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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


"Financial News" Posted by KTFA Members 10-25-2021

rocky
rocky
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Posts : 205053
Join date : 2012-12-21

"Financial News" Posted by KTFA Members 10-25-2021 Empty "Financial News" Posted by KTFA Members 10-25-2021

Post by rocky Tue 26 Oct 2021, 8:56 am

[size=30]"Financial News" Posted by KTFA Members 10-25-2021[/size]
KTFA:
Samson:  The Arab Monetary Fund issues a book on "Operational Frameworks for Monetary Policy in the Arab Countries"
25th October, 2021
The Arab Monetary Fund issued a book on "Operational Frameworks for Monetary Policy in the Arab Countries", the contents of which were prepared from the papers of high-ranking officials from Arab central banks and monetary institutions, and were presented during the fourth meeting of the Monetary Policy Working Group in the Arab Countries, jointly with the Bank for International Settlements, held "Remotely" during the period May 31 - June 2, 2021
Themeeting aimed to present global economic and financial developments andtheir repercussions on the banking sector and the management ofmonetary policy in the Arab countries, in addition to discussing anumber of technical issues related to the role of monetary policy inovercoming the repercussions resulting from the Covid-19 pandemic, incoordination with both fiscal and macroprudential policies.

The meeting also included a special session on the implications of digital currencies issued by central banks on monetary policy
The meeting was attended by high-level officials on monetary policy from 15 Arab central banks and monetary authority, 12 international central banks including the US Federal Reserve, the European Central Bank, and the German Central Bank, in addition to a number of senior officials from Arab financial institutions. The meeting is modeled after the BIS's monetary policy working groups in Asia, Latin America and Central Europe
During the meeting, papers on the operational frameworks of monetary policy in thirteen Arab countries were presented and discussed
 The book is available through this link     LINK
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Don961:  Generalization of the credit card reader on cash transactions
Monday 25 October 2021
Baghdad: Mustafa Al-Hashemi
The Central Bank adopted new mechanisms in the payments system several years ago, but this system did not achieve the ambitions due to the existence of a financial gap between smart card holders, caused by the incomplete automation process, which led to the continued dependence of citizens on cash withdrawals with financial losses distributed among the owners of ports and exchanges. The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader to all cash transactions, in a way that encourages dealing with electronic cash.
According to the Central Bank, one of the most important achievements in the payment systems in the Payments Department is the start of work to assess the readiness of the Iraqi payment system, in line with the international standards {PFMIs} of the World Bank to upgrade payment and settlement systems in the country, within the agreement with the World Bank, which deals with payment systems electronics in Iraq.
The achievements were also represented in reforming the mechanism for paying the salaries of employees of institutions and state departments by localizing their salaries to bank accounts, including allocations and benefits, to an electronic system, as well as enhancing the role of payment systems in financial inclusion through digital services provided by banks and electronic payment service providers. An important dimension in the strategy of the Central Bank, automating work through the use of electronic payment tools and encouraging the use of financial and banking services provided by banks and electronic payment service providers.
 The reality of automation and the citizen
The specialist in banking affairs, Adel Al-Nuaimi, stated that, “The smart card system is a global system in which countries work to limit the circulation of cash and encourage their citizens to deal with the electronic payments system in an integrated system, unlike what exists inside Iraq, as it is an imperfect process.”
Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper.
interbank market
For his part, the banker, Taha Ammar, said: {The payment system in Iraq needs to review and standardize the ATM reading of all smart cards, not as is the case now that each bank has its own ATM}.
Ammar added to {Al-Sabah}: {The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their customers. On the other hand, attracting commercial and financial operations available in the market. link
Mark:   REMEMBER WALKINGSTICK AND (EUROPE) THE FINAL COUNTDOWN ON 10/20 AND REPOSTED 10/21
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Samson:  The Turkish lira continues to collapse to unprecedented levels
25th October, 2021
Turkish lira continued to decline today, Monday, to an unprecedented low level of 9.80 against the dollar, after President Recep Tayyip Erdogan said at the weekend that he had ordered the expulsion of ambassadors of the United States and 9 other Western countries.
The lira was last recorded at 9.7150, and it was in a range between 9.7225 and 9.7600.
Bankers attributed the drop in early trading to Erdogan's comments on Saturday.
The lira, which has fallen 24 percent since the beginning of the year, ended Friday at 9.5950 to the dollar.  LINK

Samson:  Digital transformation in the central bank and the banking sector
25th October, 2021 by Samir Al-Nusairi
With determination and high confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq suffered due to the repercussions of the siege, wars and instability during the information revolution period

The Central Bank, banks and specialized technical companies were able to overcome the challenges that stand in the way of the digital transformation of the banking sector and stand in the right direction in the darkest economic and security conditions that our country has experienced during the past years and draw a sound road map to catch up with the technical developments in the countries of the world

The observer of the situation in Iraq during the years (2016-2021) notes the extent of belief in the Iraqi capabilities and competencies to bring about change and bridge the technical gap between us and the developed world. This is evident in the important achievements that have been achieved, as follows

1 - The methodology adopted by the Central Bank and implemented by banks and electronic payment companies always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and global standards with regard to information technology and financial technologies
2‐ Issuance of the electronic money payment system No. 3 of 2014 and the establishment of the National Payments Council, governance controls, institutional management of information and communications technology, and legal regulations and instructions that regulate the work of banks and electronic payment service providers

3- The central bank plays a pivotal role in establishing advanced infrastructure, pursuing the latest global technologies, and developing the bank’s financial and banking systems, payment systems, and advanced communication networks according to the latest technologies

4‐ The central bank, banks, and electronic payment companies own advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts. Up to 12 million credit cards were issued and approximately 1,300 ATMs were distributed  and more than 5,000 points of sale
5- Granting work licenses to many electronic payment service providers (card issuers, collectors, mobile payment companies’ operations, bill presenters and payment gateways through various channels)

6- Extensive interest in implementing the first objective of the first strategy of the Bank (2019-2020) and second (2021-2023) which is to achieve monetary and financial stability and enhance digital transformation in the banking sector through a sound financial system with interest in achieving financial inclusion and reducing risks, as well as adopting a localization project Employee salaries, which increased from 11% to 23%, and expected to achieve the target percentage in 2023
 It is clear from the above achievements that the Central Bank, the banking sector and electronic payment companies have overcome the challenges of the technical gap due to the blockade, occupation and terrorism, and it is moving today at a steady pace to achieve digital transformation in the comprehensive financial and banking sector towards achieving financial stability and moving from the cash society to the cashless society, which is also one of the objectives of the curriculum Government reform in the white paper for the transition to the digital economy
Future plans for digital transformation
 1- Enhancing research and development activities for the manufacture of new banking products that are spread across governorates, districts, districts, and small cities

2- Improving the performance of banks through new inputs based on modern technologies, as well as the development of patterns and policies that adopt modern banking techniques that the countries of the developed world preceded us to

3- Capacity building and qualification of digital transformation leaders and human resources in the field of modern banking sciences, technology and innovation with the aim of achieving sustainable development goals

4- Develop plans and programs that aim to transform society into a society that deals with criticism, into a non-cash society and into an information society, so that plans and strategies for economic and social development are produced while working to achieve sustainable development goals

5- Preparing national policies and strategies consistent with the plans of the monetary authority in management, supervision and control, and in coordination with information and communication technology   LINK
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Samson:  The UAE hosts a global economic conference with the participation of international leaders
25th October, 2021
The Emirates Association of Securities Dealers will host the ACI Global Conference and the ICA Conference, from 17-20 November, at the La Perle Theater of the Hilton Hotel in Al Habtoor Village, with the participation of more than 800 people from around the world, including the Prime Minister Ireland, amid measures that provide for the application of physical distancing and health services, to ensure the safety of all participants in light of the measures to recover from Covid 19
The two conferences will be attended by a group of official and legal personalities, international political leaders, central bank governors and CEOs, senior economists and senior bankers from around the world, specialists and workers in the field of trading in global financial markets and sales representing foreign currencies, interest rate products, stocks, and fixed income, goods and others
The conference will review a number of important and main themes presented by John Bruton, the former Irish Prime Minister, who helped transform the Irish economy into the “Celtic Tiger” one of the fastest growing economies in the world, and David Mead, who works as a lecturer and researcher in international business and strategy with the University of Ulster
Also participating will be speaker Matthew Griffin, described as "the advisor behind advisors", Young Kurzweil, founder and CEO of the World Futures Forum and the 311 Institute, and Terence Murray, founder of Hack Future Lab, bestselling author, and one of the world's most in-demand thinkers who inspire leaders. To thrive in an age of turmoil
The President of the Association, Muhammad Al-Hashemi, stressed that the UAE’s hosting of the 59th Annual International Conference for Traders in the Financial Markets and the 45th Annual Arab Conference is an important step in light of the repercussions that accompanied Covid 19, and its impact on the global economy, especially the stock markets that witnessed a decline during the pandemic and the health ban. Pointing out that the two conferences include a package of main axes and issues that shed light on the features of the economic sectors, the strength and solidity of stock markets in the face of crises, and their ability to provide the economy with radical solutions that contribute to its growth
He added that the association has become one of the strong arms of the economic sectors, due to its ability to anticipate the future, develop solutions and proactive plans, as well as its position, which has attracted a large number of partners and sponsors for this conference, including the Central Bank, the Dubai International Financial Center, the Dubai Tourism Department, and Aviation. UAE, and sponsors include Emirates NBD, Dubai Islamic Bank, YDS Security, Refinitiv, Murex, Finastra, GfI, TPICAP group and Dxm
In turn, Ohood Al Ali, a member of the board of directors of the association, explained that the Emirate of Dubai has demonstrated during the pandemic its rightful place on the map of the global economy, due to the flexibility of its economic legislation, and the provision of a safe economic environment full of investment opportunities, noting that the Emirates Association of Traders in Financial Markets, is keen to Supporting economic momentum and movement, by hosting an elite group of international figures who influence the economic reality in this important conference
Main axes
On its first day, the conference sheds light on the future outlook of the economy in transition, through a package of axes that include life after Covid 19, and how economic, technological and demographic trends have been threatened, in addition to shaping the global investment landscape in the coming years through the analysis of participating economic experts
The first axis of the conference begins under the title "Global Economic Trends": what can be expected during the next four years and an assessment of the current legislative environment, as this axis includes a number of issues and questions about the future features of the economy, including starting to think about economic policies, and whether investors expect fundamentally different economic priorities from the United States over the next four years
The axis also includes questions about the extent to which the new administration's priorities affect key business decisions and financial market expectations, and where should policy makers focus their energies to achieve the strongest results in the short term? Are investors satisfied with structurally low interest rates, and how will we move to a tighter policy path? cash
The first axis and the development of favorable solutions will be attended by Khadija Haqqi, Chief Economist and Head of Research at Emirates NBD, Charles-Henri Monschau, Head of Information at Syz Bank in Switzerland, and Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, the conference will also witness other topics presented by prominent and influential figures including John Bruton, former Prime Minister of Ireland, and Matthew Griffin, CEO of World Futures Forum and 311 Institute   LINK

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