Thursday, August 24, 2023
"RV UPDATE" BY IQD IRAQ & VND VIETNAM, 24 AUGUST
The saga about the Iraqi dinar RV only gets better as the months roll on.
Iraq's CBI reports 80 billion Iraqi dinar fines on banks and non-banking institutions, 24 AUGUST
Iraq's CBI reports 80 billion Iraqi dinar fines on banks and non-banking institutions
Shafaq News/ The Central Bank of Iraq has disclosed that fines levied on banks and non-banking institutions, including exchange companies, totaled approximately 80 billion Iraqi dinars during the past seven months.
An official bank report indicated that fines imposed on banks and financial entities from January to the end of July 2023 amounted to 79,777,817,397 dinars. The report further revealed that these fines encompassed 318 administrative penalties directed at banks and institutions mentioned. Non-banking entities received a range of penalties, including warnings and temporary suspensions.
The report noted that April witnessed the highest fines imposed, reaching 17,440,383,447 dinars and 17 administrative penalties. Conversely, June recorded the lowest fines, totaling 8,353,387,476 dinars, with 50 administrative penalties.
The report does not mention the bank names with the fines and administrative penalties.
In June, the Iraq Stock Exchange Investors Association criticized the Central Bank of Iraq for increasing fines on banks, highlighting concerns about the potential impact on investors' profitability.
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The 1 Key to Investing Success, According to Warren Buffett, 24 AUGUST
Choose businesses, not stocks
When it comes to building a lucrative investment portfolio, most people focus on choosing the best stocks. However, the real secret to success is picking the right companies behind those stocks.
In Berkshire Hathaway's 2021 letter to shareholders, Warren Buffett explains that investing in quality companies is the key to his and business partner Charlie Munger's success when it comes to the stock market.
"[W]e own stocks based upon our expectations about their long-term businessperformance and not because we view them as vehicles for timely market moves," he notes. "That point is crucial: Charlie and I are not stock-pickers; we are business-pickers."
Why businesses will make or break your portfolio
Of course, quality stocks are still important. But the overall health of the businesses behind those stocks will determine how well your investments perform over time.
The best stocks are the ones from companies with solid underlying fundamentals. This includes everything from healthy finances to a strong competitive advantage to a competent leadership team that can guide the company through tough economic times.
Even shaky stocks can thrive in the short term, especially when the market is strong. But those stocks will often suffer during periods of volatility, and it's far less likely they'll see consistent growth over the long haul.
However, strong businesses have a much better chance of achieving reliable long-term growth. While they'll still often experience hiccups and short-term slumps, healthy companies have what it takes to rebound from these downturns.
Start building wealth in the stock market
Choosing the right stocks is only half the battle. It's equally important to hold those stocks for as long as you can.
Generating wealth in the stock market takes time, and healthy investments are more likely to see slow but steady growth rather than explosive gains. When you invest, then, aim to keep your money in the market for at least 5 to 10 years, or even several decades.
The longer you stay invested, the more you can potentially earn. If you invest, say, $100 per month while earning an 11% average annual return (which is just slightly higher than the market's historic average), that would amount to nearly $240,000 after 30 years.
Investing in the stock market isn't always easy, but with the right strategy, it can be lucrative. By opting for quality businesses with solid fundamentals and then holding those stocks for as long as you can, you'll be on your way to building long-term wealth.
https://www.nasdaq.com/articles/the-1-key-to-investing-success-according-to-warren-buffett
NEW DIRECTIVES FROM THE CENTRAL BANK REGARDING THE SALE AND WITHDRAWAL OF DOLLARS, 24 AUGUST (MNT GOAT)
NEW DIRECTIVES FROM THE CENTRAL BANK REGARDING THE SALE AND WITHDRAWAL OF DOLLARS
On Thursday, the Central Bank of Iraq launched a new package of directives for all licensed banks, with the aim of organizing the sale and withdrawal of cash dollars.
To all authorized banks:
All non-banking financial institutions have taken regulatory measures to sell (cash dollar) withdrawals
good greeting….
The Central Bank of Iraq decided the following
First: Further to our circular numbered 9/3/220 dated 9/4/2023 and based on the decision of the Board of Directors numbered (131) for the year 2023, taken in its session numbered (1639) held on 18/8/2023, it was decided that you are committed to selling foreign currency ( dollars) received by the Central Bank of Iraq and for the purposes assigned to the customer
at the official established exchange rate.
Second: For the purpose of regulating cash dollar (selling and withdrawing) operations, the following was decided:
We confirm the inclusion of (pilgrims) by receiving the share of the dollar in cash and an amount of (3000) dollars. 2- It is possible to accept the accumulation of sequences of coins (dollars) sold through the (FITR) platform, according to the instructions
and controls issued by this bank.
You can obtain a fingerprint and a written undertaking from the customer regarding the validity of documents and personal documents until the completion of the application of the electronic system.
The commitment of banks to meet the requests of customers who have accounts in dollars when they wish to withdraw cash in dollar currency, and this includes accounts generated from previous cash creations or incoming aunties, noting that this bank will
By meeting the banks’ requests for cash withdrawal.
To abide by what was said. above with appreciation.
"RV UPDATE" BY MILITIAMAN, 24 AUGUST
MilitiaMan (KTFA)
My take is a float won’t work in a digital world. I just don’t see it. I think they are going to make an adjustment to their Reel Effective Exchange Rate (REER) and I hope and expect it will be better than it was in a previous era.
Article:
“Specialists: The path of development gives Iraq an important position in international trade”
The development road is the investment side of the tripartite budget.