More News, Rumors and Opinions Wednesday PM 8-16-2023
TNT:
Tishwash: To cover foreign imports.. The Iraqi Central Bank begins to open channels of financial cooperation with India
Today, Wednesday, the Central Bank of Iraq announced the start of opening channels of financial cooperation with India.
A statement of the bank, received by Earth News, stated that “the governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Ambassador of the Republic of India in Iraq, Prashant Bisai, to discuss strengthening economic and banking relations between Baghdad and Delhi, and the desire of the two parties to open bank accounts in accredited Indian banks.”
He added, "This comes to facilitate external transfers to cover Iraq's imports, which amount to about (4) billion dollars, which facilitates and speeds up transfers for Iraqi importing merchants, as well as discussing India's experience in electronic payment and expanding financial inclusion to advanced levels."
In turn, the ambassador expressed the readiness of the concerned institutions in this field to provide support and training to the cadres of the Central Bank of Iraq.
For his part, the Governor of the Central Bank of Iraq expressed his congratulations and blessings on the occasion of the (77th) Independence Day of the Republic of India, praising its experience in its distinguished development journey in all sectors and its attainment of an advanced economic position. link
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Tishwash: this was in Iraq's news
Clients were allowed to withdraw money they did not own. An Irish bank suffered heavy losses
The Bank of Ireland apologized, on Wednesday, after fixing a technical fault that allowed customers to withdraw or transfer funds whose value exceeds that available in their accounts.
As a result of the holidays, long lines formed in front of some cash machines on Tuesday, which continued until the night as the news spread on social media, which led to the police being called.
Some reports stated that customers who did not have any money in their accounts were able to withdraw an amount of up to 1,000 euros ($1,100).
The bank warned customers that the money that was withdrawn or transferred, including amounts that exceed the normal limits, would be deducted from their accounts, which would plunge them into debt.
When announcing the fix, the bank said, "Payments made in accounts made at night may appear during the day. We sincerely apologize for the mess this outage caused. We know it was far below the standards customers expect from us."
AskAboutMoney.com founder Brendan Burgess said the bank should improve its information systems. But he added, "If you know that you do not have the money, but you withdraw 1,000 euros ... this is fraud. This has nothing to do with the failure of the bank's systems."
The Irish central bank had previously imposed fines on the Bank of Ireland, due to deficiencies in its information systems, and said it was monitoring the repercussions of the malfunction. link
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Courtesy of Dinar Guru
Militia Man There was an article...41 million forged dinars seized by the Kurdistan region. 41 million dinars isn't a lot of money right? But what it was was 41 million 25,000 notes that were seized that were forged. Why would somebody do that? They would do that because they're trying to figure out a way to game the system because they know something's changing.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Channel One says Iraq needs half of the existing exchange companies and banking needs to be rehabilitated. FRANK: Yes they're shutting them down left and right...they're selecting which ones they will give licenses back to because they will need many money exchangers when the rate goes up inside of Iraq because they...will bring in their 3-zero notes and exchange them for the lower denoms because the lower denoms will be more powerful than the 3-zero notes and IMO more powerful than the American dollar. Mark my word.
BEYOND THE FLATLINE. The World Economy Is In FREEFALL... About To Get MUCH Worse.
Greg Mannarino: 8-16-2023
‘Crisis’ In China: Markets Topped, Is A Crash Imminent?
David Lin: 8-16-2023
Florian Grummes, Managing Director of Midas Touch Consulting, discusses the recent data out of China, as well as his outlook for stocks, inflation, Bitcoin, and gold.
0:00 – Intro
0:40 - China's economy
5:00 - Deflation vs inflation
11:30 - Fed monetary policy
12:20 - Gold
15:55 - Dollar and BRICS meeting
20:30 - BRICs currency
23:53 – Bitcoin