Dear
Members and Friends,
By
the time you read this article, we will be well into the final stretch of the
first quarter of 2015. I am sure you will all agree that the first few months
of the year have flown by and you would most probably have found it difficult
keeping up with your busy schedules. But that is definitely a good sign; it
means that you are laying the foundations to ensure a fruitful and rewarding
year ahead.
Unfortunately
we are still experiencing the effects of the Russian crisis, and the sharp
slowdown in Russia’s economy is a significant shock for the economies of other
sovereigns in the Commonwealth of Independent States (CIS) region. The impact
on these countries' credit profiles varies considerably; Armenia and Ukraine
have the most direct exposure among Fitch-rated sovereigns, while the steep
fall in oil prices has magnified the fallout in Kazakhstan and Azerbaijan, not
to mention the continuous appreciation of the US dollar, which has adversely
impacted emerging markets. Indirectly, the sharp fall
in the rouble has been a major factor in significant currency adjustments
across the region.
In
fact the sanctions for Russia are so current and important that they will be addressed
and discussed at the ITFA 42nd Annual Conference which will be held
in Dubai at the Jumeirah Beach Hotel, between the 28th and the 30th
of September. This year’s conference will include an exceptional program
including panels and a range of expert speakers. More details will be
circulated in due course. So
please…..save the date!
As
always, the ITFA Board is working hard to lure new members to our society. To
this effect, we are pleased and proud to announce that this month we have
welcomed three new organisations to our growing family. In addition, we are
currently in the process of concluding membership with another three
institutions.
The
recent successful Dubai Cocktail event of last month, with over 140
participants, gave us the possibility to expand our horizons and finally
attract Middle East members to our family. The ITFA Board is fully committed to
achieve important targets including, among others, an important increase in
memberships.
New
Regional Committees will be formed with the scope of divulging the ITFA mission
to a broader community of Trade Finance practitioners.
Following
our recent communications with all our fellow members, I am sure that you can
appreciate the effort and commitment that ITFA has dedicated over recent months
in attempting to increase the number of collaborations and affiliation agreements.
The most recent one includes BAFT, a strategic partner for
us!
Together
with the various associations we collaborate with, we remain committed to bring
more to you, our Members. We hope that you take advantage of the additional
benefits/discounts that such collaborations provide, as well as enjoy the
events we promote. We continue to strive to be a partner for you in business,
deal generation and best practice, driving trade in the emerging markets.
We
look forward to hearing from you with any feedback you may want to share with
us by sending an email to myself, any of the Board Members or to our general
email, info@itfa.org.
Best
wishes,
Paolo
Provera
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