KTFA:
Henig: The largest oil producers in the world.. This is the arrangement of Iraq
12/11/2022 11:24:33
{International: Al Furat News} The United States is the world’s largest oil producer, far behind its closest competitors, as it produced about 16.6 million barrels of oil on average per day in 2021.
Saudi Arabia and Russia rank second and third, respectively, with production of about 11 and 10.9 million barrels per day of oil, respectively, according to data collected by British Petroleum.
The top three countries produced more oil than the bottom seven countries in the top ten combined.
Canada ranked fourth, according to the chart prepared by Statista, with a production of 5.4 million barrels per day, followed by Iraq (4.1 million barrels), China (4 million barrels per day), the UAE (3.7 million barrels), and Iran (3.6 million barrels). Daily).
The first ten countries are completed by Brazil with 3 million barrels per day and Kuwait with 2.7 million barrels. LINK
Henig: TBI: one trillion and 500 billion dinars recovered
INA- Baghdad
The Trade Bank of Iraq announced on Sunday the recovery of one trillion and 500 billion dinars, while confirming the absence of loans for fake projects.
According to a statement of the TBI received by the Iraqi News Agency (INA), “the Trade Bank OF Iraq TBI represents the gateway to contact the world for the implementation of Letters of credit and the issuance of letters of guarantee and foreign transfers with financial institutions with countries of the whole world, and that these banking operations are implemented for the government and private sectors.”
Regarding what was published on one of the satellite channels, the statement explained, “The amount of the total loans in the bank is inaccurate because there are financial settlements that have been concluded with the bank’s customers and they continue to repay the amounts of loans and their interest without delay.”
It stressed, “There are no loans for fictitious projects, as mentioned, and pointed out, “The circulation of this information in the media without verifying its accurate sources directly affects the Trade Bank of Iraq and its relationship with correspondent banks around the world, which is reflected in the Iraqi economy in general.”
It added, “The management of the Iraqi Trade Bank is keen to preserve public money and has been working in the last two years in cooperation with the Financial Supervision Bureau, the Integrity Commission and the Supreme Judicial Council on this matter, where nearly an amount of (one trillion and five hundred billion Iraqi dinars) has been obtained. LINK
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Henig: Al-Sudani is discussing with the World Bank the establishment of the Reform, Recovery and Reconstruction Fund
Baghdad / NINA / – Prime Minister Muhammad Shia’a Al-Sudani affirmed the government’s priorities based on the social and economic needs of citizens, and its intention to transform the poor groups from recipients of social welfare into active people in the labor market, through studied and realistic plans.
Al-Sudani discussed, during his meeting today, Sunday, with the World Bank Vice President for Middle East and North Africa Affairs, Farid Belhaj, in the presence of the Regional Director for Eastern Countries and the Director of the World Bank in Iraq, prospects for bilateral cooperation to implement important strategic projects in various fields, and to develop ambitious programs aimed at implementing reforms in the Banking sector and the development of the private sector, and supports government programs to address climate change.
The meeting witnessed discussions regarding the implementation of joint programs in the field of youth employment, unemployment reduction, and the development of the social protection program. The establishment of the Reform, Recovery and Reconstruction Fund was also discussed. LINK
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Henig: The President of the Republic discusses with the Governor of the Central Bank the stability of the financial and economic system
2022-12-12
Today, Monday, the President of the Republic, Abdul Latif Jamal Rashid, discussed with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, the stability of the financial situation and the economy in the country.
During the meeting, according to a statement by the presidency, they discussed “the importance of the role of the central bank in the process of stabilizing the financial and economic system in the country, achieving sustainable development goals, and adopting sober financial policies to overcome the challenges facing the Iraqi economy.”
The President stressed, “the importance of diversifying the sources of Iraqi national income,” pointing to “the need to control borders, close illegal border crossings, and organize customs imports to be added to the state budget.”
President Abd al-Latif Jamal Rashid pointed to “the importance of encouraging and attracting investments by supporting the private sector, meeting the legal and legislative requirements for that, and enacting social and retirement security laws for this important sector that enhances job opportunities,” noting that “the stable security situation in the country enhances this aspect.”
The president pointed to “the importance of enhancing tourism imports in the country, encouraging religious and archaeological tourism and setting the required controls for it, as it generates financial revenues to the state budget that are no less than investment revenues.” LINK
Henig: Vietnam: Loosening monetary policy welcome amid credit crunch
December, 12/2022 – 09:00
The SBV last week raised the 2022 credit growth target for the domestic banking system by 1.5-2 percentage points from its previous target of 14 per cent, allowing commercial banks to pump an additional VNĐ240 trillion into the economy.
Compiled by Thu Hà
The State Bank of Việt Nam (SBV)’s recent decision to revise up the 2022 credit growth target of the banking system has eased access to bank loans amid a credit crunch, especially at the peak season to prepare for Lunar New Year (Tết).
The SBV last week raised the 2022 credit growth target for the domestic banking system by 1.5-2 percentage points from its previous target of 14 per cent, allowing commercial banks to pump an additional VNĐ240 trillion into the economy.
According to the SBV’s deputy governor Đào Minh Tú, the revision offers banks relatively large room to provide funds to businesses, individuals and the economy.
Under the new policy, BIDV, for example, has been allowed to lend an additional VNĐ27 trillion, while the amount for Vietcombank is VNĐ5 trillion.
A survey of the National Private Economic Development Research Board showed a severe lack of capital in businesses across industries after combating the COVID-19 impacts for two years, leaving them at risk of being unable to maintain operations and production, purchase raw materials, and pay salaries.
High credit growth rate in the first half of 2022 caused many banks to run out of their credit growth quota granted by the SBV and they couldn’t continue to lend to meet the capital needs of firms and people. Some banks had to stop receiving new loan applications for the last two months as they used all their granted credit growth quota.
Enterprises in Việt Nam had faced difficulties in having access to capital for the past several years, but only in the past 12 months has the situation become more serious.
Worse could still come as the country’s largest holiday Tết approaches and enterprises with business models that revolve around Tết need capital to import goods. They also need money to settle debts, as well as pay salaries and Tết bonuses to their employees.
The increase in credit growth cap at the last month of the year when businesses are in dire need of capital to fulfil their production and business plans to prepare for Tết is considered a timely and positive move to help businesses, and the economy as a whole.
According to experts, the credit growth cap expansion will increase the working capital of enterprises, rather than serve investments or real estate projects.
Banking expert Cấn Văn Lực says raising the credit growth cap is one of the important solutions to deal with the problem of capital bottlenecks of the economy in the short term.
The expansion will also help enterprises build momentum for economic growth next year, explaining that if the SBV waits until 2023 to expand credit, it will be hard to restart a system that has been suspended for a long time.
According to Lâm Thúy Ái, chairwoman of Mebipha Trading Production Company, the news that the SBV raised credit room is very positive, helping many businesses, including her company, have more opportunities to access capital to reactivate their production and business plans in 2023.
Nguyễn Thế Minh, head of Yuanta Vietnam Securities Company’s retail research division, expects the increase in credit growth cap will help reduce pressure on interest rate hikes to support the economy next time.
Minh explains interest rate has increased strongly since August this year as the room for credit growth was limited while capital demand was large. Therefore, when the SBV grants more credit quota for banks, lending rates will tend to cool down gradually in the short term.
Minh believes the credit growth cap expansion of 1.5-2 percentage points, or VNĐ240 trillion, will not significantly affect the country’s inflation, especially when global commodity prices, including oil prices, tend to cool down. Việt Nam’s inflation has averaged 5 per cent since 2013, meaning that inflation, which currently stays at 4.5 per cent, is still below the average rate.
Beneficiaries
According to the SBV’s deputy governor Đào Minh Tú, local banks that meet liquidity requirements and offer low lending interest rates are prioritised for the increase in credit growth cap this time.
The SBV sees it needs to impose credit growth restrictions on lenders with high interest rates. Banks that have not reached the cap do not need a quota increase for now.
However, banks need to actively mobilise deposits to have enough funds to lend. Despite the extra lending room, Việt Nam’s credit growth must follow the safety of lending activities and liquidity.
Saigon Securities Incorporation (SSI)’s analysts also said the pressure on banks to balance capital is huge. Liquidity in the banking system in the medium term has yet to improve as deposit growth is much lower than credit growth. By October 25, credit surged by 11.5 per cent against end-2021 while mobilised deposits rose by only 4.6 per cent.
Several banks and analysts forecast the increased credit quota would not result in a major influx of cash into the economy since many lenders have reached or exceeded the safe loan-to-deposit ratio (LDR).
Yuanta’s Minh says according to the current legal regulations, banks are allowed to lend up to VNĐ85 out of every VNĐ100 they mobilise, but 16 out of 27 listed banks had reached an LDR of more than 100 per cent by the end of the third quarter.
Under the decision on the credit growth cap expansion, the SBV also directs commercial banks to prioritise capital for production and business activities; priority sectors such as agriculture, rural development and export; small and medium enterprises; and supporting industries.
Businesses also agreed, saying the new policy should be limited to beneficiaries with proven track records, as well as those in manufacturing, export, and agriculture sectors that have already secured orders they need to fulfil. — VNS LINK
