MilitiaMan and KTFA Members " All Looks Very Good" 6-17-2022
KTFA:
Samson: The Arab Monetary Fund Holds An Interactive Workshop To Talk About The Experience And Interaction Of Participating Financial Institutions With The Buna Platform For Arab Payments
17th June, 2022
Speaking at the workshop, senior managers from First Abu Dhabi Bank, Bank Muscat and Bank Africa
The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutions
Today, Thursday, June 16, 2022, the Arab Monetary Fund will hold a "remote" workshop to present the experience of the banks that use the most cross-border payment services provided by the "Bunna" platform for Arab payments, which is affiliated with the Regional Institution for Arab Payments Clearing and Settlement owned by the Fund.
The Buna platform for Arab payments is witnessing a growth in the number of participating financial institutions, and this growth is accompanied by an increase in the number of settlement currencies used by participating financial institutions and an increase in the volume and value of payments being settled through the Buna Arab Payments platform.
Based on these facts, the workshop will host a number of senior managers from First Abu Dhabi Bank, Bank Muscat and Bank Africa to talk about their experience using the services of the Buna platform to implement cross-border payments in multiple currencies.
During this workshop, the team working at the Buna platform for Arab payments will give a presentation on the latest developments related to Buna's activity and progress, including revealing the details related to the currency exchange service, which the Buna platform for Arab payments is preparing to launch during the second half of the year. 2022.
The workshop will host more than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and abroad, to learn about these important and vital topics and follow up on the development of the Buna platform and its future plans.
On this occasion, Mr. Mahdi Manea, CEO of the Regional Institution for Arab Payments Clearing and Settlement (Bunna Platform for Arab Payments) , spoke : “The Buna platform for Arab payments continues to make further progress by growing the size of its network of participating financial institutions in parallel with the development of its services. In this framework, we are keen to cooperate with financial institutions participating in the Buna platform, to provide innovative services to send and receive cross-border payments in a secure, affordable and highly effective manner.”
Mr. Manea added : “Bunna Arab Payments Platform, through its innovative services, aims to provide multiple cross-border payment solutions in Arab and international currencies. Accordingly, we have included in our 2022 plan the launch of a currency conversion service based on the simultaneous payment mechanism .
This additional service will work on Enhancing the effectiveness and efficiency of liquidity management for border payments and allowing improved liquidity levels not only across multiple payment channels and means but also across multiple currencies, through a single window and supported by efficient and flexible tools.”
It should be noted that the "Bunny" platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies.
It aims to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe and reliable manner, at an appropriate cost and with high efficiency.
Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements. "Buna" contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents.
It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects. LINK
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Sir: Could we be looking at a basket of currency’s and a float of those currency’s? July surely looks promising! Imo
Tivon: They said preparing to launch in the 2nd half. I would like to presume that we are in that period now. So I'm expecting this to launch fairly soon.
But to be honest they are being purposely vague about which month this year. I would say the reason is that one would automatically deduce that given a specific timeframe it would tip off speculators as to when the CBI would have to be ready to launch as well.
So of course they could only say 2nd period of this year which could be any month.
But given where we are with certain developments I think this platform would be the method of choice for the Dinar. Or maybe the CBI has another plan. Not sure but the former seems more viable. IMO
Suzie: They have to cover the FSL with something other than "toilet" paper money in MY OPINION.....
DoTalktoMe: second half. It would be nice if they would have said the 3rd quarter. July - September.
Typical of Iraq will be to drag it out as long as possible.
Tivon: Well I would like to think that Buna knows how sensitive this process is. If they gave us a clear date it was cause unwanted attention to financial institutions like the CBI. That's why even though saying the second half is their launch pad they have to leave breathing room for the overall operation. Because we are not getting this information from the CBI. which has to be considered in this matter. IMO
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MilitiaMan: The looks of this support data from the AMF that the region is fully ready for currency exchanges and conversions is telling.
Electronic cross border payments in multiple currencies is exactly what Iraq will be apart of. The second half of 2022 is within days to a couple weeks, as we all know.
Well, if Iraq is going to be one of the largest trading partners in the region and the re construction of the country is to be under way shortly, they'll need to get the exchange rate of the IQD internationally accepted and cleared.
The new ATMs with currency recycling and mention of coins to day are huge clues as to that Iraq is getting ready for internationalism by those two items alone a long with the AMF being ready for more currencies. The education is underway and gaining steam in Iraq..
All looks very good.. imo ~ MM
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Tivon: Yeppers, 2nd half of this year is July 1st. Which would definitely explain why the articles about the ATMs coming out earlier than expected from what Frank mentioned makes plenty of sense. So of course they want to get ahead of that and get the flow of information going to acclimate the general public. I mean they have to turn these things on very soon. Why even deploy them in the first place if the reinstatement is contingent upon swapping out the old for the new? That's what the machines do right? IMO
Clare: NEW - Powell: "Rapid changes are taking place in the global monetary system that may affect the international role of the dollar."
A US central bank digital currency is being examined to "help the US dollar's international standing." pic.twitter.com/htP6r1brNz— Disclose.tv (@disclosetv) June 17, 2022
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Wagmister: White paper. He did say white papers
MilitiaMan: He did and his mannerisms suggest urgency. He appears actually nervous. Even his paper works was folded and crinkled.. lol 137 Countries signed on the CBDCs and even at the retail level. They also agreed to Global Taxation.. Rapid change is open us and his white papers may be different than Iraq's but, I'll bet your bottom dollar they'll likely mirror themselves accordingly with respect to clearing currency digitally in the future. That level playing field likely scares the "bejeezzous" out of him.. lol ~ MM
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Samson: Maysani issues a book documenting Iraqi stamps and coins
17th June, 2022
The author, Engineer Nawar Akram, issued the book “The Oil in Stamps and Iraqi Coins”, on the authority of Adnan’s house in Baghdad, with 118 pages of large pieces documenting the Iraqi stamps and coins that dealt with the issue of oil in Iraq.
Akram told the Iraqi News Agency (INA): "The book is a documentary research on the issuance of Iraqi stamps and coins related to oil and oil topics, as it sheds light on the most important events in the historical march of Iraqi oil at the same time, highlighting the cognitive and aesthetic aspects of the stamp and coin collecting hobby."
He added that "the book included two parts and three appendices, the first part dealt with Iraqi stamps related to oil, while the second part was devoted to the issuance of paper money and coins issued by the Central Bank of Iraq, which carried a reference to oil and its topics, and the first appendix contained a list of the most important historical joints of oil in Iraq, and the other two annexes included what was available in the author's collection of envelopes for the first day and documents of oil companies.
He continued, "The book presented some talk about the history of the emergence of stamps, their types and the beginning of their use in Iraq, as well as the process of Iraqi money and its emergence, in addition to some information about the printing, dimensions and punching of stamps, as well as security signs and the method of numbering paper currencies and information on stamps and currencies in global blocks."
He stressed that "the conclusion showed a census of the number of publications and their chronological distribution within the past century of the modern Iraqi state." LINK
MilitiaMan: Timing if this being exposed is not by coincidence, imo. They'll likely once they re issue a new exchange rate will have a need for coins, thus, the book would be expected to be updated to reflect this next historical move.
The Central Bank of Iraq has shown to the Central Bank of England new currency with a need for smaller increments to make change. That is in that they showed them the NSCNs, noted in the photos from the CBI website.
Then we saw the ATMs that have new innovative technology to recycle currency. They roll out of the new exchange rate education is imo fully underway.
All while the EFSL has a time clock to be presented in the Gazette. I like what we are seeing.. imo ~ MM