BLC Administrator tlm724 Chat Electronic Banking 10/27/2013
9-19-15 UPDATE AT BOTTOM
[tlm724] Good afternoon everyone. I would like to give you all my opinion on why Iraq has not increased the value of the dinar. This is my opinion solely. I have been been thinking about this for several months now and have had serious discussions with some of my fellow administrators here at BLC.
[tlm724] The question has always been, why hasn't Iraq RV'd their currency ? After much thought I have formed an opinion on this and want to share it with you now.
[tlm724] The answer is so simple and that may be why many, myself included, haven't really seen it. In order for Iraq to fully deal in their own currency they have to be electronically linked both in country and throughout the world !
[tlm724] All modern societies throughout the world are linked electronically. A country today cannot commence commerce without a system of checks, balances and just as importantly ACCOUNTABILITY !
Electronic Banking is absolutely necessary for Iraq to progress forward. How can the CBI raise the value of their currency without accountability ?
[tlm724] Yes Iraq does trade now but it is not even close to what is to come. Just imagine this conversation please. WTO asks Iraq " hey you ready to fully implement the tariffs so you can ascend ?"
Iraq says " well not quite we still have to link the customs and borders to the CBI data bank." WTO " okay well let us know when you are ready". Do you see where I am going with this ?
[tlm724] Lets say, for example, that tomorrow morning the CBI increases the value of the dinar to par with the dollar . How much dinar would go out the back door ? Billions and billions ? You bet it would !
Now if you have a system (electronic banking ) in place it will do several things , here are just a few
1. stop the majority of embezzlement and corruption
2. It will decrease the amount of physical currency
3. It will eliminate the lions share of counterfeiting.
[tlm724] Without this system Iraq cannot have modern REAL trade and commerce with all these multiple nations. It is the way of the world and Iraq is just now getting this system in place.
They must be linked with their customs and when the tariffs are fully implemented they must be linked to the CBI, again for ACCOUNTABILITY ! How can you keep track of all the money, exports, imports without it ?
[tlm724] Remember Dr. Shabibi said he needed stability and security in order to make the change ? Well imo security means this. A secure system that enables full accounting of ALL monetary transactions within the country as well as international transactions ! The stability falls within this same premise, a secure system that eliminates fraud, waste and corruption.
[tlm724] We know that the system is being worked, we see it daily in the news as well as the CBI stating this as well. We know that Governor Turki has said they are making great progress with it.
I truly believe they are at the stage of working out the kinks in the system, doing the link up to the borders etc.. We know the stock market went electronic a few months ago.
I believe that the majority of the infrastructure is in place. This is the most crucial step in the process. It must be tested time and time again in order to get it right the first time. There are no do overs in this situation.
[tlm724] Remember a country is only as strong as it's monetary system, it is their foundation as well as their economic laws ! We will watch as Iraq finally emerges into a country of modern capability, doing commerce with the world, taking their earned place in the international community !
[tlm724] Lets watch for the signs of this system being fully integrated and see where it takes us . Again I just don't see how the CBI can do an increase without this system in place. There may be several reasons for the delay but this just seems the most logical to me. Thank you !
Last edited by tlm724 on Sun Oct 27, 2013 7:56 pm; edited 1 time in total
Mcduff82: Thank you Timmy.,it makes so much sense
Broncorider: Good stuff partner!!! cheers cheers
Carrello: I think you are right on, Tim. I just read a CBI announcement inviting employees to train in certain electronic banking practices and protocols.
tlm724: Here are supportive articles.
Central Bank supports electronic control system with the border crossing points
16/06/2013 12:00 AM
Economist: bank transfers to ensure the entry of goods amounts same
Baghdad - Mostafa Hashemi
at a time when the central bank announced a decline in sales of the currency auction to banks and adoption of the control system electronic links between him and the General Authority for Customs, called Economists Bank to expand the adoption of the treasury transfers instead of cash sales for banks and citizens to reduce the high price of the dollar and ensure the preservation of public money wastage.
Central Bank seeks to application of electronic payment systems - Sat Aug 24, 2013 8:25 pm
Baghdad / Qais chopsticks revealed the CBI about his quest for the application of electronic payment systems that contribute to the development of the banking sector through the clearing system instruments, electronic. central bank said in a statement received "long" version of it,
that the application of these systems is designed to reduce the use of ( cash) in the country where, because the business environment is characterized by fast transactions and keep abreast of developments, especially in the field of banking transactions in general and the areas of the use of modern payment in particular.
statement added that regulations adopted central bank implementation is the clearing system instruments, electronic which can banks to exchange orders Payment of low value and instruments encoded with each other electronically and locations where the co-Most private banks and their branches in the system and the number of participants (40) banks in addition to the Rafidain and Rasheed.
continued: since 2004, sought the bank to the application of electronic payment systems because of the challenge geographical and security issues has made the process of transferring money across the country is difficult and reserved risks and therefore tend endeavors to complete the settlement processes of checks and salaries and activate the automated systems of the card electronic.
between the statement, that the care of the central bank to complete the transition to electronic clearing aims to reduce the period of clearing hand beyond sometimes month
and through the application of these systems will create a creative banking environment and a safe is available to customers with the tools and banking motivated the economy and the financial transactions of all sizes and this is what we accomplished quickly.
Finance Committee Calls for the adoption of electronic banking services in Iraq
October 20, 2013 -- Called on the Finance Committee in the House of Representatives, the Iraqi banks to activate some modern banking services, such as the settlement of financial transactions through mobile phones, or credit cards, so as to reduce the handling of paper currency.
Committee member Abdul Hussein al-Yasiri, said in a statement to Radio Free Iraq “to find new methods for the settlement of cash transactions electronically, will make it easier for citizens and traders alike, hold those transactions without the need for a review of the banks,
Otthml consequences of carrying cash, and the risk of theft, as well as reduce the use of paper currency, which of course reduces the need to be replaced and new ones printed from time to time. “
Economists welcomed their part at the invitation of the parliamentary finance committee, because it is in their view constitute a step in the right direction.
He said economic expert on behalf of Jamil that “there is exaggeration in the use of cash in Iraq, and that there is a huge mass of cash circulating in the market up to trillions of dinars.”
To The head of the Association of private banks in Iraq, Abdul Aziz Hassoun difficult to activate services for financial transactions electronically, during the current stage, due to the lack of infrastructure required for the adoption of this type of banking services.
Expert: the use of electronic systems, financial transactions will reduce paper currency exposure to damage and theft 25-10-2013 07:21 AM
Baghdad (news) .. Said economist Dergham Mohammed Ali, the importance of using electronic systems financial transactions, to reduce the use of paper currency prone to damage and theft. said Mohammed Ali (of the Agency news): The electronic systems of the best ways applicable universally being reduced from dealing currency paper prone to theft and damage,
Indicating possible to be used to pay large sums of money that can not be moved manually from the provinces by mobile phone or card electronic payment.
added: that the electronic systems in place in Iraq, but in a limited way, the fact that culture around a few, on the banks to provide educational programs for citizens to know on what it is.
And: that this system offers to the citizen financial transactions safer and urbanization, on the condition that the company is contributing to a trusted and sobriety and has safety systems sufficient to maintain the balance of its users.
noted: the need to take assurances from the companies mobile phone that the process is done confidentiality and security of caffeine so that it maintains balances citizens in the event of the use of these services.
mention that the project needs to be propaganda and media to educate citizens and learn how to use this technique, which will add a remarkable development of the Iraqi banking sector.
Claims is implementing a project to link the divided national banks unified communications network
28/01/2014 - BAGHDAD / JD / .. Demanded the parliamentary Finance Committee, the central bank to speed up the implementation of the project divided the national private banks for the purpose of the development of the local banking sector and promotion.
Said committee member Rep. Najiba Najib told / JD /: "The Central Bank of Iraq tell us about the end of all the technical measures and logistics for the implementation of the project divided the national private local banks,
but it has so far not been implemented on the ground," calling to finalize the actual implementation The project being one of the important projects in the country.
She explained: that the project includes connecting local banks network unified communications managed by a global company advanced contracted by the central bank and be under his tutelage and supervision,
so as to facilitate the banking business using the latest techniques and make the banking sector works in accordance with the developments in global banks.
The Iraqi Central Bank announced that it was contracting with an international company to manage the project divided the national, after a number of companies submitted bids for the project, refusing to disclose the nationalities of those companies until after the contract with them.
Two years ago, announced the introduction of 53 banks as members of the national project chunked your credit card, which will be under the control of the central bank. "
It is noted that the U.S. Agency for development of Iraq contribute to the accomplishment of a divider, which will establish a national partnership between the Iraqi banks.
Iraq has more than 50 banks with about 800 branches in Baghdad and the provinces.
Dezertheat:: Timmy your are a true gem with all these breakdowns!
by the looks of this, I think we are REALLY close to seeing currency reform
(hopefully in the next couple of weeks Wink ) feeling hopeful. Smile
Lightingcslt: yep timmy, and as we talked about it this morning they finished the task and are now ready
RSP: ding ding ding ding ding Very Happy It makes perfect sense, timmy. You go girl. cheers cheers (6 points if basketball) (21 if football) Razz Razz Razz
tlm724: Central uses the electronic payment system for the settlement of the instruments between governmental institutions and banking Thu Jul 10 2014 3:28 p.m. | (Voice of Iraq) Sumerian News /
Baghdad Central Bank of Iraq, on Thursday, for the use of the payments system for the settlement of the instruments between governmental institutions and banking, adding that the system would ensure the safety and efficiency of payment systems and operations clearing. ,
the bank said in a statement received "Alsumaria News" a copy of it, that "the aim of developing financial and banking sector in Iraq and reducing the phenomenon of pregnancy and money circulation,
has been taking a number of measures in the automation of processes settlement instruments and payment orders between governmental institutions and banks electronically through the payments system of Iraq, which uses a network safe and effective. "
[tlm724] the bank said, "the system will allow the operation and management of the accounts of the settlement between the participants from which to ensure the safety and efficiency of payment systems and clearing."
the Bank noted that "the Ministry of Finance has adopted this system in obtaining dues from institutions different instead of instruments, "pointing out that" it is considered a key step in the way of mechanization overall per financial transactions and means of performing the obligations in Iraq.
" It is noteworthy that the Iraqi banks have not kept pace with developments in the work of international banks, and has been linked through the use of telephones and fax machines ,
did not enter the Internet until after the year 2004, the central bank seeks to develop the banks associated with it through the introduction of new technologies and linking banks globally automatically, to facilitate the process of transfer of funds to and from Iraq.
[tlm724] linking banks globally automatically, to facilitate the process of transfer of funds to and from Iraq
[tlm724] to and from
[tlm724] globally automatically
[tlm724] tap tap tap is this thingy on
[tlm724] praise God look at the CBI press release today : press release ) to develop the financial and banking sector in Iraq and reducing the phenomenon of pregnancy and the circulation of money,
it has taken the Central Bank of Iraq a number of actions in the automation of processes settlement instruments and payment orders between governmental institutions and banking electronically through the payments system of Iraq, which uses a network of safe and effective / 2014 7/10
[tlm724] incredible !
[tlm724] I have been waiting since Oct 2013 to see this system done !
[tlm724] linking banks globally automatically, to facilitate the process of transfer of funds to and from Iraq
>>>> [tlm724] >>>>>>>>>>> today ! >>>>>>>>>>>>>>>>>>> UPDATE 9-19-15
Re: BLC Administrator tlm724 Chat Electronic Banking 10/27/2013 Today at 10:59 am
Central bank: electronic payment in its final stages and the private sector participated in the project secured
Author: AR, ASJ, HH Editor: AR, HH 2015/09/19 10:2
Long-Presse / Baghdad The Central Bank of Iraq, on Saturday, that the electronic payment in the final stages of the project, while noting that private sector companies participated in the locked.
The governor of the Central Bank on the Keywords in an interview with the (long-Presse), "The Central Bank of Iraq ended all integration and interconnection of national PBX technical requirements with several parties (Bank of TBI, Assyria Bank, Amwal, the Middle East Bank),
" noting that " Ready to jump-start waiting for the actual termination of the supplementary stages of the tests to be local electronic payments and cards from which will be settled through the RTGS system. "
Keywords and added that "the Bank in the final stages of licensing two companies to pay by mobile phone and these two companies on standby to provide services in the whole of Iraq anyway to get the license," asserting that "the Bank is working with banks and specialized companies to launch government collections electronically".
Keywords and pointed out that "the central bank, in order to keep abreast of developments in the field of banking contacts completed plans, in cooperation with the Ministry of Communications to create a network linking the main branches of banks with the central bank and its branches operating techniques of optical cable,"
explaining that "these technologies will be a substitute for the current wireless network is opens up new horizons in the field of movement of data confidentiality, reliability and high availability is very high. "
The central bank called in late 2014 and renewed his call about two months of this year wishing from banks and companies winning licenses from him before to expand the work of banks and money transfer and mobile phone companies and the exercise of any of the electronic payment activities in the event of their willingness to work electronic payment services system,
stressing that they have to submit formal requests for the exercise of this service commitment system requirements and provide all the archives condition.
The banking system in Iraq is made up of 54 banks as well as the Central Bank and distributed by property between (7) state banks and 23 commercial banks, special, including (9) Islamic banks in addition to the 15 branches of foreign banks and more than 2,000 companies Exchange and transfer of Mali. LINK