“In an Awesome Place” – Mon. PM KTFA Thoughts, News w/ MilitiaMan 12-6-21

391

KTFA

Iraq ranks 117th in the list of the richest countries in the world

6th December, 2021

Iraq ranked 117th globally, and 11th in the Arab world among the “richest countries in the world” list for the current year 2021 in terms of per capita GDP, according to the American “Global Finance” magazine.

In a report on “the richest and poorest countries in the world”, in terms of per capita GDP, in a list of 192 countries reviewed by Shafak News Agency, the magazine said, “The State of Qatar ranked first as the richest Arab country, while it ranked fourth in the world, as the Qatari per capita share of GDP amounted to 100.037 thousand dollars annually, followed by the UAE second in the Arab world and 6th globally with a share of 74,245 thousand dollars annually,

Bahrain third in the Arab world, and 23rd globally with a share of 53,128 thousand dollars, and Saudi Arabia fourth in the Arab world and 27th globally with a per capita share of GDP The total amounted to 48,908 thousand dollars, then Kuwait fifth in the Arab world and 35th globally with a share of 44,609 thousand dollars, and Oman sixth in the Arab world and 52nd globally with a share of 32,327 thousand dollars, and Libya ranked seventh in the Arab world and 100th globally with a share of 13,489 thousand dollars.

And she added that “Egypt ranked eighth in the Arab world and 101st globally with a share of 13,422, then Algeria came ninth in the Arab world and 111th globally with a share of 11,829 thousand dollars, then Jordan came tenth in the Arab world and 114th globally with a share of 10,821 and Iraq came 11th in the Arab world and 117415 globally with a share of 10,821.”

Globally, Luxembourg came as the richest country in the world in 2021, with a per capita GDP of $126,782 thousand, Ireland came in second place with a share of 111,360 thousand, and Singapore came third with a share of 107,677 thousand dollars, while Burundi followed the list with 779 dollars, preceded by Somalia At $953.

Gross domestic product (GDP) is the market value of all final goods and services locally in a country, i.e. what is produced within the country during a specific period of time, and helps measure the standard of living of an individual.

The indicator is also considered a measure of the performance of the economy. Thus, the size of the total income increases, and in the end it is offset by the increase in the income that the individual receives.  LINK

~~~~~~~~~~~

Samson » December 6th, 2021

Iraq supports the formation of a “pressure alliance” against countries that refuse to return the smuggled money

6th December, 2021

Iraq called on the affected countries to launch a pressure bloc against the countries that hold the smuggled funds and refrain from returning them, which provide a safe haven for the corrupt.

The Director General of the Recovery Department in the Integrity Commission, Moataz Faisal Al-Abbasi, said in an interview with the official newspaper, that “Iraq was present at the meeting of the states parties to the United Nations Convention against Corruption, to deliberate on the agreement on experiences, successful experiences and obstacles to the work of the competent authorities in the fight against corruption,”

Noting that “a representative of Iraq, the head of the Federal Integrity Commission, Judge Alaa Jawad Hamid, called for activating the refund and encouraging countries to conclude memoranda of understanding within the framework of the international agreement and dealing with the judiciary. LINK

Source: Dinar Recaps


Samson » December 6th, 2021

Việt Nam continues to meet US Treasury criteria for not being labelled a currency manipulator

6th December, 2021

Việt Nam continues to meet the US Treasury’s criteria for not being labelled a currency manipulator, according to the US Treasury.

In its latest report on forex and macro-economic policies of big trade partners of the US, the Treasury found that no major trading partners during the year through June 2021 sought to manipulate their currencies for a trade advantage or for preventing effective balance of payment adjustments.

Việt Nam and Taiwan (China) have met all three criteria on trade and current account surpluses and foreign exchange market interventions. However, the department said it would continue to work with Việt Nam and Taiwan to address US concerns.

The Treasury said it was “satisfied with the progress made by Việt Nam to date” and would continue engagement started in May with Taiwan.

Earlier in April, the US Treasury announced in a similar report that the US had removed Việt Nam from the list of economies it considered currency manipulators as there was insufficient evidence to conclude the country was manipulating its exchange rate in the reviewed period in line with the Omnibus Foreign Trade and Competitiveness Act of 1988.   LINK

~~~~~~~~~~~

Moody’s upgrades Việt Nam Prosperity Bank (VPBank’s) rating to Ba3

4th December, 2021

Global credit rating firm Moody’s Investors Services has upgraded Việt Nam Prosperity Bank (VPBank)’s foreign currency deposits from B1 to Ba3 which is equal to the country’s rating with positive outlook.

Moody’s BCA ratings reflect the independent intrinsic strength of the issuer. This credit rating is assessed based on the macro-environment, financial profile and qualitative assessment factors.

In addition to upgrading the BCA rating, Moody’s also upgraded VPBank’s long-term local and foreign currency deposit ratings, rising to Ba3.

VPBank’s credit rating was announced after the bank completed the sale of a 49 per cent stake at its VPBank Finance Company Limited (FE Credit) to SMBC Consumer Finance Co Ltd (SMBCCF), a wholly-owned subsidiary of Japan’s Sumitomo Mitsui Financial Group, Inc (SMBC Group) at the end of October. Moody’s assessed that the capital sale brought about a significant improvement in the bank’s credit profile. Notably, according to Moody’s methodology, the bank’s capital adequacy ratio (CAR) increased from 11.4 per cent at the end of September 2021 to 13.5 per cent at the end of October 2021.

In addition to the improved capital base, the bank’s outstanding business results in recent months, despite the negative impact of COVID-19 on the economy, were also highly appreciated by Moody’s. The business results in the third quarter of the year showed that VPBank’s consolidated before-tax profit reached more than VNĐ11.7 trillion (US$513 million), up 24.9 per cent over the same period last year. The parent bank’s pre-tax profit alone reached VNĐ10.8 trillion, representing 75.2 per cent year-on-year increase. The bank’s total consolidated operating income reached VNĐ33.2 trillion, increasing 17.3 per cent over the corresponding period last year. Its consolidated return on assets (ROA) and return on equity (ROE) indices continued to be among the top of the market, reaching 2.8 per cent and 21.6 per cent respectively.

Moody’s believed that VPBank’s capital capacity will continue to be stable, as the bank has clearly demonstrated its plan to use capital obtained from the FE Credit deal to promote growth and seek new business investment opportunities. In addition, the assets scale will be further expanded thanks to the profit growth from business activities.

“VPBank’s asset quality and profitability will remain stable over the next 12-18 months,” Moody’s said in the announcement, emphasising the belief that VPBank’s asset quality will be well under control as Việt Nam’s economy recovers and vaccination rates increase.

The upgraded ratings from a prestigious international credit rating agency like Moody’s in the context that Việt Nam’s economy has suffered heavy impacts from the outbreak of the COVID-19 pandemic, has demonstrated confidence of international organisations in VPBank’s capital base and development plan this year and in the future.

This also contributes to strengthening VPBank’s position, while further enhancing its ability to mobilise capital from reputable financial institutions.   LINK

~~~~~~~~~~

Remittances to Việt Nam to grow despite pandemic

6th December, 2021

The World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that remittances to Việt Nam are estimated at US$18.1 billion in 2021.

As such, the country will be the eighth largest remittance recipient in the world and the third largest in the Asia-Pacific region this year. This will the fifth consecutive year that Việt Nam remains in the top ten in terms of remittances, with $13.8 billion in 2017, $15.9 billion in 2018 and $17.2 billion in 2019.

According to Nguyễn Hoàng Minh, deputy director of the State Bank of Vietnam (SBV) in HCM City, remittances to HCM City – the country’s largest remittance recipient – were estimated to reach US$6.2 billion in the first eleven months of this year, against $6.1 billion for the whole of 2020. This year the city is expected to get around $6.5-6.6 billion worth of remittances, mainly from the US, Australia, Canada and the EU.

Minh attributed the rise to HCM City implementing social distancing to prevent the COVID-19 pandemic, so overseas Vietnamese transferred more greenbacks to support their relatives in the city.

Though there aren’t complete statistics on the remittance’s destination, the amount of remittance poured into social security support was higher than previous years. The remaining remittance source was invested in production and business. Minh noted the strong remittance inflow into Việt Nam amid the pandemic has had positive impacts on the foreign exchange market.

A stable US dollar and Vietnamese đồng exchange rate would continue to facilitate the Government’s policies favoring businesses and people affected by the pandemic, he said.

Around two million people hailing from HCM City live abroad, and last year they sent home US$6.1 billion, up 15 per cent from 2019, before the pandemic struck. Banks have been making investments to improve remittance services and launching promotional programmes to attract more of them.

Việt Nam received US$17.2 billion worth of remittances last year, the third highest in the East Asia and Pacific. The remittances to the country have grown at an average of 6 per cent annually. 

According to estimates from the World Bank’s Migration and Development Brief released recently, remittances to low- and middle-income countries are projected to have grown a strong 7.3 per cent to reach $589 billion in 2021. This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 per cent despite a severe global recession due to COVID-19.  LINK

Vietnam : Trade revenue expected to hit new record high in 2021: MoIT

4th December, 2021

Despite the lingering effects of the pandemic, the Ministry of Industry and Trade forecasts that Việt Nam’s total trade value this year may reach a new record of between US$640 – 645 billion, with a slight trade surplus.

The ministry attributed the results to the great efforts of the business community in overcoming the difficulties of the COVID-19 pandemic to maintain and restore production. In particular, major industries such as textiles, garments, leather and footwear are on track to achieve their business targets earlier than expected, despite the pandemic.

From now until the end of the year, all industries have an opportunity to try and regain a growth rate close to before the pandemic broke out. Industries with high exports, such as phones, electronics, machinery and components, are likely to post export growth rates of between 15 per cent and 25 per cent this year, it said.

According to the ministry, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Việt Nam-EU Trade Agreement (EVFTA) have had positive effects on the national export activities, especially in markets that did not have free trade agreements with Việt Nam before. Thanks to the CPTPP, which came into effect three years ago, the exports of goods to Canada, Mexico and Peru have all grown by between 25 – 30 per cent per year.

The EVFTA, which went into effect one year ago, is a bilateral commitment with incentives and long-lasting value.  At present, 20 per cent of local enterprises have taken export tax incentives from the EVFTA with EUR.1 certificates of origin (C/O).  For shipments to the EU worth less than 6,000 euros, local enterprises are allowed to self-certify origin. This helps ensure smaller businesses do not have to spend time applying C/O, while still being able to enjoy tax incentives. 

Right now, the biggest difficulty facing local enterprises is a shortage of labour. Southern-based enterprises are facing many difficulties in facilitating a return for workers who have left the region, without which they can not restore 100 per cent of their production capacity. 

Due to the impact of the COVID-19 pandemic, the cost of raw materials and logistical services is increasing across the globe. These factors will put pressure on production costs for domestic businesses.

In addition, if localities do not fully comply with the Government’s Resolution 128/NQ-CP, which provides temporary guidance on the “Safe adaptation, flexibility and effective control of the COVID-19 pandemic”, or must facilitate pandemic prevention measures beyond what is necessary, it could cause further instability and affect the psychology of the local businesses and the confidence of investors. The ministry hopes that the pandemic prevention measures strike the right balance between ensuring people’s safety and not affecting the production and trade activities of businesses.

Việt Nam’s trade value surged 22.3 per cent year-on-year in the first 11 months of this year to exceed $599.1 billion, according to the General Statistics Office. The country exported commodities worth nearly $299.7 billion in the past 11 months, up 17.5 per cent from a year earlier. In the period, there were 34 commodities with export turnover of over $1 billion, accounting for 93.5 per cent of the total export value.

In its latest report on November 30, Standard Chartered projected Việt Nam’s export turnover to record an annual average growth of 7 per cent per year, hitting $535 billion by 2030.

The “Future of Trade 2030: Trends and markets to watch” also forecasts that the global exports will almost double from $17.4 trillion to $29.7 trillion over the next decade. Việt Nam is considered an important market contributing to the growth of the global trade, it said.

It also found that 41 per cent of global businesses currently operate or plan to invest in Việt Nam within the next five to 10 years. This shows that Việt Nam will be one of the important motivations of global trade growth in the next 10 years.

The US and China will continue to be Việt Nam’s largest export markets, respectively accounting for 26 per cent and 19 per cent of the Southeast Asian country’s total export turnover by 2030.

According to the study, Việt Nam is an emerging manufacturing powerhouse with expanding international trading relationships.  LINK

Source: Dinar Recaps


Samson » December 6th, 2021

His Excellency the Governor of the Central Bank of Iraq meets His Excellency the British Ambassador in Baghdad

6th December, 2021

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mikhaif, met with His Excellency the British Ambassador in Baghdad, and they discussed banking relations and ways to develop them.
 
The Governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries.

For his part, the Ambassador stressed the necessity of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization.

The Ambassador also touched on the white paper document, economic reform and the priorities for implementing this plan, where His Excellency the Governor emphasized the implementation of reforms regarding the automation of border crossings, customs and taxes.
 

The Ambassador praised the new building of the Central Bank, as the Governor invited him to attend the opening ceremony of the building upon its completion.   LINK

~~~~~~~~~~ 

Central Bank of Iraq 

The Governor of the Central Bank welcomes the opening of branches of British banks inside Iraq    LINK

The Central Bank announces the implementation of automation for three government institutions   LINK

 The Central Bank announces the implementation of automation for three government institutions   LINK

~~~~~~~~~~~

THE CENTRAL BANK ANNOUNCES THE IMPLEMENTATION OF AUTOMATION FOR THREE GOVERNMENT INSTITUTIONS

Today, Monday, the Governor of the Central Bank, Mustafa Ghaleb Mokhif, confirmed the implementation of automation for three government institutions.

And the media of the Central Bank of Iraq said in a statement received by the “National News Center”, “The Governor of the Central Bank, Mustafa Ghaleb, met the British Ambassador in Baghdad, Mark Bryson, and banking relations and ways to develop them were discussed.”

He added, “The governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries.”

The governor stressed the need to “implement reforms regarding the automation of border crossings, customs and taxes.” While the ambassador stressed “the importance of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization,” praising the “new building of the Central Bank.

~~~~~~~~~~~~

MilitiaMan » December 6th, 2021

These two articles Samson brings area both full of the goods.. They touched on the white papers, economic reforms and the priorities of implementation.

They know that the border crossings, customs and taxes are extremely high in revenue earnings. With the digitization of the financial system along side three government institutions is more evidence they are going international.

The CBI and Government are now on the same level playing field and can track the money via new FinTech and Blockchain.

They have launched the Digital System back 10/31/2021. It is utterly transparent, and it is an apparent necessary thing to have prior to fully being Article 8, imo…  There is no going back now.

They have full intention of changing their exchange rate to meet all international standards.

Automation of the borders will usher in the WTO once the REER  (Real Effective Exchange Rate) is exposed. imo..

We are in an awesome place. ~ MM

Source: Dinar Recaps

______________________________________________________

If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2021 Dinar Chronicles