Dogznova] need to be in Iraq to take advantage of it though.. But when this goes live.. Your gonna want to see where the dollar is trading at in order to get the best rate.. Unless you plan on cashing all out at once but I don't
so in order to get the best value.. One will have to follow the dollar because it's currently pegged to the dollar
[Dogznova] you see them controlling the Market price with the currency auctions right now.. Correct ? the less they pull in.. The higher the Market price goes
[tlm724] Dogznova yep
[Dogznova] it's all about teaching them how to do it one step at a time
[tlm724] but again I ask IF the IMF is really saying stop the auctions like I believe they are, what is Iraq's next move ??????
Read More Link On Right
ttherealbubbie] so here's what I don't understand ... they have counterfeiting .. they have soiled torn up money .. people don't want to use it .... and yet they do nothing !!
[Dogznova] the last part is.. controlling an actual live rate on the world stage.. Remember, they never and I mean never have done anything like this before
[Dogznova] therealbubbie oh but they are, yes they let something's slide right now
[therealbubbie] Dogznova like ?
[Dogznova] counterfeiting, worn torn money
[tlm724] and how do they fix that ?????? bring out the new dough baby !!
[Dogznova] once the new currency and all the new stuff goes into effect.. For one the older people that know how to dupe the system won't know how to dupe the new system.. At least not right off the bat
[tlm724] exactly !
[therealbubbie] but the people don't trust it ! only one way to love the dinar !!
[tlm724] value value value !!!
[Dogznova] well just think if they changed the rate.. But didn't fix the system... How long would that have lasted
[tlm724] dogz what, in your opinion needs to be done to "fix" the system please
[Dogznova] like the retail payment system.. Gotta have that in place.. No?
sorry.. Let me rephrase that.. Make the system and put them on it.. They had NO system.. did it all by hand in the past.. Like all on paper 1930's style so it was like starting from scratch
[tlm724] are you talking about a point of sale system ?
[Dogznova] scrap the old Saddam way.. and bring in the current way.. and if you have never ever been on any type of modern system.. well you can see why they needed 10 years
[Dogznova] tlm724 this http://www.cbi.iq/documents/Announcemen-en.%20(2013-d.5).pdf
[tlm724] Dogznova right so last Dec
[Dogznova] last DEC they started taking on bids that I just showed you was from Aug 15th this year
[tlm724] Dogznova now would you say that is all electronic right ?
[Dogznova] has to be but I wonder if all merchants will have it ? street vendors can't have electronic payment systems yet.. Can they?
[therealbubbie] Dogznova no ! they still count on there toes !
[Dogznova] I didnt think so I mean without being there.. It's just to damn hard to tell whats actually going on
[tlm724] Dogznova therealbubbie look at this please
[Dogznova] you bet
Iraqi Banking’s Great Leap Forward Posted on 02 December 2011. Last month the Central Bank of Iraq co-hosted a conference with USAID’s Iraq Financial Development Project on “Integrating the Banking and Financial Services Sector in Iraq.”
This event, which was held in Istanbul from November 18-19 covered two upcoming changes to the payments system that have the potential to revolutionize Iraq’s banking sector.
The first is the introduction of a “national switch” for processing credit card and ATM transactions. The switch—essentially a router and some specialized software—will connect all of Iraq’s ATM machines and credit card point-of-sale scanners to a common platform.
At present, each card-issuing bank operates its own system. Because not every point of sale is connected to every system, no one card will work everywhere. Little wonder that almost everything is paid for in cash.
The second is the establishment of the Iraq Interoperable Mobile Payments System (IIMPS). This system will reach out to people who do not have a bank account by making it possible to bank by mobile phone
Users will open accounts by calling a number and speaking with a representative. They may then make cash deposits and withdrawals either at branches or at venues such as retail shops that the banks will designate as their agents.
Making a payment will require nothing more than a phone call to transfer funds to the payee’s account. There will no longer be any need to pay for anything with “blocks” of hundred dollar bills.
Both systems are supposed to begin operations in 2013. Of the two, the mobile system seems particularly promising. Even with the national switch in place, merchants may be reluctant to accept credit cards because of the associated fees and the paper trail they leave for the tax authorities.
The IIMPS, however, should be readily adopted by anyone with a mobile phone. That’s a lot of potential new customers for the banks.
[tlm724] 2011 *
[Dogznova] yes.. that's the banking side and at that time there was still more to do
[tlm724] Dogznova well if the merchants have a cell phone couldn't they use that as well for transactions ?
[Dogznova] oh yeah
[broncoroper] Asia cell
[tlm724] broncoroper yes and ZAIN too
[therealbubbie] They may then make cash deposits and withdrawals either at branches or at venues such as retail shops that the banks will designate as their agents.
[tlm724] so is it safe to say they are making progress??? we know Microsoft has been there for awhile now right ?
[tlm724] therealbubbie right !
[Dogznova] leaps and bounds
[tlm724] so leaps and bounds COULD indicate tremendous movement forward that we don't even know about ! is that a fair statement ??
[Dogznova] well the hard part is everyone is looking for the end.
[Dogznova] I do believe something will change in a big way signaling the end of the reform program.. But I just don't know if it will be a rate change..
[Dogznova] I can say they have done something to the rate at the 5 year mark and at the 8 year mark.. So we shall see
[therealbubbie] Dogznova......... end of the currency reform program don't mean a rate change... that's what I am talking about .. they just won't do it !! and it blows my mind as to why !! imo until they get off the use of the dollar they can wait and wait ...
[tlm724] therealbubbie they are addicted to the buck
[Dogznova] well they sell oil in dollars but yes bubbie you are correct.. They need to give us back our dollars they don't want to use them anyway
[therealbubbie] tlm724 that's right ... and nothing holds their feet to the fire ... if they didn't have the dollar this would of happened already!!
[tlm724] therealbubbie exactly ! so let me ask again what happens when the auctions stop ??
[Dogznova] tlm724 the rate will have changed IMO although.. who knows
[therealbubbie] let me ask again what happens when the auctions stop ??
[tlm724] Dogznova ok ! so if I am right and the IMF is saying stop the presses that means they are changing the rate right ??
[Dogznova] could be.. but they can't stop it at this time.. If they could.. I sure as hell have no clue what would replace it
[tlm724] Dogznova nothing maybe ? market driven currency ? pegged to who ? maybe Kuwait ??
[Dogznova] well the auction won't stop until all the USD is off the streets
[tlm724] so to dry up the dollars on the streets you need dinar !
[Dogznova] I guess.. you change the rate and yes everyone turns in their USD.. sure it's off the streets.. And that's probably the plan
[tlm724] and how do you get the people to give up their precious USD ?? give them new currency with value over a dollar !
[Dogznova] so that is the future
[tlm724] Dogznova *hallelujah*
[tlm724] Dogznova how do you know its the future ? just askin
[therealbubbie] ya want to dry up the streets... pass out the new dinars give it a rate of 1.03 and tell the people the dinar is now the law of the land !!
[Dogznova] for one.. they gotta finish the 10 year reform program
[tlm724] who says that ?
[Dogznova] it's been this long.. they not gonna just do something right before it's done
[tlm724] Dogznova but please remember what we talked about above there is always a possibility that more is done then we know, will you at least give me that much ??
[Dogznova] there is definitely more done then we know of.. 100% true statement but change the rate before the 10 year reform program is done... Sorry I can't go there
[tlm724] Dogznova it's all good and I truly respect your opinion and I am NOT saying you are wrong , we are just brain storming is all
[Dogznova] of course and I like it
[tlm724] me too ! therealbubbie what say you ?
[therealbubbie] therealbubbie what say you ? .... just do it !!!!!
Parothead: Great thoughts. I want add a couple of comments.
he stressed that the Iraqi dinar "can not defeat."
Could this mean that the factions in Iraq that want to keep the Dinar low and control the masses is who he is talking about?
I believe the most important thing you are overlooking is....Chapter 7. Iraq was released into Chapter 6 yesterday. That is the key to being able to freely do business internationally. I for one think you are over thinking the whole issue.
They had to be released fully from Chapter 7 to get out of jail. Now they can increase the value, issue the lower denoms and remove the dollar thru exchanges, from the streets of Iraq. It is all being played out in front of us.
It is the only way they will get the region to use the dinar. I believe that the revaluing of their currency is how they are getting Kuwait paid and into Chapter 6!
The internal mechanisms are not as important to the world as the ability to trade internationally.
I really don't think the value is as important as the fact they are have a sound value to their money.