31/03/2013 10:18:00
BAGHDAD / NINA / An economist at the Ministry of Finance, Hilal al-Taan said that the period of transferring money from Iraq to the account of foreign companies not take more than three days.
He said in a statement to the National Iraqi News Agency / NINA / that transferring money from Iraq to overseas takes three days, where lists of accounts subjected to audit, control, and anti-money laundering unit in the Central Bank of Iraq. (more…)
State Bank governor Nguyen Van Binh said the government and the entire financial and banking system have taken drastic measures to reduce bad debts while assisting businesses in overcoming difficulties.
Talking with the Vietnam News Agency on the sidelines of the government’s meeting on socio-economic tasks in 2013, the governor said the State Bank also applied its own measures to deal with bad debts. (more…)
VietNamNet Bridge – Some bankers have urged the State Bank of Vietnam to regulate the dong/dollar exchange rate in a flexible way to ensure the harmonization of different economic goals, instead of trying to stabilize the exchange rate somehow.
The next dollar undercurrent wave
The dong/dollar exchange rate has been fluctuating regularly since early June. When the dollar price increased slightly in early June, this did not catch the attention of the public, because the central bank committed at the beginning of the year that the dong will not devaluate by more than 3 percent by the end of the year. (more…)
APRIL 16, 2012
VietFinanceNews.com – We seem to be going through another one of those periods when almost everyone you meet, especially in the bars, is talking Vietnam down and being negative.
However, there is a difference this time. In my 20 plus years here, the Vietnamese have never been negative or pessimistic, but today they seem to be adopting the negative sentiment. (more…)
VietFinanceNews.com – The State Bank of Vietnam had kept the dong/dollar interbank exchange rate at 20,828 dong per dollar for the 39th consecutive day by late last week.
The exchange rate stabilization has prompted people to sell dollars and keep dong.
Nguyen Ngoc Lan in Hoan Kiem district in Hanoi on February 16 morning came to Eximbank to ask about the dollar prices, planning to covert the dollar deposits at the bank to dong deposits. (more…)
VietFinanceNews.com – Industry insiders are expecting a more stable dong-dollar exchange rate and stricter dollar lending in 2012.
In early 2012, State Bank (SBV) governor Nguyen Van Binh confirmed the foreign exchange market would be on an even keel with the dong-dollar exchange rate fluctuating between 2 to 3 per cent in the year.
Binh also forecast a surplus of around $3 billion in the country’s general balance of payments in 2012.
SBV’s Ho Chi Minh City branch deputy director Nguyen Ngoc Thang assumed the city’s foreign currency market was relatively stable with a sharp fall in dollar speculation against some previous years. (more…)
Date: Monday, 23/01/2012 18:28
World Bank study completed for the restructuring of Rafidain and Rasheed Iraqi government, and that he expected the government decision to implement the study.
The central bank had last February allocated $ 10 million grant for the restructuring of banks during the next two years.
The director of the unit restructure the Rafidain and Rashid Majid picture (Rn) that “the Rafidain and Rasheed has ended a study of the restructure, especially regarding the application of financial restructuring and the removal of bureaucratic barriers and the Department of State banks.” (more…)
Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh, said that the Iraqi central bank reserves are formed via two-way direction, which is often direct and indirect way.
Saleh added that the trend of direct which often is the fact that the government fill up between (60-70%) of the expenditures of Interior Iraqi dinar by exchanging dinar product in the Central Bank of Iraq being the authority to release cash and exchange it for dollars to represent the process trade-off between the balance sheet and the general budget or between items within the balance sheet and items outside the balance sheet of the Central Bank of Iraq, noting that this swap is for the purpose of bridging the expenditure of local Iraqi dinar and the dollar intake to meet this swap represents the accumulation of reserves of foreign central bank of Iraq or the so-called assets of State, consisting of cash basis used in trading. (more…)
On: Wed, 01/11/2012 12:12
Baghdad (news) .. noted member of the Economic Commission deputy / coalition in Iraq / Qusay Fri importance of new legislation supports the Iraqi banks two branches of government and private sectors for their contribution to the investment process and the reconstruction of the country.
Juma said in a statement (for the Agency news) on Wednesday: The Iraqi banking system too late for modern systems and advanced in the world, Iraqi banks now is like the offices of banking, and do not have an active role and is vital in the investment operations of the country. (more…)
Bankers on the whole that the increase in banks’ capital will help the Government to implement their investment projects by borrowing or credit. And confirmed by the Agency (news) that the local banks is still limited and the capital is able to contribute to the economic development of the country.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh was an increase in the size of banks’ capital will help the Government to implement their investment projects through loans, cash or credit card.
VietFinanceNews.com – The former State Bank of Viet Nam Governor Le Duc Thuy discusses the causes of high interest rates and the weakening dong with Vietnamese reporters on the sidelines of an economic conference on Tuesday.
What is your reaction to the fluctuations in the foreign exchange rate in recent weeks?
VietFinanceNews.com – Exchange rate pressures are returning with a vengeance from a number of directions to cloud the macroeconomic picture well into 2012, writes former IMF economist Dr. Pham Do Chi.
Under pressure from a great demand for USD, foreign exchange rates are now heading upwards after a few months of relative stability. Apart from the trade deficit and balance of payment issues, the substantial difference between the domestic gold price and the global gold price is another factor contributing to changes in foreign exchange rates.
At one time the difference was as much as VND4 million per tael, which drove speculators to purchase USD for illicit gold imports. A number of enterprises have also started to buy USD out of concern that the exchange rate will fluctuate at the end of the year, when demand for greenbacks throughout the economy generally increases as payments on USD loans become due.
VietFinanceNews.com – Experts all believe that the decision by the State Bank of Vietnam to adjust the interbank exchange rate by another 10 dong per dollar to 20,678 dong per dollar is a “reasonable, flexible and timely” move. The devaluation has been made after the State Bank announced that the exchange rate adjustment, if it is made, will not be higher than one percent by the end of 2011.
After keeping the dong/dollar exchange rate stable for more than one month, the State Bank of Vietnam has been adjusting the exchange rate continuously since the beginning of October. To date, the dollar price has appreciated by 50 dong per dollar in comparison with September, or 0.24 percent.
VietFinanceNews.com – The official exchange rate fluctuation in recent days is not the thing experts are worried about. However, they have expressed the doubts about the feasibility of the government’s plan to curb the exchange rate fluctuation at below one percent by the end of the year.
Prior to October 5, the interbank dong/dollar exchange rate announced every day by the State Bank of Vietnam always stayed at 20,628 dong per dollar. However, since October 5, the State Bank has continuously raised the interbank exchange rate to 20,638 dong, then to 20,648 dong, and to 20,653 dong per dollar on October 7.
VietFinanceNews.com – Vietnam will aim to keep the exchange rate stable until the end of the year, allowing it to move within a 1 percent band, the central bank said.
Recent fluctuation of global gold prices, a traditionally strong gold purchase by residents in the last months of the year and domestic gold speculation have added pressure on the foreign exchange market and exchange rate, the central bank said in a statement released late on Wednesday..
“The State Bank and commercial banks will continue selling foreign currencies for market intervention, meeting fully the economy’s necessary demand for foreign exchange,” it said.
Baghdad, July 6 (Rn) – The Central Bank of Iraq, Wednesday, that 20 private banks began to work according to the electronic clearing system, noting that there are efforts to introduce government banks in this system.
The central bank announced last February that six private banks began using the electronic clearing system.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the 20 banks began to work according to the electronic clearing system is an important step for the development of the payments system in the country and the mechanisms of private and state banks.”
MAY 16, 2011
VietFinanceNews.com – Vietnam, which has kept the precise level of its foreign reserves undisclosed, may publicize the data regularly next year via its national statistics office.
The General Statistics Office in Hanoi has announced a new national statistical indicator system which has 76 additional indicators, including statistics on money supply, credit, interest rate, budget deficit, government debts and foreign reserves.
VietFinanceNews.com – With the confidence coming back to dong, the currency continued to appreciate against the dollar in April. Greater administrative measures are waiting in the wings to pull the forex market back into the safety zone.
Local monetary authorities must mull whether the forex market is too complex for technical measures and should administrative measures be applied.
Louis Taylor, general director of Standard Chartered Bank Vietnam, said market participants would welcome a self-adjusting market mechanism with limited direct controls from authorities.
CBI plans to the Board of Finance for payments in 2013
Baghdad, March 3 February (Rn) – The Central Bank of Iraq, for the formation of the financial payments 2013, according to the plan developed by the World Bank.
The adviser said the central bank, the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the Council of financial payments will be organized protocols and agreements and transactions undertaken by banks, governmental and non-governmental organizations, particularly with regard to the mail and insert programs computing to work the cash.”
Baghdad, February 2 (Rn) – The adviser to the CBI on Wednesday that the government and private banks began using the electronic clearing system.
He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the central bank began a practical way to activate the Automated Clearing System through activation of instruments, computing and operating according to the system magnetization and encryption between banks within the program of electronic links between banks participating in this system.”
