"THE LOCAL ECONOMY OF VIETNAM WILL CONTINUE IT'S GROWTH", BY DINAR IRAQ & DONG VIETNAM, 3 SEPT

 VOV.VN - Andreas Stoffers, country director of the Friedrich Naumann Foundation for Freedom (FNF) in Vietnam, has predicted that the local economy will continue its growth track moving forward.

During a recent interview given to Lao Dong (Labour) newspaper, Stoffers said the Vietnamese economy expanded by 3.72% in the first half of the year. Though lower than last year, it still stood as a positive figure amid the general global economic downturn.

The average consumer price index (CPI) increased moderately by 3.12% on-year in the January to July period, with this declining trend in the average CPI growth over the months being a positive sign indicating the country is on track to achieve the inflation control target of below 4.5% set for the year.

During the initial seven months of this year growth was mainly driven by the retail of goods and services, which rose by 10.4% annually. The industrial production index in July also saw an increase compared to earlier this year.

Attributing these positive outcomes to the fiscal and monetary policies of the State Bank of Vietnam (SBV), he said that the reduction in interest rates is stimulating credit demand whilst enhancing liquidity within the banking system and the economy, particularly in the credit sector. Alongside setting credit growth cap at 14% for this year, the SBV will issue necessary warnings.

In his point of view, Vietnamese GDP growth will exceed 5% this year. Aside from the contribution of FDI, additional momentum will be needed from increased public investment and personal consumption.

Amid facing headwinds such as the Russia-Ukraine conflict; difficulties in Vietnam’s partner countries, especially the EU; slow recovery in various markets and the global inflation specter, he said a comprehensive set of solutions is required to both foster further development and manage risks in an effective manner.There should be an improvement in the entire financial sector, such as the establishment of a financial centre in Ho Chi Minh City in the medium term. It is equally important is to promote co-operation between the public and the private sector in a bid to generate a collective strength, thereby creating the opportunity to access various financial products and international markets and enabling the public to invest in diverse asset types, he said.

He also suggested a further push for financial education in a bid to help people understand financial products and make careful investment decisions, as well as institutional improvements, particularly in finance.

As a means of achieving these set targets, he said it could be facilitated by Government support through expediting institutional reform, modernising legal frameworks, and co-ordinating policies. The most crucial aspect of this is addressing the weakness in decision-making process that currently exists in certain administrative sectors.

At the same time, there is a need to further increase sustainability, step up circular economy, strongly digitise administrative processes, improve environment protection, and boosting public investment while reducing inefficient structures, especially at State-owned enterprises, is also essential.

To stimulate investment and create liquidity, interest rates could be cautiously lowered further, with subsequent adjustments as the economy experiences significant recovery. Lastly, domestic consumption demand should also be further bolstered, he said.

These Are the 3 Best Money Moves for September 2023, 3 SEPT

 Can you smell the pumpkin spice in the air? The hottest summer in recent memory is nearing its official end, and we’re sure you’re as eager as we are for cooler fall weather (and hopefully lower energy bills).

Federal student loan borrowers, however, probably aren’t as excited about the beginning of sweater season this year. September marks the return of interest on student loans after a more than 40-month pause, while the first monthly payments are around the corner. Many borrowers will likely struggle to re-adjust, especially now that historically high interest rates are making other types of debt (looking at you, credit cards) more difficult to pay down.

We’re not going to sugar coat it: The last stretch of 2023 is gearing up to be financially stressful for a lot of people. Luckily, we’re here to help you brace yourself and prep your wallet for the coming weeks. Here’s what’s on your to-do list:

1. Get ready to pay student loan bills again

Payments and interest on federal student loans have been paused for so long (since March 2020, to be exact), it may have seemed like they’d never come back. Alas, the time has come for nearly 40 million borrowers to resume monthly payments.

The waiver on student loan interest ends Sept. 1 (that’s today!), which means student loan balances will begin accruing interest again. The first student loan bills will come due in October, though the actual due date will vary. Student loan servicers are supposed to give borrowers 21 days notice before the first due date, per the U.S. Department of Education, so keep an eye out for that notice.

If you haven’t already, you should review your repayment plan options to make sure you’re in the one that fits best for your budget. The Biden administration recently launched the Saving on a Valuable Education (SAVE) plan, a new, more generous income-driven repayment plan, which may lower how much you owe each month. One of several initiatives being rolled out as part of a major revamp of the student loan system, SAVE is designed to protect more of a borrower’s income and cover unpaid interest so their balance doesn’t grow as long as monthly payments are made on time.

If you’re worried about your ability to afford your bills, note that for the first 12 months after student loan payments resume, the Education Department won’t report missed payments to credit bureaus, and no one’s loans will be placed in default or delinquency. But loans will still collect interest during this time, so borrowers will want to do their best to avoid growing their balances by paying at least the portion of interest accrual.

Still don’t feel like you’re caught up? See our preparation recommendations here, read up on what to expect starting this month and find out more about the SAVE plan.

2. Look for better interest rates if you have credit card debt

Inflation has been kicking everyone in the budget (get it?) since mid-2021, and although prices are cooling, a lot of people have had to rely on credit cards to cover expenses. In fact, according to the most recent New York Federal Reserve data, U.S. household debt broke records again in the second quarter of the year, with auto loans and credit card debt driving much of that growth.

Credit card balances now make up about $1.03 trillion of overall household debt, a new high. The central bank’s interest rate hikes have pushed the average credit card annual percentage rate (APR) to over 20%, and a report from consumer credit scoring system VantageScore shows that credit card delinquencies rose over the summer months. Needless to say, now that Americans are faced with the highest interest rates in over 20 years, they’re having a hard time keeping up with their growing debt.

While it’s best to avoid taking on new debt, if you’re one of the many people carrying a credit card balance, you may benefit from transferring your debt to another card or product with a lower APR. Personal loans, for example, usually offer a lower interest rate than credit cards, which is why they’re such a popular option for borrowers looking to consolidate debt.

Debt.org, a nonprofit debt help organization, recommends shopping around for competing card offers — you may be able to find promotions for zero-interest balance transfers, which will allow you to move your credit card balance to another card that won’t earn interest for a certain period of time. (Though, of course, for this strategy to be most effective, you have to pay down your debt during the 0% period.)

You can also try to negotiate a lower rate with your credit card company or ask for a temporary reduction of your rate, according to Debt.org. And don’t be afraid to ask for help: Credit counselors can help you strategize to reduce your balance and customize a debt-relief plan that works for your budget (just be aware that there can be fees if you enroll in a debt management plan).

3. Start planning for Thanksgiving travel

The U.S. fall travel season starts Labor Day weekend, so while it may seem like Thanksgiving is ages away, those who have to fly somewhere for the holiday would be wise to start making plans soon. Travel booking app Hopper predictedthat average airfare will peak at $283 per ticket in late November and early December as people rush to buy their tickets last-minute and prices rise with demand .

Scott Keyes of travel site Going.com, formerly Scott’s Cheap Flights, says in the website’s 2023 Thanksgiving travel guide that usually, the best time to look for flights is between two and six months in advance for international trips and one to three months in advance for domestic. So in a regular year, the best deals for Thanksgiving flights are typically gone by early September. But travelers this year may have more time to snag a deal because demand has lagged on a lot of routes, and airlines have increased capacity.

“Though travel demand has bounced back, it’s still below pre-pandemic levels,” Keyes says in the guide. “That’s leaving a lot of empty seats on planes, and airlines are competing hard to fill them out.”

Going.com anticipates that the best days to book for more affordable Thanksgiving flights this year are the Sunday, Monday and Tuesday before Thanksgiving, with return flights on early Thursday morning or late that night. You can try to avoid price increases by booking before 21-, 14- and 7-day marks leading up to the holiday, when fares usually jump. In the meantime, start playing around with tools like Google Flights or Momondo to get an idea of how much you’ll have to spend.

https://www.nasdaq.com/articles/these-are-the-3-best-money-moves-for-september-2023

Al-Sudani’s advisor: The step of linking Iraq to Iran with a railway network is very important, 3 SEPT

 Al-Sudani’s advisor: The step of linking Iraq to Iran with a railway network is very important

2023-09-02

Al-Sudanis advisor - The step of linking Iraq to Iran with a railway network is very importantThe government advisor for financial affairs, Mazhar Muhammad Salih, confirmed: “The step of linking Iraq with Iran with a railway network is a very important step that will contribute to organizing the transportation of goods and merchandise and even Iranian visitors with Iraq.”

Muhammad Salih said in a press statement: “Iran is a major trading partner for Iraq, and historically Iranian goods flow easily into Iraq,” noting that imports of goods and merchandise except (gas) constitute at least $7 billion, which is a large figure for Iraqi imports, and it constitutes More than 10% of Iraq’s international imports.”

And he stressed that “this line will contribute to organizing the transportation of goods, merchandise, and even visitors, which is an important issue,” explaining that the easier the transportation cost, the lower the costs, regardless of the noise between the linkage at the regional level and the world, which is an issue Regulatory is very important, whether trucking or train.

And the advisor continued: “Iraq is a country in which there is a large religious visit, being a great Islamic center, and this line will facilitate the transportation of visitors,” calling for not expanding other political strategies and theories on this issue, and it should be limited to a limited issue, especially (trade and visitors) between Iraq and Iran.

kirkuktv.net

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“Including the webcam.” The Iraqi Central Bank is taking new measures to exchange dollars to travelers

2023-09-02 03:34

Including the webcam - The Iraqi Central Bank is taking new measures to exchange dollars to travelersShafaq News/ The Central Bank of Iraq has recently taken new measures within the dollar exchange mechanism to travelers in order to prevent fraud, according to what was reported by the Finance Committee in Parliament.

Committee member, MP Mueen Al-Kadhimi, told Shafaq News agency, that the Central Bank has recently taken several measures, the latest of which is the fingerprint and a webcam for the purpose of disbursing $3,000 to real travelers and not repeating it with more than one person more than once.

And Al-Kazemi indicated that some people are using tricks in order to receive the dollar at the official price by purchasing 50-100 travel tickets and an entry visa (Visa) by land, whose price is 25 dollars, in collusion with tourism and exchange companies, indicating that these people receive each A passport of 3 thousand dollars, and a month later they repeat the same entry visa, receiving 3 thousand dollars again for the same passports.

And he indicated that real travelers were denied receiving the dollar, because of these people and the complicity of travel and exchange companies, stressing that the recent measures will prevent this fraud from continuing.

The Iraqi authorities require travelers to present their travel ticket and “Visa” to enter the country they want to travel to, in front of selling them three thousand dollars at the official price set by the Central Bank of Iraq.

Currency traders took advantage of this decision by collecting hundreds of passports from simple people and buying travel tickets and entry visas, in order to buy dollars at the official price and sell them at the parallel market price, collecting profits estimated at millions of dinars daily.

shafaq.com

"RV UPDATE" BY FRANK26, 3 SEPT

 Frank26 

 I have a dear friend who used to be military...but still works indirectly.  Therefore consider my friend to have contractual agreements.  These contractual agreements are with Iraq and Vietnam. 

 My friend calls me and say, 'Frank, I'm ready to expand...but my financial people are telling me wait...There is a major financial change that is about to occur and we think it would be wise for you to just wait.  You see Iraq has a lot of dong in their reserves and Vietnam Central Bank has a lot of Iraqi dinar in their reserves.'   Something is happening.

 It's not like you're going to need a receipt [from when you bought your dinars] when you exchange.  No body at at a bank is going to say, 'Greetings, Mr. Smith.  You have a million dinars, let me see your receipt.'  All they care about is, let me see the dinar.  And you say,  'Here's my certificate of authenticity.'  Well you can take that and throw it in the garbage.  Look, we'll [The bank] tell you if these dinar are good are not...

You still see whatever you see as the exchange rate on the CBI website.  You can go to the...airport and it's still at 13-whatever.  But you see the [CBI] articles tell you, 'Our official exchange rate is 1132...' I'm going to believe the CBI.  I'm going to say, 'Yes sir, understood!'

his monetary reform is taking the IQD to places of international affairs that are no longer sanctioned.  The IQD they say will be king as the USD steps back in the banking structure of Iraq and now in the whole Middle East...Then Alaq caps this report by saying we are increasing out capital.  What do you think that means?  That means they are going to increase your currency count with new lower denomination notes...Doesn't get any better than that.

CBI's Plan is 1 to 1?💣Project Delete the Zeros Now🤔Iraq Dinar RV Updates...

5 Differences Between The Center And The Region Will Afflict The New Draft Oil Law.. What Are They?, 3 SEPT

 5 Differences Between The Center And The Region Will Afflict The New Draft Oil Law.. What Are They?

Economy  |Today  Baghdad today – Baghdad  Today, Sunday (September 3, 2023), economist Nabil Al-Marsoumi revealed 5 differences between the center and the region that may plague the new draft oil law.

Al-Marsoumi said, in a clarification received by "Baghdad Today", that "there are several differences between the center and the region that may plague the new draft oil law."

He added, "The first difference is represented by Article 5 of the new draft oil and gas law, which stipulates that the Federal Council shall be established under the chairmanship of the Prime Minister or whomever he authorizes, and includes in its membership each of the Federal Minister of Oil, the Federal Minister of Finance, the Federal Minister of Planning, the Governor of the Central Bank, the Minister of Natural Resources in the region, and the governors of Three oil-producing provinces that are not organized into a region and three experts.

He explained, "Decisions are taken by majority, while the region believes that the Federal Council for Oil and Gas should include in its membership both the federal government (ministers of oil, finance and planning) and the regional government (ministers of natural resources, finance and planning) and governors of oil-producing governorates that are not organized in a region. The presidency is in The council is rotating and decisions are taken unanimously.

Al-Marsoumi continued: “As for the second difference, it concerns (Article 8 First), which stipulates that the Federal Ministry of Oil shall manage the oil and gas-producing fields throughout Iraq in coordination with the region and the producing provinces. As for the vision of the region, it is summarized as follows: The federal government manages the oil and gas extracted from the fields.

The current (which was extracted, developed, and commercially produced before the constitution expired in 2005) with the regional government and the producing governorates that are not organized in a region. commercial production after the expiry of the constitution).

And he added, “While the third disagreement is about Article 11 of the new draft oil law, as it states that the Federal Council is the one that gives approval to oil licensing contracts, while the region sees that it is the competent authority on exploration, development and production contracts or any other contracts with the contractor that The choice falls on him and does not require the approval of the Federal Council.

He pointed out that "the fourth difference is in Article 16 of the draft law, which stipulates that the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region,

and the fifth difference is in the article 24 of the draft law that the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.

He concluded by saying that "the sixth difference is that the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil regardless of Its production site, while the region sees that the Federal Council sets marketing and sales policies, and the sale process is carried out by marketing companies belonging to the regional government or producing governorates that are not organized in a region.  LINK

"RV UPDATE" BY MARKZ & MNT GOAT, 3 SEPT

MarkZ

[via PDK]

Redemption folks working a few short hours tomorrow. That does not mean we are redeeming this weekend…but it’s a good sign…  We continue to get good news from Iraq…They are on a holiday from now until Thursday. This would give them a tremendous opportunity …and a lot of chatter in Iraq that they are going to take this opportunity this week to put things into place…Many indicators from Iraq about next week. 

Mountain Goat

…according to my conversation with my CBI contact in Iraq… I was told that there is still concerns about the dollar and the smuggling of dollars out of Iraq…There is still work to be done in this area. It was also confirmed to me that the CBI did intend to conduct the project to delete the zeros sooner than later but there are obstacles to moving ahead that still need work.

Yes, there is always the possibility that the CBI could surprise everyone and they could suddenly push this forward. But…They have told me over and over again that when they get ready to do it there will be no secrets to the progress of the project to delete the zeros. This step will be announced and shown to the world… But here is the good news, The “secret” lies…in the redenomination in that the next step afterwards is the reinstatement and the liberalization of the dinar back to its “former glory”.