Chat from other place 01/10/2017 New Year, New Way of Banking Yesterday at 12:36 pm
Central Bank announces action-mail system to sell the dollar
10/01/2017 03:43 | Number of Views: 81
The Central Bank of Iraq, Tuesday, Mbacherth labor-mail system to sell the dollar, indicating that he would be re-assessment every three months in light of the performance of banks.
The bank said in a statement obtained by "direction Press" a copy of it, he began to work in the private mail system to distribute the dollar on the basis of standards and evaluation that was earned each bank and corporate financial transfer ", noting that" the electronic system will ensure effective control required by the commitment to anti-laundering law rules laundering and terrorist financing. "
The bank added that "the electronic system will also verify the integrity of the selling and buying of the dollar and the capabilities of the bank in the management of these operations requirements," noting that "the assessment will be every three months in light of the performance of banks and that it will be banks and financial institutions that are of low evaluation of accounting."
The Iraqi central bank is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.
Well now things are getting good ! Bravo CBI, I take back all the nasty things I said about you lol.
"he began to work in the private mail system to distribute the dollar on the basis of standards and evaluation that was earned each bank and corporate financial transfer ", noting that" the electronic system will ensure effective control required by the commitment to anti-laundering law rules laundering and terrorist financing. "
"the electronic system will also verify the integrity of the selling and buying of the dollar and the capabilities of the bank in the management of these operations requirements,"
This system should help tremendously in curbing money laundering but more importantly we should see a drastic reduction in the sale of the dollar. Basically the CBI is forcing the banks/traders to prove beyond a shadow of doubt the use of their request for dollars. The system is a way for them to have control electronically. I love it !
Yesterday the CBI announced they instituted the IBAN system
"adopted international arithmetic figure the IBAN, starting from the second of January of 2017 in all local and foreign remittances," attributing the cause of action to "unite the bank account numbers in all operating banks in Iraq."
DEFINITION of 'International Bank Account Number - IBAN'
A standard numbering system developed to identify bank accounts from around the world. It was originally developed by banks in Europe to simplify transactions involving bank accounts from other countries.
I want to point out something important to you all, on Dec 25, 2016 there was an article about e-dinar and in the article it stated that the systems mentioned above needed to be in place BEFORE the could begin the e-dinar program. I will post the article for you below. This is awesome news and I have always believed that Iraq MUST have these electronic systems in place and operating in order to start adding value to the dinar. I did a chat a few years ago about this very subject ! I like it very much and I remain excited for the new year !!!
Iraq calls to leave the work instruments system before issuing the e-dinar
25/12/2016 11:49 | Number of Views: 234
Direction Press / Baghdad
He called the Rafidain Bank, Sunday, to leave work instruments system before issuing the dinar-mail, stressing the importance of the last increase in the money supply within the banking system.
Press office of the bank said in a statement received "direction Press", a copy of "The director general of the bank Khawla student Jabbar confirmed through their participation in one of the economic seminars on the importance of e-cash and its impact on increasing the money supply within the banking system," indicating that "contribute to the creating deposits outside the banking records and helps to monitor and control the movement of these deposits. "
She Jabbar "The electronic system helps eliminate corruption and fraud and speed up the collection and payment and provision of services have the consent of the citizens and increase the level of culture among the society", calling on the media to "that supports the banking business in Iraq and not to discredit the banks because that will shake the trust between the public and the banks ".
And he stressed " the need to leave work instruments system before issuing the e - dinar with the emphasis on raising public awareness of distasteful regimes electronic payment."
The Central Bank of Iraq, in February, ready for the application of the electronic payment system and the launch of e - dinar increase contributes about dealing with the banks and reduce the problems of the cash deal.
Last edited by on Tue Jan 10, 2017 12:55 pm; edited 1 time in total
Lifes purpose is not to arrive at the grave in a well preserved body, but rather to slide in sideways shouting HOLY CHIT what a ride
201/10/2017 New Year, New Way of Banking Yesterday at 12:39
here is the link to 07/31/2016 E-Dinar and a copy for you to read
The central bank sets 2017 as the date for the launch of the electronic currency is expected to rise in oil prices
Author: AB, HH
Editor: AB, HH 07.30.2016 17:12
Long-Presse / Baghdad
Select the central bank governor on the Keywords, Saturday, 2017 as the date for the launch of the electronic currency through the mail or e-dinar cards, with the exception that it will facilitate dealings between the state institutions, the expectation of rising oil prices.
He said on the Keywords in an interview to the (long-Presse), "The next year, 2017, will see the launch of the electronic currency after the termination of the Central Bank of infrastructure structures necessary for the operation of electronic payment through the mail dinar or electronic tags, which facilitates transactions between state institutions," noting that " the end of this year or next year will work directly in the new Central Bank building. "
Keywords and added, that "the country is facing economic challenges and overcome them dependent on an improvement in oil prices as a financier President of Finance for the budget of the country," stressing that "there are indications demonstrate near the high oil prices in the global markets."
the central bank governor on the Keywords, Saturday, 2017 as the date for the launch of the electronic currency through the mail or e-dinar cards
"The next year, 2017, will see the launch of the electronic currency after the termination of the Central Bank of infrastructure structures necessary for the operation of electronic payment through the mail dinar or electronic tags, which facilitates transactions between state institutions," noting that " the end of this year or next year will work directly in the new Central Bank building.
Lets talk about this announcement from the CBI and what it means. The technology age is finally arriving in Iraq. This electronic system is exactly what has been needed for years and we have said that all along.
I spoke with BondLady about this article this morning and here are our thoughts. This a well thought out plan and it obviously has the IMF written all over it .Remember when they stopped the auctions and what a fiasco it was. Not a good plan ! It just proved how incompetent they were , thank God for the IMF and the likes of the World Bank etc...
But this is more to our liking, a well thought out plan to move the country forward with each step analysed and implemented at the appropriate time !
We have learned how Iraq has been setting up the smart card and getting the facilities ready in many of the provinces with the goal of having it in ALL of the provinces. This smart card not only covers rations and benefits but salaries are paid on it as well.
That action itself was the beginning of getting the people used to using an electronic system of money. As more people are included in the system the easier it will be for them to transition into the electronic forms of payments and receivables. In turn, this will bring in much of the dinar off the streets which we know is necessary to the currency reform plan. The only way to get the people to give up the dinar under their mattresses was to get them to use this system, get used to it and protect their money. The Deposit Insurance Law was published in the Gazette on July 24th, 2016 so that part is done ! The people will have to use the system whether they want to or not, no way around it going forward.
Iraq is now discussing modifying the tax code because it is hurting the people having to pay taxes on their salaries but they cannot go backwards on this. The people should be able to pay their taxes as the currency reform continues. Oh they won't like to pay it just like we don't but it is part of the free market and how revenue is generated.
Prime Minister Abadi replaced many bank managers and the Speaker of the House Jubouri made a statement yesterday:
"Parliament speaker stresses importance of strengthening the role of the banking sector and make it more flexible and realistic to get out of the economic crisis"
He called on the Speaker of parliament to take all measures that will enhance the role of the sector banking to ensure updates the economic vision of the banking business and make it more flexible and realistic out of the economic crisis with minimal losses and record time. for their part , the price to attend parliament 's role in supporting the banking sector through the procedures and laws legislated and which contribute to the recovery of the banking and economic movement in the country.
Information Office of the President of the House of Representatives Iraqi 07/30/2016
Love some record time . We saw Ernst & Young taking control of the state banks and they indicated it will take 125 working days max to do what needs to be done. Which should be somewhere around November for completion. The timing is no coincidence I am sure.
Back in June the Cabinet approved the launch of electronic applications for the 6 trillion dinar stimulus loans, even the Integrity Commission is electronic now.
So the announcement from the CBI is saying they preparing the infrastructure and facilities for E-dinar, getting everything ready for the end of the year or the beginning of 2017. Tis a beautiful thing !
This will open them up internationally,reduce corruption and eliminate red tape. There won't be much need for the currency traders either . Also it will stop much of the currency counterfeiting ! This will reduce and eventually eliminate the need for the dollar as the program gets into full swing. This opens the door for the deletion of the 3 zero's !! This is everything "currency reform" the epitome of the plan !
The stars are lining up !