Fri. PM KTFA News Articles 12-10-21

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Samson » December 10th, 2021

Oil prices fell, and Brent settled at $ 74.38 a barrel

10th December, 2021

Oil prices fell on Friday, with dealers selling crude to profit – taking after a strong rally this week , thanks to the growing confidence that the rapid spread of the strain omicron of the Corona virus will not damage global growth and demand for fuel.

Brent futures were down four cents, at $74.38 a barrel, after falling 1.9 percent on Thursday.

And US crude futures fell seven cents, or 0.1 percent, to $ 70.87 a barrel, after falling 2 percent in a volatile session the previous day.  LINK

Al-Rafidain determines the interest rate on fixed deposits of citizens in exchange for depositing their money

10/12/2021 08:58:55

Al-Rafidain Bank announced the interest rates for the funds deposited in its branches.

And the bank’s media said in a statement that {Euphrates News} received a copy of it that “the interest rate on fixed deposits for a period of six months is granted to be 4.5 percent.”

And he indicated that “the interest rate on savings accounts amounted to 4 percent for citizens who open a savings account to deposit their money in the bank in exchange for interest.”  LINK

IMF: Iraq’s Non-Oil Real GDP expected to Rebound

7th December, 2021

The economy is recovering from last year’s sharp contraction, helped by higher oil prices and easing of the containment measures.

Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly.

Higher oil revenues present the opportunity to tackle Iraq’s significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends.

A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 – December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead.

At the end of the mission, Mr. Mirzoev issued the following statement:

“The Iraqi economy is recovering from last year’s sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements.

“Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices.

 The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic.

“Higher oil revenues present an important opportunity to tackle Iraq’s significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development.

“To this end, key priorities include a civil service reform aimed at increasing public sector’s efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector’s access to finance. The IMF stands ready to support Iraq in these endeavors.

“The IMF staff team would like to thank the authorities for candid and productive discussions during this mission.”  LINK

Source: Dinar Recaps


Samson » December 10th, 2021

The Arab Monetary Fund holds an interactive workshop on the Strategic Compatibility between the work of the Buna Platform for Arab Payments and the Road Map developed by The Group of Twenty to promote Cross-Border Payments

10th December, 2021

Experts from the Financial Stability Board, the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, and MasterCard International will speak at the workshop.  

The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutions

Today, Thursday, December 9, 2021, the Arab Monetary Fund will hold a “remote” workshop that will review the strategic importance of the road map developed by the Group of Twenty to enhance cross-border payments, and highlight the effective contribution of the “Buna Platform for Arab Payments” to the international efforts exerted in This area, and its success in forming a model that reflects the main directions of the G20 roadmap in the field of cross-border payments. 

In the workshop, a number of senior managers from the Financial Stability Board, the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, and the global company “MasterCard” will talk about the pivotal role of the G20 roadmap in drawing a guiding framework for the development of cross-border payments activities at the global level. international level, in addition to the progress made in achieving the goals of the Road Map.

The speakers also highlight the success of the Buna platform for Arab payments in keeping pace with the goals set for the roadmap set by the Group of Twenty to bring the cross-border payments sector to a high level of effectiveness, trust, transparency and spread. 

This success is a mirror of the strategic approach adopted by the Arab payments platform “Buna”, whether in terms of its keenness to provide innovative solutions in the field of payments and the emphasis on the highest levels of compliance with sound international standards and practices and to ensure integrity and efficiency, or in terms of its effective cooperation with a wide range of payment systems and companies regional and global.

More than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and abroad will participate in the workshop, to learn about these important and vital topics and follow up on the development of the business of the Buna platform and its future plans.

On this occasion,  Mr. Mahdi Manea, CEO of the Regional Institution for Arab Payments Clearing and Settlement (Bunna Platform for Arab Payments), said: “As an integrated system specialized in providing cross-border payments services, the Buna platform for Arab payments is an ideal application of the directions of the G20 roadmap in the field of Also, Buna actively contributes to the efforts of the Financial Stability Board and the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, which aim to improve the quality and reach of cross-border payments, as a result of its ability to provide inter-currency payments services. Quickly, safely, cost-effectively and highly-effectively.

Added  blocker: “Our success in achieving interoperability with regional and global payment systems and other international actors in the payments sector is clear evidence of Buna’s ability to respond effectively to the G20’s call for cooperation among all international actors to increase the efficiency and effectiveness of cross-border payment services.”

Manea added  : “Our cooperation with MasterCard constitutes a major achievement in the framework of the implementation of “Buna” for its strategic plan aimed at contributing to supporting the growth of Arab economies, in addition to developing inter-trade and strengthening investment links between Arab countries and with trading partners around the world.

The partnership aims to enable institutions participating in the “MasterCard” and “Bunna” networks to send and receive payments through their system efficiently, in a strategic step that is in line with the guidelines of the G20 roadmap in terms of stimulating the interconnection between payment service providers.”

It is worth noting that the “Buna” platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner. 

Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements

“Buna” contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents. It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects.    LINK

Source: Dinar Recaps

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