GOLDILOCKS
I will be back a little bit later. I have to check in with a couple of my trading partners. When I return, I will have some banking updates for you.
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MICA Announcement:
Markets in Crypto-Assets (MICA) has finalized their draft. Service providers are concerned about overreach and clarity on some key issues, but the ability to move forward and test the new digital asset-based trading system is possible at this point.
CNN News
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Mnt Goat
Article: "BIDEN TO HOST IRAQI PRIME MINISTER ON APRIL 15: WHITE HOUSE"
...could this visit to Washington talk about the currency reform and getting support for it? Certainly it may and probably will...President Biden is scheduled to meet with the Iraqi Prime Minister Sudani...and dedicate several days to Iraq and the situation in it, a clear signal of respect for the Prime Minister and Iraq’s political and international standing. Talks I am sure will be mostly about the Status of Forces Agreement.
Article: "IRAQ IS NINTH IN THE WORLD IN NATURAL RESOURCE RESERVES.."Economy News – Baghdad
Aware of the importance of technology in enhancing the efficiency of operations and providing exceptional digital banking experiences to customers, Al Ahli Bank of Iraq announced its success in launching its new banking system based on the systems of Temenos International Company (Temenos – T24), which is the most important banking systems, in addition to launching its advanced application on mobile phones, (Mobile Banking).
Al Ahli Bank of Iraq began implementing its operational operations based on its new banking system as of the beginning of this year, as this system will contribute to improving the efficiency of operations, which reduces the time and effort in completing transactions, enhances their accuracy. The system allows customers to conduct various banking transactions via the Internet or through the mobile application, such as transferring funds, paying bills, and requesting banking products. The system will also contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances transparency and security in banking operations.
On the other hand, the new mobile application, which has an easy-to-use interface, is one of the most important components of the digital transformation journey of Al-Ahli Bank of Iraq, as it offers customers a wide range of banking services, such as: managing accounts in terms of reviewing their account balances, their transactions, transferring funds, paying bills, and knowing their loan deductions, as well as the possibility of linking the account to credit cards, while many services will soon be available, most notably; opening accounts through the application and the possibility of transferring through Western Union, in addition to many various digital services.
This step will consolidate the position of the National Bank of Iraq as a major player in the Iraqi banking sector, thanks to its enabling the provision of digital and unprecedented banking services and solutions that meet the evolving and increasing needs of its individual and corporate customers, in various sectors and sizes, whether large companies or small and medium companies, giving them added value.
The authorized director of the National Bank of Iraq, Ayman Abu Dheim, stressed that this project is in line with the vision of the Central Bank of Iraq in supporting the banking sector and making it modern and effective, pointing out that the bank’s investment in advanced technology not only guarantees compliance with the regulations of the Central Bank of Iraq, but also paves the way for the future of innovation and digital excellence.”
He pointed to the unprecedented demand for the mobile application, which was downloaded by 40,000 customers in the first two days of its launch.
Abu Dhaim thanked the technical team that implemented the project in record time, and expressed his appreciation to Temenos International, the provider of the T24 basic banking system, and ITSS, a leader in the field of information technology, specializing in providing an integrated software package to meet the multiple needs of all types and sizes of companies.
In turn, the Chief Operating Officer of the National Bank of Iraq, Aqeel Ezz El-Din, pointed to the positive impact of the new system on the bank’s performance, stressing that the bank is working to keep pace with development and technology and set new standards in the Iraqi banking market.
The National Bank of Iraq – which is based in the Iraqi capital Baghdad – was established in 1995 as a public shareholding company, and in 2005 Capital Bank / Jordan acquired majority shares in the bank by (61.85%), which enabled it to develop its products and services, strengthen its foothold globally, and enhance financial inclusion at the country level.
Thanks to this acquisition, Capital Bank – which has an extensive network of correspondent banks – provided a gateway for the National Bank of Iraq to global economies, where it facilitated the sending and reception of internal and external remittances, granting credit facilities, and providing trade finance services. The bank can also trade for the benefit of its customers in the Jordanian market and in the global markets through Capital Investments Company, the investment arm of Capital Bank.
The National Bank of Iraq – which has a capital of 300 billion Iraqi dinars or the equivalent of 229 million US dollars), topped the list of banks and banks operating in the Iraqi market at various levels. It is the best private bank in Iraq in terms of growth (assets, facilities and deposits), and has won multiple international and local awards for its role in supporting and encouraging investment in Iraq, and as the fastest growing in the field of retail trade and salary localization for the public and private sectors, and it is the best commercial bank in Iraq, where it won the Iraqi Stock Exchange Award for its role in supporting and encouraging investment in Iraq 2021, and also received a rating from the largest international financial institutions Capital Intelligence (BB) and before Moody’s (B3) and classified by the Central Bank of Iraq (very good).
It should be noted that the bank’s total assets were close to $2.8 billion supported by the growth of customer deposits by about 91%, while the bank has a growing customer base today of about 200,000 customers served through more than 1000 employees, 30 branches and 200 ATMs in all major Iraqi cities, in addition to a branch in the Kingdom of Saudi Arabia.
https://economy-news.net/content.php?id=41918
BANK STORY
MarkZ
[via PDK] Question: Do we have the green light yet Mark? MarkZ: I think we have the green light. I am looking forward to what the next few days bring.
Bank story: One of our members had a friend go to a bank in N. Carolina yesterday. They had a conversation with
a branch manager. They talked about an hour on life, currencies, expectations etc.
The Bank manager said they are absolutely prepared for this. He said he knew a lot of banks were avoiding it but they were preparing for it. He said “We don’t know the timing but it could be at any moment” So they were having a very long conversation with a banker that was clued in, plugged in and prepared...
Iraq begins building two new tankers to transport oil products
Economy News – Baghdad
The Iraqi Oil Tanker Company (National Carrier) announced today, Thursday, that the percentage of transport of oil products produced in Iraqi refineries has increased to 65% after the two tankers confirmed and Sumer entered work, and while confirmed the imminent announcement of the construction of two new tankers to transport products, it revealed a plan to enter into real partnerships with major companies to acquire giant tankers.
The company’s general manager, Ali Qais, told the official agency and followed by “Economy News”, that “the Iraqi Oil Tanker Company previously owned 29 tankers of different sizes, but as a result of the wars and conflicts that the country went through, this fleet was completely destroyed and Iraq sold oil on the minus and not continued, and that is why the Oil Tanker Company sought to regain its position after 2003.”
Qais added, “The company owns 4 tankers, which are tankers of oil products only (Digla, Euphrates, Shatt Al-Arab, and Baghdad) with a tonnage of 13,000 tons, and in 2019 it signed a contract to build two tankers according to international specifications, namely (Akd and Sumer) to transport oil products.”
He continued: “We are now in the process of negotiating with international companies to enter into major partnerships for the purpose of expropriating tankers, as well as the re-activity of transporting Iraqi crude oil, as the percentage of transport of oil products produced in refineries reached 65% after the entry of the two tankers (Akd and Sumer),” stressing: “We are now in the process of announcing the construction of two new tankers to transport products and we will try to reach 100% of the transfer of products.”
Regarding the percentage of quantities exporting crude oil, Qais explained that “the quantities exported of crude oil are sold through the oil marketing company, that is, the purchasing companies that transport oil because we sell it on the line and not continuous, but the Minister of Oil stressed that the activity of transporting Iraqi crude oil by Iraqi tankers must be returned.”
He pointed out that “the company’s future plan is to build two tankers of oil products and enter into real partnerships with major companies for the purpose of expropring giant tankers to transport Iraqi crude oil.”
Kaperoni The dinar is not a lottery ticket so there is no significant RV or instantaneous riches. It could take months or even years to...