“Looks Very Good” – Fri. PM KTFA Thoughts, News w/ MilitiaMan, Tivon, Petra 6-17-22

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Samson » June 17th, 2022

The Arab Monetary Fund Holds An Interactive Workshop To Talk About The Experience And Interaction Of Participating Financial Institutions With The Buna Platform For Arab Payments

17th June, 2022

Speaking at the workshop, senior managers from First Abu Dhabi Bank, Bank Muscat and Bank Africa

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

Today, Thursday, June 16, 2022, the Arab Monetary Fund will hold a “remote” workshop to present the experience of the banks that use the most cross-border payment services provided by the “Bunna” platform for Arab payments, which is affiliated with the Regional Institution for Arab Payments Clearing and Settlement owned by the Fund.

The Buna platform for Arab payments is witnessing a growth in the number of participating financial institutions, and this growth is accompanied by an increase in the number of settlement currencies used by participating financial institutions and an increase in the volume and value of payments being settled through the Buna Arab Payments platform. 

Based on these facts, the workshop will host a number of senior managers from First Abu Dhabi Bank, Bank Muscat and Bank Africa to talk about their experience using the services of the Buna platform to implement cross-border payments in multiple currencies.

During this workshop, the team working at the Buna platform for Arab payments will give a presentation on the latest developments related to Buna’s activity and progress, including revealing the details related to the currency exchange service, which the Buna platform for Arab payments is preparing to launch during the second half of the year. 2022.

The workshop will host more than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and abroad, to learn about these important and vital topics and follow up on the development 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 continues to make further progress by growing the size of its network of participating financial institutions in parallel with the development of its services. In this framework, we are keen to cooperate with financial institutions participating in the Buna platform, to provide innovative services to send and receive cross-border payments in a secure, affordable and highly effective manner.”

Mr. Manea added : “Bunna Arab Payments Platform, through its innovative services, aims to provide multiple cross-border payment solutions in Arab and international currencies. Accordingly, we have included in our 2022 plan the launch of a currency conversion service based on the simultaneous payment mechanism .

This additional service will work on Enhancing the effectiveness and efficiency of liquidity management for border payments and allowing improved liquidity levels not only across multiple payment channels and means but also across multiple currencies, through a single window and supported by efficient and flexible tools.”

It should be noted that the “Bunny” platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies

It aims 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 and reliable manner, at an appropriate cost and with high efficiency.

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

Sir » June 17th, 2022

Could we be looking at a basket of currency’s and a float of those currency’s? July surely looks promising!  Imo

Tivon » June 17th, 2022

They said preparing to launch in the 2nd half. I would like to presume that we are in that period now. So I’m expecting this to launch fairly soon.

But to be honest they are being purposely vague about which month this year. I would say the reason is that one would automatically deduce that given a specific timeframe it would tip off speculators as to when the CBI would have to be ready to launch as well.

So of course they could only say 2nd period of this year which could be any month.

But given where we are with certain developments I think this platform would be the method of choice for the Dinar. Or maybe the CBI has another plan. Not sure but the former seems more viable. IMO

Suzie » June 17th, 2022

They have to cover the FSL with something other than “toilet” paper money in MY OPINION…..

DoTalktoMe » June 17th, 2022

Second half. It would be nice if they would have said the 3rd quarter. July – September.
Typical of Iraq will be to drag it out as long as possible. 

Tivon » June 17th, 2022

Well I would like to think that Buna knows how sensitive this process is. If they gave us a clear date it was cause unwanted attention to financial institutions like the CBI. That’s why even though saying the second half is their launch pad they have to leave breathing room for the overall operation. Because we are not getting this information from the CBI. which has to be considered in this matter. IMO

MilitiaMan » June 17th, 2022

The looks of this support data from the AMF that the region is fully ready for currency exchanges and conversions is telling.

Electronic cross border payments in multiple currencies is exactly what Iraq will be apart of. The second half of 2022 is within days to a couple weeks, as we all know.

Well, if Iraq is going to be one of the largest trading partners in the region and the re construction of the country is to be under way shortly, they’ll need to get the exchange rate of the IQD internationally accepted and cleared.

The new ATMs with currency recycling and mention of coins to day are huge clues as to that Iraq is getting ready for internationalism by those two items alone a long with the AMF being ready for more currencies. The education is underway and gaining steam in Iraq..

All looks very good.. imo ~ MM

Tivon » June 17th, 2022

Yeppers, 2nd half of this year is July 1st. Which would definitely explain why the articles about the ATMs coming out earlier than expected from what Frank mentioned makes plenty of sense. So of course they want to get ahead of that and get the flow of information going to acclimate the general public. I mean they have to turn these things on very soon. Why even deploy them in the first place if the reinstatement is contingent upon swapping out the old for the new? That’s what the machines do right? IMO

Clare » June 17th, 2022

NEW – Powell: “Rapid changes are taking place in the global monetary system that may affect the international role of the dollar.”

A US central bank digital currency is being examined to “help the US dollar’s international standing.” pic.twitter.com/htP6r1brNz— Disclose.tv (@disclosetv) June 17, 2022

Wagmister » June 17th, 2022

White paper. He did say white papers

MilitiaMan » June 17th, 2022

He did and his mannerisms suggest urgency. He appears actually nervous. Even his paper works was folded and crinkled.. lol 137 Countries signed on the CBDCs and even at the retail level. They also agreed to Global Taxation.. Rapid change is open us and his white papers may be different than Iraq’s but, I’ll bet your bottom dollar they’ll likely mirror themselves accordingly with respect to clearing currency digitally in the future. That level playing field likely scares the “bejeezzous” out of him.. lol ~ MM

Samson » June 17th, 2022

Maysani issues a book documenting Iraqi stamps and coins

17th June, 2022

The author, Engineer Nawar Akram, issued the book “The Oil in Stamps and Iraqi Coins”, on the authority of Adnan’s house in Baghdad, with 118 pages of large pieces documenting the Iraqi stamps and coins that dealt with the issue of oil in Iraq. 

Akram told the Iraqi News Agency (INA): “The book is a documentary research on the issuance of Iraqi stamps and coins related to oil and oil topics, as it sheds light on the most important events in the historical march of Iraqi oil at the same time, highlighting the cognitive and aesthetic aspects of the stamp and coin collecting hobby.”

He added that “the book included two parts and three appendices, the first part dealt with Iraqi stamps related to oil, while the second part was devoted to the issuance of paper money and coins issued by the Central Bank of Iraq, which carried a reference to oil and its topics, and the first appendix contained a list of the most important historical joints of oil in Iraq, and the other two annexes included what was available in the author’s collection of envelopes for the first day and documents of oil companies. 

He continued, “The book presented some talk about the history of the emergence of stamps, their types and the beginning of their use in Iraq, as well as the process of Iraqi money and its emergence, in addition to some information about the printing, dimensions and punching of stamps, as well as security signs and the method of numbering paper currencies and information on stamps and currencies in global blocks.”

He stressed that “the conclusion showed a census of the number of publications and their chronological distribution within the past century of the modern Iraqi state.”   LINK

MilitiaMan » June 17th, 2022

Timing if this being exposed is not by coincidence, imo. They’ll likely once they re issue a new exchange rate will have a need for coins, thus, the book would be expected to be updated to reflect this next historical move.

The Central Bank of Iraq has shown to the Central Bank of England new currency with a need for smaller increments to make change. That is in that they showed them the NSCNs, noted in the photos from the CBI website.

Then we saw the ATMs that have new innovative technology to recycle currency.  They roll out of the new exchange rate education is imo fully underway. 

All while the EFSL has a time clock to be presented in the Gazette. I like what we are seeing.. imo ~ MM

Source: Dinar Recaps


Clare » June 17th, 2022

Parliamentary Finance comments on the decision to install contracts within the Food Security Law

16th June, 2022

Today, Thursday, the Parliamentary Finance Committee commented on the decision of the Council of Ministers yesterday regarding the confirmation of contractors within the Food Security Law.

Committee member Nazim al-Shibli said in an exclusive interview with “Mawazine News”, “The allocation that was put forward in the Food Security Law was to improve the reality of the lecturers’ situation and transfer them to a higher degree, as well as 315 contracts and also for contracts whose conditions are met by the stabilization mechanism to improve the economic reality for all groups.”

He added, “The Food Security Law included voting on 1,000 contract degrees for each governorate, and the application of these paragraphs belongs to the Ministry of Finance for the benefit of our children.” 

LINK

Petra » June 17th, 2022

I asked Clare to please re-post this from yesterdays’ thread as I believe it carries some good information from our study as this clearly is another one of those “I’m talking about “A” but then throwing a little bit of “B” into the conversation.  

So the first statement is direct discussing the Finance Committee commenting on the COM’s confirmation of “Contractors within the FSL”  OK?  No harm no foul.   But this is where it gets interesting and I will pull their quote: 

“The allocation that was put forward in the Food Security Law was to improve the reality of the lecturers’ situation and transfer them to a higher degree,” 

Ok.  So we are talking about “A” here as that was the title of the article.  But then….here comes “B”….

as well as 315 contracts and also for contracts whose conditions are met by the stabilization mechanism to improve the economic reality for all groups.”

What mechanism???   Stabilization mechanism (THE RATE) to improve the reality for ALL GROUPS!!!  IMO

So, what does this have to do with today’s study!  Everything IMO.  The EFSL is marching down a time controlled track.  And, we do not know if Saleh has signed the law or not.  Regardless, we are all in agreement that it becomes law 15 days from the vote. 

So why has he not signed it?  Because of what I just posted.  PM K and THE COM needed time to review all the contracts to insure when the deployment deadline hits…the EFSL can handle all the contracts, the CBI can defend the rate globally, And the secondary markets are protected as they begin to develop the Iraqi infrastructure.

Not a stretch here folks but good stuff to consider…..carry on……AND STAY THE COURSE!!!!!!    PETRA

Tivon » June 17th, 2022

Wowwwwwwwwwwwwwwwwwwwwww. Petra, Where have you been all week? This is a mic drop post here.

Hakim Al-Zamili (First Deputy)  stated a couple of times that the EFSL Stabilizes all Contracts & Procedures. Mazhar Muhammad Saleh (Financial Advisor) also stated that the EFSL will “Move The Wheels of The Economy”. You couldn’t make more sense if you tried. Al-Tamimi (Legal Expert) said the EFSL will enter implementation after 15 days regardless of any signature by the President of The Republic.

How do you improve the economic reality for all groups without them having “Purchasing Power”? How do you do this without activation of the ATMs? Also the contracts in the EFSL are in Iraq’s control.

To be honest even if they approve the 2022 Budget the Kurdistan region still doesn’t have their 12% share in that either. How do you revitalize the economy without releasing the exchange rate? This is what’s in the EFSL edict and outline from the Parliament of Finance.

People need to take the time to re-read the last few threads. This post from you is a culmination of everything me and Militia-Man have been trying to get across. I tip my hat to you sir. Thank you imparting your wisdom upon us this evening. IMO

MilitiaMan » June 17th, 2022

We have had many a back and forth of late on so many topics. Petra, was fixed on this one yesterday and the mechanism to improve the economic reality of all groups is an obvious.  It is the exchange rate. Tie that in with the the exposure of the SNCNs by the CBI, the new ATMs that recycle currency, the education on stamps and coins with historic value, we can clearly see that the process has that time stamp on it. The EFSL has a backwall if not signed of 15 days. The law was voted on 06/08/2022..The Gazette publishes on Wednesdays and Saturdays.. Very good stuff Petra and Tivon.. Thank you both for all the hard work.. I too much appreciate you both! ~ MM 

Source: Dinar Recaps


Vietnam: 

Samson » June 17th, 2022

Việt Nam attends 12th WTO Ministerial Conference in Geneva

16th June, 2022

Minister of Industry and Trade Nguyễn Hồng Diên joined trade ministers and senior officials from 164 member countries of the World Trade Organization (WTO) at the 12th WTO Ministerial Conference (MC12) that took place in Geneva, Switzerland, from June 12-15.

The Vietnamese delegation also included Ambassador Lê Thị Tuyết Mai, Permanent Representative of Việt Nam to the United Nations, the World Trade Organization and other international organisations in Geneva, and representatives from the Ministry of Industry and Trade, Ministry of Foreign Affairs, and Ministry of Agriculture and Rural Development.

Addressing the event, Diên affirmed support for the multilateral trade system and Việt Nam’s efforts to join with other WTO members to deal with global economic challenges. However, the minister pointed out several shortcomings of the organisation, including internal ones identified during MC11 that had hardly been resolved.

“We should also be aware that it is now time for the WTO to undertake fundamental reforms to maintain and strengthen its three core pillars whilst adapting promptly to the profound changes and new requirements of the era. Never have we observed the issues on healthcare, environment, food security, and supply-chain disruption become more pressing and urgent than today,” he said.

“It is therefore imperative that the WTO members confront the root causes of these challenges and explore appropriate solutions so that the WTO can overcome them and continuously improve its operational efficiency.”

He said that the WTO should not be limited to providing an effective negotiating platform, but also a contributor to solving global crises, whilst maintaining and ensuring a level-playing field in world trade. He highlighted that since joining the WTO, Việt Nam had been and would continue to be wholeheartedly committed to the multilateral trading system.

“We are ready to cooperate with WTO members in maintaining and strengthening the multilateral system with WTO at its core, in promoting and facilitating trade and investment, as well as in ensuring the vital supplies of goods and materials in the region and across the world. At the same time, Việt Nam is willing to stand with other members in ensuring sustainable development for the world economy, bringing inclusive benefits while striving to provide pragmatic support to the developing and least developed members,” he said.

Việt Nam attaches great importance to key WTO negotiations such as fisheries and agricultural subsidies, he said, expressing hope that the members would focus on topics of urgency and interest such as securing the supply of food and essential goods for the people.

At a discussion on trade and climate change on the sidelines of MC12, the minister underlined that climate change mitigation was an important factor in achieving equality in the world and held that the key issue is to achieve carbon neutrality while maintaining economic growth and improving living conditions for all, especially vulnerable groups. He gave several proposals to speed up actions against climate change during trade activities. He underscored the need to consider specific conditions of each country to avoid the mechanical application of environmental standards in developed countries to developing countries, either directly or indirectly.

According to the minister, allying trade ministers on climate change can be a way to realise these goals, along with enhancing cooperation and discussion not only within the WTO but also in regional and bilateral collaboration frameworks.

At a meeting of Cairns Group, a coalition of 19 agricultural product exporting countries, Diên highlighted three issues that need to be prioritised – the application of trade-distorting subsidies or domestic support measures, affecting many important commodities such as sugar and other essential agricultural products; the application of special safeguards in agriculture that leads to unequal farm produce trade; and measures recently adopted by some countries following geopolitical and supply chain tensions, which directly threaten global food security.

Diên also joined several MC12 sideline discussions and held bilateral meetings with partners such as the European Union, Australia, Singapore and Israel.

The WTO Ministerial Conference is the organisation’s highest decision-making body, which takes place every two years. However, due to the impact of the pandemic, MC12 was postponed twice. This was a good chance for the WTO to prove that trade is part of the solutions to many great challenges in the current era, whether public health or the environment.  LINK

US Treasury Department recognises Việt Nam’s progress in addressing currency-related concerns

14th June, 2022

The US Department of the Treasury has recognised the progress made by Việt Nam in its recently released report on macro-economic and foreign exchange policies of major trading partners of the US, the State Bank of Việt Nam (SBV) said on Monday.

The SBV said it would continue working closely with relevant ministries and sectors to discuss the issues of the US side’s concern in a cooperative and win-win spirit so as to develop harmonious and sustainable trade relations.

The central bank of Việt Nam would continue a monetary policy that aims to control inflation, stabilise the macro-economy, and aid economic recovery and development. It would also keep flexible exchange rates appropriate to macro-economic balances, market developments, and the monetary policy’s targets, it added.

In the report unveiled on June 10, the US Department of the Treasury continued reviewing the large trading partners in terms of three criteria: bilateral trade surplus with the US, material current account surplus, and persistent, one-sided intervention in the foreign exchange market.

It placed 12 economies on its “Monitoring List” of major trading partners that merit close attention to their currency practices and macro-economic policies, namely China, Japan, the Republic of Korea, Germany, Italy, India, Malaysia, Singapore, Thailand, Taiwan (China), Việt Nam, and Mexico.

All except Taiwan and Việt Nam (which were subject to enhanced engagement) were on the Monitoring List in the December 2021 Report. As both Việt Nam and Taiwan exceeded the thresholds of fewer than three criteria under the Trade Facilitation and Trade Enforcement Act of 2015 (2015 Act) over the four quarters through December 2021, the Treasury Department put the two economies on the list again.

In the report, it also concluded that no major trading partners manipulated their exchange rates in 2021.

In early 2021, the department commenced enhanced bilateral engagement with Việt Nam in accordance with the 2015 Act. They reached agreement in July 2021 to address the department’s concerns about Việt Nam’s currency practices.

The Treasury Department said in the report that it continued to engage closely with the SBV to monitor Việt Nam’s progress in addressing Treasury’s concerns and is thus far satisfied with progress made by Việt Nam.  LINK

Việt Nam’s economic recovery remains strong: World Bank

14th June, 2022

The World Bank (WB) released the June edition of its monthly Vietnam Macro Monitoring on June 13, highlighting that economic recovery remained strong despite heightened global uncertainties.

Industrial production continued a robust expansion of 10.4 per cent year-on-year while retail sales rebounded with growth of 4.2 per cent month-on-month and 22.6 per cent year-on-year, suggesting strong recovery of private consumption.

About 173,000 international visitors arrived in May, about 70 per cent higher than in April and the highest figure since April 2020, yet still less than 16 per cent of pre-pandemic levels.

Sales of consumer services, which were hit harder than the sales of goods last year, experienced a stronger rebound (41 per cent year on year compared to 18.3 per cent year on year, respectively).

The rebound was due to the booming accommodation and catering services, which increased by nearly 70 per cent and were 12.4 per cent higher than its pre-pandemic level three years ago. Travelling also tripled compared to a year ago although it was about 60 per cent lower than its pre-pandemic level.

Amid heightened global uncertainties, export growth slowed and import growth plateaued.

FDI commitments were US$879 million in May, the lowest level since September 2020, and nearly 50 per cent lower than a year ago. This is the fourth consecutive month of decline, reflecting the heightened economic uncertainties caused by the protracted war in Ukraine and the health-related lockdowns in China.

On the other hand, FDI disbursement remained strong in May, up 8.5 per cent year on year, marking a six-month expanding streak.

CPI inflation edged up from 2.6 per cent in April to 2.9 per cent in May driven by a rise in gasoline and diesel prices, which were 54.5 per cent higher in May than a year ago. Producer price inflation showed signs of easing in May, with both input costs and output prices rising at the slowest rates in three months.

Credit growth remained strong at 16.9 per cent year on year while overnight interbank interest rates dropped sharply from 1.73 per cent in April to 0.33 per cent as of the end of May.

Thanks to strengthening domestic demand, total revenue collection increased by an estimated 29.4 per cent year on year in May, keeping the budget in surplus for the fifth consecutive month.

The WB recommended that Vietnamese authorities should be vigilant about inflation risks associated with continuing rise in prices of fuels and imports, which may dampen the ongoing recovery of domestic demand. Temporary support including targeted transfers should be considered to help poor households weather the price surge.

As the commodity price shock appears to be mainly affecting oil and fuels, with passthrough to transport costs, temporary targeted subsidy for main gasoline and fuel users (such as truckers) could also be considered to alleviate hardship and blunt the inflationary pressures.

Investing in alternative energy production would reduce the economy’s dependence on imported fuels in the medium term and promote greener growth.  LINK

Source: Dinar Recaps

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