KTFA
Clare » December 29th, 2022
In numbers, the central bank reserves increased by 46% of the foreign currency
12/29/2022
The Central Bank of Iraq achieved a value of assets amounting to about 200 trillion dinars during the month of November, with an annual increase of 36%.
The economist Manar Al-Obeidi said in a statement, which {Euphrates News} received a copy of, “The central bank’s reserves amounted to 96 billion US dollars, an annual increase of 46%, and the value of the cash currency exported increased to reach more than 84 trillion Iraqi dinars, an annual increase of 10%.
And that, “depending on the value of reserves in foreign currencies, the value of the exported monetary currency, and the value of gold in the global markets.”
He pointed out, “The value of one gram of gold is equivalent to 46,000 Iraqi dinars, with an annual increase in the value of the dinar, which amounted to 84%, as the value of one gram of gold was equivalent to 67,000 dinars in November of last year.”
Advertisement
______________________________________________________
Al-Obaidi continued, “The lowest actual value of the Iraqi dinar against gold reached in the fifth month of 2021, when one gram of gold reached its actual value of 72,000 dinars.”
He explained that “this rise in the value of the Iraqi dinar as a result of the growth of reserves and offset by less growth in the exported monetary currency, which contributed to strengthening the actual value of the Iraqi dinar against the price of gold.” LINK
Zeeman » December 29th, 2022
good article claire. this clearly shows that the cbi is making big money while the citizens are getting shafted. imo the pressure is mounting from all sides for a big change soon
Henig » December 29th, 2022
MP from Maysan: The government is required to be frank with the people about the party responsible for the high price of the dollar
Al-Amarah / NINA / – The MP of Maysan Governorate, Ruqayyah Al-Nuri, confirmed: “The high price of the dollar represents a great suffering added to the poor citizen.”
Al-Nouri added, “The government must work hard to save the poor from the catastrophe of the rising dollar and market prices and foodstuffs,” calling on the government to quickly address this problem as it threatens the food and life security of poor citizens.
Advertisement
______________________________________________________
She explained that: “The rise in the price of the dollar certainly came with American interventions and measures hostile to the power of the Iraqi people, to fight them at their foodstuffs to inflame the street against the current government of services and reconstruction.”
She indicated that the government is required to be honest with the people and announce the party that caused the rise in the price of the dollar. LINK
Parliamentary Finance: The Central Bank bears the rise of the dollar and the government’s move to the US Federal Reserve
{Economic: Al Furat News} The Parliamentary Finance Committee held the Central Bank of Iraq responsible for the rise in dollar prices, while it revealed a government move by the US Federal Reserve.
Committee member Moein Al-Kazemi said; For the program “Alam al-Mustra” broadcast by Al-Furat satellite channel this evening: “It is known that the House of Representatives is in a state of legislative recess, and it ends on the 8th of next month, and on the 9th of it, the parliament meets and the Speaker of the House of Representatives is absent from this event. The rise in the price of the dollar.
He pointed out, “The problem of the House of Representatives is the delay in resolving the 25 specialized committees and their incompleteness until this moment, and 70 replacement deputies have not been distributed, and the committee chairs are still run by the elderly.”
Al-Kazemi added, “The Central Bank of Iraq bears the responsibility for raising the exchange rate, and the government must take serious measures to rein in this hike, and there should be a ready plan to address errors in the window for selling the currency.”
And he stated, “The Iraqi-Iranian circulation was more during the time of the past government than the current government, and about 7 million dollars were spent, with the knowledge of the American side; but there are mistakes on the part of the Central Bank on the part of the currency window, and the money is not transferred to import.”
He pointed out, “The central bank’s agreement now with an international company to verify Iraqi financial transfers, and we should communicate with experts and the private sector in discussing this crisis and benefit from economic experts,” calling for “the formation of a staff to deal with raising the price of the dollar.”
Al-Kazemi continued, “There is a race today to buy the dollar, unlike yesterday, because of the media and psychological obsession, and the government must work hard not to keep any justification in front of the American side, and there must be a new method for disbursing the dollar through direct dealings with merchants instead of dealing with the window of private banks.”
Advertisement
______________________________________________________
He attributed the rise in dollar prices to “several reasons, including the imposition of the US ban on 4 Iraqi banks, and then informing the Central Bank of the procedures for money transfers,” describing them as “shocking measures that were not in prior coordination with the Iraqi government.”
And Al-Kazemi added, “The measures taken that stopped some money transfers and the ban led to other banks’ apprehension and fear of entering the currency auction in addition to political reasons, and the Council of Ministers assigned the Minister of Finance to approach the US Federal Reserve, so that there would be coordination with the Central Bank of Iraq in this regard.”
On the other hand, Al-Kazemi criticized the dollar exchange procedure for travelers via Master Card, describing it as “it will not work to provide dollars in the local market, which is a discouraging experience.” LINK
Clare » December 29th, 2022
After a rapid collapse of the Iranian currency.. the resignation of the head of the Central Bank of Iran
12/29/2022
Days after the historic collapse of the Iranian currency in the markets, the head of the Central Bank of Iran, Ali Saleh Abadi, resigned from his post today, Thursday.
The official Iranian news agency, IRNA, confirmed that in the meeting of the Iranian cabinet headed by Ibrahim Raisi, “Ali Salehabadi” resigned and “Mohammed Reza Farzin” was appointed as his successor.
Mohammad Reza Farzin is a professor at Allameh Tabatabazi University in Iran and has a proven track record in the banking sector, including the CEO of the Iranian “Melli” Bank, the head of the “Karavrin” bank, and a member of the board of directors of the “Kashwarzi” bank.
Farzin also held the position of Chairman of the National Development Fund of Iran and Deputy Minister of Economy for Economic Affairs in the government of Mahmoud Ahmadinejad.
Advertisement
______________________________________________________
Iran witnessed a historical decline in the exchange rate, as the dollar traded in the local markets at more than 440,000 Iranian riyals. LINK
Association of Banks: Central Bank measures will restore the money market to balance
12/29/2022
On Thursday, the Association of Iraqi Private Banks confirmed its support for the Central Bank’s measures to control the money market.
The Association’s advisor, Samir Al-Nusairi, said in a statement, “Our banks, which were identified by the Central Bank, considered them additional outlets for providing US dollars to traveling citizens, which they need for the purposes of travel and treatment, at the price of 1470 dinars, with borders and a flexible and smooth mechanism throughout the days of the week, in addition to Fridays, Saturdays and official holidays.”
He added, “The Central Bank worked to increase the weekly share of these banks to 1,800,000 dollars, and under on-site and field follow-up by the bank,” noting that “our banks have always been known for their national and supportive role to support the central bank’s measures in the economic crises that Iraq has gone through previously and now.” .
He stressed that “the decisions issued by the Central Bank, and the new mechanisms and instructions related to raising interest rates and the special commission for the investment financial products of the Central Bank, so that banks can invest their surplus liquidity with the bank according to special details, and open the windows of forward investment (90 days, 182 days, 364 days) and issue new mechanisms.” For deposits for banks wishing to participate in the currency window, it allows banks to purchase any amounts in foreign currency and deposit them in accounts used for external transfers only, and interest / returns are paid on those balances according to the new mechanism.
He pointed out that “the Central Bank took measures during the past two weeks to increase the supply and provision of the dollar to merchants, businessmen and importers through banking outlets directly without the mediation of intermediaries, which will restore the money market to its balance regardless of any political news, fabrications, fabrications and non-specialized analyzes.”
Al-Nusairi explained, “The central bank’s assurances of the availability of foreign cash reserves exceeding $96 billion and its ability to supply dollars in sufficient quantities to meet the requirements of demand will inevitably enable it to control the money market quickly.”
Al-Nusairi called on the competent government agencies to “assign the Central Bank’s procedures in accordance with its tasks and duties contained in its law in force and its previous successful experiences, to control the exchange rate,” calling on “the national media with all its visual, audio and print means to support the procedures and decisions issued by the Central Bank.”
Advertisement
______________________________________________________
He pointed out that “the governor of the Central Bank confirmed that the economic situation of our resources from the US dollar cannot be compared to the case of Lebanon and neighboring countries,” stressing that “the current rise is temporary and will return to its previous levels, and the Iraqi dinar will continue to be strong and stable.” LINK
Al-Sudani Advisor: The external transfer platform meets 90% of the market demand for currency
12/29/2022
Baghdad – Conscious – Nassar Al-Hajj
Today, Thursday, the advisor to the Prime Minister, Mazhar Muhammad Salih, clarified about fluctuations in the exchange rate of the dollar in the Iraqi market, while confirming that the external transfer platform meets 90% of the market demand for foreign currency.
Saleh said, to the Iraqi News Agency (INA), that “Iraq is one of the largest countries in the region in its current reserve financial capabilities,” explaining that “rumors and gossip began to circulate among people as a result of the fluctuations in the exchange market, following the adoption of international controls that surrounded the work of the external transfer platform.” Which meets 90 percent of the market demand for foreign currency.
He added, “We would like to reassure everyone that, with the increasing transparency of the information provided by the commercial community requesting financing its import in foreign currency through effective mediation by the Central Bank and passing through the international auditing platform, the collection of foreign currency is increasing to meet the requirements of foreign trade and is achieved immediately and at the official exchange rate of 1460 dinars to the dollar.
He pointed out that “the financial market is in an adjustment phase to rearrange its conditions in the correct and orderly direction, and there are no concerns,” noting that “the government economy constitutes the center of gravity in organizing economic life and possesses sufficient basic ingredients in supporting and stabilizing the market economy.”
The prime minister’s advisor called for “rejecting misleading rumors launched by speculators and enemies of stability.” LINK
Source: Dinar Recaps
Advertisement
______________________________________________________
[Vietnam]
Henig » December 29th, 2022
Efforts underway to boost trade with UK
06:00 | 29/12/2022
(VEN) – Both capital and production technology of domestic enterprises remain modest, it is necessary to connect resources in order to help businesses efficiently take advantage of the UK-Vietnam Free Trade Agreement (UKVFTA), said Ngo Chung Khanh, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Multilateral Trade Policy Department in a talk with Vietnam Economic News’ Hoa Quynh.
What is your assessment of the UKVFTA’s impact on UK-Vietnam trade?
We have seen that the UKVFTA has benefited both sides. The UK’s exports to Vietnam are increasing significantly, helping to balance the bilateral trade and at the same time enabling Vietnamese manufacturers to make use of more UK sources of raw materials, technologies and products to improve production capacity.
Vietnamese enterprises export coffee, pepper, vegetables, garments, and footwear to the UK, achieving growth of almost 100 percent and implementing market diversification strategies.
To what standards and practices should Vietnamese exporters pay attention in trade with the UK?
In addition to preferential tariffs under the UKVFTA, other advantages for exports to the UK are related to that market’s diversification of supply sources. However, the UK’s high standards and different thinking about environmental and labor issues are factors to which businesses need to pay attention. The UK has a traditional relationship with its former colonial countries, India and Pakistan for example, which compete with Vietnam’s strong products, such as rice.
Advertisement
______________________________________________________
Despite certain difficulties, the UK is a high-potential market for Vietnamese exports. However, many Vietnamese exporters are not confident of entering a new market with strict standards and barriers like the UK, hampering achievement of Vietnam’s targets related to the UKVFTA. While both capital and production technology of domestic enterprises remain modest, it is necessary to connect resources in order to help businesses efficiently take advantage of the UKVFTA.
What will the Ministry of Industry and Trade do to help enterprises take advantage of the UKVFTA?
The relevant authority needs to replicate successful export models and implement market access sharing programs for businesses in order to maintain export growth to the UK.
Based on the experience of UKVFTA implementation since May 2021, the Ministry of Industry and Trade will work with localities and sectors to promote the agreement in accordance with the actual needs of enterprises. The ministry will build and operate an FTA portal to increase regular interaction with businesses.
We expect that local authorities will have a stronger involvement in the UKVFTA implementation. The government recently approved a project to evaluate FTA implementation efficiency in localities, which is expected to boost local authorities’ activity in accompanying enterprises’ FTA exploitation.
Hoa Quynh LINK
Potential remains for Vietnam’s exports to EU
10:49 | 28/12/2022
The Ministry of Industry and Trade (MoIT) on December 27 organized a conference to review the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) over the last two years.
Speaking at the event, Deputy Minister of Industry and Trade Tran Quoc Khanh said that since August 2020, Vietnam and the EU have seen positive results in their two-way trade despite the C---D-19 pandemic.
Advertisement
______________________________________________________
In the first year of the EVFTA’s implementation, bilateral trade between Vietnam and the EU reached US$54.9 billion, up 12.1 percent over the same period the previous year, of which export revenue reached US$34.5 billion, up 11.3 percent.
In the second year, it reached US$61.4 billion, up nearly 11.9 percent, of which exports reached US$45 billion, up 17 percent.
In the first 11 months of 2022, two-way trade turnover reached US$57 billion, up 14 percent over the same period last year, of which exports reached US$43.5 billion, up 21 percent. Key export products from Vietnam recorded positive growth such as textiles, footwear, and seafood, with year-on-year increases of 24 percent, 19 percent and 41 percent, respectively.
The results show that Vietnamese enterprises have taken advantage of the EVFTA. Four out of ten Vietnamese enterprises have benefited from the EVFTA, according to the Vietnam Chamber of Commerce and Industry.
However, according to the MoIT, the EU market still offers opportunities for Vietnamese enterprises despite facing difficulties in accessing the market.
Deputy Minister Khanh said that Vietnam’s brand has not been built or is not popular in European countries.
The value and benefits that Vietnamese businesses earn are not commensurate with their potential, he added.
Ngo Chung Khanh, Deputy Director General of the MoIT’s Multilateral Trade Policy Department, said that the ministry plans to coordinate with other ministries and agencies to further provide enterprises with EVFTA-relating information.
Besides, the ministry will also assess the implementation of the EVFTA in provinces and cities nationwide through FTA INDEX which is expected to launch in late 2023.
The ministry will open training courses for enterprises, and speed up solutions to support enterprises in accessing and taking advantage of the EVFTA.
VNA LINK
Source: Dinar Recaps
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
