phlip

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About phlip

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  1. On 26 February I sent a note to Mohammad Issa as I’m sure plenty of others did. As of 28 February, I’m able to log on to my account and access all the buttons including for Display Accounts and Internet Statement without getting the web page blocked error. I guess we’re back to the new normal for our accounts: watch but don’t touch.
  2. As you stated in one of your previous updates the Iraqi Dinar is a fiat currency “and the value is not based on M2 or M3 or the GDP or the price of tea in China... it's based on investors FAITH in the country. It’s based on how people FEEL” You also gave the opinion that “The Iraqi Dinar is worth whatever people want it to be worth… and when TPB decide they are going to raise the value, there’s going to be a LOT of support for that move!” Question 1: What does TPB mean? Question 2: If the IQD/USD exchange rate and the IQD purchasing power is in fact not based on the price of oil, or the price of tea in China, then why do you think that we have to wait for a Hydro Carbon Law to be passed before an IQD RV ~ based on feelings ~ can be implemented?
  3. After spending 3 years living in Iraq and 12-1/2 years speculating in the Iraqi Dinar I’d like to share some personal observations on the status of our Warka Accounts: · There is a shortage of cash in Iraq · Iraqi citizens can withdraw only a percentage of their savings balances · All 30 private banks in Iraq, including Warka, are strapped for cash · The IMF under the current SBA may first have to approve of CBI international banking practices before the CBI is allowed to sell GOI Bonds or CD’s to the private sector. · Warka can’t sell CD’s to account holders until the CBI is allowed to sell CD’s to Warka. · With its peg to the dollar, the CBI is artificially keeping the exchange rate higher than it should be @ 1182 dinar per dollar. · Warka gave most foreign account holders about 1175 dinar per dollar when accounts were first opened by foreign speculators. · Even with the dinar’s (0.006%) loss in value from 1175 to 1182, Warka clients are still earning a positive rate of interest on savings accounts (on paper). · As of at least 2/26/17, there’s a new error message waiting for you if you attempt to use the Online Banking link on Warka’s Home page Warka Accounts versus Fed dominated US Banks Accounts If you think banking with Warka is scary, you might want to read this article with regard to your own US bank accounts: Could the Banksters Grab Your Bank Deposits? http://jonathanturley.org/2013/03/31/could-the-banksters-grab-your-bank-deposits/ The above article explains that most of us do not realize that when we deposit money in a bank, it becomes the property of the bank and we become unsecured creditors of the bank! Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the banks’, and we become unsecured creditors holding IOUs or promises to pay. Even though the current USD fiat currency is nothing more than IOU’s or promises to pay notes from the Federal Reserve Bank, at least you can still pay your mortgage with them. Of course, the same is true of the Canadian dollar, the British pound, the Australian dollar and the Euro ~ just to name a few. As everyone knows by now over 100 banks a year have failed across the USA since the Barry Bailout scheme went into effect in 2008. If your local bank failed and went into bankruptcy and you as an “unsecured creditor” got only bank stocks as compensation, could you pay for goods and services with a failed bank’s stock certificates? I doubt it. You’d also find very few buyers if you just wanted to get rid of the stocks. Here’s hoping that Warka Bank takes a different view of depositors and that Islamic law requiring 100% honesty in financial and banking matters has influenced the legalities enough in Iraq to put depositors like us in priority positions of payback instead of the other way round; especially if Warka should ever actually fail. As it stands now, it looks like we have a better chance of recovering our money from Warka than from our own home banks ~ should either one ever actually fail. The interest earned is certainly better at Warka. Here is a link to another article similar to the one above: Think your bank deposits will always be 100% guaranteed by the FDIC? Think again. http://americablog.com/2013/04/fdic-uk-nz-deposit-confiscation.html The good ole USA gets more and more third worldly every day!! Finally, these 2 articles help make me still feel OK about Iraq in general and about our Warka Accounts specifically: How Some Investors are taking the Long View of Iraq http://www.cnbc.com/2016/12/11/how-some-investors-are-taking-the-long-view-of-iraq-despite-war.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=104157911&yptr=yahoo Iraq signs UN Transparency Convention http://www.iraq-businessnews.com/2017/02/17/iraq-signs-un-transparency-convention/
  4. Well, I went back to try to get a copy of that error message and found that I could not even log-in to my account. I am able to log on to Warka's home page, but when I click on the Online Banking Tab I get the error message and can go no further.
  5. I received the same Web Page Blocked error and not just on the Display Accounts page. I got the same error message from any page I tried to go to after logging on. Just for drill, I copied that first page showing the date and time that I logged, on as well as my password expiration date. Now I've at least got that initial log-on page as a pdf ~ which I might need to show Warka in the future as proof that my account is still active. Whatever the case, I think I will also get a pdf copy of that error message and send it to the Warka customer service staff just to see if there is a response.
  6. Selling IQD 190,233 for US$158 is the same as selling IQD 1 Million for US$830.56 ~ at an exchange rate of 1:1204. At its own officially posted (buying USD) rate of 1:1182, the CBI would pay IQD 1 Million for US$846.02 and IQD 190,233 for US$160.94. Buying IQD 190,233 for only US$158 means there is a built-in profit. Currently, the CBI will buy back IQD at the (selling USD) rate of 1:1184 and so would pay US$844.59 for IQD 1 Million and US$160.65 for IQD 190,233. To sell IQD 190,233 for US$160.65 when it was bought for US$158 means a profit of $2.65 or a 1.68% ROI. Congratulations on a good buy!
  7. It’s no secret that the CBI has voluntarily entered into a Stand By Agreement (SBA) with the IMF until 2019, has renewed its 30 year dinar peg to the dollar, has current US Federal Reserves of approximately $50 Billion and since the summer of 2015 has accepted a number of loans so that it is now on the hook for approximately $7.373 to the IMF, $4.75 Billion to the World Bank, $3.7 Billion to the Fed, $2.34 Billion to the Bank of Japan and $500 Million to the Islamic Development Bank; therefore, in your opinion, if the CBI chooses to RV at 10 cents will this approximately $18.663 Billion worth of international debt be repaid by the CBI at the rate at which it was borrowed (1 dinar = $0.00084) or will the CBI choose to pay off these loans at the new rate where 1 dinar = 10 cents ~ and secondly, in your opinion, will these lenders accept payment with such a deeply discounted USD which the 10 cent RV represents?
  8. Using Mozilla’s Firefox as a browser, I was unable to bypass Firefox security protocol and so could not access Warka Online Banking from Warka Bank’s home page link. Using Microsoft’s Internet Explorer as a browser, I clicked on Warka Bank’s home page link to Online Banking and two tabs popped up. One tab contained the warning about an unsecure connection, but the other tab was a direct link to Warka’s Online Banking and from there I was able log on following Warka’s security protocols and access my accounts. I printed my own Warka online home page and scanned it to a pdf file ready to be attached to a future email if necessary. It shows today’s date, the date of the last time that I logged on, and my current password expiration date. It’s proof of a valid password and an expiration date just in case my password is expired early again. I also printed the page showing my account balances because it shows the new IBAN numbers associated with my Warka USD and IQD account numbers. Very encouraging to (finally) have an International Bank Account Number associated with my Warka account numbers. It points to the idea that in future we may not need a US corresponding bank ~ like Citibank NA ~ but instead may be able to wire funds directly from our Warka accounts to our local accounts using the IBAN numbers. I’m also looking forward to the last six months’ worth of interest due at the end of the year. Compounded monthly adds up quick. Using Google’s Chrome as a browser, I clicked on Warka Bank’s home page Online Banking link and the unsecure connection message popped up; but this message had a button labeled “Advanced”, and I clicked on that. Clicking on the “Advanced” button popped up a further message that had the option to continue ~ labeled (not safe) ~ at the bottom of the page and I clicked on that. From there I was able to access my accounts thru Warka’s Online Banking link. So, it’s my experience that you can get there with Internet Explorer and with Chrome, but not with Firefox. All three connections are still labeled not secure, even when Internet Explorer and Chrome allow you to get there, anyway. However, once you your browser allows you to get there, it seems that you are logging on in a secure environment, anyway ~ despite the warnings.
  9. For at least the last 6 weeks I have been unable to access my Warka account because every time I attempted to log on using Warka’s own Online Banking Link I got an error message from my browser telling me the connection was not secure. Sometimes in the past when I got that message, there was a button to click on which allowed my browser to bypass the warning and connect anyway. Not this time. Apparently, Warka’s own security subscription has run out and they haven’t renewed it yet. After a month, I got tired of waiting and sent an email to Warka. No response for 2 weeks so far. Anybody else having the same problem? Here’s the email I sent: Dear Mr. Mohammad K Issa I cannot access Warka Bank’s Online Banking. Please see the attached copy of the error message I receive when I use this link: https://onlinebanking.warka-bank-iq.com/IBS/index.jsp . Has the address of Warka Bank’s Online Banking link been changed to a more secure address? I will be very grateful for any advice from the Warka Bank Staff on how to overcome this problem. Best Regards Connection is not Secure.pdf
  10. Warka expired my password early too. I sent an e-mail directly to Mohammad K Issa at ifrd@warka-bank-iq.com , with a CC to Ashraf Amr at e-bank@warka-bank-iq.com and a CC to Laith Alamir at e-bank.ms@warka-bank-iq.com I got an email answer back within 48 hours. I sent a Thank You email as a follow up.
  11. Why at this time is Warka bothering to be so pro-active on individual accounts and then at the same time decently responsive to an individual client’s urgent requests for password resets? Why not just go on as unresponsive as they have been in the last 3 – 4 years? IMO, the Warka Bank Staff can see the time coming when the CBI will successfully complete the IMF and UN required transparency tests and therefore be able to start selling CD’s to the Iraqi private banking sector again; which would eventually allow Warka and all the other 30 or so Iraqi private banks to begin selling CD’s to clients, funding MasterCard Accounts, funding and trading with client ISX Accounts, maintaining Letters of Credit, etc. When that flow of funds starts happening, IMO, the next logical step would be for the possibility of first internal and then external transfer of funds. Our ability to transfer USD from our Warka Accounts to our Fed dominated local bank accounts would then depend on the Fed appointing an intermediary US bank to handle all incoming traffic from Warka. Historically, Warka’s USA Correspondent Bank has specifically been the Citibank, NA, New York, NY Branch of the Federal Reserve System. If in the near future the Fed decides that Warka Bank for Investment and Finance can be trusted to have the liquid inventory necessary to service its clients with the transfer of USD’s then perhaps Citibank, NA New York, NY may again be nominated to be Warka’s correspondent bank for the USA. Whatever the case, no correspondent bank means no USD or Euro transfers; so if a person wants to know if Warka is ready to send them some of their own mulla, my advice would be to look for a Warka correspondent bank in their area. The current list can be accessed from Warka’s website homepage. Here’s a link to Warka’s current list of correspondent banks: http://www.warka-bank.com/?427dacca3edd8203f5aceefbb3636d2efc545ea6 All of the correspondent banks listed deal with funds denominated in either USD’s or Euro’s (only) ~ including the two banks in Germany dealing in both USD’s and Euro’s. Meanwhile, right now there is not a single correspondent bank listed on either of the American Continents. Nothing for the Australian Continent and only the two German banks to handle Europe. Even though the two banks in Germany are still listed as Warka correspondent banks, I’m fairly certain that Warka is still not allowing either USD or Euro transfers to either of them. All of the Iraqi private banks (including Warka and a couple of others that deal with foreign clients) are currently under cash shortage restrictions whereby they are limiting withdrawals by local Iraqi clients to only certain percentages of the entire account balances and just to be able to do that they have had to cut off foreign client’s access to funds entirely ~ for now. IMO, it’s still better than finding out that you only have 40% of what you thought you had on balance as happened in Cyprus ~ at one time one of the go to offshore account venues to consider. Also, whatever paid interest percentages have been reduced to by Warka are IMO still better than the best of what is offered in the Fed system and way better than those other banks around the globe offering negative interest on savings accounts.
  12. People around me are having the exact same problem ~ early Warka Online password expiration for no apparent reason ~ and I think it speaks to a woken up Warka Staff making sure that they are thoroughly covered security-wise in the event of fraud or unwanted manipulation of any long unused E-banking Subscriptions. I always print the page showing my new expiration date whenever I change my password or have it changed for me by Warka’s recent manipulations. That way, when Warka expires my password early, I can send an email with a pdf copy of my actual password expiration date on it attached to the transmission and I usually get service restored within 48 hours or less. I’ve had to do that twice since I started my Warka account. If you’ve been caught out with no hard proof of when your actual expiration date is supposed to be, then you might have to be fairly exacting in a brief, polite, email description of a particular problem; so that the Warka Staff can be sure it’s you and not just a hacker trying to gain access. In either case, whether you have a pdf copy of your actual password expiration date to attach to an email or not, I’ve seen similar language to the following two email examples get relatively immediate attention from Warka; especially when sent to Mr. Issa with a CC to Mr. Laith Alamir and Mr. Ashraf Amr at the same time. Send an e-mail directly to Mohammad K Issa at ifrd@warka-bank-iq.com , with a CC to Ashraf Amr at e-bank@warka-bank-iq.com and a CC to Laith Alamir at e-bank.ms@warka-bank-iq.com Make the Subject:Urgent Password Renewal Requested (or similar language) Dear Mr. Mohammed K. Issa, In trying to access my account, I get the message window that says "Your account has expired. Please contact the Bank." On DD-MM-YYYY, I requested a reset password. On DD-MM-YYYY, I received from you the 4 digit password, "XXXX." I then reset my password to my personal password "XXXXXX." My understanding is that my personal password was current for 1 year and that it should not have expired until “DD-MM-YYYY”. I am requesting, please, that my current password be renewed and I will change it to a new one upon restoration, or that a new reset password be sent to my email address. My full name on the account is Your Full Name and my full account number is 0790/0000000/001/2521/000. I am extremely grateful for your kind attention to my accounts. Respectfully, Your Full Name on Account Here’s an example if you’re prepared with a copy of your expiration date. Dear Sirs I have received the bank’s message that my password has expired. Attached to this transmission is a copy of my online Welcome Page from Warka Bank dated DD/MM/YYYY. It shows that my password should expire on DD/MM/YYYY. That is still XX days/weeks/months away from the date of this transmission. Please, kindly restore my current password or send a temporary reset password to my email address. Thank you Best Regards YOUR FULL NAME 0790/0000000/001/2521/000 Please Note: I used bold text and red font color to emphasize importance, but I don’t necessarily recommend using bold text or red font in the actual email that you send.
  13. Finally!! Some really great news from Warka!! Look at Warka Bank’s latest news bulletin published on September 6th: Dear Warka Clients, The Central Bank of Iraq board of directors have agreed to rehabilitate Warka Bank for Investment and Finance in accordance with a set get well plan. This decision has been announced and broadcasted through all Iraqi TV networks. Best regards. Warka Bank for Investment and Finance It’s anybody’s guess how long it will take before the CBI’s “set get well plan” will allow us Warka depositors to withdraw USD’s, or purchase IQD CD’s, or transfer funds between our Warka internal beneficiary accounts or trade on the ISX; but at least the CBI has finally now been publicly committed to totally fixing Warka’s banking reputation and (partial) insolvency. The CBI was ordered to do this two years ago by the Iraqi Financial Supreme Court when Warka won the lawsuit against the CBI for actually causing the Warka insolvency in the first place back in 2010. Meanwhile, Warka has been keeping the doors open in Iraq’s all cash society by reducing the interest paid for CD’s and savings accounts and by allowing local Iraqi clients to withdraw only a fixed percentage of the their account totals. In that way, Warka is no different than the other 30 or so private banks in Iraq who are also doing the exact same thing due to the local cash shortages; and also because of the continual drop in oil prices. That drop in oil prices affects us Warka account holders by way of Warka’s internal exchange rate when converting our IQD back to USD. USD’s in Iraq are getting more precious as Iraq has to pay for the ISIS war in USD’s and the CBI’s USD reserve amount shrinks to compensate. Not as many dollars to go around now; so it costs more IQD to buy USD’s. Warka’s exchange rate when converting IQD back to USD has jumped from 1179 IQD to buy 1 USD up to the current rate of 1190 IQD per USD. All in all, the CBI rehabilitating Warka Bank is great news and I’m looking forward to a time when at least some transactions can get back to normal. To add some background, I found the following article to be a pertinent reminder to all foreign depositors that Warka Bank is not the only financial outfit with liquidity problems in Iraq ~ or in the rest of the world for that matter. IMO, there’s no need to feel picked on with the Warka Customer Service level lately, because the entire Iraqi Private Banking Sector is going through the same cash shortage; and especially with its own Iraqi customers. Here’s the article and its link: Iraq’s private banking sector is having trouble meeting customers’ demands because of liquidity issues, leading to unrest and worry. Some banks are limiting withdrawals to a specific percentage of deposited funds, while others have stopped allowing them altogether. In addition, even funds originally deposited in US dollars can only be withdrawn in Iraqi dinars, according to the Central Bank’s exchange rate. Such procedures confused customers and angered many of those who deal with banks. Overall deposits in one Iraqi bank — whose name cannot be published for legal reasons — did not exceed 2.5 million Iraqi dinars (about $2,000) in an entire workweek, which is a relatively modest figure. When Al-Monitor visited this bank, its lobby was filled with scores of customers demanding their money, and the administration was refusing to allow customers to withdraw all of their funds at once. Umm Ahmad, the mother of four grown children, travels more than 300 miles every Thursday from Basra governorate to Baghdad to make withdrawals from North Bank. She began doing this after the bank stopped allowing withdrawals from its branches in various provinces and limited such transactions to its main branch in the capital. Umm Ahmad seemed stressed as she discussed her situation. She told Al-Monitor that her children need money to emigrate, so she decided to sell their house, give her children half of the proceeds and buy herself a smaller house with the remaining amount of money she had deposited in the bank’s branch in Basra. However, the bank refused to let her make the withdrawal. http://www.iraq-businessnews.com/2015/07/18/banks-refuse-to-ante-up-amid-liquidity-shortage/ US citizens tend to forget that this same universal bank reluctance to give up large amounts of depositors cash to depositors on demand is also prevalent in most US banks. Ask for most or all of your cash from any US bank and you will probably have to endure a grilling by the manager to explain why you have to have the cash instead of a cashier’s check or money order. Truth be told, only about 3% of existing USD’s are actually in Federal Reserve Notes, AKA the US version of cash. The rest is digital. A run for cash on almost any US bank could wipe that bank out or at least cause it to look insolvent. Lots of banks have already been closed in the US and their combined worth has been consolidated to where only 10 of the biggest US banks control over 77% of the wealth within the Fed system. With its massive debt burden, the Federal Reserve System makes the US not so different from Greece or Iraq. IMO, when Warka Bank in Iraq is finally “rehabilitated” up to full service and Warka’s 350 ATM machines are again available for daily use, then the IQD redenomination process (already in progress in Iraq) can start to accelerate. The present cash shortage in Iraq could partially be solved with the issuance of loaded ATM cards instead of the currently circulating large denomination banknotes ~ but only if the cash minded Iraqis will learn to accept the electronic banking system. With its USD cash reserves being used to fight ISIS, and its incoming USD revenue being reduced due to the reduction in the price per barrel, the CBI might not have any choice but to devalue the IQD in the short term in order to keep the IQD at an internationally accepted rate pegged to the USD. In any case, the CBI will be determining the rate of exchange for the IQD and also the volume of how many USD and/or new lower denomination IQD banknotes will be available to load Warka’s ATM machines. Once that base infrastructure of Warka Bank operating at full service is in place it will be far easier for the CBI to announce further progress in the coming IQD/USD rate change.
  14. Even if you have kept up with changing your password every three months for the last two years, you’ll probably get an “account expired, please contact the bank” message at any time so that Warka can re-set your password expiration date out to a year from now. We’ve been sending emails to Ashraf Amr at [email protected]<script cf-hash='f9e31' type="text/javascript"> /* */</script> for years without ever getting a response back. Instead, let’s try sending emails directly to Laith Alamir at [email protected]since that is the guy from the Warka E-banking Department that always responds to Mohammad K Issa from the International Foreign Relations Department at [email protected] Step One ~ send an e-mail directly to Mohammad K Issa at [email protected], with a CC to Laith Alamir at [email protected] Nothing seems guaranteed to work; but at the same time, the shorter the message the better seems to be Warka staff’s preference to answer. Below, are some versions of an email with possible Subject Titles like: Online Access Renewal or Reset Password Request or Reset Password Required … Just copy and paste whichever version you like best. One Dear Mr. Mohammad K. Issa My E-banking Subscription has expired and I’ve had problems changing my previous password. I’m requesting, please, that a reset password be sent to my email address so that I log in to my accounts again. I am extremely grateful for your help with this matter. Thank you for your kind attention to my accounts. Respectfully yours, Your Full Name 0790/0000000/001/2521/000 Two Dear Mr. Mohammad K. Issa: I can no longer use my Warka login password. I would like to request that a reset password to my email address so that I might be able to log in to my account again. I apologize for any inconvenience that this request might cause to your schedule and I will be extremely grateful for any help you are able to give me in this matter. Thank you very much. Warmest Regards, Your Full Name 0790/0000000/001/2521/000 Three Dear Mr. Mohammad K Issa: My E-banking Subscription has expired and I now have problems using my password. I would very much like to login to my account again. At your earliest convenience, I would like to request, please, that a reset password be sent to my email address, so that I may use it to login and change it to my own password. I apologize for any inconvenience at all that this request might cause to your busy schedule and I am extremely grateful for any help you are able to give me in this matter. Thank you very much for your time. Respectfully and with Warmest Regards, Your Full Name 0790/0000000/001/2521/000 Four Subject: Password Reset Dear Mr. Mohammad K Issa, I would like to request that a reset password for my Warka Savings Account be sent to my email address. I have not been able to view my account for some time due to password problems. Thank you. Your Full Name 0790/0000000/001/2521/000 The key to progress in getting an answer back from Warka is that as you attempt to log-in every day, eventually the message will change from “account expired, please contact the bank” to “wrong password”. When that happens you’ll know that Warka has stepped in and switched off your old password and is getting ready to furnish you with another one. Look for the email with a new password within a week or so.
  15. Since the Warka log-in page has been repaired and now functions properly, I was able to log in to my Warka Account using the temporary password that Laith Alamir of Warka’s E-banking Department sent to Mohammad K Issa who sent it to me. I immediately printed that 1st Homepage to my Warka Accounts because it clearly shows that last date that I logged in to my account, plus my new password expiration date. Then I clicked on Inquiries so that I could click on the Internet Statement button. I viewed and printed a statement for both my IQD and my USD account showing all activity over the past 40 days. IQD interest came in at 2.5% for 6 months, giving an expected Annual Compounded Net of 5% USD interest came in at 1.0% for 6 months, giving an expected Annual Compounded Net of 2% Since we still can’t move excess dollars into our IQD accounts under the Wire Transfers option (which is usually a button under the Inquiries button), I felt that printing those pages was the best I could do to verify the accounts now as still being active. I clicked on Maintain Clients Information and changed my temporary Warka issued password back to my own and logged out. Have logged in several times since ~ just for drill. I certainly noticed that my new password expiration date is a year away now, instead of just 3 months like it has been lately and I'm happy about that. Of course, I can change it any time and get another year later expiration date, but I like that I don’t have to for at least a year if things turn out that way.