Sunday, August 6, 2023
"BAGHDAD & LONDON DISCUSSING IRAQ'S SETPS IN JOINING THE INTERNATIONAL FINANCIAL SYSTEM", 6 AUGUST
Baghdad And London Are Discussing Iraq's Steps In Joining The International Financial System
Money and business Economy News – Baghdad Finance Minister Taif Sami discussed with the British Ambassador to Baghdad, Stephen Hitch, on Sunday, the development of joint cooperation in the field of economy, the exchange of experiences, and Iraq's steps in joining the international financial system.The Ministry of Finance said in a statement, "The Minister of Finance, Taif Sami Muhammad, received today, Sunday, the British Ambassador to Baghdad, Stephen Hitch, and his accompanying delegation.
The two parties also discussed "mechanisms of joint cooperation in the field of supporting financial and banking policies, building human capacities, discussing Iraq's steps to engage in the international financial system, and the most prominent procedures and reforms that the government is taking in the field of the banking and financial sector, in a way that contributes to enhancing economic development in Iraq." Views 36 08/06/2023 - https://economy-news.net/content.php?id=35523
A Partnership Between The International Islamic Bank And CR2 To Develop Banking Services In Iraq
Economy | 11:18 - 05/08/2023 Baghdad - Mawazine News The International Islamic Bank (IMTB) in Iraq announced the signing of a strategic partnership with CR2 Company, with the aim of developing banking services.
This partnership represents an important stage for the International Islamic Bank, as it will contribute to the transformation of banking services into a digital format and promote advanced digital banking solutions in the Iraqi market.
This partnership will provide secure and enhanced digital banking services to individual and corporate customers, with an excellent user experience, simple payment processes, and access to a wide range of banking services anytime and anywhere.
The partnership will also include the development of a mobile banking application for the International Islamic Bank, which is compatible with customer needs and provides simple and digital financial services such as money transfer and electronic payment.
These innovative mobile banking solutions will enable customers to manage their accounts and access a wide range of banking services directly from their smartphones.
In addition, this partnership will develop new products and services that meet the current and future needs of the Iraqi banking market.
The partnership aims to increase reliance on digital technology services among the existing customer base, and expand the new customer base by improving banking services.
This partnership comes in response to the vision of the Central Bank of Iraq for digital banking services, and aims to promote digital transformation in banking services by expanding the digital presence of the International Islamic Bank in Iraq.
Kieran Kilcullen, CEO of CR2 commented, “We are delighted to sign this partnership with the International Islamic Bank to provide innovation solutions for digital banking services.
It is an important step in meeting the needs of customers, and we are very proud of the opportunity to play the role in supporting the bank with our expertise and innovation from markets across The world The banking and payments landscape continues to change, and we see many opportunities for banks to take leadership positions with innovative, secure, and easy-to-use digital solutions that enable their customers to succeed.”
Suha Al-Kafaei, Managing Director of the International Islamic Bank commented, “It is important that we continue to develop and innovate the International Islamic Bank.
This partnership with CR2 will provide us with the development of banking products. We are very pleased with this opportunity that will provide digital banking and future banking solutions, according to what is happening around This relationship will ensure that the International Islamic Bank becomes a leading party in finding pioneering solutions for our clients, whether in the retail sector or in the business sector.
About the International Islamic Bank The
International Islamic Bank was established as an independent financial entity, offering a wide range of services that meet the needs of individuals, institutions and companies, in addition to the basic services represented in personal and commercial accounts, Islamic Murabaha, investment financing, opening letters of credit, credit operations and letters of guarantee online, in addition to electronic services multi.
We proceed according to a focused economic banking vision towards providing digital technological innovation (banking) in managing money remotely through an administrative staff specialized in the field of banking information management technology and creating an integrated digital banking environment that comes through the product of a case study of global development (governance) mixed with the need of the market and business management for advancement With a tight digital banking economy in the Iraqi market, the region and the world.
We are also proud of obtaining a 91% assessment of the quality of services from the Central Bank of Iraq, a certificate of evaluation of 4/5 for (governance) practices and institutional innovation, and some important international awards, including the award for the best bank in the diversity of services and products in Iraq in 2022 by the International Federation For Arab bankers, and other awards and posts.
Join us to shape the future of banking in Iraq.
For more information, please visit the website: www.imtb.iq
"X.AI, ELON MUSK'S NEW AI VENTURE", 6 AUGUST
Summary: X.AI, Elon Musk's new AI venture, is currently privately held, and its stocks aren't available for public trading. There's no official news regarding an Initial Public Offering (IPO), though anticipation in the AI industry is high due to the company's potential to challenge leading models like ChatGPT4.
Despite being privately held, the company's valuation is speculated to be substantial, possibly rivalling OpenAI’s $29 billion dollar price tag. The company's exact roadmap and future announcements are eagerly awaited by the AI industry.
Currently, X.AI, a cutting-edge artificial intelligence project steered by Elon Musk, is not publicly traded, making its shares inaccessible to the wider investment community. The primary source of X.AI's funding is private, with a large portion of the capital coming directly from Musk's personal wealth.
This innovative venture, specifically, is touted as a potential major competitor to OpenAI's ChatGPT, which is currently considered a leading conversational AI model. Amid these advancements, investors are keenly observing X.AI's progress, eagerly anticipating Musk's potential move to take the company public, a decision that could significantly disrupt the AI conversation realm, presently led by OpenAI's ChatGPT.
Is X.AI Going to IPO?
As of now, X.AI, Elon Musk's latest artificial intelligence venture, has not officially announced plans for an Initial Public Offering (IPO). Despite the absence of formal communication, the AI industry is excited about the company's potential, particularly due to its mission to advance AI technology to a level that could challenge leading models like ChatGPT4.
What is X.AI?
X.AI is a newly founded company by Elon Musk, dedicated to the development and advancement of artificial intelligence technologies. X.AI is rumored to focus on developing a sophisticated large language model, potentially leveraging data from Twitter and other sources to train the model. The company appears to be assembling a team of leading AI researchers and engineers, drawing from talent pools in other notable tech companies.
The goal of X.AI is not entirely clear as of now, but given Musk's background and previous statements about AI, it is likely to focus on creating AI technology that is safe, ethical, and beneficial for humanity. As Elon Musk is a co-founder of OpenAI, and given his history of innovative and industry-transforming ventures, X.AI is anticipated to significantly contribute to the AI field.
X.AI Stock Valuation
As a private entity, X.AI's exact valuation remains undisclosed. However, under the helm of tech mogul Elon Musk, coupled with its competitive aim to contest with ChatGPT, currently valued at $29B, X.AI could potentially command a similar valuation. Yet, a precise figure can only be confirmed through official announcements or up-to-date market analyses.
Bottom Line
In conclusion, X.AI, Elon Musk's latest AI venture, remains a private entity, barring public trading of its equity. The company's exact roadmap, including potential plans for an IPO, remains unannounced. The anticipation surrounding X.AI is heightened due to its ambitious goal to revolutionize the AI industry, potentially challenging leading models like ChatGPT4.
While its valuation is not officially disclosed, some suggest it could match the stature of other prominent AI firms. The AI industry eagerly awaits any future announcements from X.AI, which, under Musk's leadership, is predicted to make significant contributions to the AI field.
"WHY WAS THE OIL & GAS LAW NOT LEGISLATED IN IRAQ PREVIOUSLY?", 6 AUGUST
Why was the oil and gas law not legislated in Iraq previously?.. Political differences 18 years ago
"IRAQ NEWS ABOUT THE EXCHANGE RATE OF IQD & BUDGET", 6 AUGUST
Dollar maintains value above 1500 dinars in Baghdad and Erbil
Shafaq News / Baghdad and Erbil witnessed a notable surge in the exchange rates of the US dollar against the Iraqi dinar on Sunday.
According to Shafaq News Agency's correspondent, al-Kifah and al-Harthiya central stock exchanges in Baghdad reported an exchange rate of 150,500 Iraqi dinars per 100 US dollars, marking a significant increase compared to rates recorded in the morning of 150,200 dinars per 100 dollars.
Meanwhile, local currency exchange offices in Baghdad also experienced an upward trend. The selling price of the US dollar reached 151,500 dinars, whereas the buying prices reached 149,500 dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan region, the stock exchange also observed a similar increase. The selling price reached 150,700 dinars, while the buying price reached 150,600 dinars per 100 US dollars.
https://shafaq.com/en/Economy/Dollar-maintains-value-above-1500-dinars-in-Baghdad-and-Erbil
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Dollar Exchange Rates Expected to Stabilize, Parallel Market Struggles to Meet Demand
Shafaq News/ Financial expert Hilal Al-Ta'an on Sunday said that the dollar exchange rate is set to stabilize at its current level in the parallel market as cash sales from the Central Bank of Iraq (CBI) are insufficient to meet domestic market demands.
Al-Ta'an, in a statement to Shafaq News Agency, said that the US dollar exchange rates might "settle at 1500 dinars in the parallel market after a slight decline."
He said that demand for the dollar remains high in the parallel market, notwithstanding the measures implemented by the Central Bank.
Al-T'an said that the international banks' auditing procedures delayed the transfers, prompting the traders to buy green banknotes from the parallel market.
"The CBI's cash sales have been low recently and, indeed, do not meet what the domestic market needs," he continued.
The exchange rate of the dollar against the Iraqi dinar dropped, hitting the threshold of 1500 dinars to one on Sunday.
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Iraq's Minister of Labor Initiates Budget Implementation Instructions
Shafaq News / The Minister of Labor and Social Affairs, Ahmed al-Asadi, announced on Sunday that this week will witness the delivery of implementation instructions for the federal budget for the year 2023 to the ministries.
Al-Asadi stated, during a press conference held to inagurate the "Iraqi Charity Lotto" project, that "the delay in issuing the implementation instructions for the general budget was due to sending them to the State Council, which, in turn, completed its review last week and sent them to the Ministry of Finance."
He added, "The Ministry of Finance will send the budget instructions to the ministries and government departments during this week."
Last Tuesday, the State Council stated that the auditing process of the implementation instructions for the budget law for the years 2023-2024-2025, Law No. 13 of 2023, was conducted in the presence of the Ministries of Finance and Planning, and relevant entities, to facilitate the implementation procedures of the aforementioned law.
It is noteworthy that the Iraqi Council of Representatives voted on the federal budget law for the years 2023-2024-2025 on Monday, June 12, after discussions that lasted for five days.
The current year's budget amounts to 197 trillion and 828 billion Iraqi dinars (approximately $152.2 billion) with a total deficit of 63 trillion dinars ($48.3 billion). As of now, the budgets for the years 2023 and 2024 have not been made public.
https://www.shafaq.com/en/Iraq-News/Minister-of-Labor-Initiates-Budget-Implementation-Instructions
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 6 AUGUST
Frank26 (KTFA)
They are protecting the dinar and they’re protecting the exchange rate from any speculation, fluctuation, lies, profiteering from any Iranian thief. This is amazing. This is 304…They just blew the door wide open to bring forth the new exchange rate, the budget, the HCL, the lower denoms, the coins, the future of Iraq…[Iraq boots-on-the-ground report]
FIREFLY: All the corrupt people in Iraq are trying to blame the USA for the issues. They’re saying it’s the USA ‘s fault. However the problem, just like Alaq told us, is in the local merchants that are refusing to get on the dinar platform and still use the dollar and smuggling of dollars outside of Iraq by false companies, by citizens we know is the corrupt that are getting caught. We know this.
DINARLAND UPDATE, 6 AUGUST
Mountain Goat
This week I had an interesting conversation with my CBI contact in Iraq. I was told to expect yet another “official” rate change of the dinar from the 1320 rate. I was told the new measures were trying to get as close to 1000 rate as possible. I asked about a more specific number, but I could not get a commitment on the actual range. However, I was told that the measures to be taken in the coming weeks should move the dinar within this range.What is the plan once this new rate range is met? I was told that the CBI could then go ahead with the project to delete the zeros. We know that when this new rate is rolled out the CBI will then drop three zeros from the currency. It was my feeling that they are heading to around an 1166 from 1320 rate so we are not that far to go and these new measures should take them to the rate they need.
In today’s news the CBI tells us that on Thursday (August 3, 2023), the Central Bank of Iraq revealed new decisions that will be issued next week to reduce the price of the dollar in Iraq…We know this is the fourth time the CBI told us they were implementing a package of currency reforms…
Article Quote:
“The Deputy Governor of the bank…promised yesterday other decisions will be issued next week that may contribute significantly to reducing the dollar exchange rate.”
They’re talking about reducing the dollar exchange rate. They can do it in the official sense or they could be considering that to be in the parallel market sense. IMV…the quote for the black market or the parallel market…were fake. Basically the corrupt were cheating the corrupt and some of them were complaining…there’s something happening next week.
Article Quote:
“…the printing of the Iraqi currency will not be random...there’s no fear of any increase in the monetary mass.“
…What they’re talking about is education. They’re telling people educational items…So if they do print a currency…it’s going to do it for a purpose...If they increase the supply of currency on the street it’s going to devalue the currency. What they’re stating is there’s no fear of an increase in the monetary mass therefor there would be no reduction in the value of the dinar. ..they keep reiterating next week which may contribute significantly to reducing the exchange rate of the dollar…
We’re waiting for next week. We see what’s going to happen. I hope we go to 1000 because once it goes to 1000 I’m sure they’re gonna remove the zeros and it’s be 1 to 1. I hope so. I hope this was gonna happen. That’s what everybody think is going to happen. But it’s tough. It’s not easy…
[via PDK]
Question: …do you think there will be an interim rate change in Iraq to between 1000 and 700 before they drop the three zeroes and get us to better than 1:1?
MarkZ Answer: If you had asked that a few weeks ago I would have said yes. But asking that today-I think they are going to skip that step…but we will see.
"RV UPDATE" BY RUMTEL, CANDY KISSES & BEARDED PATRIOT, 6 AUGUST
Sat. 5 Aug. Rumtel Update:
- CBI has the budget. Banks have until Sunday to “synch up” with the Central Bank of Iraq.
- Action on Sunday will drive the Dinar rate DOWN to 1,300 to 1 US Dollar. This will match the rate on the street and the budget.
- CBI will then “revalue” to 1,000 to 1. Target date is Wednesday.
- CBI will then “drop the 3 zeros” to 1-$1 with the US dollar, at which point the Dinar will be tradable and “floating” on the Forex. It will NOT float down.
- Political hurdles have been cleared.
- “Health crisis” of a major figure was an assassination attempt. Failed.
- No moves left.
- First major figure to “leave the stage” on Thursday 10 Aug.
- This is the plan as of today Sat. 5 Aug, as I understand it from separate sources. We’ll see. All we can do is wait and hope that events unfold along these lines. Enjoy your weekend. Watch some sports and pray this in.
TNT Candy Kisses: The Iraqi Parliamentary Finance Committee stated on Sat. 5 Aug. that the Iraqi budget (that contained the new Iraqi Dinar Rate) would be implemented sometime this week. Clare: And finally – 50 days after its approval, the budget enters into force.
Sat. 5 Aug. Bearded Patriot
- We have good news and not so good news. I will start with the “Not so good news”
- The Iraqis have decided NOT to publish the new rate into the Gazette this Saturday. In order for me to explain why….I will be crossing the line of agreement of information (even though you have the right to know). So, I won’t be able to explain why in detail to you. Please try to understand.
- There’s a definite and final BACKWALL that was established by all participating countries. This slight delay will help some countries that were not ready for the RV, therefore giving them the time to complete their efforts so they too will be a part of this RV.
- THE GOOD NEWS is that due to the slight delay, this will allow other countries, including but not limited to Iraq, Dong, Dinar and all other participating countries for their currency values to “INCREASE” before we move forward.
- I can tell you that this will be completed before the end of August.
- Please forgive me for missing this date of RV. ALL SIGNS, INDICATIONS AND COMMUNICATIONS were there and I had so much confidence that it was happening. LET ME BE VERY CLEAR, there was NEVER EVER ANY INTENTION OR PURPOSEFUL MISDIRECTION TAKEN ON MY PART TO HURT OR HARM ANYONE AT ANYTIME REGARDING THE TIMING OF THIS EVENT. (I can just hear the trolls already!)
- Although this is a setback….it’s not the end by far. We will still have the RV, it will be just a couple of weeks from now.
JUDY NOTE, 6 AUGUST
Judy Note: Word has been received that the Iraqi Parliament had received the new budget with the new Iraqi Dinar Rate in it and planned that new rate would be implemented this week; the Iraqi Dinar would be revalued at a 1:1 with the USD and then begin trading up on the Forex on Wed. 9 Aug – the same date that 25,000 US Navy and Marines, six Maritime Commands and seven Fleets would begin a large scale exercise on Global conflict that covered 22 Time Zones across the world – and would end on Fri. 18 Aug.
The next day after the Dinar revalued on Thurs. 10 Aug. a “major figure will leave the stage.”
Last Friday the BRICS nations set the Back Wall for the RV at Sat. 12 Aug.
On the Banking side, Bank of America was closing US branches in August. Banks had until Sun. 6 Aug. to synch up with the Central Bank of Iraq and it’s new Iraqi Dinar Rate; Wells Fargo customers were reporting that their deposits were disappearing from their accounts, plus on Mon. 7 Aug. the World’s largest bank, the United Bank of Switzerland American Group, was making sweeping changes to restructure the bank.
IRAQ NEWS RECAP: Iraq’ Central Bank holds the Finance ministry responsibility for devaluating the Dinar, 9 MAY
Iraq’ Central Bank holds the Finance ministry responsibility for devaluating the Dinar Shafaq News / The Governor of the Central Bank of I...
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