Welcome to roundtable with Millionday! Wednesday Evening
[millionday] first thing we are going to do is tear apart the news grrr brought to us - it is great news and we are going to look at why -- so let me have the floor and we are going to have lots of info about what it means -- whooopow
[millionday] this is great news and i am going to tell you why so we will start with what it is - here we go and it will all be in sections with some other info i have researched -- i will let you know at the end and then we will go as usual at roundtable
[millionday] SWIFT code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers.
Banks also used the codes for exchanging other messages between them. The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.
First 4 characters - bank code (only letters) Next 2 characters - ISO 3166-1 alpha-2 country code (only letters) Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character) Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
[millionday] note --- this is an explanation of what the each individual digit means -- like your tag etc
[millionday] Currently, there are over 7,500 “live” SWIFT codes. The "live" codes are for the partners who are actively connected to the SWIFT network. On top of that, there are more than 10,000 additional codes, which are used for manual transactions.
These additional codes are for the passive participants. The registrations of SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium.
SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.
millionday] here is what they are issued for and the abilities that make it a need for a bank to have these to comply internationally
[millionday] we have seen this as a use for the codes >>>These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them.
[millionday] however they are also used for international bank lending--wire transfers-credit card payments applications -- it is also used for international payments made on-line and is used for bill payments - now let me just say we have something now to be excited about and i will tell you why
[millionday] this is part of what we have looked at as an explanation of what each digit means >>>>Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
[millionday] the news of Iraq developing or at least the (BIC) working on their codes came out a little while ago but in a very different way
[millionday] they announced that they were working on it as they began the banking reform
[millionday] so later in the year we went and looked at them and all of them had the last three characters as "XXX"
[millionday] but now --- smile we wont look at all but here is an example
[millionday] 1 ABU DHABI ISLAMIC BANK BAGHDAD ABDIIQBA 2 AL BARAKA TURK KATILIM BANKASI A.S. ERBIL BRANCH ARBIL BTFHIQBA 3 AL RAFIDAIN BANK BAGHDAD RAFBIQBA 4 AL-BILAD ISLAMIC BANK FOR INVESTMENT AND FINANCE BAGHDAD AIIFIQBA 5 AL-HUDA BANK BAGHDAD BHDAIQBA 6 AL-IRAQIA FOR MONEY TRANSFER CO. BAGHDAD IRAQIQBA 7 ASHUR INTERNATIONAL BANK FOR INVESTMENT BAGHDAD AIBIIQBA
[millionday] now let me talk about something else with this great find - huge hats to GRRR and his work for us today so lets look at this - we have now seen what the codes are for and we understand also something else --
millionday] the banks earn revenues and one way they do that is by loaning money internationally overnight and the interest is a great gain -- shareholders benefit in the market of course -- just one thing but
[millionday] if you look at the example list i gave you -- it includes one money transfer company
[millionday] so we are now going to look at that bank --
[millionday] get ready and hold on to something
millionday] here is the code of Iraq given and listed as operational --
[millionday] smile whooooopow
[millionday] so this means that the western union service is done and ready in Iraq
[tourman] didnt Western Union set up shop last year?
[millionday] they began with a meeting and showed up to get it rolling but -- they have been able to transfer limited and not from back and forth internationally etc -- not all services due to not having internationally recognized currency
[millionday] now this is something to be excited about smile this is a new swift code listed for Iraq
[millionday] ggrr thank you GRRR for your great find for us all
[ggrr] lol were all in this together
[crank7] ggrr ggrr ggrr !!!!!!!!!!!!!!!!!!!!!
[millionday] western union did not have a location before for all international services so that will be coming when the money can be exchanged -- ok so let me go find us some more news -- smiling big
[millionday] here we go -- Iraqi Oil Minister Abdul Kareem Luaibi said he expected a deal to be reached within days to resolve an oil export dispute between the central government in Baghdad and Iraqi Kurdistan.
The Kurds have sent more than 1 million barrels of oil through a new pipeline into storage tanks at Ceyhan in Turkey. But Baghdad wants to keep the trade under its control, and Ankara is awaiting Iraq's blessing before allowing exports to begin.
Talks between Baghdad and the Kurdistan government in Arbil have yet to produce a deal, but Luaibi said the Iraqi parliament had set up a high-level delegation several days ago to resolve the problem.
[millionday] note -- they are very very close to resolve
[millionday] and also know that this would make sense to have all go forward at the same time if they are trying as reported to get it done before elections
[millionday] "The task of this delegation is to secure agreement between the two sides, and I believe they will secure this agreement," he said at an oil and gas conference in Ankara. "The parliamentary council will hold talks on this subject within hours, and even if there is no agreement today,
I expect an agreement within a couple of days," he said. Autonomous since 1991, Kurdistan has often chafed against central authority but relies on Baghdad for a slice of the OPEC producer's $100 billion-plus budget.
[millionday] For Turkey, Kurdish oil will help diversify its energy supplies away from Russia and Iran and reduce a ballooning $60 billion energy bill. Meanwhile, the flow of oil from Iraq to Turkey on the Kirkuk-Ceyhan pipeline halted at the start of March.
Luaibi said the interruption was due to militant attacks in several places and a technical problem at a facility in Turkey. "We are trying to resolve these problems. I believe flow will resume within one week," he said.
[millionday] note -- great news -- very soon resolve
[millionday] Iraq wants to double the oil flow to Ceyhan to more than 1 million barrels per day (bpd) with the construction of a second line. "We are building a pipeline in Iraq," Luaibi told Reuters on the sidelines of the conference.
"I believe the daily oil flow will exceed 1 million barrels a day when that line is completed. I hope it happens this year." He was set to discuss the pipeline and other issues with Turkish Energy Minister Taner Yildiz on Wednesday.
millionday] note - this is getting good -- progress
[crank7] millionday "very soon resolve" YES!!
[millionday] Separately, construction of the Trans-Anatolian natural gas pipeline project (TANAP), which will carry Azeri gas to Europe through Turkey, will start in April 2015, TANAP General Manager Saltuk Duzyol told Reuters at the conference.
TANAP aims to start carrying 16 billion cubic metres (bcm) of gas per year by 2018 or 2019 from Azerbaijan's Shah Deniz II field in the Caspian Sea, one of the world's largest gas fields.
[coyoteTx] Can we be hopeful that this may happen before elections????
[millionday] now this is so very obviously stating the position of iraq and its wealth is going to change or at least show its head very soon
[millionday] i am very encouraged that the resolve with baghdad and erbil is on the way -- this week is how it appears wow such great news out today whooopow brb with more
[millionday] here we go now this is a whopper too
millionday] the only way this is able to happen is to be in the market -- no other way
[millionday] Iraq issued by the State of Qatar to the list of the most powerful states in domestic production within the Middle East, according to a report issued by the International Monetary Fund.
According to back up the IMF report economic outlook for the countries of the world, it has been the order of the most prominent states in the Middle East in terms of GDP, in the following form:
[millionday] note -- the reality rate is calculated and one of the things that is used is the -- GDP
[millionday] Of Petroleum Exporting Countries: Issued both Iraq and Qatar, the list of expectations of GDP in 2014, reaching the expected rate of 5.9 percent, while more than Doha Baghdad in terms of the outlook for 2015, where the percentage of the expected growth of 7.1 per cent against 6.7 per cent of Iraq in 2015.
UAE dissolved Thirdly by 4.4 per cent for 2014 and 4.2 for 2015. Algeria finished fourth in the expectations of growth to reach 4.3 in 2014 and 4.1 in 2015. Saudi Arabia Fifth expectations of growth of up to 4.1 per cent for 2014 and 4.2 for 2015. Kuwait dissolved in fifth place anticipating growth in 2014 of 2.6 per cent and 3.0 per cent for 2015.
[millionday] note --- the list of expectations from the IMF has me smiling as well
[millionday] this is a true explanation of why this is so very exciting
[millionday] It is noteworthy that the gross domestic product (GDP), which is known for short as " GDP "is not a measure of the standard of living in the economy, however, is commonly used as a measure of standard of living, and the reason that all citizens benefit from the increased production in the state.
[millionday] so the increase in what they will benefit in Iraq is what we were looking at and that will mean the movement of money – smile brb with more this is fun lol
[DBJJ] So, the IMF has put them in first for GDP - what the heck are they waiting for!!! Get 'er done!
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