MilitiaMan » June 5th, 2021
Imo.. This is not all about Iraq. It is about a global initiative. We just watched over 500 Central Bankers and Bankers and then down to Community Bankers converge in respect to the global digital transformation and in Iraq’s back yard.
Thinking this roll out is like status quo is sadly mis guided. The WB, IMF, UST, EU, etc, didn’t manage this process for to allow the parliament of Iraq to get tin the way and throw shoes at one another!! That is utter none sense..
The data shows they have come so far that even their own people can not fathom just how far they have come.. They’ll be proud..
Of those that facilitated the leap into the market economy, they’ll hang those they prove to have been corrupt in all aspects!! It won’t be the first time they have either.. Imo – MM
Cleitus » June 5th, 2021
“…,they’ll hang those they prove to have been corrupt IN ALL ASPECTS!!” Sounds to me there is going to be a lot of “hanging”! Especially, if you consider the “corrupt” from other countries that participated. It also sounds to me, and discussed on several occassions, once Blockchain/Digital Ledger Technology (DLT) is fully implemented [away from the SWIFT] it’s the last nail in the coffin for the “corrupt” to steal from the people. IMO, of course…
Samson » June 5th, 2021
The AMF appoints Standard Chartered as the Settlement Bank for the Euro in Buna
4th June, 2021
The Euro inclusion will support the growth of economic and investment ties between the Arab countries and Europe
The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant final details and intend to work together in progressing ahead to an implementation phase.
The inclusion of the Euro as the fifth settlement currency, marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world and strengthening its position as an active member of the global payment sector.
In addition to the three key Arab currencies; the UAE Dirham, the Saudi Riyal, and the Egyptian Pound, the Euro is the second international currency to join Buna’s payment platform, following the inclusion of the US Dollar.
This consistent rise in the number of settlement currencies in Buna, comes in line with Buna’s ambition to continuously increase its value proposition to its growing network of participants from the region and beyond. The inclusion of the Euro shall further strengthen Buna’s strategic objectives in terms of streamlining cross-border payments and supporting investment and commercial ties among Arab countries and between the Arab region and its major trade partners in Europe.
Commenting on this important event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, expressed his appreciation to Standard Chartered and its dedicated team, for their cooperation to realize this strategic partnership and facilitate the inclusion of the Euro as settlement currency in Buna.
His Excellency also expressed his gratitude to the European Central Bank (ECB) and all the Central Banks in Europe for their support in achieving the inclusion of the Euro as a settlement currency in the Buna payment system.
H.E Dr. Al Hamidy said: “We thank Standard Chartered for supporting us in realizing one of Buna’s key objective to provide our participants access to a key international currency and allow them to execute cross-border payments in Euro in real time, at an efficient cost through a centralized, risk controlled, and secure platform that is compliant with international standards.
This is in line with Buna’s vision to provide not only an efficient infrastructure for cross-border payments, but also a strong, safe and diversified line of innovative solutions that caters for the growing and evolving needs of the Buna’s participants.”
“The inclusion of the Euro, represents another testament of Buna’s global dimension and the AMF is confident that our partnership with Standard Chartered will play a key role in realizing Buna’s growth plans, to be a strong player and a constructive contributor to the cross-border payment industry at a global level.” Added H.E Dr. Al Hamidy.
Commenting on this partnership, Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE said: “Given our longstanding history of supporting clients across our footprint, we are continuously looking at ways to innovate and enhance client experience for cross-border payments across Middle East and beyond. The global financial system has demonstrated that transparent, quick, and traceable cross-border payments are a reality today, and we are pleased to be working with Arab Monetary Fund in driving this initiative. Standard Chartered looks forward to share its expertise and thought leadership in the payment clearing space.”
Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.
Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners.
Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects. LINK
The Presidency of the Iraqi Parliament: The government did not spend the region’s and the rest of the provinces’ share of the budget
5th June, 2021
Deputy Speaker of the Iraqi Parliament, Bashir Al-Haddad, considered on Saturday that the agreement between Erbil and Baghdad regarding the Kurdistan Region’s share in the financial budget for the year 2021 has entered into force.
Al-Haddad added, in a statement to reporters, that the delegation of the regional government, which visited Baghdad a few days ago, is currently working with the federal government to find a mechanism to implement the agreement, adding: The delegation’s visit will have fruitful results.
With regard to not spending the region’s share of the budget, Al-Haddad said: The government has not yet spent the budget of the Kurdistan Region, and the budgets of the rest of Iraq’s governorates from the financial budget, stressing that this is not limited to the region only.
A high-level government delegation headed by the Deputy Prime Minister of the region had visited Baghdad a few days ago to put the final touches on implementing the agreement signed with the federal government and spending Kurdistan’s share of the budget. LINK
Turkey..discovered 135 billion cubic meters of natural gas in the Black Sea
21:30 – 04/06/2021
Turkish President Recep Tayyip Erdogan announced today, Friday, the discovery of 135 billion cubic meters of natural gas in the Sakarya field in the Black Sea.
Erdogan said that his country has discovered new quantities of natural gas in the southern Black Sea, bringing the total gas reserves discovered in the Black Sea to 540 billion cubic meters.
Speaking during the opening ceremony in the Black Sea region of Zonguldak, Erdogan said that “excavation activities in the vicinity of the “Amasra-1″ site are continuing and we are looking forward to receiving new good news from this region.”
Last year, Turkey’s Al-Fateh drilling ship discovered 405 billion cubic meters of natural gas in the Sakarya field in the western Black Sea region, the largest discovery in the country.
Turkish President Recep Tayyip Erdogan stated, a few days ago, that he will announce new news next Friday, about his country’s gas and oil discoveries in the Black Sea. LINK
Oil prices are around $72 a barrel
5th June, 2021
Prices rose to nearly $72 a barrel at their highest level in two years, at the last close on Friday, supported by the OPEC + plan on supplies and the recovery of demand on concerns about the irregular activity of vaccinations against the Corona virus globally
The Organization of the Petroleum Exporting Countries, “OPEC” and its allies, said that they are proceeding with the agreed supply restrictions, while the weekly supply report showed yesterday, Thursday, that US crude stocks fell more than expected last week
Brent crude rose 33 cents, or 0.5%, to $71.64 a barrel by 08:12 GMT, and it had reached its highest level during the session last Thursday at $71.99, its highest since May 2019, and US West Texas Intermediate crude rose 22 cents. or 0.3% to $69.03
On a weekly basis, Brent is set to increase more than 2.8% and WTI is heading for 4% higher LINK
Jerry1971 » June 5th, 2021
OIL REACHING ITS PEAK IN ALMOST 2 YEARS TIME NEARLY 72$ A BARREL ….WHAT A FANTASTIC TIME FOR CBI TO PULL THE TRIGGER
EVERY THING IS ON THEIR SIDE ADDING TO THIS THE SECURITY AND STABILITY IN CHECK …FAB 4 DONE WITH IRAQ…. HCL AND BUDGET COMPLETED
THERE CANNOT BE A BETTER TIME FOR IRAQ TO OPEN A NEW CHAPTER IN THE DEVELOPMENT OF THEIR ECONOMY AND BETTERMENT OF THEIR CITIZENS.
THANKS SAMSON FOR ALL THE GREAT ARTICLES YOU PROVIDE STAY BLESSED.
Samson » June 5th, 2021
Commerce congratulates the International Day of Exhibitions: the exhibition sector will provide job opportunities
5th June, 2021
Director-General of the General Company for Iraqi Exhibitions and Commercial Services in the Ministry of Commerce, Sarmad Taha Saeed, on Saturday, congratulated the International Federation of Exhibitions on the occasion of the International Day of Exhibitions.
In a statement received by Mawazine News, the company’s general manager said, “This occasion is of paramount importance in highlighting the strength of the exhibition sector and providing the diverse job opportunities it creates, and exhibitions are a unique marketing channel that provides opportunities for communities to meet and do business. face to face”.
Sarmad added, “The International Day of Exhibitions was launched in 2016 to highlight the importance of international trade fairs and their vital economic role in stimulating trade and supporting economic growth at the local and international levels.”
It is worth noting that the International Federation of Exhibitions supervises, from its headquarters in Paris, the coordination of the activities of this day, which brings together hundreds of organizers, exhibition centers, associations, trade unions, service providers and other relevant bodies and organizations from different countries of the world. LINK
Source: Dinar Recaps
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