Zig’s Place Chat and News Sunday Evening 7-23-23 

Sah   Vietnam going all digital including banking and government and private sector offices.

Sah   Vietnam’s digital economy to continue booming

Vietnam’s digital economy is projected to grow fastest in Southeast Asia, reaching 50 billion USD by 2025, a report said.   VNA Friday, July 14, 2023 20:12 https://link.gov.vn/WpTSgkoR

HCM City (VNS/VNA) – Vietnam’s digital economy is projected to grow fastest in Southeast Asia, reaching 50 billion USD by 2025, a report said.  It would be aided mainly by growth in e-commerce, with platforms like Shopee and Lazada and top retailers like Co.opmart moving their businesses online, said a report of the HCM City People's Committee about e-commerce early this week.

The boom in e-commerce has accelerated the country’s digital transformation of businesses in logistics, delivery, tourism, finance, media, and entertainment.

Delivery services have grown rapidly thanks to super apps like Grab and Baemin.

Online payment systems like e-wallets, e-transaction gates and e-banking have also developed speedily following a surge in online services, with 61 per cent of online purchases used cashless payments last year.

But digital transition does face challenges due to underdeveloped digital infrastructure, especially the lack of a standardised, synchronised national database.

Besides, small and medium-sized enterprises have not capitalised on digital opportunities despite accounting for a lion’s share of the country’s businesses.

Sah   The outdated legal framework, with old policies still regulating digitised business models, also stymies the growth of businesses.

An inadequate regulatory regime poses challenges for authorities and affects customers’ benefits.

To tackle these problems, HCM City has laid out a plan for “Developing digital economy, sharing economy, and circular economy” that encourages enterprises to adopt technology and new operational methods to create sustainable goods and services, its People’s Committee said.

There are also several programmes to help start-ups and enterprises digitise their businesses, especially in key sectors like fintech (financial technology), edutech (education technology), smart agriculture, and smart tourism./. https://en.vietnamplus.vn/vietnams-digital-economy-to-continue-booming/256402.vnp

Sheila   VIDEO: Sunday Morning Futures With Maria Bartiromo 7/23/2023 -- https://www.youtube.com/watch?v=HsVDg_hVXsY

NORV   The Baghdad and Erbil stock exchanges closed at a new high in dollar prices

Baghdad Stock Exchange  2023-07-23 06:30  Shafaq News/ The prices of the US dollar continued to rise against the Iraqi dinar, on Sunday, in the markets of Baghdad and Erbil, the capital of Kurdistan Region, with the closing of the stock exchange.

Shafaq News agency reporter said that the dollar prices rose with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,700 Iraqi dinars against 100 dollars, while the prices this morning were 151,650 dinars against 100 dollars.

Our correspondent indicated that the selling prices in exchange shops in the local markets in Baghdad also increased, as the selling price reached 155,000 Iraqi dinars, while the purchase price reached 152,000 dinars for every 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 153,650 dinars for every 100 dollars, and the purchase price was 153,550 dinars for 100 dollars.

NORV   That is like an 18% spread! Not good for IMF compliance. And don't look for Article VIII acceptance anytime soon.

NORV   Zig you better renew your chat for 5 years. lol You are going to be here for a while!    :Floating:

Dave   NORV It has been like 15yrs we have been waiting.....what is another 5 to wait?

Dave   NORV With USA sanctioning USD in Iraq...... 5 yrs before they run out of usd......Unless them Iraqis been stuffing usd into their mattresses as well

Zig   5 years??   :Thud: .....

Dave   Arrg... Zig Scared Kap away

Zig   Boo

Dave   5 yrs better than NEVER........

Sah   I knew it was coming from the articles I posted yesterday when the US sanctioned the day before14 more banks from dealing in US dollar and CBI could not control the rate. Not US fault when banks were selling US currency to sanctioned countries. CBI was warned 8 months ago this would happen if they did not do something about it.

eyeguy   5 years Just go 1 to 1 and I will be happy

Sah   Lets say that if a country revalued how would they be able to keep that rate steady. If they could not it would be a complete financial disaster for a country. The CBI in Iraq needs to do a better job of keeping their currency rate steady. The CBI needs to make all banks comply to selling at same rate. These banks were buying at government rate of 1320 and selling in the 1500 to make a profit for their banks instead of doing the work and making loans to new and old businesses that lifts the economy and brings in income to the bank from interest and investments.

eyeguy   okay then 50 cents to 1

Sah   eyeguy If the CBI can not hold the rate how will their currency hold it's value.

eyeguy   even .25 to 1 I would like to see it before I pass

eyeguy   I guess I`ll have to pass it down to my kids and grandkids

Sah   eyeguy Personally I was just hoping to get to a dime. If they can hold that steady the sky is the limit as it floats to a half dollar.

eyeguy   what the world be like in 5 years You can imagine

eyeguy   so what is a dime on a million   eyeguy   $100,000

eyeguy   just about pay off my mortgage not bad for $1000 and 20 yrs

Sah   Right now until their currency can hold it's value and float down to 1320 with out a major fight to get it there and stay within 2 percent spread we are stuck here.

Sah   If CBI could stop these dual rates then we will see progress.

Sah   I just want a swimming pool!

eyeguy   I just heard Blaino passed sorry to hear ,,,,I just want to see it in my lifetime

eyeguy   Swimming pools are great Heading off in a few to La Fitness pool been going 3 x a week

eyeguy   got to work off some calories taking my honey out for he BD

eyeguy   :Floating:

Sah   I think Iraq had a lesson to learn after they blew the IMF off a couple years back. They were in the mentality that if they did not need a loan from them they did not have to follow the IMF's plan. Now this last year they are following it to stabilize their currency. IMO they want to become international and now they find out all the rules to get there and they are still not compliant so to keep their rate within 2 percent. Dual rates over 2 percent will not get them international.

Sah   IMF states you must hold all rates in country with in 2 percent spread to be considered able to qualify to go international.

Sah   This latest governor of the bank is great at focusing on going digital thru out the country. He is working right now with bringing Kurdistan into compliance which will stop these dual rates and control them better. He is also working on bring all banking with kurdistan's government accounts digital also. This will stop the corruption and money laundering like it has been doing in the rest of Iraq that is now digital.

Sah   His one fault is relying on only US sales to keep the currency rate steady. All banks in Iraq must start to diversify their banks and invest more in the Iraq economy and not in just selling the US dollar for profit.

Sah   Here I was hoping that by next year I would have my swimming pool with a hot tub built into it. Guess I will have to hope my restoration business will make enough to afford it.

Sah   The Central Bank of Iraq confirms that it continues to meet the legitimate requests for the US dollar from the official outlets licensed by it and at the official rate set for the beneficiary, amounting to ( 1320 ) dinars to the dollar, and calls on the Central Bank to report the case of paying a price higher than the official rate decided above, and the account of the bank or the exchange company with this bank bears the compensation for those affected by the price difference, through the following e-mail:

( banking.awareness@cbi.iq )   Or call the following numbers:   07809224663  07853330555  07721111418   Central Bank of Iraq  Media Office

Sah   butterfly Nice post, I am glad to see they are cracking down on banks or exchanges not using the official rate.

Butterfly   Iraq Renews Deal to supply Lebanon with Oil  The governments of Iraq and Lebanon have signed a Memorandum of Understanding (MoU) wherein Iraq will supply Lebanon with quantities of fuel and crude oil.

The agreement, in line with Cabinet Decision No. 23265 in 2023, aims to support Lebanon's electricity sector and strengthen cooperation between the two countries, serving their mutual interests.

During the signing ceremony, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, emphasized the renewal of the agreement for another year with an increased quantity of gas oil based on mutual consent.

Additionally, a new contract for crude oil will be arranged, and technical committees from both sides will define the appropriate mechanisms for executing the agreement, including quantity determination, transportation, loading, unloading, and other logistical and technical commitments. Subsequently, both countries' cabinets will approve the joint committee's recommendations.

Lebanon's Minister of Energy and Water, Walid Fayyad, praised Iraq's support to overcome his country's fuel supply crisis for power stations. This gesture of support is deeply appreciated by the Lebanese government and people.  (Source: Iraqi Ministry of Oil)

Sparky   ... via al Maliki ... and the State of Law Co illation ...

butterfly   Washington is resuming the "dollar war" against Baghdad... American steps behind two things!

437 Despite the many decisions taken by the current government to reduce the exchange rate of the dollar due to its impact on the economic, security and political levels, Washington's countermeasures caused the continuation of the dollar crisis and the gap between the official and the parallel rate did not shrink. America once again manipulated dollar prices by punishing 14 Iraqi banks, a strategy pursued by Washington to wage economic war on the country.

America plans

And speaking of the re-rise in dollar prices, a member of the coordination framework, Ibrahim al-Sakini, accused the United States of trying to put the current government against the people by returning the dollar crisis to its destination, while the decision to remove 14 Iraqi banks from the electronic dollar selling platform was considered Washington's first step to raise the dollar exchange rate.

Al-Sukaini says in a press interview seen by “Takadum” that “America is trying to move the dollar crisis through many ways and methods that the latter works to create crises in the country,” noting that “Washington will not stop creating problems in front of the current government in view of the (Shiite soul) that controls it.”

And he added, “The government has worked to confront many violations and abuses by which the United States of America has been operating since the beginning of the era of the Sudanese government until now,” pointing out that “America continues to try to put the current government against the people by returning the dollar crisis to its destination.”

Regarding Washington's decision to punish Iraqi banks, Al-Sukaini confirms: "The decision to remove 14 Iraqi banks from the electronic dollar sale platform in the Central Bank is America's first step to raise the exchange rate of the dollar in the local markets."

Bank penalties

butterfly   In addition, the economic expert, Nasser Al-Kinani, criticizes the new sanctions imposed by Washington on 14 new Iraqi banks, stressing that imposing sanctions from America is tantamount to a response to the government after announcing a barter for the supply of Iranian gas.

Al-Kinani said in a press interview seen by “Takadam” that “the exchange rate of the dollar is expected to reach 175 compared to 100 dollars during the current month,” noting that “Washington’s recent sanctions will re-examine the recent dollar exchange crisis in the local markets.”

And he continues, “The Central Bank will work to increase its sales during the coming period in order to fill the deficit that will occur as a result of removing 14 Iraqi banks from the electronic dollar platform,” noting that “Washington deliberately imposed sanctions on large banks, which are considered one of the main resources for selling the dollar at the official price in the local markets.”

* Economic war

23 Jul 23, 03:05 PM butterfly   For his part, the leader of the State of Law coalition, Haider al-Lami, confirms the high exchange rates of the dollar to the pressures that the United States of America is working on the current government, while stressing that Washington is seeking in all ways and methods to prevent the stability of the Iraqi economy.

Al-Lami says in a press interview seen by “Takadam” that “all America’s decisions regarding the dollar are tantamount to an economic war on the country in view of the damage it left behind in the past period,” warning “the government against the plans that Washington seeks to implement through suspicious movements that the US ambassador to Baghdad is communicating with.”

And he added, “Washington deliberately moved the file of the exchange rates of the dollar after the decision to barter the supply of gas with Iran,” pointing out that “the United States of America is seeking by all means and methods to prevent the stability of the Iraqi economy through decisions that are against the work of the government.”

And he continues, “Washington is working to combat the stability of many political, social and economic files that concern citizens in order to embarrass the government to implement its own interests.”

It did not take long for the exchange rates of the dollar to stabilize in the local markets, until America returned with its counter-decisions regarding the dollar problem to the fore again, amid many extortions that the government overtook in the past period and will be confronted with it in the coming period, according to observers. https://takadum-news.com/archives/175176

Sparky   ... corruption ... 30% on top of any contract ... back ally thievery ...

butterfly   Sparky that is in every country.

Sparky  Sah ... is " the appearance of " Mohamed Saleh still financial minister ...

Sparky   ... Shab's right hand man, knew the workings ...  Sparky   ... et tu brutus ...

Sah   I read the blame in news articles but the bottom line is those 14 banks were sanctioned after the CBI was warned 8 months ago by US that banks exchanging dinar for US dollars need to not sell to sanctioned countries which is exactly why they were sanctioned. The banks were helping sanctioned countries buy US dollars that they used to in money laundering.

Sah   Sparky No Saleh was appointed temporary to straighten out the CBI and get rid of corrupt and stabilize the rate. There is a new governor this past year that is taking everything digital but should of kept Saleh on to monitor the corruption and help him learn to stabilize the rate.

Sparky   Sah ... I'd keep an eye on Saleh and Maliki ...

Sparky   ... Shab's VP went south ...

Sparky   ... he plays his cards, don't know enough to blame him ...

Sah   Sparky I agree but Saleh has the knowledge to run the CBI and keep the rate steady. He was one of the corrupt for earlier on but knows his financials will. He just needs to be kept an eye on. I would wish he would be a consultant for CBI same as he was before for the government financials to the prime minister.

Sparky   ... I do believe it's hard to get a Iraq contract, without a side deal ...

Sah   Every body wants a side deal and Sudani is trying to put a stop to it in Iraq. He has arrested people heading different government entities that put side deals in their pockets that Abadi found out about and he reports to Sudani.

Sparky   Sah ... Kurds are similar ... very difficult situation, for monetary value to increase in the near future, imo ...

Sah   After Sudani became PM, Maliki tried to get him to bend and he said no he was for all the people. It did not go over well with Maliki when he agreed to vote Sadani in. Too late, Maliki is not getting his way. If he does not behave Abadi has a stack of paperwork on him that Sudani can use to make his life rough.

Sah   Sparky Kurds are a big problem on making their own rates at the banks and corruption abounds. CBI stepped in to make bank digital last month. Kurdistan said it will be atleast three more years and CBI said no they were coming in now with England and France to help and would be done this year.

Then Kurdistan said it will be years before their government financials are all digital and CBI said no, they were doing it all now. Corruption when done will be easily found when they are digital. Kurdistan is fighting it every step of the way but the constitutional laws they have to follow so CBI controls all banks in Iraq and they have no choice.

Sah   Sparky The CBI has to make all digital to get rid of the corruption and money laundering. It has to stop or they will never go international without transparency.

Sah   The CBI and countries helping know what the are doing as the rest of Iraq is digital or close.

NORV   Sah To be honest, in the last 15 years I have only seen the CBI manage the spread consistantly and maintain it for at least 6 months like 3 times. This is why the CBI will not move to Article XIV anytime soon.

Sah   NORV I feel the same way. If they can not get this together and be able to hold the rate let alone it to increase in value is one problem. If they can not do this how would they keep the rate if it was worth more, they would be financially ruined. Until they can stop these dual rates in their country with in 2 percent this will never happen. Let alone for at least 90 days and then to keep it stable after that until IMF does their review. So sad that this part is happening. Governor of the CBI needs to get his act together.

Sah   There is more to stabilizing that rate than selling USD.

Zig Sorry to have to report that DinarAlert https://dinaralert.webs.com/ will be closing on 8/31....that is where @Kaperoni hangs out....He posts as @NORV here....I invite all the members there to participate here!!.

Zig    In case you don't know NORV is the well-known @Kaperoni Recently (June 24th) he and @Enorrste held a conference call regarding recent news about Iraq and the Dinar, etc....IMO it was very good....Recording links can be found at https://dinaralert.webs.com/conferencecalls.htm 

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