Morning News Comments 04/11/2015
Rafidain Bank intends to smart card adoption in the distribution of salaries
[tlm724] intends to Rafidain Bank smart card adoption in the distribution of salaries instead of manual cash
[tlm724] *hallelujah* no more cash for the state eemployee's once this is launched !
[tlm724] adoption in the mechanism of the employees' salaries distribution in circles and state institutions all instead of manual cash method
[tlm724] "this method reduces the importance of the monetary circulation and maintain money on the form in which it allows to be traded at any time and any place.
[tlm724] "there is coordination and cooperation between the World Bank and the company's smart card for the issuance of the card for the majority of the state's institutions."
[tlm724] I am loving this ! A cashless system of payment !
[tlm724] and with the help of the World Bank Wink this is part of the currency reform !
Parliamentary Finance proposes to make large cash categories
[tlm724] first lets see who is yakin
[tlm724] Parliamentary Finance Committee MP Haitham al-Jubouri
[tlm724] proposed the issuance of large cash categories to control inflation and to preserve the value of the dinar against the dollar
[tlm724] so there was this suggestion in one of the meetings
[tlm724] he emphasized that the central bank is now working to develop a thorough study on the introduction of new categories
[tlm724] my guess would be that the CBI was being polite and saying sure sure we will look into it
[tlm724] this solution was to push people towards the replacement of the dollar in Iraqi dinars in their dealings Banking or for the purpose of storage or movement,
[tlm724] it will take more than that to get the people to love their dinar and we all know that !
[tlm724] "If we were to give recipes dollar itself into the Iraqi dinar and our work on the issue of currencies category 100 thousand or 250 thousand dinars
[tlm724] no way is the CBI going to issue those large notes, it would defeat the whole purpose of the currency reform
[tlm724] measure will reduce the demand for the dollar and away by all the dollarization of the Iraqi currency and the sale, purchase, exchange and trade in Iraqi currency instead of dollars.
[tlm724] thats true it will reduce the demand for the dollar but not by introducing huge notes , lower denoms with good value will do it !
[tlm724] look lets be honest, we all know what needs to be done and we all know how it will be achieved
[tlm724] releasing the state banks into the private sector is all part of the reform
[therealbubbie] It is noteworthy that the US dollar exchange rate has been rising since about a month, up a few days ago to 1230 dinars to the dollar.
[tlm724] to summarize, IMO no way they will introduce 100 thousand or 250 thousand dinars
[tlm724] bubbies we read earlier where Rafidain Bank intends to adopt the smart card in the distribution of salaries
[therealbubbie] tlm724 so how does this have to do with monetary change ! . state employees won't get cash anymore
[tlm724] a cashless system allows for the currency reform to continue to move forward, Shabibi said get the cash off the streets so we can do this !
[tlm724] electronic payments reduce the need for cash (dinars), if the lions share of people in Iraq are employed by the state and they get paid electronically then the amount of cash in circulation can be reduced 1000's fold
[tlm724] I had one more thought about that article, not everyone on these committee's are privy to critical information such as the currency reform. It is based on "need to know" !
Parliamentary Finance: Iraq's financial situation "bad" pay most traders search for the most stable currency
[tlm724] most traders to look for the most stable currency, a dollar and thus become more demand than supply for this currency
[tlm724] Referred to as the US dollar has risen significantly in front of the Iraqi dinar exchange rate, amounting to about 1350 to the dollar amid expectations of a height in the coming days.
[tlm724] its reaching a fever pitch
[tlm724] which to me puts much more pressure on the CBI to introduce the ld's
[tlm724] introducing more dollars does NOT achieve their reform !
[tlm724] that which we seek
[tlm724] open windows to sell the dollar for banking companies and small importers to reduce the high rate of exchange in front of the Iraqi dinar.
[tlm724] The central bank said in a statement received (range Press), a copy of it, he "decided to double the share of banking companies of the dollar.
[tlm724] I really think this is a temporary stop gap while they finish what Shabibi started !
[tlm724] the CBI is trying to do two things here
1. stablize the market rate and 2. buy time to finish up the currency reform ! Bring that baby on home !! Very Happy
Formation of a committee to issue coins of 50 categories and 100 dinars pave the way for the abolition of zeros
[tlm724] thank you Rocky, awesome article !
[BondLady] 1 to 1 maybe ?
[tlm724] Formation of a committee to issue coins of 50 categories and 100 dinars pave the way for the abolition of zeros
[tlm724] that was what I was thinking BL
[BondLady] looks like it but as always it's a wait an see thing
[tlm724] a prelude to remove zeros from the Iraqi currency
[tlm724] "the central bank governor and the problem is studying the matter and study the safe aspects and compared with other currencies in preparation for the start of release
[tlm724] in preparation for the start of release *wolfwhistle* thats hot !
[tlm724] we are ready !!
[tlm724] does read like a 1 to 1 scenario though but as BondLady said we gotta wait it out but still loving this *hallelujah* *kickA* *m16*
[tlm724] makes me happy Wink