Minister Of Electricity: We Are Working To Support The Private Sector By Establishing National Production Lines, 24 MAY

 Minister Of Electricity: We Are Working To Support The Private Sector By Establishing National Production Lines

Minister of Electricity Ziad Ali Fadel  energy  Economy News – Baghdad  The Minister of Electricity, Ziad Ali Fadel, confirmed on Thursday that the ministry is working to support the private sector in the country by establishing national production lines.

The media office of the Minister of Electricity said in a statement, seen by Al-Eqtisad News, that “the Minister met with a delegation from the Riyadh Cable Company and a coalition of Al-Rowad companies for the production of electrical wires and cables.”

The Minister of Electricity confirmed, according to the statement, that “we have an intention to support the private sector and stimulate the industrial movement in the country by establishing national production lines that attract labor and contribute to meeting the electricity sector’s need for spare parts.”

He added: “We need to produce wires and cables (11, 33, and 132 kV) to keep up with demand and address bottlenecks.”

He pointed out that "there are controls for laboratory and factory tests conducted by the Ministry to proceed with competitive transactions in accordance with the approved specifications."

The Minister of Electricity continued, "Private sector companies have successful experiences with the ministry's formations, and we hope to strengthen them and develop production facilities in a way that serves and achieves the public interest."

Views 75 05/23/2024 - https://economy-news.net/content.php?id=43682

"RV UPDATE" BY BEARDED PATRIOT, 24 MAY

 BEARDED PATRIOT

Family:

With all things considered, our revaluation could extend to early June, but the point is, it's suspicious for the reasons stated in this widely distributed all of a sudden mysterious source. There is legitimate Intel from literally the horses mouth that June was a best Target month of Dr. Shabibi.  The question is why?

Because Dr Shabibi said " the "project to delete the zeros with the rate change should be done at the beginning or middle of Iraqs fiscal year" FOR ACCOUNTING purposes! 

That being said, June 2024 is the end of the 2nd quarter of Iraqs financial accounting ledger.   

Hang in there everyone, the “END”of this financial saga will soon be at hand, IMO.  

BP

Iraqi Dinar🔥What's Going On With the Currency Rate Change?Iraqi Dinar Re...

Advisor To The Prime Minister Highlights The Importance Of Bank Credit In Strengthening The Economy, 24 MAY

 Advisor To The Prime Minister Highlights The Importance Of Bank Credit In Strengthening The Economy

 May 22, 2024  Baghdad/Iraq Observer  Today, Wednesday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, identified three main benefits of bank credit, stressing that
 
increasing bank lending activity 
     raises growth rates and 
     economic well-being.  Saleh explained,
 
 “Bank credit is a vital financial tool for providing liquidity and financing economic activity to individuals and companies.” He pointed out
 
three main benefits of bank credit, which are that it contributes to financing it,
     generating job opportunities ,
     stimulating innovation, and
     promoting economic and social growth.
 
It is linked to an increase in bank savings rates through an increase in bank deposits, as banks provide distinct savings accounts.
 
It also contributes to
     meeting the needs of productive sectors and
     financing the purchase of real estate and educational and medical expenses,
 
which improves the standard of living.

Saleh added that increased lending activity
     enhances economic activity and
     raises growth rates and prosperity,
 
provided that it does not conflict with the goals of monetary policy and economic stability. 
 
https://observeriraq.net/مستشار-رئيس-الوزراء-يبرز-أهمية-الائتم/   

"ABOUT THE VIETNAM ECONOMY STATUS" BY GOLDILOCKS, 25 MAY

 GOLDILOCKS

The link below provides information on Vietnam's review by the US Department of Commerce regarding Vietnam's ability to move into a Market Economy.

My understanding from the previous article on Vietnam reviewed is that this is not a graded review. It is simply a valuation of the types of goods and services they can provide comprehensively. 

Vietnam is showing steady growth in several areas of their Market. Their potential to increase National Capital Investment opportunities on a Global scale is evident. 

Clearly, hurdles are being cleared for Vietnam to move into a Market Economy. A Market Economy will allow them to freely move their money  through supply and demand. 

Credit Valuation Adjustments on their currency will be determined by Vietnam's ability to move their goods and services near and far at competitive rates. 

© Goldilocks 

https://vietnamnet.vn/en/vietnam-business-news-may-12-2024-2279536.html

----

Vietnam's Foreign Exchange Rate Review:

HCMC (Saigon) inspects authorized foreign exchange agents.

The State Bank of Vietnam-Ho Chi Minh City Branch (SBV-HCMC) has urged commercial banks to conduct inspections of their authorized foreign exchange agents and submit reports on the findings to the SBV-HCMC no later than June 15, 2024.

The SBV-HCMC has issued a letter requesting commercial banks and branches of foreign banks authorized to engage in foreign exchange activities within the city to conduct inspections of the authorized foreign exchange agents appointed by commercial banks.

Accordingly, commercial banks are required to inspect their authorized foreign exchange agents, covering compliance with legal regulations, adherence to foreign exchange agency contracts, identification of any existing limitations or misconduct, and the outcomes of any corrective actions taken.

The SBV has urged commercial banks to conduct these inspections on authorized foreign exchange agents appointed by banks to ensure compliance with regulations governing foreign currency transactions and the appropriate use of foreign currency, thus contributing to promoting the development of production and business activities, import-export, tourism, and services.

Simultaneously, commercial banks authorized to delegate foreign exchange agents must strictly adhere to all legal regulations regarding the delegation of authority to economic organizations to ensure that the appointed agents comply with legal requirements, adhere to contracts, and play a crucial role in stabilizing foreign exchange rates, the foreign exchange market, and socio-economic development.

https://vietnamnet.vn/en/vietnam-business-news-may-12-2024-2279536.html

Iran's Supreme Leaders Promise to Iraq IQD Rate #iqd

Statement Issued By The Presidency Of The Anti-Money Laundering And Terrorist Financing Council, 24 MAY

 Statement Issued By The Presidency Of The Anti-Money Laundering And Terrorist Financing Council

 
May 22, 2024   Statement issued by the Presidency of the Anti-Money Laundering and Terrorist Financing Council
 
    The Middle East and North Africa Financial Action Task Force (MENAFATF), at its general meeting, held in the Kingdom of Bahrain for the period from 19-23 May 2024,

approved the mutual assessment report for the Republic of Iraq, which reflects its great commitment to applying international standards to combat money laundering and the financing of terrorism.
 
The report issued by the organization highlighted the
 
     ability of the committed system to combat money laundering and terrorist financing in Iraq, and the
 
     great efforts made by the state in combating these crimes, in accordance with solid international standards.
 
The report stressed
 
     understanding the risks of money laundering and terrorist financing, and the
     effectiveness of implementing measures to combat these crimes, including
     international cooperation and
     confiscation of proceeds of crime, as well as
     investigation and prosecution.

    The Presidency of the Anti-Money Laundering and Combating the Financing of Terrorism Council takes advantage of the opportunity to extend sincere thanks and appreciation to His Excellency the Honorable Prime Minister and the Honorable President of the Judicial Council,

 for the support they provided to raise the evaluation process, as well as to extend its thanks to the members of the Anti-Money Laundering and Terrorist Financing Council and the Anti-Money Laundering and Terrorist Financing Office.

Money and terrorist financing, and all judicial and governmental bodies and all formations of the Central Bank of Iraq, which have contributed and worked over the past two years to provide the evaluation requirements in a way that reflects the real reality of effective judicial and government procedures in developing the system to combat money laundering and terrorist financing.
    
    Ali Mohsen Ismail
    Chairman of the Anti-Money Laundering and Terrorism Financing Council
    Governor of the Central Bank of Iraq  https://cbi.iq/news/view/2588