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Toyvp » December 5th, 2022
Fitch Ratings upgrades VietinBank’s credit rating
December, 03/2022 – 08:32
The Outlook on the IDR is Positive, in line with Việt Nam’s sovereign rating of ‘BB’ with a Positive Outlook. The Viability Rating (VR) was affirmed at ‘b’.
HÀ NỘI — Fitch Ratings has upgraded Việt Nam Joint Stock Commercial Bank for Industry and Trade’s (Vietinbank) Long-Term Issuer Default Rating (IDR) to ‘BB’ from ‘BB-‘ on an upgrade of its Government Support Rating (GSR) to ‘bb’ from ‘bb-‘.
The Outlook on the IDR is Positive, in line with Việt Nam’s sovereign rating of ‘BB’ with a Positive Outlook. The Viability Rating (VR) was affirmed at ‘b’.
Accordingly, the credit rating upgrade of VietinBank is considered based on the following factors.
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It is a large commercial bank with a key market share in providing banking and financial services in Việt Nam.
Fitch Ratings said that the Vietnamese government was active and ready to support the banking system, especially large state-owned commercial banks like VietinBank.
Therefore, Fitch has upgraded the Government’s support rating for VietinBank (Government Support Rating – GSR) to the same level as the National rating.
Along with that, Fitch has adjusted the outlook on VietinBank’s operating environment from stable to positive.
VietinBank’s income prospects and profitability have both improved in recent years, with high risk provision buffers, and operating efficiency is expected to continue to grow sustainably.
As a result, Fitch has adjusted VietinBank’s outlook on earnings and profitability from stable to positive.
The fact that Fitch Ratings upgraded VietinBank’s credit rating contributes to affirming the effective and sustainable operation as well as the prestige and position of VietinBank in the Vietnamese financial and banking market. — VNS
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https://vietnamnews.vn/economy/1400882/fitch-ratings-upgrades-vietinbank-s-credit-rating.html
Source: Dinar Recaps
Clare » December 5th, 2022
Government official: The exchange rate of the dollar will decrease and its impact will be after a week
2022-12-05
A government official confirmed, on Monday, that the exchange rates of the US dollar against the Iraqi dinar will decrease with the Central Bank’s decision to increase the weekly share of banks, exchange and mediation companies, pointing out that the decline will have an impact next week.
The official, who preferred not to mention his name and position, added that “the bank’s decision came to reduce the gap between the central bank rate and the dollar price in the local markets or what is known as the black market,” expecting “the dollar’s decline to its previous levels, which were around 147 thousand dinars compared to 100 dinars.” dollar”.
Yesterday, Sunday, the Central Bank of Iraq decided to increase the share of banks, exchange and financial mediation companies from the dollar, in order to reduce the price of the dollar in the local markets, after its rise yesterday, Sunday, to more than 150 thousand dinars, compared to 100 dollars.
And the bank stopped 14 banks from entering the auction after the US sanctions that it imposed on these banks as a result of smuggling the currency.
It is noteworthy that the Central Bank sells dollars in an auction that it organizes daily to banks and mediation companies in order to finance foreign trade and finance the internal market in dollars, but many economists and politicians indicated the existence of c--------n in the central bank’s sales by smuggling hard currency abroad without finding solutions to that over the years. these years. LINK
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Association of Banks: Central Bank measures will return dollar prices to their rates quickly
12/05/2022
The Iraqi Private Banks Association announced, on Monday, that the Central Bank’s measures to increase the supply of dollars through its approved outlets will lead to a return of exchange rates to their rates quickly.
“The economic and political conditions and their repercussions negatively affect stability in the monetary system and the financial system, and thus this will lead to economic instability and market confusion,” the association’s advisor, Samir Al-Nusairi, said in a statement.
Al-Nusairi added, “Several days ago, a new wave of criticism began from some media outlets affected by rumors launched and driven by speculators in the currency exchange market with the aim of creating a state of confusion and instability and trying to drag the money market into instability and thwarting the central bank’s plans to control the target rates for the exchange rate.” The exchange rate, which has remained stable since its adjustment to the new rates of finance, banks and the public.
He pointed out that “speculators took advantage of the decline in dollar sales in the window for selling foreign currency, which the central bank clarified in a statement last week that the reason is the application of a new electronic platform to control external transfers similar to the letters of guarantee platform currently implemented,” noting that “given the lack of sufficient preparation For local banks, with the start of the trial application of the platform, part of the foreign transfers were postponed, which resulted in a decrease in the volume of sales of the foreign currency sale window.
And he emphasized that “another rumor is that the central bank will make a new change to the current price,” explaining that “the central bank has repeatedly announced that there is no intention to change the price at present and explained the negative effects of any change in the price on the national economy, trade exchanges, and local and foreign banking dealings with countries.” the scientist“.
And he continued, “The exchange rate is determined by the central bank according to the effects and repercussions of the economic reality in a country like Iraq that suffers from challenges, repercussions, economic and financial crises, and a structural and systematic imbalance in managing the economy and money. Monetary, but this cannot be achieved without joint coordination with fiscal policy and other economic sectors, activating the real economy, diversifying sources of national income, and leaving the unilateral economy relying on oil as a main resource that constitutes 93% of the general budget revenues and 57% of the gross domestic product.
And he stressed that “those who criticize the central bank must be aware that its measures announced yesterday by increasing the supply of dollars through its approved outlets and banks will inevitably lead to the return of the price to its target rates inevitably and quickly.” LINK
Source: Dinar Recaps
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