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KTFA
Henig » December 25th, 2022
Al-Sudani stresses keenness to achieve economic integration with neighboring countries and the region
12/24/2022
{Local: Al Furat News} Prime Minister Muhammad Shia Al-Sudani affirmed today, Saturday, keenness to achieve economic integration with neighboring countries and the region.
A statement from his office, of which {Euphrates News} received a copy, stated that: “Al-Sudani received a delegation of journalists and media workers from various Egyptian media outlets, headed by the President of the Supreme Council for Media Regulation, the Egyptian Minister of Information, Karam Kamel Ibrahim, in the presence of the President of the Media and Communications Authority, and the President of the Union of Arab Journalists. Iraqi Journalists Syndicate.
The head of the Egyptian delegation, according to the statement, conveyed the greetings of Egyptian President Abdel Fattah El-Sisi to the Prime Minister, and also congratulated Al-Sudani on the occasion of forming the government and assuming his duties as Prime Minister.
Al-Sudani welcomed the “Egyptian media delegation,” calling on them to “visit the Basra governorate and see the ongoing preparations for the Basra Gulf Championship 25, which will start on the sixth of next January.”
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He stressed, “Iraq went through difficult circumstances that it was able to overcome, and its children have stories of sacrifice in the war against ISIS that dazzled the world.” and everything that enhances the security of the region.
Al-Sudani also stressed “the keenness to achieve economic integration with neighboring countries and the region, in the path of achieving development and prosperity for the Iraqi people, and the brotherly and friendly peoples.” LINK
Exchanging dollars in banks is a practical approach to achieve stability in the exchange market, says PM advisor
Baghdad-INA
The financial advisor to the Prime Minister, Mudhar Muhammad Salih, confirmed on Saturday, that applying the mechanism for selling dollars in banks is a correct practical approach to achieving stability in the exchange market, pointing out that the monetary policy of the Central Bank of Iraq-CBI continues to provide options as well to achieve this goal.
“The new procedures in providing wide and multiple official outlets for exchanging dollar cash through the government banking system, with an increase in the allocation for one person to 5 thousand instead of 3 thousand dollars, up to 10 thousand dollars, represent a correct option to achieve stability in the exchange market,” Saleh told the Iraqi News Agency (INA).
He added, “The followed procedures provide the cash dollar through available, fair and equal opportunities for the beneficiaries, and make it available directly to the groups that need it for the purposes of travel and treatment outside the country.”
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Salih pointed out that “This trend in the exchange market is a positive expansion in transforming the dollar cash market into a flexible market that enjoys a high degree of competitiveness, governance, and discipline at the same time,” noting that “the monetary policy of CBI is a constant and continuous policy in providing other additional options for foreign currency supply, which will contribute continuously to the stability of the exchange market.
He also affirmed that “This move ensures at the same time maintaining the stability of the general level of prices, which is the ultimate goal of monetary policy in the country.” LINK
Basra crude records weekly gains of about 3%
Baghdad / NINA /- Basra crude closed with a weekly gain of about 3%, similar to other crude oil, which also recorded gains.
Basra Heavy crude closed in its last session on Friday, down by 45 cents, to reach $71.79, but it recorded a weekly gain of $2.03, equivalent to 2.91%.
While Brent crude closed in the last session on Friday, up by $2.94, to reach $83.92, and recorded significant gains amounting to $4.88, equivalent to 6.17%.
West Texas Intermediate (WTI) crude closed in its last session up by $2.07, to reach $79.65 a barrel, and recorded a weekly gain of $5.36, equivalent to 7.21%.
Oil prices rose yesterday, Friday, with the recovery of demand in China and with Russia’s threats to reduce its production by 700 thousand barrels, after setting its oil prices by the European Union and America. LINK
[Vietnam]
Henig » December 25th, 2022
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Rural products fall short of potential
10:00 | 24/12/2022
(VEN) – Outstanding rural industrial products have been honored for 10 years throughout Vietnam, boosting rural industrial development. However, several problems need to be addressed to improve the products’ promotion.
Vu Hy Thieu, an experienced member of the national council for honoring outstanding rural industrial products, assessed that poor design remains a major weakness of outstanding rural industrial products, especially fine art and handicraft articles, as most rural producers do not have professional designers and rely on their skilled artisans and workers. They need to study market needs and design trends in order to build product development orientations, as well as renovate technology and equipment in order to better and expand production.
Sharing Thieu’s assessment, many other members of the council said some of the rural industrial manufacturers applying to have their products recognized and certified do not meet the criteria on production scale, capital investment and market.
Many applications are for poor quality products, mostly focused on processed farm produce, forest products and seafood. The participation of equipment, machinery, mechanical tools and spare parts, and fine art and handicraft articles, remains incommensurate with their potential.
The problems negatively impact the recognition of outstanding rural industrial products.
Experts say manufacturers of national and regional-level outstanding rural industrial products must be supported in developing production and strengthening trade promotion, and policies are required for development of industry and trade promotion, rural industry and small and medium-sized enterprises.
Bui Viet LINK
PV Power cements position as second-largest electricity producer
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December, 24/2022
Speaking at the ceremony, Minister of Industry and Trade Nguyễn Hồng Diên said PV Power had risen steadily to become the second-largest power supplier in Việt Nam, after Việt Nam Electricity (EVN) and the biggest gas-electricity producer, confirming its important position in Việt Nam’s energy map.
HÀ NỘI — The Petrovietnam Power Corporation (PV Power) yesterday celebrated 15 years since its establishment, confirming its position as a leading electricity producer in Việt Nam.
Speaking at the ceremony, Minister of Industry and Trade Nguyễn Hồng Diên said PV Power had risen steadily to become the second-largest power supplier in Việt Nam, after Việt Nam Electricity (EVN) and the biggest gas-electricity producer, confirming its important position in Việt Nam’s energy map.
The company has produced more than 240 billion kWh of electricity in the past 15 years, contributing to ensuring national energy security and the country’s economic development, Diên said.
The firm earned more than VNĐ350 trillion (US$14.8 billion) in revenue, with profits of over VNĐ25 trillion during the period. In addition, it has paid more than VNĐ16 trillion to the State budget.
The firm has operated seven power plants with a total capacity of 4,209 MW. Its total assets increased 12-fold to VNĐ56.5 trillion ($2.36 billion) from only VNĐ4.78 trillion in 2007 when it was established, with the owner’s equity exceeding VNĐ32 trillion.
Minister Diên said the power industry is facing significant challenges in the new era when it must both ensure energy supply for the fast-growing economy and transform to more eco-friendly products to help realise Việt Nam’s COP26 commitments.
He asked PV Power to take advantage of gas-fuelled power to continue the development of LNG power projects, including Nhơn Trạch 3 and 4, which have combined designed capacity of 1,600MW using the state-of-the-art technologies, along with Quảng Ninh LNG with an expected capacity of 1,500MW. Besides, PV Power needs to apply advanced technology to switch to less-carbon energy production while expanding investment in renewable energy projects.
PV Power’s General Director Lê Như Linh confirmed the firm would focus on transitioning to green energy and environmental protection.
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By 2035, the firm’s total capacity is expected to reach 5,760-9,560MW, supplying 30-47 billion kWh to the market each year, with a growth rate of 3-4 per cent annually.
The first unit to make IPO
PV Power was also the first unit in the electricity sector to conduct an IPO in Việt Nam successfully.
The stock code POW has continuously led in liquidity among power trading companies on the Hồ Chí Minh Stock Exchange. The share has been in the Top 50 Best Listed Companies for three consecutive years by Forbes magazine, and the credit rating ranked BB with a positive outlook by Fitch Ratings for the past two years.
At the ceremony, PV Power received the Second-class Labour Order from Vice President of Việt Nam Võ Thị Ánh Xuân for its contribution to the country’s economic development. — VNS LINK
Source: Dinar Recaps
Clare » December 25th, 2022
MP Al-Qaisi: The government is able to rein in the dollar at any moment it wants
12-25-2022
Representative Mahmoud Hussein Al-Qaisi affirmed, on Sunday, that the government is able to rein in the dollar at any moment it wants.
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Al-Qaisi said in a tweet via Twitter, “With the hundred billions stacked in the Central Bank’s accounts, and with the tons of gold stored in them; in addition to the treasury bonds in the US Federal Bank, controlling the market is subject to a government decision capable of curbing the dollar at any moment the government wants.” .
He added, wondering: “But when will you take this step!?”. LINK
The Sleeping Wool Shelf” pushes the price of the dollar in Iraq to about 160,000 dinars
2022-12-25
A member of the Iraqi Parliament, Alia Nassif, commented, on Sunday, on the decline of the dinar against the US dollar, to 154,000, while she indicated that “Shelf Al-Souf” is behind the exchange rate crisis.
Nassif wrote, in a tweet she posted on her personal account via Twitter, on the occasion of the rise of the dollar to 154,000 dinars and its direction towards 160, we say, “Sleeping, Sharif al-Sawf, and the dollar is suffocating your people.”
She explained, “(Sherif Al-Sawf) here is not a person, but rather a system that deserves to be cursed for its corruption, which starts with those who have the idea of the exchange rate and ends with those who oppose its return to 120,000.”
And Nassif continued by saying: “I will see experts speaking about economic theories. Dad, we know your words. We have heard about economic theories at the hands of economics professors.”
For his part, Representative Mustafa Sanad said, “The reason for the rise of the dollar is to stop transferring Iraq’s entitlements from dollars by the US federal government, for the purpose of political blackmail and understanding.”
The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, had attributed, earlier today, Sunday, the continued rise in the price of the dollar against the Iraqi dinar to several external factors, while confirming the government’s endeavor to control the exchange rate and achieve its stability in the market.
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And the local markets in Iraq recorded a significant increase in the exchange rates of the US dollar against the Iraqi dinar, reaching its peak today, Sunday, when the price of one dollar reached 1540 dinars. LINK
Sudanese advisor: Exchange rate fluctuations are temporary and there is no concern about Iraq’s capabilities to impose stability
12-25-2022
Today, Sunday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, identified new reasons for the rise in the exchange rate in the local markets, and while he revealed the existence of monopolistic activity within the market, the work of the monetary authority confirmed the stability of the exchange market with two paths .
Salih said in a statement to the Iraqi News Agency (INA) that the slight fluctuations in the exchange rate outside the current central rate have come for internal and external reasons, stressing that the internal reasons are related to the cash dollar, according to which the foreign currency window of the Central Bank is equipped with offices, exchange companies and banks annually by approximately $10 billion for travel and tourism purposes, which is a large number in meeting the needs of the local market for travel purposes in cash.
He added that “a monopolistic activity within the market acts outside the regulatory controls stipulated in the Anti-Money Laundering Law.”
He pointed out that “the monetary authority is working to stabilize the exchange market in two tracks: the first: is represented by monitoring the exchange market to ensure the flow of foreign exchange from the dollar to the beneficiaries of the travelers, so that the share of one traveler has become 5 thousand dollars instead of 3 thousand dollars, with the possibility of collecting 10 thousand dollars for purposes
The treatment is for a single traveler as well, and this was accompanied by the opening of official outlets within the branches of government banks to provide citizens with foreign currency at the official rate in order to create an atmosphere of competition in the sale of foreign currency by expanding the money supply in dollars.
And that “the second track relates to the dollar transferred through the window of the Central Bank abroad, which aims to finance foreign trade for the private sector, as these transfers to banks abroad constitute approximately 90% of the total demand for foreign currency through the window of the Central Bank of Iraq.”
Salih revealed that there are objections from international compliance control regarding some transfers of incomplete information that private banks submit to foreign currency for the benefit of their customers and for their own, stressing that a number of transfers issued by requests from some private banks were rejected, especially since the platform through which transfer transactions pass It is the external entity that undertakes the rejection of incorrect requests, which are monitored by international compliance circles.” External”.
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He noted that “foreign reserves have become the strongest in Iraq’s financial history, and its balance has perhaps exceeded one hundred billion dollars, which means there is no fear or concern about Iraq’s financial capabilities in imposing stability in the dinar exchange rates as long as the matter is related to administrative and organizational affairs in dealing with external transfer and foreign currency trading.” “. LINK
An extraordinary session to host the Governor of the Central Bank
The Parliamentary Integrity Committee revealed today, Sunday, its intention to hold an extraordinary session in the House of Representatives to host the Governor of the Central Bank.
A member of the committee, Hadi al-Salami, told Al-Furat News that: “Parliamentary signatures were collected to host the governor of the Central Bank, and an extraordinary session was held in the House of Representatives to find out the accurate information to show the real rise in dollar prices.”
He added, “One of the reasons for the rise in the exchange rate of the dollar in the markets is that the US Federal Bank banned banks belonging to the parties that were smuggling the currency,” returning it as “one of the most prominent reasons for the rise in exchange rates in the local market.”
Al-Salami indicated that “there is a conflict of information about the reality of this rise, and that the Iraqi people have the right to know the facts through this hosting.”
Prime Minister Muhammad Shia al-Sudani confirmed, during a press conference, a clear increase in the exchange rates of the dollar against the Iraqi dinar.
Al-Sudani referred to the refusal of transfers to fictitious companies, and there are exaggerated prices in the currency sale window, while he indicated that the price inflation operations in the currency sale window aim to remove the dollar from the country.
He also announced that the Central Bank of Iraq’s reserves of foreign currency had reached $96 billion, and that the government was and still is monitoring the central bank’s policy to ensure market stability.
Today, Sunday, the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad closed at 154,300 Iraqi dinars for 100 dollars, while the exchange rates for the dollar this morning were 153,450 dinars for 100 dollars.
The buying and selling prices also increased in exchange shops in the local markets in Baghdad, where the selling price reached 154,750 Iraqi dinars, while the purchase price reached 153,750 dinars for every 100 dollars. LINK
Source: Dinar Recaps
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