We have already seen Iraq being set up with the SWIFT code system (Society for Worldwide Interbank Financial Telecommunication code) An internationally-recognized identification code for banks around the globe. Just recently we witnessed news that Iran too was re-hooked back into SWIFT on Jan 31st. Is this coincidental that these articles are so close in proximity to each other?
So now we see Iraq working on their domestic systems. But they are not hooking them up instead they are instructing and teaching the banks how to use them. We witnessed the electronic system installations a very long time ago in Iraq. Remember those articles? These systems need to coordinate with the SWIFT system and this is what they are now doing. Is this amazing news or what? As Millionday would say WOOOPOW! This is how close we are to the RV!
WORKSHOP PAYMENT SYSTEMS AND ELECTRONIC COLLECTION BEGIN ITS WORK IN IRAQ IN BAGHDAD
Economy News / Baghdad:
Under the auspices of the Prime Minister Acanutorahidralebadi began in Baghdad on Monday morning business workshop payment systems and electronic collection in Iraq with the participation of Iraqi private banks association.
And it opened the workshop, which was held under the slogan / methods of electronic payment starting point the financial Nhawwalhmol Governor of the Central Bank of Iraq on the Keywords.
Looking Participants in the workshop, which is also involving several companies, including the company's money, the universal use of electronic means of payment in order to achieve activation and to facilitate the collection of funds to supplement the financial budget of the country for the current year.
The Economic Committee of the House of Representatives filed earlier proposal to improve the collection of money and supplement the general budget by the electronic system to adopt, particularly in the areas of obtaining fees by Aldoairalkhaddmah and Doairaldharabh other government departments, which account for about 16% of the public Maronites
Also I want to add that the CBI has announced they are also launching the e-dinar (electronic dinar) payment system. They told us that only 10% of the citizens currently trust the banks on a regular basis.
This is the electronic deposit we, in the western economies, take for granted. This is planned to be used for the government to deposit the retirees, displaced salaries and salaries of the government employees automatically in their bank accounts. It will also tie into the SMART cards. So citizens will not longer have to carry around large sums of cash at pay day. ISIS, DAASH or other threats in the future also can not tap into these cash sources since it will be in electronic form. Also the mafia and money laundering thrive on the use of cash.
Can you see the connection yet to one of the goals to fix the economy? No-not yet? Okay so let me explain it to you then.
So you remember one of the measures listed in my last news letters that was decided that would be an alternative to assist in the economic crisis. I presented to you an article in my past news letter listing all the recommended alternatives. One alternative was to get the people to trust in the banks. So now the government is going to deposit their salaries automatically in the bank. So like it or not they have to trust the banks and use the banks. You gotta luv it ! WOOOPOW again…lol…
What does this do for the financial reform?
- it forces the citizens to trust in the banks, something some day they too will take for granted
- it cuts down on corruption and bribery
- it paves the way to ending the currency auctions
- reduces the problems of handling cash (less of the 3 zero notes in circulation)
- did I miss anything?
But remember too I just gave you are article above telling you the CBI raised the interest rate to 18% for deposits in the banks. WOW! So the average citizen will automatically also get 18% on their money. I gotta tell you I would luv to get this on my saving account in Germany….lol….Incidentally this also meets a goal recommended by the IMF to help them out of the liquidity problem. More money in the banks allows more money for the banks to loan out. With this new diversification effort the banks will need all the money they can get and this will bring billions of dinars into the banks. Do you think this effort might also raise the value of the dinar as it creates an automatic demand for it….gotta luv it….lol…
I quote from the article above – “A government source revealed on Saturday that the government decided to raise the interest rate on deposit money in banks to 18%, attributing this to help the government in overcoming the financial crisis.”
Folks this is such HUGE news I am jumping up and down. I was totally waiting for this news someday and now we have it. Remember I told you something BIG was brewing and now all of today’s news is telling us this BIG news.
THE CENTRAL BANK IS PREPARING TO LAUNCH THE E-DINAR RECOMMENDS DEPOSITING THE SALARIES
ong-Presse / Baghdad
The Central Bank of Iraq, on Monday, ready for the application of the electronic payment system and the launch of e-dinar about contributing up to deal with the banks and reduce the problems of the cash deal, calling on the government agencies to take advantage of them, while economic Parliamentary Committee stressed the importance of the electronic financial systems in the fight against "corruption and bribery ".
This came during a press conference held by Governor of the Central Bank and the Agency, on the Keywords, with a number of specialists economists, in the wake of a workshop payment system and collection mail in Iraq, which was held under the slogan (electronic payment methods starting point for financial inclusion), which was held within the region Green, in central Baghdad, and attended (range Press).
Keywords and said, "The central bank was prepared infrastructure for payment systems that allow the application of electronic payment for the collection or adjustments to the different agencies, including the state departments mechanism", noting that "the infrastructure done by the Bank will provide ample space to enter the collection and electronic payment and use the card systems e. "
He said the governor, that "the central bank will launch e-dinar soon to facilitate the payment of money by mobile phone," noting that "cash handling involves many of the economic and organizational problems, and that the electronic payment reduces bureaucracy and corruption as well as theft and assault."
Keywords said, that "electronic payment will go through a number of stages, the first of awareness of its advantages and apply optionally campaign," calling on government agencies to "take advantage of this service."
Said Governor of the Central Bank and the Agency, that "the Bank will recommend the government to deposit employees' salaries of all government and private banks during the next term in a move that will connect millions of new people to banks and get them used to the use of electronic financial services and take advantage of its benefits," pointing out that "ten percent of citizens only on relationship banking and financial institutions currently. "
For his part, adviser to the Prime Minister for Economic Affairs, Abdul Hussein Al-Anbuge, during the conference, said that "the success of the payment of retirees and displaced salaries through the smart card, encouraged the expansion of the experience there to be a bank account for each employee experience," he returned that "it could be an employee who gets his salary that way from paying wages collection of the State or the purchase of goods and services. "
He said the head of the parliamentary economic committee, Jawad al-Bolani, in his speech during the press conference, "The House of Representatives is keen to legislation all the associated financial and economic matters," adding that "the Commission will accelerate necessary for the application of the electronic financial systems and legislation of laws."
Bolani stressed the importance of "electronic collection and e-dinar in the fight against corruption and bribery."
The electronic financial systems scattered in abundance in various countries of the world, including many from the Arab, unlike Iraq, which is still in its infancy in this area as a result of the difficult conditions experienced by.
Oh – I am not done for today….there is more…
I quote from a recent article - “Iraq Osama Mahmoud importance of unifying laws and legislation governing economic action, pointing to the importance of LINKING THE IRAQI DINAR TO THE GLOBAL ECONOMY and THUS ACHIEVE A MONETARY VALUE to him in front of the world’s currencies…“
So Mahmoud is a leading financial analyst and economists in Iraq. He made a recent presentation in the UN on behalf of Iraq so he is a big financial player for Iraq. When he speaks we all should listen.
Next I want to bring you more measures the CBI is taking to stabilize the value of the dinar. Remember the IMF told Iraq they must be able to consistently use the same rate (eliminate the MCP) multiple currency practices in Iraq. So now we see some measures being taken to help correct this situation.
EXECUTIVE DIRECTOR OF THE STOCK MARKET CALLS FOR THE ESTABLISHMENT OF AN INDEPENDENT FINANCIAL CENTERS IN THE PROVINCES
Karim Jassim al-Tai invited the Executive Director of the Iraqi market for securities Taha Ahmed Abdul Salam to the need for the Iraqi provinces to establish an independent financial centers.
He said Abdul Salam said in a statement singled out by the agency / JD /: that the market expressed his willingness to cooperate and to provide all the support with all Iraqi provinces that want to create an independent financial centers Daha.mbana that the market gave seminars in a number of Iraqi universities, including Basra, Diwaniya and Najaf, and others in order to encourage the creation of investment centers related to the Iraq market for securities.
Abdul Salam urged the Iraqi provinces to create Hakiqin businessmen who contacted Iraq market for securities and go to the Securities Commission for the purpose of obtaining approvals fundamentalism.
He added that the market Sagom support this financial centers through processing technical potentials fact that the Iraqi market is responsible for the dissemination of technical capabilities and communication link between a financial center with Iraq Stock Exchange and that what has been done in the provinces of Arbil and Sulaymaniyah after the establishment of the private sector to establish and brokerage firms have been awarded official licenses for trading.
He said the market carried out the technical connectivity across networks through technical processing programs that facilitate the trading process in the market and currently operates 100%.
He called on the rest of the provinces that want to have a financial center that starts in collaboration with the stock market after Akhiaarham to train cadres of the working people of the province.
He said the market’s goal is employment and employment of the province and to the creation of financial and technical expertise, and funding is from within the province through to configure the headquarters of the financial center is owned by the province and be part of management and employees from within the province and not the king of the Iraq market, adding: We are responsible for Technical linkage and legal procedures that facilitate investors trading in those provinces in the process of the Iraqi market and there will be more than six seconds difference between Baghdad and between any province as it currently holds between Arbil and Sulaymaniyah.
LEGAL: THE CENTRAL ENFORCE PAYMENT OF 80% OF THE VALUE OF THE CURRENCY SOLD TO PREVENT SMUGGLING
January 30, 2016 12:55
Legal expert Tareq Harb, said the central bank applying the provisions of the sale of state funds law Lima about THE NEED TO PAY 80% OF THE ESTIMATED VALUE OF FOREIGN CURRENCY THAT WERE SOLD BEFORE THE DELIVERY OF THE CURRENCY IN ORDER TO PREVENT THE SMUGGLING OF CURRENCY.
He said the war in a statement that "the invitation of prime minister yesterday, the Iraqi Central Bank to review its policy on currency smuggling and money laundering requires the Central Bank of the application of several laws to combat these serious issues and the first of these laws Law No. 21 of 2013 law on the sale and rental of state funds, especially articles 29 and Then of this Act relating to the establishment of government departments to sell transferred state funds. "
He added that "the Central Bank department of state departments and foreign currency in which it sells at the auction is from state funds, and as the currency is one of the movable law and the lack of provision in this law excludes the central bank of its provisions, so the central bank applying the provisions of this law, especially those Insurance respect to the payment of 20% of the appraised value of foreign currency auctions by the participation and the need to pay 80% of the estimated value of foreign currency that were sold before the launch of the currency or delivery for the benefit of the buyer. "
He said the legal expert, said that "the process under this law requires an actual deposit of Iraqi money and not only securities with the consequence that the special measures for the banking Clearing, it closes the door to money laundering and smuggling of currency to some extent does not say eliminate it."
And "as the central bank applying the provisions combat the laundering of the new money No. 39 of Law in 2015 and especially with regard to the regulatory approaching that oversee and ensure that anti-money laundering requirements, the Ministries of Commerce and Industry and Securities Commission and the Office of Insurance, in addition to the central bank itself Ward In the first article of this law, as well as the application and implementation of the provisions of Article V of the law which established the Council of the fight against money laundering from the relevant authorities in this process, interior, finance, justice and Commerce and the General Secretariat of the Council of Ministers and National Intelligence and National Security and the Securities Commission and a counter-terrorism and a representative of the Judicial Council, such as the Ministries the above".
He stressed the need "not to neglect the provisions of Articles 40 and 41 of the Central Bank Law No. 56 of 2004, which have been awarded the Bank alone the authority to take measures to regulate the work of banks and supervision of and demand for the bank and its clients and its branches information as well as articles 2 and 3 of the Banking Act No. 94 of 2004, which granted the Bank Central executive legal force to all banks and authority in checking accounts and books and records of any bank. "
He said the war "anti-money laundering delicate and complex and difficult process and requires from all sides to cooperate with the central bank to achieve this goal." The Office of the Prime Minister Haider al-Abadi, the Iraqi Central Bank called for a review of its policy on "the smuggling of foreign currency."
A spokesman for the Office Saad al-Hadithi that "the central bank's policies as an independent government can not be a party to work details and management of fiscal and monetary policy, they are within the jurisdiction of the central bank, such as selling foreign outlets currency," adding that it "policy by the Bank as an independent body."
However, "but all the cases, the economic situation through which the country is difficult, and requires conduct reviews of all policies on financial management level, and monitoring and transmission of funds, and money laundering and smuggling of foreign currency out of Iraq under the investment cap," stressing that "this is very important." .
Newborn and pointed out that "the Iraqi currency by which to provide and pay a large part of it by auction Central Bank, on the grounds that the source of the money supply and liquidity of financial savings probably a big part of citizens and non-existent in the economic cycle."
The official document of the Finance Committee in Parliament revealed that the central bank sold the amount of the US dollar in the past year more than in 2015 and Iraq's imports of foreign currency obtained from the sale of crude oil in the same year.
The document showed that the country's oil revenues for the year 2015 amounted to $ 38 billion, while sales of the bank in the same year was more than $ 44 billion, a difference of more than five billion dollars, that is what sold Iraq of foreign currency more than its imports from them.
Another “golden nugget” for today. WOW so much good news.
Remember in my recent news letters going back to Nov (LINK) and Dec (LINK) I talked about the elimination of the currency auctions. Parliamentary Tamami was telling us about all the corruption in these auctions and how they were keeping the dinar rate low against the US dollar. They told us the auctions would end on Dec 31st .2015. Well this did not happen. But now we see the beginnings of the real push to do it.
But first they must set up the alternative since the banks will need money going forward to trade with the outside world until they move to a “fully global” economy. Even afterwards the banks will have to have a means to re-supply its money supply for loans from the CBI. So like in the western banking systems they borrow from the central banks at a very low (prime) interest rate. They will eventually too convert over to this system and now we are seeing the beginnings of it. See article below. This is all super good news!
PARLIAMENTARY CHECK TO GRANT FINANCIAL STATE BANK "LARGE LOAN GUARANTEES SYMBOLIC"
Long-Presse / Baghdad
Finance Committee in the House of Representatives, announced Monday, for the opening of an investigation on the granting of a "big government guarantees bank loans symbolic" and the non-payment of premiums and benefits, while confirming that it would hand over its final report to the Integrity Commission to take appropriate action.
Said Finance Committee member Majida al-Tamimi, in an interview to the (long-Presse), that "the Commission set up a committee under my leadership to investigate the granting of financial loans by some government banks without collateral or symbolic guarantees are not commensurate with the amounts estimated contrary to the instructions approved file," indicating that " The Commission has identified a group of beneficiaries of these loans. "
She said Tamimi, "The investigation showed that the borrowers did not pay the installments due on them and the benefits of it," pointing to "the existence of corrupted files in this subject starting from the approval of these loans, down to the lack of follow-up to the payment of installments or get benefits, raising signs Many question. "
She Tamimi, that "the investigative committee held a series of meetings with the authorities concerned to grant such loans to determine the circumstances of the file", pointing out that it "cost the Office of Financial Supervision Commission to provide a detailed report on the subject."
She MP for the Liberal bloc, that "the Commission's investigation is currently focused on a large State-owned banks (unspecified), on the grounds that the disposal of public money", stressing that "the Commission will send its final report to the Integrity Commission to take appropriate action on it."
It is noteworthy that money laundering and economic crime court revealed earlier, for a number of government and private banks to give substantial financial loans without guarantees, as promised, this constitutes a "theft Musharanh", he stressed the many acts against some borrowers and cooperation with the Central Bank to recover those loans.
Update: Fighting ISIS
Still no news of the beginning of the effort to retake Mosul. No- the battle has not yet begun.
One more item today:
Let’s not forget to keep praying for the success of THESE IRAQI AND COALITION SOLDIERS. I believe their success is in part some of the acceleration of the process we are now witnessing.
Remember too to pray to the princess of peace – Our Blessed Virgin Mary. She has the ear of Christ and she can intercede in heaven and bring us the peace we all desire here on earth. We can not do it alone. I believe that if we all make this our daily prayer you will see change. It is already working even in the short time since I have been publishing this prayer section. It does not matter what religion you believe, if you pray then to your oven beliefs entity it is still the same powers and good for all of mankind. Ultimately it is all the same God anyhow.
“Lord, protect Abadi and all who stand with him in righteousness, the Iraq and Coalition Soldiers who are fighting the good fight against terrorism, that they would be shielded from the enemy and would be Victorious against them! We ask that the Victory comes swiftly and healing of the Iraqi peoples and all whom have been effected by these evil doers can begin!
We pray for the process of the currency reform, the full implementation of the Iraqi economy to full international status and the bringing of prosperity and wealth to its people“ Amen!
Till next time…. Auf Wiedersehen!
Peace and Luv To Ya All,