23 replies to this topic

[caper]

Those of you that have had any dealings with Warka Bank, know all to well, when requesting a response to a question, via e-mail may as well be smoke signals considering the length of time required to receive a response. Then when you request an answer to more than one question at a time, it becomes apparent that Warka is unable to multi task. You are likely to receive an answer to a related question, not the initial question, which further confuses / frustrates you decide which one applies to you.

Now under present conditions, or shall we say banking procedures, it takes days if not weeks to receive a response to any request if you are fortunate. Should RV occur any time soon, there will be a massive influx of banking requests from around the world, from existing Warka clients. And should the WTO accept current banking procedures, Warka Bank will at that point be allowed to transact with all other banking institutions from around the world further complicating the situation. Is the resolution of this picture starting to come into focus, probably not, therefore consider the additional banking transactions from around the world that will try to work with the present archaic system, which will no doubt result in mass confusion and chaos.

The world banking system requires , structure, consistency and speed to function properly, therefore it is highly unlikely that the WTO will accept the slow and antiquated banking system that apparently exists in Iraq today. Until this is rectified, the present banking system is incapable of participating on the world banking stage.

This observation is my personal opinion. We have a large investment in Warka bank, and believe that in time the political and economic conditions will eventually be resolved when the establishment in Iraq realizes, they need to be more objective, and view Iraq's potential as seen by the rest of the outside world, and conduct themselves accordingly, as opposed to the present subjective political and economic bickering that is presently occurring, they can not see the forest for the trees. We all want Iraq to succeed for our own personal reasons, and the quicker the establishment for a lack of a better word, gets their act together the quicker we will all prosper!!

[20MillionDinar]

Agreed. The banking sector in Iraq is definitely not ready to deal with TRILLIONS of USD worth of transactions!

Edited by 20MillionDinar, 30 April 2012 - 04:44 PM.

[armondtoth]

Agreed. The banking sector in Iraq is definitely not ready to deal with TRILLIONS of USD worth of transactions!

Well I disagree with you on this, Iraq has some of the most state of the art banking software in the world, I have seen it first hand. Its just the idiots trying to run it.

[blue horseshoe]

The banking sector in Iraq does not have to worry about the trillions of USD. That is the CBI' s issue and they are more than ready.

[20MillionDinar]

Well I disagree with you on this, Iraq has some of the most state of the art banking software in the world, I have seen it first hand. Its just the idiots trying to run it.

Aren't the people working in the banking sector part of the banking sector? Look at what is going on with Warka. What happens when you are dealing with 1000x the amount of money and it takes 3, 4, even 10 weeks to get a response...

Uh oh...

The banking sector in Iraq does not have to worry about the trillions of USD. That is the CBI' s issue and they are more than ready.

So all of the major corporations, citizens, and foreigners are going to go directly to the CBI for all of their financial needs? I don't think so...

The banking sector, in general, needs to show a little more stability and professionalism in my opinion.

The banking sector in Iraq does not have to worry about the trillions of USD. That is the CBI' s issue and they are more than ready.

Not trying to be rude, but when was the last time you dealt directly with the Federal Reserve? It is the same concept. Not going to happen...

[blue horseshoe]

Not trying to be rude, but almost every international transaction is seen, watched, and monitored by the fed. There is no comparison between the fed and the CBI. They are modeled after the fed, just smaller. When you buy a BMW, do you think USD is sent to Deutche Bnak in Germany? No, marks are sent and watched and monitored by the fed through a clearing house bank.

Again, not trying to be rude, but do you really think the CBi is going to sit on the sideline while smaller banks screw up what has taken years to plan??? Yeah, no they are not...

[pokerplayer]

The banking sector in Iraq does not have to worry about the trillions of USD. That is the CBI' s issue and they are more than ready.

You beat me to the draw. That is exactly what I had planned on saying regarding this post. Great answer. There sure to have handle the daily auctions in a timely fashion for the most part.

pp

[shabbadude]

Warka was put into receivership three months ago because they were in complete disarray, and should be coming out of receivership before the end of this summer.
This followed last years temporary suspension of Rasheed and Rafdain banks so that the CBI could restructure both of them. These moves by the CBI show that they (CBI) are well able to control the banking sector. The TBI (Trade Bank of Iraq) has been the primary foreign trade bank that the majority of external entities have been working with and has never had any issues reported. The previous posters are right, there has been a significant amount of resources invested in the banking system, and top banking and treasury experts are into every level to clean up the corruption and to bring order to the system.

[Luigi1]

Warka hasn't a thing to do with the RV no more than your neigborhood branch bank does.

Once this goes on Forex, the banks will cash us out. This is between Iraq, CBI & the UN & IMF.

[Benjamin NutnYahoo]

I emaile Warka bank over 6 months ago for basic info. Still have not heard back. Do you think I will be entrusting them with my money?? Not likely.

[easyrider]

Warka is trash.

[Biker]

I for one believe that if the RV should happen Iraq will not be paying us. The Us treasury will give us our funds, Hold our Dinar for the big cash in when it matures. And Every other country's Gov will back there s. So there should not be such a mad rush on the CBI to cash in so to speak. Remember they been taking Dinar off the street over there for a Yr now. OK go ahead throw rock s I'm ready and the ones that do Bite Me.

[caper]

Warka hasn't a thing to do with the RV no more than your neigborhood branch bank does.

Once this goes on Forex, the banks will cash us out. This is between Iraq, CBI & the UN & IMF.

you're missing the point... Warka may not directly have anything to do with RV, but when RV happens Warka will be bombarded with Transfer requests and if their banking system isn't up to par there will be chaos...as it stands right now their system is not sophisticated enough to handle the requests resulting after RV, hell we can't even view our account because our password expired...certainly not something we would have to deal with in a sophisticated banking system.

[caper]

Well I disagree with you on this, Iraq has some of the most state of the art banking software in the world, I have seen it first hand. Its just the idiots trying to run it.

I don't know what you saw first hand but I can't see any sophistication in their banking practices, I dare say if any of our banks in the western world were to treat customers with such indifference there would be hell to pay, their extremely unprofessional to say the least.

[20MillionDinar]

Thank you Caper, at least you understand the current situation.

[caper]

Thank you Caper, at least you understand the current situation.

yeah, I could tear my hair out at times though

[fancy]

[quote name='Luigi1' date='01 May 2012 - 03:46 AM' timestamp='1335865569' post='946935']
Warka hasn't a thing to do with the RV no more than your neigborhood branch bank does.

Once this goes on Forex, the banks will cash us out. This is between Iraq, CBI & the UN &


Man no doubt everything has to be just right for this to happen

Edited by fancy, 03 May 2012 - 10:29 PM.

[ybass]

The banking sector in Iraq does not have to worry about the trillions of USD. That is the CBI' s issue and they are more than ready.

You so get it...CBI will only have to deal with the money in there country not ours!
And they have bank accounts all over the world with oil revenue in the Billions in each account. Can you say Fat Cats!

[blaineage]

I don't know what you saw first hand but I can't see any sophistication in their banking practices, I dare say if any of our banks in the western world were to treat customers with such indifference there would be hell to pay, their extremely unprofessional to say the least.

You may be right caper, but sometimes when I go to my local bank to do anything more than make a simple deposit, I'm not treated much better. These people barely speak English, and they are adults here. Throw in a (genuine) written language barrier via email = receipe for disaster.

[aaanth]

Those of you that have had any dealings with Warka Bank, know all to well, when requesting a response to a question, via e-mail may as well be smoke signals considering the length of time required to receive a response. Then when you request an answer to more than one question at a time, it becomes apparent that Warka is unable to multi task. You are likely to receive an answer to a related question, not the initial question, which further confuses / frustrates you decide which one applies to you.

Now under present conditions, or shall we say banking procedures, it takes days if not weeks to receive a response to any request if you are fortunate. Should RV occur any time soon, there will be a massive influx of banking requests from around the world, from existing Warka clients. And should the WTO accept current banking procedures, Warka Bank will at that point be allowed to transact with all other banking institutions from around the world further complicating the situation. Is the resolution of this picture starting to come into focus, probably not, therefore consider the additional banking transactions from around the world that will try to work with the present archaic system, which will no doubt result in mass confusion and chaos.

The world banking system requires , structure, consistency and speed to function properly, therefore it is highly unlikely that the WTO will accept the slow and antiquated banking system that apparently exists in Iraq today. Until this is rectified, the present banking system is incapable of participating on the world banking stage.

This observation is my personal opinion. We have a large investment in Warka bank, and believe that in time the political and economic conditions will eventually be resolved when the establishment in Iraq realizes, they need to be more objective, and view Iraq's potential as seen by the rest of the outside world, and conduct themselves accordingly, as opposed to the present subjective political and economic bickering that is presently occurring, they can not see the forest for the trees. We all want Iraq to succeed for our own personal reasons, and the quicker the establishment for a lack of a better word, gets their act together the quicker we will all prosper!!

shut up and go away. you have no idea about what you are saying.