Central bank stands ready to pump more foreign currencies to market | Vietnam+ (6/21/22)
The State Bank of Vietnam (SBV) will increase its interference in the foreign currency market and stay ready to pump money to the market more frequently, thus creating favourable conditions for credit institutions to meet the demand for legal foreign currencies of organisations and individuals, according to Vice Director of the SBV’s Monetary Policy DepartmentPham Chi Quang.
The official said that since the beginning of 2022, the international market has developed complicatedly and unexpectedly, negatively affecting the global economic-financial system.
In this context, central banks have tightened the control over monetary policies and increase operational interest rates to rein in inflation, resulting in strong developments in the financial-monetary market, he noted.
The USD/VND exchange rate has so far increase about 2 percent over that in the end of 2021.
The SBV has managed the interest rate towards the creation of room for the exchange rates to develop flexibly and absorb shocks from the outside, while interfering in the market to minimise the over-fluctuation of the rates, contributing to stabilising the foreign currency market as well as the macro-economy, and controlling inflation, he said.
Since the beginning of this year, the SBV has sold foreign currencies through suitable methods, meeting the demand of the economy and maintaining the VND liquidity to support the VND interest rate stability, thus assisting the socio-economic recovery and development process, said Quang.
According to the bank, the 2 percent rise in USD/VND exchange rate since the end of 2021 is suitable to the conditions and development of the domestic and foreign markets as well as the target of the monetary management policy in stabilising the monetary market and macro-economy as well as reining in inflation.
Quang said that in the time to come, the SBV will coordinate with relevant agencies to make concerted management over VND liquidity to ensure the stability of exchange rates, foreign currency market and interest rates. He revealed that in recent years amid the favourable conditions of the market, the SBV has purchased a large amount of foreign currencies.
The official underlined that the selling of foreign currencies more frequently to the market will help satisfy the requirements for foreign currencies to buy necessary products serving domestic production and export, thus stabilising the market and support the economic recovery.
Collecting more than 100 signatures .. a parliamentary move to reduce the dollar exchange rate – Urgent
Representative Uday Awad announced today, Thursday, that he has collected the signatures of more than 100 deputies to reduce the exchange rate of the dollar against the Iraqi dinar.
Awad stated, according to a document received by Alsumaria News, that “according to Article (61 – VII – C) of the Iraqi constitution and Article (56) of the internal system, please include the issue of reducing the price of the dollar in the earliest possible session and according to constitutional contexts and because of the economic repercussions taking place in the country and the collapse of the currency and its impact on the Iraqi citizen.
text from the document:
To the Honorable Speaker of the Iraqi Council of Representatives. Date 6/22/20
reduce the price of the dollar
good greeting .
Based on Article 61 VII-C of the Iraqi Constitution and Article 56 of the internal system, please include the issue of devaluing the dollar in the earliest possible session, according to constitutional contexts, and because of the economic repercussions that are taking place in the country and the collapse of the currency and its impact on Iraqi citizen.
With much thanks and appreciation..
Messrs. signatures. link
Economist: Iraq Will Get 180 Billion Dollars From The Annual Rise In Oil Prices (6/23)
The economic expert, Safwan Qusay, explained that Iraq will get 180 billion dollars in the event that oil prices continue to rise until the end of the current year, pointing out that the Russian-Ukrainian crisis is one of the reasons for this rise.
Qusay told “The Information”, “OPEC allowed Iraq to increase its exports by 72 thousand barrels, that is, by 150 percent of the previously agreed increase, meaning that the monthly increase rate will be by 47 thousand barrels.”
He added that “the Russian-Ukrainian wars and the current conditions, have brought oil prices to an average of 120 dollars per barrel, meaning that Iraq will get one billion dollars annually if oil prices increase by one dollar per day for a whole year.”
Qusay explained, “The average price since the beginning of the year has exceeded 90 dollars per barrel, meaning that Iraq’s revenues will be at a rate of 90 billion dollars for the current year, and if the rise continues, Iraq will earn 180 billion dollars by the end of the year. link
Zaidan: The passage of the legal period for naming the President of the Republic is a constitutional violation
Head of the Supreme Judicial Council, Faeq Zaidan, confirmed that not naming the President of the Republic so far is a constitutional violation of the expiry of his legal term, while noting that some have taken refuge in the Federal Court as a means of media appearance.
Zeidan said, “There have been many constitutional violations and they are still continuing, the most important of which is the passage of the legal period for naming a new president of the republic.”
He added, “Some have taken resort to the Federal Court as a means of media appearance and review, so that they resort to appealing any decision or law, even if it is not within the jurisdiction of the court.”
Regarding the legal aspect, he also affirmed that “without a penalty for violating a certain constitutional or legal text, that violation becomes a legitimate and repetitive procedure or behavior based on the rule (from the security of punishment violating the law), and at the same time he pointed out that”
On the other hand, he explained, “We avoid issuing arrest warrants against media professionals, and instead, we issue recruitment warrants in accordance with the law.”
And regarding the Federal Court’s decision of the unconstitutionality of the oil and gas law in the Kurdistan region, Zaidan stated that “with regard to the export of oil by the region, when the court examined the facts of the case, it found that the Ministry of Oil was constitutionally entitled to the claim submitted by it, so the decision was issued in favor of the ministry.”
On the incidents of clan conflicts, the head of the Supreme Judicial Council said: “Tribal practices have turned into a negative phenomenon that causes confusion in the security situation and a disruption in social cohesion.” LINK
Source: Dinar Recaps
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