Thurs. PM KTFA News Articles 5-20-21

163

KTFA

Don961 » May 20th, 2021

Iraq maintains its fifth place in the Arab world and the 38th in the world in terms of gold reserves

Thursday 20 May 2021   Baghdad: Farah Al-Khafaf

At a time when the Central Bank of Iraq seeks to enhance its global share of gold, Iraq has maintained its fifth position in the Arab world and 38 in the world in yellow metal reserves, according to the latest statistics of the World Gold Council, with a reserve of 96.4 tons (8.1 percent of other hard currency reserves).

In this regard, banking expert Abdul-Hussein Al-Mandhari told Al-Sabah: “After the hypothetical meeting recently held between the governor of the Central Bank and the management of the World Gold Council, the need to enhance Iraq’s possession of its gold reserves,” indicating that the aim of this step is “to ensure stability The exchange rates of the Iraqi dinar after its depreciation against the US dollar as a result of changing the exchange rate.

Al-Mandhari added, “The fluctuation of the price of the dollar and oil globally in recent months. He called on the Gold Council to offer to sell Iraq an additional amount to strengthen the strength of its dinar, because most of the dinar reserves are in dollars, and most of them are invested in US Treasury transfers, and the value of the dollar has recently decreased. Gold has the advantage of being quick to liquefy global currencies in the event there is a desire to sell it to meet any deficit in financing, as well as the absence of any risk if some dollar amounts are converted into gold.

 Al-Mandhari added, “The fluctuation of the price of the dollar and oil globally in recent months. He called on the Gold Council to offer to sell Iraq an additional amount to strengthen the strength of its dinar, because most of the dinar reserves are in dollars, and most of them are invested in US Treasury transfers, and the value of the dollar has recently decreased. Gold has the advantage of being quick to liquefy global currencies in the event there is a desire to sell it to meet any deficit in financing, as well as the absence of any risk if some dollar amounts are converted into gold.

The former director of Al-Nahrain Islamic Bank pointed out that “Iraq is currently ranked fifth in the Arab world, after Saudi Arabia, Lebanon, Algeria and Libya, in gold reserves.

The World Gold Council had expressed its willingness to provide support in case it wanted to increase the share of gold for Iraq.

According to a central bank statement, “The Governor of the Central Bank of Iraq, Mustafa Ghaleb, held a meeting with the World Gold Council at their request,” indicating that “the meeting dealt with a number of issues, the most prominent of which was technical support and training files, in addition to discussing the increase in the foreign reserves of the Central Bank. It has been achieved after the implementation of recent reforms in the work of the bank and the banking sector. ”The World Gold Council also provided full support to the Central Bank of Iraq in case it wished to increase the share of gold for Iraq.

Gold prices rose during the past 48 hours to their highest level in more than three months, as the appeal of the precious metal was enhanced by wary investors with the decline in US Treasury bond yields and the decline in stock prices due to inflation concerns.

Gold rose in spot transactions 1.3 percent to $ 1866.50 an ounce, its highest level since the first of last February.

And US gold futures rose 1.6 percent to settle at $ 1867.60 an ounce.

“There is an escape to safety from the stock market … the expectations are that we will continue to see a much stronger trend for inflation numbers from now on,” said Jeffrey Sica, founder of Circle Square International Investments.

He added, “Treasury yields will remain stagnant, and that will further increase the likelihood that investors will choose gold.” 

Stock markets rally stalled as demand for riskier assets was hit by inflation pressures. Data last week showed that US producer prices rose more than expected in April.

The yield on the US benchmark 10-year Treasury bonds decreased, which reduces the opportunity cost of holding gold that does not yield a return.

Investors are now awaiting the minutes of the most recent meeting of the Federal Reserve to be released on Wednesday for more clues on the US central bank’s monetary policy, and any comments on inflation. Gold is seen as a hedge against inflation.   

Source: Dinar Recaps


Samson » May 20th, 2021

The Director General of the General Tax Authority reveals the benefits of the digital system

20th May, 2021

The Director General of the General Tax Authority, Shaker Mahmoud Al-Zubaidi, revealed today, Thursday, the benefits of the digital system for Al-Arasat tax.

Al-Zubaidi said in a statement received by Alsumaria News, “A digital system for Al-Arasat tax will be implemented soon,” indicating that “the tax will be archived to eliminate the paper system.”

He added that “the benefit of the digital system is to end cases of tax evasion, preserve tax revenues and end cases of taxpayers extortion,” noting that “the digital system that was linked with the real estate registration departments contributed to eliminating fraud, maximizing revenues and helping to collect taxes in the correct manner.”

The digital system has ended bureaucratic procedures and facilitated administrative procedures,” the statement stressed. And he added, “With direct follow-up by the Prime Minister and Minister of Finance, the digital system was implemented and met with wide approval and acceptance by the higher government agencies.”

He concluded by saying: “The digital system was applied in the largest branches Baghdad “Markaz’s Karkh tax – and Karrada branch tax” and after this impressive success that has been achieved, it will be implemented in 43 tax branches in the next few days.  LINK

Moody’s may upgrade VPBank’s ratings – Vietnam

20th May, 2021

Moody’s Investors Service has announced that it is considering upgrading a series of important ratings for VPBank.

Moody’s is considering upgrading the bank’s long-term local and foreign currency deposits and issuer ratings (currently at B1 with a stable outlook), baseline credit assessment (BCA), long-term counterparty risk rating and many other important ratings relating to credit and risk control.

In the first quarter of the year, VPBank achieved positive business results, surpassing its targets.

By the end of March, its total integrated assets exceeded VNĐ436 trillion, up 4.1 per cent from the same period last year. Its consolidated credit growth increased by 2.8 per cent from the corresponding period last year to reach VNĐ332 trillion.

The strong credit growth was led by strategic segments of individual customer and small-and-medium enterprises (SMEs) with year-on-year increases of 7 per cent and 11 per cent respectively. Its pre-tax profit reached VNĐ4 trillion in January-March. This was the first time the bank achieved this level in the first quarter of a year.

With revenue diversification, reasonable credit growth, minimising capital costs and optimising operating costs, VPBank’s total consolidated pre-tax profit in the first quarter of 2021 has grown strongly at 37.6 per cent over the same period last year. With this result, the bank’s performance indicators as of March 31 continued to be improved and ranked at the top of the market, with return on asset (ROA) and return on equity (ROE) reaching 3 per cent and 23.5 per cent respectively.

VPBank also signed an agreement to sell a 49 per cent stake in FE Credit to Japan’s Sumitomo Mitsui Finance Group (SMFG) in a transaction that values the non-bank lender at US$2.8 billion.

The investment would help VPBank enhance its financial capacity and create opportunities to expand new business areas such as investment banking and wealth management. The bank plans to increase its equity from the current VNĐ56 trillion to VNĐ90 trillion as well as increasing charter capital to VNĐ75 trillion in 2022 thank to the profit from divestment from FE Credit.

If the capital increase plan is successful, VPBank will be among the top Vietnamese banks with the largest equity and chartered capital.

At its general meeting of shareholders held at the end of April, the bank set a total asset target of VNĐ490 trillion, increasing 17.5 per cent, and customer deposits at 19.2 per cent to more than VNĐ350 trillion. Its pre-tax profit is expected to increase by 27.9 per cent to more than VNĐ16.6 trillion.   LINK

Source: Dinar Recaps

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