Fnu Lnu
[Response to Pimpy's Post 1-12-2024 below]
...Iraq is an "IMPORT COUNTRY" with, at this time, little to export except oil. To rebuild the country, they will have to IMPORT almost everything they need so they WANT a very STRONG currency so they get much more for their Dinar...If they were an export country they would want a very cheap Dinar as is the case with Vietnam who profits from a vigorous export business due to cheap DONG.
Barzani and al-Khazali Discuss Political and Security Challenges in Iraq
In a crucial diplomatic rendezvous, Nechirvan Barzani, the President of the Kurdistan region, convened with the eminent Shiite leader Qais al-Khazali. As the head of the powerful Asa’ib Ahl al-Haq, al-Khazali’s influence in the political arena is immense. Their meeting revolved around the pressing political and security challenges that Iraq currently grapples with. The growing threat of extremist groups and the broader, overarching tensions in the Middle East were among the key issues discussed.
Barzani and al-Khazali addressed the necessity of fostering an understanding and cooperation between the Kurdistan Regional Government (KRG) and the Iraqi central government. They emphasized that resolving the ongoing issues that have been plaguing the nation is contingent on this dialogue. Furthermore, both leaders agreed on the critical need to insulate Iraq from regional conflicts. This consensus highlights their mutual commitment to the stability and sovereignty of Iraq.
Besides the security and political issues, the outcomes of the recent provincial elections in Iraq were also scrutinized during the meeting. An in-depth review of the electoral results could pave the way for a more democratic and representative political environment. This, in turn, could strengthen Iraq’s governance and its capacity to confront the existing challenges.
Another key point of discussion was the future of Iraq’s relations with other countries. Both leaders concurred on the necessity to enhance these relations based on mutual interests. Building robust and beneficial foreign relations could significantly bolster Iraq’s global standing and contribute to its socio-economic development.
MarkZ
[via PDK] There is a lot of good news coming out of Iraq… Lots of good group chatter...There is all kinds of exciting rumors.
“Sudani: We are proceeding in the wheel of reconstruction and construction despite the challenges facing us” Sudani says they are meeting and fulfilling their promises to the Iraqi people. Part of the wheel of reconstruction is the Monetary reform and the White Papers and making the dinar stronger and more valuable.Henig: Vietnam
Banks in race to boost charter capital
January 12, 2024 - 10:06
It is anticipated that there will be significant changes in the scale of the banking sector's charter capital this year.
HĆ Nį»I — It is anticipated that there will be significant changes in the scale of the banking sector's charter capital this year as several joint-stock commercial banks have announced their plans to raise capital.
In a recently issued official dispatch, the State Bank of Vietnam (SBV) has granted approval to a number of banks to increase their charter capital through various methods, such as issuing shares for dividend distribution, conducting private placements and issuing shares to foreign strategic investors.
The banks include LiĆŖn Viį»t Post Joint Stock Commercial Bank (LPBank), National Citizen Commercial Joint Stock Bank (NCB) and SaigonBank.
NCB on January 2 said that the SBV allowed it to increase its charter capital to over VNÄ11.8 trillion (US$484.5 million). The lender will issue 620 million shares at VNÄ10,000 per share, bringing its charter capital from VNÄ5.6 trillion to VNÄ11.8 trillion.
The increase is to supplement capital for business activities and strengthen the bank's financial capacity.
The plan will be implemented after being approved by the State Securities Commission (SSC), expected in the second quarter of 2024. The transfer of these shares is restricted within one year from the date of completing the offering.
Similarly, LPBank was approved to increase its charter capital from nearly VNÄ20.6 trillion to VNÄ25.6 trillion.
Previously, the bank had already been granted permission to raise its charter capital by a maximum of nearly VNÄ11.4 trillion, as approved at the 2023 Annual General Meeting of Shareholders. Accordingly, it released over 328.5 million shares for dividend distribution at a rate of 19 per cent and also issued additional shares to existing shareholders with a total value of VNÄ5 trillion.
With the increased charter capital, LPBank continues to rank among the top private joint-stock commercial banks with the largest charter capital in the banking system.
In late December 2023, SaigonBank also obtained approval to raise its charter capital by up to VNÄ308 billion through a share issuance aimed at paying dividends to existing shareholders.
The bank's representative said that the increase in charter capital is essential for SaigonBank to enhance its financial strength and embrace technological advancements in line with industry trends.
On January 12, BacABank will finalise the list of shareholders receiving 2022's share dividends.
In particular, BacABank plans to issue more than 62.5 million shares to pay dividends at a rate of 7.5 per cent, meaning a shareholder owning 1,000 shares will receive 75 new shares. The number of fractional shares (if any) will be distributed to the bank union.
Charter capital plays a crucial role in measuring the Capital Adequacy Ratio (CAR) and determining the credit ratings of financial institutions. The CAR ratio is computed in accordance with Circular No. 41, which adopts internationally recognised Basel II standards and sets a minimum requirement of 8 per cent.
However, experts noted that despite the continuous plans of banks to increase their capital, especially in the fourth quarter of 2023, with numerous banks actively completing the necessary procedures to distribute shares to increase charter capital and provide additional resources, the Vietnamese banking system still faces capital constraints, with a significantly lower Capital Adequacy Ratio (CAR) compared to many other countries in the region.
In particular, several countries in the region have already implemented or partially adopted Basel III.
According to the latest data released by the SBV, as of May 2023, the total charter capital of the entire credit institution system reached more than VNÄ888.8 trillion, up 1.35 per cent from the end of 2022. — VNS LINK
Clare
Article: "With the exception of Iraq...the World Bank announces a rise in food sector inflation in the world" Quote "...the International Monetary Fund announced a decrease in the inflation rate in Iraq, which is expected to stabilize due to the policy of the Central Bank of Iraq and the impact resulting from raising the exchange rate of the Iraqi dinar..."
Clare
Article: "An Iraqi delegation heads to Washington within days, followed by a visit to Sudan" Quote: "Iraqi delegation will head to Washington within days, followed by a visit by Prime Minister Muhammad Shiaa Al-Sudani."
Article: "Selling an Iraqi currency dating back to the era of “King Ghazi” for 100 thousand pounds sterling" Quote: "A very rare Iraqi currency dating back to the royal era was sold in the country, today, Monday, at a fantastic price of 100,000 pounds sterling, or approximately 187 million Iraqi dinars."
Article: "Expectations that the decline in dollar prices will bring benefits to the Iraqi individual " Quote: "In order to reduce the price of the dollar in the local market, the Central Bank of Iraq specified, yesterday, Sunday, the entities covered by receiving their external transfers in cash in the dollar currency, starting from January 2, 2024."
Article: "A financial expert points out the reasons for the continuous decline in the dollar exchange rate" Quote: "On Monday, financial expert Nabil Al-Ali attributed the continued decline in the exchange rate of the US dollar towards the Iraqi dinar to...the change in the attitudes of merchants and public opinion through their conviction of the strength and status of the dinar...The dollar exchange rates against the Iraqi dinar will continue to decline, thus touching the official rate specified by the Central Bank ."
Article: "The Iraqi Dinar Overthrows The Dollar And Wins The Struggle To Control The Regular Market” Quote “The US Treasury continues its cooperation with the Central Bank of Iraq,as many Iraqi banks have now formed relationships with international banks for the first time.”
Article: " CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules " Quote: " For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-clare-23-dec_01992421810.html
Article: "CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules" Quote: "For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-clare-23-dec_01992421810.html
KTFA FRANK26: "TRIPARTITE CALCULATED."........F26 In detail.. The Iraqi budget is subject to political and economic amendments o...