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Tues. PM KTFA News Articles 10-11-22

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Samson » October 11th, 2022

Parliamentary Investment: Iraq has a financial abundance of more than 86 billion dollars

11th October, 2022

The Parliamentary Investment and Development Committee considered that Iraq, “for the first time since the establishment of the Iraqi state,” has so far had an abundance of money that neighboring countries do not possess

Committee member Hussein Al-Sabri said, “Iraq has a financial abundance of more than 86 billion dollars and does not need aid, and thus Iraq’s economic strength has become very large, as Iraq, for the first time since the establishment of the Iraqi state until now, has financial abundance that neighboring countries do not possess, they are all negative and have economic problems, as do European countries

In his speech to the official Al-Sabah newspaper, Al-Sabri continued, “Iraq lacks a strong government, if it existed, there would have been a boom in its economy,” expressing his hope that “a government with full powers will be formed and bring people who are interested in serving the citizen  LINK

The Iraqi parliament sets a session to elect the president of the republic

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11th October, 2022

The House of Representatives has set a session the day after tomorrow, Thursday, to elect the new President of the Republic of Iraq in light of the intensification of differences over this position by the two main Kurdish parties (the Kurdistan Democratic Party and the Patriotic Union of Kurdistan).

Parliament Speaker Muhammad al-Halbousi announced in a statement today, that the session will be held on Thursday, October 13, and the agenda will consist of one paragraph, which is the election of the President of the Republic.   LINK

Ihsan Al-Shammari : Barham Salih is the most likely to be elected President of the Republic

11th October, 2022

Head of the Center for Political Thinking, Ihsan Al-Shammari, confirmed: that the candidate of the Patriotic Union of Kurdistan for the post of President of the Republic, Barham Salih, is the most likely to renew his selection as President of the Republic.

He told the National Iraqi News Agency ( NINA ): The lack of agreement is not related to eligibility, despite the existence of a prior agreement that the position of the President of the Republic belongs to the Patriotic Union’s share, but the Kurdistan Democratic Party turned against this agreement and constituted a provocative factor for the Union, which firmly stuck to this position.

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Al-Shammari added: The chances of Barham Salih are more for his support for reforming the political process and for setting a solution to the crises, and the Democratic Party should not antagonize Barham Salih because it will cost him a lot.  LINK

The Center for Banking Studies signs a memorandum of cooperation with its Egyptian counterpart

11th October, 2022

Yesterday, Monday, the Center for Banking Studies at the Central Bank of Iraq signed a memorandum of cooperation with the Banking Training Institute at the Central Bank of Egypt.

The memorandum aims to enhance cooperation in the field of training and development of human resources and workers in the banking sector in the two countries, as well as the exchange of experiences and studies between the two sides, especially in modern fields.

The signing of the memorandum of cooperation comes as one of the results of the visit paid by His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mikhib, to the Republic of Egypt earlier this year. The memorandum was signed on the website of the Egyptian Banking Training Institute in Cairo, Director General of the Center for Banking Studies at the Central Bank of Iraq and Director General of the Egyptian Banking Training Institute.

It is noteworthy that the Center for Banking Studies signed a number of agreements with local and international training centers, as part of its endeavor to enhance the training courses it provides to workers in the Iraqi banking sector annually.

Central Bank of Iraq
Media Office 
11-October – 2022  LINK

With the participation of Iraq, the international exhibition for national security and risk prevention was launched in Abu Dhabi

11th October, 2022

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The activities of the seventh edition of the International Exhibition for National Security and Resilience “ISNR Abu Dhabi 2022”, organized by ADNEC Group in cooperation with the Ministry of Interior, and in strategic partnership with the General Command of Abu Dhabi Police, kicked off today, with a high-level international presence, and the participation of a prominent group of Major national, regional and global companies specialized in the field of national and cyber security.

This year, the exhibition attracts 120 official delegations from all over the world, an increase of 20% compared to the previous edition, including delegations from Saudi Arabia, Iraq, Bahrain, Singapore, Egypt, Greece, Italy and Ethiopia, in addition to a delegation from Interpol.

The exhibition, which runs until October 12, has wide local, regional and country participation, as the number of exhibiting companies in this year’s edition increased by 121% over the previous session, and the space allocated for displays increased by 15% compared to the previous edition of the exhibition in 2018. The number of participating countries increased 120% to 33 countries, and the percentage of new companies participating for the first time in this edition reached 8%, and the percentage of national exhibiting companies reached 34% of the total number of companies.  LINK

Integrity arrests six suspects, including the director of the tax department in Baquba, red-handed with “bribery”

10th October, 2022

The Federal Integrity Commission announced Monday, the arrest of a director accused of bribery, the head and members of a procurement committee; For harming public money, in two districts in Diyala Governorate.

In a statement received by Shafaq News Agency, the commission’s investigation department said that “the staff of the Diyala investigation office moved to the General Authority for Taxes in the province, and it was able to arrest the director of the tax department in Baquba red-handed, red-handed,” pointing out that “the accused received the bribe, in exchange for conducting a transaction. Tax accounting for an auditor.

The department added that “the office’s staff carried out two separate operations in the Diyala Electricity Distribution Directorate.” The department explained that “the origin of the exchange transaction that led to damage to public money was seized, pointing out that the amount of damage amounted to (62,359,570) dinars.”

The department pointed out that “the other operation, which was carried out by the office’s staff, who moved to the Diyala Electricity Distribution Directorate, during which the owner of an electrical materials company was arrested in possession of exchange transactions belonging to an electricity maintenance center in Canaan district, as well as seals, receipts and purchase books for various offices.”

And the department indicated that “three arrest warrants for operations were organized, and they were presented, along with the criminal features and (6) accused, who were arrested, to the judge of the Integrity Investigation Court in Baquba, who decided to arrest them in accordance with the provisions of Articles (307 and 340) of the Penal Code.”  LINK

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Source: Dinar Recaps


Samson » October 11th, 2022

Turkey and Saudi Arabia buy 82 tons of gold, and “Bloomberg” explains the reasons

11th October, 2022

Bloomberg” talked about a transformation in the gold market and said that the market is experiencing an emigration process, as Western investors are getting rid of bullion, while Asian buyers are benefiting from the low prices to buy them.

The agency said that high interest rates, including in the United States, have made gold less attractive as an investment, which means that large quantities of the metal are withdrawn from vaults in financial centers such as New York and heading east to meet demand in the gold market in Shanghai or the Grand Bazaar in Istanbul.

And “Bloomberg” indicated that the gold market cycle was repeated decades ago: when investors retreat and prices of the precious metal fall, Asian buying rises and precious metals flow to the east, and when gold rises again, many bullion returns to accumulate in bank vaults on the streets of New York, London and Zurich.

Since gold prices reached their peak last March, gold prices have fallen by 18%, as massive increases in interest rates by the US Federal Reserve caused a mass sell-off by financial investors.

According to data from CME Group Inc and London Bullion Market Association, more than 527 tons of gold flowed from the vaults of New York and London, and this coincided with increasing shipments to large Asian gold consumers such as China, whose imports of the metal last August recorded their highest level in 4 years.

In addition to China, one of the major buyers of the precious metal, Turkey and Saudi Arabia, according to a chart by Bloomberg Agency, Ankara bought 62 tons from May to August of this year, while Riyadh acquired 20 tons of the metal.

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The agency also indicated that although a lot of gold is heading to the east, the quantities are still not enough to meet demand. Analysts said huge amounts of the precious metals, which feed Asia’s appetite, come from vaults managed by CME Group, which supports the Comex futures market in New York.  LINK

Việt Nam’s GDP projected at 7% in 2022: AMRO

7th October, 2022

The ASEAN+3 Macroeconomic Research Office (AMRO) has joined many international organisations in revising up Việt Nam’s GDP growth this year thanks to the country’s strong performance since early this year and success in containing inflation.

In its quarterly update of the ASEAN+3 Regional Economic Outlook released on Thursday, Việt Nam’s economy is projected to expand by 7 per cent in 2022, up from 6.5 per cent in its July forecast and making it the second-highest gainer in the region this year after Malaysia with expected growth of 7.3 per cent.

Việt Nam’s GDP will likely slow down in the next year to 6.5 per cent, topping the region and followed by the Philippines at 6.3 per cent.

AMRO’s forecast followed recent moves by Moody’s, the World Bank (WB), the International Monetary Fund (IMF) and the Singapore-based United Overseas Bank (UOB) which forecast Việt Nam’s 2022 GDP will reach between 7 per cent and 8.5 per cent. “Việt Nam is doing well,” said AMRO chief economist Hoe Ee Khor at the Thursday meeting.

Though attributing the high GDP growth partly to the low base from last year, Dr. Khor said the opening up of the economy, relaxation on pandemic control, increase in domestic demand, recovery in tourism and successful attraction of foreign direct investment (FDI) all contributed to Việt Nam’s quick recovery. “On top of that, the Government’s policy is quite supportive this year. So, because of all these factors, we expect Việt Nam’s economy to grow strongly,” Khor said.

However, Khor pointed out an external risk of import inflation coming from high oil prices. “I mentioned the Vietnamese Government has cut taxes to curb inflation, but that’s not sustainable or the switch you need to refer back to normal,” Khor said, adding the Government needs to start raising the policy rate to contain coming inflation.

For the first time in two years, the State Bank of Việt Nam (SBV) decided to raise its policy rates by one percentage point on September 23. SBV’s move was deemed inevitable as the FED has been raising interest rates, subsequently putting pressure on exchange rates.

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Khor also endorsed the Vietnamese central bank’s move, emphasising Việt Nam’s economy is already recovering very strongly and there’s no need for monetary stimulus at this point in time. “The focus is shifting from supporting growth to containing inflation,” he said.

Việt Nam’s inflation is expected to reach 3.5 per cent this year and drop slightly to 3.3 per cent in 2023. This year, most countries are forecast to see their inflation surpass their targets but in the case of mainland China, Hong Kong and Việt Nam, the expected inflation by year-end will be under the ceiling target.

Regional outlook

For the regional outlook, AMRO revised downwards its short-term growth forecast for the ASEAN+3 region due to the continuing strict dynamic zero-COVID policy and real estate sector weakness in China and potential recessions in the United States and the euro area.

The ASEAN+3 region (ASEAN plus China, Japan and the Republic of Korea) is expected to grow by 3.7 per cent this year – down from the 4.3 per cent growth projected in the July forecast. China’s growth was revised down to 3.8 per cent in 2022 from 4.8 per cent in the previous forecast. Japan and Korea’s GDP were projected at 1.6 per cent and 2.4 per cent, respectively.

The ASEAN region alone is slated to grow strongly by 5.3 per cent. The region’s inflation rate for 2022 is now projected to be 6.2 per cent – a full percentage point higher than previously forecast. Growth is expected to increase to 4.6 per cent in 2023 as China’s economy picks up, with inflation moderating to about 3.4 per cent.

The prolonged war in Ukraine is deepening Europe’s energy crisis, pushing it closer to recession. In the United States, aggressive monetary tightening to fight persistently high inflation is intensifying fears of a hard landing. “A simultaneous economic slowdown in the United States and euro area, in conjunction with tightening global financial conditions, would have negative spillover effects for the region through trade and financial channels,” Khor said.

In ASEAN+3, inflation is accelerating. Food and fuel prices remain elevated despite recent easing in key global commodity benchmarks. Subsidy cuts in some economies and depreciating currencies have also pushed prices higher. “Central banks in the region are raising policy interest rates to safeguard price stability and support their currencies. However, the pace of monetary tightening has generally been more measured and gradual than in the United States and the euro area,” Khor said.  LINK

Source: Dinar Recaps

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