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KTFA:
Clare: THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON THE US DOLLAR INCLUSION IN BUNA
04-02-2021
The workshop will take place Today, Thursday February 4, 2021
More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond
The inclusion of the US Dollar showcases the abilities of Buna as a contributor to safer and more efficient cross-border payment at global level
Abu Dhabi, 04 February 2021: The Arab Monetary Fund (AMF) holds today, Thursday February 4, 2021 a workshop to shed light on different elements related to the inclusion of the US Dollar as a settlement currency in Buna (the cross-border payment system owned by the AMF).
The workshop will host more than 200 senior officials representing Arab and international central banks along with various institutions from the financial, banking and payment sectors from the region and beyond, looking to learn more about Buna’s work progress, recent developments, and future plans.
During the workshop, a senior representative of JP Morgan and Buna executive team, will share insights and important information on Buna’s recent success of adding the US Dollar to its diversified list of Arab and International settlement currencies. The workshop will also allow discussing Buna’s next steps and plans to increase and strengthen the level of cooperation with its growing network of participants.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “The designation of JP Morgan as the Buna’s settlement bank for the U.S. Dollar reaffirms the objective of Buna to operate in compliance with the highest international standards and best global practices. It represents another major step in Buna’s ongoing efforts to continuously strengthening its business model, diversifying its offering, and reinforcing its global dimension, hence contributing to safer and more efficient cross-border payment.”
“With this arrangement, we provide our growing network of participants with the opportunity to execute cross-border payments in US Dollar in real time, directly from the originating bank to the beneficiary bank. This is once again a testament of our commitment to be a multicurrency payment system that processes payments in Arab and international currencies.
With the support of all the industry stakeholders, led by the Arab central Banks and the Arab Monetary Fund, we are consistently delivering our objectives and we will continue bringing value to our participants and supporting them in growing and diversifying their products and services, thanks to our innovative solutions, high commitment to compliance and security standards.” Added Manaa.
Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.
Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners.
Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
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TNT:
Grlewis: Thoughts - For Iraqi to join the BUNA platform I would think they have to have an international currency that tradeable; Iraqi joined on Jan 4th and go live on Wenesday, Jan 10th
Yada: Have been reading this the past few days grlewis,,seems to fall in the line of progression of events. They can't continue to hide it for whatever reason
SusanaC: i understand the budget was voted on but they did not know rate in it. Tony said iqd projected to be 4+
RVAlready: They just need to activate the RV ASAP, instead of more meaningless delay. The people need to be paid, and commerce connected to the RV needs to get started.
JCNoble: RValready agree. stop kicking the can and push the button
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Courtesy of Dinar Guru
Frank26 ...this [AMF's BUNA] is solid evidence that they are coming out to the international world. It's solid evidence they are Article 8...this has nothing to do with a program rate...this is a flow. This is a movement. This is a step-by-step progression. There is no date. There is no rate. The rate is well calculated. That's why we have the budget...be very aware of this tool. It's for International status... [
Fleming Tuesday RV intel
Our military intel contact said that this morning at 6am PST Tue 8 Feb there was a green light to start release of upper level liquidity at specific times and in a specific release sequence across the 27 categories of payouts leading up to the start of the 72-hour shotgun start by the end of this week;
His info matches MarkZ’s that the start is imminent and that is why paymasters, attorneys, and group leaders are gagged now and have been asked to remain in place at their banking centers around the world;
Iraq is expected to pass the budget tomorrow Wed 10 Feb with the Dinar RV in-country rate of about $16.40 (the $16 range predicted by Dr. Shabibi years ago).
He said the 900 active military personnel working on getting the RV out seem to be on schedule and are still on track to fulfill the mission given to them to work with the just under 300 staff in Reno to get the beginning of the 72-hour shotgun start out the door by the end of this week so that it’s done for the Chinese New Year beginning Fri 12 Feb and exchanges can start for us in T4B (T4 individuals) globally any time between the end of this week and early next week.
He said the military will ensure that post-RV environment will be safe for all who exchange / redeem to be able to use the funds to help those in need, create jobs, and to heal the planet.
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SWIFT INTEREST RATES & SILVER...HEADLINE NEWS WITH LYNETTE ZANG
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