Millionday News 5/16/15 Part 1
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Millionday: OK HERE WE GO HOLD ON TO YOUR HAT
Millionday: -Rafidain Bank announced on Saturday the launch of MasterCard exchange service for the salaries of retirees who are outside the country.
The general director of the bank on behalf of Kamal al-Hassani, in a statement received by "public opinion" a copy of it, that "retirees who are outside Iraq, they can become been paid through this service."
Hassani said that "the retired has the right to go to any ATM, to receive the same amount and currency of the country, who is in it."
Millionday: SO THEY HAVE ANNOUNCED THE LAUNCH AND THIS IS FOR OUT OF IRAQ AND WITHIN IRAQ -- TO BE USED IN ATMS
.VIP.Cricket22.LetsRValready Millionday: What about a rate?
Millionday: THE REPORT TELLS US THAT IF THE PERSON THAT HOLDS THE MASTER CARD GOES TO THE ATM -- THEY WILL RECEIVE THE AMOUNT OF THE COUNTRY THEY ARE IN SO IT WILL BE WHATEVER THE EQUAL AMOUNT IS
tarrog1: i read a post saying isis took over a major city. is this correct?
Millionday: IT IS NOT STATED IN THIS REPORT BUT WE HAVE JUST BEGUN SO WE WILL SEE WITH THE REST OF THE NEWS HUN
.VIP.clay Millionday: any timeframe yet on activation
Millionday: THE BANK HAS STATED THEY HAVE LAUNCHED THE MASTERCARDS SO WHEN THEY ARE ACTIVE HAS NOT BEEN STATED OR IT COULD MEAN THE SAME -- WE ARE GOING TO HAVE A LOT MORE TO LOOK AT TONIGHT
jarhead: mani did I was the first lol and didn't see in country
Millionday: I HAVE SOME INFO ABOUT IN IRAQ TOO THAT WE WILL LOOK AT
cjquade54: Is it possible the cards will be loaded with USD and exchanged into the currency of the country where the retirees live? Or will it be IQD?
Millionday: WE ARE GOING TO LOOK AT A LOT MORE ON THE SUBJECT IN THE HOPES OF BEING AS CLEAR AS WE CAN BE -- I WILL TRY TO FILL YOU ALL IN WITH ALL I HAVE
beth: So that would mean that the dinar would be recognized world wide?
Millionday: THIS ONE REPORT IS JUST SAYING THAT THE MASTERCARD IS GOING TO BE USED FOR IRAQIS GLOBALLY -- BUT WE HAVE MORE TO LOOK AT
Bax: WHY would this just be for Retirees...and not anyone out of the country? Dont other citizens have ATM Cards?
Millionday: I HAVE MORE ON OTHER USES FOR THE CARD AND MORE NEWS ON IT
Millionday: THAT WAS JUST ONE REPORT ON JUST THAT PART
Millionday: THE INTERNATIONAL REGULATIONS FOR BANKING ARE MONITORED BY BANK OF INTERNATIONAL SETTLEMENTS -- BIS
Millionday: The CBI called on the Iraqi banks to the need to apply international accounting standards, while a number of specialists criticized the delay in its application.
Millionday: CBI HAS ORDERED THE INTERNATIONAL STANDARDS TO BE APPLIED
Millionday: READ EVERYWORD>>>>The governor of the Central Bank on the Keywords, in a word, Cast during the seminar the application of international accounting standards,
which was attended by a reporter "Qurtas News", "The opening up of Iraq on the global market and the evolution of his banking, especially after 2003, after the issuance of the Iraqi Central Bank Law No. 56 of 2004 and
Millionday: NOTE -- THERE WAS A BANKING SEMINAR AND CBI WAS OF COURSE THERE AND ANNOUNCED THAT IRAQ IS OPENING UP TO THE GLOBAL MARKET WITH EVOLUTION OF THEIR BANKING
Millionday: READ EVERY WORD>>Law Banks No. 94 of 2004 and the Law on Combating Money Laundering No. 93 of 2004 which confirmed these laws in its implications on the application of international accounting standards ",
for harmony and understanding and work smoothly and transparent with organizations and institutions that govern the banking and economic action in the world as a fund and the World Bank."
Millionday: NOTE -- THEY ARE TO WORK WITH INTERNATIONAL BANKS AND THE WORLD BANK WITH TRANSPARENCY
Millionday: Keywords and stressed that "there is an ongoing effort by the central bank for the application of these standards by the trend towards request financial data from banks, so the banking sector in Iraq and by virtue of his youth and the challenges faced by it today need a high degree of financial disclosure and transparency and which are reflected on all Financial aspects of its work. "
Millionday: Keywords and stressed that "there are a number of banks far from the application of global accounting standards that will cause her harm and risks in their work and reflected on the banking sector as a whole so has to be cooperation and synergy to reach the threshold of these good standards."
Millionday: NOTE -- SOME BANKS HAVE TO GET THE WORK DONE AND DONT HAVE INTERNATIONAL STANDARDS APPLIED
Millionday: On the other hand criticize a member of Society of Chartered Accountants farmer Khalil in an interview for "Ply News", "Iraq was absent from the application of these standards 30 years ago that caused him to disrupt the development of the banking business,
which should have been through the integration and reconciliation with international banks, indicating that "global banks require a financial and transparent disclosure for banks and financial institutions even in the absence of these processes, the development bank will face the kind of work difficult."
Millionday: NOTE -- THEY DID NOT HAVE COMPLIANCE 30 YEARS AGO SO THIS IS NEW
Millionday: Khelil pointed out that "surprised by the non-application of these criteria, especially since the State House of Representatives and even the central bank calling for transparency and integrity of financial flour and work especially with Iraqi banks,
whether governmental or private, asking," How do we address the banks a language other than the language adopted by? Measurement standards and disclosure standards is a common language and its international character.
Millionday: SO THEY ARE WORRIED AS THEY SHOULD BE -- OH BOY HOW DO WE GET ALL THIS DONE ? -- SOME HAVE NEVER EVEN HEARD OF IT ? ---- SMILE
Bentley: It seems they are stating the mechanism is in place but we should not make something its not. there is no change in the value of the dinar, just the ability to change to and from.
Bentley: That is a very big step thought.
Millionday: THIS HAS NOTHING TO DO WITH THE RATE OF THE DINAR -- THIS HAS TO DO WITH COMPLIANCE ON HOW THE REPORTS ARE WRITTEN AS WITH BUSINESS –
THERE ARE STANDARDS OF ACCOUNTING THAT HAVE TO BE FOLLOWED AND THIS IS WHAT IS BEING DEMANDED HERE SO THAT THE BIS AND ALL OTHER STAKEHOLDERS HAVE UNDERSTANDING OF ALL THAT IS RECORDED
Jarhead: they apparently are not compliant it seems IMO so this may take a lil longer
Millionday: THE THING IS THAT IF THEY WERE LEFT WITH NO GUIDANCE YOU WOULD BE RIGHT –
WE WOULD ALL HAVE LONG FACES BUT -- YEARS AGO WHEN THEY REPORTED THEY WERE READY –
THE WORKSHOPS STARTED AND THE EXPERTS ARE THERE AND THE WORLD BANK AND ALL THAT THEY NEED TO HELP WITH THE NEW DATA SYSTEMS –
SO THIS IS NOT A LONG TIME IT IS THE NEED FOR EDUCATED TRAINERS AND THE TRAINED
Millionday: I HAVE REPORTS FROM THE BANK THEMSELVES BEFORE WE LOOK AT TOMORROW`S NEWS - SO FIRST I WILL SHOW YOU MY FAVORITE PART
Millionday: READ EVERY WORD >>
Launch smart card
Will be launched a smart card in the branches of the Rafidain Bank in the Arab countries and the first batch will be spent during the current month for them ...
Millionday: SMILE -- CAN YOU TELL WHY THAT IS MY FAVORITE?
Millionday: WE HAVE ALOT MORE FROM THE BANK
TimandJulie: Dinar or American dollar
Millionday: THE NATIONAL REGULATIONS THAT WERE SET A LONG TIME AGO WERE THAT THE NATIONAL CURRENCY OF IRAQ IS THE IRAQI DINAR
Millionday: THEY HAVE NO GOAL TO MAKE THE DEMAND FOR THE US DOLLAR TO RAISE AND HAVE MORE VALUE -- THEY REALLY ARE MOST INTERESTED IN THEIR OWN GAINS AND VALUE
TimandJulie: cool cant wait for that to go down and working
Millionday: I HEAR YA MY FRIEND -- CANT WAIT --- HAS BEEN A LONG RIDE
Millionday: NOW LETS LOOK AT SOME FACTS FROM THE BANK INSTEAD OF MEDIA REPORTS
Millionday: Workshop smart card
Rafidain Bank participated in a workshop organized by the global smart card entitled (constructive communication and awareness campaign and counseling services to staff) in the presence of media offices, the Ministry of Finance officials, in addition to scientific and social personalities ..
The seminar was held on the Ishtar hall in the Babylon Hotel .. discussed Attendees Many of the themes that focused on ways to use Ki cadre great success and its importance in the service of citizens where become a link at the level of citizens and the state and her wealth of reflection on the economic situation of the country
Millionday: NOTE -- THE WEALTH OF IRAQ -- SMILE
Millionday: The audience at the symposium that Ironing cadre began to expand in a number of countries and it became the holders to withdraw the amount of any state or province in which online ..
pointing out that the cadre ironing way to detect fictitious names and administrative corruption. In turn, the company confirmed to The cadre nearly three million five hundred thousand beneficiaries of the smart card.
In the intervention are present called for the formation of a joint operations room between the media office of the Ministry of Finance and the company's global smart card for public access to the privileges granted by the card and the possibility of circulation to the state institutions.
Millionday: NOTE -- OBVIOUSLY THE COUNTRIES OUTSIDE OF IRAQ HAVE TO BE AWARE AND TRAINED IN THE USE AND ACCEPTANCE ETC OF THE SMART CARD AND HOW TO GET THEIR FUNDS BACK AS WITH ANY OTHER FOREIGN INSTRUMENT
Millionday: NOTE -- WOW WAS THAT A SEMINAR OR WHAT?
Millionday: NOTE -- UNDERSTAND THAT THE BUDGET OF IRAQ IS NOT BUDGETED IN ANY OTHER CURRENCY BUT DINAR --- THE CONTRACTS FOR THE GOVERNMENT AND ALSO THE STAFF OF THE GOVERNMENT ETC --
Millionday: Employees' salaries distributed through the smart card
Rafidain Bank intends to smart card adoption in the distribution of salaries of employees in departments and state institutions instead of the manual cash-way mechanism.
Information Office of the bank has said in a statement that the move believed to reduce the cash trading, liquidity and maintain the form that allows money to be traded at any time and any place in addition to the completion of the salaries received in an orderly fashion and without any delay.
Millionday: NOTE -- THE APPLICATION OF THE SALARIES IS DONE ELECTRONICALLY -- SO IT WILL BE ABLE TO BE USED QUICKER AS WITH ANY OF YOU
Comments may be made at the end of Part 2 Thank You