MilitiaMan and Petra Friday PM "They Set The Stage!" 10-1-2021
.KTFA:
FROM MM & PETRA:
🔹 AMF DISBURSES TO THE ARAB REPUBLIC OF EGYPT THE SECOND TRANCHE OF THE LOAN WITHIN THE FRAMEWORK OF THE STRUCTURAL ADJUSTMENT FACILITY IN THE PUBLIC FINANCE SECTOR, WITH AN AMOUNT OF ARAB ACCOUNTING DINAR 65.775 MILLION, THE EQUIVALENT OF APPROXIMATELY... 12-08-2021
Arab Monetary Fund disburses to the Arab Republic of Egypt the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, with an amount of Arab Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, to support reform efforts in face of various challenges
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program,
In addition to its role in promoting policy dialogue and consultation on economic, financial and developmental issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
KTFA:
FROM MM & PETRA:
🔹 AMF DISBURSES TO THE ARAB REPUBLIC OF EGYPT THE SECOND TRANCHE OF THE LOAN WITHIN THE FRAMEWORK OF THE STRUCTURAL ADJUSTMENT FACILITY IN THE PUBLIC FINANCE SECTOR, WITH AN AMOUNT OF ARAB ACCOUNTING DINAR 65.775 MILLION, THE EQUIVALENT OF APPROXIMATELY... 12-08-2021
Arab Monetary Fund disburses to the Arab Republic of Egypt the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, with an amount of Arab Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, to support reform efforts in face of various challenges
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program,
In addition to its role in promoting policy dialogue and consultation on economic, financial and developmental issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
The AMF is also keen to provide financial and technical support to its member countries during this period, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects.
The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak.
In this context, the AMF disbursed on August 12, 2021, the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, contracted with the Egyptian government on July 21, 2020.
The tranche amounts to Arab Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, aiming to avail resources to help the country implement economic and financial reforms, while strengthening its resilience to various challenges.
The AMF follows closely the developments of the Egyptian economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Egyptian government to help the country contain different challenges in the most effective way.
In this respect, the AMF is studying another loan for the Arab Republic of Egypt to support the country’s financial position. The procedures for granting the loan will be completed shortly. The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times 🔹
MilitiaMan: Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, Let that sink in….. That was noted this last August…. Militia-Man……..
************
🔹 THE ARAB MONETARY FUND PUBLISHES THE “STRATEGIES FOR ADOPTING DLT/ BLOCKCHAIN TECHNOLOGIES IN ARAB COUNTRIES" 18-08-2021
Great opportunities for enhancing financial services by fostering the use of DLT/ Blockchain Technologies in Arab Countries Guidelines and roadmap on how to embrace these technologies in the financial sector, how to employ it properly and the related requirements The Arab Monetary Fund (AMF) issued today Tuesday, August 17, 2021, Policy Guide on “Strategies for Adopting DLT/ Blockchain Technologies in Arab Countries” prepared by the Arab Regional Fintech Working Group (WG), which AMF has its technical secretariat.
The guide is being issued in the framework of the Fund's endeavors to promote awareness of the requirements for developing Fintech industry and supporting digital financial transformation efforts in Arab countries.
The guide aims to provide policy directions on how to adopt these technologies in the financial sector, how to employ them properly, the related pre-requisites; thereby improving the efficiency of financial and banking services and enhancing support for digital financial transformation and financial inclusion efforts.
The guide elaborates on the various types of Distributed Ledger Technologies (DLT) and blockchain, clarifies common myths and misconceptions about them, highlights their governance methodologies, and the initiatives of different countries in adopting these technologies and how to formulate national strategies.
The guide also addresses Distributed Ledger Technologies (DLT) and blockchain applications in the financial sector, and how to overcome the implementation challenges. In this regard, the guide provides multiple sets of recommendations and roadmap with a range of action plans and considerations when these technologies are applied at the local level.
These policy recommendations include formulating strategies to employ DLT and blockchain at the national level, taking into account different models for blockchain governance, building standards for technical solutions using DLT and blockchain, the shared interoperable blockchain system, the integration with legacy system, developing capacity and building awareness, as well as partnership with the private sector.
The recommendations highlight the need for integration with other services, for example smart contracts, digital signature, key custody and security solutions, in addition to the integration with other technologies such as artificial intelligence, big data and the Internet of Things.
These would also include aspects of cost analysis, prioritizing leading use cases at the national level, and operationalizing the regulatory and supervisory tools embedded on blockchain networks.
Finally, the guide includes an evaluation matrix to follow up the progress in adopting these techniques, including several indicators.
These indicators address respective aspects of building an ecosystem for distributed ledger and blockchain technologies, including indicators of organizational, technical, research, user engagement, and industry indicators.
The guide was prepared and reviewed by representatives of Arab Central Banks, the Arab Monetary Fund (AMF), the Egypt Post, the Islamic Development Bank Group (IsDB), the World Bank Group (WBG) and Karam Legal Consultants members of the Arab Regional Fintech WG, as well as experts from the Organization for Economic Cooperation and Development (OECD), and the World Economic Forum (WEF).
In this context, His Excellency Dr. Abdulrahman Al-Hamidy, Director General Chairman of the Board of Arab Monetary Fund, noted with appreciations the initiatives of the Arab Reginal Fintech Working Group in issuing guidelines providing advice to the relevant authorities in the areas of Fintech, strengthening digital financial services, and supporting innovations and access to formal financial services.
H.E referred to the great opportunities offered by promoting the use of DLT and blockchain in the financial services. He added his wishes that the guide would contribute to raise awareness of deploying such technologies. Finally, he noted with appreciations the ongoing cooperation of the Arab Reginal Fintech Working Group with international institutions, research centers and universities. 🔹
MilitiaMan: The theme is we can show they are going to be finishing up…… Militia-Man……
🔹 THE ARAB MONETARY FUND (AMF) ANNOUNCES A MEMORANDUM OF UNDERSTANDING WITH VISA TO SUPPORT THE GROWTH AND EFFICIENCY OF CROSS-BORDER PAYMENTS BETWEEN THE ARAB REGION AND GLOBAL MARKETS 27-08-2021
Setting the foundation for interoperability between Buna and Visa and enabling innovative payment options for financial institutions Abu Dhabi 26 August 2021:
The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.
Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options. Both Buna and Visa will build on their strong capacities and value propositions, to cater to the growing financial needs of the Arab region, and design optimal solutions that can unlock sustainable opportunities in the payment industry.
This partnership represents a strong testimony of Buna’s and Visa commitment towards serving the regional and global financial ecosystem and paving the way for efficient and innovative cross-border payments. Commenting on this event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, stressed on the strategic aspects of such partnership and the added value it delivers for the regional and global financial community.
H.E Dr. Al Hamidy said: “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally.
With this initiative, Buna continues to develop and grow its diversified pool of innovative solutions, providing its participant banks additional safe and credible channels to broaden their cross-payment capacities, implement innovative business models and better serve their clientele.
Both Visa and Buna will capitalize on this partnership to deliver joint cross-border payment products and services that are risk controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond.”
Dr Saeeda Jaffar, Group General Manager for GCC, Visa expressed her pleasure on the MOU and commented, “This MOU reinforces Visa’s commitment to support the evolution of the Arab region and the vital role digital payments plays in this sphere.
We believe that driving adoption of real time payments can be enabled through value added services, and our vision is to support our clients to promote more innovative real time payments use cases to benefit customers in the region who are looking for industry leading money transfer and cross border solutions. We are looking forward to working with Buna and related stakeholders in the implementation of this project.”
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. 🔹
Petra: Buna!!!!! PETRA……
************
🔹 THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON BUNA’S ROLE AS A BRIDGE WITH ASIAN MARKETS AND THE PROSPECTS OF CROSS-BORDER INSTANT PAYMENT 03-09-2021
The workshop is hosting speakers from the World Bank, Bank for International Settlements (BIS), Cross-border Interbank Payment System (CIPS), National Payments Corporation of India (NPCI) and State Bank of Pakistan
More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions Abu Dhabi, 2 September 2021:
The Arab Monetary Fund (AMF) holds today, Thursday September 2, 2021, a workshop to explore and discuss the recent trends related to the cross-border payment industry and elaborate on Buna’s (the cross-border payment system owned by the AMF) opportunity to act as a bridge with major trade partners in Asia.
During this workshop, high level guest speakers representing, Cross-border Interbank Payment System (CIPS) which is linked to the People’s Bank of China, the National Payments Corporation of India (NPCI) supervised by the Reserve Bank of India, and the State Bank of Pakistan, will elaborate on the strategic role that Buna is capable to play as a payment gateway and a bridge to link with the Asian markets, and support the growth of commercial and investment activities with trade partners in Asia.
Additionally, industry experts from the World Bank Group and the Bank for International Settlements (BIS), will share their views and expertise in relevance to the global initiatives and major developments that the payment industry is witnessing, especially the ongoing efforts of the different stakeholders and key players in this sector to unlock the growing potentials of cross-border instant payments.
The workshop will host more than 200 senior officials representing central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about these important topics and following on Buna’s recent plans and developments.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna continues its initiatives to support the growth of trade and diverse economic activities between the Arab region and international markets.
Driven by this overarching mission, Buna will continue exploring partnerships opportunities with leading payment institutions in Asia to realize strategic interoperability and offer modern and secure solutions to support multilateral remittances, investments and trading.”
Mehdi added: “Fast and efficient routes of payments, represent a key driver to the growth and expansion of money exchange between our part of the world and the Asian continent as well as the different international markets across the globe.
Hence, Buna is moving forward with its plans to launch its cross-border multi-currency instant payment service and realize another successful milestone in its contribution to the development of the payment industry in the Arab region and at global level.”
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.
************
🔹 THE ARAB MONETARY FUND ISSUES THE SECOND EDITION OF FINTECH GLOSSARY 22-09-2021
More than 1100 terms covering various aspects of the Fintech industry The glossary aims to pinpoint and define the Fintech terms considering the tremendous and accelerated growth of the Fintech activities Terms are shown in three languages "English, Arabic, and French"
The terms are classified under 14 chapters to cover all aspects of financial technology Within the framework of the Arab Monetary Fund’s eagerness to enhance the digital financial literacy in the Arab countries, and its belief in the importance of having robust reference for the terminologies of the financial technology industry, considering the significant role that the financial innovation plays in the future of financial and banking services,
The Arab Monetary Fund, within the activities of the Arab Regional Fintech Working Group, has issued the second edition of the "Fintech Glossary”. The glossary contains (14) chapters covering all the terms of financial technology, which contributes to enhancing the awareness of the financial innovations’ concepts and terminologies.
In this regard, in light of the tremendous and accelerated growth of the Fintech industry, and the great opportunities offered by the fintech industry to enhance the efficiency of financial and banking operations, it becomes important to raise the awareness of the public about the terminologies of financial innovations, in an inclusive and comprehensive manner.
There is no doubt that fostering financial technology awareness will create positive impact on the future of financial and banking services in particular, and on financial stability and diversification of economic activity in general. The glossary aims to be a gateway to introduce the terms used in various aspects of financial technology, whether in terms of business models and activities, the used technologies, the regulatory and supervisory policies and frameworks, and the institutional frameworks, through (14) chapters that are provided as follows: Artificial intelligence and machine learning, blockchain technology, cloud computing, cryptography, cyber security, data protection, digital identity, decentralized ledger technology (DLT), general terms (overlapping in industry), Insurtech, open banking operations, payments, smart contracts, and finally tokenization. It worth mentioning that the glossary reached 1129 terms compared with 630 terms included in the first edition that was issued in December 2020. In this occasion, His Excellency Director General Chairman of the Board of Arab Monetary Fund, Dr. Abdulrahman A. Al Hamidy, stressed the importance of the second edition due to the substantial additions included, which boost the comprehensiveness of the glossary, highlighting the need for a regular update of the glossary.
His excellency indicated that issuance of such glossary comes to confirm that developing awareness and literacy about the development in Fintech industry and digital financial services will ensure a better understanding of digital business models and how to apply these innovative technologies in the financial sector, which contributes to enhancing the efficiency of access to formal digital financial services in Arab countries. His Excellency also emphasized the increasing interest shown by their Excellencies, Governors of Arab central banks and monetary authorities, in Fintech matters and the prominent role they play as a mechanism for digital transformation in Arab countries.
🔹 BANCA D’ITALIA AND ARPCSO ANNOUNCE BUNA-TIPS EXPERIMENT DELIVERING SUCCESSFUL CROSS-BORDER, CROSS-CURRENCY, CROSS-SYSTEM INSTANT PAYMENTS 29-09-2021
Banca d’Italia and the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) announced today the successful completion of a joint experiment aimed at linking for the first time the instant payment settlement platforms with multi-currency features (TIPS and BUNA) operated by the two organizations.
The results of the experiment have been presented at an international webinar held under the auspices of the Italian Presidency of the G20 on 27-28 September.
The experiment simulated the payment of €1 by a current account holder of Banca Intesa Sanpaolo in favour of a customer of Jordan Ahli Bank, who received the money in Jordanian dinars (JOD). During the experiment, a number of cross-currency transactions were settled in both TIPS and Buna IPS, by debiting Intesa Sanpaolo’s TIPS account in EUR and crediting Jordan Ahli’s JOD account in BUNA.
The average end-to-end response time for these transactions was approximately 15 seconds. «The excellent results of this proof of concept demonstrate that different clearing and settlement mechanisms can interact with each other, without necessarily requiring new technical infrastructures and the significant investment this would entail – said Mehdi Manaa, CEO of ARPCSO – and prove that instant cross-border and cross-currency payments can be made in a matter of seconds».
«This paves the way to a whole new range of 24/7 services for firms and citizens – noted Piero Cipollone, Deputy Governor of Banca d'Italia – enhancing interoperability, breaking down geographical borders, increasing transparency and execution times and, above all, reducing costs with respect to more traditional cross-border transactions, in line with the expectations set out in the G20 global roadmap».
The Eurosystem’s instant payment infrastructure, TIPS, was developed and is operated by Banca d’Italia on behalf of the Eurosystem and is available 24 hours a day, 365 days of the year.
BUNA IPS is the corresponding system operated by ARPCSO, an independent entity, entirely owned by the Arab Monetary Fund (AMF).
The other actors involved in the Proof of Concept were SWIFT, Banca Intesa Sanpaolo and Jordan Ahli Bank, two commercial banks that are key players in their respective fields.
Both platforms work in similar ways, including in terms of speed of execution.
They also share a number of connectivity and security infrastructures provided by SWIFT, a messaging network widely used to transmit information and payment instructions securely.
For further information about TIPS, please write to crossborderpaymentswebinar@bancaditalia.it For further information about BUNA IPS, please write to 🔹
************
Petra: So here’s a thought…..did the China deal executed this week….go thru the Buna platform???? PETRA……….
MilitiaMan: Swift connection imo Yes…. Militia-Man……..
Petra: And the above between Jordan and Italy was transacted in….15 seconds!!..... PETRA……….
************
🔹 ARAB MONETARY FUND DISBURSES TO THE KINGDOM OF MOROCCO THE SECOND TRANCHE OF THE LOAN 30-09-2021
within the framework of the Structural Adjustment Facility in the Public Finance Sector, with an amount of Arab Accounting Dinar 20.562 million, the equivalent of approximately USD 87.5 million, to support reform efforts in face of various challenges
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program,
In addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
The AMF is also keen to provide financial and technical support to its member countries during this period, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects.
The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak. In this context, the AMF disbursed today, September 29, 2021, the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, contracted with the Moroccan government on May 23, 2020.
The tranche amounts to Arab Accounting Dinar 20.562 million, the equivalent of approximately USD 87.5 million, aiming to avail resources to help the country implement fiscal reforms, while strengthening its resilience to various challenges.
The AMF follows closely the developments of the Moroccan economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Moroccan government to help the country contain different challenges in the most effective way.
In this respect, the AMF is studying another loan for the Kingdom of Morocco to support a conducive environment for Small and Medium Sized Enterprises (SMEs). The procedures for granting the loan will be completed shortly.
The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times. 🔹
************
MilitiaMan: Look at the date and do the math.. Militia-Man……….
Petra: Agreed. Rates are calculated and transacted for the AAD. Boats are rising from EU to ME and demonstrated as immediate via Buna platform…. Interesting timing of the traunches!!!! IMO…. PETRA…….
MilitiaMan: That is loads of data, but, when we isolate components, we see results.. Militia-Man…….
Petra: And transactions that are confirmed and “past tense!”… PETRA…….
************
🔹New instructions for buying and selling foreign currency for the year 2021 and the stability of the dinar exchange rate
30th September, 2021
Central banks in the countries of the world mainly aim to achieve economic stability by achieving stability in the monetary system and the financial system through their programs and strategies that aim to maintain stability in the exchange of their local currencies against other foreign currencies and to build sufficient foreign cash reserves to cover their local currency in circulation
In accordance with special international standards issued by the International Monetary Fund, banks are also evaluated based on other criteria related to facing crises, challenges, economic, political and security shocks, natural and epidemic disasters in their countries, controlling stable rates of inflation and interest rates, and applying internationally established regulations and rules for combating money laundering and terrorist financing Therefore, the Central Bank of Iraq issued last week new instructions to banks and exchange companies and mediation in the sale and purchase of licensed foreign currencies.
And externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2021
The Governor discussed what was mentioned in the instructions with the heads of the boards of directors and the authorized managers in a specialized workshop in which he explained the objectives of issuing the instructions and the procedures required of banks to implement them as of 10/17/2021, with an emphasis on the need for banks to practice their real work as established in their Law No. 94 of the year 20034 and focus on banking finance and the many banking products that contribute to the transition of banking work from banking to contributing to development
The economic conditions and crises, the financial deficit and the decline in the financial position of the public finances, which led to a change in the exchange rate of the Iraqi dinar for the purpose of overcoming the above crises with the Central Bank taking many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed to the passage of nine months after the exchange rate change that the rate of control is controlled Exchange in the trading market for about a month at the target rate of 1470 dinars against the US dollar
Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing
We do not forget here how the dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria, where their local currency collapsed in very large proportions.
While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, despite the speculation in the market In order for the economic analyzes to be accurate and not extreme of the reality of monetary stability in Iraq and the effects of the expected economic, epidemiological and expected shocks on the exchange rate of the Iraqi dinar In order not to take the expectations of media intimidation and create a state of fear in the public and in the banking sector.
I assert through an insightful economic and analytical view of the state of the monetary trading market and from a neutral and transparent point of view, we note that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves at the rate and at the rate that its sufficiency is determined to cover the monetary mass in circulation and to cover imports, as the foreign cash reserve is fully secured and Iraq ranks fourth in the Arab world.
The Central Bank will make exceptional efforts in accordance with the monetary policy applications and to maintain the stability of the target rates of exchange rates 🔹
🔹 The Arab Monetary Fund organizes the twenty-third "remotely" periodic meeting of the Arab Committee for Payment and Settlement Systems
2021-09-30
Wednesday and Thursday 29-30 September 2021 The committee discusses: Recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty
A renewed view on the role of central banks in developing payment and settlement systems Understand the risks associated with stablecoins and cross-border payments and contain them Prospects and future of automated clearinghouses and their role in the era of rapid payments Enhancing the role of payment-accepting intermediaries in commercial payment gateways and digital wallets
Current trends regarding the banking sector's use of (ISO20022) messages internationally, and the developments of "SWIFT" message models Opportunities and risks of technology companies in financial services in the Arab region Today, Wednesday, September 29, 2021, the twenty-third periodic meeting of the Arab Committee for Payment and Settlement Systems, which is being held “remotely” in light of the Corona pandemic crisis, will open.
The meeting will be attended by the directors of the payment and settlement systems and financial infrastructure departments of the Arab central banks and monetary institutions.
The committee meeting will also be attended by representatives of regional institutions, including: the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the Secretariat of the Financial Action Group for the Middle East and North Africa, the Union of Arab Securities Authorities, and the Union of Arab Banks.
The meeting will also be attended by experts from a number of global central banks and international institutions, such as: the World Bank Group, the International Monetary Fund, the Bank for International Settlements, the International Committee on Payment Systems and Financial Infrastructure, the European Central Bank, the Bank of France, the Italian Central Bank, and the German Federal Supervisory Authority Banking, the Bank of England, the Eurocleor Foundation, the Swift Association, the German Agency for Development, and the Bill and Melinda Gates Foundation.
The committee aims to contribute to the development of payment and settlement systems in the Arab countries, and to enhance coordination, cooperation and exchange of experiences and expertise in this regard between central banks and Arab monetary institutions.
Within the framework of its role as a technical secretariat for the Board of Governors of Arab Central Banks and Monetary Institutions, the Arab Monetary Fund assumes the secretariat of the Committee. His duties in this regard are based on preparing the agenda, contributing to the preparation of studies and reports issued by the committee, and following up on its recommendations.
In its two-day meeting, the committee will address a number of important topics, most notably recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty.
Payment and financial infrastructure around opening hours, access and connectivity requirements.
Committee members will also be able to view the latest developments in the services of the “Bunna” platform for Arab payments of the Regional Corporation for the Clearing and Settlement of Arab Payments, and discuss the role of central banks and Arab monetary institutions in encouraging the use of innovative services provided by the platform to the financial and banking sector in Arab countries.
The committee will also discuss a set of topics related to the risks associated with stable currencies and cross-border payments, and the risks and opportunities of large companies for technologies in financial services in the Arab region, in addition to discussing the renewed view on the role of central banks in developing payment and settlement systems, and current trends regarding the banking sector’s use of messages ( ISO20022) internationally, and developments in SWIFT messaging models.
The topics of the meeting will also address the future of automated clearinghouses and their role in the era of rapid payments, commercial payment gateways and digital wallets, and the requirements for implementing the Legal Entity Identifier (LEI) in payments.
Finally, the committee will discuss participation in the international survey on payment systems and processes in which cooperation with the World Bank takes place, and discuss the possibility of issuing a regional report using the results of the survey.
On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, praised the continuous development of the topics and issues discussed by the committee and their importance for Arab countries in enhancing the safety and efficiency of financial transactions and the flow of payments and transfers.
His Excellency expressed his happiness with the wide participation of the relevant regional and international institutions, which enhances the importance of the committee as a platform for dialogue and exchange of experiences and expertise in the issues of financial infrastructure systems.
His Excellency stressed the need to pay attention to the issues of digital payments and instant payments, and that the committee should be proactive and proactive in enhancing knowledge to support the efforts of Arab countries in this regard.
His Excellency praised the great support and encouragement given by their Excellencies, governors of Arab central banks and monetary institutions, to the "Bunni" platform for Arab payments, and the great opportunities that the platform offers to develop the payment and settlement system in the Arab region and enhance regional financial integration and linkage with the global financial system, looking forward to support And the committee members’ contribution to introducing the platform and expanding the platform’s network of participating banks 🔹
***************
MilitiaMan: Petra they set the stage.. the instructions are out.. Militia-Man…….
Petra: Yes! And they have demonstrated successful transactions trans-national!... PETRA….
MilitiaMan: They did it in front of everyone… Militia-Man..
Petra: All steps covered, full digital framework set…. PROOF!!!... PETRA…..
MilitiaMan: That data and more shows there is no stopping this… There words not ours.. lol…. But wait, next year.. lol lol lol said no links.. ha…. Militia-Man…..
Petra: No proof of next year at all. K has invested too much and CBI has the landing strip paved. Lol. PETRA…..
MilitiaMan: linkage with the global financial system… Militia-Man…..
******************
🔹 The Arab Monetary Fund organizes the twenty-third "remotely" periodic meeting of the Arab Committee for Payment and Settlement Systems 2021-09-30 Wednesday and Thursday 29-30 September 2021
The committee discusses: Recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty
A renewed view on the role of central banks in developing payment and settlement systems
Understand the risks associated with stablecoins and cross-border payments and contain them
Prospects and future of automated clearinghouses and their role in the era of rapid payments
Enhancing the role of payment-accepting intermediaries in commercial payment gateways and digital wallets
Current trends regarding the banking sector's use of (ISO20022) messages internationally, and the developments of "SWIFT" message models
Opportunities and risks of technology companies in financial services in the Arab region
Today, Wednesday, September 29, 2021, the twenty-third periodic meeting of the Arab Committee for Payment and Settlement Systems, which is being held “remotely” in light of the Corona pandemic crisis, will open. The meeting will be attended by the directors of the payment and settlement systems and financial infrastructure departments of the Arab central banks and monetary institutions.
The committee meeting will also be attended by representatives of regional institutions, including: the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the Secretariat of the Financial Action Group for the Middle East and North Africa, the Union of Arab Securities Authorities, and the Union of Arab Banks.
The meeting will also be attended by experts from a number of global central banks and international institutions, such as: the World Bank Group, the International Monetary Fund, the Bank for International Settlements, the International Committee on Payment Systems and Financial Infrastructure, the European Central Bank, the Bank of France, the Italian Central Bank, and the German Federal Supervisory Authority Banking, the Bank of England, the Eurocleor Foundation, the Swift Association, the German Agency for Development, and the Bill and Melinda Gates Foundation.
The committee aims to contribute to the development of payment and settlement systems in the Arab countries, and to enhance coordination, cooperation and exchange of experiences and expertise in this regard between central banks and Arab monetary institutions. Within the framework of its role as a technical secretariat for the Board of Governors of Arab Central Banks and Monetary Institutions, the Arab Monetary Fund assumes the secretariat of the Committee.
His duties in this regard are based on preparing the agenda, contributing to the preparation of studies and reports issued by the committee, and following up on its recommendations. In its two-day meeting, the committee will address a number of important topics, most notably recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty.
Payment and financial infrastructure around opening hours, access and connectivity requirements. Committee members will also be able to view the latest developments in the services of the “Bunna” platform for Arab payments of the Regional Corporation for the Clearing and Settlement of Arab Payments, and discuss the role of central banks and Arab monetary institutions in encouraging the use of innovative services provided by the platform to the financial and banking sector in Arab countries.
The committee will also discuss a set of topics related to the risks associated with stable currencies and cross-border payments, and the risks and opportunities of large companies for technologies in financial services in the Arab region, in addition to discussing the renewed view on the role of central banks in developing payment and settlement systems, and current trends regarding the banking sector’s use of messages ( ISO20022) internationally, and developments in SWIFT messaging models.
The topics of the meeting will also address the future of automated clearinghouses and their role in the era of rapid payments, commercial payment gateways and digital wallets, and the requirements for implementing the Legal Entity Identifier (LEI) in payments.
Finally, the committee will discuss participation in the international survey on payment systems and processes in which cooperation with the World Bank takes place, and discuss the possibility of issuing a regional report using the results of the survey.
On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, praised the continuous development of the topics and issues discussed by the committee and their importance for Arab countries in enhancing the safety and efficiency of financial transactions and the flow of payments and transfers.
His Excellency expressed his happiness with the wide participation of the relevant regional and international institutions, which enhances the importance of the committee as a platform for dialogue and exchange of experiences and expertise in the issues of financial infrastructure systems.
His Excellency stressed the need to pay attention to the issues of digital payments and instant payments, and that the committee should be proactive and proactive in enhancing knowledge to support the efforts of Arab countries in this regard.
His Excellency praised the great support and encouragement given by their Excellencies, governors of Arab central banks and monetary institutions, to the "Bunni" platform for Arab payments, and the great opportunities that the platform offers to develop the payment and settlement system in the Arab region and enhance regional financial integration and linkage with the global financial system, looking forward to support And the committee members’ contribution to introducing the platform and expanding the platform’s network of participating banks. 🔹
************
Petra: MM, your previous posting states clearly that Iraq has successfully met the foreign reserve requirement and they have sufficient capability to protect them!! PETRA……
MilitiaMan: I know it is a lot to take in.. but, one that has studied will see that we are past the final exam imo… Petra, they clearly show they have the ability to now defend all currencies on the region. Militia-Man….
Petra: And all the professors showed up to grade and pass Iraq!!! Review who attended the last 48 hours!!!! Wow!.. PETRA…..
MilitiaMan: The chronology speaks volumes… Militia-Man….
Petra: Absolutely!!!….. Nice sequencing MM..or should I say Iraq!!!... PETRA..
MilitiaMan: The data is out, we just share it.. Militia-Man…..
Petra: That’s all we do!.. PETRA…..
MilitiaMan: Petra fairly sure we could find pearls all night long in the sequence posted.. Militia-Man…..
Petra: Oh you bet. But, bedtime is calling!!!.. PETRA…..
MilitiaMan: If we just go with what they say and in terms of time, we can see there is no stopping digitization... Militia-Man…..
Petra: Yes. And it’s already been proven internationally!.. PETRA….
MilitiaMan: I know what I posted is in depth, but, imo it is gold..
Let’s see what transpires, it is there show.. If we look at the above data and the order is is off the charts.. imo… I would suggest reading the links above and putting them in order... Interconnectivity digitally is when?.... Who dictates ?
Who is still the reserve currency of the world? USD… Yep…
Who has that stature, has last leg up.. Meaning the last leg up, is and may be hard to take down with out a good kicking.. lol….. Militia-Man
Vietnam, Venezuela and iraq News Posted by Samson at KTFA 10-1-2021
.KTFA:
Samson: Việt Nam GDP to grow at 5.4 per cent: English chartered accountants institute
1st October, 2021
Việt Nam’s GDP is likely to grow by 5.4 per cent this year, according to the Global Economic Forecast Report from the Institute of Chartered Accountants in England and Wales and Oxford Economics.
The ICAEW said the forecast has been revised downwards from the 7.6 per cent in its previous report. The growth would accelerate to 7.5 per cent in 2022, with the pick-up driven by easing restrictions and industrial recovery gaining traction around mid-2022, it said.
KTFA:
Samson: Việt Nam GDP to grow at 5.4 per cent: English chartered accountants institute
1st October, 2021
Việt Nam’s GDP is likely to grow by 5.4 per cent this year, according to the Global Economic Forecast Report from the Institute of Chartered Accountants in England and Wales and Oxford Economics.
The ICAEW said the forecast has been revised downwards from the 7.6 per cent in its previous report. The growth would accelerate to 7.5 per cent in 2022, with the pick-up driven by easing restrictions and industrial recovery gaining traction around mid-2022, it said.
Prospects remain dim in the short term for countries like Việt Nam, the Philippines and Thailand which continue to battle the spread of the COVID-19 virus. Heavily export-oriented economies like Việt Nam remain dependent on the recovery of the manufacturing sector.
The spread of the highly contagious Delta variant has cast a shadow on Southeast Asia and limited economic recovery this year, especially for countries with low levels of COVID-19 immunity. Several economies are expected to contract in the third quarter, but the outlook in 2022 is more positive. Asian economies have experienced varying degrees of success in containing the Delta variant because of differing rates of vaccination and social distancing restrictions.
At one end of the spectrum, significant waves of infections in Việt Nam, Malaysia, the Philippines, and Thailand in the last quarter mean they face delayed recovery in 2021, but they should see a significant rebound in 2022 once vaccination rates are higher and lockdowns are lifted.
Mark Billington, ICAEW’s managing director international, said: “The COVID-19 Delta variant has derailed the recovery process for most South-East Asian economies and the reality of living with COVID-19 as endemic is proving to be complex. “Not only do governments have to implement appropriate restrictions and measures to curb the spread of the variant, but they also need to speed up their vaccination rollouts to achieve immunity, in order to improve their prospects for growth.”
Global GDP grew by 1.4 per cent in the second quarter of 2021, exceeding the rate of growth seen in the 15 years prior to the pandemic, including the pace of recovery seen after the global financial crisis of 2008. However, there are signs that momentum may be faltering, driven by tighter restrictions and concerns about the Delta variant, and supply chain disruptions that are affecting key sectors such as manufacturing.
The report expects the global economy to expand by around 5.8 per cent in 2021 and 4.7 per cent in 2022. LINK
************
Samson: Việt Nam-US trade ties enjoy 'spectacular' growth
28th September, 2021
Việt Nam-US trade ties have enjoyed impressive growth over the 26 years since the normalisation of diplomatic ties.
Looking back at the past 20 years in international trade, there is no relationship which has such a fast growth rate like that of the Việt Nam-US trade relationship, said Nguyễn Xuân Thành, senior lecturer at Fulbright School of Public Policy and Management in Việt Nam.
Prof. David Dapice, leading expert on development economics in Southeast Asia, Harvard Kennedy School, Harvard University, used the word “spectacular” to describe the development of economic cooperation between Việt Nam and the US.
Two-way trade rose from over US$400 million in 1995 to more than $90 billion in 2020.
Việt Nam’s total export turnover to the US from $1 billion in 2000 increased to $10 billion in 2007, mainly thanks to the bilateral trade agreement taking effect in 2001. After 2007, Việt Nam's exports continued to increase, partly due to the shift in the global supply chain, as foreign investors entered Việt Nam to take advantage of cheap labour, David Dapice said.
Over the last five years, Việt Nam’s export value to the US has increased by 230 per cent, while exports from the US to Việt Nam also jumped 175 per cent. The US has become Việt Nam's largest importer, while the latter has become the former’s 10th largest trading partner.
Deputy Foreign Minister Nguyễn Quốc Dũng emphasised that the Việt Nam – US relations had made significant strides since 1995, with the most salient aspect being the economic cooperation.
With a comprehensive partnership, trade and investment flows from the US have paved the way for Việt Nam to further its international economic integration and gradually boost growth, thereby moving away from the status of a less developed to a middle-income country.
For US businesses, Việt Nam’s fast-growing market of 100 million people with a young, industrious workforce seems to be highly promising. The country’s increasing demands for development and its location in one of the most dynamically growing areas of the world also offer great opportunities.
Meanwhile, the US, as the biggest importer in the world with abundant capital and technology, is a potential destination for Vietnamese exporters.
What is more important is that the governments and business communities of both countries want to promote economic and trade co-operation. LINK
************
Samson: For the third time in 13 years...Venezuela makes a new adjustment to its currency
1st October, 2021
Venezuela today, Friday, removed six zeros from its currency, adjusting the value of the bolivar
for the third time in 13 years, in the context of the hyperinflation faced by the country, which is the highest in the world.
As part of this procedure, the country, which is facing the worst crisis in its modern history, will
print banknotes in new denominations, in which one million bolivars will be exchanged for one,
while these notes are no longer in circulation in the country.
The aim of the amendment, according to what the Central Bank announced last month, is to “facilitate” the daily transactions of about 30 million Venezuelans. Before adjusting the value of the currency, the price of a loaf of bread was equivalent to 7 million bolivars, in a country that was considered one of the richest countries in South America thanks to its oil. But also because of mismanagement and political crisis. 94.5 percent of households live below the poverty line ($1.9 a day), according to a recent university study.
According to the study, the population of Venezuela is now about 28.8 million, which means that about 5 million people have left the country due to the economic and political crisis.
Since 2008, fourteen zeros have been omitted. The new bolivar will be equivalent to 100 billion
bolivars in 2007, reflecting the staggering decline of the Venezuelan currency. This, of course,
led to a lack of purchasing power for wages. "We receive our salary every two weeks, which is less than
three dollars," said Marles Guerrero, 43, a teacher who earns millions of bolivars.
In order to face the highest inflation rate in the world, estimated by the Eco-Analytica think tank at 1,600% in 2021, more than two-thirds of transactions in the country are conducted in dollars, the currency of the United States, the regime's archenemy.
The rent for an apartment in a modest neighborhood of the capital starts at $150, and the cost of a food basket for a family of five is about $220.
Credit cards and bank transfers are used instead of cash exchanges, and daily payments in bolivars have become very confusing.
Kids game
To tip a worker who parks a car in a restaurant garage, payment is required by card where the service provider receives a receipt in lieu of cash. Bus stops were turned into exchange offices in the open, in order to face the lack of liquidity, in order to ride this means of transport, in which payment is only accepted in bolivars. "We exchange a dollar for four million bolivars. A bus ticket costs two million," said William Hernandez, a 56-year-old driver. On the street, children play with bundles of real banknotes that have long been of little value.
The government invokes international sanctions imposed since 2019, especially by Washington, which has been seeking to oust President Nicolas Maduro since he was re-elected for a second term in 2018 in elections whose results were rejected by the opposition. Negotiations are underway between the Chavez government led by Socialist President Maduro and the opposition led by Juan Guaido, who is considered by about fifty countries, including the United States, as interim president of the country.
And Venezuela, the former oil giant, produced 520,000 barrels of oil per day last February, according to
figures from the Organization of Petroleum Exporting Countries (OPEC), much less than the three million
barrels it produced per day in 2013.
While some Caracas feared that the new currency adjustment would reduce purchasing power, others
welcomed the simplification of transactions, including accountant Rodrigo Bermúdez. “It was a relief...
the number of digits made any transaction very tiring,” he commented, referring to an invoice with too many zeros to fathom. LINK
Samson: With the participation of Iraq.. the launch of the activities of Expo 2020 Dubai
1st October, 2021
Revealed, on Friday, the Prime Minister's approval of the formation of a government committee tasked with supervising and managing the file of the Republic of Iraq at the Expo 2020 Dubai, which started today Friday in the UAE and will last for six months.
The Director General of the General Company for Iraqi Exhibitions Sarmad Taha Saeed said, in a statement received by Mawazine News, that "the committee is headed by Dr. Salem Jawad Chalabi, and the membership of the Association of Iraqi Banks, the Trade Bank of Iraq TBI, the Central Bank of Iraq, the General Company for Iraqi Exhibitions and the Ministry of Culture, Tourism and Antiquities The Ministry of Foreign Affairs, the National Investment Commission, a representative of the Prime Minister’s Office, the Economic Reform Unit, and the Office of the President of the Kurdistan Regional Government.”
He added, "Expo Dubai 2020, which kicked off in a grand official celebration with the participation of 192 countries under the slogan (Connecting Minds and Creating the Future), and the opening ceremony was attended by the Iraqi Ambassador to the UAE Muzaffar Al-Jubouri and Director of the General Company for Iraqi Trade Fairs Sarmad Taha Saeed."
He pointed out that "Iraq's participation in the exhibition will be within the topic of opportunities that constitute a distinct platform to devote new models to the flow of financial and intellectual capabilities that can enhance the spirit of entrepreneurship and innovation, and focus on exploring ways of interconnection and identifying various partnerships, which leads to the production of a legacy of new innovations."
Saeed said that "the opening ceremony witnessed the presentation of various activities and messages indicating the strength of international cooperation and the importance of the future." LINK
**************
Samson: The Ministry of Finance issues “Binaa” bonds that are tradable on the stock exchange
1st October, 2021
The Ministry of Finance / Public Debt Department, in cooperation with the Central Bank of Iraq, announced today, Friday, the issuance of construction bonds tradable in the stock market, with the guarantee of the Ministry of Finance.
And the ministry indicated, in a statement received by Mawazine News, a copy of it, that the categories of bonds offered for trading are:
1- A bond of 500,000 five hundred thousand dinars with an annual interest of 6% for two years.
2- A bond of category (1000000) one million dinars with an interest of 7% for a period of 4 years.
The ministry clarified that "the public wishing to purchase can submit their requests through authorized banks."
The ministry called on all investors and citizens to "take advantage of this investment opportunity, because of its returns for the benefit of the borrower (the investor) and for the entire national economy," noting that "the process of trading these bonds comes in accordance with the plans and mechanisms of the financial sustainability process and its improvement, in addition to the positive economic effects represented in By raising the levels of economic activities for various sectors and enhancing the availability of broad development opportunities. LINK
Frank26 and KTFA Members Wednesday Evening 9-29-2021
.KTFA:
Frank26: INCOMING……. FROM EDDIE:
Eddie: TV today having a little we saw world bank doing project for 100 million in ways of vaccines and health needs for Iraq then they saying the new government bonds are worth a billion dinar and will help fill budget deficits and then financial advisor to Saleh saying the 2022 budget will be sent to parliament before end of this year saying it looks good because in budget oil will be 50s and the actual price of oil is to be in the 80s so will produce excess already but saying passage of the budget probably March of 2022.
Eddie: TV keeps talking today about the construction bonds and the relationship to the exchange rate keep talking about lowering the exchange rate we used to be 1160 and the way he talks sounds like to 1 he in other words is talking about a revalue without actually saying it but that spells out rv.
KTFA:
Frank26: INCOMING……. FROM EDDIE:
Eddie: TV today having a little we saw world bank doing project for 100 million in ways of vaccines and health needs for Iraq then they saying the new government bonds are worth a billion dinar and will help fill budget deficits and then financial advisor to Saleh saying the 2022 budget will be sent to parliament before end of this year saying it looks good because in budget oil will be 50s and the actual price of oil is to be in the 80s so will produce excess already but saying passage of the budget probably March of 2022.
Eddie: TV keeps talking today about the construction bonds and the relationship to the exchange rate keep talking about lowering the exchange rate we used to be 1160 and the way he talks sounds like to 1 he in other words is talking about a revalue without actually saying it but that spells out rv.
Frank26: Smile… They are trying to tell you something Keep listening very carefully and I strongly suggest that you go Saturday to go see your friend at the bank not Friday.
Eddie: This advisor to Saleh still on tv talking about construction bids in reference to the exchange rate.
Frank26: Told you so LOLOLOL.
Eddie: Jordan Egypt and Switzerland all making deals with Iraq today to return stolen funds.
Eddie: Holiday coming Sunday to celebrate Independence Day.
Frank26: I find it interesting that Sunday is Iraq’s Independence Day very interesting… And I have always found a Saturday into a Sunday very interesting because on Sunday Iraqi banks are open and most of the rest of the banks around the world are closed…. END…….FRANK26
************
DeepWoodz: National Day Iraq
In August 2020, Iraq’s Cabinet agreed on a draft law to mark October 3rd as Iraq’s National Day. Announcing the decision, Iraq’s Culture Minister Hassan Nazim explained that “the importance of this day is that it is an official and international recognition of the establishment of the Iraqi state, to be among the first Arab (countries) to gain independence”.
************
Frank26: "FROM THE MOUTH OF THE AUTHORITY...KAZEMI AND MUSTAFA GHALEB!!!"...F26
After The Oil Price Hike, Alia Nassif Calls For A Reduction In The Dollar Exchange Rate
28th September, 2021
Representative Alia Nassif called on the Ministry of Finance to reduce the exchange rate of the dollar after the price of a barrel of oil exceeded eighty dollars, indicating that it is not fair for the poor to pay the price of economic crises, whether they are caused by corruption or the lack of appropriate plans to deal with crises.
Nassif said today: “The price of a barrel of oil has exceeded eighty dollars, while the dollar exchange rate is still burdening the Iraqi citizen who pays the price of financial corruption and the absence of appropriate plans to confront economic crises such as the crisis of the previous drop in oil prices and the country’s dependence on oil revenues only,” indicating: The working class is the most affected by the rise in the exchange rate of the dollar, because its purchasing power is now unable to cope with the rise in the prices of food commodities and basic materials.”
She stressed "the necessity for the Ministry of Finance to reduce the exchange rate of the dollar against the dinar and return it as it was in the past, because there is no need to continue with the high exchange rate and to avoid its negative repercussions on all groups of the people." LINK
Samson: The League of Arab States calls for tight policies to advance the digital economy
29th September, 2021
Secretary-General of the League of Arab States, Ahmed Aboul Gheit, affirmed, on Wednesday, that the digital economy is currently an important resource in the global economy, as data indicate an acceleration in the growth of the digital economy at rates that exceed the rest of the sectors, as its contribution is equivalent to 22% of the total output Global crude oil, while this percentage drops in the Arab world to only 5%.
Aboul Gheit added, during his participation in the opening of the Digital Economy Conference and Exhibition (Seamless Middle East 2021) in Cairo today, that "bridging this gap and catching up with the developed countries requires us, as Arabs, to develop strict and practical policies to advance the digital economy, as investment in it will allow achieving high growth rates. and sustainable development that would absorb the large numbers of young people looking for job opportunities in many Arab countries, after the high unemployment rates following the outbreak of the new Corona virus pandemic, despite the exceptional measures approved by all Arab governments to confront it.
The Secretary-General explained that "the issue of digital transformation and the modernization of the Arab strategy in this field is one of the three priorities that we have chosen to focus on in the League of Arab States, in addition to the themes of sustainable development and entrepreneurship," stressing the necessity of "attention to building capacities in the field of artificial intelligence as the technology of the future." And in this regard.”
He pointed out that "the proposal submitted by him regarding the formation of an Arab advisory council for artificial intelligence, whose membership includes specialists from Arab organizations and member states, supervises the development of an Arab strategy in this field, and provides, when needed, the necessary advice and support to Arab countries."
Aboul Gheit added, "The development of the digital economy requires basic things, including providing an incubating and supportive environment for digital companies, establishing appropriate infrastructure and flexible legislation that facilitates the establishment of companies and provides basic rules for the protection of personal data, and other requirements." LINK
************
Samson: PM advisor : remaining foreign debts on Iraq
29th September, 2021
The financial advisor to the Prime Minister, Mudhir Muhammad Salih, revealed the volume of Iraq's remaining foreign debt, while stressing that it has decreased significantly.
"Iraq's foreign debts have decreased significantly, and only less than $6 billion of the actual sovereign debt under the Paris Club Agreement (debts before 1990) remains," said Salih in a statement to the Iraqi News Agency (INA).
“Payment methods include installment payment with interest until maturity at the end of 2028, accompanied by commercial debts that were scheduled after 80% were discounted in 2006 and the remaining amount is $2.7 billion.”
He explained that “the remaining amount has been scheduled and issued in a European bond to creditors since 2006 and was called (Iraq 2028), and it carries an annual interest of about 5.8 percent, as the bond will be ended. " “The European bond (Iraq 2028) is traded in the secondary capital markets where it is universally desirable in buying and selling as a result of its high guarantees,” he noted.
He pointed out that "the foreign debt does not exceed $13 billion, which increased during financing of the war against the terrorist gangs of Daesh after 2015, and there is a gradual payment mechanism for it, as allocations to extinguish it have been made within the annual general budget," stressing "the allocation of more than 9 trillion dinars in 2021 budget to extinguish debt services, and this will be the case in 2022 budget.”
"Debts that have not been settled so far, date back to the era of the previous regime, and they must be settled under the Paris Club Agreement, as these debts belong to the four Gulf countries and 8 other foreign countries, as they are unclaimed pending due to their connection with the financing of the Iraq-Iran war in Iraq, back to 80s, amounting to about $41 billion,” Salih explained.
He went on saying that, “there are internal debts, estimated at about $50 billion, which are liabilities within the institutions of the government system, and all of them are between public finance, the central bank and government banks, that is, they are not obligations on individuals but rather within the government financial entity," pointing to "preparing steps to end it without affecting the integrity of serving economic development or affecting the country’s financial sustainability.” LINK
Frank26 and MilitiaMan "Timing is so Very Perfect" 9-28-2021
.KTFA:
Samson: Post 111: After The Oil Price Hike, Alia Nassif Calls For A Reduction In The Dollar Exchange Rate
28th September, 2021
Representative Alia Nassif called on the Ministry of Finance to reduce the exchange rate of the dollar after the price of a barrel of oil exceeded eighty dollars, indicating that it is not fair for the poor to pay the price of economic crises, whether they are caused by corruption or the lack of appropriate plans to deal with crises.
Nassif said today: “The price of a barrel of oil has exceeded eighty dollars, while the dollar exchange rate is still burdening the Iraqi citizen who pays the price of financial corruption and the absence of appropriate plans to confront economic crises such as the crisis of the previous drop in oil prices and the country’s dependence on oil revenues only,”
KTFA:
Samson: Post 111: After The Oil Price Hike, Alia Nassif Calls For A Reduction In The Dollar Exchange Rate
28th September, 2021
Representative Alia Nassif called on the Ministry of Finance to reduce the exchange rate of the dollar after the price of a barrel of oil exceeded eighty dollars, indicating that it is not fair for the poor to pay the price of economic crises, whether they are caused by corruption or the lack of appropriate plans to deal with crises.
Nassif said today: “The price of a barrel of oil has exceeded eighty dollars, while the dollar exchange rate is still burdening the Iraqi citizen who pays the price of financial corruption and the absence of appropriate plans to confront economic crises such as the crisis of the previous drop in oil prices and the country’s dependence on oil revenues only,”
Indicating: The working class is the most affected by the rise in the exchange rate of the dollar, because its purchasing power is now unable to cope with the rise in the prices of food commodities and basic materials.”
She stressed "the necessity for the Ministry of Finance to reduce the exchange rate of the dollar against the dinar and return it as it was in the past, because there is no need to continue with the high exchange rate and to avoid its negative repercussions on all groups of the people." LINK
**********
MilitiaMan: The representative of the Ministry of Finance is telling us there is a reason that a rate change is expected to go back to a prior era. 1166 is not it nor is 1182 nor is 1460 going to cut the mustard.
They are all program rate centric and harmed the citizens. They are not international, sovereign nor freely traded exchange rates globally. The next move we may see is a digitized one that will coincide with a need to make change down to the fil if need be.
All to be for the citizens benefit!! imo Watch what they do..
They are telling us they even now have contracts for mobile payments.. Digital ones.. imo. All new systems will require a new internationally traded currency with value enough to need small denominations.
Timing is so very perfect.. imo..
A smooth transition may be seamless in the very near future. imo ~ MM
*****************
Frank26: "KTFA HERE IS YOUR KEYWORD....... CADRES!!!".........F26
Frank26: ONE MONTH AGO I USED THIS WORD “CADRES” AND WANTED TO MAKE SURE YOU UNDERSTOOD THIS WORD…THE PEOPLE IN CHARGE, THE FAB 4, ARE THE CADRES.
THEY HAVE WORKED ON THIS AND CHANGED THE RATE ON A 2ND SET OF BOOKS AND ARE ABOUT TO SHOW IT.
THEY CREATED A SAFE HAVEN FOR THE WORLD TO POUR INTO IRAQ BY ARTICLE 8. THIS IS A SYNOPSIS OF EVERYTHING WALKINGSTICK & I TAUGHT YOU……FRANK26
An economist calls for the revival of the experiment of oil-gold speculation in Iraq
09/27/2021 21:08:55
The economic expert, Riad Al Marsoumi, called on Monday to revive the experience of speculating oil with gold in the country.
Al-Marsoumi told Al-Furat News that "there is an old Iraqi experience in the last century, through a specialized committee in the Central Bank of Iraq, which carries out the process of trading and economic speculation in gold." He pointed out, "The possibility of this committee to benefit from fluctuations in gold prices, especially since gold and oil have a direct relationship, that is, the higher the oil price, the higher the gold price."
Al-Marsoumi considered this field "profitable. The economy can benefit from the rise in gold prices, especially since it has become an economic safe haven, after changing the exchange rate of the dollar, which is commensurate with gold in a military relationship, and there are Iraqi cadres in the Central Bank who worked in this regard."
Experts and specialists stressed that the rise in gold prices has a strong relationship with energy and oil prices, on the grounds that the price of oil has a relationship with the productivity of most commodities because it represents a part of the cost components of any commodity, whether transportation, production or others, and when any changes in its prices occur, this affects the economy The local commodity by making changes in the prices of local commodities, whether the change is up or down. Gold prices rose in Iraq, in trading this evening, Monday, despite the decline in the prices of the precious metal globally. And the price of a gram of 24 carat gold, during evening trading in Iraqi gold shops, was about 82,445 dinars ($56.49).
A gram of 21 karat gold amounted to about 72,141 dinars ($49.43). While the price of a gram of 18 karat gold in Iraq was 61835 dinars ($42.37). As for economic gold prices in Iraq, the price of a gram of 14 karat gold scored about 48,093 dinars ($ 32.95), and the price of a gram of 12 karat gold scored about 41223 dinars ($ 28.24). LINK
************
MilitiaMan: This is not surprising at all that they are talking about real money and commodities in which they have much of in both. Both will support the value of their currency which too is going to be a valuable commodity.
Their Bonds paying 6% - 7% respectfully may very well be the change that set the stage for all of us. Telling us they will not change the rate for four years. They will not change it again once they change back to the previous era.
One that will require them to not change the rate again because of the new exchange rate will require stability, security and sovereignty. All of which President Salih spoke about at the UN and on CNN news..
Iraq is not being quiet about what they are doing.
The last post #111 (see above) shows that they say they are going to do something, then they show us they are doing those things. The digitization of the country has been and is underway.
I expect to see them show us the 2022 budget 10/01/2021, as they have not yet exposed the 2019 FMLA - 2021 Budget yet, and the Judiciary was to have a decision on that matter on 09/23/2021 and have yet to do so.
IF the Training Meetings are over with the Cadres, it is show time.. imo.. ~ MM
KTFA Member "News and Views" Monday PM 9-27-2021
.KTFA:
Ross: One of the most potentially far-reaching trends in the financial landscape right now is the imminent roll-out of Central Bank Digital Currencies (CBDCs). CBDCs will be issued by central banks and will be legal tender.
Many CBDCs that are being researched and developed employ Distributed Ledger Technology (DLT), with the recording of transactions on a blockchain. CBDCs will be tied to user identities and Digital IDs, and straight off the bat they allow for total surveillance by the State. Agustín Carstens general manager of the BIS, where he chillingly said: “We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today. (Implying they would in the future)
KTFA:
Ross: One of the most potentially far-reaching trends in the financial landscape right now is the imminent roll-out of Central Bank Digital Currencies (CBDCs). CBDCs will be issued by central banks and will be legal tender.
Many CBDCs that are being researched and developed employ Distributed Ledger Technology (DLT), with the recording of transactions on a blockchain. CBDCs will be tied to user identities and Digital IDs, and straight off the bat they allow for total surveillance by the State. Agustín Carstens general manager of the BIS, where he chillingly said: “We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today. (Implying they would in the future)
With the BIS is Basel Switzerland as the conductor and orchestrator, it’s not surprising that central bank governors and country heads are now singing from the same song sheet, the song being ‘private digital currencies bad, central bank digital currencies good’.
Central Banks can thus influence and control the behavior of the recipients of this centralized digital cash, as well as exclude those who they want to penalize or who don’t comply with the State’s rules or parameters.
Although central banks will claim that they are introducing CBDCs for reasons such as improving payments efficiency, boosting financial inclusion for the unbanked and tackling illicit transactions, their real motivations, as always, are for surveillance and control.
Surveillance of a population via complete visibility into financial transaction flow and user identities, and centralized control of the money supply within a cashless financial system. (Welcome to the New World Order of 1984)
And you thought banks monitoring transactions above $600 was bad...
For additional reading: https://healthimpactnews.com/2021/central-bank-digital-currencies-a-future-of-surveillance-and-control/
************
Don961: Exchange rate
Monday 27 September 2021 Mustafa Mohamed Ibrahim
There is talk at the present time, whether in the academic, professional or market circles, that the exchange rate will return to what it was, i.e. to 1200 dinars per dollar, after the end of the elections period or after the approval of the budget for the year 2022 by the next Legislative Council (Parliament). However, these propaganda have two impacts on the economic situation in the country.
First, the citizen will be greatly affected when this news is promoted through his income and how his money will be used in the future, so waiting is the decision taken by Kiss.
The second is the economic stagnation that occurs in the market as a result of such news, the goals of which are known to most citizens, especially about two weeks away from holding the parliamentary elections, after which the issue of the exchange rate is closed in a Final manner.
The budget for the year 2022, which is in the corridors of the Ministry of Finance, initially, so far, confirms that the exchange rate is 1450 dinars per dollar, which indicates that there is complete independence of monetary policy, which means that monetary policy continues to achieve its development goals to control the market, and that any amendment In the exchange rate again and in a close time, it will lead to an unfavorable economic situation its aftermath.
Despite all this, pressure continues on the Central Bank of Iraq and continues to bear public financial lapses, and this is based on the continuation of the economic crises of this country, which has not stabilized and improved economically since a year 2003.
The first objective of monetary policy is to achieve exchange rate stability, and this is what monetary policy achieved during the previous and current periods, in order to stabilize the market and maximize foreign reserves.
The monetary policy turned to development goals through the housing initiative and support the health sector in light of the global epidemic as well as supporting developments and technologies Electronic banking work through the financial inclusion program, as well as financial and banking services provided to the customer to complete financial transactions as soon as possible …Maybe.
In conclusion, the only determinant and controller of the exchange rate remains monetary policy, because it is the supreme goal of the Central Bank of Iraq, which achieves price stability in the market. Personal, and does not want to reform the economic situation in the future, which is awaited by future generations, in an economically prosperous Iraq that achieves the goals of sustainable development through the modern banking industry and keeps pace with global technological developments that characterize international banks. LIN
************
Samson: Months .. Iraq is on a date with the most important technological event
27th September, 2021
Today, Monday, the Iraqi Ministry of Communications revealed the latest developments regarding the completion of the project to establish the Iraqi satellite, while it indicated the presence of local and international competition by major companies.
Ministry spokesman, Raad al-Mashhadani, told the National News Center that "after the announcement of the Iraqi tender by the Ministry of Communications, we began receiving dozens of offers submitted by major foreign, Arab and even local companies to establish the Iraqi satellite project."
And he indicated that “the General Company for Communication and Informatics has become its mission to collect bids, efficiency and expertise that these companies submit through (CV), which carries efficiency, experience and development,” noting that “the Ministry of Communications gave these companies 180 days to submit bids and advanced specifications related to the establishment of the Iraqi satellite, with a view to directing it. LINK
Samson: Expectations of a rise in oil prices from 90-100 dollars a barrel
09/27/2021 15:03:46
Expectations indicate that global demand for oil will return in early 2022 to levels before the outbreak of the new Corona virus, while Goldman Sachs estimated that its price will rise to between 90 and 100 dollars per barrel.
Today, Monday, oil producers and traders expected that global fuel demand would return to pre-Covid-19 levels by early next year, with the economy ridding itself of the consequences of the pandemic, but the excess refining capacity will likely pressure those expectations. Sector leaders said that despite the continued increase in cases of the disease in many markets, which affected the recovery of demand for some refining products, such as jet fuel, consumption trends for gasoline and diesel indicated higher growth, according to Reuters.
These statements were made at the 2021 Platts Petroleum Asia-Pacific Conference, which is being held in a hybrid form this year, as it includes both real and virtual participants. "We've seen refining margins recover as demand recovers," said Eugene Leung, president of BP Singapore and chief executive of BP's trading and shipping arm in Asia, the Pacific and the Middle East. of production lines," according to Reuters. "Most likely, the excess refining capacity will reduce to some degree those margins," he said in a pre-recorded speech to the conference.
The head of Hess Corp, an American oil and gas producer, said that the company expects global demand to return to pre-pandemic levels, which were 100 million barrels per day, by the end of this year or early 2022.
The IEA also forecast a strong recovery from the fourth quarter, citing "strong pent-up demand and continued progress in vaccination campaigns" to prevent COVID-19. And it expected that the average global demand for oil in 2021 will reach 96.1 million barrels per day and 99.4 million barrels per day in 2022, compared to recording 90.0 million barrels per day in 2020. The Organization of the Petroleum Exporting Countries (OPEC) expected average demand in the fourth quarter of this year to reach 99.70 million barrels per day.
For its part, Goldman Sachs raised its forecast for the price of Brent crude by the end of the year to $90 a barrel, from $80 currently, due to the recovery of fuel demand at a faster rate than expected from the repercussions of the spread of the mutated delta from the Corona virus and the impact of Hurricane Ida on global supplies. Brent futures approached three-year highs last week as global production disruptions prompted companies to withdraw large amounts of their crude stocks.
Crude was traded at $79.19 a barrel at 0619 GMT, while the price of US West Texas Intermediate crude was $75.08 a barrel. “We have long had a positive outlook for oil prices, but the supply-demand deficit is currently larger than our expectations with global demand rebounding from the effect of a delta shift faster than our previous forecast and with global supply continuing at lower levels than our previous forecast,” Goldman Sachs said in a note dated September 26. ".
Earlier this month, "OPEC" and its allies, "OPEC +", agreed to stick to a decision taken in July to gradually undo production cuts. Goldman Sachs said that the damage caused by Hurricane Ida to supplies erased the impact of the increase in "OPEC +" production, and that production of non-shale oil was still disappointing.
Regarding its forecasts for 2022, the bank reduced its average forecast for the second and fourth quarters to $80 from $85 a barrel, taking into account the possibility of a US-Iran nuclear deal by April.
Frank26:"The US and Iraq Are Mirror images in Their Financial Crises!" 9-27-2021
.KTFA:
Frank26: Here’s some interesting stuff from Eddie today...
TV saying news that the main objective of the 2022 budget is to pay all debt inside and outside of Iraq pay all debt off then Saying the budget is still not complete and is being worked on and then they are talking about the 400 billion going to the farmers payments is coming any day now finance guy speaking on the farmers payments…..
Then something interesting happened…
Family do you remember two months ago the United Nations criticizing Iraq for humanitarian reasons which was a bunch of lies. Then do you remember last week the United Nations coming out and saying that Iraq is about to become a leader in the Middle East….
Well it turns out that everybody knows what Iraq was about to do…. the problem is nobody knows when they are going to do it…
KTFA:
Frank26: Here’s some interesting stuff from Eddie today...
TV saying news that the main objective of the 2022 budget is to pay all debt inside and outside of Iraq pay all debt off then Saying the budget is still not complete and is being worked on and then they are talking about the 400 billion going to the farmers payments is coming any day now finance guy speaking on the farmers payments…..
Then something interesting happened…
Family do you remember two months ago the United Nations criticizing Iraq for humanitarian reasons which was a bunch of lies. Then do you remember last week the United Nations coming out and saying that Iraq is about to become a leader in the Middle East….
Well it turns out that everybody knows what Iraq was about to do…. the problem is nobody knows when they are going to do it…
Frank26: But besides the United Nations we now have an American news network that is also trying to tell the rest of the world what everyone knows already….
Now watch this from Eddie about an hour later this came in…
News saying president Saleh on interview with CNN talking about how Iraq will be a stable force with full sovereignty in the Arab world saying with construction, new infrastructure Iraq will rebound as leader in region then CBI offering two new financial bonds today for investment….
To which I told Eddie: Everybody knows what Iraq is about to do and when the United Nations bragged about Iraq being a leader in the Middle East last week it’s very encouraging now to see an American news outlet like CNN interviewing Saleh and saying that Iraq is about to become a leader in the middle east… saying that Iraq is a full sovereign country now well isn’t that amazing that everybody knows what we have been sharing since the beginning of this year……
Eddie is sending the link Eddie says it’s CNN American TV we should see it.
Spokesman for Kazami on tv talking about exchange rate and saying it must take time due to economic conditions and stability talked about the previous rate and it even referred to 2006 and 2008 but was saying it take time…..
Eddie He is correct it does take time and it was called the RV the re-calculations of the exchange rate and that was done a long time ago and that’s why they talk to you instead about the new exchange rate and the new currency that is soon to come out…
That’s all for now family but I want to ask you a question because what I will share with you in the next two days will be better understood with the following…….Iraq and the United States of America share the same financial fiscal year …………… therefore they share the same financial position….. God bless you all and stay in constant prayer because Holy Father loves to hear from us…..FRANK26
VIDEO FROM FRANK OF THE INTERVIEW: https://youtu.be/31DpXQIsXr8?t=1
Frank26: THE UNITED STATES OF AMERICA & IRAQ ARE MIRROR IMAGES IN THEIR FINANCIAL CRISES. WHAT WE MEAN BY THAT IS, THAT IRAQ IS ON A FISCAL CALENDAR AND IT WOULD BEHOOVE THEM TO RELEASE THE NEW EXCHANGE RATE AND NSCN’S (new small currency notes) BY THE 30TH OF SEPTEMBER BECAUSE THAT IS THE END OF THE FISCAL YEAR OR THEY WILL DAMAGE THEIR REFORMS IF THEY DO NOT.
WITH THAT SAID….. I FIND IT INTERESTING THAT THIS COINCIDENCE IS SO CONVINCING AND TELLING CONSIDERING THE DEBT CEILING OF THE UNITED STATES OF AMERICA THAT MUST BE RAISED BY THE SAME 30TH OF SEPTEMBER BECAUSE BOTH IRAQ AND THE UNITED STATES OF AMERICA ON OCTOBER 1ST WILL NEED FINANCIAL POWER THAT ONLY THEIR CONSITUTION CAN PRODUCE………..FRANK26
*******************
Frank26: WHY DID I SHARE TODAY ABOUT THE FINANCIAL CALENDARS OF IRAQ AND USA? …...BECAUSE THE GOP JUST BLOCKED THE DEBT LIMIT HIKE ON GOVERNMENT FUNDING ......................... LOL ..... HEY biden ...................GOD'S WATCHING YOU ................. SMILE.....F26
GOP blocks debt limit hike, government funding
BY JORDAIN CARNEY - 09/27/21 06:38 PM EDT
https://thehill.com/homenews/senate/574166-gop-blocks-debt-limit-hike?jwsource=cl
Senate Republicans on Monday evening blocked a measure to fund the government and suspend the debt ceiling, carrying through on their threat to not deliver votes for a Democratic measure to raise the government's borrowing limit.
The vote tally was 48-50. Sixty votes were needed to advance the measure.
No Republicans voted for the legislation.
The setback is the latest in a slow-motion brawl over how to fund the government and deal with the debt ceiling, which kicked back in on Aug. 1 with the Treasury Department using “extraordinary measures” since then to keep the government solvent.
Congress has until the end of Thursday to pass a government funding bill to avoid a shutdown the following day. The deadline for needing to deal with the country’s borrowing limit is less definite. Treasury Secretary Janet Yellen warned congressional leadership they might need to take action as soon as next month.
Democratic leaders haven’t unveiled what their next step will be, but they are vowing to prevent a shutdown on their watch. In order to deliver on that promise, they’ll need Republican cooperation to speed up a government funding bill.
Senate Majority Leader Charles Schumer (D-N.Y.) initially voted to start debate but switched his vote — a procedural move that allows him to easily bring the measure back up for consideration.
"I changed my vote from yes to no in order to reserve the option of additional action on the House-passed legislation. Keeping the government open and preventing a default is vital to our country's future and we'll be taking further action to prevent this from happening this week," Schumer said.
If they punt the debt fight for now, they have options on funding the government, either sticking with the Dec. 3 end date or going with a bill to try to line it up with the potential “x” date in the coming weeks when Congress will have to address the debt ceiling.
“Well, I don’t want to shut down the government,” said Sen. Dick Durbin (D-Ill.), while noting Schumer has the final say on strategy.
A spokesman for Speaker Nancy Pelosi (D-Calif.) didn’t respond to a request for comment, but Pelosi told reporters late last week that “we will keep our government open by Sept. 30, which is our date, and continue the conversation about the debt ceiling, but not for long.”
Republicans have warned for months, including just hours before Monday’s vote, that they won’t help Democrats raise or suspend the debt ceiling. Democrats voted with Republicans during the Trump administration to suspend the debt ceiling as part of larger funding packages.
“For more than two months now Senate Republicans have been completely clear about how this process will play out. So let me make it abundantly clear one more time, we will support a clean continuing resolution that will prevent a government shutdown. ...We will not provide Republican votes for raising the debt ceiling,” said Senate Minority Leader Mitch McConnell (R-Ky.).
McConnell and other GOP senators tried to bring up a short-term funding bill without the debt hike but Democrats blocked the attempt.
Democrats, meanwhile, tried to ramp up pressure on Republicans, warning that by shooting down the House-passed bill they are pushing the country closer to a default. Though the United States government has never defaulted, a similar standoff in 2011 resulted in S&P stripping the United States of its longtime AAA credit rating.
Schumer called the GOP position “unhinged,” arguing that there was a choice between “preserving our full faith and credit or vote in favor of an unprecedented default.”
They are “deliberately sabotaging our country’s ability to pay the bills and likely causing the country’s first-ever default in American history,” Schumer said.
Sixty-four House Democrats, including Majority Leader Steny Hoyer (Md.), sent a letter to McConnell on Monday arguing that Republicans are risking the country’s economic recovery, after it took a massive hit last year when businesses closed during coronavirus restrictions.
“Holding the debt limit hostage ... is a dangerous, illogical, and irresponsible way to express that concern,” the Democratic lawmakers wrote.
But that’s done little to move Republicans, who are trying to force Democrats to raise the debt ceiling on their own through the $3.5 trillion spending package that they can pass without any GOP support.
McConnell, speaking on the Senate floor, noted that Senate Democrats hadn’t voted for raising the debt ceiling during the George W. Bush administration when Republicans controlled both chambers and the White House.
But Democrats didn’t filibuster that debt ceiling hike, meaning Republicans were able to raise it on their own with a simple majority. GOP leadership has acknowledged that they have conservative members who are filibustering the government funding-debt bill, forcing Democrats to seek the higher target.
Republicans see a political advantage to forcing Democrats to raise the debt ceiling on their own through reconciliation: Doing so forces Democrats to raise the debt to a certain number, instead of doing a suspension through a certain date. The move would likely be fodder for campaign ads against vulnerable Democrats in the 2022 midterm elections.
Republicans also hope that adding the debt fight to the reconciliation bill will make it harder for Democrats to pass the $3.5 trillion package, where they are already facing internal pushback over both the scope and the details of the sweeping bill.
Democrats could amend the budget resolution to try to include the debt limit, though there’s no guarantee that it will line up with the spending bill. They’ve been reluctant to put that option on the table, pushing instead for a debt vote that is bipartisan.
The U.S. is on track to default on the national debt between Oct. 15 and Nov. 4 if Congress is unable to raise the federal debt ceiling, according to a forecast released Friday by the Bipartisan Policy Center.
Durbin said he expected Congress would need to act in a “matter of days” but didn’t endorse using reconciliation.
“I wouldn’t jump into any approach,” Durbin said, adding that “Schumer might have a better approach.”
Updated at 6:52 p.m.
https://thehill.com/homenews/senate/574166-gop-blocks-debt-limit-hike
MilitiaMan Sunday PM: "Fully Sovereign Means They Are 100% international" 9-26-2021
.KTFA:
MilitiaMan: Adviser to the Prime Minister sets the conditions for re-exchange of the dollar to the previous rate
09/26/2021 16:01:15
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the conditions for reconsidering the exchange rate of the dollar against the dinar and returning it to the previous rate.
Saleh told {Euphrates News} that "restoring the dollar exchange rate to its previous era requires a number of things and a period of time," stressing "the country's foreign currency reserves must be stabilized by addressing the budget deficit as well as improving the economy."
KTFA:
MilitiaMan: Adviser to the Prime Minister sets the conditions for re-exchange of the dollar to the previous rate
09/26/2021 16:01:15
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the conditions for reconsidering the exchange rate of the dollar against the dinar and returning it to the previous rate.
Saleh told {Euphrates News} that "restoring the dollar exchange rate to its previous era requires a number of things and a period of time," stressing "the country's foreign currency reserves must be stabilized by addressing the budget deficit as well as improving the economy."
He stressed that "this matter cannot happen in the short period, according to the current economic fluctuations and the general economic policy, which is difficult for anyone to speculate on its current conditions." The exchange rate previously between 2006 and 2008, according to the Iraqi reserves of foreign currency.
It is noteworthy that the Central Bank of Iraq decided on January 19 last to make a significant change in the dollar exchange rate, as follows:
1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.
1460 dinars per dollar, the foreign currency sale price for banks.
1470 dinars per dollar, the price of selling foreign currency to the public.
The Central Bank's decision caused a rise in prices for foodstuffs, consumer goods and commodities, which negatively impacted the standard of living of citizens and exacerbated unemployment.
MilitiaMan: The financial advisor to the PM set the conditions for reconsidering the exchange rate. They sure did. They devalued the currency 12/20/2020. A move that did nothing for the citizens but harm them with 33% increase in pricing of goods and services, etc..
We can see the negative effects on an going basis. Demonstrations are gearing to get started again. The citizens want their rights now not later. It is not the parliaments job to change the exchange rate. It is the GOV via the independent CBI to do so.
So when they say they cannot in the short period of time, they have had plenty of time already, as the devaluation is pushing a year old now and the project to delete the "Three Zeros Project" has been underway for many years and even now the White Paper on Reforms has been underway for a lengthy time as well.
We too see that the currency reserves are stable. They show us they have increased. A Decrease is unstable, where are an increase is strengthening and stabilizing in effect.
I am not sure why he says it is difficult to speculate when there is support for the positive effects on different revenue streams coming on a regular basis.
Oil is at $78.00 a barrel. They are activating borders digitally. They are selling LNG and not firing it. They have mining assets that are world re-known that will create jobs and more jobs and not only for Iraq, but, her neighbors.
So the difficult thing about speculation may be asked, "Why has the digital transformation not interlinked globally yet?"
The answer may very well be, it is underway and needs a time frame that links partners globally all at a time that is cohesive for smooth interconnectivity with communicable systems for clearing trade at borders and abroad.
A level and transparent playing field is required with minimal shocks to markets. ~ MM
Al-Hashemi calls on the government to focus on the digital economy.
"Al-Hashemi praised the government’s tendency to establish a youth support fund with an amount of 30 billion dinars, which supports technical projects, which contributes to the development of the Iraqi economy and makes young people go towards pioneering projects, pointing out that the private banking sector has begun to publish electronic payment tools in all the country, and requires Shop owners need to use a Pos device to organize the buying and selling process, reduce theft, waste, and more.
**************
MilitiaMan: We know the BUNA system has it's second addition to the FINTECH Glossary for guidance on and for the new BUNA Platform for clearing foreign currencies. So, effectively the President speech at the UN on 09/23/2021 spells out the progress and one of the items he mentions is Iraq being fully Sovereign.
To be fully sovereign means they are 100% international.
Thus they'll need to show the world they are fully so. That is where the CBI comes in.
The CBI will have the help of the powers that be at the highest levels of Global Finance to facilitate a smooth transition along the way, as they have in the past and will into the future. We see the activation(s) of borders in the news again today.
Also we see the statement below supporting they have now new electronic systems and are moving to a cashless society.
To move to a cash-less society is to be digitized. Which, begets another key point from the President at the UN meeting, being a topic on corruption, anti money laundering, recovering of assets, etc.. Those things can be attained with having integrated into a new block chain system.
The new system that is being ushered in imo is about to be sprung now, as there has been years of preparation already completed and more is to be as we go along faster and faster. The new technologies will usher it in like gangbusters.
The reconstruction efforts of not only Iraq are about to interlink. The globe is fully ready and expectant now in the Middle East, Asia, America, Europe, etc.
Norway has even denounced COVID-19 as the common flue or cold. The mask that has been the effectively a propaganda prop to usher the new system in, the mask will likely be going by the way side, just as Norway did yesterday or so. imo ~ MM
******************
The Central Bank succeeds in stimulating the economy and reforming the banking sector in 2021
It also implemented the strategy of the Central Bank with regard to developing electronic payment systems and moving to the cashless society. The number of ATMs operating in our banks reached (1300) tellers and points of sale with up to (5) thousand points of sale, and the number of activated bank cards reached (12) million cards. The other important aspect that the bank has done, and our banks have played an active role in its implementation, is the commitment to international rules and standards for compliance, anti-money laundering, financial reporting and risk management..
**************
After the rise in oil prices .. Surprising statements from Parliamentary Finance regarding the price of the dollar and the 2022 budget
He added, "There will be no budget in 2022, and the government will rely on the Financial Management Law - Article 27, and it will work according to the 2021 budget."
***********
Public Traffic announces tomorrow, Monday, the date for opening all Baghdad streets
09/26/2021 19:11:59
The Director of General Traffic, Major General Tariq Ismail, announced, on Sunday, that the streets of Baghdad will be opened by 100%, tomorrow, Monday.
Ismail said in a press statement, "The controls and most of the pavilions of the processions for the fortieth visit were removed from the streets of Baghdad, as well as the streets were opened, except for two locations, one of them in Karkh and the other in Rusafa."
He added that "the streets of Baghdad will be 100% open tomorrow morning."
"Iraq, a safe, stable and fully sovereign." Pres. of Iraq 13:55 minuts in real close. LINK
MilitiaMan: They will have 100% access to the streets. I wonder if that means they can access the thousands of new ATMs and be able to use the millions of cards to activate a new Sovereignty? The UN video described Iraq as being safe, stable and sovereign meeting place. Let see what happens by opening up 100% of all streets in Baghdad.. ~ MM
MilitiaMan: As mentioned before there is a concerted effort to support digital transformations around the world. Here is more support for my view on the matter of it is not only about Iraq, but, it very well me be about Iraq being a lynch pin for the transformation.
Again, this effort is not new appears to now have the timing on our side to come to fruition. I mentioned the powers that be.. Well the IFC and WORLD Bank are supporting Viet Nam just as they have with Iraq..
The stage has been set by Iraq at the UN as being Safe, Stable and Sovereign.. imo ~ MM
************
"IFC is the largest global development institution focused on the private sector in developing countries.
IFC, a member of the World Bank Group, advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries."
Productive and diversified private sector key to Việt Nam’s economic transformation
The report, conducted by IFC and the World Bank, which was launched yesterday, said while the private sector has played a frontline role in Việt Nam’s outstanding development in recent years, it’s now time to fully exploit the potential of this sector to boost productivity growth.
"Vietnam and Iraq News" Posted by Samson at KTFA 9-25-2021
.KTFA:
Samson: A British company pleads guilty to charges of bribery in oil projects in Iraq
25th September, 2021
British oil services group Petrofac said it would plead guilty to seven counts of bribery to secure projects in Iraq, Saudi Arabia and the United Arab Emirates between 2012 and 2015, describing it as a "very unfortunate period", which raised its shares by 25%
The company indicated its plans in London's Westminster Magistrates Court after it was formally indicted by the UK's Serious Fraud Office (SFO), drawing the line for a four-year criminal investigation
Petrofac said offers or payments to agents to help secure projects took place between 2011 and 2017 but all employees involved left the company
KTFA:
Samson: A British company pleads guilty to charges of bribery in oil projects in Iraq
25th September, 2021
British oil services group Petrofac said it would plead guilty to seven counts of bribery to secure projects in Iraq, Saudi Arabia and the United Arab Emirates between 2012 and 2015, describing it as a "very unfortunate period", which raised its shares by 25%
The company indicated its plans in London's Westminster Magistrates Court after it was formally indicted by the UK's Serious Fraud Office (SFO), drawing the line for a four-year criminal investigation
Petrofac said offers or payments to agents to help secure projects took place between 2011 and 2017 but all employees involved left the company
This has been a very unfortunate period in Petrofac's history," the company's chairman, Rene Midori, said in a statement, adding that a "comprehensive program to renew the company" had been approved by the Office of Organized Crime
“Petrofac used to live in the shadows of the past, but today it is very different, as stakeholders can be sure that we adhere to the highest standards of business ethics, wherever we operate,” he stated
Former CEO David Lufkin, who separately pleaded guilty to 14 counts of bribery to secure multibillion-dollar contracts for Petrofac in the Middle East, is also expected to be indicted LINK
************
Samson: Integrity: The money looted from Iraq is speculative numbers registered under fictitious names
25th September, 2021
The Federal Integrity Commission confirmed, on Saturday, that the looted money from Iraq was registered under fake names in several countries, noting that "financial rewards" were given to return that money.
The Director of the Administrative and Financial Department of the Commission, Jassem Basem, told Shafak News Agency, "The sums of money looted from Iraq before 2003 are speculative figures, given that knowing the money is very difficult because it was registered under fictitious names in the time of the former regime." He added that "the statistics of looted money from Iraq before and after 2003 are not known and cannot be known".
Jassim indicated, "There is an initiative to return the money in accordance with the law, provided that the person receives financial rewards from the money belonging to the state treasury."
And concluded in the capital, Baghdad, on September 16, an international conference to recover the looted funds, which was held for two days, and came out with 18 recommendations.
The recommendations were submitted to the Executive Office of the Council of Arab Ministers of Justice, and a copy of it was deposited with the United Nations Office on Drugs and Crime. LINK
************
Samson: Iraq is in the process of enacting new laws to recover smuggled funds
25th Septemberl, 2021
The Adviser to the President of the Republic, Head of the Legislation Department in the Presidency of the Republic, Amir Al-Kinani, revealed today, Saturday, the existence of a number of laws related to the recovery of smuggled funds, which will be announced soon.
Al-Kinani said in a press statement that "Iraq has the legal basis to recover the funds, which is the United Nations Convention of 2002 ratified by Iraq by the House of Representatives and is now considered a national law." And he indicated that "Iraq has the Riyadh Agreement ratified by Iraq, and part of it is issued by the League of Arab States, which obliges all Arab countries to hand over criminals and money to Iraq in the event that they are requested with an integrated file, and therefore the legal basis exists."
He pointed out that "the legitimate money recovery law sent by the Presidency of the Republic is a strengthening of the legislative system that monitors the movement of funds and people and their recovery." He explained that "in the Presidency of the Republic there is a department for legislation, and the speaker is the head of the department, and we usually use sectoral figures to write bills, and we have many laws, and we will announce them soon." LINK
Vietnam News:
Samson: GII 2021: Việt Nam leads the group of countries with the same income level
23rd September, 2021
Việt Nam has ranked 44th out of 132 countries and economies in the Global Innovation Index (GII) and maintains its leading position out of the 34 lower-middle income economies.
The GII annually ranks 132 economies on their innovation ecosystems, highlighting both their strengths and weaknesses. Since its inception in 2007, the GII has become a cornerstone of economic policymaking. An increasing number of governments around the world analyse their GII results and shape policy in response.
The results of the 2021 Global Innovation Index were announced by the World Intellectual Property Organisation (WIPO) on Monday.
Along with Turkey (41st), India (46th) and the Philippines (51st), Việt Nam is one of four low-middle income countries assessed by WIPO as closing in on the higher tiers of the innovation index.
According to WIPO, all four Asian economies have raised up the ranks by an average of 22 positions over the past decade; Việt Nam has risen from 76th place in 2012 to 44th this year. “Beyond China, these four particularly large economies together have the potential to change the global innovation landscape for good,” commented WIPO in the report.
The 2021 GII report notes that 19 economies are performing above expectations, relative to their level of development. Amongst them, Việt Nam, India, Kenya, and the Republic of Moldova hold the record for overperforming in relation to their level of development, for the 11th year in a row.
Ranked highest amongst the lower-middle income countries, Việt Nam scored above the group average in all seven of the GII's pillars of scoring. Highlighting Việt Nam's upward trajectory, Việt Nam even scored higher than the group average in the upper-middle income bracket in Market Sophistication, Business Sophistication, Knowledge and Technology Output and Creative Output.
For the 11th year in a row, Switzerland has topped the GII rankings, followed by Sweden, the US and the UK. All four countries featured in the top four last year too. LINK
************
Samson: Productive and diversified private sector key to Việt Nam’s economic transformation
23rd September, 2021
As Việt Nam moves toward recovery, the development of a productive and diversified private sector will become more imperative given scarce public resources, international experts have recommended.
Việt Nam has demonstrated leadership and swift action in containing the virus since it broke out in early 2020 which made it one of the few countries in the world to register positive growth last year. However, the latest wave of COVID-19 infections since July this year has dealt a severe blow to business and employment, mirroring the downward pressure on Việt Nam’s recovery path.
To resume its ambition of realising a high-income growth trajectory by 2045, Việt Nam needs to strengthen private sector development to help the country recover from the pandemic and unlock its potential, according to the Việt Nam Country Private Sector Diagnostic (CPSD).
The report, conducted by IFC and the World Bank, which was launched yesterday, said while the private sector has played a frontline role in Việt Nam’s outstanding development in recent years, it’s now time to fully exploit the potential of this sector to boost productivity growth.
“The private sector has helped propel Việt Nam to join the ranks of middle-income economies in just one generation, and the country was preparing for its next economic transformation when COVID-19 hit,” said Kim-See Lim, IFC Regional Director for East Asia and the Pacific. “With another wave, it’s all the more imperative for Việt Nam to help develop a dynamic, diversified and innovative private sector for the post-COVID 19 recovery phase, as public resources become scarce.”
According to the report, several factors make businesses in Viet Nam vulnerable to the crisis, including the country’s integration in trade and global value chains and its reliance on investment flows and the tourism sector. Not yet recovering from the previous infection waves, many businesses, especially small firms and firms in manufacturing, services and agriculture, suffered revenue shocks amid renewed lockdown measures.
Even after a recovery in demand, in a climate of uncertainty, being saddled with debt and negative expectations can reduce investment and threaten bankruptcies and job losses that could slow growth even further. However, Vietnamese businesses also continue to respond to the new normal by adopting digital technologies. Close to 60 per cent of firms in September-October 2020 had adopted or increased the use of digital platforms in response to COVID-19. Uptake was higher among larger firms and service firms.
E-commerce activity has surged following the outbreak with leading e-commerce sites such as Tiki and Shopee seeing an explosion in the number of purchase orders, and big retailers have seen a dramatic increase in online sales.
Small and medium enterprises (SMEs) have been more likely to use digital platforms for less complex front-end business functions, suggesting potential capacity or resource constraints. The COVID-19 outbreak has demonstrated the urgency for Việt Nam to step up the pace of adoption and diffusion of technologies and digital solutions to support business resilience and growth.
“The country’s emerging and dynamic private sector has demonstrated resilience during the COVID-19 pandemic and has contributed in making Việt Nam one of few countries attaining positive economic growth in 2020,” said Carolyn Turk, World Bank Country Director for Việt Nam. “Continued bold reforms are needed to create a more robust basis for competition and innovation in the economy, through which a private sector-led low-carbon economic growth model can enable Việt Nam’s goal of becoming a high-income country by 2045.”
Productivity-driven growth
Việt Nam’s ambition will require it to ramp up productivity growth and develop on a new growth model, the report said.
The country’s rapid GDP growth has relied heavily on expanding the labour force and on investment, while total factor productivity (TFP) growth has been slower than in most other fast-growing East 5 Asian economies.
The enterprise sector has grown rapidly over the last 20 years, in which the foreign-invested enterprises (FIEs) play an important role in the economy with a large share of GDP and export. Meanwhile, domestic private enterprises are mostly small, less productive, and less innovative than FIEs, and not well integrated into global value chains.
Though the country has seen some large domestic private enterprises emerge such as Vingroup, Vietjet and Masan operating across the East Asia region, still, the value of Vietnamese brands remains low compared with that of many countries in Southeast Asia. Thus, a shift toward efficient, productive and green private investment is essential to sustain Việt Nam’s rapid and sustainable economic development. This will require bolstering the private sector by reducing constraints on entry and competition, upgrading global value chains, diversifying into knowledge-intensive sectors, addressing skills gaps and increasing digitalisation across sectors.
Experts have suggested key areas for the reform agenda including levelling the playing field to ensure sound competition among all businesses, expanding access to finance for small and medium enterprises, improving availability of long-term capital, strengthening and greening infrastructure services, and ensuring a skilled labour force for a productive, innovative and high-value growth model.
“The COVID-19 pandemic has reinforced the urgency to address private sector development challenges to seek public-private solutions to best leverage and incentivise the private sector. This is especially important as the government’s resources, already constrained, have been prioritised for healthcare and livelihood support,” said Kyle Kelhofer, IFC Country Manager for Việt Nam, Cambodia and Lao PDR. LINK
Some "Thursday News" Posted by Samson at KTFA 9-23-2021
.KTFA:
Samson: The Turkish lira plunges to the lowest level in history
23rd September, 2021
The exchange rate of the Turkish lira fell against the dollar, today, Thursday, after the Turkish Central Bank decided to reduce interest rates.
According to Bloomberg website data, by 15:10 Moscow time, the price of the dollar row rose by 1.07% to 8.74 liras per dollar, and before that the Turkish currency recorded 8.8017 liras per dollar, the lowest level ever.
KTFA:
Samson: The Turkish lira plunges to the lowest level in history
23rd September, 2021
The exchange rate of the Turkish lira fell against the dollar, today, Thursday, after the Turkish Central Bank decided to reduce interest rates.
According to Bloomberg website data, by 15:10 Moscow time, the price of the dollar row rose by 1.07% to 8.74 liras per dollar, and before that the Turkish currency recorded 8.8017 liras per dollar, the lowest level ever.
Thus, the Turkish currency hit a record low after the Turkish Central Bank unexpectedly cut its main interest rate, despite the deterioration of inflation expectations. The Turkish Central Bank decided to reduce the interest rate by 100 basis points on repurchases, "repo" for a week, to 18%. Twenty-three economists were surveyed by Bloomberg.
In the words of Bloomberg, the decision is a sign that CBE policymakers are giving in to the demands of Turkish President Recep Tayyip Erdogan to lower borrowing costs. This step also threatens to undermine investors' confidence in the state's assets while eroding the real return on the lira. LINK
************
Samson: The General Secretariat of the Council of Ministers announces the suspension of official working hours next Tuesday
\09/23/2021 18:11:16
It was decided to suspend official working hours, on Tuesday, September 28, 2021, in all state departments, with the exception of service ones, coinciding with the fortieth anniversary of the martyrdom of Imam Hussein (peace be upon him). LINK
************
Samson: The formation of a committee of the foreign ministers of Iraq, Jordan and France in preparation for the upcoming Baghdad conference
22nd September, 2021
Wednesday, the Ministry of Foreign Affairs announced the formation of a committee of the foreign ministers of Iraq, Jordan and France in preparation for the upcoming Baghdad conference.
Foreign Ministry spokesman Ahmed Al-Sahaf said in a statement, “Foreign Minister Fouad Hussein chaired a meeting of foreign ministers of the participating countries to follow up on the outcomes of the Baghdad Conference for Cooperation and Partnership, on Tuesday, 9/21/21, at the headquarters of the Permanent Representation of the Republic of Iraq to the United Nations in New York. And in the presence of the Minister of Foreign Affairs of France, the Assistant Secretary-General of the United Nations for Political and Peacebuilding Affairs, the Secretary-General of the League of Arab States, the Secretary-General of the Organization of Islamic Cooperation, and the High Representative for Foreign Affairs and Security Policy of the European Union.
He added, "The meeting concluded with an agreement to form a tripartite ministerial committee from the foreign ministers of Iraq, Jordan, and France to complete the preparations related to the agenda and objectives of the upcoming conference to be held in the Jordanian capital, Amman." LINK
************
Samson: Integrity: International understandings regarding Iraqi funds smuggled abroad
23rd September, 2021
The Integrity Commission revealed, today, Thursday, all the funds recovered from the countries, while indicating that discussions are continuing to resolve the file of smuggled funds.
Moataz Faisal Al-Abbasi, Director General of the Authority's Recovery Department, said that "the conference for the recovery of the stolen funds came out with a set of recommendations to serve the work of recovering the funds."
He explained, "The meeting was held with personalities from the countries with which Iraq has files and ongoing discussions with them, as a semi-agreement was reached to resolve these files," noting that "the matter requires cooperation between the judicial authorities and procedures to resolve these files and arrange them legally." He added that "the files were arranged by the Integrity Commission to be submitted to countries," noting "the commission's need for government support in order to pressure and fulfill these requests."
Al-Abbasi confirmed, that “the total amount of the recovered funds amounted to 18 million dollars,” noting that “there are funds that the courts issued a seizure decision regarding, and they were claimed, as their values amounted to (2) billion dollars, in addition to amounts seized in countries whose values amount to up to 4 billion dollars." LINK
************
Samson: Washington: We are committed to supporting Iraq's efforts to implement the white paper on economic reforms
23rd September, 2021
US Ambassador to Iraq Matthew Tueller highlighted, Thursday, September 23, 2021, the projects supported by the American Development Finance Corporation to improve access to finance in Iraq, during a welcome speech at the Iraq Finance Fair, which was held on Wednesday, September 22, 2021.
In a statement received by Al-Masala, the US embassy said that the US Agency for International Development has provided more than (8) million dollars in loans since 2015 to help small and medium-sized enterprises recover from the war against ISIS
The ambassador noted the US government's cooperation with the Ministry of Finance in the new financial transparency initiative to strengthen open budget procedures and improve public access to budget documents, including state-owned companies
He pointed out the importance of the private sector, given that the three state-owned banks own about 85% of the total deposits
And he indicated that the United States is committed to supporting Iraq's efforts to implement the White Paper on economic reforms and build a vibrant and developed economy that provides job opportunities in the private sector LINK
Frank26 , MilitiaMan and more Wednesday 9-22-2021
.KTFA:
Frank26: (See article below) "THE NATIONAL PRODUCT ........... IS THE NATION’S CURRENCY ............. HE IS HINTING AT THE NSCN’S. ALSO ............... THIS IS A POLITICIAN FROM PARLIAMENT TRYING TO BUY VOTES VIA THE MR AND ER.
ALSO ............'LORD OF THE LAND' IS ............. THE CITIZENS OF IRAQ. ALSO VERY IMPORTANT ............... TO END THE 'EXTERNAL OCCUPATION' ........... IS A KEY YOU SEE .............. WHEN GERMANY............... 'OCCUPIED' ............... OTHER NATIONS IN EUROPE ................ THEY TOOK AWAY THE SOVEREIGNTY OF THAT NATION ...................
THIS POLITICIAN IS SAYING THE CBI IS NOW IN TOTAL CONTROL OF ITS NATION’S ..................
CURRENCY ..........................NO ONE OUTSIDE OF IRAQ NO LONGER HAS CONTROL OF THE CBI AND THE IQD !!! !!! !!!"........ F26
KTFA:
Frank26: (See article below) "THE NATIONAL PRODUCT ........... IS THE NATION’S CURRENCY ............. HE IS HINTING AT THE NSCN’S. ALSO ............... THIS IS A POLITICIAN FROM PARLIAMENT TRYING TO BUY VOTES VIA THE MR AND ER.
ALSO ............'LORD OF THE LAND' IS ............. THE CITIZENS OF IRAQ. ALSO VERY IMPORTANT ............... TO END THE 'EXTERNAL OCCUPATION' ........... IS A KEY YOU SEE .............. WHEN GERMANY............... 'OCCUPIED' ............... OTHER NATIONS IN EUROPE ................ THEY TOOK AWAY THE SOVEREIGNTY OF THAT NATION ...................
THIS POLITICIAN IS SAYING THE CBI IS NOW IN TOTAL CONTROL OF ITS NATION’S ..................
CURRENCY ..........................NO ONE OUTSIDE OF IRAQ NO LONGER HAS CONTROL OF THE CBI AND THE IQD !!! !!! !!!"........ F26
Al-Amiri promises the "Lord of the Land" a promising plan and pledges to end the "occupation of the dinar"
18th September, 2021
The Secretary-General of the National Producer Gathering, Jassem Al-Amiri, launched his electoral campaign for the early parliamentary elections scheduled for the tenth of next October, listing his step within the framework of "change" and a promise to reform the agricultural and industrial sectors and end the occupation of the Iraqi dinar.
Al-Amiri said in a statement, received by the "National News Center", that "we have a few days to choose one of the two paths, the first is actual and practical reform, and the second is for the situation to remain as it is now."
He added that "the first path, despite its difficulty and rugged roads, is the approach adopted by the National Producer's Assembly," stressing "the determination of the National Producer Group" to achieve actual reform through the ballot boxes, and our plan in this is to develop the agricultural sector and for the Iraqi farmer to be the master of the land and its producer.
And he indicated that "the plan includes the development of the industrial and banking sectors, accompanied by the practical sovereignty of the national product," pledging to "end the external occupation of the Iraqi dinar by certain and specific countries." LINK
*************
Frank26: "THE CENTRAL BANK OF IRAQ IS NOT WAITING UNTIL NEXT YEAR"...........F26
Finance talks about the salaries and promotions of employees
19th September, 2021
The Parliamentary Finance Committee confirmed, on Sunday, that the employees’ salaries are secured and that the financial surplus allows for the release of upgrades, noting that if the experience of the Central Bank fails to reduce the exchange rate of the dollar, the trend in the coming years will be towards re-exchange to the old rate.
Committee member Naji Al-Saeedi said in a press statement, “The salaries of employees in the current budget are absolutely secured, and there is a surplus and there is no deficit in the budget, and this surplus can be used to launch bonuses and employee promotions, and most ministries’ budgets allow this.”
Al-Saidi added, “Special job grades will be launched for all ministries in the next budget,” noting that “with regard to promotions, as we know, they have been suspended for years, but most ministries allow promotions, including the Ministry of Education, and there is a plan in the rest of the ministries, and the financial allocation for the rest of the ministries will be provided and launched in next years".
As for the price of the dollar, the committee member explained, “It is a governmental issue that has nothing to do with the House of Representatives, and it is an arithmetic issue through calculating the general revenues of the budget,” stressing that “if there is a failure in the experience of the Central Bank about reducing the exchange rate of the dollar against the dinar, the trend will be in the coming years are about changing the exchange rate and bringing it back to its previous era, by allocating the price of the dollar and selling it in the markets in order to stabilize its exchange rates.”
With regard to contracts, Al-Saidi said that “according to the text of the law, those who have completed five years will be fixed on the permanent owners, and those who are not confirmed, this is due to the issue of local revenues because their budget is self-balancing.” LINK
MilitiaMan: Iraq's position in the Fintech Industry Index FinxAr: LINK
In the wake of three industrial revolutions that the world witnessed, our world today lives in the era of the fourth industrial and technological revolution, which is based on unprecedented developments in the field of communications, information networks, digital technologies, big data, currencies, digital wallets, digitization of accounts, payments, chain of large data, the use of digital identity and electronic signature...etc.
Accordingly, the search for and application of these technologies in the implementation of transactions and how to use them has become not an intellectual luxury as much as it is an inevitable necessity imposed by the developments of the technological revolution.
Modern financial technologies Fintech are products and services that rely on modern technology to improve the quality of traditional financial operations or have an impact on financial institutions, including electronic payment applications, virtual currencies, digital identity, electronic signature and eKYC model. in the lives of societies and individuals.
The annual General Index of Modern Arab Financial Technologies (FinxAr) aims to stand on the efforts of Arab countries in supporting the development of the modern financial technology industry, and to contribute to setting a vision for the modern financial technology industry in Arab countries and how to support the incubating environment for it, and to shed light on the challenges facing the development of the modern financial technology industry.
The indicator is the first of its kind at the level of dimensions it deals with to measure its efforts to enhance the incubating environment for modern financial technologies.
This axis is represented by legislation, laws, rules, regulations, institutional framework and supervisory bodies responsible for these activities and the extent of their governance, as well as packages of national programs, initiatives and strategies necessary to build an environment that incubates modern technologies.
Increasing access to digital finance and other associated technologies and increasing the use of smart devices as incubators for financial innovations.
**************
Day 1, 22nd September 2021
10:00 – 12:00OPENING MINISTERIAL WELCOME & VIP SESSION
H.E Professor Ali Allawi, Minister of Finance & Deputy Prime Minister
H.E Mustafa Ghalib, Governor, Central Bank of Iraq
H.E Suha Najjar, Chairwoman, National Investment Commission
H.E Salem Chalabi, President & Chairman, Trade Bank of Iraq
12:30 – 13:30IRAQ’S FINTECH REVOLUTION
How can the banking sector fast-track FinTech into their business model?
Adopting FinTech platforms as a source of legal and financial compliance.
Where does Iraq stand as a FinTech provider? Key FinTech technologies in Iraq.
Creating a legal ecosystem that enables FinTech’s to thrive and banks to digitize.
14:30 – 15:30 MOBILE BANKING SOLUTIONS FOR IRAQ
How can Iraq accelerate the development of electronic banking & mobile banking? solutions?
Secure Mobile Payments & the role of 5G to accelerate mobile banking practices.
Digital lending and loan platforms for a mobile market.
New innovations and technologies to satisfy the Iraqi market.
Cross border international technology: Innovation for mobile international payments. (See link to last day of Expo 09/23/2021 for additional data).
Adviser to the Prime Minister: The 2022 budget will be distinguished by something important, and we do not rule out surprises
08/29/2021 11:36:08
." Saleh pointed out, "Circumstances are changing, and there may appear surprises, as it relied on an oil price of 50 dollars per barrel, according to what was announced by the Ministry of Finance."
And Finance Minister Ali Allawi announced last Thursday (08/26/2021) the completion of the preparation of the draft financial budget law for 2022, and that it will be presented within 3 weeks to the Council of Ministers.
The budget for the year 2022 will be completed within 3-4 weeks (08/29/2021) and presented to the Council of Ministers, expecting to submit it to the next parliament.
**************
Finance Minister: We have started reform, and we need everyone's concerted efforts.
We are moving towards offering treasury bonds for trading in the Iraqi Stock Exchange,
He said: {Reform of government performance and the economic system is inevitable, and far from it we cannot create an incubating environment for the economy}, pointing out that we have begun a real reform of government institutions, banks, customs and taxes, in order to manage Economy".
"It is noteworthy that the government specified in this budget In 2021, the price of a barrel of oil is based on $ 42 per barrel and an export rate of 3.25 million barrels per day, but Parliament calculated it at a price of up to $ 45, using the Iraqi currency in evaluating the price of a barrel instead of the dollar, which ended a major political debate about restoring government support to the value of the dinar. Iraq against the dollar."
The Federal Court sets the date for the decision to appeal the budget.
The court had set September 19 as the date for hearing the budget appeals. (today)
channel and followed by "Al-Iqtisad News", that "the 23rd of this month has been set as the date for the issuance of the decision to challenge the budget. (Thursday)
Al-Amiri promises the "Lord of the Land" a promising plan and pledges to end the "occupation of the dinar"
The Secretary-General of the National Producer Gathering, Jassem Al-Amiri, launched his electoral campaign for the early parliamentary elections scheduled for the tenth of next October, listing his step within the framework of "change" and a promise to reform the agricultural and industrial sectors and end the occupation of the Iraqi dinar.
And he indicated that "the plan includes the development of the industrial and banking sectors, accompanied by the practical sovereignty of the national product," pledging to "end the external occupation of the Iraqi dinar by certain and specific countries."
***********************
MilitiaMan: From the amount of convergences we see above they timing is clearly in our favor for an exchange rate change. The are openly talking about digitization and with currencies being apart of the future outlook and much more.
There are clear time frames being talked about. They are their words and not mine.
I suggest one reads the snippets and take in the chronology of events seriously. They are profound in correlation and timing. The process to digitize is inevitable. It is new and is at incubator status.
That means ground floor to investors. Thus, the new economic environment is ripe to grow and big time!
The environment will need the exchange rate to be with out occupation. As, in not at a program rate
. They even tell us so and that specific countries have had a hand in keeping the exchange rate occupied. They had to to get this to where we are now. A place where Iraq goes digital and international.
They even told us that it is inevitable and that they already have it in the cards to evaluate oil pricing in Dinar. Digitizing Iraq at a program rate is not in those cards, in fact it won't work.
Digitizing and Block Chain technology, the most advanced systems in the world will require a level playing field. A program rate is not on one.
The 2021 Budget Amendments were said to be slated for the 14th of September, though on the 17th they told us they postponed that until today. Today they told us they heard the appeal and will decide on the 23rd. Well, above we see events on the 22-23rd at the EXPO. Look who is in the line up.. It is the PTB in finance in Iraq.
All of the work in the White Papers PM Kahdimi laid out on 08/22/2021 are about what we are witnessing now.
A digital transformation that will be global is fully underway and cannot stop, imo.. They are going to end the occupation of the DINAR and that means they are to have practical sovereignty over their national product, their currency!!!
That is what I see.. I hope you all do as well. Lets see if we get a surprise and they show just how sovereign they really are prior to the 23rd. ~ MM
Samson: Parliamentary warnings of an "explosion of the situation" in central and southern Iraq
21st September, 2021
The Parliamentary Economy and Investment Committee warned today, Tuesday, of an explosion in the street in central and southern Iraq due to the deteriorating living conditions and the spread of unemployment in society.
Committee member Nada Shaker Jawdat told Shafaq News Agency, "The street in central and southern Iraq is close to an explosion, due to a frightening increase in the unemployment rate, and a decline in the economic situation in various fields, and the reason for this raised the exchange rate of the dollar against the Iraqi dinar, which increased the prices of Iraqi markets. This affected the citizens significantly, as well as contributed to raising the unemployment rates.”
And she indicated that "the Iraqi government is required to develop quick plans to address the economic situation in central and southern Iraq, as well as find real solutions to the issue of the high unemployment rate in these cities, before the Iraqi street explodes, due to the economic situation that it has been going through for a long time."
The Central Bank of Iraq had decided at the end of last year to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to one dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.
The devaluation of the local currency against the hard currency was reflected in the prices of goods and merchandise, especially imported ones, in Iraq, as it witnessed a remarkable rise, which burdened the low-income and the poor.
Iraq relies 90% of its income on oil revenues, and the last time it devalued the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.
The Central Bank launched its decision regarding the new pricing for selling the dollar in a public currency auction on the 20th of last December. Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to low oil prices and the outbreak of the Corona virus. LINK
************
MilitiaMan: The pressure is on again and the timing ahead of elections is probably going to need to be addressed long before vote day. Just as the effects of the devaluation have had significant negative impact. Key elements that will have profound effects leading up to the election.
The PM and CBI can fix that quickly imo, possibly once a decision is made from the court on the 2019 FMLA - 2021 Budget that is set for the 23rd, Thursday that coincides with the EXPO completion day and the Jordan Delegation follow up to the tripartite Baghdad summit. (The latter was also mentioned in respect to the side bar UN meetings yesterday.) That is if a decision needs to be made by the court, as there is indication, there is no need. So the theory out there we are waiting in elections, is not in the cards imo.. ~ MM
KTFA Members "News and Views" Monday PM 9-20-2021
.KTFA:
MilitiaMan: This is a surprise.. Didn't they talk about the possibility of surprises? Yep.. Sounds to me like they have a view that the decision from the court that is expected on the 23rd may have good news. imo.. ~ MM
Samson: For the first time since 2019, there is talk of a “no deficit” financial surplus in Iraq
20th September, 2021
The Parliamentary Finance Committee announced, on Monday, that the salaries of employees will be secured for the current year, while it indicated that there is a surplus in the current budget.
This is the first time that a competent executive or legislative body has talked about the existence of a financial abundance, not a budget deficit.
KTFA:
MilitiaMan: This is a surprise.. Didn't they talk about the possibility of surprises? Yep.. Sounds to me like they have a view that the decision from the court that is expected on the 23rd may have good news. imo.. ~ MM
Samson: For the first time since 2019, there is talk of a “no deficit” financial surplus in Iraq
20th September, 2021
The Parliamentary Finance Committee announced, on Monday, that the salaries of employees will be secured for the current year, while it indicated that there is a surplus in the current budget.
This is the first time that a competent executive or legislative body has talked about the existence of a financial abundance, not a budget deficit.
The current year's budget had approved a deficit estimated at 28 trillion dinars.
A member of the Finance Committee, Naji Al-Saidi, told Shafaq News Agency, "The salaries of employees in the current budget are absolutely secured, and there is a surplus and there is no budget deficit."
Al-Saidi added, "The use of this surplus is to release employee bonuses and promotions, and most ministries' budgets allow this," noting that "special job grades will be launched for all ministries in the next budget."
With regard to promotions, Al-Saidi pointed out that "it has been suspended for years, but most ministries allow promotions, including the Ministry of Education, and there is a plan in the rest of the ministries, and financial allocation will be provided to the rest of the ministries and launched in the coming years." LINK
***************
Clare: Dow Jones tanks 800 points as doubts swirl over China's property market
Federal Reserve kicks off 2-day meeting on Tuesday
https://www.foxbusiness.com/markets/dow-futures-tank-china-property-market
****************
Samson: Saleh leaves the homeland for New York to participate in the work of the United Nations General Assembly at its 76th session
20th September, 2021
The President of the Republic, Barham Salih, left the homeland, heading to New York to participate in the work of the United Nations General Assembly at its 76th session.
The media office of the President of the Republic said in a statement received by Mawazine News that "the President of the Republic, Barham Salih, left the homeland on Sunday evening, heading to New York to participate in the work of the annual United Nations General Assembly at its seventy-sixth session."
He added, "The President of the Republic is scheduled to deliver Iraq's speech at the General Assembly meeting." LINK
**************
Samson: The Minister of Foreign Affairs arrives in Washington to participate in the work of the United Nations Assembly
19th September, 2021
Foreign Minister Fouad Hussein arrived in New York on Sunday. To attend the 76th session of the United Nations General Assembly.
Ministry spokesman Ahmed Al-Sahaf said in a statement received by Mawazine News that "Hussein will deliver Iraq's speech within the work of this session, and represent Iraq in a number of meetings that will be held on the sidelines of the scheduled meetings."
He added, "It is expected that the minister will meet with a number of foreign ministers and officials from a number of countries in the world to discuss and strengthen bilateral relations, and mobilize efforts to continue their support for Iraq, contribute to the reconstruction of the infrastructure of Iraqi cities, and emphasize Iraq's foreign policy and its active role."
In strengthening security and stability and achieving effective economic partnerships, within the framework of government preparations for the upcoming elections scheduled for the tenth of next October.” LINK
Samson: Najaf suspends official working hours for five days
20th September, 2021
The Najaf Governorate announced, on Monday, the suspension of official working hours from September 26 to 30 of this month.
Translation.....
Peace be upon you....... Based on the directives of the respected Governor, and for the purpose of providing the best services to the visitors coming to our holy province for the purpose of commemorating the Arbaeen visit of Imam Hussein, peace be upon him, it was decided to suspend the official working hours and all except the service ones, starting from Sunday 19/9/2021 until 9/30/2021 Kindly note and work accordingly LINK
*************
Samson: Al-Kazemi's government signs the two largest contracts that will put Iraq in the category of the largest energy sources in the Middle East
20th September 2021
Within about two weeks, the government of Prime Minister Mustafa Al-Kazemi was able to attract the two largest companies operating in the energy field in the world, and from two countries that are considered giants of global economies.
The Iraqi government was able to attract the French company Total, which will enter the field of energy investment, and yesterday it signed a contract with Baker Hughes to invest associated gas in the fields of Nasiriyah and Al-Gharraf.
In the opinion of experts and economic analysts, "these steps will push the country to occupy a prominent position in the field of energy in the Middle East, and it will reflect positively on the Iraqi local economy, as well as provide great job opportunities."
And the experts told (Iraq Today), that “for decades, Iraq has neglected the associated gas file, and billions of this wealth were wasted, and therefore the Al-Kazemi government made the right decision in difficult and unconventional circumstances, and this is what counts for it as a clear and announced achievement.”
They pointed out that "the Total and Baker Hughes contracts will also encourage the giants of the oil and gas industry to enter this promising arena, and compete to gain a foothold for it, especially in the field of auxiliary industry or industries related to the extraction or purification file or other important projects."
On Sunday, Iraq launched a gas investment project in two oil fields in the south of the country, with a capacity of 200 million standard cubic feet of gas per day, with the American company "Baker Hughes". Where the "Baker Hughes" company will invest the gas associated with the extraction of oil in the fields of Nasiriyah and Al-Gharraf in Dhi Qar Governorate. The cost of the project is $370 million, and it will be implemented within 30 months.
On the fifth of this month, Al-Kazemi’s government signed a contract with the French company “Total Energies” worth 27 billion dollars, to implement four projects in the field of gas and electric power. The French oil company will build four giant energy projects in the southern province of Basra, with a value of $27 billion. Under this contract, Total will provide two billion dollars to build gas station facilities in the south, and a third of the investment funds will be spent over the next seven years.
For his part, CEO of Total, Patrick Pouyanne, said on the sidelines of the contract signing, that "the company will start with an initial investment of $10 billion, and that engineering work will begin at the end of this year."
The contract includes four projects, the first is the development of a gas refining complex in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais). The second project, the construction of a large central gas complex in the Artawi field (southeast); The third project is the construction of facilities to produce 1,000 megawatts of electrical energy using solar energy. While the fourth project, the development of the Artawi field with the aim of maximizing the potential of gas supply.
Estimates indicate that Iraq possesses an estimated stock of 132 trillion standard cubic feet of gas, but 700 million standard cubic feet of it is burned daily as a result of the lack of optimal investment over the past decades. LINK