KTFA:
Clare: India and the UAE agree to dispense with the dollar in commercial transactions
7/15/2023
India has signed an agreement with the UAE that allows it to settle trade transactions in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating transfers in the US currency.
During Indian Prime Minister Narendra Modi’s visit to the UAE on Saturday, the two countries also agreed to set up an instant payment link to facilitate cross-border money transfers.
A statement issued by the Reserve Bank of India on Saturday said the two agreements would enable “smooth cross-border transactions and payments, and promote further economic cooperation”.
India currently pays for UAE oil in dollars. India is the world’s third largest oil importer and consumer and last year India’s central bank announced a framework for settling global trade in rupees.
The bilateral trade volume between India and the UAE reached $84.5 billion in the fiscal year from April 2022 to March 2023.
On Friday, Reuters quoted an official familiar with the details as saying that India may carry out the first settlement in rupees for Emirati oil with the Abu Dhabi National Oil Company (ADNOC).
The Reserve Bank of India said the two central banks had agreed to link India’s Unified Payments Interface (UBI) with the UAE’s Instant Payments Platform (IBB).
Such arrangements, a growing trend in Asia, usually lower settlement costs.
Modi arrived in Abu Dhabi on Saturday for a one-day visit, and met with UAE President Sheikh Mohammed bin Zayed Al Nahyan. LINK
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Clare: The Central Bank of Iraq participates in the opening of the Sixth Annual Conference on Finance and Banking Services
July 15, 2023
Today, Saturday, the Central Bank of Iraq participated in the opening of the sixth annual conference on finance and banking services, which was held at the Baghdad International Fair.
The Deputy Governor, Dr. Ammar Khalaf, in his speech during the opening ceremony, emphasized the role of the Central Bank of Iraq in achieving financial and economic stability in the country, stressing the existence of changes in the various monetary policy tools in line with the challenges of the stage.
The deputy noted an increase in electronic payment tools in the period between 2017-2022, as today the number of different cards has reached 16 million, with the number of payment devices increasing from 918 devices to more than 10 thousand devices, in addition to the increase in the number of ATMs from 656 devices. To more than 2000 devices, and it is subject to increase during the coming period.
Accompanied by the invitees, Mr. Representative toured the corridors of the exhibition, which ends on the 17th of this month, and was briefed on the latest services and benefits offered by banks to the public.
The Central Bank of Iraq,
Media Office,
July 15, 2023
https://cbi.iq/news/view/2378
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Holly : (Posted on her site)
Feds had until today to pay back their trillions in debt or turn over all their assets to the New US Treasury. All run on ISO 20022 standard. Asset backed protocols.
The Corporation is now defunct! Welcome to the New Republic of the United States!
You no longer are chattel sold on the stock exchange, you are an independent soveriegn!
You should be damn excited for this day! Freedom!
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