Thurs. PM KTFA News Articles 3-17-22

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Samson » March 17th, 2022

Al-Kazemi gives Nowruz an ample opportunity to celebrate the carnival of brotherhood, beauty and love.. He directs to suspend official working hours on the next Sunday and Monday

17th March, 2022

For Nowruz to wear a white Eid dress embroidered with vegetables and roses, and for Iraqis to celebrate Kurds, Arabs, Chaldeans, Yazidis, and other components, so that souls, trees and colors embrace these national, patriotic and humanitarian holidays, and so that the opportunity for joy for all is achieved without abbreviating or omitting a component, the Prime Minister directed, Mustafa Al-Kazemi, yesterday, Wednesday, suspended official working hours on the next Sunday and Monday, in celebration of the immortal Nowruz, and in celebration of his feasts.

A statement by the Prime Minister’s Media Office received by “Baghdad Times” stated, “Al-Kazemi directed the suspension of official working hours on Sunday, corresponding to March 20, 2022, and Monday, corresponding to March 21, 2022, is an official holiday, on the occasion of Nowruz holidays.”

LINK

The House of Representatives grants an official holiday of 4 days to its Kurdish employees

16th March, 2022

The General Secretariat of the House of Representatives decided, on Wednesday, to grant Kurdish employees in Parliament a holiday for 4 days on the occasion of Nowruz holidays.    

According to a document issued by the secretariat, “Nass” received a copy of it, March 16, 2022, that “on the occasion of Nowruz, it was decided to suspend the official working hours of all Kurdish employees in the Iraqi parliament from March 20, 2022 to March 24, 2022.”      LINK

A legal expert reveals to (Mawazine News) the only legal way to dissolve Parliament

17th March, 2022

A legal expert, Haider Al-Sufi, confirmed today, Thursday, that “the parliament cannot be dissolved if the president of the republic is not elected in any way.”

Al-Sufi said, in a statement to Mawazine News Agency, that “if the President of the Republic is not elected in the next session, the Prime Minister and the President of the Republic will continue in their positions as a caretaker, unless they are appealed to the Federal Court, at which time constitutional terms are set.”

He pointed out, “The session cannot remain open, and the presidential file must be resolved in the next session, because any delay is considered a constitutional violation.”   LINK

The Central Bank determines the rank of Iraq globally with gold reserves

17th March, 2022

The Central Bank of Iraq announced today, Thursday, the size of the gold reserves in Iraq, while determining the country’s ranking globally.

Deputy Governor of the Central Bank, Ihsan Shamran, said that “the gold reserves in Iraq are 96.4 tons.” Shamran added, “Iraq is in the 37th sequence of international gold reserves.”

The World Gold Council, last January, published its report on the reserves of the central banks in the world of gold, and the data showed that the reserves amounted to 35571.3 tons of the metal. 

According to the data, the total reserves increased by about 11 tons in the January 2022 report compared to December 2021. The United States leads the world in reserves of the precious metal, followed by Germany, then Italy, then France, and then Russia.  LINK

Saudi Arabia Is Considering Adopting The Yuan Instead Of The Dollar In Oil Sales To China

16th March, 2022

The Wall Street Journal reported in a report that Saudi Arabia, the world’s largest oil exporter, is considering accepting the Chinese yuan instead of the dollar in oil sales to China.

Informed sources said that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, a move that would reduce the dollar’s dominance of the global oil market and represent another shift by the world’s largest crude exporter to Asia.

And the “Wall Street Journal” quoted people familiar with the matter that talks with China over oil contracts priced in yuan stalled 6 years ago, but accelerated this year as the Saudis became increasingly dissatisfied with US security commitments to defend the kingdom.

According to the Wall Street Journal report, Saudi Arabia is looking to obtain support from the United States over its intervention in Yemen.

Saudi Arabia is the largest exporter of oil to China, and data showed that the Kingdom maintained its rank as the largest exporter of crude oil to China in 2021, as supplies increased by 3.1% compared to 2020.  LINK

Russia is taking a smart step to avoid falling into the bankruptcy trap

16th March, 2022

The media reported a smart step taken by Russia with regard to its debts denominated in foreign currencies, after Western countries imposed sanctions on Moscow, which affected Russia’s foreign currency reserves.

And media outlets indicated that Russia took a smart step, as it allowed individuals and companies in the country to repay loans denominated in foreign currencies to “unfriendly” countries in Russian currency instead of repaying them in foreign currencies such as dollars.

“Moscow made a shrewd decision aimed at indirectly obtaining the support of foreign banks for it,” said The Conversation, a media network that publishes news and research reports online.

According to her, the new anti-Russian sanctions directly affect people who borrow from foreign banks, and the depreciation of the ruble significantly increases the likelihood of an increase in defaults.

With regard to Russia’s sovereign debt, Russia confirmed its intention to fulfill its financial obligations, and the Russian Ministry of Finance indicated that if banks refuse to carry out money transfers in foreign currencies to repay the sovereign debt, Russia will transfer the required amount in Russian rubles based on the exchange rate of the Russian currency on the day the transfer is executed.  LINK

Source: Dinar Recaps


Samson » March 17th, 2022

The Arab Monetary Fund holds an interactive workshop on the latest developments related to the Strategic Partnerships held by the “Bunna” Platform for Arab Payments and its orientations in the field of interdependence

17th March, 2022

The CEOs of the International Payments Corporation in India and the Jordan Payment and Clearing Systems Company (“JOPAC”) will speak at the workshop

The workshop reviews the role of the “ISO 2022” standard for the messaging system in supporting the achievement of the harmonious link between payment services

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

Thursday, March 17, 2022, the Arab Monetary Fund will hold a “remote” workshop that deals with the latest developments related to the trends of the “Bunna” platform for Arab payments, affiliated with the Regional Institution for Clearing and Settlement of Arab Payments owned by the Fund, to establish strategic partnerships aimed at achieving Harmonic interdependence with local and regional payment systems in the Arab region and global markets.

The workshop also reviews the importance of the new standard for the messaging system, “ISO 2022”, in terms of supporting the harmonious interconnection between payment services

The workshop will host the CEOs of the International Payments Corporation, the international arm of the National Payments Corporation in India, and the Jordan Payments and Clearing Systems Company (“JOPAC”), the national operator of the payments system in Jordan

During their participation in this workshop, the managers of these two systems will review their approaches to cooperating with the “Bunna” platform for Arab payments to link their immediate payment services with the services of the “Bunna” platform, and secure safe and effective corridors for their participating financial institutions to send and receive payments across borders immediately

The team working at the “Bunna” platform for Arab payments will also make a presentation on the role of the “ISO 2022” standard for the correspondence system in supporting the work of interconnection and contributing to reducing the challenges facing the exchange of payments between financial institutions

More than 200 participants representing central banks, financial and banking institutions, payment services and financial services providers 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) , spoke : “The Buna Platform for Arab Payments is looking forward to playing a strategic role as a hub linking national companies providing instant payment services in the Arab region, and working on Achieving harmonious interconnection with local and regional payment systems all over the world. We are keen to spread the benefits resulting from cross-border payments services to a wide base of individuals and institutions in the Arab region and abroad

Mr. Manea added : “Buna’s platform for Arab payments adopts international standards for messaging systems and is equipped to use the “ISO 15002” and “ISO 20022” systems and secure the transfer between the two systems to facilitate the transition to the use of the “ISO 20022” system. The importance of the modern standard in terms of improving the process of sending and receiving money and linking payment services, and we are keen on the “Bunya” platform to cooperate with the institutions participating in the platform to help them use this standard

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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