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 June 20, 2019
(Press release) Launch of electronic platform for financial transactions between banks operating in Iraq

 



The Central Bank initiated the launch of the electronic platform for trading between banks operating in Iraq Interbank Market (FX, Money Market 
A platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq .
The platform aims to increase cooperation between banks and increase their ability to diversify the financial services of their customers and attract the commercial and financial operations available in the market .
 
Within the framework of these measures, the Central Bank sponsored a technical workshop between one of the leading international companies in the areas of financial solutions and a number of banks operating in Iraq with the support of the Association of Iraqi private banks .
 
Central Bank of Iraq
  information Office
20 June 2019
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Release date: 2019/6/20 13:57 • 2 times read
Central Bank launches electronic platform for financial transactions between banks
{Baghdad: Al-Furat News} The Central Bank began the procedures for launching the electronic platform for financial transactions between banks operating in Iraq.
A statement by the bank received the agency {Euphrates News} a copy of it "a platform to establish an organized electronic financial market opens and facilitates the way for foreign investment in Iraq." 
"The platform aims to increase cooperation between banks and increase their ability to diversify financial services for their customers and attract the commercial and financial operations available in the market." 
"As part of these measures, the Central Bank sponsored a technical workshop between one of the leading international companies in the areas of financial solutions and a number of banks operating in Iraq with the support of the Association of Iraqi private banks.
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The Central Bank of Iraq announced on Thursday the launch of electronic platform for financial transactions between banks operating in Iraq.

The bank said in a statement it received Alsumaria News a copy of it began the procedures for launching the platform of electronic trading between banks operating in Iraq (Interbank Market (FX, Money Market, "noting that the platform establishes an electronic financial market organization opens and facilitates the way for foreign investment in Iraq "He said.
 

"The platform aims to increase cooperation between banks and increase their ability to diversify financial services for their customers and attract the commercial and financial operations available in the market." 

The bank said that "within the framework of these actions, the Central Bank sponsored a technical workshop between one of the world's leading companies in the areas of financial solutions and a number of banks operating in Iraq with the support of the Association of Iraqi banks private."
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15834.jpg
Logo of the Central Bank of Iraq
  

 Banks


Economy News _ Baghdad

The Central Bank of Iraq announced on Thursday the launch of electronic platform for financial transactions between banks operating in Iraq.

The bank said in a statement received by "Economy News" a copy of it, he began the procedures to launch the platform of electronic trading between banks operating in Iraq (Interbank Market (FX, Money Market, "noting that" the platform establishes an electronic financial market organization opens and facilitates the way for investment Foreigner in Iraq ".

"The platform aims to increase cooperation between banks and increase their ability to diversify financial services for their customers and attract the commercial and financial operations available in the market."

The bank said that "within the framework of these actions, the Central Bank sponsored a technical workshop between one of the world's leading companies in the areas of financial solutions and a number of banks operating in Iraq with the support of the Association of Iraqi private banks."


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Central Bank launches an electronic trading platform between banks

By AhadNA4  Articles 20/06/2019 02:48 PM | Number of readings: 1

 
Central Bank launches an electronic trading platform between banks

 

The Central Bank announced the launch of the launch of electronic platform for financial transactions between banks operating in Iraq.

"The platform is establishing an organized electronic financial market that will open and facilitate the way for foreign investment in Iraq," the bank said in a statement received by Al Ahed News.

He pointed out that "the platform aims to increase cooperation between banks and increase their ability to diversify the financial services of their customers and attract the commercial and financial operations available in the market."

He added that "within the framework of these actions, the Central Bank sponsored a technical workshop between one of the world's leading companies in the areas of financial solutions and a number of banks operating in Iraq with the support of the Association of Iraqi banks private."  Finished

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2 hours ago, yota691 said:

the launch of electronic platform for financial transactions between banks operating in Iraq.

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This looks exciting. The timing of this ten days before the end of June which

is the end of the second Quarter. Also the Prime minister said the government would fully be

formed by the end of the month....

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12 hours ago, yota691 said:

"The platform is establishing an organized electronic financial market that will open and facilitate the way for foreign investment in Iraq," the bank said in a statement received by Al Ahed News.

 

Yup, just waiting for this baby to officially pop and go global.....BROTHER LAIDBACK, WHERE YA' AT BUDDYYYYYY?!! :cheesehead:

 

giphy.gif

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7 hours ago, Rugbylaird19 said:

Been disappointed so many times in this investment, yet with all the amazing news coming out, it's getting harder and harder to stay grounded.

At the moment I am not sure if I could say that I am feeling grounded... Because my years  holding my Dinar is well into double figures and it’s been such a roller coaster ride I am feeling quite nervous that it may go “belly up” 😀.. 

Many times I have thought of selling ...

Edited by NoviceInvestor
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1 hour ago, NoviceInvestor said:

At the moment I am not sure if I could say that I am feeling grounded... Because my years  holding my Dinar is well into double figures and it’s been such a roller coaster ride I am feeling quite nervous that it may go “belly up” 😀.. 

Many times I have thought of selling ...

 

i know what ur saying as many probably do thats been holding iqd for years im not being negative or sarcastic but that is still a card on the table that it may not be in our favor i pray we prosper and the country of iraq succeeds moving forward . all the best to us all

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Central Bank inaugurates an electronic platform for financial transactions between banks

Central Bank inaugurates an electronic platform for financial transactions between banks
Central Bank of Iraq
 20 June 2019 05:50 PM

The Central Bank of Iraq said it is seeking to launch an electronic platform for financial transactions between banks .

The central bank said on Thursday that it is taking steps to launch an electronic platform for financial transactions between the banks in Iraq, pointing out that the new platform will establish a regulated financial market facilitates the way to foreign investment directed to Iraq, according to the Iraqi news agency "conscious ".

The platform aims to increase cooperation between banks, increase their ability to diversify financial services for their customers and attract the commercial and financial operations available in the market .

The bank said that in the framework of the measures taken, it sponsored a technical workshop between one of the world's leading financial solutions companies and a number of banks operating in Iraq, in cooperation with the Association of Iraqi Banks. 

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“CBI launch electronic platform for financial transactions between banks operating in Iraq.“

 

All financial institutions need an electronic  platform to streamline operations, quickly adapt to changing business needs and manage the highly flexible relationships that exist between people, businesses and accounts in real time.

 

BIG STEP FORWARD 

 

Go CBI

Go INTERNATIONAL 

Go RV

Go $1:1

 

 

 

 

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On 6/20/2019 at 6:26 AM, yota691 said:

The Central Bank of Iraq announced on Thursday the launch of electronic platform for financial transactions between banks operating in Iraq.

The bank said in a statement received by "Economy News" a copy of it, he began the procedures to launch the platform of electronic trading between banks operating in Iraq (Interbank Market (FX, Money Market, "noting that" the platform establishes an electronic financial market organization opens and facilitates the way for investment Foreigner in Iraq ".

"The platform aims to increase cooperation between banks and increase their ability to diversify financial services for their customers and attract the commercial and financial operations available in the market."

 

THIS is ALL REALLY Good News!!!

 

:backflip:   :backflip:   :backflip:

 

On the one hand, necessary progress. On the other hand, seems like THIS SHOULD HAVE BEEN completed a LONG, LONG TIME AGO!!!

 

THIS is INTERNAL to Iraq TO FACILITATE INVESTMENT FOREIGNER. So, the INTERNAL functions are (apperently) LIVE whereas the INTERNATIONAL functions HAVE NOT YET BEEN ACTIVATED.

 

I was trying to find some article(s) (could NOT find) noting the financial platform for the Bicraqi Iraqi ISX Stock Market has SOME connectivity INTERNATIONALLY since circa 2009. If I remember right, the articles showed up HERE on DinarVets circa December 2018.

 

THEE KEY Pieces I have been looking for are INTERNATIONAL indicating IMMINENT AND/OR ALREADY OCCURRED "open" "economy" INTERNATIONAL Bicraqi Iraqi Dinar ReInstatement. THEE INTERNAL FOREX (FX Money Market) news IS FABULOUS NEWS WHILE NOT THEE NEWS since WE have been MOST INTERESTED in the Bicraqi Iraqi Dinar ReInstatement INTERNATIONALLY!!!

 

HOWEVER, WITH The United States Of America (WITH hopefully OTHER Coalition Members) nominally termed "Investment" "Foreigner" getting twelve (12) month visas AND ALL the OTHER related activations likie recommendation for Bicraqi Iraqi ASCENSION to the Whirled Trade Organization AND ACTIVATION of nominally Strategic Framework Agreements BETWEEN The United States Of America AND THEE Bicraqi Iraqi, OUR RIDE APPEARS TO BE VERY NIGH TO THE END!!!

 

For THOSE interested, HERE is an investopedia article (the informative video is embedded in the article) describing FOREX THAT APPEARS TO EQUATE FOREX WITH "FX MONEY MARKET" (:backflip:   :backflip:   :backflip:)!!!!!!!!!!!!!!!!!!!!!

 

 

https://www.investopedia.com/terms/f/forex.asp

 

Forex – FX

REVIEWED BY CORY MITCHELL
 Updated Jun 5, 2019
What is Forex (FX)?

Forex (FX) is the marketplace where various national currencies are traded. The forex market is the largest, most liquid market in the world, with trillions of dollars changing hands every day. There is no centralized location, rather the forex market is an electronic network of banks, brokers, institutions, and individual traders (mostly trading through brokers or banks).

 

Many entities, from financial institutions to individual investors, have currency needs, and may also speculate on the direction of a particular pair of currencies movement. They post their orders to buy and sell currencies on the network so they can interact with other currency orders from other parties.

 

The forex market is open 24 hours a day, five days a week, except for holidays. Currencies may still trade on a holiday if at least the country/global market is open for business.

 

Forex Market Basics

Forex Pairs and Quotes

When trading currencies, they are listed in pairs, such as USD/CAD, EUR/USD, or USD/JPY. These represent the U.S. dollar (USD) versus the Canadian dollar (CAD), the Euro (EUR) versus the USD and the USD versus the Japanese Yen (JPY).

 

There will also be a price associated with each pair, such as 1.2569. If this price was associated with the USD/CAD pair it means that it costs 1.2569 CAD to buy one USD. If the price increases to 1.3336, then it now costs 1.3336 CAD to buy one USD. The USD has increased in value (CAD decrease) because it now costs more CAD to buy one USD.

 

KEY TAKEAWAYS

  • The forex market is a network of institutions, allowing for trading 24 hours a day, five days per week, with the exception of when all markets are closed because of a holiday.
  • Retail traders can open a forex account and then buy and sell currencies. A profit or loss results from the difference in price the currency pair was bought and sold at.
  • Forwards and futures are another way to participate in the forex market. Forwards are customizable with the currencies exchanged after expiry. Futures are not customizable and are more readily used by speculators, but the positions are often closed before expiry (to avoid settlement).
  • The forex market is the largest financial market in the world.
  • Retail traders typically don't want to have to deliver the full amount of currency they are trading. Instead, they want to profit on price differences in currencies over time. Because of this, brokers rollover positions each day.

Forex Lots

In the forex market currencies trade in lots, called micro, mini, and standard lots. A micro lot is 1000 worth of a given currency, a mini lot is 10,000, and a standard lot is 100,000. This is different than when you go to a bank and want $450 exchanged for your trip. When trading in the electronic forex market, trades take place in set blocks of currency, but you can trade as many blocks as you like. For example, you can trade seven micro lots (7,000) or three mini lots (30,000) or 75 standard lots (750,000), for example.

How Large Is the Forex?

The forex market is unique for several reasons, mainly because of its size. Trading volume is generally very large. As an example, trading in foreign exchange markets averaged $5.1 trillion per day in April 2016, according to the Bank for International Settlements.

 

The largest foreign exchange markets are located in major global financial centers like London, New York, Singapore, Tokyo, Frankfurt, Hong Kong, and Sydney.

 
 

How to Trade in the Forex

The forex market is open 24 hours a day, five days a week across major financial centers across the globe. This means that you can buy or sell currencies at any time during the week. 

 

From a historical standpoint, foreign exchange trading was largely limited to governments, large companies, and hedge funds. But in today's world, trading currencies is as easy as a click of a mouse. Accessibility is not an issue, which means anyone can do it. Many investment firms, banks, and retail forex brokers offer the chance for individuals to open accounts and to trade currencies. 

 

When trading in the forex market, you're buying or selling the currency of a particular country, relative to another currency. But there's no physical exchange of money from one party to another. That's what happens at a foreign exchange kiosk—think of a tourist visiting Times Square in New York City from Japan. He may be converting his physical yen to actual U.S. dollar cash (and may be charged a commission fee to do so) so he can spend his money while he's traveling. But in the world of electronic markets, traders are usually taking a position in a specific currency, with the hope that there will be some upward movement and strength in the currency they're buying (or weakness if they're selling) so they can make a profit. 

 

A currency is always traded relative to another currency. If you sell a currency, you are buying another, and if you buy a currency you are selling another. In the electronic trading world, a profit is made on the difference between your transaction prices.

Spot Transactions

A spot market deal is for immediate delivery, which is defined as two business days for most currency pairs. The major exception is the purchase or sale of USD/CAD, which is settled in one business day. The business day calculation excludes Saturdays, Sundays, and legal holidays in either currency of the traded pair. During the Christmas and Easter season, some spot trades can take as long as six days to settle. Funds are exchanged on the settlement date, not the transaction date.

 

The U.S. dollar is the most actively traded currency. The euro is the most actively traded counter currency, followed by the Japanese yen, British pound and Swiss franc.

 

Market moves are driven by a combination of speculation, economic strength and growth, and interest rate differentials.

Forex (FX) Rollover

Retail traders don't typically want to take delivery of the currencies they buy. They are only interested in profiting on the difference between their transaction prices. Because of this, most retail brokers will automatically "rollover" currency positions at 5 p.m. EST each day.

 

The broker basically resets the positions and provides either a credit or debit for the interest rate differential between the two currencies in the pairs being held. The trade carries on and the trader doesn't need to deliver or settle the transaction. When the trade is closed the trader realizes their profit or loss based on their original transaction price and the price they closed the trade at. The rollover credits or debits could either add to this gain or detract from it.

 

Since the fx market is closed on Saturday and Sunday, the interest rate credit or debit from these days is applied on Wednesday. Therefore, holding a position at 5 p.m. on Wednesday will result in being credited or debited triple the usual amount.

Forex Forward Transactions

Any forex transaction that settles for a date later than spot is considered a "forward." The price is calculated by adjusting the spot rate to account for the difference in interest rates between the two currencies. The amount of adjustment is called "forward points." The forward points reflect only the interest rate differential between two markets. They are not a forecast of how the spot market will trade at a date in the future.

 

A forward is a tailor-made contract: it can be for any amount of money and can settle on any date that's not a weekend or holiday. As in a spot transaction, funds are exchanged on the settlement date.

Forex (FX) Futures

A forex or currency futures contract is an agreement between two parties to deliver a set amount of currency at a set date, called the expiry, in the future. Futures contracts are traded on an exchange for set values of currency and with set expiry dates. Unlike a forward, the terms of a futures contract are non-negotiable. A profit is made on the difference between the prices the contract was bought and sold at. Most speculators don't hold futures contracts until expiration, as that would require they deliver/settle the currency the contract represents. Instead, speculators buy and sell the contracts prior to expiration, realizing their profits or losses on their transactions.

Forex Market Differences

There are some major differences between the forex and other markets.

Fewer Rules

This means investors aren't held to as strict standards or regulations as those in the stock, futures or options markets. There are no clearing houses and no central bodies that oversee the entire forex market. You can short-sell at any time because in forex you aren't ever actually shorting; if you sell one currency you are buying another.

Fees and Commissions

Since the market is unregulated, how brokers charge fees and commissions will vary. Most forex brokers make money by marking up the spread on currency pairs. Others make money by charging a commission, which fluctuates based on the amount of currency traded. Some brokers use both these approaches.

Full Access

There's no cut-off as to when you can and cannot trade. Because the market is open 24 hours a day, you can trade at any time of day. The exception is weekends, or when no global financial center is open due to a holiday.

Leverage

The forex market allows for leverage up to 50:1 in the U.S. and even higher in some parts of the world. That means a trader can open an account for $1,000 and buy or sell as much as $50,000 in currency, for example. Leverage is a double-edged sword; it magnifies both profits and losses.

Example of a Forex Transaction

Assume a trader believes that the EUR will appreciate against the USD. Another way of thinking of it is that the USD will fall relative to the EUR.

 

They buy the EUR/USD at 1.2500 and purchase $5,000 worth of currency. Later that day the price has increased to 1.2550. The trader is up $25 (5000 * 0.0050). If the price dropped to 1.2430, the trader would be losing $35 (5000 * 0.0070).

 

Currency prices are constantly moving, so the trader may decide to hold the position overnight. The broker will rollover the position, resulting in a credit or debit based on the interest rate differential between the Eurozone and the U.S. If the Eurozone has an interest rate of 4% and the U.S. has an interest rate of 3%, the trader owns the higher interest rate currency because they bought EUR. Therefore, at rollover, the trader should receive a small credit. If the EUR interest rate was lower than the USD rate then the trader would be debited at rollover.

 

Rollover can affect a trading decision, especially if the trade could be held for the long term. Large differences in interest rates can result in significant credits or debits each day, which can greatly enhance or erode the profits (or increase or reduce losses) of the trade.

 

Most brokers also provide leverage. Many brokers in the U.S. provide leverage up to 50:1. Let's assume our trader uses 10:1 leverage on this transaction. If using 10:1 leverage the trader is not required to have $5,000 in their account, even though they are trading $5,000 worth of currency. They only need $500. As long as they have $500 and 10:1 leverage they can trade $5,000 worth of currency. If they utilize 20:1 leverage, they only need $250 in their account (because $250 * 20 = $5,000).

 

Making a profit of $25 quite quickly considering the trader only needs $500 or $250 in the capital (or even less if using more leverage), shows the power of leverage. The flip side is that if this trader only had $250 in their account and the trade went against them they could lose their capital quickly.

 

It is recommended traders manage their position size and control their risk so that no single trade results in a large loss.

 

In The Mean Time...................................................................................

 

The "Standard" "Disclaimer" Applies.....................................................

 

AND (of course)......................................................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

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Central Bank launches an electronic platform for financial transactions between banks

 
Baghdad / Al-Sabah
The Central Bank initiated the launch of the electronic platform for trading between banks operating in Iraq Interbank Market (FX, Money Market).
A statement issued by the Central Bank received a copy of "Al-Sabah" that this "platform to establish an organized electronic financial market opens and facilitates the way for foreign investment in Iraq."
The interbank market is one of the highest levels of the foreign exchange market. It requires major financial institutions and banks, whether these groups deal directly with each other or use electronic brokerage platforms, to carry out all their transactions in a very transparent manner.
"The platform aims to increase cooperation between banks and increase their ability to diversify financial services for their customers and attract the commercial and financial operations available in the market."
"Within the framework of these procedures, the Central Bank sponsored a technical workshop between one of the world's leading companies in the areas of financial solutions and a number of banks operating in Iraq with the support of the Association of Iraqi Banks
Special ".
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"The interbank market" provides liquidity and sets interest rates

 
Baghdad / Mustafa al-Hashemi
 
The Central Bank announced recently the launch of the inter-bank market (FX, Money Market) platform to boost the role of the interbank market, which plays a pivotal role in the economies of countries, Private banks, and specialists in the banking sector that this step was to strengthen confidence between the Central Bank on the one hand and local banks, both government and private, on the other.
The inter-bank market is part of the central bank's monetary policy and aims to provide liquidity and set interest rates on lending.
 
Limited handling
Between banking specialist Adel al-Nuaimi that "the system of the inter-bank market in Iraq exists between state-owned banks for the purpose of providing liquidity for large amounts of loans, while note that the deal is not negligible among private banks."
He added that "the launch by the Central Bank of this platform will meet the need of the banking sector to activate the work of this system and expand, because of its importance in the sector
 the money".
 
Financial Market
The central bank has stated that this platform "establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq, as well as increasing cooperation between banks and improving their ability to diversify the financial services of their customers and attract the commercial and financial operations available in the market."
And "the need to strengthen the relationship between all local banks," government and civil "working in Iraq on the one hand and the Central Bank on the other.
He pointed out that this step will coordinate and understanding between banks and the Central Bank and reflected positively on the performance of the banking sector, which should take an active role in the stage
 Current situation ".
 
Exchange of trust
Al-Naimi stressed the importance of separating the administration from capital and the restructuring of government banks because this will contribute greatly to the activation and activation of this market, which requires the exchange of confidence between all banks by providing data on the transactions of borrowers for large amounts and data related to the banking operations and activities carried out by these banks to central bank".
He explained that "the role of the central is to supervise and control the performance of this market and maintain the stability of prices," stressing that "expanding the deal with this market would improve the conditions of banks by applying standards on transparency, which contributes to the best results of the banking system in general."
Within the framework of these procedures, the Central Bank sponsored a technical workshop between one of the leading international companies in the areas of financial solutions and among a number of banks operating in Iraq with the support of the Association of Iraqi Private Banks.
 
Banking Performance
The economic academic, Dr. Majid al-Baydani said in an interview earlier "morning" that "the non-activation of this system will reflect negatively on the performance of banking, which is still waiting for his chance to integrate into the economic process."
"The importance of such a market is evident among private banks so that the economy can rise strongly because the emerging economies are focused on the activity and effectiveness of banks in granting credit and launching various loans for small and medium-sized enterprises that achieve profits as well as improve price discipline in the market."
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Interbank market:

The interbank market is the global network utilized by financial institutions to trade currencies between themselves. While some interbank trading is done by banks on behalf of large customers, most interbanktrading is proprietary, meaning that it takes place on behalf of the banks' own accounts.

 

Go CBI

Go new monetary 

Go RV

Go $1:1

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