"The European Union’s parliament on Wednesday approved the world’s first major set of regulatory ground rules to govern the mediatized artificial intelligence at the forefront of tech investment. The regulation is expected to enter into force at the end of the legislature in May, after passing final checks and receiving endorsement from the European Council."
European lawmakers have just passed the world's first major Act in regulating Artificial Intelligence inside the banking systems. These new features will be able to evaluate levels of risk from low, medium, to high.
Banks will be able to use AI in creating security, efficiency, and customer experience. AI will be able to automate routine tasks such as data entry and fraud detection.
Other benefits of using artificial intelligence will include operational costs and chat boxes that provide 24/7 customer service. Artificial Intelligence will provide round the clock services each day of the week going forward.
It is important to note that these new banking features through artificial intelligence is expected to be done by the end of May. The world of automation is here.
The Iraqi government adopted the White Paper for Economic Reform prepared by the Crisis Cell for Financial and Fiscal Reform in October 2020. For more information about the White Paper you might want to watch the video link below.
The White Paper is a comprehensive programme that sets out a clear roadmap to reform the Iraqi economy and address the accumulated, decades-old serious challenges that confront it.
The White Paper identified two overarching strategic objectives. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.
The second objective is to put the economy and the federal budget on a sustainable path, after which Iraqis can decide and choose the economic direction of the country.
The Iraqi government is preparing to begin the implementation phase of its reform program known as the White Paper for Economic Reform.
This phase will focus on the implementation mechanisms and on the fulfilment of the objectives and the vision outlined by the White Paper.
The implementation phase consists of:
Putting in place governance, oversight, monitoring and evaluation mechanisms to ensure that the reform process is administrated and managed effectively under the direction and guidance of strong and competent leadership which will have a direct link to the Prime Minister, with the aim of equipping the implementation team with the necessary authority to carry out the reform programme, providing vigorous oversight of the implementation process, and ensuring coordination between different governmental institutions
Translating the vision of the White Paper for Economic Reform into a practical program for delivering 64 projects and for ensuring their implementation in an integrated and coherent manner by specifying detailed procedures for each project, setting a specific timeline for progress and identifying the state entity which will be responsible for carrying out each project.
The White Paper for Economic reform enjoys the support of the international community as reflected by the establishment of the Iraq Economic Contact Group (IECG) whose mission is to provide the support needed for the economic reform process in Iraq within the framework of the White Paper. The IECG includes, in addition to Iraq, the G7 group of industrialised countries, the World Bank, the International Monetary Fund, and the European Union.
Iraqi lawmakers to discuss monetary policies, banking system with CBI
Iraq’s Parliamentary Finance Committee met with the Central Bank of Iraq on Thursday to discuss monetary policy, the banking system, and ways to increase the value of the Iraqi dinar.
The meeting was held at the headquarters of the Finance Committee and was chaired by Atwan al-Atwani. Central Bank Governor Ali al-Alaq also attended the meeting.
In his opening remarks, al-Atwani laid emphasis on monitoring the economic and monetary policies in the country and “finding appropriate solutions to the obstacles facing the work of the Central Bank.”
The Finance Committee also expressed hope for coordination with the Central Bank to increase the value of the Iraqi dinar, control the market in order to alleviate the burden on citizens, and address the deficit.
For his part, the Governor of the Central Bank said that establishing basic rules is vital for monitoring the transfer process and analyzing transaction movements.
The statement added that the committee discussed with the Governor of the Central Bank the international standards, the future plans to improve the reality of banks, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law. link
...Remember that the sanctions put on the Iraqi banks, by the CBI, at the request of the US Treasury only prohibit the sale of the dollar by these banks. They can still do business with the dinar and other foreign currencies and are making money anyhow. However, through the sanctions the CBI and Treasury are tryingto reverse the reliance of the banks to make money solely off the point spread of the buying the dollar beyond the CBI official rates. Get it? We read many articles on this already too. They must convert/reverse the bank revenues to other sources to get out of the currency auction business and into real banking practices, like all other banks in the world.
So, to comply and take these sanctions off these banks they will have to comply and deal in dollars ONLY at the official rate. They will also have to prove to the CBI that they are engaging in other forms to generate revenues to stay in business.
Remember that banks are also a business and, like any other business, must also find ways to make a profit and generate revenues. This is what the CBI and the U.S. wants as part of the financial and banking reforms. They don’t want the banks to crash simply because they are stopping the currency auctions. Get it?
This is also why they told us in past articles that the CBI is SLOWLY phasing out the currency auctions and the electronic platform. Go read the
White Paper for yourself. That is why I created a special page just for this paper. It’s all in their plan. This plan leads to the reinstatement and, just like the season of Spring, we can’t rush it. It must just evolve and when they are ready, we will then realize over time in retrospect that the successes of each separate part of the plan brings us to the whole and final goal.
Again, I have to say that the CBI cannot turn back from all the progress already made. Also remember that the citizens of Iraq are reading all these articles too about increasing the value of the dinar and so it is way beyond the point of returning to the same old, same old.
I get a kick, or rather I’d like to kick, (lol.. lol.. lol..) people who have dinar and get so discouraged and disenfranchised.
Why I ask?
You are a millionaire right now only you are listening to idiots telling you that Summer is already here, and so don’t you feel the warm weather and see the green on the trees, they say? But you are not an idiot, and you can see and feel for yourself that this is not yet true and so you know that, like the season of Spring, we must just wait and let the dinar RV process takes its course and bring us to Summer on mother nature’s timing.
Whether it is just completing the last parts of the monetary reform plan or whether its political reasons holding up the process, we are trying to figure all this out....
Much of our transition taking place around the world has to do with the movement from a World Reserve Asset such as the Dollar to sharing this privilege with many Currencies around the world.
This changes economic policies in countries around the world, and it sets forth the need for new guidelines and protocols inside banking systems and marketplaces.
Laws have to be changed, Banking and Trading Protocols are changed, trading exchange rate percentages have to be changed, and more. On top of all of this, it has to be digitized.
The new Digital Financial System creates new standardized protocols that are backed by gold and other commodities. Everything has to run smoothly and with real values going forward. The QFS runs on precise measures enabling artificial intelligence to come in and carve out new pathways into our future we have never seen before. BIS
