TNT – “Tidbits From TNT” Wednesday Morning 11-29-2023

CandyKisses:  Chinese adviser describes Iraq as “the largest” investment destination for his country

Economy News _ Baghdad

Chinese Embassy Counselor Xu Haifeng said on Wednesday that Iraq is the largest investment destination for his country.

Haifeng said in a press conference held today at the Chinese embassy in Baghdad, that Iraq is a country rich in energy represented by oil and gas, and it is natural that the field of energy is a relatively larger source of attraction for Chinese investments, and is in line with the industrial diversity in Iraq.

Iraq is able to attract increasing Chinese investment in new areas in the country, he said

CandyKisses:  Iraq is the third largest oil exporter to China in 2023

Economy News _ Baghdad

Chinese data showed on Wednesday that Iraq ranked third among the largest oil exporters to China in 2023.

A table seen by Al-Eqtisad News showed that “Iraq exported oil to China during the current year at a daily rate of 1.03 million barrels, thus ranking third as the largest exporter to China.”

“Russia ranked first as the largest oil exporter to China, with an average export of 1.84 million barrels per day, followed by Saudi Arabia second, with 1.52 million barrels per day,” the table showed.

He pointed out that “Malaysia came fourth at a rate of 960,000 barrels per day, and Malaysia’s exports are mostly Iranian crude, and the UAE came fifth at a rate of 730,000 barrels per day.”

According to the table, “Oman came sixth at a rate of 660,000 barrels per day, Brazil came seventh at a rate of 650,000 barrels per day, Angola eighth at a rate of 520,000 barrels, and Kuwait ninth at a rate of 430,000 barrels per day.”

“The United States of America came tenth with a rate of 250,000 barrels per day, Qatar ranked 11th at a rate of 190,000 barrels, and Congo ranked 12th at a rate of 150,000 barrels per day,” the table continued.

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Tishwash:  China and the UAE extend the validity of the currency swap agreement

The Chinese Central Bank said in a statement, on Tuesday, that China and the UAE today renewed the agreement to exchange the two local currencies for a period of five years, reaching 35 billion yuan ($4.89 billion), or the equivalent of 18 billion dirhams .

In another statement, the Central Bank of the United Arab Emirates and the People’s Bank of China said they renewed the two countries’ currency swap agreement and a memorandum of understanding to enhance technical cooperation in the field of developing digital currency for central banks .

The renewal of the two countries’ currency swap agreement aims to develop financial and commercial cooperation between the United Arab Emirates and the People’s Republic of China, by facilitating the provision of liquidity in local currency to financial markets to settle cross-border financial and commercial transactions in a more effective and efficient manner .

While the signed memorandum of understanding aims to develop the digital currency for central banks, enhance cooperation between the UAE Central Bank and the Digital Currency Institute of the People’s Bank of China in the field of financial technology, exchange information on best practices and regulations related to digital currencies, and support the implementation of joint initiatives and projects between the two parties, including the project Al-Jisr aims to develop a platform that allows the use of multiple digital currencies for central banks, with the aim of facilitating cross-border commercial payments and making them immediate and more secure .

The memorandum also includes cooperation in the field of training and developing the technical skills of specialists on both sides, and the exchange of bilateral visits to discuss issues of common interest   link

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Tishwash:  The black market dollar will collapse in a very short period – a government statement

Fadi Al-Shammari, political advisor to Prime Minister Muhammad Shiaa Al-Sudani, said that the exchange rate on the black market will collapse within a short period, stressing that the steps of the government and the central bank will raise the value of the dinar.

Al-Shammari in an interview with the journalist Ahmed Mulla Talal:

Trade with Iran requires $15-20 million per day, despite the sanctions imposed on it, and this is one of the pressures on the government.

There is a government approach and semi-agreement with the Iranian side to establish a platform regarding trade dealing between the two countries in other currencies.

There are also other “pressures”, represented by 20-25 million dollars related to the orders of small merchants.

The dinar is fluctuating now, but it will inevitably be stronger according to the paths and decisions taken now at the Central Bank.

We are going towards the strength of the dinar, and there will be a collapse of the exchange rate on the black market, and within a short period.  link