The Iraqi dinar is between the hammer of the US Federal Reserve and the anvil of smuggling the dollar abroad, 20 AUGUST

 The rise of the dollar is causing concern for the poor in Iraq due to increasing consumer prices and complicating their daily lives. This segment represents the majority, with the high exchange rate against the dinar adding to their worries.

The US Federal Reserve requires currency sale windows to display lists of sold dollars including the names of buyers and beneficiaries. The goal is to ensure that the purchase process is free of entities subject to international embargoes or sanctions by the US Federal Reserve (Iran, Syria, Lebanon and Yemen). This procedure may delay the sale for up to seven days, according to economists.

I heard that the exchange rate of the dollar went up against the Iraqi dinar in the Baghdad stock exchange recently, reaching almost 160,000 dinars for $100. It’s interesting to note that this is the first time this kind of increase has happened since 2003. However, it seems that the rate has since decreased again.

The increase in the value of the dollar in the Iraqi local market led to a rise in commodity and foodstuff prices.

In an effort to combat the crisis, the Central Bank of Iraq has announced measures to control the dollar exchange rate. The Board of Directors of the Central Iraqi Bank discussed the effects and consequences of rising exchange rates in local markets, as well as the temporary pressures that the foreign currency exchange rate has been subject to in recent days due to internal and external factors. They have implemented measures to safeguard the banking sector, customers, and the financial system, and since the requirements of foreign trade (for the purposes of documentary credits or transfers) are fully covered by the official rate, i.e. 1465 dinars to the dollar for documentary credits and 1470 dinars to the dollar for transfers.

Banks review

The Central Bank of Iraq urged merchants to directly review banks instead of relying on brokers or speculators to avoid excessive commissions and expenses. This is in reference to Council of Ministers Resolution 351 of 2022, which calls for the non-payment of customs duties and tax amounts in advance to reduce excess loops, ease procedures, and remove costs resulting from pre-demarcation problems. Additionally, the Central Bank of Iraq announced the facilitation of foreign currency (dollars) procedures for travelers by expanding the outlets for selling foreign currency in cash through an increase in bank outlets.

On December 27th, Prime Minister Muhammad Shia al-Sudani met with Governor Mustafa Ghaleb Makhaif of the Central Bank of Iraq. Al-Sudani received a detailed presentation on the rise in foreign currency exchange rates and the bank’s measures in this field.

The Prime Minister called on the Central Bank to achieve stability in prices and the exchange rate, as mandated by Articles Two and Three of the Iraqi Central Law. These provisions require the Central Bank to promote exchange rate stability, regulate and supervise the activities of banks, enhance payment system safety and efficiency, and develop the payment system. Al-Sudani emphasized the need to take measures to prevent illicit speculation, and anything that harms the local market and contributes to price increases.

electronic cards

He suggested implementing measures to allow citizens to buy foreign currency at official prices using electronic cards, opening sales outlets for travelers and clients outside Iraq, and financing foreign trade. These measures are in line with fundamentalist contexts and international standards for opening documentary credits and remittances.

The bank governor presented a positive financial report to the Prime Minister. He emphasized that the foreign currency crisis was an emergency due to technical issues, and it coincided with the work on the new electronic platform. The delay in transfers was also due to the Christmas holidays. The governor praised Cabinet Resolution No. Customs for preventing double taxation and collecting taxes at border crossings for goods entering from government ports.

A major economic recession in Iraq may result from the fluctuation of the exchange rate, which could impact investor appetite for new projects.

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4 in 10 Americans Think AI Could Help Them Manage Their Money, 20 AUGUST

 Investing in artificial intelligence is becoming popular, but what about artificial intelligence investing in you? According to new poll results shared exclusively with Money, Americans are becoming increasingly willing to let AI manage their personal finances as the technology goes mainstream.

Personal finance company Credit Karma conducted an online survey in early July, asking roughly 1,000 U.S. adults for their thoughts on using AI for managing their money.

What the data says

The Credit Karma data shows that Americans are warming up to mixing AI and money. Of the investors who responded to the survey, 4 in 10 say they think AI can be a useful tool for managing their finances.

For investors who have already used AI, this openness trends higher. Of the roughly one-quarter of respondents who have used AI before, 57% say they are willing to use the technology for financial purposes if it eliminates their money problems. In fact, one-third of this experienced bunch say that they would trust AI more than a human to manage their finances.

Of course, the level of money management people are willing to cede to AI is different from person to person. At least one-quarter of respondents say they would use it to help pay down debts, manage expenses and budgeting, or plan for retirement.

The most popular potential applications for the technology, though, seem to be more hands-off: Some 4 in 10 say they’d use AI simply to answer financial questions, while 3 in 10 want to use the technology to better understand their range of accounts and investments.

What it means

It might be surprising to see so much optimism toward AI, especially in letting it make financial decisions for investors. Not only is it a new concept to most people, but it’s also been scrutinized for being incorrect and impersonal. This runs contrary to a longstanding emphasis on finding financial advisors who can tailor their expert guidance to each individual.

After all, other polls have shown a sizable distrust toward AI in making a number of other important decisions; a majority of people think humans are better than AI in anything from writing laws or doing jobs to simply picking out a decent work outfit.

A survey by insurance company Nationwide shows this skepticism doesn’t fall short of the finance world: Some 35% of Americans say they don’t see AI providing financial insight more valuable than a human expert’s at all in the next five years.

Bottom line

Supriya Gupta, vice president of product at Credit Karma, theorizes that this welcoming attitude is simply people getting more familiar with the tech behind AI.

“Things that have the potential to change our everyday lives can feel scary,” Gupta tells Money. “But, like we’ve seen with previous technological shifts, technology can make our lives easier.”

Gupta goes on to say that generative AI technology has, to its own benefit, become increasingly accessible to investors. For years, AI seemed like nothing more than a buzzword or a technology used exclusively in lab settings. With the advent of tools like ChatGPT and Bard, however, people are growing accustomed to it in a way they hadn’t before, perhaps increasing the trust reflected in the poll.

“When you apply this technology to more complex aspects of life — like finances — something nearly everyone struggles with, the promise of generative AI becomes even more meaningful for consumers,” she says.

As for the still-skeptical investors out there, it looks as though more trust-building is still required. Some of those who are less willing to use AI say they are looking for institutions they already trust (banks and personal finance apps, for example) to build their own AI products.

Others say regulations would put them more at ease. Almost 4 in 10 say tighter rules and security are crucial to earning their trust. While there haven’t been new federal regulations since the surge in popularity of AI bots, the White House has issued an “AI Bill of Rights” intended to protect consumers from misuse of the technology.

https://www.nasdaq.com/articles/4-in-10-americans-think-ai-could-help-them-manage-their-money

Undersecretary of Ministry of Oil Emphasizes Accelerated Transition to Full Capacity at Karbala Oil Refinery, 20 AUGUST

Undersecretary of Ministry of Oil Emphasizes Accelerated Transition to Full Capacity at Karbala Oil Refinery

Shafaq News/ Hamid Younes, the Undersecretary of the Iraqi Ministry of Oil for Refining Affairs, reaffirmed the ministry's dedication to expediting the phased transition towards total operational capacity at the Karbala oil refinery, with an envisaged output of 140,000 barrels per day. 

The move followed the successful completion of contractual obligations by a consortium of Korean companies responsible for overseeing the refinery's engineering, technical, and operational requirements.

During a visit to the Karbala Oil Refinery, Younes conducted an extensive inspection of the ongoing operations. He articulated that his visit encompassed a strategic meeting involving key refinery officials, stakeholders, and representatives from the international consulting office. 

The agenda of the discussion revolved around deliberations on the sequential integration of production units, ultimately culminating in the commencement of operational activities at full design capacities.

Younes highlighted that his visit also entailed a comprehensive field tour, encompassing the entirety of the refinery's infrastructure, including control centers and production units.

The Karbala Oil Refinery project marks a significant stride in Iraq's petroleum sector, with the meticulous collaboration between the Ministry of Oil and the consortium of Korean companies. As global oil demand maintains its upward trajectory, the successful operation of this refinery is poised to bolster Iraq's production capacity and further cement its position as a critical player in the global energy landscape.

https://shafaq.com/en/Economy/Undersecretary-of-Ministry-of-Oil-Emphasizes-Accelerated-Transition-to-Full-Capacity-at-Karbala-Oil-Refinery

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Iraqi oil exports to the U.S. outpace Saudi Arabia as North American intake climbs

Shafaq News/ Iraq's crude oil exports to the U.S. has trumped those from Saudi Arabia last week, despite a marginal decline in the rate of supply, data by the Energy Information Administration (EIA) showed on Sunday. 

Drawing on a recent data chart, the EIA illustrated that the average daily crude oil imports by the U.S. from its top nine suppliers stood at 5.953 million barrels last week. This marked a surge of 143 million barrels per day over the preceding week, which registered a daily intake of 5.810 million barrels.

Despite the overarching uptick in imports, Iraq's crude oil exports to the U.S. saw a marginal decline. The EIA's data indicated that exports settled at an average of 304,000 barrels per day last week, a mere dip of 1,000 barrels from the 305,000 barrels per day the week before.

Canada remains the predominant oil exporter to the U.S., with a staggering 3.505 million barrels per day. Mexico followee with an average daily export of 901,000 barrels, Ecuador at 363,000 barrels, and Nigeria, closely tailing Iraq, with 307,000 barrels per day.

Saudi Arabia's average daily exports to the U.S. were pegged at 285,000 barrels, trailed by Brazil at 130,000 barrels, Libya at 85,000 barrels, and Colombia at 75,000 barrels.

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COFFEE WITH MARKZ (SPANISH AND ENGLISH), 20 AUGUST

 Sábado 19 Agosto 2023

Noticias del fin de semana por MARKZ

Mark Zee: Dice

Miembro: Buen sábado por la mañana…. Loco por pensar en otro sábado.

Miembro: Hola Mark, cuál es tu nivel de confianza de que vamos a revaluar a finales de 2023.

Mod: OREMOS PARA QUE SE SUELTE ESTA SEMANA

MZ: No sé sobre agosto, pero todavía me siento bien con respecto a 2023 como un año de cambio histórico.

MZ: La gente del Centro de Redención no está en el trabajo... Aún no se le ha pagado al Sr. C.

MZ: “En Irak ” 6 nuevas directivas del Banco Central” Esto es del CBI para TODOS los bancos. Han cambiado muchas de sus estructuras internas para utilizar tarjetas de crédito y débito prepago. También han aumentado sus límites incluso más que la mayoría de las tarjetas prepagas de EE. UU.

MZ: hasta unos 10 mil dólares al mes con una tarjeta prepaga. 2 mil dólares al día y $750.00 al día en compras en línea... Están haciendo que sea muy atractivo no usar efectivo. Esto es muy interesante... Están modernizando su sistema... esto es necesario para nuestro reinicio.

Miembro: Buenos días. Escuché que la tasa para el dinar y hacer puede ser 4.57. ¿Espero que eso sea verdad?

MZ: Mucha gente escuchó eso... Aunque no tengo ninguna prueba... Creo que alguien se adelantó...

Miembro: DONG todavía posiblemente en $ 2.00 a $ 3.00

Miembro: Solo necesitamos la fecha…….

Miembro: bueno, Bruce dijo de lunes a martes.

MZ: “El banco en la sombra de China pierde docenas de pagos, lo que genera protestas” La economía china está implosionando ante nuestros ojos. Estamos viendo nuestros bancos fracasar también. Pero nuestras noticias solo cubren los fracasos chinos en lugar de los fracasos estadounidenses.

MZ: "JPMorgan aumenta las previsiones predeterminadas para los mercados emergentes mientras Country Garden genera temores de contagio en China" Este es otro desarrollador inmobiliario masivo que está teniendo serios problemas... Los problemas del mercado de la vivienda hacen que todo el mercado esté muy preocupado.

MZ: “Los precios de las casas nuevas en China caen por primera vez en 2023, lo que debilita las perspectivas económicas ” La devaluación de los activos duros ha golpeado a China. También ha afectado a los EE. UU., pero solo en mercados clave.

MZ: "Bloques BRICS para discutir el sistema de pago en la próxima cumbre" Han declarado oficialmente que esta próxima reunión es para hablar sobre un "sistema de pago estándar" para que cualquier persona dentro de estos países BRICS pueda gastar, enviar u operar negocios dentro y fuera. Esta es una historia mucho más grande de lo que saben nuestros principales medios de comunicación... Esto permite una transferencia financiera fluida entre los países BRICS.

Miembro: Arcadia Economics en YouTube tiene a Jim Willie dando su desglose de la próxima Cumbre BRiCS

Miembro: Charlie acaba de decir que cree que QFS comenzará después del anuncio de Brics

Miembro: Me pregunto si Venezuela está tomando medidas similares a las de Irak para aumentar el valor de su moneda, como tratar de reducir las cantidades en las calles, etc.

Miembro: Mark, ¿la configuración de QFS no es para una implementación mundial? Por lo tanto, ¿la cumbre BRICS es un despertar para los durmientes? en mi opinión

Miembro: Feliz cumpleaños a quienes celebran su día especial. Dios los bendiga a todos que tengan un excelente dia

Miembro: Que todos tengan un maravilloso fin de semana..

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ENGLISH:

Saturday 19 August 2023 Weekend News by MARKZ Mark Zee: Says Member: Good Saturday morning…. Crazy to think of another Saturday. Member: Hi Mark, what is your level of confidence that we are going to reassess at the end of 2023. Mod: LET US PRAY THAT IT WILL BE RELEASED THIS WEEK MZ: I don't know about August, but I still feel good about 2023 as a year of historic change.

MZ: The Redemption Center people aren't at work... Mr. C hasn't been paid yet. MZ: “In Iraq ” 6 new directives from the Central Bank” This is from the CBI for ALL banks. They have changed many of their internal structures to use prepaid credit and debit cards. They have also increased their limits even more than most US prepaid cards.

MZ: Up to about $10,000 a month with a prepaid card. 2 thousand dollars a day and $750.00 a day in online purchases... They are making it very attractive not to use cash. This is very interesting... They are upgrading their system... this is necessary for our reboot. Member: Good morning. I heard that the rate for the dinar and do can be 4.57. I hope that's true?

MZ: A lot of people heard that... Although I don't have any proof... I think someone got ahead of it... Member: DONG still possibly at $2.00 to $3.00 Member: We just need the date…….

Member: Well, Bruce said Monday through Tuesday. MZ: “China's shadow bank misses dozens of payments, sparking protests” The Chinese economy is imploding before our eyes. We are seeing our banks fail as well. But our news only covers Chinese failures rather than American failures. MZ: "JPMorgan Raises Default Forecasts for Emerging Markets as Country Garden Raises Contagion Fears in China" This is another massive real estate developer that is having serious trouble... Housing market woes have the whole market very concerned. MZ: “China's new house prices fall for the first time in 2023, weakening economic prospects ” The devaluation of hard assets has hit China. It has also affected the US, but only in key markets.

MZ: "BRICS Blocs to Discuss Payment System at Next Summit" They have officially stated that this upcoming meeting is to discuss a "standard payment system" for anyone within these BRICS countries to spend, send or operate business in and out. This is a much bigger story than our mainstream media knows... This allows for a smooth financial transfer between the BRICS countries.

Member: Arcadia Economics on YouTube has Jim Willie giving his breakdown of the upcoming BRiCS Summit Member: Charlie just said he thinks QFS will start after the Brics announcement Member: I wonder if Venezuela is taking measures similar to Iraq to increase the value of its currency, like trying to reduce the amounts on the streets, etc.

Member: Mark, is the QFS setup not for a worldwide deployment? So, is the BRICS summit an awakening for the sleepers? in my opinion Member: Happy birthday to those who celebrate your special day. God bless you all have a great day Member: Have a wonderful weekend everyone..