TNT “Tidbits From TNT” Thursday Morning 4-13-2023



Tishwash:  Iraq revives its tea plantation in Vietnam and discusses its development


The General Company for Foodstuff Trade in the Ministry of Commerce announced the resumption of its meetings with representatives of the joint Iraqi-Vietnamese company for the production and marketing of tea {Foodati} in Vietnam to follow up the company’s work and ways to develop it and improve the level of performance of its employees.


And a ministry statement, which {Euphrates News} received a copy of, quoted the company’s general manager, Lama Hashem Al-Moussawi, as saying, “During the meeting, a number of issues related to the production and marketing of the company’s tea were also discussed, appropriate decisions were taken for it, the possibility of maintaining the company’s headquarters, and determining the appropriate costs for that.”


The statement pointed out that “the meeting was attended by the departments of the {financial affairs – legal affairs – import} departments in the foodstuff company.”  Link


Member:  Trade confirms its keenness to open new horizons for economic cooperation with Saudi Arabia


Today, Thursday, the Ministry of Commerce affirmed its keenness to open new horizons for economic and commercial cooperation with the Saudi side.


Trade media said in a statement, received by {Euphrates News}, that “Minister of Commerce Atheer Dawood Al-Ghurairy met his counterpart, Saudi Minister of Commerce and Investment Majid Al-Qasabi on the sidelines of his official visit and his accompanying delegation to the Kingdom of Saudi Arabia to discuss exchanging views to enhance joint cooperation in the economic, trade and investment fields, including It serves the common interests between Iraq and Saudi Arabia.”


Minister Al-Ghurairy stressed, “During the meeting, the Iraqi government’s keenness to open new horizons for economic and commercial cooperation and the development of intra-trade with the Saudi side,” noting that “during the meeting, aspects of bilateral cooperation between the two countries were also reviewed, while inviting the Saudi side to actively participate in the Baghdad exhibition session.” upcoming international.


For his part, the Saudi minister stressed “his country’s keenness and support to strengthen cooperation with Iraq, and cooperation in the fields of economy, investment and trade.”


On the sidelines of the visit, Minister Al-Ghurairy met with a group of Saudi businessmen and investors to learn about the Saudi experience in the field of investment and the development of economic sectors, while benefiting from the Kingdom’s experience in the field of digital transformation.    link




CandyKisses:  Bank Governor: Iraq is on alert to adjust the exchange rate of the dinar


Shafaq News / The Governor of the Central Bank of Iraq Ali Al-Alaq, on Thursday, that Iraq is on alert to adjust the exchange rate of the dinar, stressing the government’s commitment not to reach the dollar exchange rate to the countries that the United States prohibits dealing with the American currency.


Al-Alaq said in a press statement on the sidelines of the meetings of the World Bank and the IMF in Washington, reported by “Bloomberg” and seen by Shafaq News, that the US requirements to control transfers “do not classify them as restrictions, but all that is required is the application of the Money Laundering and Anti-Terrorism Law.”


“We are on alert in the central bank to adjust the dinar exchange rate,” he said, explaining that this problem “is not related to an internal financial crisis, but rather to pre-audit procedures for foreign hard currency transfers”.


He added that external transfers through the platform “doubled very quickly, creating a balance of supply and demand for the dollar.” “The US Treasury agrees with us on the need to expand external transfer channels,” he said.


He stressed that “the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection to the banking and financial system from illegal or suspicious operations, and supports the application of the Anti-Money Laundering and Combating the Financing of Terrorism Law and related instructions.”


With regard to the structuring of banks, the Governor of the Central Bank of Iraq, Ali Al-Alaq, pointed out that “the target of structuring banks are government banks, which represent more than 80% of the sector, and the positive thing is that there is harmony between the government and the Central Bank to reform the banking sector,” revealing that all options are available to structure and develop the sector, “including mergers.”


On Wednesday, the Iraqi delegation’s meetings with the IMF and the World Bank began in Washington, D.C., in the presence of Al-Alaq and Finance Minister Taif Sami.


The US Treasury Department showed “great flexibility and readiness” to help the Central Bank of Iraq stabilize the exchange rate of the dollar against the dinar.




CandyKisses:  Deputy: The budget will not be delayed this time


Baghdad – Mawazine News


MP Kazem Al-Shammari said that the budget will not be delayed this time because there is a parliamentary will towards its approval and ratification.


Al-Shammari added: “As members of the House of Representatives, we understand the difficulties facing ministries in implementing their projects through the delay in approving the budget,” according to the official newspaper.


He continued, “There is a parliamentary trend to approve the budget, although it is not an ideal budget, but at least it provides legal and legitimate cover for ministries to carry out their investment projects.”


He pointed out that “differences are not the known face of political differences, but there are differences in views and these views will not change the will of members of the House of Representatives to approve the budget.”