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BondLady's Corner - Admin tlm724 shares her opinion of Iraq's status / position in electronic banking and how this influences the currency -
[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 !
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[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 !
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