The Central Bank Begins Steps to Join the Official Monetary and Financial Policy Forum (OMFIF)

[claud39]

The Central Bank Begins Steps to Join the Official Monetary and Financial Policy Forum (OMFIF)

September 05, 2019

The Central Bank of Iraq has begun steps to join the official forum of monetary and financial institutions (OMFIF) , an independent global think tank for central banks, pension funds and financial institutions with investment assets worth $ 36.2 trillion .

 

The membership of the forum provides insight into key topics for investment in two integrated channels of analysis and meetings, through high-level exchanges and content, as well as participation in meetings with the International Monetary Fund, the Bank of England and the German Central Bank .

 

The accession process also benefits from capacity building opportunities for mid-level and senior staff. OMFIF develops projects for members in London, Singapore, Washington and other global financial centers.

 

Central Bank of Iraq

information Office

September 5, 2019

https://cbi.iq/news/view/1261

[claud39]

The Central Bank intends to join the official forum of monetary and fiscal policies




05/09/2019

Economy News - Baghdad

The Central Bank of Kuwait (CBE) announced on Thursday that it will join the official forum of monetary and financial institutions (OMFIF), an independent global think tank for central banks, pension funds and financial institutions with investments worth $ 36.2 trillion.

"Membership in this forum provides insight into the key topics of investment in two integrated channels of analysis and meetings, through high-level practical exchanges and content, as well as participation in meetings held in collaboration with the International Monetary Fund and the Bank of England," the CBE said in a statement received by Al-Iqtisadiah. And the Bundesbank. "

"The accession process takes advantage of capacity building opportunities for mid-level and senior staff, as OMFIF develops projects for members in London, Singapore, Washington and other global financial centers."

http://economy-news.net/content.php?id=17666

[claud39]

Big tech gaining trust over governments


Established brands crossing over into financial services
Herbert Poenisch in Beijing


Thu 5 Sep 2019






Up until recently, there were doubts as to whether technology companies could garner the necessary trust to succeed in the financial sector. But the world is changing rapidly. Trust in large technology firms and their products is growing. These are primarily social networks, but they are branching out increasingly into finance, as highlighted by the Bank for International Settlements in its 2019 annual report.


Governments are struggling to get their messages across to the population at large, while accusing media and social networks of spreading fake news. Central banks are the pillars of finance, yet their independence is being undermined. Financial products provided by big tech firms, such as payment services, are gaining popularity.


This is a global phenomenon, covering regions from the US to Russia and China. In emerging market economies, high mobile penetration is facilitating the proliferation of these new financial services. Young people are fertile ground for advancing technology; they are more familiar with their mobile phones and applications than with their governments. This is particularly the case for those who are disengaged from politics, or discouraged from taking part by out-of-touch governments. The internet, not the government, provides for their daily lives.


What matters to this new generation is having unlimited access to people and money on an electronic platform. By offering this, big tech companies are able to bypass elections to win the trust of a large part of the population. People vote with their gadgets by signing up to their products. As a result, these basically unregulated entities can gain brand recognition as well as a vast customer base. Providing online shopping and instant payment platforms allows them to handle people’s money.


The logical next step is to create their own currencies, such as Facebook’s Libra. This would be the first time an established brand with a large customer base acts as a private central bank offering cross-border financial services, outside the framework of financial institutions. Facebook plans to operate a centralised ledger in the beginning, another characteristic of a central bank.


As historian Yuval Noah Harari writes, religion and its institutions were the first formal structures to earn the public’s trust. Today’s guardians of trust are nation states and their institutions, but big tech is taking over in strides to satisfy our everyday needs, to communicate, find information, shop and make payments.


Trust is shifting from government to technology. While governments increasingly hide behind national borders, technology allows ordinary people to become global citizens. People tend to seek simple, quick and cost-efficient payment methods. Global providers such as Visa have enabled the financially savvy to enjoy such a service. Big tech companies are going a step further by capturing the masses, those without steady incomes and bank accounts.


Governments are envious of the power these businesses wield with access, big data and linkages. They will either try to regulate them, or attempt to claw back power by issuing their own central bank digital currencies and providing payment services. Central banks still enjoy the public’s trust, but know little about consumer habits.


Herbert Poenisch is former Senior Economist of the Bank for International Settlements.




https://www.omfif.org/analysis/commentary/2019/september/big-tech-gaining-trust-over-governments/

[claud39]

Highlights: Global Public Investor 2019 launch









The Global Public Investor is dedicated to public sector asset management and management around the world, with the aim of spreading best practice among central banks, sovereign funds and public pension funds.








GLOBAL PUBLIC INVESTOR 2019

[size=14]  

In 2019, Global Public Investors – central banks, sovereign funds and public pension funds – are widening their radius even further

The policies of 750 institutions with worldwide assets of $37.8tn have a profound effect on global markets. They are crucially important for growth prospects, the investment climate and capital markets. In monetary, financial, trade and regulatory policies, they are deeply bound up with the international economic currents of co-operation and conflict.
The 2019 annual edition of the Global Public Investor surveys GPI's performance and practices across a wide range of investments as well as their activities in the digital economy, sustainable investment and Islamic finance. Contributors include governors and economists from central banks and pension funds in Greece, Austria, Hong Kong, Singapore, France, South Africa, Mexico, Hungary, Netherlands, Japan, Philippines, and the United Kingdom.

GPI interactive databank

OMFIF offers a comprehensive interactive online databank available as a practical resource for the reserves management and research departments of all Global Public Investors, and their counterparts in the asset management and banking community.
Comprehensive data analysis looks at the global distribution of GPIs and the full GPI top 750 ranking by assets under management, where registered users can filter six years’ worth of GPI data by type of institution, and region, to chart changes in AUM and other trends.
    - View changes in AUM over six years
    - Filter by type and region
    - Compare individual GPIs and regions
Enter your details to receive complimentary access to both GPI 2019 and the interactive databank.
     
[/size]

https://thinktank.omfif.org/gpi2019

[claud39]

OMFIF Rules
The OMFIF Rules are a high-level code of conduct to guide participants in OMFIF meetings. 
All participants in OMFIF meetings are expected to observe OMFIF’s commitment to the highest professional and ethical standards. By attending an OMFIF meeting (whether as a speaker, moderator or other participant), you are deemed to agree to observe the following rules during and after the meeting:
1. OMFIF meetings are ‘off the record’, unless you are notified to the contrary. This means that unless OMFIF has notified you that an OMFIF meeting is on the record or a speaker has specifically stated that his or her comments are free for outside distribution:

• You must not disclose the contents of an OMFIF meeting to any party outside your organisation; and
  
  
• You must not say or do anything that could enable views expressed during an OMFIF meeting to be attributed to an individual or organisation.
  
  

2. You must observe applicable market conduct rules and must not disclose any material non-public information (or ‘inside information’) that could impact the price of shares or other investments.
3. You must not disclose any information on any matter that could cause you to breach a duty of confidentiality (for example, to your employer or to the organisation or institution you represent).

https://www.omfif.org/about/omfif-rules/

[claud39]

Dialogue on World Finance and Economic Policy



OMFIF is an independent forum for central banking, economic policy and public investment - a neutral platform for best practice in worldwide public-private sector exchanges.
With offices in London and Singapore, OMFIF focuses on global policy and investment themes relating to central banks, sovereign funds, pension funds, regulators and treasuries. Global Public Investors with investable assets of $33.8tn are at the heart of this network.
Membership offers insight through two complementary channels - Analysis and Meetings. Many OMFIF meetings, held under the OMFIF Rules, take place within central banks and other official institutions. OMFIF Analysis incorporates in-house expertise and specialists from public and private sector members.
The Advisory Network actively participates in these activities, and is chaired by Lord (Meghnad) Desai, emeritus professor at the London School of Economics and Political Science.

https://www.omfif.org/about/