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Clare » August 5th, 2022
The Coordination Framework announces its support for holding early elections under conditions
2022-08-04
The coordination framework, which brings together the Shiite forces participating in the political process, affirmed, on Thursday evening, its support for any constitutional path to address political crises and achieve the interests of the people, including holding early elections, according to conditions.
The framework stipulated, in a statement received by Shafak News Agency, “achieving national consensus on early elections, and providing a safe environment for their holding.”
He stressed the need to “work to respect the constitutional institutions, and not to disrupt their work, and to keep the ceiling of political forces, the law, the constitution and the interest of the people.”
The position of the coordination framework comes a day after the leader of the Sadrist movement, Muqtada al-Sadr, called for dissolving the current parliament and holding early elections, which he said he had not yet decided whether to run or not.
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Soon, several political forces, including those affiliated with the coordination framework, announced their support and welcome to Al-Sadr’s call for early elections.
In a statement yesterday, Al-Amiri stressed the need for a comprehensive national dialogue in order to set a date, mechanisms and requirements for holding new early elections, including providing appropriate climates to restore citizens’ confidence in the political process.
The political scene is living in a crisis situation and a dead end unprecedented in the history of Iraq, as more than 300 days have passed since the early elections without being able to form a new government in the country, and the survival of the caretaker government headed by Mustafa Al-Kazemi.
On the tenth of last October, Iraq held early legislative elections to get out of a political crisis that swept the country after large demonstrations in the central and southern regions in 2019 in protest against the widespread unemployment in society, the spread of financial and administrative corruption in government departments and institutions, and the deteriorating reality The service and the livelihood, which prompted the former prime minister, Adel Abdul-Mahdi, to resign under popular pressure.
As soon as the preliminary results of the elections were announced, the voices of forces and political actors rose in their rejection of losing many seats, accusing them of major fraud in the ballot, which was denied by the executive and judicial authorities, at a time when the United Nations and international organizations praised the integrity of the electoral process. LINK
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MilitiaMan » August 5th, 2022
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Conditions? I’ll bet the impasse has Al – Amiri looking to get a deal from Sadr. I’ll meet these items if I can get immunity or safe passage? lol.
Sadr wants the old faces of corruption out of government. If Sadr is successful in getting them weeded out he may run in the early elections, as noted below the last election can be corrected. First things first though.
Dissolution is gaining considerable popularity and there is strong demand for to get the corrupt accounted for.
Sadr knows that the US and others know where the money is. The Citizens know that to be true now. They told us years ago they were working to this end.
And that end looks to be within days now.
They are even cleaning up not only has been done in the Dome, but now in the square. Imo ~ MM
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US report: Intelligence is following up on Iraqi daily movements and bank accounts
A US report published by the Washington Institute for Near East Policy confirmed that although the US high command is likely to focus on competition between great powers and domestic issues, its institutions are familiar with the daily movements inside Iraq, including bank accounts.
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The report, written by Michael Knights, a “Bernstein Fellow” at The Washington Institute and one of the founders of the institute’s Militia Spotlight platform, followed by Nass (August 5, 2022), stated that the US intelligence community and diplomatic corps, as well as America’s allies and partners, “know a lot about daily movements, conversations, and calculations.” banking for key Iraqi leaders
The report claimed, “there is a plan for the coordination framework led by al-Maliki and the support of the commander of the Iranian Quds Force, Ismail Qaani, to overthrow the majority government through the use of judicial tools in accordance with an endowment concluded at the beginning of this year, offset by al-Sadr’s resorting to the street and the invasion of institutions, including the parliament building
The report also suggested that US leaders think urgently and unconventionally about policies, which sends a signal to Muqtada al-Sadr that the current impasse can be resolved in more than one way and that the “stolen elections” error can be “corrected
Link to full report – REPORT LINK
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A demonstration launched in Al-Nusour Square in Baghdad
5th August, 2022
This Friday afternoon, a demonstration started in Al-Nusour Square in the center of the capital, Baghdad
Our correspondent stated that the demands of the demonstrators stressed the call for writing a new constitution for the country, changing the form of the political system to a presidential or semi-presidential system, recovering Iraq’s looted funds and holding the corrupt and those involved in the shedding of Iraqi blood accountable
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Tishreen supporters demonstrate in Nisour Square, and “overthrow the regime” is their most prominent demand- imo (Not Kahdimi…)
5th August, 2022
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Close To Al-Sadr, Addressing The Current: Only Days Will You Meet Your Demands
5th August, 2022
The leader of Saraya al-Salam, Abu Duaa al-Issawi, confirmed today, Friday, to the Sadrist movement’s demonstrators, that days separate them from achieving their demands.
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LINK
The Celebration Square hosts a unified prayer for the Sadrists
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5th August, 2022
A unified prayer was held in the Great Celebrations Square in the Green Zone in the center of the capital, Baghdad, on Friday, which gathered thousands of supporters of the Sadrist movement, in response to an invitation from Muqtada al-Sadr.
Zeeman: before anything you must get rid of malaki and the irians once and for all or nothing will really change but hopium no matter what anyone prints. Imo
Tivon: What specifically is Maliki holding up? Don’t tell me the citizens demands or entitlements. That’s already covered from what was revealed today. We need first dibs on that info if you can provide that. Because anything other then what we are waiting for is none of our concern.
The citizens got that handled with the full support of Al-Sadr and Al-Kazemi. Published official information is not hopium. That’s from your gurus over the past ten years and more who sold their followers an illusion of what the RI/RV entailed. Which had nothing to do with bank screens, redemption centers, Tier 1-4, etc.
Because all that was private information that created no real indication that the public was next. There is no hopium when it’s coming from the source who is responsible for what is needed to reinstate their currency.
Which is something the local banks in Iraq were clued in on and given a deadline to connect to the digital platform that will handle all trades, stocks, bonds, shares, investments, and daily transactions.
That is not hopium. That’s a deadline. What happens after or maybe even prior I am sure has been worked out between the IMF, AMF, and the CBI. Or you sure nothing has changed? I highly doubt that. You just don’t read. You do know reforms come with these demands right?
The leader of Saraya al-Salam, Abu Duaa al-Issawi, confirmed today, Friday, to the Sadrist movement’s demonstrators, that days separate them from achieving their demands.
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MilitiaMan » August 5th, 2022
Sadr said we are not leaving the square until we get our demands met. Well they cleaned up the square today.. They apparently got what they needed.. Days away could mean many things to some. But, when crowds to the like of what we witnessed chanting take down the regime, is not on deaf ears.. That is serious. So, from the looks of it they left the square and cleaned up on the way out.. Very bullish sign that the needs of the citizens and Sadr were met and now we watch for the implementation of those needs.. imo ~ MM
Source: Dinar Recaps
Samson » August 5th, 2022
Vietnam : Banking sector can be pioneer in digital transformation: PM
5th August, 2022
Prime Minister Phạm Minh Chính said the banking sector had all the factors to be pioneering and, in fact, was at the forefront of the digital transformation process.
Digital transformation was an inevitable trend, and an urgent requirement, noted the Prime Minister.
The Prime Minister, who is also Chairman of the National Committee on Digital Transformation, attended and delivered a keynote speech at the Conference on Digital Transformation in the Banking Sector organised by the State Bank of Vietnam (SBV) in Hà Nội on Thursday.
Speaking at the conference, SBV Governor Nguyễn Thị Hồng said that in the Prime Minister’s Decision No 749/QĐ-TTg approving the programme on national digital transformation by 2025, the finance – banking sector was identified as one of eight sectors that needed to prioritise digital transformation.
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The SBV has established a steering committee for the digital transformation of the banking sector and chose May 11 as the day of digital transformation of the sector.
The plan puts people and customers at the centre, with very specific goals, such as 50 per cent of banking operations to be digitised by 2025, 70 per cent of customer transactions conducted on digital channels, and 50 per cent of retail loans and consumer loans for individual customers are digitised and automated.
The SBV’s Payment Department said banking services on digital platforms in Việt Nam were developing, especially e-payment services with digitalisation and rapid growth.
Non-cash payment transactions increased by 77.2 per cent in volume and 29.8 per cent in value in the first six months of this year.
Nearly 70 per cent of Vietnamese adults have bank accounts; 5.5 million accounts and approximately 8.9 million bank cards have been opened electronically; 1.77 million Mobile Money accounts have been opened, of which more than 67 per cent are in rural, remote and isolated areas.
Many leading Vietnamese banks in digital transformation have now achieved 90 per cent of customer transactions on digital channels, far ahead of the target set in the programme on national digital transformation at 70 per cent by 2025.
Besides the positive results, the Prime Minister stated that the process of national digital transformation and bank digital transformation still faced many difficulties and challenges. Mechanisms and policies still had many shortcomings, especially in terms of identification and electronic authentication; inadequate information technology infrastructure, while connection and exploitation of population data, insurance and tax was still narrow in scope, he said.
The participation and coordination of financial technology enterprises was still limited; and high-tech crimes involved increasingly sophisticated forms, added the Prime Minister. Resources, especially highly qualified human resources for digital transformation, were still lacking, including in information technology, he said.
In the future, the situation around the world and in the region would continue to develop unpredictably, with far-reaching impacts on countries, said the Prime Minister.
Noting that it was necessary to identify difficulties and challenges rather than opportunities and advantages, the Prime Minister emphasised a number of requirements such as promoting a change in thinking, methodology and working methods of the banking sector in a modern direction; boosting the development of e-commerce, digital society, and digital economy; promoting integration, connection and sharing of national databases on population and specialised databases to gradually build a digital citizen ecosystem.
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The Prime Minister requested the State Bank of Vietnam and the banking sector to make great efforts and more effective actions in digital transformation; carefully assess the situation, results, causes, limitations, inadequacies, and lessons learned from domestic and international experiences; analyse and forecast the upcoming situation, determine short-term, medium-term and long-term goals; and develop an digital transformation programme for the whole sector with appropriate and specific roadmaps, solutions and resources. LINK
Stability of Vietnamese đồng under pressure of global headwinds
2nd August, 2022 by Võ Trí Thành
Global central banks are in a dash to raise interest rates to cool rampant inflation and their moves are challenging the State Bank of Việt Nam’s policymaking in a way to support the economic recovery while sustaining macroeconomic sustainability.
Last week, the US Federal Reserve (Fed) raised interest rates by another 75 basic points (bps) – the second straight month and its third this year – in an effort to fight inflation which hit a 40-year high of 9.1 per cent in June. That takes the cumulative June-July increase to 150 bps – the steepest since the early 1980s.
The European Central Bank on July 21 increased its benchmark interest rate by 0.5 per cent for the first time in 11 years and is signaling further hikes this year after consumer prices in the euro area are expected to rise to 8.9 per cent in July.
Data from Reuters showed seven central banks of the Group of Ten delivered 350 basis points of rate hikes last month – nearly half of the total 775 bps administered by policymakers across the group this year to date. Meanwhile, emerging market central banks have raised interest rates by 4,415 bps year-to-date, compared to 2,745 bps for the whole of 2021.
Among major central banks, only China and Japan have maintained loose monetary policy thanks to relatively low inflation and to boost the domestic economies.
The world economy is in a downward spiral with the risk of major economies falling into recession rising. The International Monetary Fund (IMF) last week again downgraded its forecast for global growth this year, from 3.6 per cent in the April report to only 3.2 per cent this year. In April, it cut its growth expectations for 2022 to 3.6 per cent from 4.4 per cent.
Facing rising risks of supply disruption, debt crisis, high food prices and worse-than-expected high inflation, global policymakers are rushing to tighten monetary policies but seeking a balance between curbing inflation and maintaining growth is a very difficult task.
In Việt Nam, the picture is very different. Việt Nam’s economy recovered spectacularly in the second quarter with a growth rate of 7.7 per cent – the fastest expansion in 11 years, lifting the six-month growth to 6.42 per cent. Inflation was kept at a relatively low level at 2.54 per cent in the first seven months.
Some international institutions have forecast Việt Nam’s economy will achieve and even surpass its growth target this year.
In its latest report last week, Standard Chartered Bank expects Việt Nam’s GDP growth at 10.8 per cent for the third quarter and 3.9 per cent for the last quarter, taking full-year growth to 6.7 per cent. Meanwhile, the Singapore-based United Overseas Bank (UOB) revised Việt Nam’s growth up to 7 per cent from 6.5 per cent.
However, pressure is building. Despite relatively low inflation in the first half, inflation is expected to rise towards the end of this year, though still within the target range but likely reaching 4 per cent or slightly higher. This rate will be much lower compared to many countries but will pressure the foreign exchange rate.
Never before has the world witnessed major foreign currencies weakening sharply against the US dollar (USD) like this year. The Japanese yen has lost about 20 per cent of its value against USD, followed by the euro, down 12 per cent. Other currencies such as GBP (British Pound), THB (Thai Baht) and Won (South Korea) also fell by more than 10 per cent.
In Việt Nam, the Vietnamese đồng (VND) has lost about 2.5 per cent against the USD by the end of July and is seen as relatively stable amid global currency volatility. However, exchange rate management is facing challenging choices.
Relative stability or higher depreciation?
According to the principle of relative purchasing power parity, a country with high inflation is expected to depreciate its currency relative to other currencies as inflation will reduce the real purchasing power of that country’s currency.
In Việt Nam, pressure on currency depreciation is not derived from inflation (as inflation is still relatively low in Việt Nam) but from unstable external factors. Although US inflation was high, it was accompanied by the Fed’s hawkish action to increase interest rates by a large margin, causing the USD to appreciate strongly against other currencies.
If Việt Nam devalues its currency too quickly, it will benefit exports but harm imports and put more pressure on inflation, challenging the Government’s efforts to keep inflation under the target. On the contrary, if the exchange rate is restricted too much, it will also affect Việt Nam’s trade, making our exports less competitive in the context that the currencies of our trading partners and competitors have weakened sharply against the USD since the beginning of the year.
However, looking at the recent actions of the policymakers, keeping the exchange rate relatively stable is taking priority. At a meeting with the Government last week after the Fed’s meeting, Prime Minister Phạm Minh Chính reaffirmed curbing inflation, ensuring macroeconomic stability and safeguarding major balances would still be Việt Nam’s top priorities.
The State Bank of Việt Nam (SBV) therefore is focusing on maintaining flexible policy and proactively managing the exchange rate in line with the market developments to both fight inflation and ensure the policy is supporting economic growth.
As world commodity prices have continuously escalated, Việt Nam is one of the economies with large openness and is heavily dependent on imported raw materials and fuels. That’s why keeping the exchange rate reasonably stable to curb input prices for businesses is important. However, the Fed’s rate hike is still expected to have adverse impacts on emerging markets when foreign capital may be withdrawn from these markets to fly back to the US. So far, this situation is relatively stable in Việt Nam thanks to flexible interventions of the market regulator.
Since the beginning of this year, SBV has pumped US$12-13 billion into the market to help stabilise the exchange rate. The central bank has shifted to selling USD in the spot market instead of forward contracts to cool the pressure. Especially over the past month, it has continuously attracted đồng through the issuance of bills of exchange, narrowing the difference between the USD and đồng interest rates through Open Market Operations (OMO), thereby helping increase the value of the đồng.
In addition, trade surplus, FDI, remittances, expected balance of payments surplus and a somewhat strong foreign exchange reserve of about $110 billion are positive factors likely contributing to the relatively stable value of Vietnamese đồng.
Given rather low inflation and stable macroeconomic condition, the SBV is believed to have enough capacity to keep interest rate and foreign exchange policies steady for now to fight inflation and support economic recovery. However, building pressure will likely drive the SBV to increase interest rates in late-Q3 or Q4, though the rate hikes will be limited around 0.25-0.5 per cent and VND may depreciate by about 3 per cent or a little bit higher this year. LINK
Source: Dinar Recaps
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