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CNN. Broadcasting And Standing In A Bank Line While TonyTNT Is Applying A Mustard Card To His Hotdog ! The Managing Director of the company smart card Bahaa Abdel Hadi told / JD / company will activate the roaming service for the smart card in conjunction with mustard Card International for use outside Iraq, the end of the seventh month of the current year, explaining: Through this service will be able to card holders the (Key Card) Shopping outside and inside Iraq. Abdul Hadi noted that the smart card will be charged logo (Key Card) and mustard Card, noting that there are ten banks have entered the civil within ironing Card system, including Bank of the economy and the Gulf Bank and United Bank in addition to the Rafidain and Rasheed banks and their branches. He added: will also be launching Mobile Bank service and Internet service during the current year, which will enable the citizens of shopping or banking dealings via the Internet. FULL ARTICLE & LINK BELOW Kaperoni: If you use the theory that the dinar needs to be an internationally recognized currency and internationally convertable before this smart card can be used outside Iraq, than this must all go down before the end of July according to this article. 90 days or less. Kaperoni: I am pretty sure...mustard Card International is really translation error and should read...Master Card International. "...company will activate the roaming service for the smart card in conjunction with mustard Card International for use outside Iraq,.. ... Jrd: Kap: my question would be, can they execute this smart card plan somehow without the dinar being intertnationally tradeable? Or to put it another way, must Iraq free float/rv prior to launching this card? Can they do all of this without a float/rv? Kaperoni: jrd, good question. Don't know about the smart cards. If it is Master Card, I would think it would have to be an internationally recognized currency to operate within that system globally. On the other hand, there is no requirement to float or raise the value before the CBI accepts Article 8 under the IMF (making it an international currency) They can come out at any rate they want..even 1166 if so desired. OutOfTheWoods: Hopefully "for use" means they'll be loaded. Kaperoni: Out of the woods, that reference to "loaded" is not correct. They do not load money on these cards. These cards are a "debit" card tied to a central account. Or a credit card like we have. Putting fund actually on the card would be stupid as crooks would simply hack the card to remove the funds. Punisher: Don't know what Kap is gonna say but here ia my opinion ...Iraq does what it wants and we can see those cards issued without any ramifications. Kaperoni: Punisher, this is not about Iraq in the sense of the cards. I would think that If Iraq wants to be part of the international banking system, in which these credit cards function in the manor they are stating...transactions outside Iraq, and shopping or banking dealings via the Internet, they would have to make the dinar internationally recognized to conform to that payment system (Master Card) and compliance. Agencies such as BIS, SWIFT, IMF and others may be involved. Otherwise, I don't know how the system would handle monetary conversions and payments, etc. Which is all under the IMF Article 8 guidelines. I guess this all comes down to the "issuing bank" in this case, it appears ten banks have entered the civil within ironing Card system, including Bank of the economy and the Gulf Bank and United Bank in addition to the Rafidain and Rasheed banks and their branches. WEDREAM: Kap correct me if im wrong but havent the "smart" cards come up each time we believed shabibi was ready to go? if im right this is great news....Thanks Tgirl Terry: Ummm, why can't they use the dollar for use of these smart cards? Kaperoni: Terry, that may very well be the case...It could be an internationally accepted card that processes in dollars. Just don't know. Jrd: So, if I'm understanding this correctly, Iraq could continue to use the dollar for the smart cards, and they could leave the exchange rate at 1166 if they used the dinar? They could leave the rate where it is and it would still be 'internationally tradeable?' Robert: Hey Kap. Am wondering if what you are thinking is supposed to be "Master" card instead of "mustard" card, actually is "mustard" because the company was capitalizing on the color of the card. Sort of looks the color of mustard to me. C36: I said the exact same thing, but my comments were deleted. Go figure. It is not a MASTER CARD because there is no MC symbol. Here is a link: https://www.facebook.com/qicard.net?filter=2 Nugget: Interesting comments... But staying on topic, I suppose the question is are Iraqi banking accounts represented in Dinar or Dollar? If I were a guessing man I would speculate they are only represented in Dinar only... It would surprise me if they had a choice or both... But I could be totally off...The fact of the matter is acording the C36 link above it is without any doubt an international credit card ... 8) Thanks for the Vine gang! C36: It was ON TOPIC nugget. We were discussing the card name. That is what Kap was discussing but he did not get deleted. Like I said and other have observed, this is not a Master Card. Would be nice, I guess, if it was. But it is not. Next, no one cares what the currency is being used. Money is money. Iraq does not have a currency that is viable. Yet, it's exchange rate is the same as the Korean Won. I believe the current rate is still "exotic" because of the region and Iraq's lack of stability. If the Koreas go to war, I am sure the Won will be devalued until the region becomes stabilized again. That is the nature of economics and confrontation. Nugget: LOL C36 was not implying you or anyone else were even remotely off topic...Jokingly It had everything to do with me and nothing with you or anyone else on this thread... And yes your belief is 100 % correct, the Dinar is classified as a exotic currency as of this red hot minute! That is not speculation... Have a great day gang! C36: My apologies, I misread your post. Silly me... Kaperoni: I said I thought it was Master Card International. That is a network . As for the card, it very well could be. A picture is not an indication as they can come from anywhere. Previous posts have shown the symbol of Master Card. There is no such thing as mustard card international. Here is a link to a another article and quote... "And noted that the company will launch the end of this year Card MasterCard Global in Iraq after the agreement was signed with MasterCard International, pointing to the possibility of the company to grant students of colleges and institutes smart card to receive the amounts allocated to them from the government if firing those amounts. " Punisher: The more I think about it the more I think these cards have no real bearing on a raise in the value of the currency. Kaperoni: Love it when more details come out. Here is the card companies website..they state right in there, MasterCard Network. lol "Shiite Waqf Directorate in Dhi Qar contract with Key Card Mr. Qahtan Adnan (Marketing Department in Key Card) that the Directorate of Shiite Waqf has joined the system so smart and will be through the distribution of salaries and benefits of its members and said Adnan The services will include more than two hundred and fifty employees in the Directorate of Shiite Waqf in Dhi Qar will be able to take advantage of the services so multiple, especially after entered her second-generation services into force earlier this year and mid-year 2013 will be the date of the service of international MasterCard dry" http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.qicard.net%2F&act=url kaperoni: I started doing some research yesterday on this. In particular if the currency needs to be internationally convertable or not. I have not found the answer yet. All I can say is these card manufactures with with banks and SWIFT is involved. Confusing to say the least. Here is how a basic transaction works... The key to all this seems to be the ICC PBO SWIFT TSU. More work to be done http://www.swift.com Kaperoni: I will add this...Under IMF Article 14, is the following paragraph... --------------- Section 2. Exchange restrictions A member that has notified the Fund that it intends to avail itself of transitional arrangements under this provision may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances the restrictions on payments and transfers for current international transactions that were in effect on the date on which it became a member. Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund, and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the promotion of a stable system of exchange rates. In particular, members shall withdraw restrictions maintained under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the general resources of the Fund. Punisher: Kap, you are awesome! Hope you find something. FE, above, on one hand you say you think they need to have an international currency with this card, but on the other you say that doesn't mean they will do anything with the rate....explain? Once the currency goes international the value will go up imho. Kaperoni: OOTW, already posted , just look up a few ↑ I don't know if we will ever know for sure on this because we don't know what the issuing bank is doing. They may be funding these cards totally in dollars. If so, the dollar is already an internationally accepted currency.\ 2COLLECTG: ok kap question so when they sign those international trade agreements with countries who have a international traded currency those countries don`t care that the dinar is worth nothing! money that you fold is for things bought & sold money that you lay flat and stack THE BANK will buy that back! Kaperoni: 2collect, its not worth nothing..its worth 1166 to $1. I would assume if they had some agreement, settlements would be at current exchange rate + fees. But again, it comes down to the issuing bank...in this case Rafidan or Rasheed. They may have a dollar account and draw on those dollars. This is not a simple answer. Shredd: Regarding SWIFT, I don't think one could definitively say a country's currency would need to be internationally convertible. It is a secure messaging system which separates it from actually transacting money. Iraq has had a country code within SWIFT for a long time so that could tell us that this there is not a stop or requirement here. After all, it is really up to the messenger to utilize SWIFT, it's not necessary to deliver instructions. What could be a trigger however is if any International banks back the cards since these will be used for transactions outside the country. Additionally, the sellar on the other side of the transaction will require payment in their own currency, so the backing bank of these cards will have to do all exchanges....a tall order without being on a free market economy and having the required internationally recognized and tradeable currency. Dezertheat: Shredd, you said the magic words... Free Market Economy… this is what I want to see more than than the cards. FULL ARTICLE & LINK 04/23/2013 BAGHDAD / JD / .. company announced global smart card for activation of roaming service in conjunction with global mustard Card company for use outside of Iraq, starting this service confirmed the end of the seventh month of the current year. BAGHDAD / JD / .. company announced global smart card for activation of roaming service in conjunction with global mustard Card company for use outside of Iraq, starting this service confirmed the end of the seventh month of the current year. The Managing Director of the company smart card Bahaa Abdel Hadi told / JD / company will activate the roaming service for the smart card in conjunction with mustard Card International for use outside Iraq, the end of the seventh month of the current year, explaining: Through this service will be able to card holders the (Key Card) Shopping outside and inside Iraq. Abdul Hadi noted that the smart card will be charged logo (Key Card) and mustard Card, noting that there are ten banks have entered the civil within ironing Card system, including Bank of the economy and the Gulf Bank and United Bank in addition to the Rafidain and Rasheed banks and their branches. He added: will also be launching Mobile Bank service and Internet service during the current year, which will enable the citizens of shopping or banking dealings via the Internet. He revealed Abdul Hadi about having talks with the Kurdistan region to connect retired in Kurdistan with the system Ironing Card, pointing to the existence of banks in the region use this service, and therefore can retired or any citizen if he went to Kurdistan to withdraw his salary or any other funds. He said Abdul Hadi said holder Ironing Atstia to withdraw or pay money anywhere in Iraq, where there are more than 1,300 office Ahli across Iraq in addition to the Rafidain and Rasheed, and we are in our plan at the end of 2013 to be there 4000 thousands of office and ambitions to get into 3,000,000 thousand shopping point. Abd al-Hadi said company to card sector mixed under the control and supervision of the state and not the private sector, such as what is happening in some companies that do not know where to go their money, and that money paid or withdrawn through this service is money deposited in the Rafidain and Rasheed, operating in accordance with instructions Central Bank of Iraq and belonging to audit the accounts of Supreme Audit and this is what gives it the power points. The company's global smart card, has announced the launch of its services for the second generation of the card holders to Card in Iraq. / End / Ali Ibrahim / http://translate.google.com/translate?langpair=auto|en&u=http%3A%2F%2Fwww.dananernews.com%2F