“They Raised the Value” – Fri. AM/PM KTFA Thoughts, News w/ Frank26 8-27-21

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KTFA

Samson » August 27th, 2021

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

27th August, 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.  LINK

Source: Dinar Recaps


Frank26 » August 27th, 2021

“HOW ELSE CAN THEY TELL YOU THEY RAISED THE VALUE!!!”………F26

The Minister of Finance announces the completion of the preparation of the 2022 budget and comments on the exchange rate change

26th August, 2021

The Ministry of Finance, Ali Abdul-Amir Allawi, announced, on Thursday, the completion of the preparation of the 2022 budget, revealing the date of its presentation in the Council of Ministers.

Allawi said, “Iraq’s financial policy during a year and a half went through five exceptional circumstances, (RV/RECALCULATIONS…F26)  and we entered the beginning of the government’s work without any financial safety valve.” (WITHOUT AN RI…F26)

He added, “The Iraqi economy has changed since 2019, the obligations of the previous government, and the Corona crisis led to the collapse of oil prices and increased unemployment. We worked as a government policy to control expenditures that were reflected in state revenues, and that the process of changing the exchange rate was not easy.”

He continued, “The dollar exchange rate should have been changed years ago, which reflected something beneficial to reform the economic system. (MONETARY REFORM FIRST ECONOMIC REFORM 2ND…F26) 

Our fiscal and monetary policy is reformist and must continue.” He pointed out, “Our fiscal policy aims at balancing oil and maximizing other resources, and we have started correct reform work, (BECAUSE OF THE RI…F26)  starting with banks and customs, and we have come out safely from the difficult economic situation.”

The Minister of Finance said, “The preparation of the 2022 budget has been completed, (EDDIE KNOWS…F26) and it will be presented within 3 weeks to the Council of Ministers.” He pointed out, “The exchange rate reflects many issues (YA THINK? …F26) and its rise is beneficial to some economic sectors,” stressing that “the Kurdistan region has not implemented its obligations regarding the payment of oil prices.”

The Minister of Finance stressed that “the improvement in oil prices does not solve the financial distress quickly due to internal and external debts.” LINK

A SECOND VERSION:

The Minister of Finance reveals important details about the 2022 budget, salaries and money smuggled due to corruption

08/26/2021 15:15:41

Minister of Finance, Ali Allawi, revealed, on Thursday, important details about the 2022 budget, salaries and money smuggled due to corruption.

And the Minister of Finance stated in a press statement, that “the completion of the preparation of the draft financial budget law for 2022, will be presented within 3 weeks to the Council of Ministers, and that the exchange rate reflects many issues and its rise is beneficial for some economic sectors,” noting that “the process of changing the exchange rate was not easy, and our policy is stability in the exchange rate and we will defend it, and the dollar exchange had to be changed years ago, which is the opposite of something useful for reforming the economic system.”

He added, “The exchange rate reflects many issues and its rise is beneficial for some economic sectors. When we changed the exchange rate, we wanted to create a competitive atmosphere in Iraq,” noting that “the price of a barrel of oil in the 2022 budget will be $50, or 65% of the state budget goes to salaries and perhaps OPEC will add 450,000 barrels to Iraq’s oil production.” 

He continued, “Taxes are important in stimulating production and investment, and they are very few in Iraq, that is, they are not equivalent to 1% of the national income,” while noting that “the state’s oil resources are eroding due to the large obligations of salaries and retirement, and that the improvement in oil prices does not solve the distress.” “The tax law will reconsider the issue of tax in Iraq and draw up a new policy and new law. Reconsidering the financial structure of the state is one of the most important challenges ahead.” 

He added, “The sums of the smuggled former regime and property do not exceed several palaces or houses, and the property of the former regime is not equal to 5% of the other assets that were taken from Iraq. About 200 billion dollars were smuggled out of Iraq due to corruption operations. It is not easy to recover these funds and we have started dialogue with countries The neighborhood that received our money, about 20 billion dollars, evaporated from the Iraqi money smuggled into the banks of the countries.” 

The minister concluded by saying that “the debts of the Paris Club have become few after Iraq paid a lot of them, and the foreign debt is about 50 billion dollars,” noting that “there are about 6.5 million citizens who receive financial dues from the state.”   LINK

“FAMILY, THE FOLLOWING ARTICLES IS THE CBI COMMUNICATING WITH IRAQI CITIZENS ABOUT MONETARY REFORM”………F26

Circulars Blog

26th August, 2021
2016 2017 2018 2019 2020

https://cbi.iq/news/view/1804

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The Bank announces the holding of Microsoft Sql Server course for the period 26-2021/9/30

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled ” Microsoft Sql Server” for all authorized banks and all approved electronic payment companies for the period from 26-30/ 9 /2021, as detailed below

– Target group: All employees whose work is related to the above course topic or whomever you deem appropriate

– Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the evening
 

3- The method of holding the course: – Remote electronic training via the ZOOM electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Course language: Arabic with some specialized terms in English
 

6- How to register: – The name of the triple candidate, his job position, his e-mail and a phone number that contains WhatsApp

Note that the subscription fees are (200,000) dinars (two hundred thousand dinars) for one participant, we are authorized to deduct them from your account (in Iraqi dinars) opened with this bank, and in the absence of an account, payment is made in cash. We kindly ask you to send your nominations to the e-mail of the Center for Banking Studies (bsc@cbi.iq),  with the nomination letters sent by the official mail, well before the start of the course

https://cbi.iq/news/view/1805

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The Bank announces the establishment of a course of measurement and analysis of risks in Islamic banks for the period from 26-2021/9/30

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled (Measurement and Analysis of Risks in Islamic Banks) for all government and private banks for the period from 9/30/26-2021, as detailed below

1- Target group: All employees whose work is related to the topic of the above course
 

2- Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the afternoon
 

3- The method of holding the course: – Remote electronic training via the ZOOM 0 . electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Language of the course: Arabic language
 

6- How to register:- The name of the triple candidate, his job position, his email and a phone number that contains WhatsApp

 Note that the subscription fees are (200,000) dinars (two hundred thousand dinars) for one participant, we are authorized to deduct it from your account (in dinars) opened with this bank, and in the absence of an account, the payment is made in cash. We kindly ask you to send your nominations to the e-mail of the Center for Banking Studies (bsc@cbi.iq),with the nomination letters
sent by official mail and before the start of the course
 
https://cbi.iq/news/view/1806

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The Bank announces the establishment of a course of analysis and assessment of money management risks for the period from 19-2021/9/23

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled “Analysis and evaluation of money management risks” for all governmental and private banks for the period from 19-2021/9/23, and its details are shown below

1- Target group: All employees whose work is related to the topic of the course above or whomever you deem appropriate
 

2- Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the afternoon
 

3- The method of holding the program: – E-training via the ZOOM electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Program language: Arabic
 

6- Registration method: – The name of the triple candidate, his job position, his email and a phone number that contains WhatsApp

Note that the subscription fees (200,000) thousand (two hundred thousand dinars) for each participant, we are authorized to deduct it from your account (in dinars) opened with this bank, and in the absence of an account, the payment is made in cash. We kindly ask you to send your nominations to the e-mail to the Center for Banking Studies ( bsc@cbi.iq ), with the nomination letters sent by official mail later and before the start of the program

https://cbi.iq/news/view/1807

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The Bank announces the establishment of a cycle of techniques and best practices in drafting, auditing and analyzing contracts for the period 9/23/19-2021

26th August, 2021

The Central Bank of Iraq / Center for Banking Studies announces the establishment of a training course entitled “Techniques and Best Practices in Drafting, Auditing and Analysis of Contracts” for all governmental and private banks for the period from 9/23/19-2021, as detailed below

1- Target group: All employees whose work is related to the above course topic or whomever you deem appropriate
 

2- Duration of training:- (5) days (20) hours, starting from 9:00 in the morning until 1:00 in the evening
 

3- The method of holding the course: – Remote electronic training via the ZOOM electronic platform
 

4- Certificate of Participation: The participant is granted a certificate of participation issued by the Central Bank of Iraq
 

5- Language of the course: Arabic

– How to register:- The name of the triple candidate, his job position, his email and a phone number that contains WhatsApp

 Note that the subscription fees (200,000) dinars (two hundred thousand dinars per participant, the validity is Takuillena deducted from your account (Iraqi Dinar) Open when this bank and in the absence of account payment is made in cash. We ask you send your nominations to e – mail to the Center for Banking Studies (BSC @ cbi.iq)  with sending the nomination books by official mail, well before the start of the course

https://cbi.iq/news/view/1808

Source: Dinar Recaps


Samson » August 27th, 2021

A Strong rise in oil prices

08/27/2021 10:03:53

Trading data on the stock exchanges showed that crude oil prices continued to rise on Friday morning, supported by the weakness of the dollar.

By 8:41 pm Baghdad time, the price of futures contracts for the month of November, Brent crude, rose by 1.28% to $ 71.08 a barrel, and futures contracts for the month of October increased by 1.41% to $ 72.07. US WTI futures for October rose 1.39% to $68.36 a barrel.

This week, the strongest growth in oil prices was recorded since October of last year, as the price of Brent crude rose by 8.9% and WTI by 9.55%.

The rise in the price of oil supports the weakness of the dollar, as its index (the price of the dollar against a basket of currencies of six countries – the main trading partners of the United States) decreased by 0.07% to 93 points.

In addition, investors are awaiting data from oilfield services company Baker Hughes on the number of oil rigs operating in the United States for the week ending August 27, 2021.   LINK

Source: Dinar Recaps

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