“One Small Piece” – Mon. PM KTFA Thoughts, News w/ Frank26, MilitiaMan, Petra 10-25-21

402

KTFA

Samson » October 25th, 2021

The Arab Monetary Fund issues a book on “Operational Frameworks for Monetary Policy in the Arab Countries”

25th October, 2021

The Arab Monetary Fund issued a book on “Operational Frameworks for Monetary Policy in the Arab Countries”, the contents of which were prepared from the papers of high-ranking officials from Arab central banks and monetary institutions, and were presented during the fourth meeting of the Monetary Policy Working Group in the Arab Countries, jointly with the Bank for International Settlements, held “Remotely” during the period May 31 – June 2, 2021

Themeeting aimed to present global economic and financial developments andtheir repercussions on the banking sector and the management ofmonetary policy in the Arab countries, in addition to discussing anumber of technical issues related to the role of monetary policy inovercoming the repercussions resulting from the Covid-19 pandemic, incoordination with both fiscal and macroprudential policies.

The meeting also included a special session on the implications of digital currencies issued by central banks on monetary policy

The meeting was attended by high-level officials on monetary policy from 15 Arab central banks and monetary authority, 12 international central banks including the US Federal Reserve, the European Central Bank, and the German Central Bank, in addition to a number of senior officials from Arab financial institutions. The meeting is modeled after the BIS’s monetary policy working groups in Asia, Latin America and Central Europe

During the meeting, papers on the operational frameworks of monetary policy in thirteen Arab countries were presented and discussed

The book is available through this link    LINK

Don961 » October 25th, 2021

Generalization of the credit card reader on cash transactions

Monday 25 October 2021

Baghdad: Mustafa Al-Hashemi

The Central Bank adopted new mechanisms in the payments system several years ago, but this system did not achieve the ambitions due to the existence of a financial gap between smart card holders, caused by the incomplete automation process, which led to the continued dependence of citizens on cash withdrawals with financial losses distributed among the owners of ports and exchanges. The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader to all cash transactions, in a way that encourages dealing with electronic cash.

According to the Central Bank, one of the most important achievements in the payment systems in the Payments Department is the start of work to assess the readiness of the Iraqi payment system, in line with the international standards {PFMIs} of the World Bank to upgrade payment and settlement systems in the country, within the agreement with the World Bank, which deals with payment systems electronics in Iraq.

The achievements were also represented in reforming the mechanism for paying the salaries of employees of institutions and state departments by localizing their salaries to bank accounts, including allocations and benefits, to an electronic system, as well as enhancing the role of payment systems in financial inclusion through digital services provided by banks and electronic payment service providers. An important dimension in the strategy of the Central Bank, automating work through the use of electronic payment tools and encouraging the use of financial and banking services provided by banks and electronic payment service providers.

The reality of automation and the citizen

The specialist in banking affairs, Adel Al-Nuaimi, stated that, “The smart card system is a global system in which countries work to limit the circulation of cash and encourage their citizens to deal with the electronic payments system in an integrated system, unlike what exists inside Iraq, as it is an imperfect process.”

Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper.

interbank market

For his part, the banker, Taha Ammar, said: {The payment system in Iraq needs to review and standardize the ATM reading of all smart cards, not as is the case now that each bank has its own ATM}.

Ammar added to {Al-Sabah}: {The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their customers. On the other hand, attracting commercial and financial operations available in the market. link

Mark » October 25th, 2021

REMEMBER WALKINGSTICK AND (EUROPE) THE FINAL COUNTDOWN ON 10/20 AND REPOSTED 10/21

Samson » October 25th, 2021

The Turkish lira continues to collapse to unprecedented levels

25th October, 2021

Turkish lira continued to decline today, Monday, to an unprecedented low level of 9.80 against the dollar, after President Recep Tayyip Erdogan said at the weekend that he had ordered the expulsion of ambassadors of the United States and 9 other Western countries.

The lira was last recorded at 9.7150, and it was in a range between 9.7225 and 9.7600.

Bankers attributed the drop in early trading to Erdogan’s comments on Saturday.

The lira, which has fallen 24 percent since the beginning of the year, ended Friday at 9.5950 to the dollar.  LINK

Digital transformation in the central bank and the banking sector

25th October, 2021 by Samir Al-Nusairi

With determination and high confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq suffered due to the repercussions of the siege, wars and instability during the information revolution period

The Central Bank, banks and specialized technical companies were able to overcome the challenges that stand in the way of the digital transformation of the banking sector and stand in the right direction in the darkest economic and security conditions that our country has experienced during the past years and draw a sound road map to catch up with the technical developments in the countries of the world

The observer of the situation in Iraq during the years (2016-2021) notes the extent of belief in the Iraqi capabilities and competencies to bring about change and bridge the technical gap between us and the developed world. This is evident in the important achievements that have been achieved, as follows

1 – The methodology adopted by the Central Bank and implemented by banks and electronic payment companies always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and global standards with regard to information technology and financial technologies

2‐ Issuance of the electronic money payment system No. 3 of 2014 and the establishment of the National Payments Council, governance controls, institutional management of information and communications technology, and legal regulations and instructions that regulate the work of banks and electronic payment service providers

3- The central bank plays a pivotal role in establishing advanced infrastructure, pursuing the latest global technologies, and developing the bank’s financial and banking systems, payment systems, and advanced communication networks according to the latest technologies

4‐ The central bank, banks, and electronic payment companies own advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts. Up to 12 million credit cards were issued and approximately 1,300 ATMs were distributed  and more than 5,000 points of sale

5- Granting work licenses to many electronic payment service providers (card issuers, collectors, mobile payment companies’ operations, bill presenters and payment gateways through various channels)

6- Extensive interest in implementing the first objective of the first strategy of the Bank (2019-2020) and second (2021-2023) which is to achieve monetary and financial stability and enhance digital transformation in the banking sector through a sound financial system with interest in achieving financial inclusion and reducing risks, as well as adopting a localization project Employee salaries, which increased from 11% to 23%, and expected to achieve the target percentage in 2023

It is clear from the above achievements that the Central Bank, the banking sector and electronic payment companies have overcome the challenges of the technical gap due to the blockade, occupation and terrorism, and it is moving today at a steady pace to achieve digital transformation in the comprehensive financial and banking sector towards achieving financial stability and moving from the cash society to the cashless society, which is also one of the objectives of the curriculum Government reform in the white paper for the transition to the digital economy

Future plans for digital transformation

 1- Enhancing research and development activities for the manufacture of new banking products that are spread across governorates, districts, districts, and small cities

2- Improving the performance of banks through new inputs based on modern technologies, as well as the development of patterns and policies that adopt modern banking techniques that the countries of the developed world preceded us to

3- Capacity building and qualification of digital transformation leaders and human resources in the field of modern banking sciences, technology and innovation with the aim of achieving sustainable development goals

4- Develop plans and programs that aim to transform society into a society that deals with criticism, into a non-cash society and into an information society, so that plans and strategies for economic and social development are produced while working to achieve sustainable development goals

5- Preparing national policies and strategies consistent with the plans of the monetary authority in management, supervision and control, and in coordination with information and communication technology   LINK

The UAE hosts a global economic conference with the participation of international leaders

25th October, 2021

The Emirates Association of Securities Dealers will host the ACI Global Conference and the ICA Conference, from 17-20 November, at the La Perle Theater of the Hilton Hotel in Al Habtoor Village, with the participation of more than 800 people from around the world, including the Prime Minister Ireland, amid measures that provide for the application of physical distancing and health services, to ensure the safety of all participants in light of the measures to recover from Covid 19

The two conferences will be attended by a group of official and legal personalities, international political leaders, central bank governors and CEOs, senior economists and senior bankers from around the world, specialists and workers in the field of trading in global financial markets and sales representing foreign currencies, interest rate products, stocks, and fixed income, goods and others

The conference will review a number of important and main themes presented by John Bruton, the former Irish Prime Minister, who helped transform the Irish economy into the “Celtic Tiger” one of the fastest growing economies in the world, and David Mead, who works as a lecturer and researcher in international business and strategy with the University of Ulster

Also participating will be speaker Matthew Griffin, described as “the advisor behind advisors”, Young Kurzweil, founder and CEO of the World Futures Forum and the 311 Institute, and Terence Murray, founder of Hack Future Lab, bestselling author, and one of the world’s most in-demand thinkers who inspire leaders. To thrive in an age of turmoil

The President of the Association, Muhammad Al-Hashemi, stressed that the UAE’s hosting of the 59th Annual International Conference for Traders in the Financial Markets and the 45th Annual Arab Conference is an important step in light of the repercussions that accompanied Covid 19, and its impact on the global economy, especially the stock markets that witnessed a decline during the pandemic and the health ban. Pointing out that the two conferences include a package of main axes and issues that shed light on the features of the economic sectors, the strength and solidity of stock markets in the face of crises, and their ability to provide the economy with radical solutions that contribute to its growth

He added that the association has become one of the strong arms of the economic sectors, due to its ability to anticipate the future, develop solutions and proactive plans, as well as its position, which has attracted a large number of partners and sponsors for this conference, including the Central Bank, the Dubai International Financial Center, the Dubai Tourism Department, and Aviation. UAE, and sponsors include Emirates NBD, Dubai Islamic Bank, YDS Security, Refinitiv, Murex, Finastra, GfI, TPICAP group and Dxm

In turn, Ohood Al Ali, a member of the board of directors of the association, explained that the Emirate of Dubai has demonstrated during the pandemic its rightful place on the map of the global economy, due to the flexibility of its economic legislation, and the provision of a safe economic environment full of investment opportunities, noting that the Emirates Association of Traders in Financial Markets, is keen to Supporting economic momentum and movement, by hosting an elite group of international figures who influence the economic reality in this important conference

Main axes

On its first day, the conference sheds light on the future outlook of the economy in transition, through a package of axes that include life after Covid 19, and how economic, technological and demographic trends have been threatened, in addition to shaping the global investment landscape in the coming years through the analysis of participating economic experts

The first axis of the conference begins under the title “Global Economic Trends”: what can be expected during the next four years and an assessment of the current legislative environment, as this axis includes a number of issues and questions about the future features of the economy, including starting to think about economic policies, and whether investors expect fundamentally different economic priorities from the United States over the next four years

The axis also includes questions about the extent to which the new administration’s priorities affect key business decisions and financial market expectations, and where should policy makers focus their energies to achieve the strongest results in the short term? Are investors satisfied with structurally low interest rates, and how will we move to a tighter policy path? cash

The first axis and the development of favorable solutions will be attended by Khadija Haqqi, Chief Economist and Head of Research at Emirates NBD, Charles-Henri Monschau, Head of Information at Syz Bank in Switzerland, and Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, the conference will also witness other topics presented by prominent and influential figures including John Bruton, former Prime Minister of Ireland, and Matthew Griffin, CEO of World Futures Forum and 311 Institute   LINK

Source: Dinar Recaps


Frank26 » October 25th, 2021

“WHY DIDN’T THE CBI ALSO REMOVE THE 1, THE 10, THE 20, AND THE 100, 250 AND 500…..BECAUSE THEY WILL COEXIST WITH THE NSCN’s”.(new small currency notes) …..F26

The 5 and 10 thousand dinars denominations disappeared from the ATMs

Saturday 23 October 2021

Baghdad: Mustafa Al-Hashemi

Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, specifically, because of The latter’s failure to provide all cash denominations in its ATMs.

Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash (cash).

i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”

And he added, “This case brings to mind the issue of citizens’ trust in private banks, which has been shaky since the collapse of a number of them in previous years, which calls for a review of the issue of financial inclusion in the smallest details, especially the salary settlement clause.”

For his part, the banker Hussein Najm believes that “these cases may occur in some private banks for accounting purposes or to facilitate the payment of the salary in the largest possible categories, and to facilitate filling the exchange with cash from those categories, as it will become lighter when transferred.”

Negm pointed out that “this case can be explained by the fact that banks encourage the public to adopt a saving policy, which has been absent from the family economy scene since the nineties of the last century, or it may be one of the problems or challenges of settlement and the banking system in general.”

In turn, the expert in economic affairs, Dr. Hussein Al-Khaqani, said that there is a source of individual financial waste, represented by the electronic payment card holders of employees and retirees. When a notification is received of the release of the salary, the card holder quickly resorts to receiving his salary in cash from the exchange offices minus the commission.

Al-Khaqani added, “Perhaps the most important reason for this is the lack of electronic payment card readers, which are supposed to be available at all official authorities and the private sector, to collect their debts, such as malls, large and small shops, even taxi drivers, stores selling vegetables and fruits, ovens, restaurants, and even traffic departments and the collection of water fees. Electricity, payment of transaction fees and tax collection.

He stressed that “the banking automation process in Iraq is deficient due to the imposition of electronic cash dealings on employees and retirees, in exchange for limiting cash withdrawal points to outlets and ATMs and not providing them in all the aforementioned stores and agencies, which widens the cash gap between citizens and banks.” LINK

FROM MM & PETRA (10/24/21):

The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader to all cash transactions, in a way that encourages dealing with electronic cash. ….

” Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper. interbank market For his part, the banker, ….

MilitiaMan:  As I have shown in posts… …. The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their customers.

On the other hand, attracting commercial and financial operations available in the market. …. The USA and Japan connection are about implementation..imo ….. The need to activate is the focus ….

Salih today spoke of digital Dinar …. Electronic financial market…. ….

G7 talked of a guideline in regards to digital trade (currency) ….

Salih speaking out about digitization? Lol yep ….. Down to tracking to the penny.. or did he mean Fil? ……

The ust data supports that they are full capable of implementing a digital economy and are expecting it to be about Iraq but not all about Iraq!! Watch..imo … Militia-Man

Petra:  Thanks MM! Just jumped and thought I’d say hi ….PETRA

MilitiaMan:  Let’s think like digitization would think.. ….. It is about communication …There is going to be a time where a synchronized event takes place ….. One that will have payments, settlements, taxes, fees, customs, futures contracts, etc, all on the same ledger..  Militia-Man

Petra:  Ok….That is correct. All on platforms observable by all parties…and I mean “all!!” …..PETRA

MilitiaMan:  Same stock exchange abilities …. Valued accordingly …. The isx is not NSDAQ ready at 1460 …. Militia-Man

Petra:  Yes, immediate algorithms engaged to level the playing field automatically …PETRA

MilitiaMan:  The PTB have had their work cut out for many years!! Militia-Man

Petra: But will there be countries who aren’t on board? (Rhetorical question) PETRA

MilitiaMan:  Yes but few… Militia-Man

Petra:  This has been in the works, honestly, since Bretton Woods… PETRA

MilitiaMan:  History is coming to the forefront.. Militia-Man

Petra:  The digital part came…when it was developed in order to handle these multi-international transaction! …. One must ask….why was this developed??? Because the problem needed a solution …PETRA

MilitiaMan:  It was apparently a necessity.. which suggests there is a deeper connection to the past than many may ever know or have expected…. Militia-Man

Petra:  Correct…strategic finance principles recognized the global problem 50 years ago with the FIAT system and therefore started us down the road when most of us were kids, or not even born yet.. …. Nixon taking us off the gold standard in the 70’s started this motion down its path…and here we are today…AMAZING what has been developed …. You are on top of those pieces MM.. …. I mean, think of this….from the70’s to today look what has been developed. The integration, automation, standardization, global integration, Fintech to get us to now… PETRA

MilitiaMan:  Interestingly enough, it takes time to know the necessary, yet also know they need room to work through the issues until the time is right. Effectively , there comes a time that if calculated correctly to be a spot on the chart the convergent is made…. Militia-Man

Petra:  A spot in history that will be remembered forever…and we are right in front watching it occur. And now, we are at the stage where implementation has begun formally with the ATM’s redistributing the money supply……know that this one small move will ignite the WORLD!!! .….PETRA

MilitiaMan:  It was tested more than once in the past and more again recently.. ….. A small move? Sure, a simple flick of a match.. lol… Militia-Man

Petra:  Yup…I’m still trying to get my head around the historical perspective and bring it to the present it truly is mind boggling… PETRA

MilitiaMan:  Or let’s suggest a simple move of a decimal place or three.. Militia-Man

Petra:  And we have been waiting for that “flick of a match” that has been in the work since the 70’s…do you realize the HUGE progress that has been accomplished???? Absolutely astounding. ….. Yes, one simple move….and the WORLD changes!!!! And I don’t think I even need to say IMO because it’s history we are watching!! ….PETRA

MilitiaMan:  We know from our past, our friends, family, business, etc, that there have been issues monetary wise. They date back many many generations.. They may be more true than ever thought and cannot be forgotten in totality in fact they need to be reconciled…..Militia-Man

Petra:  Certain “Bonds” have that history MM and they are being reconciled as we speak ….. Historical funds being redistributed to the present…monies that have been put away by time to be re-purposed for other global needs… ….. But that’s another conversation my friend…. PETRA

MilitiaMan:  The fact that there is open and notorious data uh to the largest connected entities on the planet show that change had to come, no choice in the matter and they affirmed it. It is in black and white and it is posted in the forum! …. …. Not to mention the UST website or email thread!….. Militia-Man

Petra:  Yes, and do you find it interesting that most, if not almost all countries in the world have signed on to this??? ….. How long ago have we said MM that this is not just about Iraq? …..PETRA

MilitiaMan:  No, not surprised at all. There comes a time when the tide rises there is a need to lay out the lines.. Get my point? Lol …Militia-Man

Petra:  Ha ha…yup! …PETRA

MilitiaMan:  Cant be strapped down as that can capsize the biggest and even most sophisticated of all platforms if you will.. …. Militia-Man

Petra:  Yes, but, no matter what size the boat (country) the power of the tide lifts all…consistently and equally. But, there will be some “submarines” where their currency due to lack of monetary policy or economic policy…their boats sink! …. Or should I say “sinks their boat.” LOL …PETRA

MilitiaMan:  So, I presume the questions are whirling around as to time and amounts? All I can say to that is they suggest digitization is upon us, so time is short.. As for valuations, that is a tricky topic as valuations depend on so many things. But, let’s just say they did tell us they want to go back to the previous era.. Well an era is a long time ago, not recent history. Glory days comes to mind.. Oil is not $45.. lol …. Militia-Man

Petra:  Agreed Sir! The amounts are set so as to drive the IQD to it’s starting point, which is higher than the USD, and significant enough to draw in the secondary markets …. And then….the SDR steps in! ……PETRA

MilitiaMan:  That my friend is one thing to be focused on. Private sector rules require transparency and pricing.. ….Militia-Man

Petra:  Also known as “The Glory Days!” …. Yes, they do…and the need for transparency is global for all! (Fintech) ……PETRA

MilitiaMan:  The glory days may merely be a focal point to start or were adjusted accordingly to meet present and future cash values … Militia-Man

Petra:  Yes, including all present and potential future valuations for all currencies….. PETRA

MilitiaMan:  At the same time synergistically ….. Militia-Man

Petra:  IMO..Iraq has been ready for 3 months…CBI Governor announced they were completely digital 3 months ago, but, needed to see the testing of the “mechanism” and they did…3 times as we have discussed previously …..PETRA

MilitiaMan:  It is my understanding at this stage there would have had to be a point where they feel everyone is on board and in sync to allow go time…  Militia-Man

Petra:  I believe MM, that we believe we are at that point! Agree?…. PETRA

MilitiaMan:  Yes, they have had testing and yes it was public as noted by the Swiss Euro and then the Euro to Jordanian Dinar clearing …. Militia-Man

Petra:  Iraq has already lit the fuse with the cessation and removal of the 3 zero notes… …. A vacuum has been created and “must” be filled soon or there will be confusion in the minds of the citizens ….PETRA

MilitiaMan:  They talked Dinar digital currency today!! Why? Because it is reality ….. Imo they are further along than most actually get. Imo …. Militia-Man

Petra:  Yes, but the funny thing is, we are so focused on Iraq but other countries, many many countries…have been doing so all along behind the scenes. ….. And, with the agreement with the UST and the other 139+ countries….IMO, are ready!…. PETRA

MilitiaMan:  The amount of data to suggest that what I say about being further along than ever thought can be seen yesterday about the local digital crypto currency that took the street by surprise and was successful and we never heard of it.. …. They are more savvy than given credit.. imo… Militia-Man

Petra:   Oh so true…. PETRA

MilitiaMan:  The money is the focus… imo It fits the need and priorities..……Militia-Man

Petra:  Yes, and soon because the “squeeze” is getting tighter with no cash circulating per se …. PETRA  

Source: Dinar Recaps

______________________________________________________

If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2021 Dinar Chronicles