Al-Sudani receives an invitation from the Saudi Crown Prince to participate in the World Economic Forum
Media Office of the Prime Minister: Saudi Crown Prince Mohammed bin Salman referred in his message to the Prime Minister to the close relations linking the Kingdom of Saudi Arabia with Iraq and that his participation will have a good impact on the success of the meeting’s work.
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Today, Monday, Iraqi Prime Minister Muhammad Shia al-Sudani received an official invitation from Saudi Crown Prince Mohammed bin Salman to participate in the special meeting of the World Economic Forum, which the Kingdom will host at the end of next April.
This was mentioned in a statement issued by Al-Sudani’s office and received by Shafaq News Agency.
The statement conveyed that Bin Salman, in a letter he sent to Al-Sudani, referred to the close relations between the Kingdom of Saudi Arabia and Iraq, and that his participation will have a good impact on the success of the meeting’s work.
According to the statement, the special meeting of the World Economic Forum will be held in Riyadh for the period from April 28-29, and will address a number of international topics and issues, and discuss international cooperation in the fields of economics and sustainable development.
We will dismiss you soon.” Exchange companies threaten a Central Bank employee for his “strange and unprofessional” behavior.
Today, Friday, the representative of the exchange companies, Dhia Al-Taie, vowed to take a package of measures against an employee in the Central Bank of Iraq for threatening a group of C-class companies to merge or stop the currency window share from them and withdraw the company’s license.
Al-Taie told “Jarida”, “The Central Bank of Iraq is still floundering with its strange procedures and blaming its mistakes on exchange companies.”
He added, “Yesterday, one of the decision-making employees of the Central Bank of Iraq met with a group of C-class companies to threaten them with a merger (which proved to be a failure) or withholding the currency window share from them and withdrawing the company’s license, knowing that there is no legal basis for this, and it is considered strange behavior.” We have information about that employee who treated him unprofessionally.”
He continued, “The exchange companies have several procedures, including filing a complaint with the judiciary, the Prime Minister, and Parliament against the employee who met with the companies yesterday.”
He stressed, “Immediately after the Eid, there is a peaceful demonstration to demand his dismissal, just as one of the employees who was proven to be corrupt was exposed according to the integrity statement, and after that he was forced to resign.”
The Sadrist bloc meets for the first time since the resignation to form committees to communicate with the grassroots
link hmmm this could be interesting
On Friday evening, the Sadrist bloc held a meeting to form committees for communicating with the grassroots. The office of the leader of the Sadrist movement, Muqtada al-Sadr, stated in a statement received by Al-Mutala’ that: “The resigned Sadrist bloc attended an expanded meeting with a number of members of the Sadrist movement in the office of the martyr Muhammad al-Sadr.” He added, "The meeting was devoted to forming committees charged with communicating with the grassroots."
Ihsan Al-Shammari: This is the nature of the Prime Minister’s upcoming visit to Washington
link this guy was with Sadr at one point ...
The head of the Center for Political Thinking, Ihsan Al-Shammari, professor of public policy at the University of Baghdad, explained the expected goal of the expected visit of Prime Minister Muhammad Shia Al-Sudani, expected in the middle of next month, to Washington.
Al-Shammari said in a statement to the National Iraqi News Agency ( NINA ): “Sudani’s upcoming visit to Washington could be considered protocol, especially in terms of the timing of the visit, especially since it will be in the final months of President Joe Biden’s election campaign and his presence at the head of power in the United States of America.” ".
He added: “The visit’s features have been made clear for quite some time, and it will be limited to specific files, namely (the security issue, the Iranian file, and the presence of American forces in Iraq),” pointing out that: “Not all of these files may be resolved during the visit, given that the stage Transitional understandings could be subject to a new vision if the Republicans win the elections.”
Al-Shammari pointed out: “The Prime Minister will have difficulty discussing these files, especially since the United States of America refuses to talk about withdrawal from Iraq, and therefore the agreement between Iraq and the United States and a new chapter and a new role and survival of the American forces can be discussed.”
He pointed out: “The armed factions are divided in their opinion regarding the Sudanese visit to Washington. Some of them reject and the other support the completion of the American withdrawal talks from Iraq, and most of them do not trust the Americans and want a quick exit from Iraq.”
Government advisor: The 2024 budget tables focus on investment spending for new projects
Nassar Al-Hajj, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Saturday, that the 2024 budget tables focus on investment spending for new projects.
Saleh said to the Iraqi News Agency (INA): “The existing procedures for completing the public financial tables for the fiscal year 2024 in order to submit them to the legislative authority for approval and implementation immediately are only a response to the text contained in the Federal General Budget Law No. 13 of 2023 (the tripartite ) Which stipulated the submission of schedules of public expenditures and revenues adapted according to the new fiscal year and its objective circumstances for the year 2024 for legal approval.
He pointed out that "the most important thing in these tables is determining the levels of investment spending on new projects, which is fundamental and fundamental spending in the movement of the national economy, as it is directly linked to the development and growth of the economy by providing objective conditions for the movement of government demand for supplies and inputs for investment in projects." “The demand for productive factors associated with government investment activity is essential in achieving the targeted level of growth in the annual gross domestic product and sustaining its momentum, in addition to its connection to the labor market and business and moving them in accordance with a climate required by the sustainability of the country’s economic development itself.”
Prime Minister Muhammad Shiaa Al-Sudani earlier confirmed the start of setting 2024 budget schedules.
Regarding Al-Sudani’s visit to Washington... 8 American lawmakers send a message to Biden
A letter sent by 8 US Congress lawmakers to President Joe Biden sparked an interaction among activists on social media after attacking the Iraqi Prime Minister, Muhammad Shiaa al-Sudani, before hosting him in the White House.
“Hosting the Iraqi Prime Minister, especially with the failure to meet with leaders of some of our most trusted partners in the region, amplifies the message of your ongoing campaign to undermine Israeli Prime Minister Netanyahu: The Biden administration is interested in appeasing Iran, not supporting our allies,” the lawmakers said.
They continued: “The Iraqi government is still under significant Iranian influence, and the Iraqi government provides about $3 billion annually to the Iranian-backed Popular Mobilization Forces militias, including four groups that the United States classifies as terrorist. These militias have attacked the Americans and Kurdistan more than 180 times since 7 October 2023, killing three American soldiers and wounding more than 100 people. However, you continue to grant sanctions exemptions to the Iraqi government to import Iranian electricity and natural gas, all while using US dollars transferred to Iraq from the Federal Reserve. While I invited the Prime Minister Iraqi Prime Minister Masrour Barzani, who is an important partner and host of the largest number of American forces in the region, refused to meet with the Iraqi Prime Minister Masrour Barzani to visit Washington.
They added: “The Iraqi government is actively working with Tehran against our Kurdish allies, including cutting off government funds and closing the Iraq-Turkey pipeline, which accounts for most of Kurdistan’s economy. You must focus on reducing Iranian influence in Iraq and mobilizing support for our partners in Kurdistan. As a precondition For any visit by the Sudanese Prime Minister, you should request that the Iraq-Turkey pipeline be reopened immediately so that the Kurdistan region can export oil and American public and private funding is no longer threatened by Tehran’s influence in Baghdad. You should also ask the Iraqi government to resume funding The Kurdistan region, the immediate sale of Kurdistan crude already in the port of Ceyhan, and a full cycle of oil sales and payments to Kurdistan and its oil investors. Finally, it should not allow further US dollar transfers to Iraq until the Treasury confirms that such transfers do not benefit the regime. Iranian or its agents.
The lawmakers concluded their letter by saying, “Your (Biden’s) appeasement of Iran has endangered America’s national security and weakened our relationship with our allies. Although the corrective actions described here will not undo the damage you have caused, they represent an important first step. Thank you for your attention to this issue.” "Important."
Kurdistan retirees rush with "tremendous human momentum" in front of banks to receive their salaries.. Pictures
link
This morning, Saturday (March 30, 2024), banks in the governorates of the Kurdistan Region witnessed a huge human momentum by retirees to receive their salaries.
The "Baghdad Today" correspondent said, "The banks of the Kurdistan region witnessed this morning a huge human momentum from retirees to receive their salaries."
Last Thursday, the Ministry of Finance and Economy of the Kurdistan Regional Government announced the employee salary schedule for the month of February.
According to the schedule published, and seen by “Baghdad Today,” “the distribution of salaries will begin starting on Saturday, as the Ministry of Health, Finance, Interior, retirees, social affairs, and people with special needs will be the first to receive the salary.”
On Wednesday, the Kurdistan Regional Government announced the distribution of employee salaries for the month of February and the preparations to secure salaries for the coming months.
Parliamentary Finance expects the federal budget schedules to arrive next week
Member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, suggested today, Saturday, that the federal budget schedules for the current year will arrive next week for discussion within the committee and then be presented to the House of Representatives for a vote.
Al-Karawi said in an interview conducted by the “Al-Ma’louma” correspondent, the text of which will be published at a later time, that “the 2024 budget tables will reach the Parliamentary Finance Committee next week, after which they will be discussed by the committee, but it is too early to talk about its provisions in detail.”
He added, "The Ministry of Finance is also awaiting Parliament's approval of the schedules in order to launch financing for all governorate projects in accordance with the instructions."
On the other hand, Al-Karawi pointed out that “there is remarkable progress in implementing automation, especially in the tax and customs departments,” noting that “implementing the system will contribute to reducing the routine of administrative procedures and closing 50% of the doors to corruption, in addition to being an effort to develop non-oil revenues for the Iraqi treasury.”
The government spokesman reveals the date for approving the budget schedules
Government spokesman Bassem Al-Awadi announced today, Saturday (March 30, 2024), that the Council of Ministers will soon approve the budget schedules, stressing that the Ministry of Finance will launch funding for the governorates tomorrow.
Al-Awadi said in televised statements followed by "Baghdad Today", "The Council of Ministers will approve the budget schedules within two weeks."
He stated that "the salaries are fully insured and amounted to 69 trillion dinars," noting that "the Minister of Finance will launch funding for the governorates tomorrow, Sunday."
He explained that "there is a large movement of Arab and foreign companies towards Iraq."
Regarding the issue of ending the presence of the international coalition, he explained that “next week will witness the holding of the fourth meeting of the Iraqi-American Committee,” noting that “the relationship with the American Treasury has not stopped, and we are pushing towards developing banking work in Iraq.”
interesting info to some
Information” opens the files for installing lecturers, the exchange rate, and automation in the 2024 budget
An accelerated movement led by the Parliamentary Finance Committee in order to find objective solutions to many of the problems facing the economy and money in Iraq by pushing the government’s programs for implementation in light of the challenges imposed by the oil markets, which constitute an important criterion in determining the volume of money flowing to the country’s treasury, not to mention the rights of multiple segments awaiting resolution. In the 2024 budget.
The Information Agency interviewed Mudar Al-Karawi, a member of the Parliamentary Finance Committee, to find out the most prominent developments in the economic file in the country and its challenges during 2024.
Q/ When will the 2024 budget schedules reach Parliament and are there any important changes?
A/ We expect the 2024 budget schedules to arrive next week after they are completed by the government committee, after which they will be discussed by the committee, but it is too early to talk about its provisions in detail, but the Ministry of Finance is awaiting approval of the schedules in order to launch financing for all governorate projects according to the instructions.
Q/ Where has the automation file reached in state institutions?
A/ There is remarkable progress in applying automation, especially in the tax and customs departments, not to mention the rest of the other services, because it is a path that will reduce the routine of administrative procedures and close 50% of the doors to corruption, in addition to being an effort to develop non-oil revenues for the Iraqi treasury.
Q/ The 2020 lecturer file in education, will it be decided in the 2024 budget tables?
A/ The Parliamentary Finance Committee gives importance to this file, and we officially asked the Ministry of Finance to include their appointments within the Ministry of Education’s 2024 allocations, and we are awaiting the schedules in order to deal with them according to the procedures.
Q/ Will the exchange rate in the parallel market witness a greater decline in 2024?
C/ The Central Bank and financial measures contributed to stopping the fever of the exchange rate rise in the parallel market and even controlling it at high rates and the gradual decline that occurred, even if it was slow over the last five months, but it was the beginning of pushing it to be close to the exchange rate specified by the Central Bank of Iraq, i.e. The decline will continue
Q: Was the amount of money allocated to provincial projects in 2023 limited?
Q/ It was not limited, but rather it was at a high rate compared to previous years, especially since the total amount allocated amounts to more than 10 trillion dinars, and it covers more than 5 thousand projects in the governorates, but reaching the actual completion requires some time, especially with the procedures and time period to complete the stages. .
Q/ What is Iraq’s 2024 strategy to confront its financial challenges?
A/ Iraq is still facing a real challenge represented by its dependence on the sale of oil as a primary resource for its treasury at a rate approaching 90% in light of price fluctuations that put the economy in a difficult situation from time to time. Therefore, there is a general trend in maximizing non-oil treasury revenues and establishing a culture of partnership between the two sectors. Public and private, to crystallize a long series of investments that create job opportunities and provide indicators of activity according to the principle of service in exchange for interest.”
Q/ What are the most prominent challenges of investments in Iraq?
A/ For years, the security factor has been the most prominent challenge to investment and attracting capital, but the situation is currently different with stability and control of the security forces, but the marketing factor remains, creating flexibility in procedures, reassuring investors, and diversifying job opportunities are challenges that must be paid attention to, in addition to the necessity of ending any indicators of corruption that are trying to approach the file. Investing and seeking to reduce procedures in a way that contributes to attracting more money, especially since internal investment rates increased by 35% in the past 16 months.”
Q/ Is Iraq continuing to diversify currency baskets?
C/ A current reality imposed by international conditions on the importance of diversifying the basket of currencies in order to secure import needs from multiple origins and not to limit dealing to one or two currencies. Also, pushing the Iraqi reserve to the principle of diversification is very important, and it is a context that most countries in the world have begun to adopt in recent years.
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SATURDAY MAR 31 24
Al-Sudani: My government has been preparing a comprehensive reform program to build state institutions
Prime Minister Muhammad Shiaa Al-Sudani confirmed on Sunday that the government has begun preparing a comprehensive reform program to build and reform state institutions in various sectors.
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani chaired, today, Sunday, the first meeting of the Supreme Reform Committee, during which the actual steps and procedures that the government has proceeded to implement were discussed, within the framework of the priority of economic, administrative and financial reform included in its program.” "Executive".
Al-Sudani stressed, according to the statement, “the necessity of moving forward with the reform adopted by the government,” stressing that “this government has worked on preparing a comprehensive reform program, according to a future vision aimed at improving the economic reality, and building and reforming state institutions in various sectors.”
He pointed out, "The importance of monitoring government performance in implementing this integrated vision, as the Supreme Committee will follow up on the reform and hold accountable those who are negligent in implementing reform measures," pointing to "the challenges facing the ongoing reform process, which is in the interest of citizens," stressing the government's commitment to protecting Vulnerable groups from any consequences that may affect the living situation of ordinary citizens.”
Controls for licensing digital banks in Iraq
this is a 21 page document in Arabic
this is the cover letter
All licensed banks meet the controls for licensing digital banks in Iraq
good greeting ...
Based on the decision of the Board of Directors of this bank No. (67) of 2024 and in view of the need for diversification in the provision of banking services in light of technological progress that contributes to enhancing financial inclusion by facilitating customers’ access to banking services, we attach a link (controls for licensing digital banks in...
Iraq).
with respect.
Mr. Dr. Ammar Hamad Khalaf
Deputy Governor Agency
3/28/2024
Parliamentary Finance: Washington is supportive of Sudanese...and bank sanctions target other parties
Member of the Parliamentary Finance Committee, Nihal Al-Shammari, confirmed today, Sunday (March 31, 2024), that the American side supports the Sudanese and his government, and the sanctions on Iraqi banks are not aimed at putting pressure on him but on other parties, indicating that the Sudanese will work to lift the sanctions.
Al-Shammari told "Baghdad Today", "There is a movement by the Parliamentary Finance Committee with Prime Minister Muhammad Shiaa Al-Sudani with the aim of lifting the US sanctions on some Iraqi banks, and there are some banks that were wronged by the US sanctions decision."
She indicated that "these sanctions have greatly affected the financial and economic situation in Iraq, and there is a possibility that the US Treasury will lift the sanctions on some Iraqi banks, especially since the United States of America supports the Sudanese and his government."
She added, "The sanctions file on banks is not intended to pressure the government, but rather to pressure other parties, but Washington supports the Iraqi government, and there is a possibility that Sudanese will succeed in lifting part of those sanctions during the next stage."
The number of banks that were punished or banned from dealing in dollars without imposing sanctions on them reached 32 Iraqi banks, out of 72 banks registered in the country, according to specialists.
American newspaper: Al-Sudani’s visit to Washington will discuss a “truce” with the factions in exchange for lifting sanctions on banks
The National News Network revealed in a report published today, Sunday (March 31, 2024), that the visit of Prime Minister Muhammad Shia al-Sudani to Washington, scheduled for the middle of next month, will include “discussing” the establishment of a “truce” between the armed factions active in Iraq with the American forces. .
The network said, according to what “Baghdad Today” translated, that the speculation issued by officials inside Washington indicates that the American administration will be “satisfied” with lifting the “economic sanctions” that it imposed on Iraqi banks and individuals linked to the armed factions in exchange for a “truce” under which the factions commit not to... Targeting American interests in Iraq.
She continued, "The American position appeared clearly after the statements of its ambassador to Baghdad (Elena Romansky), during which she affirmed that the terrorist attack that occurred on the Russian capital, Moscow, confirms the necessity of Washington's commitment to the military alliance with Iraq to combat the terrorist ISIS."
The network indicated that Iran, for its part, “secretly welcomes” Sudanese’s visit to Washington because it will be a “paving the way” for opening channels of communication between Tehran and Washington through Sudanese, according to its description.
I didn't read this whole article just skimmed it over but it seems Sadr maybe coming back I hope we are not here
Those close to the movement: Al-Sistani granted Al-Sadr “legitimacy” to return to political work
we'll see if Sadr denounces this
In light of the developments in the political movements taking place in the Sadrist arena, and with increasing readings confirming the imminent return of the leader of the Sadrist movement, Mr. Muqtada al-Sadr, to political work, “information” emerged from within the movement’s media machine talking about the role of the religious authority, Ali al-Sistani, with the decision to resume the Sadrist movement. For political work.
In mid-2022, former Speaker of the House of Representatives, Muhammad al-Halbousi, signed a request for the resignation of the 73 members of the Sadrist bloc from membership in the House of Representatives, after bloody events, sit-ins and skirmishes in Baghdad and the provinces, the last of which happened in the “Ashura Revolution” launched by the Sadrist movement in the region. Green.
In a televised interview, the political analyst close to the Sadrist movement, Manaf al-Moussawi, said, “Al-Sadr retired from political work at the request of a marja, and he responded to him and left political work, but today, he decided to return to political work after a meeting with the supreme marja al-Sistani.” “This is something we must pay attention to.”
He continued: “Al-Sadr retired from politics, after the statement of the authority Kazem Al-Hairi, and now, with the blessing of the supreme authority, Al-Sadr has gained legitimacy by returning to political work.”
He pointed out that “the last meeting between Al-Sadr and the Sistani authority in Najaf was closed and no information was leaked about its nature, but Al-Sadr’s movements after the meeting with the authority showed that there was a blessing from Al-Sistani to push Al-Sadr towards returning to political work.”
On the twenty-ninth of August 2022, the leader of the Sadrist movement in Iraq, Muqtada al-Sadr, announced his final retirement from political affairs in response to the statement of the religious authority Al-Hairi, in which he announced his retirement from the work of the religious authority, and the recommendation to follow the authority of the jurist guide in Iran, Ali Khamenei.
Al-Sadr said in a tweet on Twitter at the time: “Many people, including Mr. Al-Hairi, think that this leadership came about thanks to them or by their order. No, that is thanks to my Lord first and from the blessings of the Father, may His secret be sanctified, who did not abandon Iraq and its people.”
He stated that, “Despite his resignation, Al-Najaf Al-Ashraf is the largest headquarters of the authority, as is always the case, and I have never claimed infallibility or diligence, or even (leadership). Rather, I enjoin what is right and forbid what is wrong, and God is the outcome of matters, and I only wanted to correct the distortion that The biggest reason for this was the Shiite political forces as they are the majority, and I only wanted to bring them closer to their people and for them to feel their suffering, hoping that it would be a door to God’s satisfaction with them.”
He added: “How can they do this? Despite my belief that the authority’s retirement was not of his own free will...and the statement issued by him was also like that. However, I had decided not to interfere in political affairs, so now I announce final retirement and the closure of all institutions except the shrine.” The Sharif, the Sharif Museum, and the Honorable Al-Sadr Family Heritage Authority... everyone is free from me, and if I die or are killed, I ask you to pray Al-Fatihah and supplication.”
Before that, the Shiite authority, Kazem Al-Hairi, announced his retirement from religious work as a religious authority due to illness, and recommended that Ali Khamenei be followed in Iran. He also presented seven commandments to his Iraqi “imitators.”
Al-Hairi said in his statement on August 29, 2022, that one of the necessities for carrying out this great responsibility is the availability of physical health and the ability to follow up on the affairs of the nation, but today, as my health and physical strength are deteriorating due to illness and aging, I have begun to feel that it is preventing me from performing the duties placed on my shoulders. I also used to advance it before - in a way that did not achieve perfection and satisfaction.”
He added, “Therefore, I declare that I will not continue to address this heavy and great responsibility, and that I will drop all agencies and permissions issued by us or our offices, and that we will not receive any legal rights from our agents and representatives on our behalf as of the date of our announcement.”
Al-Haeri called on the “believers” to “obey the saint, the leader of the Islamic Revolution, Ali Khamenei,” noting that he is “the most worthy and competent to lead the nation and manage the conflict with the forces of injustice and arrogance in these circumstances in which the forces of infidelity and evil have fought against authentic Muhammadan Islam.”
He also recommended that the Iraqis:
A- Maintaining unity and harmony among themselves and not discriminating, and not giving way to colonialism, Zionism and their agents by igniting the fire of strife and rivalry among the believers, and knowing that their common enemy is America, Zionism and their henchmen, so let them be tough against the infidels and merciful among themselves.
B - Liberating Iraq from any foreign occupation and from any presence of any security or military force, especially the American forces that perched on the chest of our wounded Iraq under various pretexts, and not allowing them to remain in Iraq, the land of the holy ones, and keeping them is considered one of the greatest taboos in the eyes of God Almighty, as we have shown. In previous data.
C- I call on those who hold positions and responsibilities to carry out their legitimate duties, which they pledged to the people to fulfill, and to stay away from narrow personal and factional interests, which have brought woes to the oppressed Iraqi people. This provides security for them, pride for the people, and stability for the country.
D- Scholars, religious seminary students, cultural elites, and conscious and sincere writers must work to educate the people, so that they can distinguish between the enemy and the friend, and realize the truth of their interests, and so that they are not ignored, belittled, and stripped of obedience in what they do not know and do not benefit them, and so that they recognize the enemy’s machinations and conspiracies and eradicate them, or At least they don't fall prey to their selfish and misguided goals.
E- The children of the two chest-breaking martyrs (may God sanctify their secrets) must know that love for the two martyrs is not enough unless belief in their approach is coupled with good deeds and true following of their goals for which they sacrificed themselves. Mere claim or affiliation is not enough, and whoever seeks to divide the people and sect in the name of the two chest-thumping martyrs. (May God Almighty be pleased with them both), or he undertakes to lead in their name and lacks diligence or the rest of the conditions required for legitimate leadership, then - in reality - he is not a Sadrist, regardless of his claim or affiliation.
F - I recommend to all believers that our Holy Mobilization must be supported and endorsed as an independent force not integrated with other forces, for it is the fortified fortress, the striking hand, and the force majeure of those lurking in the security of the country and the interests of its people, along with the rest of the Iraqi armed forces, as we have repeatedly stated and confirmed.
G- The criminal, corrupt, and agents Baathists must be removed from positions and responsibilities in the country, and not empowered in any way. They do not want good for you, and only care about their partisan interests and serving their colonial masters, the Zionists, and their lackeys.
After many months of Al-Sadr’s retirement, the Sadrist movement is about to make an official announcement to re-enter the political process, but it is not yet clear about the expected mechanism. Will it be through early elections sponsored by the coordination framework and guaranteed by Prime Minister Muhammad Shia’ Al-Sudani, or will it wait? The end of the parliamentary session, or a new scenario may be revealed during the next stage.
For the first time.. The National Bank of Iraq makes an investment turning point worth 25 billion dinars
The National Bank of Iraq announced the first purchase of “construction bonds” issued by the Ministry of Finance, worth 25 billion dinars, in coordination with the Iraq Stock Exchange, in an unprecedented step towards enhancing its investments, stressing that this process is an “important turning point” in the financial and investment sector. The Iraqi.
The bank stated in a statement received by Al-Iqtisad News that this step confirms its commitment to effectively contribute to achieving economic growth and supporting the Iraqi infrastructure, indicating that the process is an important turning point in the Iraqi financial and investment sector, which provides investors and customers with an opportunity to benefit from the multiple benefits of bonds. Including financial returns and enhancing investment culture.
For his part, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, pointed out that “this type of investment encourages the expansion of the local investment base, especially since the bonds issued with the guarantee of the Ministry of Finance are available to citizens and investors for purchase, and provide a promising investment opportunity with an annual interest of up to 8%.” For bonds offered for a period of four years.
Abu Dhaim expressed his "thanks to the Iraqi Stock Exchange and the Securities Commission for facilitating the purchase process," explaining that "this cooperation reflects mutual trust and the desire to advance economic growth in Iraq."
It is noteworthy that the National Bank of Iraq, which is headquartered in the Iraqi capital, Baghdad, was established in 1995 as a public joint stock company, and in 2005, Capital Bank / Jordan acquired the majority shares in the bank (61.85%), which enabled it to develop its products and services, and strengthen its foothold globally. And enhancing financial inclusion nationwide.
The National Bank of Iraq, with a capital of 300 billion Iraqi dinars, or the equivalent of 229 million US dollars, topped the list of banks operating in the Iraqi market at various levels. It is considered the best private bank in Iraq in terms of growth (assets, facilities and deposits), and has won multiple international and local awards for its role in supporting and encouraging investment in Iraq, and as the fastest growing in the field of retail trade and localization of salaries for the public and private sectors, and it is the best commercial bank in Iraq. It won the Iraqi Stock Exchange Award for its role in supporting and encouraging investment in Iraq 2021. It was also rated by the largest international financial institutions Capital Intelligence (BB) and by Moody's (B3) and rated by the Central Bank of Iraq (very good).
It should be noted that the bank’s total assets approached $2.8 billion, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200,000 customers who are served through more than 1,000 employees, 30 branches, and 200 ATMs in all major Iraqi cities. In addition to a branch in the Kingdom of Saudi Arabia.
Al-Awadi: Al-Sudani will present a solution to the dollar crisis during his visit to Washington
Government spokesman Bassem Al-Awadi set the date for the fourth meeting of the Iraqi-American Committee on Sunday, noting that Prime Minister Muhammad Shiaa Al-Sudani considers the dollar file to be one of the most important files raised in Washington.
Al-Awadi said in an interview followed by Mawazine News, “Iraq continues to discuss the American withdrawal through three security committees, the first of which is a committee to study confronting ISIS, the second to evaluate the armed capabilities of the Iraqi army, and the third to follow up combat operations.”
He added, "Prime Minister Muhammad Shiaa Al-Sudani's visit to Washington will be very important, as he will raise the issue of the American withdrawal, as well as the dollar crisis and the solution of sanctions against Iraqi banks."
He pointed out that "the Council of Ministers will approve the budget schedules within two weeks, while the Minister of Finance will launch funding for the governorates on Sunday."
The future of the rentier state in Iraq
After the fall of the monarchy in 1958, the political rulers adopted a socialist approach, based on the concept of a rentier state and the state’s monopoly on resources and their distribution among the people according to a patriarchal concept. For an ideological reason, these systems worked forcefully to prevent the emergence of a bourgeois class of major businessmen that would compete with any ruling political system. In the country, which explains the lack of development of the economic institutions in the country and their falling into the grip of the ruling institutions, in addition to the political monopoly over them that hindered their growth and development, as those successive governments adopted a totalitarian rentier system based on the foundations of security, power, and a controlled economy, with the government monopolizing the role of merchant and distributor of money and food. Jobs and health care for the people in exchange for loyalty and obedience.
The political mentality in Iraq, unfortunately, did not work or strive to gradually get rid of the oil complex, and work to develop the economic system and not rely on oil alone as a productive commodity that generates money for Iraq, without which the country becomes merely a poor, destitute and bankrupt country, just as the Emirates and Qatar did, whose rulers worked. In which, despite their being a smaller area and population than Iraq, they employ their human resources by taking advantage of the experiences coming to transform their countries into free trade centers, emulating the Chinese model of Hong Kong, as it allows capital to flow into the country, with financial guarantees and legislation that allows that money to be invested in various economic sectors. Its branches and forms take advantage of their distinctive geographical location in the Gulf region, which allowed them to take off starting in the 1990s, until they have made them today centers of global economic power through which they obtain huge budgets comparable to oil revenues, which are now deposited in financial reserve accounts. Relying on other commercial financial revenues to finance the budgets of these countries instead of oil.
The previous financial crises that struck the country, which resulted from the decline and deterioration of oil prices, indicated that oil will remain an anxious commodity subject to decline at any moment, which is considered a dangerous and threatening matter to the economic situation of the state, especially since it has neglected, for many reasons, the industrial and agricultural sectors and has not worked to develop them. It adopted a policy of flooding the market with cheap imported products, while neglecting to support the two strategically important sectors and not developing them by investing part of the oil revenues for them, which would have been sufficient to revive these economically important sectors as a competitor to oil in generating revenues.
The absence of security and political stability remains one of the most prominent obstacles that prevented the country from developing, and it is declining in a frightening manner. In addition, the political elites who took over the administration of the country after 2003 were preoccupied with their role in these conflicts and disputes and reproduced the experience of previous regimes in adopting the rentier approach, through Expanding investment in discovered and undiscovered oil fields within what is known as the licensing round in order to raise the level of production and thus obtain more financial returns, in addition to opening the door to employment wide, which has made the number of government sector employees currently rise to nearly five million employees, which is a high rate. Compared to the population of Iraq.
The massive expansion in opening universities without thoughtful planning or the actual market need for these specializations led to political and popular pressure on the government in order to obtain jobs with the increasing number of unemployed people with university degrees.
The continuation of the state’s rentier policy, through the absence of society’s role in producing economic wealth and relying only on productive and unproductive oil reserves, indicates a grave flaw and a deficient vision for the future, as this policy needs a comprehensive review based on diversifying the economy’s income and legalizing the government sector, as well as Expanding investment in the industrial, agricultural, and energy sectors, whether governmental or external, while working to nationalize jobs in them, as well as expanding the production of natural gas for internal use and export to European markets with Qatari and Turkish aid.
Iraq is on the verge of global economic partnerships and projects, and entering into them requires changing the stereotypical image of the economy, redeveloping and rehabilitating it, and not keeping it as it is now, helpless and inactive, waiting to emerge from the government recovery room.
Iraq signs a memorandum of understanding with Siemens Energy and Schlumminger to invest in gas
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, stressed today, Sunday, the importance of signing a memorandum of understanding with Siemens Energy and Schalmanger to invest and stop burning gas from oil fields within the ministry’s accelerated plan, and to transform it into productive and useful energy to supply electric power generation stations and the national grid. .
Abdul Ghani said during the signing ceremony of a memorandum of understanding between the Ministry of Oil and Siemens Energy and Schlumbinger to invest and process associated gas and convert it to electric power generation plants, that “the Ministry aims, through this memorandum and the contracts attached to it, to implement the accelerated plan to invest and process quantities of gas from oil fields.” Thanks to the technology possessed by these companies,” he pointed out, “the signing of another memorandum by Siemens with the Ministry of Electricity, in support of the energy sector.”
For his part, the Chargé d'Affairs at the German Embassy, Maximilian Rasch, praised "the joint cooperation between the two countries," stressing "his country's support for Iraq to improve the energy situation and reduce emissions, expressing his hope to sign more contracts in other fields."
While the director of Siemens Energy Iraq, Muhannad Al-Saffar, said, “This memorandum is the beginning of joint cooperation with the ministry to stop burning and processing gas, and employing it for the electric power generation sector, which contributes to achieving energy security in addition to reducing imports and preserving the cleanliness of the environment.”
The Undersecretary for Gas Affairs, Izzat Saber, confirmed that “the memorandum comes within the Ministry’s endeavor to conclude more contracts to accelerate the investment of all quantities of associated gas from oil fields and process them in cooperation with specialized international companies, to contribute to supporting the electric energy sector, saving financial expenses, and preserving the environment.”
Wissam Al-Azm, General Manager of Schlaminger Iraq, said, “Siemens and Schluminger will work to develop appropriate solutions and studies to improve the reality of sustainable energy using the latest technologies.”
For his part, the spokesman for the Ministry of Oil, Assem Jihad, confirmed that “the memorandum comes in line with the government program and the Ministry of Oil to accelerate gas investment and increase national production, within a pivotal plan towards enhancing energy security, reducing operational expenses and benefiting from gas resources, to supply electric power stations and all related industries.” ", noting that "these projects constitute decisive progress in Iraq's journey towards sustainable energy."
MONDAY
A delegation from Baghdad to the region to discuss the oil file
The federal government intends to send a delegation from the Federal Ministry of Oil to the Kurdistan region to discuss mechanisms for resuming the export of Kurdish oil via the Turkish Ceyhan pipeline.
A member of the Parliamentary Oil and Gas Committee, Nehru Rawandzi, said in a televised interview, “A technical and legal delegation from the Federal Ministry of Oil, under the guidance of Federal Prime Minister Muhammad Shia’ al-Sudani, will visit the Kurdistan Region, and will meet with the Ministry of Natural Resources in the Kurdistan Regional Government, in addition to... Oil companies operating in the region.
He added, "The aim of this visit is to resolve the issue of extracting and producing oil from oil wells in the Kurdistan region, in addition to discussing the resumption of the region's oil exports."
Regarding the timing of the visit, Rawandzi stated that “the delegation of the Federal Ministry of Oil should visit the Kurdistan Region, before the scheduled visit of the Federal Prime Minister to the United States.”
As of March 25, 2023, operations to export crude oil from the fields of Kurdistan and Kirkuk Governorate to Turkey through the Turkish port of Ceyhan were halted.
This decision came as a result of a lawsuit filed by the federal government against Turkey in the International Court of Arbitration in Paris in 2014, because it allowed Kurdistan’s oil to flow into its territory and export it without Baghdad’s approval.
Al-Shabandar advises Sudanese: Do not raise the issue of American withdrawal during your visit to Washington
The prominent politician, Izzat Al-Shabandar, described the placement of the American withdrawal file on the agenda of Prime Minister Muhammad Shia Al-Sudani during his visit to Washington as unwise behavior.
Al-Shabandar said in an interview followed by Mawazine News, “It is wrong to raise the issue of the withdrawal of American forces because negotiations are ongoing and the most important thing is to activate the terms of the strategic framework.”
He added, "Bringing up the withdrawal issue is useless because the issue is ongoing and the negotiations have reached a good level, and time cannot be wasted in meeting with the President of America to request the withdrawal of his forces, which will already be withdrawn."
Al-Shabandar called on the Prime Minister to "demand America to activate the strategic agreement and benefit from American expertise in the fields of security, defence, education and development."
Al-Zobaie: Implementing the oil law will solve the problems between the region and the center
The Undersecretary of the Ministry of Oil for Liquidation Affairs, Hamid Al-Zubaie, pledged the end of the Kurdistan oil export crisis through Turkey to the passage of the oil and gas law.
Al-Zubaie said in an interview followed by Mawazine News: “SOMO imported quantities of white oil at the request of the region, and that implementing the provisions of the oil and gas law will solve the problems between the center and the region.”
He added, "The sixth licensing rounds will be announced soon, and they do not restrict the budget and are paid from the exported oil."
He continued, "Oil will remain 'existent,' and there is no energy that competes with it in terms of flexibility and use, and Iraq continues to rely on funding its budget without any risk."
European Union: Iraq is an important strategic partner for us
Head of the European Union delegation to Iraq, Thomas Seiler, confirmed today, Monday, that Iraq is an important strategic partner for the European Union.
A statement from the Presidency of the Republic, received by Al-Rabaa, stated that “President of the Republic, Abdul Latif Jamal Rashid, received at Al-Salam Palace in Baghdad, the Head of the European Union Mission to Iraq, Thomas Seiler.”
Rashid stressed, "Iraq is keen to continue the path of reform, combating corruption, and consolidating the law, the foundations of justice, and respect for human rights, noting in this regard that the government has developed a program to curb corruption, stimulate the economy, and encourage investment opportunities."
He pointed out "the importance of the role of embassies and diplomatic missions in conveying the true picture of the positive developments in Iraq to their countries and people, especially in the field of security and stability witnessed by Iraqi cities, and the improvement of living conditions for citizens," noting that Iraq includes many components and sects that are keen and working to promote coexistence. "Common peace."
He added, "The Presidency worked to release approximately (9) thousand detainees whose sentences had expired or who were detained without a judicial ruling by forming a committee that included the Presidency of the Republic, the Presidency of the Supreme Judicial Council, the Ministries of Justice and the Interior, in addition to the National Security Advisory."
The President of the Republic affirmed "Iraq's firm position on the Palestinian issue and the Palestinians' right to establish their independent state with Holy Jerusalem as its capital, stressing the need to stop the aggression against Gaza and civilians and allow medical and food aid to enter the Strip."
For his part, Seiler stressed "the importance of the European Union's role in expanding the horizons of cooperation with Iraq in various political, economic and security fields, noting that Iraq is an important strategic partner for the European Union."
Customs announces the implementation of the ASYCUDA system in four centers
Today, Monday, the Customs Authority announced the success of implementing the ASYCUDA system in 4 centers on an experimental basis, and while it confirmed the continuation of its application in the port of Umm Qasr after overcoming the difficulties, it revealed the advantages of the system and its positive impact on the economy and control of procedures, indicating its endeavor to generalize and implement it in 50% of its centers with The end of this year, and all its centers in Iraq by the middle of next year.
The head of the authority, Hassan Al-Aqili, told the official agency, followed by “Iraq Observer,” that “the authority is continuing to circulate the ASYCUDA system in all its customs centers, and it has been successfully applied experimentally at Baghdad Airport, specifically at its port for air cargo and passengers’ luggage, and then in the dry port in the Abu Ghraib district since October of the year.” the past".
He added, “The system was also implemented in 3 other customs centers for a period that lasted 5 months, where we saw the extent of the system’s success in addressing violations and controlling the procedures carried out by the authority’s employees and auditors.”
He continued, "After that, we went to the large welcome square in Umm Qasr Port, and the system was implemented on the third of last March after an intensive training phase that included more than 90 customs clearance agents, 13 sea carriers, and all staff of the General Customs Authority in Umm Qasr Port."
He stated that “the Welcome Square is the most important center in the country, the one with the most merchandise entry and the most revenue. This was done after the completion of the infrastructure of modern computers, a system and the Internet. We began implementing the system experimentally on February 28, and on March 3 we announced the start of implementing the system normally.” “.
He stated that, “At the beginning of the implementation, we faced a group of problems and objections that arose from citizens’ unaccustomedness to working according to a relatively modern electronic system, where a kind of reluctance occurred at first, but gradually, with the direct support of the Prime Minister and the support, supervision, and assistance of the Minister of Finance and the House of Representatives.” The difficulties were overcome and the implementation of the system moved forward, as those involved, including importers and export agents from maritime agencies and transport companies, responded.”
Al-Ugaili confirmed that “the procedures have been going better since the first day of implementing the system, as our results last week reached the completion of about 10,000 containers within a week, and they were graduated through the ASYCUDA system implemented in the Welcome Square.”
He pointed out that “the system includes multiple features and is applied in more than one country in the world, and today Iraq has joined these countries, as it is distinguished by unifying the procedures of the Customs Authority and in all its crossings and ports, while unifying the methods of collecting fees and providing precise and accurate data for the entire Iraqi state about the volume of imports and the amount of trade exchange between them.” Iraq and other countries.”
He added, “It also provides data to the decision maker regarding economic planning, import and export, control of currency movement, and the exchange of the dollar between Iraq and other countries. It is also distinguished by its work according to artificial intelligence, as it is able to distinguish between the sonar images that are taken of the goods as they pass through examination, and it compares the weights of the goods.” Which is loaded on special scales according to customs work.”
He pointed out that “the system will help the Customs Authority in tightening control over prevention and restriction issues, as it will be controlled to prevent the entry of materials prohibited from import, such as drugs, weapons, currency molds, some goods prohibited from being imported, and other things. It will also contribute to reducing smuggling operations and determining the percentage of goods restricted from entering the country.” The fee is different from other goods,” he explained, explaining that “the General Authority of Customs seeks to implement the system in all customs centers.”
He stated that “the next stage will include implementing the system in the Safwan Center, which is the crossing linking Iraq to Kuwait, where the automation system will be adopted,” pointing out that “network connectivity has been implemented at the Trebil port on the Jordanian border, the Al-Shayb port in Maysan on the Iranian border, and the Shalamcheh port as well, and now it is underway.” “Working to prepare the central and southern ports of Umm Qasr.”
Al-Ugaili confirmed, “We are working on establishing two customs centers next to the Great Welcome Square and working on preparing the infrastructure for these two centers, which is extending the optical cable and preparing the Internet and Access Point distribution units,” explaining that “the authority is seeking to automate all customs centers.”
He stated that “the ASYCUDA team will be ready when the Authority works in any customs center, after training the Customs Authority employees at a high level by international experts working with the United Nations team that is implementing this system and managing the project,” explaining that “this week will witness the start of a training process.” The Skoda team is in Baghdad, in addition to training in Basra.”
He stated, “This training will enable us to help citizens, and we have published introductory videos on our social media pages, the Ur electronic services website, and the government website about the system for those who are unable to attend the training courses. These videos also teach citizens how to use the system and deal with it.”
He stated that “the Authority continues to implement the system at all its crossings and we look forward to the end of the year introducing it to 50 percent of the ports,” expressing his hope “to complete the rest of the ports at the beginning of next year and automate them all before mid-2025, and there will not be a customs center that does not operate according to the electronic system.”
Parliamentary Integrity decides to form a committee with the Trade Bank of Iraq to revitalize the industrial sector
The Parliamentary Integrity Committee decided, today, Monday, to form a committee with the Trade Bank of Iraq ( TBI ) to revitalize the industrial sector.
Committee member Alia Nassif told the Iraqi News Agency (INA) that “the Integrity Committee hosted the Director of the Iraqi Trade Bank, Bilal Al-Hamdani, to discuss the issue of the reluctance of some of the bank’s creditors to pay what they owe,” indicating, “We found violations of the law and violations.”
She added, "We tried to create a state of cooperation by forming a committee from both parties to dispel obstacles, whether through the Ministry of Justice, the judiciary, or the courts, in order to create a real environment to stimulate the industrial sector and the investment movement in the country," noting that "the bank director has a real will to advance the industrial sector." "And solve all obstacles in a way that maximizes the state's resources."
She confirmed, "There are many creditors, as it is possible to enter into negotiations with them through laws that have some kind of flexibility to achieve revenues for the Iraqi state," explaining that "as soon as the Director of the Iraqi Trade Bank hosted the Integrity Committee, a movement occurred for these creditors, as some of them deposited the money and fulfilled their obligations."
The Central Bank of Iraq clarifies the mechanism for depositing oil revenues abroad
The Central Bank of Iraq revealed the mechanism for depositing oil revenues abroad, in response to a parliamentary question on the subject.
The document stated that the legal basis for depositing oil revenues in the “IRAQ2” account with the Federal Reserve Bank in New York is the expiration of the extension of Executive Order issued by the US President No. 13303 in 2003, which granted immunity to Iraqi funds deposited in the “DFI” account.
Deputy Governor of the Central Bank, Ammar Hamad, explained that the “IRAQ2” account is used to deposit funds for Iraqi crude oil exports, and they are transferred to the Central Bank of Iraq’s account at the Federal Reserve Bank within 24 hours of receiving them.
He stressed that this mechanism ensures that the funds are not exposed to creditor claims, as they are funds belonging to the Iraqi government derived from the export of crude oil.
He added that a memorandum of understanding was signed between the Iraqi Ministry of Finance and the Central Bank of Iraq in 2014 regulating the work of the “IRAQ2” account, and that this memorandum is the legal basis for establishing the aforementioned account.
He pointed out that the immunity granted in accordance with the memorandum of understanding includes sovereign funds only, and does not include funds used for commercial purposes.
He explained that Iraq's foreign reserves are deposited with several external parties, including central banks and financial institutions, and are not limited to the Federal Reserve Bank.
He pointed out that the interest rates on these deposits vary according to the investment segment, the duration of the investment, and the institution with which the investment is made.
Finally, he explained that the company transporting the dollar from the Federal Reserve Bank to Baghdad International Airport is Orient, and that the insurance amount for one shipment is 414,000 US dollars, and that the transportation fees are 216,310 US dollars.
A "prominent commander" in the Iranian Revolutionary Guard was killed in an air strike in Syria
Informed Syrian sources reported, on Monday, the killing of an Iranian Revolutionary Guard official, Mohammad Reza Zahedi, and 5 other people.
The sources told Shafaq News Agency, "The raid that took place in Damascus targeted a building adjacent to the Iranian embassy building, which belongs to it, and it is believed to be the residence of the Iranian ambassador himself."
The sources explained that "preliminary information indicates the killing of the senior advisor in the Quds Force of the Iranian Revolutionary Guard, Mohammad Reza Zahedi, along with 5 other people."
According to preliminary information, the raid apparently targeted a meeting between Zahedi and leaders of the Islamic Jihad movement in Palestine.
On Monday, reports from Syria reported that explosions were heard in the vicinity of the capital, Damascus, amid reports that a building adjacent to the Iranian embassy had been targeted.
The Syrian news agency, SANA, reported that “an explosion was heard in the vicinity of Damascus,” explaining that “the explosions occurred in the Mezzeh area in Damascus, and the Syrian air defenses were confronting hostile targets.”
In this context, other sources indicated that “a building adjacent to the Iranian embassy was targeted.”
After the bombing of its consulate in Syria... Iran threatens Israel with “response”
Iranian Foreign Ministry spokesman, Nasser Kanaani, confirmed on Monday that Iran reserves its right to take measures in response to the Israeli attack on its consulate in Damascus.
Official media quoted the spokesman as saying: Tehran will determine “the type of response and punishment against the aggressor.”
On Monday, Israel launched strong strikes on the Iranian consulate in Damascus, killing diplomats and commanders in the Iranian Revolutionary Guard.
On Monday, informed Syrian sources reported the killing of an Iranian Revolutionary Guard official, Mohammad Reza Zahedi, and 5 other people.
The sources told Shafaq News Agency, "The raid that took place in Damascus targeted a building adjacent to the Iranian embassy building, which belongs to it, and it is believed to be the residence of the Iranian ambassador himself."
The sources explained that "preliminary information indicates the killing of the senior advisor in the Quds Force of the Iranian Revolutionary Guard, Mohammad Reza Zahedi, along with 5 other people."
Iranian official media also quoted Iranian Foreign Minister Hossein Amir Abdollahian as saying in a phone call with his Syrian counterpart on Monday that Tehran holds Israel responsible for the consequences of the attack on its consulate in Damascus.
Amir Abdullahian added that the attack on the consulate building constitutes a “violation of all international conventions.”
a different article maybe not related
Hezbollah's group talks about supplying fighters from Jordan with weapons and equipment
Kataib Hezbollah in Iraq said on Monday that it had equipped “Jordanian fighters” with weapons, anti-armor launchers, and tactical missiles.
The security official for the Brigades, Abu Ali Al-Askari, said in a post on his channel on the “Telegram” application, and viewed by Shafaq News Agency, that “the Islamic Resistance in Iraq has prepared its equipment to equip the brothers from the Mujahideen of the Islamic Resistance in Jordan to meet the needs of 12,000 fighters with light and medium weapons and bombers.” Against armor, tactical missiles, millions of ammunition, and tons of explosives, let us be one hand to defend our Palestinian brothers, and avenge the honor of Muslims that were violated by the sons of apes and pigs.”
He added, "We are ready to begin preparations. It is enough for the Turkish mujahideen from Hamas or Islamic Jihad. Let us begin first by cutting off the land road that reaches the Zionist entity."
Đồng forecast to depreciate in H1 2024
On the interbank market, the average USD/VNĐ exchange rate is gradually approaching the peak of VNĐ24,867 per dollar from November 2023.
HÀ NỘI —Analysts forecast that the Vietnamese đồng may depreciate 3 per cent against the US dollar in the first half of 2024 as the greenback is expected to maintain its upward momentum in the near future.
According to data from Viet Dragon Securities Company (VDSC), the đồng in the first quarter of 2024 depreciated about 2.1 per cent against the dollar on the official market when the dollar index (DXY) was anchored at a high level.
On the interbank market, the average USD/VNĐ exchange rate is gradually approaching its peak of VNĐ24,867 per dollar, which was reached in November 2023.
“With the expectation that the dollar can still maintain its upward momentum in the near future, we think the depreciation margin of the đồng can widen to 3 per cent in the first half of 2024," VDSC forecasts.
According to VDSC, this devaluation rate of the đồng against the dollar is in line with expectations at the beginning of this year, but the view that the đồng may appreciate again at the end of the year needs to be considered more cautiously because the Federal Reserve (Fed)'s interest rate reduction roadmap and expectations related the upcoming US presidential election can continue to support the trend of a strong dollar.
Earlier, some financial institutions also forecast the devaluation of the đồng in 2024. Specifically, UOB predicted that the USD/VNĐ exchange rate will reach VNĐ24,400 per dollar in the second quarter of 2024, VNĐ24,200 in the third quarter of 2024, VNĐ24,000 in the fourth quarter of 2024 and VNĐ23,800 in the first quarter of 2025.
Ngô Đăng Khoa, country head of Markets and Securities Services at HSBC Vietnam, forecasts that the USD/VNĐ exchange rate will improve in the second half of 2024, especially when the dollar reaches its peak and the domestic economy and credit gradually recover. Accordingly, the USD/VNĐ exchange rate will end this year around the price range of VNĐ24,400 per dollar.
Meanwhile, KB Securities Company (KBSV) expects the USD/VNĐ exchange rate to be more stable in 2024 and to increase by 1.5 per cent to reach VNĐ24,600 per dollar in the year thanks to an overall balance surplus of US$7-10 billion in 2024 in the wake of positive FDI inflows and remittances, and a reduction in the balance finance deficit.
Besides, KBSV expected the State Bank of Vietnam may not intervene in the exchange rate and would continue to maintain a loose monetary policy and accept a moderate increase in exchange rate because domestic inflation is still under control, while the economy needs continued support for recovery.
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