order to resolve the budget items after conducting a long series of hosting ministers, directors and governors to find out the nature of the needs and the possibility of including them in the budget."

He added, "The budget will be put to vote during the next week," noting that "efforts are currently focused on reducing the fiscal deficit as much as possible and providing funds for some important items that we see will help create continuity in projects to provide basic services."

He pointed out that "the 2023 budget includes multiple challenges, and the Finance Committee is trying to reduce them as much as possible, while seeking to reduce loans to bridge the financial gap."

The House of Representatives has intensified its meetings recently in an effort to proceed with the 2023 budget, despite the challenges in the deficit file and oil prices. LINK

Forming Committees To Find Out The Final Variables In The 2023 Budget

Information / Baghdad .. A member of the Parliamentary Strategic Planning Committee, Muhammad Al-Baldawi, announced, on Saturday, the formation of committees to finally review the schedules contained in the budget law, according to the changes that occurred as a result of the recent hosting.

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

Al-Baldawi said in a statement to Al-Maalouma agency, “The Finance Committee formed sectoral committees from within it to review the schedules contained in the budget law once and for all, according to the changes that occurred as a result of the hosting and the deletion of some paragraphs of the law,” noting that “presenting the draft budget law for voting depends on the speed of achievement of the sectoral committees.

He added, “The sectoral committees will match the schedules according to the changes that took place after hosting ministers, governors, and all parties that were hosted within the committee, as well as reviewing transfer procedures, increases and decreases, and deleting some paragraphs that took place during the committee's discussions."

Al-Baldawi continued, "The presentation of the draft budget law to vote depends on the speed of completion of the sectoral committees formed by the Finance Committee," noting that "the work of the committee will end in the middle of this week."

The deficit rate amounted to 63.275 trillion dinars, with the adoption of a price of 70 dollars per barrel of oil, given that more than 95 percent of budget revenues depend on oil sales. LINK

Parliamentary Finance: It Is Very Difficult To Reduce The Budget

Money and business Economy News – Baghdad The second deputy head of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, said, on Saturday, that the budget discussions have reached "advanced stages", after the committee hosted most of the ministries and institutions, of which only a few remained.

Al-Dulaimi stated, "The committee has reached a vision that it is very difficult to reduce the amount of spending in it, as we found real spending that the state needs because of the obligations or financial sums it incurred due to exceptional circumstances, such as demonstrations and other major problems, in addition to the fact that launching appointments added burdens." Big money for it.

Al-Dulaimi added, in an interview with the official newspaper, that "the Finance Committee directed towards supporting the segment of the families of the martyrs because their budgets are few and do not rise to the level of ambition, especially those who were martyred in recent years during the war with (ISIS) to the present time."

DINARRECAPS8 5/12/23 DINARRECAPS8 5/12/23

Iraqi News Highlights Friday Evening 5-12-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Organizes A Workshop To Activate The Mechanism Of Buying And Selling Real Estate Through The Banking Sector

Money and business Economy News – Baghdad The Anti-Money Laundering and Terrorist Financing Office, in cooperation with the Central Bank of Iraq, held a workshop entitled "Due Diligence Controls for Combating Money Laundering and Terrorist Financing of Real Estate Registration Departments No. 1 of 2022".

Iraqi News Highlights Friday Evening 5-12-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Organizes A Workshop To Activate The Mechanism Of Buying And Selling Real Estate Through The Banking Sector

A statement by the Central Bank stated that the workshop aims to "activate the mechanism of buying and selling real estate through the banking sector at the headquarters of the Central Bank of Iraq, in which representatives of the Central Bank of Iraq departments and the Office of Combating Money Laundering and Terrorism Financing participated in it, and the official presence of government banks and officials in the Real Estate Registration Department."

And the authorized managers of private banks and officials of the departments for reporting suspicions of money laundering and terrorist financing and compliance departments in private banks.

The statement added, "The workshop sought to create cooperation between the real estate registration departments and all licensed banks for the purpose of reducing the risks of this sector, limiting money laundering and financing terrorism, applying controls and facilitating implementation procedures, as well as the mechanism for buying and selling real estate that will be approved by banks and under the supervision of the Central Bank of Iraq."

And emphasizing the importance of the role of all parties in strengthening measures to combat money laundering and terrorist financing.

The statement continued, "The workshop demonstrated the importance of implementing the action plan contained in the National Risk Assessment Report, each according to its competence, and its importance in reflecting the efforts of the Republic of Iraq during the mutual evaluation process."

Views 123 05/12/2023 - https://economy-news.net/content.php?id=34159

CBI Al-Alaq Is Discussing With The World Bank His Plan To Establish A Loan Guarantee Company

Economy News – Baghdad On Thursday, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received a delegation of experts from the International Finance Corporation (IFC) of the World Bank, headed by the supervisor of financial market projects in the Levant region, Marcel Rashid.

According to a statement by the Central Bank, the two parties discussed "ways to develop the relationship between the Central Bank of Iraq and the International Finance Corporation, and to develop a plan to establish a (loan guarantee company), which was proposed by the governor earlier as part of a comprehensive study he presented regarding building national strategic bases for bank lending, while the bank staff is responsible for Building the national strategy for lending in accordance with its rules.

The statement continued, "The establishment of a loan guarantee company is an important factor in stimulating lending, by reducing the rates of loan defaults that the banking sector in Iraq suffers from."

Views 472 Added 05/11/2023 - https://economy-news.net/content.php?id=34156

Report: A Decrease In The Price Of Oil In The Budget, One Dollar Will Cost Iraq 1.5 Trillion Dinars

Money and business A report by the British (SLI) website confirmed, on Tuesday, that the decline in the price of a barrel of oil by one dollar within the price specified within the federal budget for Iraq will cost the country a decrease of 1.5 trillion Iraqi dinars annually.

The report stated that "the budget proposal calls for a total spending of 199 trillion dinars, consisting of current expenditures amounting to 149.6 trillion dinars and investment spending amounting to 49.5 trillion dinars, as revenues are expected to reach 134.6 trillion Iraqi dinars, consisting of oil revenues amounting to 117.3 trillion Iraqi dinars on The basis for exporting 3.5 million barrels per day, at an average price of $70 per barrel, in addition to non-oil revenues amounting to 17.3 trillion Iraqi dinars.

He added, "The resulting deficit of 64.5 trillion Iraqi dinars will be funded by 23 trillion Iraqi dinars from the account of the Ministry of Finance in the Central Bank of Iraq and about 10 trillion Iraqi dinars from continuous foreign financing for investment projects, which requires new local construction and borrowing 31.5 trillion dinars."

He continued, "The new Iraqi budget differs from its predecessors in three main points. The first is that it was conducted in consultation within the State Administration Coalition in the hope that it will be passed by the House of Representatives with minimal changes.

The second is a proposal that the budget be for three years instead of one year to provide The political stability of the government during its tenure, and the third is that it contains a framework for addressing disputes between the federal authorities and the Kurdistan Regional Government regarding oil exports in a way that satisfies the ruling issued by the Federal Supreme Court for the year 2022 and provides for the Kurdistan Region of Iraq’s share of the budget.

He explained, "High oil prices in 2022, and medium-term expectations of higher oil prices provide the government with the flexibility to pursue its spending plans for 2023.

However, these dynamics will change even when assuming that oil prices will continue to rise in 2024, and this scenario will be repeated in 2025." If oil prices are the same as assumed for 2024, but more domestic borrowing means the domestic debt stock could be 70-80 percent larger by the end of 2024 than it was at the end of 2022.

He pointed out that "the sensitivity of the budget to oil prices makes every decrease of one dollar per barrel in the annual average of Iraqi oil prices translate into a decrease in revenues of 1.5 trillion Iraqi dinars (assuming proven oil exports and the current exchange rate for dollars and thus a local increase in borrowing needs.

On the other hand, A rise in oil prices would change the picture for the better, but it would not change the trajectory of domestic debt to increase oil revenues, which, over time, would lead to the exclusion of other budget expenditures and reduce flexibility for future budget planning.

Views 549 Added 05/11/2023 - https://economy-news.net/content.php?id=34153

Oil Rises In Early Asian Trading

Friday 12, May 2023 11:01 | Economical Number of readings: 254 Baghdad / NINA / - Oil markets regained some of their gains in early Asian trading, today, Friday, while concerns about a banking crisis in the United States linked to the debt ceiling limited gains.

Brent crude futures rose 36 cents, or 0.5 percent, to 75.34 dollars a barrel, and US crude futures rose 41 cents, or 0.6 percent, to 71.28 dollars.

And the two crude oil recovered from losses that ranged between three and four percent during the past two sessions.”/End2 https://ninanews.com/Website/News/Details?key=1052866

The Exchange Rates Of The Dollar On The Baghdad Stock Exchange

Economy Friday, May 12, 2023 Baghdad / National News Center Today, Friday, the exchange rates of the dollar against the dinar witnessed stability in the main stock exchange in the capital, Baghdad, as the selling price reached 148,000 dinars per 100 dollars, while the purchase price reached 146,000 dinars per 100 dollars. https://nnciraq.com/204936/

The Central Bank Refers Speculators With Exchange Rate Issues To The Competent Courts

May 12, 2023 In response to citizens’ requests for the US dollar currency at the official exchange rate for legitimate purposes,

the Central Bank of Iraq succeeded in providing easy and appropriate tools represented in the facilities packages it issued,

which include support for the settlement of electronic cards at the official rate and money transfers of various types,

but some of those who were able to obtain cards They were misused far from the intended goals for this purpose,

as revealed by the reports of the competent security authorities and the supervisory procedures of the Central Bank and the Office of Combating Money Laundering and Terrorism Financing,

which called for the establishment of a “strict new electronic system” that ends this phenomenon and the violations used in those cards.

The Central Bank of Iraq revealed the completion of legal procedures against the violators, individuals, companies and banks,

announcing their referral to the courts specialized in money laundering and financing terrorism,

stressing its keenness to provide all appropriate tools to achieve the stability of the exchange rate,

especially with the arrival of external transfers through the electronic platform to high levels,

In addition to the use of electronic cards and the cash sale of dollars,

all of this made what is called the “parallel market exchange rate” not reflect the real exchange rate as long as the Central Bank of Iraq responds to all (legitimate requests) to buy dollars, and that

the price in the parallel market is linked to activity. Speculation, and non-fundamental operations trying to move away from the methods provided by the Central Bank of Iraq law and its decisions.

Central Bank of Iraq information Office 12 - May – 2023 https://cbi.iq/news/view/2331

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

https://www.bondladyscorner.com/

Dinar Recaps 20 5/12/23 Dinar Recaps 20 5/12/23

Zimbabwe and Vietnam News Posted by Harambe at TNT Friday 5-12-2023

TNT:

Harambe: Zimbabwe Backs New Digital Money With 140 Kilograms of Gold | Bloomberg (5/12/23)

Zimbabwe used nearly 140 kilograms of gold reserves to back the first sale of its digital money.

The central bank received 135 applications valued at 14 billion Zimbabwe dollar ($12 million) to purchase the gold-backed digital tokens, it said in an emailed statement on Friday. It plans a second auction

The southern African nation has turned to the digital money to help ease soaring demand for US dollars in its economy as the value of the local currency plunged. The move was criticized by the International Monetary Fund, which urged the government to rather liberalize its foreign-exchange rate than risk depleting its reserves.

TNT:

Harambe: Zimbabwe Backs New Digital Money With 140 Kilograms of Gold | Bloomberg (5/12/23)

Zimbabwe used nearly 140 kilograms of gold reserves to back the first sale of its digital money.

The tokens are just one of the measures introduced to shore up a currency that’s weakened more than 40% against the US dollar this year, and amid soaring inflation. It’s also released gold coins and on Thursday warned that short-term interest rates may have to rise. The central bank’s benchmark rate at 140% is the highest in world.

https://www.bloomberg.com/news/articles/2023-05-12/zimbabwe-backs-new-digital-money-with-140-kilograms-of-gold

Harambe: Apple Vietnam online store opens on May 18, 2023 | AppleInsider (5/12/23)

After over 30 years of Specialists and third parties supporting Apple in Vietnam, the company will be opening its first official online sales and support effort very soon.

In the release published late on Thursday, Apple said that the store will open on May 18, to provide sales and support for Apple's entire product line.

"We're proud to be expanding in Vietnam, and excited to bring our exceptional care and support to customers with the launch of the Apple Store online," said Senior Vice President of Apple Retail Deirdre O'Brien in a translated statement. "With the online store, customers in Vietnam can now discover many of our great product lines and services, connect with experienced experts, as well as experience Apple's quintessence more than ever before."

A preview of the experience is already online.

The move is part of Apple's expansion into markets that it has historically under-served. In the last month, it has opened two stores in India within days of each other.

As of yet, Apple has not commented on when it will open physical retail stores in Vietnam. Apple's online presence in India began on September 23, 2020, with the stores opening in April 2023.

https://appleinsider.com/articles/23/05/12/apple-is-opening-its-first-online-store-for-the-vietnam-market-soon

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Harambe: Boeing inaugurates permanent office in Hanoi | Vietnam+ (5/12/23)

The aviation giant Boeing inaugurated its new permanent office in Hanoi on May 12.

The office, located at the LEED-accredited Capital Place in Ba Dinh district, will serve as a hub for collaborations to support Boeing’s business priorities in Vietnam.

It has been developed with strong environmental considerations in mind and is positioned to maintain a net-zero future through energy and water conservation efforts.

“Boeing’s relationship with Vietnam is growing in strength as we partner to develop the country’s aerospace capabilities. Our new office will enable us to better serve our local customers and stakeholders while creating a strong foundation for future growth,” said Michael Nguyen, Boeing's country managing director.

Boeing has been Vietnam's partner in the aerospace sector for almost three decades. The aviation heavyweight focuses on capability building and collaborations with Vietnamese companies on manufacturing, engineering services, aviation safety, sustainability, and research and technology.

Boeing's diverse team is committed to innovating for the future, leading with sustainability, and cultivating a culture based on the company's core values of safety, quality, and integrity.

https://en.vietnamplus.vn/boeing-inaugurates-permanent-office-in-hanoi/252980.vnp

Harambe: Vietnam Tycoon’s EV Arm VinFast Inks $23 Billion SPAC Deal | Bloomberg (5/12/23)

VinFast, an electric vehicle maker founded by Vietnam’s richest person, is going public through a merger with blank-check company Black Spade Acquisition Co. in what would be the largest-ever US listing by a company from the Southeast Asian country.

The deal will give VinFast an equity value of about $23 billion, according to a statement from the parent company Vingroup JSC on Friday. Including debt, the EV maker will be valued at around $27 billion. VinFast shareholders will own approximately 99% of the combined entity after the transaction, which is expected to close in the second half of this year, subject to regulatory and shareholder approvals.

Shares of Black Spade jumped as much as 12% in pre-market trading.

VinFast would join a trickle of Asian companies seeking to list in the US through mergers with special purpose acquisition companies even as similar transactions have slowed amid tighter regulatory oversight and lukewarm market sentiment. Smart-car tech startup Ecarx Holdings Inc. went public in the US in December after completing its merger with a blank-check company, while Singaporean TV licensing firm Allrites Holdings Pte this week inked a merger deal with blank check firm Aura FAT Projects Acquisition Corp.

VinFast will also look to break the mold of EV manufacturers struggling after SPAC mergers. Companies that have nearly wiped out shareholders since they combined with blank-check firms the last few years include Nikola Corp., Lordstown Motors Corp. and Canoo Inc. One EV hopeful — Electric Last Mile Solutions Inc. — filed for bankruptcy almost a year ago.

A SPAC merger, if successful, will cap VinFast’s years-long efforts to become a publicly-traded company. Bloomberg News first reported in early 2021 that Vingroup was considering a $2 billion US initial public offering for the EV unit. The company in April 2022 filed confidentially for the share sale.

The move comes as VinFast steps up its efforts to expand into markets beyond its home country. The EV maker, which plans to build a factory in North Carolina, shipped its second batch of electric cars to North America in April with plans to start delivering to customers in US this month. It also plans to send its first vehicles to Europe in July.

“The partnership with Black Spade and listing of VinFast in the US represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup,” VinFast Chief Executive Officer Le Thi Thu Thuy said in the statement.

Global Expansion

Vingroup’s founder Pham Nhat Vuong, 54, is the country’s richest person, with a $3.9 billion net worth, according to the Bloomberg Billionaires Index. He started his own business while studying in Moscow and has said he left Russia with $40,000 in debt. He began a dried-foods company in Ukraine in the early ’90s that sold instant noodles and mashed potatoes and sold it to Nestle SA for an undisclosed amount in 2010.

Soon after starting VinFast in 2017, Vuong spoke openly about his ambition to sell cars in the US and personally committed as much as $2 billion to the carmaker. The billionaire last month said he will give another $1 billion to the EV maker within the next year. Vingroup will chip in $500 million and provide a loan of $1 billion for up to five years.

VinFast officially launched three car models and three e-scooters in Vietnam in 2019, according to its website. In 2021, it launched the first batch of EVs and started pre-orders globally for them last year.

Black Spade Acquisition Co. raised $169 million in an US IPO in 2021. The Hong Kong-based blank check firm has said it aims to identify a business combination target related to or in the entertainment industry, with a focus on enabling technology, lifestyle brands, products or services, and entertainment media, its website shows. Its sponsor Black Spade Capital Ltd. is the private investment arm of Lawrence Ho, the chairman and chief executive officer of casino operator Melco International Development Ltd.

https://www.bloomberg.com/news/articles/2023-05-12/vietnam-tycoon-s-ev-arm-vinfast-inks-23-billion-us-spac-deal

Dinar Recaps 20 5/12/23 Dinar Recaps 20 5/12/23

Goldilocks "Debt Ceiling, Vietnam and more" Friday 5-12-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted comments, links, and one photo:

The Debt Ceiling meeting has been postponed for one week.

Safety of Regional Banks are in focus. Regional banks are under pressure to reprice their customers' contracts offering higher rates.

Banks are looking for money because they know that the runoff at the FED level in liquidity is real.

Banks basically need their customers to remain in their system. The competition for customers at the banking level is real.

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted comments, links, and one photo:

The Debt Ceiling meeting has been postponed for one week.

Safety of Regional Banks are in focus. Regional banks are under pressure to reprice their customers' contracts offering higher rates.

Banks are looking for money because they know that the runoff at the FED level in liquidity is real.

Banks basically need their customers to remain in their system. The competition for customers at the banking level is real.

According to the experts, the Vietnamese Dong has been the most stable currency in Asia.

Since the beginning of the year, Vietnam has been able to accumulate more foreign currency reserves to support their National Currency.

This is creating a stronger demand for their currency over the US dollar trading at similar levels as the Yuan and Yen.

The demand is expected to normalize their economy by the end of the year increasing the value of their own currency to sustain their own economy.

VietnamNet LINK

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World Bank offers Sofr swap to retail FRN holders

https://www.globalcapital.com/article/2bn9a8ffag9zknd02tr0g/ssa/supras-and-agencies/world-bank-offers-sofr-swap-to-retail-frn-holders

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Iraq received a delegation from the World Bank yesterday for a meeting.

International Finance Corporation (IFC) affiliated to the World Bank discussed their guarantee program.

During the meeting, the Central Bank of Iraq and the International Finance Corporation discussed ways they could collaborate their efforts going forward.

A guarantee program includes the following:

* The ability to work with a AAA mitigation financial structure guaranteeing a solid framework of collaboration between countries.

* Guaranteeing foreign and local currency obligations will be met.

* Minimizing currency risk (convertibility, transferability, etc,)

* And finally, a guarantee program such as this will secure both private and governmental agencies from activities that will bring their financial system down.

https://cbi.iq/news/view/2329

https://www.worldbank.org/en/programs/guarantees-program

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Dollar slips against dong - VnExpress International

VnExpress LINK

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Exclusive: Iraqi finance committee deputy calls for diversification away from US dollar

TheCradle LINK

~~~~~~~~~

Goldilocks posted this clock stopped at 5:17.

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Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Dinar Recaps 20 5/12/23 Dinar Recaps 20 5/12/23

"Tidbits From TNT" Friday Morning 5-12-2023

TNT:

CandyKisses: The largest borrower from the IMF is at risk of bankruptcy

Argentina is struggling in its battle to prevent its currency from collapsing and the central bank from going bankrupt, according to some estimates, according to Bloomberg.

The South American country has already spent all of its international liquid reserves, plus an estimated another billion dollars, raising the risk of currency collapse as the nation faces a historic drought and impending recession.

Without cash, questions arise about how long the government can continue to defend the peso from total collapse. A devaluation could fuel inflation by 104%.

"Lower reserves lead to more pressure on the exchange rate, which in turn leads to more pressure on inflation, and I don't see any possible scenario in which inflation is below three digits this year," said Fernando Losada, managing director at Oppenheimer & Co.

TNT:

CandyKisses: The largest borrower from the IMF is at risk of bankruptcy

Argentina is struggling in its battle to prevent its currency from collapsing and the central bank from going bankrupt, according to some estimates, according to Bloomberg.

Without cash, questions arise about how long the government can continue to defend the peso from total collapse. A devaluation could fuel inflation by 104%.

Argentina has struggled to build up international reserves and keep them at healthy levels for decades, to combat rising prices and reconcile liabilities on foreign bonds.

It now technically holds less than $34 billion in total foreign reserves, but the majority of them are not cash, but assets — such as gold, swap lines of credit with China and dollars that Argentines have in their savings accounts.

This is a problem for a country that needs cash ready to be spent. Argentina's foreign currency liabilities already exceed total reserves by nearly $1 billion.

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Tishwash: The Governor of the Central Bank of Iraq receives experts from the International Finance Corporation (IFC).

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received today, Thursday, a delegation of experts from the International Finance Corporation (IFC) affiliated to the World Bank, headed by Mr. (Marcel Rashid), the supervisor of financial market projects in the Levant region.

During the meeting, ways of developing the relationship between the Central Bank of Iraq and the International Finance Corporation were discussed, and a plan was drawn up to establish a (loan guarantee company), which was proposed by the governor earlier as part of a comprehensive study he presented regarding building the bases for a national strategy for bank lending, while the staff of the Central Bank is responsible for building the national strategy. lending according to the rules.

The establishment of a loan guarantee company is an important factor in stimulating lending, by reducing the rates of loan defaults that the banking sector in Iraq suffers from.

Central Bank of Iraq
Media Office
11 - May – 2023 link

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Tishwash: The Finance Committee announces the start of auditing taxes and fees in the budget

The Iraqi Parliament said that the Parliamentary Finance Committee has begun to scrutinize items and identify ideas in the areas of taxes and gasoline purchase fees in the 2023 budget.

According to a statement issued by the Parliament’s Media Department, which was seen by “Ultra Iraq”, the subcommittees met on behalf of the Finance Committee to “study and add items to the budget and amend it, study the details of the allocations of spending agencies and the schedules included in the federal budget for the fiscal years 2023-2024-2025 and audit Details of the numbers received.

According to the statement, the committee stressed "the need to determine how to spend according to the needs of institutions, and to manage funds with the aim of determining sources and priorities in implementing projects that meet the needs of the state."

The committee for the items prepared "the texts that it intends to add to the items of the budget and to define ideas and visions related to the areas of taxes and fees for the purchase of imported improved gasoline, so that the amounts return to the state treasury after selling it."

The meeting also discussed "the file of mobile phone companies' fees, the balance mobilization tax, social networking fees, the obligation of the ministries of electricity, communications and construction, and the authorities concerned with imposing fees and levies, and all spending units are evaluated in collecting revenues to preserve public money, in addition to the criteria for estimating the purchase of real estate." .

The committee studied the analysis of financial figures and "checking the detailed data regarding the amounts of service and commodity requirements, special programs, contributions, and the government program; for the possibility of making transfers between the chapters of exchange according to the need of spending units according to economic feasibility, in addition to the financial amounts of contracts of some ministries and central funding, in A way to support provincial projects, social welfare and productive companies.

The 2023 budget, which will be applied for the next two years as well, came with a total proposed expenditure of 197.8 trillion dinars, equivalent to 152.2 billion dollars, while the price of a barrel of oil is about 70 dollars per barrel, and a fiscal deficit of 63 trillion dinars, equivalent to 48.5 billion dollars.

The budget included the imposition of taxes on "revenues from sales of one liter of gasoline at a rate of 5%, on gas or kerosene oil at a rate of 10%, on imported fuel at a rate of 15%, and on sales of black oil at a rate of 1%."

Earlier, the academic and economist, Nabil Al-Marsoumi, considered that the above taxes in the 2023 budget would lead to "an increase in the cost of transporting people and goods, and then a new rise in the prices of goods and services."

Although these taxes will lead to “enhancing non-oil revenues and limiting even a little fuel smuggling abroad,” according to the decree, which rectifies, “they will lead to an increase in the cost of transporting people and goods, and then a new rise in the prices of goods and services, which may lead to exceeding the percentage of The annual inflation specified in the budget is 5%, which has a negative impact on the standard of living of citizens.

On May 9, the Iraqi Council of Representatives decided to "extend its legislative term until the budget law is approved ."

And the Parliamentary Finance had previously issued a report on the budget law that included great observations about the largest budget in the history of Iraq, with an increase in operational spending by 75%.

And then announced a plan to reduce expenditures and the deficit within the budget law, in agreement with Prime Minister Muhammad al-Sudani to host the ministers of finance and planning with the aim of "reducing the large deficit" in the 2023 budget link

Mot: Now is the time to find out what your siblings are planning for Mother's Day.

Mot: Why does time have to move so fast??

DINARRECAPS8 5/12/23 DINARRECAPS8 5/12/23

Friday Morning Iraq Economic News Highlights 5-12-23

Including Stopping Phone Applications... Economic Solutions To Control The Dollar's Rise

May 11 19:32 Information / special. Today, Thursday, the economist, Nabil Al-Ali, proposed solutions to control the rise in dollar exchange rates in the local markets, while stressing the need for greater facilities for small companies and merchants.

Al-Ali said, in an interview with Al-Maalouma, that "the return of the decline in dollar exchange rates in the local markets requires the central bank and the government to implement several solutions," noting that "the first matter is to make greater facilities for companies, merchants, and small merchants, and requests for financial transfers to conduct transfers with conditions ( Less severe) and removing obstacles and facilitating more and more procedures regarding these requests, and passing transfers more quickly.

Friday Morning Iraq Economic News Highlights 5-12-23

Including Stopping Phone Applications... Economic Solutions To Control The Dollar's Rise

He added, “The second matter revolves around stopping (mobile applications) that work to promote local exchange rates (the black market), as they are applications whose data displayed do not include their dependence on the real demand in the market (such as a real electronic auction and stock exchange, but rather it is just a media display method). .

Al-Ali continued his speech, saying: “The need to prevent any attempts to use such applications as a tool to change the direction of the market, due to its wide spread and the degree of dependence of markets, traders and traders on its presented data, through the imaginary influence on exchange rates and the impact on the markets.

The exchange rates of the dollar, in the Iraqi markets, have recently witnessed a new rise, as the exchange rate of every 100 US dollars reached approximately 146,000 Iraqi dinars, amid popular fears of a new rise in the prices of the green currency. LINK

https://media.almaalomah.me/archive/image/2023/5/12/f291e085-7425-4b99-8ea0-7a5ff9ca6182.jpg

Will Reducing The Budget Deficit Affect Service Projects? A Parliamentary Committee Answers

Information/Baghdad... Today, Friday, the Parliamentary Services Committee confirmed that the government continues its service work in many areas of the capital, Baghdad, unlike previous years, pointing out that approving the budget will open the door to the completion of new projects.

Committee member Baqir Al-Saadi told Al-Maalouma, “There are service projects awaiting approval of the budget, in addition to many important files in the country that are related to security and economic aspects, as well as employee salaries, new grades, and procedures for contract owners, all of which depend on approving the budget.”

He added, “The movements within the House of Representatives and the existing meetings in order to reduce the amounts of the budget deficit will not be at the expense of the service projects that the citizen awaits, as work is under way to provide the public interest of the country.”

And he indicated that "Baghdad, through the municipality and the governorate, is witnessing continuous work in many service projects, which confirms that there are moves towards the completion of these projects, unlike the previous periods, especially in the field of roads and sewers." LINK

Sudanese Financial Advisor Reveals The Reason For The Rise In Dollar Prices Again

Baghdad - Iraq today:The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, revealed the reason for the return of the exchange rate hike in the parallel market, while he indicated that it was a "temporary matter."

Salih said, in a press interview, that "the return of the price of the dollar against the Iraqi dinar in the parallel market is temporary," noting that "within a few days it will decline again, until it stabilizes to the official price or very close to the official price.”

And he indicated that "the temporary rise is due to organized crime gangs carrying out the process of smuggling currency again through (electronic) prepaid cards, but there are strict government and security measures to confront these gangs, and for this price will decrease again during the next few days.”

During the past few days, the exchange rates of the dollar witnessed a big jump until the selling price exceeded 148 thousand dinars per 100 dollars. LINK

An Economist Identifies A Major Reason For The Rise In Dollar Exchange Rates In The Markets

economy |Baghdad today – Baghdad Today, Friday, the economic expert, Abdul Rahman Al-Mashhadani, identified a major reason for the escalation of dollar exchange rates in the Iraqi markets.

Al-Mashhadani told (Baghdad Today) that "the escalation of the exchange rates of the US dollar in the parallel market in Baghdad and the rest of the provinces is due to the financial transfers of merchants abroad, since some of them are delayed in the auditing process and others are rejected after two weeks or more have passed."

Pointing out that "merchants are mainly interested in financing your trade, so many of them resort to the parallel market and transfer money abroad officially."

He added, "Not a small part of merchants and companies have not been organized on the electronic platform designated for them, and they are still dependent on the parallel market, in addition to the delay in transfers to merchants leading to the imposition of very expensive fines in foreign ports and airports that some see as higher than the cost of buying dollars from the parallel market. Therefore, They resort to the latter in order to speed up the shipment of goods to Iraqi ports."

He pointed out that "the shipment of any merchant is not released in the ports except after paying the money, and this is what prompts some of them to rely on the parallel market to buy the dollar, despite its rise from the specified prices, because the cost of floor fines is very high." LINK

Khazali Reveals "Political Pressures" On The Budget

Sumerian special 2023-05-11 | Source: Alsumaria News 2,499 views Today, Thursday, the head of the Agriculture, Water and Marshes Committee in the House of Representatives, Faleh Khazali, confirmed that the federal budget is subject to "political pressures", while he considered that these pressures are "natural", revealing at the same time the share of the ministries of agriculture and water resources from the budget.

“This is the first budget in the history of the Iraqi state to be comprehensive for three years, and it is consistent with what was stated in the Financial Management Law No. 6 of 2019, and this law will give the government space to take its role at the executive level and perpetuate the movement,” Khazali said, for Alanna program broadcast by Alsumaria TV. executive at all levels," pointing out that "what is stated in the budget is subject to interview and discussion, and the Finance Committee is making great efforts to correct it."

He added, "The current budget, like any previous budget, was subjected to political pressure," noting that "differences between the political blocs are normal, as each bloc searches for its interests within the budget and what secures access to its entitlements according to what it sees."

Al-Khazali suggested that the budget be approved on “the current May 17 or two or three days after that date,” considering that “proceeding with the approval will give comfort to the government to carry out its work,” noting that “there are promising projects, loans, agreements, obligations, and projects pending on approving the budget in line with the program government of Muhammad al-Sudani.

A member of the House of Representatives revealed that "the share of the Ministries of Agriculture and Water Resources does not exceed 1% at the operational level, compared to the total budget level."

And while he stressed the necessity of "fair justice for all provinces, especially the south and the center," he indicated that "the budget will reveal the extent of the Kurdistan Regional Government 's friendship with the Baghdad government, in terms of handing over sovereign federal revenues (taxes, customs, and collection) and half of the revenues from the ports, gas and oil revenues, and everything federal. The real credibility will be in the implementation of political agreements."

Al-Khazali continued, "We have reservations about what is stated in the budget regarding giving projects to ministries more than headquarters to the governorates, stressing that many ministerial projects are lagging and have problems with cost, quality, implementation and financing in all sectors." LINK

A Private Bank Loses 3.5 Billion Dinars Due To US Federal Sanctions Within 4 Months

May 11 19:39 Information/Baghdad.. The Iraq Stock Exchange Investors Association announced, on Thursday, that a private bank lost 3.5 billion dinars within 4 months due to the US Federal Reserve's measures.

"The result of the Middle East Bank's activity during the first quarter of 2023 is a loss of 3 billion and 543 million dinars," said Alaa Al-Moussawi, head of the association, in a statement received by Al-Maalooma.

He explained that "the reason for this large loss is the significant decrease in revenues after the sanctions imposed by the US Federal Bank on the bank and preventing the bank from dealing in dollars, which is the main activity of the bank."

He pointed out that "the effect of changing the exchange rate is very slight, because the bank transferred its assets from dollars before imposing sanctions on it." LINK

The International Monetary Fund Figures For Iraq Are In Doubt.. An Economist Explains

Economy 2023-05-12 | 1,734 views Alsumaria News – Economy Economist Nabil Al-Marsoumi said that the recent International Monetary Fund figures regarding Iraq's imports of goods and services are incorrect.

Al-Marsoumi said in a tweet, followed by Alsumaria news, that "the International Monetary Fund is a global monetary institution that includes a group of the brightest experts in money and monetary affairs in the world and of different nationalities, but unfortunately we note that some of the data published by the Fund lacks accuracy.”

He added, "From what was recently issued by him that imports Iraq of goods and services amounted to 105 billion dollars in 2022, which is an incorrect number and is not commensurate with the annual dollar sales of the Central Bank of Iraq and is very far from the number that it published Central Bank of Iraq Within the balance of payments which includes imports Iraq For the year 2022, as imports of goods and services amounted to $55 billion, including $17.5 billion for government imports and $37.5 billion for private sector imports. LINK

An Economist Clarifies About The Recent International Monetary Fund Figures Regarding Iraq's Imports: They Lack Accuracy

12/05/2023 Today, Friday, the economist Nabil Al-Marsoumi said that the recent International Monetary Fund figures regarding Iraq's imports of goods and services are incorrect and lack accuracy.

Al- Marsoumi said in a tweet, followed by NRT Arabia.

He added, "From what was recently issued by him that Iraq's imports of goods and services amounted to 105 billion dollars in 2022, which is an incorrect number and is not commensurate with the annual dollar sales of the Central Bank of Iraq and is very far."

from the number published by the Central Bank of Iraq within the balance of payments that includes Iraqi imports. For the year 2022, as imports of goods and services amounted to $55 billion, of which $17.5 billion were for government imports and $37.5 billion for private sector imports.

Earlier yesterday, the International Monetary Fund revealed that Iraq imported goods and services worth $105 billion during the year 2022.

And the fund stated in a table that was seen by NRT Arabia, a copy of it, that "Iraq imported goods and services in the year 2022, amounting to $105.4 billion," noting that "these revenues increased from the years 2020 and 2021." , which amounted to 60 and 72.8 billion dollars, respectively. .

The Fund expected, "The value of imports in Iraq for goods and services will remain the same for the year 2023, while it will rise for the year 2024 to reach $123.8 billion."

He pointed out that "Iraq came third among the Arab oil-producing countries with the highest value of imports of goods and services, after the UAE and Saudi Arabia, whose imports of the latter two for the year 2022 amounted to 303.1 billion dollars and 252.7 billion dollars, respectively, while Bahrain was the least Arab oil-producing country importing goods.” and services, with a value of $31.6 billion for the year 2022. https://www-nrttv-com.translate.goog/ar/detail3/11875?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Stability Of Dollar Exchange Rates In The Local Markets

Economy |Baghdad today – Baghdad Today, Friday, the exchange rates of the dollar against the dinar witnessed stability in the local markets in the capital, Baghdad.

The (Baghdad Today) correspondent said, "The selling price amounted to 148,000 dinars per 100 dollars, and the purchase price amounted to 146,000 dinars per 100 dollars in the local exchange offices."

He added, "The Al-Kifah and Al-Harithiya stock exchanges are closed and stopped buying and selling today." LINK

DINARRECAPS8 5/11/23 DINARRECAPS8 5/11/23

Iraqi News Highlights Thursday Evening 5-11-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Of Iraq Receives Experts From The International Finance Corporation (IFC).

May 11, 2023 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received today, Thursday, a delegation of experts from the International Finance Corporation (IFC) affiliated to the World Bank, headed by Mr. (Marcel Rashid), the supervisor of financial market projects in the Levant region.

Iraqi News Highlights Thursday Evening 5-11-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Of Iraq Receives Experts From The International Finance Corporation (IFC).

During the meeting, ways of developing the relationship between the Central Bank of Iraq and the International Finance Corporation were discussed, and a

plan was drawn up to establish a (loan guarantee company), which was proposed by the governor earlier as part of a comprehensive study he presented regarding building the bases for a national strategy for bank lending,

while the staff of the Central Bank is responsible for building the national strategy. lending according to the rules.

The establishment of a loan guarantee company is an important factor in stimulating lending, by reducing the rates of loan defaults that the banking sector in Iraq suffers from.

Central Bank of Iraq information Office 11 - May – 2023 https://cbi.iq/news/view/2329

Anti-Money Laundering And Terrorist Financing Scenarios
May 11, 2023 For the purpose of strengthening the supervisory system of the money laundering and terrorist financing reporting unit, scenarios for anti-money laundering and terrorist financing systems have been prepared,

which are compatible with the financial work environment in Iraq, and

the agents of (Western Union) and (Money Gram) can adopt them as a minimum for their electronic systems, taking into account the following.

► To view AML/CFT information and scenarios related to transfers through agents of international transfer companies (Western Union and MoneyGram)..click here
https://cbi.iq/static/uploads/up/file-168379218193043.pdf

https://cbi.iq/news/view/2328

Partial and imperfect translated document -

(MoneyGram) (Western Union) (A854 684 / ll

M / suspicion scenarios

It is compatible with the financial work environment of Iraq, and your companies can adopt it as a minimum for their systems electronically, taking into account the following:

Firstly:

1 The listed scenarios are added to the scenarios previously sent to you from This bank accepted according to our information No. (55/5/51011) on 5/1

3 Keeping in mind that the system keeps a list of “oli yi” notifications with “Lol yt” that you want to know.

These notices may be retained, as well as proof that you have carried out verification procedures

And easy access to it when needed.

Receive information.

Get high-accuracy search and analysis results through the system.

secondly:

And the reporting departments in your companies are (confidential and open in particular).

Regards... m 0
They have a side
Faisal Al-Haimus
Vice Governor Agency
[H/"?? . "
Hather Ammam CBI Head Office: Ai- Rasheed St. Baghdaa-frag SR a Do
Tel: 81651717 Telephone Exchange With 4 Line Cosas te Le a A es
P.O Box: 64 Fax — GOGE4TST6ESO? re
Email. cbhi@cht.iq eo bone ge ee

AML/CFT scenarios for transfers through agents of transfer companies
over eI I 0
International (Western Union and MoneyGram)
\- Incoming or outgoing transfers without any relationship between the transferor and the beneficiary or the purpose of the transfer and
Represented by me (personal relationship, salaries, relatives, tourism treatments, training, legal advice).
“Services..etc.)

3 Incoming or outgoing remittances at close intervals.

Transfers issued or received to and from countries and geographical locations classified as high risk or

Included on the salt sanctions lists (freezing lists) and international ones.

~~ Incoming transfers and then transferred at the same period or after a short period.

5 recurring one-time or partial transfers.

A- Transfers issued or received to and from persons holding high positions with risks

A- The similarity of personal information of several people without justification (address » phone number » birth » passport number ...

(a |

4- Transfers to and from persons or entities included in local blacklists or ban lists or international.
0- The customer receives high amounts that are not commensurate with the nature of his activity.

11 Repeated transfers to the same beneficiary during a specific period of time

Different documents presented in each transfer (incoming or outgoing)» and according to the available databases

Sal

¥\- Refraining from presenting the passport of the sender and recipient, which depends on checking the names in the aforementioned lists
In Paragraph (4) above, 0

1- The customer receives repeated transfers of small amounts and for the same period.

5 Frequent transfers of large or small amounts to and from countries suffering from political unrest or a wish.

Foreign and from countries known for illegal trade.

Other alerts:

5-8 We would like to point out that the above scenarios are red flags that raise suspicion

Formulated according to the analysis of previous patterns

terrorism.

https://cbi.iq/news/view/2328

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

https://www.bondladyscorner.com/