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  1. #1
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    The central reason for the new payments system

    The central reason for the new payments system

    30/8/2014 12: 00 am

    For the development of the banking business in Iraq

    Baghdad-Mostafa Hashemi

    In order to activate the new payment system, the Central Bank called on all ministries and agencies that are not related to the Ministry to work with the system to speed the work instead of the old ones.

    The Bank said that this system of advanced systems that adopt electronic payment methods and provides speed, accuracy and security in the transfer of funds, stressing that the efficiency of this system so that it would share the effort and time to more than 7 percent of what is current practice.

    In this context economic researcher found no fair that this system would reduce corruption as well as it will reflect positively on the real economy as this will allow investors complete financial transactions apart from the routine that complicates things and not extend them.

    She added that if the commitment of the central ministries to help the Finance Ministry it would be easy to transfer money to accounts in banks in line with international banking standards and strive to promote confidence in the economy by creating a safe and sound banking system amid the competitive environment for everyone.

    And participate in the payments system 45 banks, including State banks and branches of foreign banks, along with a large number of private banks.

    Iraqi payment systems consist of 3 parts is a gross settlement system in real time, automated clearing system, the system of registration of Government securities.

    The Central Bank of Iraq running management of accounts settlement between participants to ensure the safety and efficiency of payment systems and clearing operations just referred to and to activate the work payments system at the level of ministries will contribute a lot in the transition from a totalitarian into a market economy after resampling routine and complex administrative procedures by computerizing information and automating reconciliations for checks and salaries and automation systems for the e-card, to keep more cash in bank accounts.

    "This comes at a time when the Central Bank is keen to reduce the use of cash (CASH) in the country, to meet the challenges of geographic and security issues to ease the difficulty of transporting coins across the country and their risk exposure."

    The Central Bank stressed the importance of the work payments system to keep abreast of developments in the banking system for the purpose of providing the best banking where this system has proved its efficiency high and adopted by the Finance Ministry and banks participate in the exchange of financial transfers and all of its location.

    He has decided that State departments to transfer funds to the Ministry of finance through the payment system in accordance with the mechanism that includes sending letters to the payments unit circles in Bank open account has the President or one of its branches include the amount to be credited to revenue for the Finance Ministry, Central Bank and debt calculated in section President awalfra open with the account and the account number with what amount. The payments unit in section President will make necessary.

    He noted that this mechanism due to any administrative procedures or supplies or endorsements, but it provides the time and effort and substitute regulation instruments as well as the speed of execution and security aspects.

    Whereas the commitment is for transfers to the Ministry of finance, the rest of the circles can currently perform conversions among them in the same way until the obligation to work the new payment system.


  2. #2
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    Are we there yet? 10 years & counting..never dreamed it could take so long..but I did not calculate the impact of corruption when penciling out the possibilities.

    When I was investigating to buy, a personal relation in finance tole me it would not happen in 10 years, and there would be another currency exchange because the NID was only a temporary note. He's passed on now, but he was correct in the 10 year prediction.

    Also as a repeat post, I had a phone conversation with an Iraqi representative in 06 when they came to Salt Lake for that financial meeting...was told what my signature quotes below....
    [Still kicking]

  3. #3
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    I don't see any signature quote. Did the representative say it sould happen "soon"?

    Quote Originally Posted by 40plus View Post
    Are we there yet? 10 years & counting..never dreamed it could take so long..but I did not calculate the impact of corruption when penciling out the possibilities.

    When I was investigating to buy, a personal relation in finance tole me it would not happen in 10 years, and there would be another currency exchange because the NID was only a temporary note. He's passed on now, but he was correct in the 10 year prediction.

    Also as a repeat post, I had a phone conversation with an Iraqi representative in 06 when they came to Salt Lake for that financial meeting...was told what my signature quotes below....
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  4. #4
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    Quote Originally Posted by dinar_dude View Post
    I don't see any signature quote. Did the representative say it sould happen "soon"?

    "Nothing will happen with the Dinar until the banks go electronic". When I pressed for more I received what I felt was a New York shuffle type response...Mid East style.
    [Still kicking]

  5. #5
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    The timing on this electronic system is right on time !! with the 2014 Budget on the eve of being signed there will be a large amount of funds distributed ...through the country..... and this should also be good for the ISX going international... ....... BUT ... it seems like 40plus & dinar_dude ...still think we will see a "RV" ...?? Really...?? after all that has been learned about this investment..??? I didn't think anyone was still believing that ?? ...BUT Good Luck

  6. #6
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    Mere sarcasm on my part, OS. I have a couple of million dinar in cash somewhere, but the bulk of my investment is in the ISX (which I think has a much better chance of popping than a reval.

    Quote Originally Posted by oldskiier View Post
    The timing on this electronic system is right on time !! with the 2014 Budget on the eve of being signed there will be a large amount of funds distributed ...through the country..... and this should also be good for the ISX going international... ....... BUT ... it seems like 40plus & dinar_dude ...still think we will see a "RV" ...?? Really...?? after all that has been learned about this investment..??? I didn't think anyone was still believing that ?? ...BUT Good Luck
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  7. #7
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    and I fully agree on the electronic system. I think good things are ahead.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  8. #8
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    Quote Originally Posted by oldskiier View Post
    The timing on this electronic system is right on time !! with the 2014 Budget on the eve of being signed there will be a large amount of funds distributed ...through the country..... and this should also be good for the ISX going international... ....... BUT ... it seems like 40plus & dinar_dude ...still think we will see a "RV" ...?? Really...?? after all that has been learned about this investment..??? I didn't think anyone was still believing that ?? ...BUT Good Luck

    Perhaps what you have 'learned about this investment' is not what someone else sees. We all see what we want to see..reality will let us know what is correct. I kept some cash in hand, but sent most to Warka for CDs which on the surface are still earning interest. I've pulled about 20k profit before the bank shutdown.

    As for the ISX, I have shares, but in view of this second round of war, I feel if there is any prosperity, it may very well be a revaluing of the currency before the stocks rise.

    So to answer your question, yes, I do still feel there MAY be a rise in the currency value..prior to a great climb in the ISX, but only if Iraq does not slide into oblivion from being raped repeatedly. I also still hold on to a thread of hope that Warka will return as soon as things stabilize, due to the vast holdings of the Bunnia family and their tradition of honor in business.
    [Still kicking]

  9. #9
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    40 Plus- It's something that I've been pondering myself. A revaluation would definately give the people of Iraq a reason to take back control of their country against ISIS. It would help tremendously with security as there would be less people willing to blow themselves up for money. It would solidify support for the newly established government. It would attract foreign investment into the ISX right as it launches. And if there was a currency exchange it would give them a way to prevent ISIS from spending the $500 million in stolen funds that they allegedly possess.

    As shown in the article below Obama's new strategy involves shrinking ISIS's capabilities and assets as the plan of attack...


    http://www.zerohedge.com/news/2014-0...isis-wednesday


    The big issues with the Dinar is the amount in circulation. This article is talking about the Dong but gives a plausible way in which the money supply could be reduced in Iraq as well... http://philosophyofmetrics.com/2014/...e-rate-system/

    CHECK IT OUT BELOW>..

    As we reviewed in “Why the Vietnamese Dong Will Reset”, the State Bank of Vietnam was indirectly forced into devaluing their currency in order to attract trade and also be a dumping ground for U.S. inflation as the Vietnamese people used the dollar instead of the dong in their everyday lives.

    As the new centralized system of SDR allocation emerges between now and 2018 we will see less U.S. dollars in the foreign reserves of other countries. As an example, in the last 5 years Vietnam has decreased their dollar holdings by almost 50% and at the same time have increased their gold holdings dramatically. Interestingly enough, their SDR holdings also increased by a factor of more than 400%.

    The question of what Vietnam will do with the trillions of dong that are now in circulation is a legitimate question. When the exchange rate of the dong adjusts to reflect the economic reality within the country, these trillions of dong cannot be in circulation, as it would create an M1 money supply that is disproportionate to the actual economic weights used for the SDR composition.

    Therein lays the solution to the problem.

    Keeping with our pattern theme of transitions from micro to macro states, we start with the process of the dollar, the world’s reserve currency, being printed and exported to the central banks of the world to facilitate trade. The inflation and exchange rate decreases that would be logically associated with this increase in the M1 money supply is hidden or sunk into the markets of the emerging economies.

    As the world shifts towards the SDR system we will see a similar process unfold. In essence, Vietnam will export their inflation (current M1 money supply) into the SDR bond system just like the United States has been exporting its inflation into emerging markets and countries like Vietnam through trade imbalances. What we will see is Vietnam slowly begin to buy back the dong in circulation and re-capitalize it through the SDR bonds.

    Once a predetermined level has been achieved the rest of the dong M1 money supply will remain in circulation and be pegged to the multilateral SDR and not the U.S. dollar. In fact we are beginning to see this process unfold already in the numbers we presented above. This slow trickle will eventually become a stampede out of dollars and into SDR’s. It will be the same for every country.

    The U.S. debt will also be rolled into SDR’s and factor into the overall economic weight of that country’s SDR composition. This is where the substitution account we referenced in Part 6 of the SDR series becomes invaluable. This substitution account will act as a transition market for dollars to SDR’s to ensure that current holders of U.S. debt do not see that asset value decrease dramatically as the system shifts. China will utilize this substitution account just as much as the United States Treasury and Federal Reserve.

    China will not be dumping dollars. They will transition the dollar debt which they hold into SDR’s through this substitution account. The one aspect that is holding the process up right now in the American Congress (2010 Code of Reforms) is how this dollar to SDR transition will factor into China’s overall SDR composition for the renminbi.

    This is one of the hardest aspects of this new system to understand, which is why it is still being negotiated. It would do us well to spend more time in the future exploring the different angles involved in the Great Consolidation aspect of the Global Currency Reset. One cannot exist without the other. It has been intentionally designed this way.

    Most don’t know this, but the Syrian pound is already pegged to the SDR, and has been for about 5 years. One can only speculate if this has something to do with the civil war in the country.

    What some analysts don’t factor into their equations is how much the economic system of the world will change, and is changing, as we move towards the multilateral monetary system with all the currencies of the world pegged to the SDR. For those who doubt the reality of this new system, the volume of information that has been available and is coming available would seem to prove its existence.

    The new system will create Purchasing Power Parity and at the same time eliminate Arbitrage. Arbitrage is one of the economic weapons that the small rent seeking elite use to transfer wealth from the larger disorganized masses. The M1 money supply will most likely also be redesigned to more accurately measure the weights of the new SDR system. – JC Collins
    Last edited by spacetuna; 09-08-2014 at 03:03 PM.

  10. #10
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    SDR Valuation
    With effect from January 1, 2011, the IMF has determined that the four currencies that meet the selection criterion for inclusion in the SDR valuation basket will be assigned the following weights based on their roles in international trade and finance:
    U.S. dollar 41.9 percent (compared with 44 percent at the 2005 review)
    Euro 37.4 percent (compared with 34 percent at the 2005 review)
    Pound sterling 11.3 percent (compared with 11 percent at the 2005 review)
    Japanese yen 9.4 percent (compared with 11 percent at the 2005 review)
    The criterion used to select the currencies in the SDR basket remains unchanged from the 2000 and 2005 reviews: the currencies included in the SDR are the four currencies issued by Fund members, or by monetary unions that include Fund members, whose exports of goods and services during the five-year period ending 12 months before the effective date of the revision had the largest value, and which have been determined by the Fund to be freely usable currencies in accordance with Article XXX (f) of the Fundís Articles of Agreement. The weights assigned to these currencies continue to be based on the value of the exports of goods and services by the member (or by members included in a monetary union) issuing the currency and the amount of reserves denominated in the respective currencies that are held by other members of the IMF. These initial currency weights are rounded to one decimal place, rather than to the nearest whole percentage point as in past reviews.
    The amounts of each of the four currencies to be included in the new SDR valuation basket will be calculated on December 30, 2010 in accordance with the new weights, and will go into effect on January 1, 2011. The calculation will be made on the basis of the average exchange rates for these currencies over the three months ending on that date in such a manner as to ensure that the value of the SDR will be the same on December 30, 2010 under both the revised valuation and present valuation baskets.

    https://www.imf.org/external/np/sec/pr/2010/pr10434.htm

    A comprehensive review of the current quota formula was completed in January 2013, when the Executive Board submitted its report to the Board of Governors. The outcome of this review will form a basis for the Executive Board to agree on a new quota formula as part of the 15th Review. The Board of Governors have set a deadline of January 2015 for the completion of the 15th General Review of Quotas.


    http://www.imf.org/external/np/exr/facts/quotas.htm



    "This slow trickle will eventually become a stampede out of dollars and into SDRís. It will be the same for every country."

    How can it be a stampede when the SDR is made up of 41.9% $..............cannot think of a country that has 100% $ reserves..............

    EB

    Last edited by English Bob; 09-09-2014 at 09:34 AM.
    A day without laughter is a day wasted: Charlie Chaplin. :cheeky-smiley-025: :yelrotflmao:

    NO RV TODAY! MAYBE TOMMOROW! :shhh:

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