Adeleon4: Here is something you all probably know but I liked the sound of “The important announcement ” to be made…
Head of the Association of Iraqi Private Banks, Wadih al-Hanalal, said during the opening of the conference, which was attended by “Economy News”, that “the conference is key to closer Arab-European relations, especially French,” adding that “the Arab Banks Conference, which will start on Wednesday in Paris, Which will be the announcement of a very important message directed by the Iraqi banking sector to European banks, and open prospects for dealing with correspondent banks.
Al-Hantal said that “the Iraqi banking sector working in the country of 70 banks spread throughout Iraq, along with Arab and foreign banks.”
“Partially convertible currency”
A partially convertible currency is the legal tender of a country that is traded in low volumes in the global foreign exchange market.
The exchange of the partially convertible currency is partly controlled by the government that issues it. Partially convertible currencies are, without exception, always exotic currencies, though not all exotic currencies are partially convertible.
The Chinese yuan and the Indian rupee are two examples of partially convertible currencies.
Depending on the partially convertible currency in question, there may be different controls in place and differing levels of restriction. Partially restricted currencies typically come from economies that are less stable, leading the government to attempt to protect the economy by restricting convertibility of its currency.
Without restricting a currency, a fragile economy could easily become destabilised through a capital flight (in the shape of a “run” on foreign currency reserves) or rising prices of imports, should the currency lose value in the FX market, for instance.
The Kantox platform is equipped with the best payment infrastructure to offer efficient and secure cross-border payments in exotic currencies with the same price transparency as if you were trading with major currencies.
Cross-border payments are transactions in which a company or individual in one country transfers money to an individual or company operating in a different country. The countries do not necessarily need to share a border – trade between the UK and Spain requires a cross-border payment, for example.
Cross-border payments in the EU are subject to Regulation (EC) No 924/2009, which ruled that banks have to apply the same charges to cross-border transactions as they apply for domestic (or national) transactions where these payments are in euro.
When the two countries involved in the transaction use different currencies, the parties need to carry out a foreign currency exchange to complete the payment.
GFulcher66: Frankie IYO does the HSBC bankers that got in trouble/arrested/ removed from their position in HSBC a week or so ago have anything to do with, what you saw from our side of the pond you will discuss fri/mon. in regards to this being able to move / allowing this process to go fwd through the system? another road block from globalist removed imo
Frank26: AHHHHHHHH ? ? ? …………………….. NOPE.
Don961: The repercussions of OPEC’s decision to increase oil production
28/6/2018 12:00 am
Stanley Reid * Translated by Khaled Kassem
The main oil-exporting countries agreed on Friday to a joint increase in exports, a decision that has caused great divisions among them but could reduce the US position.
The decision to increase production by 1 million barrels per day, a relatively small increase to the global energy market, but this move indicates the desire of global producers to address the rise in prices.
Brent crude is hovering around $ 75 a barrel and has not changed much in nearly a week because traders expected an agreement, but the price briefly rose to $ 80 last month. The OPEC countries agreed in 2016 to cut production in an extraordinary cooperative effort between them and other producers.
US President Donald Trump, in view of the midterm elections in November, has largely criticized OPEC for maintaining what he called “very high artificial prices.” Other major oil importers such as India also criticized the decision to cut output.
Saudi Arabia has pushed for a change in that path, a major oil power with spare capacity to boost production quickly, but other countries, particularly Iran, are different. Tehran exports almost the full capacity of oil, so it will not benefit from this increase.
On the contrary, it will suffer due to falling prices resulting from increased supply and thus reduce Iranian government revenues. The timing of the decision is very bad for Tehran, which is grappling with the effects of US sanctions on Iran’s energy sector.
Tensions were evident in Vienna, where Iranian Oil Minister Bijan Zankane left a technical preparatory meeting on Thursday because of his frustration over what he considered Saudi proposals by force. His Saudi counterpart Khaled Al-Faleh told his colleagues during a seminar on the same day that the world market will see a shortage of oil supply by more than 1.5 million barrels per day later this year, making canceling the reduction inevitable.
Faleh pledged to be aware of the concerns of producing countries such as Iran and Venezuela, which will not be able to increase their output and benefit from the resolution, but made clear his country is determined to boost supply. Al-Falih said he hoped to maintain OPEC’s unity and work in harmony to avoid unnatural conditions such as the surge in prices in 2014 followed by a sharp fall.
OPEC members have said they will collectively comply with agreed production levels in 2016. Other producers such as Russia are expected to reach a similar arrangement. OPEC has not allocated quotas for each country to avoid internal differences, said UAE Energy Minister Suhail Al Mazroui, who chaired the meeting. Analysts said the absence of quotas and vague estimates for each country could push producers with surplus capacity such as Saudi Arabia and Kuwait to breach production.
The price hikes have eased after the increase in production, and what will happen to those prices now depends on factors beyond OPEC’s control such as the impact of US sanctions on Iranian oil, the continuing collapse of Venezuela’s production, and the consequences of trade disputes on economic growth and demand for oil.
The changing role of the US in the global energy market is itself a fickle factor. Trump tends to keep the price of fuel low but his country is about to become the world’s largest oil producer and a major exporter of oil and gas.
* The New York Times link