“The Reset is Coming” – Thurs. PM KTFA Thoughts, News w/ MilitiaMan 11-4-21

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KTFA

Samson » November 4th, 2021

The world’s largest trade agreement enters into force

4th November, 2021

The Secretariat of the Association of Southeast Asian Nations (ASEAN) announced that the Regional Comprehensive Economic Partnership Agreement, the world’s largest trade agreement to date, will enter into force on January 1, 2022.

The secretariat said in an announcement issued yesterday, Wednesday, that it had received instruments of ratification of the agreement from 6 ASEAN member countries, namely Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, in addition to 4 non-ASEAN signatory countries, namely Australia, China, Japan and New Zealand.

“The rapid ratification by the signatories is a true reflection of our strong commitment to a fair and open multilateral trading system for the benefit of the peoples of the region and the world,” said ASEAN Secretary General Dato’ Lim Guk Hui.

The Secretary-General stressed that the implementation of the agreement will provide a huge boost to economic recovery efforts in the post-Coronavirus era.

The agreement signed in November last year is a huge trade deal between the 10 ASEAN member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, as well as China, Japan, South Korea, Australia and New Zealand.

The procedures require the ratification of at least 6 ASEAN countries and 3 of the other 5 non-members for the agreement to enter into force.

Once in effect, tariffs on up to 90 percent of goods traded between its signatories will be eliminated over the next 20 yearsLINK

Eaburns » November 4th, 2021

NOT ON A PROGRAM RATE

MilitiaMan » November 4th, 2021

I have been talking about this very thing.. POST CORRONA VIRUS… The UST has been using this same language.. The MASK of COVID-19 is about to come off.. imo.. The RESET is coming.

The IMF is talking about the need for Central Banks to raise interest rates. Raising interest rates now would crush many countries as they cannot afford to, yet. ESPECIALLY THE USA and CHINA!!

They need to adjust to the new system that the DIGITAL TRANSFORMATION has instore for us.  Take note that Iraq has a new digital system in place now. We saw proof of that Sunday 10/31/2021.. Iraq is not waiting until next year. Rate comes before activation.

The same day 10/31/2021 the CBI stated that digital payments are imminent! Thus, the they intend to change the exchange rate, imo.

Today they tell us the have been removed Iraq from the “Follow Up” area, in respect to money laundering operations (AML)  and they signed a contract with the IMF.. In other words, they just may finally have the green light to light up those digital payments and not with a program rate..

We shall see. imo There is nothing stopping the CBI now.. It is their baby, not the GOIs.. eos.. imo ~ MM

It is not all about Iraq, it is far bigger than that (see below). So for those that suggest 2022 era for a rate change may be short sited, because the thought that it is only about Iraq is not considering the Digital Transformation that is upon us now, not later.. There are no “trends to reduce the national currency.. Exactly.. They intend to go back to the previous era!! imo ~ MM

P.S. BINANCE PLATFORM has stopped trading cryptos in many countries. Thinking out side the box.. The digitial transformation is not going away anytime soon.. lol imo ~ MM

LINK

A global platform for the cryptocurrency exchange stops its operations in Iraq and several countries

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IMF

https://www.imf.org/ar/Publications/REO/MECA/Issues/2021/10/14/regional-economic-outlook-october

“Any additional support should be targeted precisely at the eligible, and central banks may have to raise interest rates if inflationary expectations start to build. Improving policy frameworks will be necessary to reduce policy trade-offs. Preparing for a new phase by investing in transformative recovery will be critical to the region’s future”.

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A tribute to the Central Bank’s measures against money laundering

Banking and financial expert, Rajaa Bandar, praised the government’s efforts to confront money laundering crimes, praising the role played by the Central Bank to avoid the banking sector in particular and the Iraqi economy in general, the negative effects of money laundering and terrorist financing crimes, which led to Iraq’s exit from the “follow-up area.” .

national strategy

Al-Bandar said, “The Central Bank has a major role in deterring money laundering operations, as it issued the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, establishing the Anti-Money Laundering and Terrorist Financing Office and granting it complete independence and the power to receive reports and refer them to the judiciary, and to issue instructions rules Customer Due Diligence for Financial Institutions (Banks and Non-Bank Financial Institutions) No. 1 of 2017 and the issuance of the 2016 Terrorist Funds Freezing Committee Regulations.

The Bank also issued a national strategy to combat money laundering, as well as acceding and ratifying the International Convention for the Suppression of Terrorism, and concluding international cooperation agreements for the exchange of information and legal assistance regarding the recovery of terrorist funds, in implementation of the decision National Security Council.
international cooperation

The banking expert explained that among the important measures that the Central Bank has taken with the aim of defeating money laundering operations, is the signing of a contract with the International Monetary Fund, the legal department to provide technical support with regard to anti-money laundering legislation and procedures, as well as concluding bilateral memoranda of cooperation with the units. counterparts in other countries and with Iraqi institutions related to combating money laundering and terrorist financing.

Bandar indicated that the procedures also included “keeping pace with the technical development in the field of combating money laundering in accordance with internationally approved standards and lists, as well as training the cadres of the banking system to obtain accredited professional certificates in combating money laundering and terrorist financing (CAMS) issued by the Association of Certified Money Laundering Specialists. and Terrorism Financing (ACMES).

Follow-up area

The banking expert indicated that these important government steps, and as a result of the great progress made by the Central Bank and the Anti-Money Laundering Office in improving and addressing deficiencies, and for fulfilling all its obligations towards the directions of the International Financial Action Task Force (FATF), the group officially announced that Iraq had left the “follow-up area.” According to the report of the International Financial Action Task Force on the Middle East
(MENA FATF)

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FA # 1287

“We believe that the Finance Committee is unable to reduce the dollar exchange rate to what it was, considering that the Central Bank is an independent body in its monetary policy and fits the government’s directions in what it presented in the white paper”

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LINK

Enrollment and digital transformation

31st October, 2021 by Qasim Al-Gharawi

Successful global experiences in the field of financial digitization are based on the existence of comprehensive national visions for digital transformation according to a gradual framework that supports this transformation.

Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems.

The Central Bank of Iraq announced the launch of the digital enrollment service, which is the first of its kind in Iraq.

This system is working to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial transactions within banks operating in Iraq.

Digitizing public finances enables governments to increase tax revenues, combat tax evasion, and help raise the efficiency and transparency of public procurement systems.

 This service is considered a “modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic way, which shortens time and geographical distances and lifts traditional barriers in the Iraqi banking sector.

Therefore, we must work and emphasize the need for an integrated vision of digital transformation in light of the rapid technological changes and developments in the world, on one side, and on the other hand, it is an attempt to control corruption and tax evasion.  

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Central: Launching a strategy that advances the reality of electronic payment

Sunday 31 October 2021  Baghdad: morning 

Economists and specialists unanimously agreed on solidifying the banking system in Iraq to be an effective supporter of the economic development process, and at the same time the Central Bank confirmed the imminent launch of a payment strategy, in addition to the stability of the current exchange rate of the Iraqi dinar against the dollar. 

This came on the sidelines of the “Miri” conference, which was organized by the Middle East Research Foundation, and dealt in its economic detail the role of the financial sector in achieving development and standing up to the challenges it faces. President of the Middle East Foundation d. Dlawer Aladdin said: {Iraq is important to the countries of the region and contributes to achieving balance, which requires maintaining its stability}, indicating {the importance of benefiting from the experiences that despite the epidemic managed to achieve success in its economic sectors.} 

As for the Deputy Governor of the Central Bank of Iraq d. Ammar Hamad Khalaf indicated that the Central Bank is heading to launch a strategy for payments aimed at upgrading payment mechanisms to global and shifting from cash to electronic payment in cooperation with specialized international organizations, pointing out that “the citizen is interacting with this trend after the base of beneficiaries expanded from the settlement of salaries, for employees and retirees.

Khalaf said, “There are no trends to change the exchange rate and reduce the value of the national currency, and changing the exchange rate during close periods destroys the economy and has significant negative effects.”

And he indicated that “since 2015, the Central Bank has provided lending initiatives to reach the real beneficiaries, and during the two years it has loaned 2,000 citizens to purchase housing units.”

the lending process

As for the head of the Association of Private Banks in Iraq, Wadih Al-Handal, he addressed the reality of the Iraqi economy, describing it as rentierism, and depositing 90% of revenues in government banks, pointing out that “banks cannot lend half of their capital.”

He pointed out that the initiatives of the Central Bank activated the lending process to the beneficiaries of the society groups, especially the youth,” noting that “the youth have orientations that serve the country through pioneering projects that have a positive impact on the economy and can benefit from successful experiences.”

He focused on the “detailed training and its role in refining young talents in various disciplines, in addition to paying attention to education, developing its tools and curricula, and consolidating all its pillars, as well as instilling the spirit of performance as a team to achieve success in the job”.

liquidity management

The money specialist, Hamila Abdul-Sattar Kurdi, confirmed that “the banking system operates according to the instructions of the Central Bank of Iraq and faces a number of challenges, foremost of which is the lack of public confidence in the banking system, as strengthening the public’s relationship with banks is an important step to raise the capabilities of banks.”

She pointed out that “communicating with the global financial sector represents an important step and creating an advanced banking sector capable of providing the best services to the audience of beneficiaries, pointing to the importance of advancing the reality of financial liquidity management in Iraq”.

And she cautioned that «creating a database of the public of borrowers is necessary and enhances the financial services provided to the public».  link

https://www.scmp.com/business/companies/article/3154882/hong-kong-china-thailand-and-uae-explore-new-uses-mbridge

A multi-country central bank digital currency project involving mainland China, Hong Kong, Thailand and the United Arab Emirates is looking at various options to expand its use, including capital market transactions, which could cut the settlement time for securities traded between them to a matter of seconds, top officials said.

The possible uses for the “mBridge” digital currency platform is being expanded to 15, which now involves 22 private sector participants, top central bank officials from the participating states said during Hong Kong FinTech Week on Thursday.

The project’s original scope involved building a common platform to help cut settlement time and costs associated with cross-border payments. Currently most currency transactions are settled on a “T+2” basis, or two days after a trade is concluded. But blockchain technology has enabled near real-time settlement by reducing the layers of middlemen involved in processing the transaction.

The prototype has achieved good traction due to the strong political commitment from the four central banks, said Colin Pou, executive director of financial infrastructure at the Hong Kong Monetary Authority. “Also, blockchain provides the right technological tool to tackle issues that we could not handle in the past,” he said.

Apart from settling capital market transactions such as corporate bond issuance, the other potential applications include cross-border fund transfers linked to insurance transactions, e-commerce and wealth management products, according to the Bank of International Settlement Innovation Hub Centre in Hong Kong, which is providing support for the mBridge project.

The project is designed to target the pain points of the traditional correspondent bank arrangement, whereby processing fees for cross-border fund transfer for retail users can on average amount to as much as 7 per cent of a transaction’s value, according to the World Bank. With mBridge, that cost can cut by up to half, according to a report released by these four central banks in September.

Maintaining a high level of user privacy will also be a priority, according to Mu Changchun, director general of the People’s Bank of China’s (PBOC) digital currency institute.

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LINK

Iraq receives the largest tanker of oil derivatives in its ports

31st October, 2021

The Ministry of Transport / the General Company for Ports of Iraq announced, on Sunday, the entry of the largest tanker for oil derivatives in the port of Khor Al-Zubair in Basra Governorate. 

In a statement received by Mawazine News, the company’s general manager, Dr. Eng. Farhan Al-Fartousi, said that the supertanker (STI SUPREME) entered the port of Khor Al Zubair, and it is considered one of the largest tankers that dock in the port, with a length of 250 meters and a draft of 9 meters. 

He added, that the strategy pursued by the Higher Ports Administration and under the directives of the Minister of Transport, Captain Nasser Al-Shibli, has set the broad outlines for a wide navigational and commercial movement and attracts the most important maritime transport companies and lines, stressing that the entry of large ships into Iraq’s ports reflects the reassurance of the shipping companies to sail in the channels and sea lanes. In terms of depths, guidance, docking and take-off operations. 

Source: Dinar Recaps

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