MilitiaMan: There is to be freedom of capital movement. (See articles below) That is something that has not been around for some time. Freedom of capital is a necessary thing when it comes to the private sector.
We can see that there are preparations being made for cross border payments and there are 200 participants representing central banks, institutions, etc..
All preparing to be clearing with interlinking platforms of the BUNA, SWIFT and TIPS systems.. This is to be done shortly and on many continents.
It is like the last walk through to make sure everyone is on board and knows the system and it’s applications, etc..
Take a look at what we know. The UAE has as of 01/01/2022 interlinked their work week with the west. Let that sink in. It is a big deal.
MilitiaMan Cont…..So by Iraq opening a bank branch under the umbrella of the CBI, suggests that a pattern has changed.
The branch would be by extension on the same work week schedule with the same reporting requirements as western banks.
To date, we never did see the Saudi Arabia bank branch open. It was thought it hadn’t opened because Iraq was not 100% Article VIII compliant yet.
The reason the owner mentioned was they were waiting on the exchange rate.. imo
Well today is Friday and they tell us they opened an Iraq bank branch in the UAE. A high financial arena. Why would they open a branch in a high financial arena with a .00068493 currency?
They didn’t do that with Saudi Arabia… At least, that we know of yet, anyway.
What may be happening is that the bank opening, the preparations, being made with the BUNA, SWIFT and TIPS systems to be interlinked, is the last thing to be placed into the system the REER (Real Effective Exchange Rate) for the IQD?
I sure hope so. Lets see what the coming days brings us.
imo All looks very very very good.
The private sector and or market economy will require a REER.
The USA embassy has today commented on the support for Iraq to do international trade. Even with China. So, lets see what gives.
My view is we are very close to seeing it.
Follow the money.. 200 entities, central banks, etc., are the money.. ~ MM
The Arab Monetary Fund holds an interactive workshop on the latest developments related to the immediate cross-border payment service at the “Buna” Platform for Arab Payments
14th January, 2022
The workshop reviews the frameworks and methods used to reduce the risks of the other party in payment systems
The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutions
Today, Thursday, January 13, 2022, the Arab Monetary Fund will hold a “remote” workshop that will review the efforts of the “Buna” platform for Arab payments, which is affiliated with the Regional Institution for Clearing and Settlement of Arab Payments owned by the Fund, regarding the launch of the platform’s immediate payment system.
The platform’s efforts deal with enhancing cooperation with the network of banks participating in the platform regarding configuring and facilitating its connection with the new system for instant payment services at “Bunny”.
In addition, the workshop reviews the frameworks and means used to reduce the risks of the third party in the instant payment systems.
During this workshop, the Buna Platform for Arab Payments and the SWIFT Association present a detailed presentation on the steps to be taken by the participating banks in preparation to start using Buna’s services for instant cross-border payment, and to benefit from the advanced solutions it provides in the field of payments. Also, Buna’s compliance team will talk about the various approaches to mitigating third-party risks.
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 (Bunni Platform for Arab Payments) said: The “Buna Payments” platform is moving forward with the implementation of its strategic plan aimed at launching cross-border instant payment services, and we are cooperating closely with the “Swift” Association to provide the required support to our list of participating banks to facilitate and speed up their accession to our instant payment system and take advantage of the features it provides This innovative service.
The success of the first-of-its-kind joint experience of the interconnection between the Arab Payments Platform “Buna” and the European System for the Settlement of Instant Payments (known as “TIPS”), constitutes an incentive for us to persevere in making instant payment services a major means of cross-border payments.
We are also keen to contribute to activating the ability of various entities operating in the payments industry to use this advanced service and to benefit from the effectiveness and added value that it provides.”
Manea added : “Reducing the risks of the other party is an influencing factor in the safety and effectiveness of the payment systems’ operation. Based on this conviction, the “Buna” platform for Arab payments has succeeded through its keenness to implement strict measures in the field of compliance and thanks to its close and continuous dialogue with the regulators in the Arab region and outside it, to provide a safe and low-risk work environment for its participants.
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
Opening a branch of the first Iraqi bank in the UAE
14th January, 2022
Today, Friday, the International Development Bank announced the opening of a branch for the first Iraqi bank in the Emirates.
A statement by the Development Bank, received by the Iraqi News Agency (INA), stated that “it obtained a license from the Emirates Central Bank to open the first regional branch in the Emirate of Dubai and under the umbrella of the Central Bank of Iraq.”
He added that “this bank is the first private bank in the United Arab Emirates to be a center and a starting point for strengthening joint cooperation between the two countries, and activating financial and commercial exchange to serve the Iraqi economy in its public and private sectors.” LINK
Al-Kazemi’s advisor : Iraq has financial space at the present time
14th January, 2022
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that raising Iraq from the list of high risks encourages the entry of capital into the country, while noting that Iraq’s financial rating is high and has the ability to pay off debts and confront them
Saleh said, to the Iraqi News Agency (INA): “The situation of foreign debt is comfortable and decreasing, and there is financial space in Iraq at the present time,” noting that “what must be paid does not exceed 20 billion dollars, and this has allocations in the budget
He added that “Iraq’s rating is high, and this classification did not come from a vacuum and we have the ability to pay off debts and confront them,” noting that “the neo-liberalism in the world liberated the world’s economies, including Iraq, so liberating the economy and financial transfer in the world daily is about 5 trillion dollars, and this The exchanges include problems, economic crimes, money laundering, and others
He pointed out that “Iraq was infected with suspicions of money laundering due to the occupation of ISIS, which is a terrorist force and has external financing
He stressed that “Iraq has proven that it is free of money laundering and has been raised from the list of high risks to natural, and this is a very important matter that gives freedom and liberalism to banks to work in global environments, the ability to immunize, interest and low cost, which encourages the entry of capital into the country without problems, and this is positive for the benefit of Iraq
And the Ministry of Foreign Affairs announced, last Monday, that the European Union removed the name of Iraq LINK