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[size=30]MilitiaMan and Petra Friday PM "They Set The Stage!" 10-1-2021[/size]
KTFA:FROM MM & PETRA:
AMF DISBURSES TO THE ARAB REPUBLIC OF EGYPT THE SECOND TRANCHE OF THE LOAN WITHIN THE FRAMEWORK OF THE STRUCTURAL ADJUSTMENT FACILITY IN THE PUBLIC FINANCE SECTOR, WITH AN AMOUNT OF ARAB ACCOUNTING DINAR 65.775 MILLION, THE EQUIVALENT OF APPROXIMATELY... 12-08-2021 Arab Monetary Fund disburses to the Arab Republic of Egypt the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, with an amount of Arab Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, to support reform efforts in face of various challenges
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program,
In addition to its role in promoting policy dialogue and consultation on economic, financial and developmental issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
The AMF is also keen to provide financial and technical support to its member countries during this period, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects.
The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak.
In this context, the AMF disbursed on August 12, 2021, the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, contracted with the Egyptian government on July 21, 2020.
The tranche amounts to Arab Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, aiming to avail resources to help the country implement economic and financial reforms, while strengthening its resilience to various challenges.
The AMF follows closely the developments of the Egyptian economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Egyptian government to help the country contain different challenges in the most effective way.
In this respect, the AMF is studying another loan for the Arab Republic of Egypt to support the country’s financial position. The procedures for granting the loan will be completed shortly. The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times
MilitiaMan: Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, Let that sink in….. That was noted this last August…. Militia-Man……..
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THE ARAB MONETARY FUND PUBLISHES THE “STRATEGIES FOR ADOPTING DLT/ BLOCKCHAIN TECHNOLOGIES IN ARAB COUNTRIES" 18-08-2021 Great opportunities for enhancing financial services by fostering the use of DLT/ Blockchain Technologies in Arab Countries Guidelines and roadmap on how to embrace these technologies in the financial sector, how to employ it properly and the related requirements The Arab Monetary Fund (AMF) issued today Tuesday, August 17, 2021, Policy Guide on “Strategies for Adopting DLT/ Blockchain Technologies in Arab Countries” prepared by the Arab Regional Fintech Working Group (WG), which AMF has its technical secretariat.
The guide is being issued in the framework of the Fund's endeavors to promote awareness of the requirements for developing Fintech industry and supporting digital financial transformation efforts in Arab countries.
The guide aims to provide policy directions on how to adopt these technologies in the financial sector, how to employ them properly, the related pre-requisites; thereby improving the efficiency of financial and banking services and enhancing support for digital financial transformation and financial inclusion efforts.
The guide elaborates on the various types of Distributed Ledger Technologies (DLT) and blockchain, clarifies common myths and misconceptions about them, highlights their governance methodologies, and the initiatives of different countries in adopting these technologies and how to formulate national strategies.
The guide also addresses Distributed Ledger Technologies (DLT) and blockchain applications in the financial sector, and how to overcome the implementation challenges. In this regard, the guide provides multiple sets of recommendations and roadmap with a range of action plans and considerations when these technologies are applied at the local level.
These policy recommendations include formulating strategies to employ DLT and blockchain at the national level, taking into account different models for blockchain governance, building standards for technical solutions using DLT and blockchain, the shared interoperable blockchain system, the integration with legacy system, developing capacity and building awareness, as well as partnership with the private sector.
The recommendations highlight the need for integration with other services, for example smart contracts, digital signature, key custody and security solutions, in addition to the integration with other technologies such as artificial intelligence, big data and the Internet of Things.
These would also include aspects of cost analysis, prioritizing leading use cases at the national level, and operationalizing the regulatory and supervisory tools embedded on blockchain networks.
Finally, the guide includes an evaluation matrix to follow up the progress in adopting these techniques, including several indicators.
These indicators address respective aspects of building an ecosystem for distributed ledger and blockchain technologies, including indicators of organizational, technical, research, user engagement, and industry indicators.
The guide was prepared and reviewed by representatives of Arab Central Banks, the Arab Monetary Fund (AMF), the Egypt Post, the Islamic Development Bank Group (IsDB), the World Bank Group (WBG) and Karam Legal Consultants members of the Arab Regional Fintech WG, as well as experts from the Organization for Economic Cooperation and Development (OECD), and the World Economic Forum (WEF).
In this context, His Excellency Dr. Abdulrahman Al-Hamidy, Director General Chairman of the Board of Arab Monetary Fund, noted with appreciations the initiatives of the Arab Reginal Fintech Working Group in issuing guidelines providing advice to the relevant authorities in the areas of Fintech, strengthening digital financial services, and supporting innovations and access to formal financial services.
H.E referred to the great opportunities offered by promoting the use of DLT and blockchain in the financial services. He added his wishes that the guide would contribute to raise awareness of deploying such technologies. Finally, he noted with appreciations the ongoing cooperation of the Arab Reginal Fintech Working Group with international institutions, research centers and universities.
MilitiaMan: The theme is we can show they are going to be finishing up…… Militia-Man……
THE ARAB MONETARY FUND (AMF) ANNOUNCES A MEMORANDUM OF UNDERSTANDING WITH VISA TO SUPPORT THE GROWTH AND EFFICIENCY OF CROSS-BORDER PAYMENTS BETWEEN THE ARAB REGION AND GLOBAL MARKETS 27-08-2021 Setting the foundation for interoperability between Buna and Visa and enabling innovative payment options for financial institutions Abu Dhabi 26 August 2021:
The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.
Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options. Both Buna and Visa will build on their strong capacities and value propositions, to cater to the growing financial needs of the Arab region, and design optimal solutions that can unlock sustainable opportunities in the payment industry.
This partnership represents a strong testimony of Buna’s and Visa commitment towards serving the regional and global financial ecosystem and paving the way for efficient and innovative cross-border payments. Commenting on this event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, stressed on the strategic aspects of such partnership and the added value it delivers for the regional and global financial community.
H.E Dr. Al Hamidy said: “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally.
With this initiative, Buna continues to develop and grow its diversified pool of innovative solutions, providing its participant banks additional safe and credible channels to broaden their cross-payment capacities, implement innovative business models and better serve their clientele.
Both Visa and Buna will capitalize on this partnership to deliver joint cross-border payment products and services that are risk controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond.”
Dr Saeeda Jaffar, Group General Manager for GCC, Visa expressed her pleasure on the MOU and commented, “This MOU reinforces Visa’s commitment to support the evolution of the Arab region and the vital role digital payments plays in this sphere.
We believe that driving adoption of real time payments can be enabled through value added services, and our vision is to support our clients to promote more innovative real time payments use cases to benefit customers in the region who are looking for industry leading money transfer and cross border solutions. We are looking forward to working with Buna and related stakeholders in the implementation of this project.”
Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.
Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements.
Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
Petra: Buna!!!!! PETRA……
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THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON BUNA’S ROLE AS A BRIDGE WITH ASIAN MARKETS AND THE PROSPECTS OF CROSS-BORDER INSTANT PAYMENT 03-09-2021 The workshop is hosting speakers from the World Bank, Bank for International Settlements (BIS), Cross-border Interbank Payment System (CIPS), National Payments Corporation of India (NPCI) and State Bank of Pakistan
More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions Abu Dhabi, 2 September 2021:
The Arab Monetary Fund (AMF) holds today, Thursday September 2, 2021, a workshop to explore and discuss the recent trends related to the cross-border payment industry and elaborate on Buna’s (the cross-border payment system owned by the AMF) opportunity to act as a bridge with major trade partners in Asia.
During this workshop, high level guest speakers representing, Cross-border Interbank Payment System (CIPS) which is linked to the People’s Bank of China, the National Payments Corporation of India (NPCI) supervised by the Reserve Bank of India, and the State Bank of Pakistan, will elaborate on the strategic role that Buna is capable to play as a payment gateway and a bridge to link with the Asian markets, and support the growth of commercial and investment activities with trade partners in Asia.
Additionally, industry experts from the World Bank Group and the Bank for International Settlements (BIS), will share their views and expertise in relevance to the global initiatives and major developments that the payment industry is witnessing, especially the ongoing efforts of the different stakeholders and key players in this sector to unlock the growing potentials of cross-border instant payments.
The workshop will host more than 200 senior officials representing central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about these important topics and following on Buna’s recent plans and developments.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna continues its initiatives to support the growth of trade and diverse economic activities between the Arab region and international markets.
Driven by this overarching mission, Buna will continue exploring partnerships opportunities with leading payment institutions in Asia to realize strategic interoperability and offer modern and secure solutions to support multilateral remittances, investments and trading.”
Mehdi added: “Fast and efficient routes of payments, represent a key driver to the growth and expansion of money exchange between our part of the world and the Asian continent as well as the different international markets across the globe.
Hence, Buna is moving forward with its plans to launch its cross-border multi-currency instant payment service and realize another successful milestone in its contribution to the development of the payment industry in the Arab region and at global level.”
Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.
Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners.
Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
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THE ARAB MONETARY FUND ISSUES THE SECOND EDITION OF FINTECH GLOSSARY 22-09-2021 More than 1100 terms covering various aspects of the Fintech industry The glossary aims to pinpoint and define the Fintech terms considering the tremendous and accelerated growth of the Fintech activities Terms are shown in three languages "English, Arabic, and French"
The terms are classified under 14 chapters to cover all aspects of financial technology Within the framework of the Arab Monetary Fund’s eagerness to enhance the digital financial literacy in the Arab countries, and its belief in the importance of having robust reference for the terminologies of the financial technology industry, considering the significant role that the financial innovation plays in the future of financial and banking services,
The Arab Monetary Fund, within the activities of the Arab Regional Fintech Working Group, has issued the second edition of the "Fintech Glossary”. The glossary contains (14) chapters covering all the terms of financial technology, which contributes to enhancing the awareness of the financial innovations’ concepts and terminologies.
In this regard, in light of the tremendous and accelerated growth of the Fintech industry, and the great opportunities offered by the fintech industry to enhance the efficiency of financial and banking operations, it becomes important to raise the awareness of the public about the terminologies of financial innovations, in an inclusive and comprehensive manner.
There is no doubt that fostering financial technology awareness will create positive impact on the future of financial and banking services in particular, and on financial stability and diversification of economic activity in general. The glossary aims to be a gateway to introduce the terms used in various aspects of financial technology, whether in terms of business models and activities, the used technologies, the regulatory and supervisory policies and frameworks, and the institutional frameworks, through (14) chapters that are provided as follows: Artificial intelligence and machine learning, blockchain technology, cloud computing, cryptography, cyber security, data protection, digital identity, decentralized ledger technology (DLT), general terms (overlapping in industry), Insurtech, open banking operations, payments, smart contracts, and finally tokenization. It worth mentioning that the glossary reached 1129 terms compared with 630 terms included in the first edition that was issued in December 2020. In this occasion, His Excellency Director General Chairman of the Board of Arab Monetary Fund, Dr. Abdulrahman A. Al Hamidy, stressed the importance of the second edition due to the substantial additions included, which boost the comprehensiveness of the glossary, highlighting the need for a regular update of the glossary.
His excellency indicated that issuance of such glossary comes to confirm that developing awareness and literacy about the development in Fintech industry and digital financial services will ensure a better understanding of digital business models and how to apply these innovative technologies in the financial sector, which contributes to enhancing the efficiency of access to formal digital financial services in Arab countries. His Excellency also emphasized the increasing interest shown by their Excellencies, Governors of Arab central banks and monetary authorities, in Fintech matters and the prominent role they play as a mechanism for digital transformation in Arab countries.
BANCA D’ITALIA AND ARPCSO ANNOUNCE BUNA-TIPS EXPERIMENT DELIVERING SUCCESSFUL CROSS-BORDER, CROSS-CURRENCY, CROSS-SYSTEM INSTANT PAYMENTS 29-09-2021 Banca d’Italia and the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) announced today the successful completion of a joint experiment aimed at linking for the first time the instant payment settlement platforms with multi-currency features (TIPS and BUNA) operated by the two organizations.
The results of the experiment have been presented at an international webinar held under the auspices of the Italian Presidency of the G20 on 27-28 September.
The experiment simulated the payment of €1 by a current account holder of Banca Intesa Sanpaolo in favour of a customer of Jordan Ahli Bank, who received the money in Jordanian dinars (JOD). During the experiment, a number of cross-currency transactions were settled in both TIPS and Buna IPS, by debiting Intesa Sanpaolo’s TIPS account in EUR and crediting Jordan Ahli’s JOD account in BUNA.
The average end-to-end response time for these transactions was approximately 15 seconds. «The excellent results of this proof of concept demonstrate that different clearing and settlement mechanisms can interact with each other, without necessarily requiring new technical infrastructures and the significant investment this would entail – said Mehdi Manaa, CEO of ARPCSO – and prove that instant cross-border and cross-currency payments can be made in a matter of seconds».
«This paves the way to a whole new range of 24/7 services for firms and citizens – noted Piero Cipollone, Deputy Governor of Banca d'Italia – enhancing interoperability, breaking down geographical borders, increasing transparency and execution times and, above all, reducing costs with respect to more traditional cross-border transactions, in line with the expectations set out in the G20 global roadmap».
The Eurosystem’s instant payment infrastructure, TIPS, was developed and is operated by Banca d’Italia on behalf of the Eurosystem and is available 24 hours a day, 365 days of the year.
BUNA IPS is the corresponding system operated by ARPCSO, an independent entity, entirely owned by the Arab Monetary Fund (AMF).
The other actors involved in the Proof of Concept were SWIFT, Banca Intesa Sanpaolo and Jordan Ahli Bank, two commercial banks that are key players in their respective fields.
Both platforms work in similar ways, including in terms of speed of execution.
They also share a number of connectivity and security infrastructures provided by SWIFT, a messaging network widely used to transmit information and payment instructions securely.
For further information about TIPS, please write to crossborderpaymentswebinar@bancaditalia.it For further information about BUNA IPS, please write to
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Petra: So here’s a thought…..did the China deal executed this week….go thru the Buna platform???? PETRA……….
MilitiaMan: Swift connection imo Yes…. Militia-Man……..
Petra: And the above between Jordan and Italy was transacted in….15 seconds!!..... PETRA……….
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ARAB MONETARY FUND DISBURSES TO THE KINGDOM OF MOROCCO THE SECOND TRANCHE OF THE LOAN 30-09-2021 within the framework of the Structural Adjustment Facility in the Public Finance Sector, with an amount of Arab Accounting Dinar 20.562 million, the equivalent of approximately USD 87.5 million, to support reform efforts in face of various challenges
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program,
In addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
The AMF is also keen to provide financial and technical support to its member countries during this period, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects.
The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak. In this context, the AMF disbursed today, September 29, 2021, the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, contracted with the Moroccan government on May 23, 2020.
The tranche amounts to Arab Accounting Dinar 20.562 million, the equivalent of approximately USD 87.5 million, aiming to avail resources to help the country implement fiscal reforms, while strengthening its resilience to various challenges.
The AMF follows closely the developments of the Moroccan economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Moroccan government to help the country contain different challenges in the most effective way.
In this respect, the AMF is studying another loan for the Kingdom of Morocco to support a conducive environment for Small and Medium Sized Enterprises (SMEs). The procedures for granting the loan will be completed shortly.
The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times.
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MilitiaMan: Look at the date and do the math.. Militia-Man……….
Petra: Agreed. Rates are calculated and transacted for the AAD. Boats are rising from EU to ME and demonstrated as immediate via Buna platform…. Interesting timing of the traunches!!!! IMO…. PETRA…….
MilitiaMan: That is loads of data, but, when we isolate components, we see results.. Militia-Man…….
Petra: And transactions that are confirmed and “past tense!”… PETRA…….
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New instructions for buying and selling foreign currency for the year 2021 and the stability of the dinar exchange rate30th September, 2021
Central banks in the countries of the world mainly aim to achieve economic stability by achieving stability in the monetary system and the financial system through their programs and strategies that aim to maintain stability in the exchange of their local currencies against other foreign currencies and to build sufficient foreign cash reserves to cover their local currency in circulation
In accordance with special international standards issued by the International Monetary Fund, banks are also evaluated based on other criteria related to facing crises, challenges, economic, political and security shocks, natural and epidemic disasters in their countries, controlling stable rates of inflation and interest rates, and applying internationally established regulations and rules for combating money laundering and terrorist financing Therefore, the Central Bank of Iraq issued last week new instructions to banks and exchange companies and mediation in the sale and purchase of licensed foreign currencies.
And externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2021
The Governor discussed what was mentioned in the instructions with the heads of the boards of directors and the authorized managers in a specialized workshop in which he explained the objectives of issuing the instructions and the procedures required of banks to implement them as of 10/17/2021, with an emphasis on the need for banks to practice their real work as established in their Law No. 94 of the year 20034 and focus on banking finance and the many banking products that contribute to the transition of banking work from banking to contributing to development
The economic conditions and crises, the financial deficit and the decline in the financial position of the public finances, which led to a change in the exchange rate of the Iraqi dinar for the purpose of overcoming the above crises with the Central Bank taking many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed to the passage of nine months after the exchange rate change that the rate of control is controlled Exchange in the trading market for about a month at the target rate of 1470 dinars against the US dollar
Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing
We do not forget here how the dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria, where their local currency collapsed in very large proportions.
While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, despite the speculation in the market In order for the economic analyzes to be accurate and not extreme of the reality of monetary stability in Iraq and the effects of the expected economic, epidemiological and expected shocks on the exchange rate of the Iraqi dinar In order not to take the expectations of media intimidation and create a state of fear in the public and in the banking sector.
I assert through an insightful economic and analytical view of the state of the monetary trading market and from a neutral and transparent point of view, we note that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves at the rate and at the rate that its sufficiency is determined to cover the monetary mass in circulation and to cover imports, as the foreign cash reserve is fully secured and Iraq ranks fourth in the Arab world.
The Central Bank will make exceptional efforts in accordance with the monetary policy applications and to maintain the stability of the target rates of exchange rates
:small_blue_diamond: The Arab Monetary Fund organizes the twenty-third "remotely" periodic meeting of the Arab Committee for Payment and Settlement Systems
2021-09-30
Wednesday and Thursday 29-30 September 2021 The committee discusses: Recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty
A renewed view on the role of central banks in developing payment and settlement systems Understand the risks associated with stablecoins and cross-border payments and contain them Prospects and future of automated clearinghouses and their role in the era of rapid payments Enhancing the role of payment-accepting intermediaries in commercial payment gateways and digital wallets
Current trends regarding the banking sector's use of (ISO20022) messages internationally, and the developments of "SWIFT" message models Opportunities and risks of technology companies in financial services in the Arab region Today, Wednesday, September 29, 2021, the twenty-third periodic meeting of the Arab Committee for Payment and Settlement Systems, which is being held “remotely” in light of the Corona pandemic crisis, will open.
The meeting will be attended by the directors of the payment and settlement systems and financial infrastructure departments of the Arab central banks and monetary institutions.
The committee meeting will also be attended by representatives of regional institutions, including: the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the Secretariat of the Financial Action Group for the Middle East and North Africa, the Union of Arab Securities Authorities, and the Union of Arab Banks.
The meeting will also be attended by experts from a number of global central banks and international institutions, such as: the World Bank Group, the International Monetary Fund, the Bank for International Settlements, the International Committee on Payment Systems and Financial Infrastructure, the European Central Bank, the Bank of France, the Italian Central Bank, and the German Federal Supervisory Authority Banking, the Bank of England, the Eurocleor Foundation, the Swift Association, the German Agency for Development, and the Bill and Melinda Gates Foundation.
The committee aims to contribute to the development of payment and settlement systems in the Arab countries, and to enhance coordination, cooperation and exchange of experiences and expertise in this regard between central banks and Arab monetary institutions.
Within the framework of its role as a technical secretariat for the Board of Governors of Arab Central Banks and Monetary Institutions, the Arab Monetary Fund assumes the secretariat of the Committee. His duties in this regard are based on preparing the agenda, contributing to the preparation of studies and reports issued by the committee, and following up on its recommendations.
In its two-day meeting, the committee will address a number of important topics, most notably recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty.
Payment and financial infrastructure around opening hours, access and connectivity requirements.
Committee members will also be able to view the latest developments in the services of the “Bunna” platform for Arab payments of the Regional Corporation for the Clearing and Settlement of Arab Payments, and discuss the role of central banks and Arab monetary institutions in encouraging the use of innovative services provided by the platform to the financial and banking sector in Arab countries.
The committee will also discuss a set of topics related to the risks associated with stable currencies and cross-border payments, and the risks and opportunities of large companies for technologies in financial services in the Arab region, in addition to discussing the renewed view on the role of central banks in developing payment and settlement systems, and current trends regarding the banking sector’s use of messages ( ISO20022) internationally, and developments in SWIFT messaging models.
The topics of the meeting will also address the future of automated clearinghouses and their role in the era of rapid payments, commercial payment gateways and digital wallets, and the requirements for implementing the Legal Entity Identifier (LEI) in payments.
Finally, the committee will discuss participation in the international survey on payment systems and processes in which cooperation with the World Bank takes place, and discuss the possibility of issuing a regional report using the results of the survey.
On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, praised the continuous development of the topics and issues discussed by the committee and their importance for Arab countries in enhancing the safety and efficiency of financial transactions and the flow of payments and transfers.
His Excellency expressed his happiness with the wide participation of the relevant regional and international institutions, which enhances the importance of the committee as a platform for dialogue and exchange of experiences and expertise in the issues of financial infrastructure systems.
His Excellency stressed the need to pay attention to the issues of digital payments and instant payments, and that the committee should be proactive and proactive in enhancing knowledge to support the efforts of Arab countries in this regard.
His Excellency praised the great support and encouragement given by their Excellencies, governors of Arab central banks and monetary institutions, to the "Bunni" platform for Arab payments, and the great opportunities that the platform offers to develop the payment and settlement system in the Arab region and enhance regional financial integration and linkage with the global financial system, looking forward to support And the committee members’ contribution to introducing the platform and expanding the platform’s network of participating banks :small_blue_diamond:
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MilitiaMan: Petra they set the stage.. the instructions are out.. Militia-Man…….
Petra: Yes! And they have demonstrated successful transactions trans-national!... PETRA….
MilitiaMan: They did it in front of everyone… Militia-Man..
Petra: All steps covered, full digital framework set…. PROOF!!!... PETRA…..
MilitiaMan: That data and more shows there is no stopping this… There words not ours.. lol…. But wait, next year.. lol lol lol said no links.. ha…. Militia-Man…..
Petra: No proof of next year at all. K has invested too much and CBI has the landing strip paved. Lol. PETRA…..
MilitiaMan: linkage with the global financial system… Militia-Man…..
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:small_blue_diamond: The Arab Monetary Fund organizes the twenty-third "remotely" periodic meeting of the Arab Committee for Payment and Settlement Systems 2021-09-30 Wednesday and Thursday 29-30 September 2021
The committee discusses: Recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty
A renewed view on the role of central banks in developing payment and settlement systems
Understand the risks associated with stablecoins and cross-border payments and contain them
Prospects and future of automated clearinghouses and their role in the era of rapid payments
Enhancing the role of payment-accepting intermediaries in commercial payment gateways and digital wallets
Current trends regarding the banking sector's use of (ISO20022) messages internationally, and the developments of "SWIFT" message models
Opportunities and risks of technology companies in financial services in the Arab region
Today, Wednesday, September 29, 2021, the twenty-third periodic meeting of the Arab Committee for Payment and Settlement Systems, which is being held “remotely” in light of the Corona pandemic crisis, will open. The meeting will be attended by the directors of the payment and settlement systems and financial infrastructure departments of the Arab central banks and monetary institutions.
The committee meeting will also be attended by representatives of regional institutions, including: the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the Secretariat of the Financial Action Group for the Middle East and North Africa, the Union of Arab Securities Authorities, and the Union of Arab Banks.
The meeting will also be attended by experts from a number of global central banks and international institutions, such as: the World Bank Group, the International Monetary Fund, the Bank for International Settlements, the International Committee on Payment Systems and Financial Infrastructure, the European Central Bank, the Bank of France, the Italian Central Bank, and the German Federal Supervisory Authority Banking, the Bank of England, the Eurocleor Foundation, the Swift Association, the German Agency for Development, and the Bill and Melinda Gates Foundation.
The committee aims to contribute to the development of payment and settlement systems in the Arab countries, and to enhance coordination, cooperation and exchange of experiences and expertise in this regard between central banks and Arab monetary institutions. Within the framework of its role as a technical secretariat for the Board of Governors of Arab Central Banks and Monetary Institutions, the Arab Monetary Fund assumes the secretariat of the Committee.
His duties in this regard are based on preparing the agenda, contributing to the preparation of studies and reports issued by the committee, and following up on its recommendations. In its two-day meeting, the committee will address a number of important topics, most notably recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty.
Payment and financial infrastructure around opening hours, access and connectivity requirements. Committee members will also be able to view the latest developments in the services of the “Bunna” platform for Arab payments of the Regional Corporation for the Clearing and Settlement of Arab Payments, and discuss the role of central banks and Arab monetary institutions in encouraging the use of innovative services provided by the platform to the financial and banking sector in Arab countries.
The committee will also discuss a set of topics related to the risks associated with stable currencies and cross-border payments, and the risks and opportunities of large companies for technologies in financial services in the Arab region, in addition to discussing the renewed view on the role of central banks in developing payment and settlement systems, and current trends regarding the banking sector’s use of messages ( ISO20022) internationally, and developments in SWIFT messaging models.
The topics of the meeting will also address the future of automated clearinghouses and their role in the era of rapid payments, commercial payment gateways and digital wallets, and the requirements for implementing the Legal Entity Identifier (LEI) in payments.
Finally, the committee will discuss participation in the international survey on payment systems and processes in which cooperation with the World Bank takes place, and discuss the possibility of issuing a regional report using the results of the survey.
On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, praised the continuous development of the topics and issues discussed by the committee and their importance for Arab countries in enhancing the safety and efficiency of financial transactions and the flow of payments and transfers.
His Excellency expressed his happiness with the wide participation of the relevant regional and international institutions, which enhances the importance of the committee as a platform for dialogue and exchange of experiences and expertise in the issues of financial infrastructure systems.
His Excellency stressed the need to pay attention to the issues of digital payments and instant payments, and that the committee should be proactive and proactive in enhancing knowledge to support the efforts of Arab countries in this regard.
His Excellency praised the great support and encouragement given by their Excellencies, governors of Arab central banks and monetary institutions, to the "Bunni" platform for Arab payments, and the great opportunities that the platform offers to develop the payment and settlement system in the Arab region and enhance regional financial integration and linkage with the global financial system, looking forward to support And the committee members’ contribution to introducing the platform and expanding the platform’s network of participating banks. :small_blue_diamond:
************
Petra: MM, your previous posting states clearly that Iraq has successfully met the foreign reserve requirement and they have sufficient capability to protect them!! PETRA……
MilitiaMan: I know it is a lot to take in.. but, one that has studied will see that we are past the final exam imo… Petra, they clearly show they have the ability to now defend all currencies on the region. Militia-Man….
Petra: And all the professors showed up to grade and pass Iraq!!! Review who attended the last 48 hours!!!! Wow!.. PETRA…..
MilitiaMan: The chronology speaks volumes… Militia-Man….
Petra: Absolutely!!!….. Nice sequencing MM..or should I say Iraq!!!... PETRA..
MilitiaMan: The data is out, we just share it.. Militia-Man…..
Petra: That’s all we do!.. PETRA…..
MilitiaMan: Petra fairly sure we could find pearls all night long in the sequence posted.. Militia-Man…..
Petra: Oh you bet. But, bedtime is calling!!!.. PETRA…..
MilitiaMan: If we just go with what they say and in terms of time, we can see there is no stopping digitization... Militia-Man…..
Petra: Yes. And it’s already been proven internationally!.. PETRA….
MilitiaMan: I know what I posted is in depth, but, imo it is gold..
Let’s see what transpires, it is there show.. If we look at the above data and the order is is off the charts.. imo… I would suggest reading the links above and putting them in order... Interconnectivity digitally is when?.... Who dictates ?
Who is still the reserve currency of the world? USD… Yep…
Who has that stature, has last leg up.. Meaning the last leg up, is and may be hard to take down with out a good kicking.. lol….. Militia-Man
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