Vietnam Reserves Forecast to Climb to $95 Billion … Dong Strength | Bloomberg (5/9/23)
Vietnam’s foreign-exchange reserves excluding gold are forecast to rebound to $95 billion by the end of the year as the central bank rebuilds its stockpile, Moody’s Investor Service said.
“The recent appreciation of the dong, which reflects the improved external position, would give the central bank space to rebuild the FX buffers that were spent down during the US dollar’s rally last year,” said Nishad Majumdar, a sovereign analyst in Singapore. Reserves stood at $88.3 billion in January, according to the International Monetary Fund.
Vietnam‘s central bank bought about $6 billion of US dollars this year to boost its reserves, according to Nguyen Quoc Hung, general secretary of Vietnam’s Bank Association. The data was given by central bank Governor Nguyen Thi Hong in a meeting last week, he said Tuesday.
“Being able to buy that $6 billion to add into the forex reserves, the central bank will have more capacity to ensure its dollar supply to banks for import demand,” Hung said. This is very significant for the economy,” he said.
The recovery in tourism and steady foreign direct investment inflows will help boost the nation’s reserves even as exports weaken, Majumdar said in an emailed response to questions Tuesday.
The dong has advanced 6% in the past six months, joining a rally in Asian peers, as the US dollar’s strength faded.
“While we don’t forecast the exchange rate, we expect the authorities to prioritize exchange rate stability as a means to stabilize inflation and create certainty for inbound investors,” Majumdar said.
A stronger dong reduces the local-currency value of the government’s external debt, which still accounts for about a third of overall government borrowing, he said.
It will also likely mitigate the impact of higher import and manufacturing input costs into domestic inflation, giving the authorities further space to pursue a more accommodative monetary policy, he said.
Baghdad.. Demonstrators began flowing to Tahrir Square to demand approval of the salary scale (photos)
Today, Tuesday, our correspondent reported that the demonstrators began to flock to Tahrir Square in the center of the capital, Baghdad, to demand the approval of the salary scale.
The (Baghdad Today) correspondent said, “Hundreds of demonstrators began to flock to Tahrir Square in the center of the capital, Baghdad, to demand the approval of the salary scale.”
Earlier in the day, the Higher Coordinating Committee for Iraqi Employees announced the postponement of the (salary scale) demonstrations, scheduled for today, until further notice.
A statement by the committee, received by (Baghdad Today), stated that “it was decided to postpone the demonstrations (the salary scale) scheduled for today, Tuesday,” indicating that “the government agencies began to comply with the demands of the revolution and announced unconditional approval and made promises to approve the salary scale within a maximum period of the end of next June.”
And this morning, a security source reported, with an extensive deployment of security forces in Tahrir Square and the approaches to Al-Jumhuriya Bridge in the center of the capital, Baghdad.
The source told (Baghdad Today) that, “in anticipation of any demonstration, the security intelligence of Karkh and Rusafa directed that the working hours be 100% for the days of Tuesday and Wednesday, while preventing the granting of leave during them.” link
Financial Inclusion Week in Iraq concludes
Economy News _ Baghdad
Under the supervision of the Central Bank and the Association of Private Banks, the activities of the Financial Inclusion Week, which was held throughout Iraq, were concluded, with great participation by banks, electronic payment companies and finance companies.
The Financial Inclusion Week is held in all Arab countries in coordination with the Arab Monetary Fund, and aims to raise awareness of the importance of the banking sector, and includes various events such as conferences, workshops, seminars, awareness and education campaigns, and financial and governmental institutions, non-governmental organizations and members of civil society participate in these events.
Financial inclusion is the provision of financial services to all without exception, including the poor and marginalized, including bank accounts, insurance, loans and other services. Financial inclusion aims to promote economic development and improve the economic climate of the country.
During these events, which were held in the governorates of Baghdad, Basra, Erbil, Sulaymaniyah, Kirkuk, Maysan, Babylon and Nineveh, and targeted commercial centers, businessmen, students, entrepreneurs and others, citizens were able to open bank accounts and benefit from the services provided by banks with regard to electronic cards, loans, remittances, and others.
The Executive Director of the Association of Private Banks, Ali Tariq, said that the Financial Inclusion Week is an annual event held in many countries around the world, and has many positive effects on societies, including promoting economic and social development, improving the standard of living for individuals and communities, increasing employment opportunities and improving the economic situation of families and poor groups.
He pointed out that enhancing investment and economic development of countries, improving financial governance and contributing to reducing financial corruption, improving access to financial services and insurance for the most needy groups, such as poor and marginalized groups, women and youth, and enhancing financial and economic stability for individuals and communities.
He pointed out that it can be said that financial inclusion contributes significantly to improving the economic and social situation of individuals and societies.
For his part, the banking advisor of the Iraqi Private Banks Association, Samir Al-Nasiri, said that in light of the program prepared by the Exchange Association, the activities of the Arab
Financial Inclusion Week were launched in conjunction with its launch in all Arab countries, including Iraq, pointing out that the Iraqi banking sector has achieved a wide spread at the level of opening bank accounts and spreading in banking services.
He added that the celebration of financial inclusion included the establishment of festivals and events to spread banking culture, and during this year the financial inclusion strategy will be launched, which began its features since 2016 and achieved a lot of them at the level of achievements in the subject of spreading banking culture, as the World Bank reports that Iraq has achieved a leap in financial inclusion from 11% to 33.5%, which is a good percentage compared to regional countries that practice the same activity, we hope that these events will continue with great success according to the program. prepared for it.
The Dean of the College of Business Economics at Al-Nahrain University, Dr. Nagham Hassan Nehme, said that the university used to hold this event annually because of the existence of partnership relations with the Association of Iraqi Private Banks and the Central Bank of Iraq, and this day is considered special because of its great significance at the level of professors as well as students.
She pointed out that this day represents an important thing to learn about the distinguished services provided by banks, electronic payment companies and project finance companies and how to pave the way for students after their graduation to work in banking institutions.
The Director of Relations of the Islamic World Bank, Omar Al-Agha, explained that according to the directives of the Central Bank of Iraq and with great support from the Association of Iraqi Private Banks, we held financial inclusion events to familiarize all members of society with the work of the bank by presenting the multiple services provided to them.
He pointed out that the last five years of financial inclusion has begun to mature in Iraq through the understanding and awareness of the citizen For banking services and how to use electronic payment tools.
Source: Dinar Recaps
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