CBI News 09/29/2020

[Floridian]

Yikes! 

I found this article from February, 2020.  Apparently, this has been in the works for a year.  

Is it possible the the Dinar and XRP will both come in at the same time?  Wouldn't that be something?

 

The Arab Monetary Fund (AMF) launched ‘Buna’, a regional payment platform that enables regional financial institutions to send and receive cross-border payments across the Arab region and beyond in Arab currencies, as well as key international currencies, in an efficient, cost-effective, risk-controlled, and transparent environment.

 

The platform comes as a culmination of months of planning and collaboration with global and regional stakeholders and provides members with modern payment platform compliant with international standards, according to AMF.

 

The launch of Buna signals the start of the gradual on-boarding operations of financial institutions, including commercial and central banks, that have opted to be pioneers of this first-of-its-kind regional financial market infrastructure.

 

Full Article:  2/24/2020:

https://english.aawsat.com/home/article/2146836/amf-launches-buna-payment-platform

 

Edited January 4, 2021 by Floridian

[nannab]

Great find Floridian!  We all know there is a lot

going on behind closed doors.

[Floridian]

Shoot!  Wrong again!

 

Upon further research, the Buna System is not going to use XRP.  They are using the SWIFT system.

 

The Buna system is based on CMA’s RTS/X product installed in dozens of Central banks around the world. CMA took part in the Buna project as a partner of DXC company.

https://www.cma.se/news/220.html

 

CMA Small Systems is represented with offices in Sweden and Russia. Market activities focus on Europe, Asia, Africa, South America and Middle East. Company head office is located in Stockholm, Sweden.

https://www.cma.se/about-us.html

 

 

SWIFT Certified Application label for RTS/X

 

And then, of course I noticed that Yoda posted this in back in October:

 

THE ARAB MONETARY FUND ANNOUNCES ITS PARTNERSHIP WITH SWIFT AT THE OCCASION OF BUNA’S 14TH VIRTUAL MARKET PARTICIPANT USER GROUP WORKSHOP: SHAPING THE PAYMENTS LANDSCAPE IN THE ARAB REGION

 

So I guess XRP will not come in at the same time as the Dinar, however the Dinar does have to be international to use the SWIFT system - so 1 out of 2 ain't bad, right?  We're rich either way.  😂  

 

[Longtimelurker]

1 hour ago, Floridian said:

Shoot!  Wrong again!

 

Upon further research, the Buna System is not going to use XRP.  They are using the SWIFT system.

 

The Buna system is based on CMA’s RTS/X product installed in dozens of Central banks around the world. CMA took part in the Buna project as a partner of DXC company.

https://www.cma.se/news/220.html

 

CMA Small Systems is represented with offices in Sweden and Russia. Market activities focus on Europe, Asia, Africa, South America and Middle East. Company head office is located in Stockholm, Sweden.

https://www.cma.se/about-us.html

 

 

SWIFT Certified Application label for RTS/X

 

And then, of course I noticed that Yoda posted this in back in October:

 

THE ARAB MONETARY FUND ANNOUNCES ITS PARTNERSHIP WITH SWIFT AT THE OCCASION OF BUNA’S 14TH VIRTUAL MARKET PARTICIPANT USER GROUP WORKSHOP: SHAPING THE PAYMENTS LANDSCAPE IN THE ARAB REGION

 

So I guess XRP will not come in at the same time as the Dinar, however the Dinar does have to be international to use the SWIFT system - so 1 out of 2 ain't bad, right?  We're rich either way.  😂  

 

 

I think the swift system will be outdated when we switch to using the quantum system. Ethereum or XRP could be in play when we switch.?

[Luigi1]

AIN News: 

The Launch Of The BUNA Platform For Intra Payments. The CBI Announced On Monday.

[Floridian]

1 minute ago, Longtimelurker said:

I think the swift system will be outdated when we switch to using the quantum system. Ethereum or XRP could be in play when we switch.?

 

Of course, it will be XRP.  😊

[Mary B]

 

The Central Bank of Iraq to participate in the Buna platform

 

•  

 2021-01-04 01:38

 

Shafaq News / The Central Bank of Iraq announced its participation in the Buna platform.

 

The bank said in a statement, "We have participated in the Buna platform for inter-Arab payments", indicating that the goal is to expand the scope of electronic payments.

 

"The platform works to provide services for cross-border financial transfers between Arab countries and in Arab and international currencies, and the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt in the Emirati dirham," he added.

 

The Central Bank of Iraq and several local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to approve the Iraqi dinar in the system for the next stage, where the participating banks in the Arab countries will be able to send and safely receive payments.

 

https://shafaq.com/en/Economy/The-Central-Bank-of-Iraq-to-participate-in-the-Buna-platform

[RJG]

Good to see you Mary

 

[6ly410]

Iraq participates in the Buna platform for inter-Arab payments

 

https://economy-news.net/content.php?id=23453

Banks Economy News _ Baghdad On Monday, the Central Bank of Iraq announced its participation in the Bunna Inter-Arab Payments platform. In a statement received by Al-Eqtisad News, the bank said, "Participation in the Bunna Inter-Arab Payments platform," indicating that "the goal is to expand the scope of electronic payments." "The platform works to provide real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies, and the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt in the currency of the UAE dirham," he added. The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to adopt the Iraqi dinar in the system for the next stage, as the participating banks in the Arab countries will be able to send and receive payments between them in a safe and reliable manner. This platform will help reduce the recourse to international centers from correspondent banks in clearing and settling Arab payments, thus contributing to reducing the time and costs associated with banks and their customers.

Number of observations 120   Date of addendum 01/04/2021

 

[Flamtap]

4 hours ago, Mary B said:

 

The Central Bank of Iraq to participate in the Buna platform

 

•  

 2021-01-04 01:38

 

Shafaq News / The Central Bank of Iraq announced its participation in the Buna platform.

 

The bank said in a statement, "We have participated in the Buna platform for inter-Arab payments", indicating that the goal is to expand the scope of electronic payments.

 

"The platform works to provide services for cross-border financial transfers between Arab countries and in Arab and international currencies, and the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt in the Emirati dirham," he added.

 

The Central Bank of Iraq and several local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work is underway to approve the Iraqi dinar in the system for the next stage, where the participating banks in the Arab countries will be able to send and safely receive payments.

 

https://shafaq.com/en/Economy/The-Central-Bank-of-Iraq-to-participate-in-the-Buna-platform

Thanks Mary....I guess it won't be too much longer after the Iraqi Dinar reevaluation that all of the Arab nations go to something like the Euro €. Just my most humble opinion. 

 

[Longtimelurker]

54 minutes ago, Flamtap said:

Thanks Mary....I guess it won't be too much longer after the Iraqi Dinar reevaluation that all of the Arab nations go to something like the Euro €. Just my most humble opinion. 

 

Or the Dinar

[3n1]

 xrp - ripple is facing a little bit of trouble but they do have money to go against the gov.

crypto is incredibly volatile position sizing is key 

sorry to hijack a iqd thread further ....... all the best dv'ers  letsroll rv / ri 

 

https://www.sec.gov/news/press-release/2020-338

[yota691]

Iraq participates in the Bunna payments platform

Tuesday 05 January 2021 18

 

 Baghdad: Morning 

Yesterday, Monday, the Central Bank of Iraq announced its participation in the Bunna Inter-Arab Payments platform. In a statement received by Al-Sabah, the bank said, "Participation in the Bunna Inter-Arab Payments platform," indicating that "the goal is to expand the scope of electronic payments."

"The platform works to provide real-time clearing and settlement services for cross-border money transfers between Arab countries and in Arab and international currencies, and the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham," he added.

The Central Bank of Iraq and a number of local banks have already signed an agreement and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund, and work continues to adopt the Iraqi dinar in the system for the next stage, as the participating banks in the Arab countries will be able to send and receive payments between them safely.

[Wiljor]

“and work continues to adopt the Iraqi dinar in the system for the next stage“

Thanks Yota, “the next stage”  for the IQD is to become an internationally recognized currency. 
We are getting closer DV... 

[64jaguar]

Don't have a link although I've heard it being discussed... that Swift has invested in and is working with Ripple and XRP. They can see the writing on the wall.... 

[alreis]

Getting ready to look deeper, I thought the SWIFT was USA system?

[alreis]

From Wikipedia

SWIFT was founded in Brussels on 3 May, 1973 under the leadership of its inaugural CEO, Carl Reuterskiöld (1973–1989), and was supported by 239 banks in fifteen countries.^[7] It started to establish common standards for financial transactions and a shared data processing system and worldwide communications network designed by Logica and developed by the Burroughs Corporation.^[8]Fundamental operating procedures, rules for liability, etc., were established in 1975 and the first message was sent in 1977. SWIFT's first United States operating center was inaugurated by Governor John N. Dalton of Virginia in 1979.^[9]

[yota691]

“Arab criticism” organizes a course on monetary and financial statistics

Thursday 14th January 2021 9

 

 Abu Dhabi: Follow up the morning

 

The work of the remote training course in the city of Abu Dhabi to discuss “Monetary and Financial Statistics (Preliminary)” organized by the Training and Capacity Building Institute of the Arab Monetary Fund, in cooperation with the International Monetary Fund’s Center for Economics and Finance in the Middle East, during the period from 11-14 Of the current month.

A statement by the Arab Monetary Fund, followed by Al-Sabah, said that there are four topics included in the session, namely, “preparing an analytical framework for monetary and financial statistics in terms of introducing institutional units and economic sectors, characteristics and classification of financial instruments, stocks and flows, accounting and registration rules, as well as financial institutions. Scan preparation.

The statement quoted the Fund’s General Manager and Board Chairman Dr. Abdul Rahman bin Abdullah Al-Hamidi as saying: “Gathering accurate and reliable statistical data is one of the concerns of central banks and monetary institutions,” attributing the reason for this to “the occurrence of many financial and economic crises, which were One of the reasons for their occurrence is the absence of correct and accurate data on the financial sector in these countries, which made it impossible to take precautionary measures in a timely manner to ward off these crises, which led to the exacerbation of economic and financial challenges, one of the reasons for which was the absence of accurate information about the weaknesses in the financial sector in Many countries ».

Al-Hamidi added, “The emergence of such crises has created an urgent need to establish a practical framework for the collection and preparation of data in a sound manner, which has prompted international institutions to work on issuing guidelines that help in how to prepare and publish monetary and financial statistics in a systematic manner. 

[6ly410]

 

Bunna payments platform
97 views•Jan 10, 2021

 

Central Bank of Iraq
 

The Central Bank of Iraq participates in the Bunaa Arab Payments platform, with the aim of expanding the scope of electronic payments

 

 

[yota691]

Iraq tops the first place in the Arab world in terms of activity and trading

Economie| 02:32 - 01/20/2021

 

 

 

 

Baghdad - Mawazine News
The Arab Monetary Fund announced, on Wednesday, that Iraq ranked first in the Arab world in terms of activity and trading.
"The announcement was made by the Arab Monetary Fund in its latest statistics. Iraq is ranked first in the Arab world for the first time in many years in terms of the change in the percentage of activity and trading." A43

[yota691]

The first securities commission in Arab trading

Thursday January 21, 2021 39

 

 Baghdad: Morning

 

The Securities Commission ranked first in the Arab world for the first time in many years in securities activity in the latest statistics issued by the Arab Monetary Fund. The Chairman of the Securities Commission, Faisal Al-Haimas, told «Al-Sabah» that «with the grace of God and the fruit of the tireless efforts of the Iraqi Securities Commission and the licensed entities Before it was announced by the Arab Monetary Fund in its latest statistics, Iraq is ranked first in the report (Change in the percentage of activity and trading) ».

"The value of trading for the week ending on January 14th was $ 5.196.578.94, while the value traded in the week ending on the 7th of this month recorded $ 1.195.354.96, with a change of 334.73, registering an increase in the trading index that made it the top of the trading value. Arab financial markets ».

On the other hand, the Council of the Union of Arab Securities Commissions approved the multilateral memorandum of understanding between the members of the union.

A statement of the union, followed by Al-Sabah, stated that “this comes within the framework of implementing the directives of the Federation Council and included in its strategic plan for the years 2016-2020, and specifically with regard to the objectives and initiatives of the axis of strengthening cooperation and communication between members of the Union and the axis related to strengthening harmony and convergence between the regulations and legislation of the member states of the Union. .

He added, “The Memorandum of Understanding aims to establish a general framework for joint cooperation and exchange of information between members of the Union, to enhance cooperation and coordination between members with the aim of applying the best international standards and practices, and to take the necessary measures to enhance transparency in the financial markets in Arab countries, to enhance self-capacity building in various areas of control and to encourage cooperation And exchange of experiences between members in this field ».

And «the memorandum aims to increase cooperation and exchange of experiences in the fields of electronic risks, application of the principles of governance, education, investor awareness, confronting financial crimes, money laundering and terrorist financing, as well as increasing cooperation in the areas of training and raising the efficiency of workers in the supervisory authorities and other bodies related to capital markets».

[yota691]

The International Development Bank announces its joining the "Bani" platform

 

Logo of the International Development Bank

Market Economy News - Baghdad The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments. The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the" Buna Buna "platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage. " The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies ". The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement. "

Number of observations 22   Date added 01/25/2021

[DinarThug]

LINK

The International Development Bank announces its joining the "Bani" platform

 

 

25th January, 2021

 

The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments

The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the "Buna Buna" platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage

The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies

The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement

[DinarThug]

{Arab Monetary} signs a new agreement for dollar settlement services

Thursday, January 28, 2021

 

 

Baghdad: Following up on the morning 

 

, the Arab Monetary Fund has signed a cooperation agreement with the Global Bank "GB Morgan", according to which the bank will provide settlement of payments in US dollars through the "Buna" Arab Payments platform, affiliated to the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Fund, according to a circular.

To the Arab Monetary Fund, followed by Al-Sabah, that “the inclusion of the US dollar as a settlement currency in the“ Buna ”platform for Arab payments in the list of settlement currencies listed on the platform, in cooperation with the bank, represents an additional achievement in“ Buna’s ”journey to be the chosen payment platform in various Arab region markets.

He added, "The cooperation will enhance the value provided by the" Buna "platform and the advanced services it provides for clearing and settling payments, thus contributing to supporting opportunities for developing intra-Arab trade and investments and linking with the main trading partners of Arab countries.

He pointed out that this cooperation "provides an added value to all eligible banks operating in the Arab countries and abroad to participate in the" Bunaa "platform for Arab payments, because the platform provides these banks with the ability to make transfers in US dollars in a safe, reliable and highly efficient manner. 

It should be noted that it was previously announced that settlement of payments in Iraqi dinar, Emirati dirham, Saudi riyal and Egyptian pound was provided through the "Buna" platform for Arab payments.
LINK

[yota691]

{Arab Monetary} signs a new agreement for dollar settlement services

Thursday, January 28, 2021 29

 

 Baghdad: Following up on the morning

, the Arab Monetary Fund has signed a cooperation agreement with the Global Bank "GB Morgan", according to which the bank will provide settlement of payments in US dollars through the "Bunaa" Arab Payments platform, affiliated to the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Fund,

according to a circular. To the Arab Monetary Fund, followed by Al-Sabah, that “the inclusion of the US dollar as a settlement currency in the“ Bunaa ”platform for Arab payments in the list of settlement currencies listed on the platform, in cooperation with the bank, represents an additional achievement in“ Buna’s ”journey to be the chosen payment platform in various Arab region markets.

He added, "The cooperation will enhance the value provided by the" Buna "platform and the advanced services it provides for clearing and settling payments, thus contributing to supporting opportunities for developing intra-Arab trade and investments and linking with the main trading partners of Arab countries.

He pointed out that this cooperation "provides added value to all qualified banks operating in the Arab countries and abroad to participate in the" Bunaa "Arab Payments platform, because the platform provides these banks with the ability to make transfers in US dollars in a safe, reliable and highly efficient manner. 

It should be noted that it was previously announced that settlement of payments in Iraqi dinar, Emirati dirham, Saudi riyal and Egyptian pound was made available through the "Buna" platform for Arab payments.