KTFA Members "News and Views" Wednesday Afternoon 7-7-2021
KTFA:
Samson: The Central Bank encourages the use of renewable energy in Iraq
7th July, 2021
In line with international commitments towards reducing greenhouse gas emissions, the Paris Climate Agreement and reducing fuel uses, the Central Bank of Iraq decided to work to encourage the adoption of energy production tools from renewable sources, and to work with the Higher Committee for Lending to ensure the processing of a proportion of the electrical energy generated from renewable energy sources (solar panels). ) in the investment housing complexes benefiting from the initiative.
In addition to coordinating with the Industrial Bank to finance the purchase of electricity generation systems from the sun for the homes of citizens or projects, and in order to provide part of the electrical energy required by the work of the Central Bank, it decided to acquire electrical power generation systems and install them on its buildings in Baghdad and its branches.
The Central Bank encourages all authorized banks and institutions wishing to equip clean energy systems to interact with this trend and present their offers and expertise to this bank and the rest of the state institutions and the private sector.
Central Bank of Iraq
Media Office
July 7, 2021 LINK
Samson: The Central Bank of Jordan and The Arab Monetary Fund announces the inclusion of the Jordanian Dinar as a settlement currency in BUNA
6th July, 2021
The Jordanian Dinar is the fourth Arab currency to join Buna’s payment system, raising the total number of settlement currencies in Buna to six
Participant banks can now use the Jordanian Dinar in their cross-border payments
H.E Dr. Ziad Fariz says: “We look forward to seeing the Jordanian banks actively participating to increase the cross-border usage of JOD and benefit from the transformational value of Buna Platform"
H.E Dr. Al Hamidy says: “The inclusion of the Jordanian Dinar to Buna’s list of settlement currencies is key in realizing Buna’s strategic objectives”
Abu Dhabi, 6 July 2021 (10 am Abu Dhabi time): The Central Bank of Jordan (CBJ) and the Arab Monetary Fund (AMF) announced today the inclusion of the Jordanian Dinar as a settlement currency in Buna (the cross-border payment system owned by the AMF), and the signing of an agreement enabling Buna to execute cross-border payments in Jordanian Dinar.
The Jordanian Dinar is the fourth Arab settlement currency to join Buna’s payment platform, which includes so far, the UAE Dirham, the Saudi Riyal, the Egyptian Pound in addition to the US Dollar and the Euro. This milestone comes in line with Buna’s constant efforts to expand its growing and diversified list of Arab and International currencies and strengthen its position as the payment system of choice across the Arab world.
Commenting on this event His Excellency Dr. Ziad Fariz, Governor of the Central Bank of Jordan said: “Including Jordanian Dinar in Buna demonstrates the kingdom’s continuous support to strategic initiatives in the Arab world and clearly articulates the importance of Jordanian Dinar as a key Arab currency for cross-border trade and remittance payments."
Dr. Fariz also added “the Central Bank of Jordan and the Arab Monetary Fund share mutual interests in developing the financial infrastructure in the region and create substantial added value to the Arab banking community and citizens, we look forward to seeing the Jordanian banks actively participating to increase the cross-border usage of JOD and benefit from the transformational value that Buna brings to the banking community and to the Arab economies.”
His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, expressed his appreciation and gratitude to His Excellency the Governor of the Central Bank of Jordan for his constant support to facilitate the inclusion process. His Excellency also praised the great efforts and continuous cooperation of the dedicated team in the Central Bank of Jordan to realize this strategic partnership.
H.E Dr. Al Hamidy said: “We highly thank the Central Bank of Jordan for its strong belief in Buna’s vision to support the growth of the Arab economies, and the strategic role that we can play in serving the needs of the banking and financial sector in the region and beyond for an efficient centralized, multi-currency, risk controlled, and secure payment system. The inclusion of the Jordanian Dinar to Buna’s list of settlement currencies is key in realizing Buna’s strategic objectives to facilitate trade and remittance activities across the Arab countries and with key global trade partners, support investment ties, and promote regional integration, by encouraging the usage of Arab currencies in cross-border payments and different economic activities”.
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. LINK
ATPInfinity: IRAQI DINAR IS NOT YET ONE OF THE 6 CURRENCIES ON BUNA!!!!!!!! COME ON #7..THE IRAQI DINAR DROP 3 ZEROS=#7 @BUNA
"The Jordanian Dinar is the fourth Arab settlement currency to join Buna’s payment platform, which includes so far, the UAE Dirham, the Saudi Riyal, the Egyptian Pound in addition to the US Dollar and the Euro."
ALL THE IRAQI NEWS LATELY HAS BEEN, U.S., EUROPE, SAUDI, UAE, EGYPT AND JORDAN!
"Buna’s strategic objectives to facilitate trade and remittance activities across the Arab countries and with key global trade partners,........constant support to facilitate the inclusion process."
Samson: Commerce reveals the launch date of the Karbala International Comprehensive Exhibition
7th July, 2021
The General Company for Exhibitions and Commercial Services at the Ministry of Commerce announced, on Wednesday, that the holy governorate of Karbala will witness the launch of its comprehensive international exhibition for the period from 12-23 July.
The Director General of the Exhibitions Company, Sarmad Taha Saeed, confirmed that “this exhibition will be held on the grounds of the sports hall in Al-Hussein neighborhood, which is organized by the Ishraqat Point of Hope Company for General Trading, and will witness a distinguished international participation,” noting that “the exhibition will open its doors from three in the afternoon until midnight.”
He pointed out that "the exhibition is a great opportunity for the participating companies to display their products in the Iraqi market, which is considered one of the most promising markets, in addition to opening up to Iraqi businessmen and traders to obtain exclusive agencies from these companies, and there will be a discount of up to fifty percent of the participating companies." LINK
************
Samson: Parliamentary Finance reveals: No dinars were returned to the Iraqi treasury through the “Anti-Corruption” campaign
7th July, 2021
Member of the Parliamentary Finance Committee, Representative Abdul Hadi Al-Saadawi, confirmed, on Wednesday, that no dinar will be returned to the Iraqi treasury through the anti-corruption campaign
Al-Saadawi said, "We support any real anti-corruption campaign that ultimately yields positive results, including the recovery of the looted money to the country's treasury, but what is happening now is that the campaign is a war on paper and came to media marketing
Al-Saadawi added, “Any dinar has not been recovered and returned to the treasury of Iraq, although the looted money is very large,” noting that “the country’s economy cannot rise without a real fight against corruption, which represents a major obstacle to any steps to build a strong national economy that invests its capabilities in the presence of natural resources.” It is a huge thing that can change the situation of the country significantly LINK
************
Samson: Al-Kazemi’s advisor sets a condition for dealing with financial abundance from high oil prices
6th July, 2021
Advisor to the Prime Minister, Alaa Abdel Hussein, set, today, Tuesday, the date for repaying the loans, while indicating that the government can only dispose of the financial abundance from the rise in oil on a condition.
Abdul-Hussein said, "The improvement in oil prices in the global market is positive for the economies of the oil-producing countries, especially those that depend largely on oil in their budgets," noting that "the interest that Iraq derives during this year from the increase in oil prices will contribute to covering the budget deficit of 29 to 30 trillion dinars, if prices continue in this way until the end of the year.”
He added, "In the event that the price of a barrel of oil exceeds $77, this will contribute to achieving an abundance that is not very large, but will contribute positively to the state's general budget for the next year and will help the Iraqi government with the issue of repaying the loans on it."
Abdul-Hussein stated that "the current oil levels will provide, from now until the end of the year, surpluses that will help Iraq in the budget and achieve a financial abundance that the government cannot dispose of, except through a supplementary budget," ruling out "organizing a supplementary budget within the current data, but this abundance may be Next year, the government will help to repay the loans.” LINK
************
Samson: America delivers a strongly worded message to Iraqi figures: Our military response is close
7th July, 2021
On Wednesday, American diplomatic parties delivered a strongly worded message to specific Iraqi political figures, through government sources, after the bombing of Erbil International Airport and Ain Al-Assad base, by armed Shiite factions.
A government source told Shafaq News Agency, that the message included that Washington will have a close military response to armed factions involved in launching attacks against US interests and targets in Erbil and Anbar.
The international coalition announced that 3 people were injured in an attack with 14 missiles targeting the "Ain al-Assad" base in western Iraq, earlier today, Wednesday. Today's attack is the second of its kind, as the base was attacked with 3 Katyusha rockets last Monday. Also, yesterday evening, Tuesday, Erbil International Airport was attacked by a booby-trapped drone, without causing any damage.
It also comes a few days after US raids were launched on Iranian-backed factions' sites on the Syrian-Iraqi border, "in response to attacks by drones launched by those factions on Americans and American installations in Iraq."
About fifty attacks have targeted US interests in Iraq since the beginning of the year, including the US embassy in Baghdad and Iraqi military bases that include Americans, and the Baghdad and Erbil airports, as well as logistical convoys of the international coalition, in attacks often attributed to groups loyal to Iran. LINK