Clare: The Iraqi Central Bank is moving to open new channels for external transfer
6/18/2023
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, noted, on Sunday, the possibility of opening new channels for external transfer of hard currency, and raising the rate of daily transfers.
This came during the periodic meeting of governmental and private banks, which was held in Baghdad, according to a statement received by Shafaq News Agency, and witnessed a discussion of a number of projects that are consistent with the requirements of the economic reality in Iraq.
Al-Alaq stressed that these projects establish a qualitative shift in the Iraqi economy and enhance its stability, revealing at the same time the project to establish a Riyada Bank, and the project to establish a loan guarantee company that facilitates the lending process for medium, small and micro enterprises.
He referred to the direction of the Central Bank of Iraq, in cooperation with the government and the contribution of the financial, banking and business sectors, to establish a “city of financial and business center in Iraq.”
Al-Alaq participated in the discussions put forward by a group of banks regarding the Central Bank’s initiatives, the relationship between banking institutions and customers, and what is related to developing mechanisms for entering the electronic platform for selling foreign currency. LINK
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Clare: Iraq to provide satellite internet for the first time
6/18/2023
The Iraqi Ministry of Communications announced on Saturday it is launching internet service through space, according to a statement cited by the Iraqi News Agency (INA).
The statement mentioned that the Ministry of Communications is seeking to provide the best internet service to people in Iraq.
Projects to provide internet via fiber-optic cables require a relatively long time to complete the deployment of cables in all areas because of the difficulties represented in the excavation works and the expensive costs of these projects, the statement illustrated.
In order to diversify the sources of internet service, increase competitiveness, and reduce prices, the concerned department in the Iraqi Ministry of Communications started the contractual procedures to introduce ‘internet via space’ service in Iraq for the first time, according to the statement.
Iraq is following in the footsteps of developed countries that use low-orbit satellite technologies that provide internet service directly to users through a huge network of satellites provided by reputable international companies.
The Iraqi Ministry of Communications is negotiating with international companies to provide satellite internet to the people of Iraq as soon as possible, the statement added. LINK
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Militia Man The currency is not going to go into an international market as it is at 1310. It’s going to have to have an International acceptable rate and calculation applied to it...buying materials at 1310 to build a country is going to take hundreds and hundreds of trillions of dinar but if you were to move it to a 1 to 1 basis it’s so much cheaper. If you moved it to 2 to 1, 3 to 1, 4 to 1, 5 to 1, 6 to 1 you can see how cheap it’s going to be to buy those products. The Real Effective Exchange Rate is going to be determined to see where were are as our investment…
Frank26 We are in the middle of the month where [Walkingstick’s bank friend] Aki told us those [new Iraqi ATM] machines would have a different currency in them... [Firefly boots on the ground] is literally camping outside of those ATMs. We believe that’s the next hot spot for our investment…the ATMs have a lot more than you can imagine. It’s not just a different currency.
Mass Bankruptcies Have Started, How Will The Fed Respond? | Jay Singh
David Lin: 6-18-2023
Jay Singh, Founder of the Special Situations Research Newsletter, discusses the rising wave of Chapter 11 bankruptcy filings across the U.S., the outlook for stocks, the Federal Reserve’s next moves, and “special situations” investors should watch for.
https://www.youtube.com/watch?v=xlHXBSE00DM
Monday Evening News with MarkZ
6-19-2023
https://www.youtube.com/watch?v=6ChRhSXI7Lc