"Tidbits From TNT" Sunday Morning 6-6-2021

Jun 6

TNT:

Jwill: Seems that all of these countries are talk about their future digitized currency. That’s all great but we’re still holding onto Fiat currencies from several countries.. when are they planning on having us send these paper notes to them ?

RVAlready: I think any country that terminates a currency has to give you a couple of years to cash out. Most countries will probably just cut back on printed currency, and let attrition happen naturally

Nintendo: rvalready when do you think the RV will happen?

RVALready: I think it will happen when everyone thinks it is safe to do so. I could hope for next week, but we will have to see.

FullSail: Over the years, Ive learned to sometimes take a contrarian point of view... IF they(whomevertheyare) say, it gonna take more time, then it may just as easily happen the next morning. Deception and Mis-information seems to be popular. The fact that they are even mentioning THEN thats a good sign to me, IF this subject was a non issue, it wouldn't even be in a discussion. IMHO.

FullSail: "They" ptb, know exactly what the game plan is, it is just way way way above our pay grade of needing to know, we are all along for the ride not knowing When the driver desides to stop at our final destination. Enjoy the ride,

Tishwash: so now they have a dollar and a euro processor hmmmm

Standard Chartered appointed as Settlement Bank by AMF for the Euro in Buna

The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant final details and intend to work together in progressing ahead to an implementation phase.

The inclusion of the Euro as the fifth settlement currency, marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world and strengthening its position as an active member of the global payment sector.

In addition to the three key Arab currencies; the UAE Dirham, the Saudi Riyal, and the Egyptian Pound, the Euro is the second international currency to join Buna’s payment platform, following the inclusion of the US Dollar.

This consistent rise in the number of settlement currencies in Buna, comes in line with Buna’s ambition to continuously increase its value proposition to its growing network of participants from the region and beyond.

The inclusion of the Euro shall further strengthen Buna’s strategic objectives in terms of streamlining cross-border payments and supporting investment and commercial ties among Arab countries and between the Arab region and its major trade partners in Europe.

Commenting on this important event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, expressed his appreciation to Standard Chartered and its dedicated team, for their cooperation to realise this strategic partnership and facilitate the inclusion of the Euro as settlement currency in Buna.

His Excellency also expressed his gratitude to the European Central Bank (ECB) and all the Central Banks in Europe for their support in achieving the inclusion of the Euro as a settlement currency in the Buna payment system.

H.E Dr. Al Hamidy said, “We thank Standard Chartered for supporting us in realizing one of Buna’s key objective to provide our participants access to a key international currency and allow them to execute cross-border payments in Euro in real time, at an efficient cost through a centralized, risk controlled, and secure platform that is compliant with international standards. This is in line with Buna’s vision to provide not only an efficient infrastructure for cross-border payments, but also a strong, safe and diversified line of innovative solutions that caters for the growing and evolving needs of the Buna’s participants.”

“The inclusion of the Euro, represents another testament of Buna’s global dimension and the AMF is confident that our partnership with Standard Chartered will play a key role in realizing Buna’s growth plans, to be a strong player and a constructive contributor to the cross-border payment industry at a global level.” Added H.E Dr. Al Hamidy.

Commenting on this partnership, Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE said, “Given our longstanding history of supporting clients across our footprint, we are continuously looking at ways to innovate and enhance client experience for cross-border payments across Middle East and beyond. The global financial system has demonstrated that transparent, quick, and traceable cross-border payments are a reality today, and we are pleased to be working with Arab Monetary Fund in driving this initiative. Standard Chartered looks forward to share its expertise and thought leadership in the payment clearing space.”

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. link

Shybaby: The Central Bank of Iraq to participate in the Buna platform …The Central Bank of Iraq and several local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to approve the Iraqi dinar in the system for the next stage, where the participating banks in the Arab countries will be able to send and safely receive payments. https://shafaq.com/en/Economy/The-Central-Bank-of-Iraq-to-participate-in-the-Buna-platform

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Tishwash: Parliamentary Economy: The street will explode in the face of the government if the dollar continues to rise

The Parliamentary Committee on Economy and Investment warned of the explosion of the street in the face of the government of Prime Minister Mustafa Al-Kazemi in the event that the dollar price continues to rise, noting that the Iraqi market has been witnessing great confusion for days due to the instability of the dollar exchange rate.

Committee member Salem Al-Tufaili said in an interview seen by / the information /, that "the main reason for the continued rise in the dollar exchange rate is the lack of real government control over the Iraqi market, as well as the work of private banks and exchanges, which manipulate prices according to their interest without any oversight or accountability."

Al-Tufaili added that “the rise in the exchange rate of the dollar, as well as foodstuffs and other materials, is behind some greedy traders, bank owners and money transfer companies, among the influential figures, who have relations with some parties and political figures, who control the market as they wish according to government silence.”

He pointed out that “the Iraqi market has been witnessing great confusion for days due to the instability of the dollar exchange rate and the increase in the prices of materials again, and this matter requires the intervention of the competent government agencies, to control the situation, otherwise the Iraqi street will explode again in the face of the government and all the political class, Because of the difficult economic conditions he is going through.” link

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Tishwash: I just thought this was interesting

Vietnam Post licenced to provide intermediary payment services

The State Bank of Việt Nam has licensed Vietnam Post to conduct intermediary payment transactions through its PostPay platform.

The platform would provide financial and cash flow management solutions as well as non-cash payment.

The licence allows Vietnam Post to provide services such as e-wallet, e-payment portal, support money transfer, collection and payment. Users can use the cash transfer feature for cash delivery at the post offices where they live or to the recipient's home across 63 provinces and cities nationwide.

Chu Quang Hào, General Director of Vietnam Post said this has been a pre-condition to promote the strong development of their digital services, including fintech to open new opportunities for higher revenue.

Vietnam Post has strong investment in infrastructure, technical and modern technology solutions to meet requirements of intermediary payment services as well as the digital era.

The company has brought new convenience to customers, contributing to promote non-cash payment in the country, especially in the context of the COVID-19 pandemic

Mot: ~~~ It's National Hug Your Cat Day! ~~~