Adam's Official Chat 2/15/12

[trooper]

ATM Machines Iraq

http://www.hobotraveler.com/mo_1_atm-machines-iraq.php

Edited February 15, 2012 by trooper

[Sk 1962]

One more day closer to financial freedom Thanks ADAM and go RV.

[lotsofdinar]

This from December, 2011 - travel.state.gov - http://travel.state.gov/travel/cis_pa_tw/cis/cis_1144.html

"Automatic Teller Machines (ATMs) are extremely rare, but the Trade Bank of Iraq (TBI) provides ATM services in dinars and USD at its main branch in central Baghdad, as well as at two other locations."

[tankdude]

Interestingly - I did a little searching and found this -

Last month the Central Bank of Iraq co-hosted a conference with USAID’s Iraq Financial Development Project on “Integrating the Banking and Financial Services Sector in Iraq.” This event, which was held in Istanbul from November 18-19 covered two upcoming changes to the payments system that have the potential to revolutionize Iraq’s banking sector.

The first is the introduction of a “national switch” for processing credit card and ATM transactions. The switch—essentially a router and some specialized software—will connect all of Iraq’s ATM machines and credit card point-of-sale scanners to a common platform. At present, each card-issuing bank operates its own system. Because not every point of sale is connected to every system, no one card will work everywhere. Little wonder that almost everything is paid for in cash.

The second is the establishment of the Iraq Interoperable Mobile Payments System (IIMPS). This system will reach out to people who do not have a bank account by making it possible to bank by mobile phone. Users will open accounts by calling a number and speaking with a representative. They may then make cash deposits and withdrawals either at branches or at venues such as retail shops that the banks will designate as their agents. Making a payment will require nothing more than a phone call to transfer funds to the payee’s account. There will no longer be any need to pay for anything with “blocks” of hundred dollar bills.

Both systems are supposed to begin operations in 2013. Of the two, the mobile system seems particularly promising. Even with the national switch in place, merchants may be reluctant to accept credit cards because of the associated fees and the paper trail they leave for the tax authorities. The IIMPS, however, should be readily adopted by anyone with a mobile phone. That’s a lot of potential new customers for the banks. By an interesting coincidence, it turns out that mobile phone users and people without bank accounts both account for about 80% of the Iraqi population.

Maybe they moved the timeframe a bit to the left?

http://iraq.usaid.gov/node/290

[cslewis]

I don't think it was a VIP member, but rather a VIP partner. I think that means either someone on his legal team, investment team, or someone he is teaming up with after rv. Just how I interpreted it

Thank you. I read it pretty quick from work.

[MovieMaker]

Short and sweet. Another great WED! thanks Adam.

[skitealwedrop]

I think this is a brilliant move on the part of CBI, deposit only. This forces the Iraqi people to open accounts and place their money in the bank. Pure encouragement from CBI is not going to bring them in, but they have dinar to exchange or cash in, they have to have an account.

Smart post Zig. The CBI would earn interest off the float from their customer's accounts and defer a run on their cash reserves. It makes sense.

1 to 1 with a digital deposit works for me, Adam.

Go RV!

[Stryker365]

Thanks for the update Adam, I hope that when they get the ATM machines the people don't think it's a soda machine.

So how do you like that ? ATMs to bring the new denoms to the people, this could've been one of the reasons that we haven't seen the rv yet, jmo.

Thanks kcw for the post.

Tony,

ATMs arrive in Iraq

In a sign of increasing stability in Iraq, several Iraqi banks have installed the country’s first ATMs, including 20 ATMs operating in Baghdad.

The first ATMs have opened in Iraq since the invasion five years ago — an encouraging factoid contained in a new by-the-numbers Defense Department report about progress in the country.

In fact, there are now 20 ATMs in Baghdad, where the banking system was so devastated a few years ago that the United States had to fly in pallets stacked with dollars to pay government employees. Some restaurants even accept

credit

cards these days.

ATMs aren’t limited to Baghdad. According to the U.S. embassy in Iraq:

Customers of Al’Warka’ Bank in rural Diyala province can now get instant cash from an Automated Teller Machine (ATM) because of improved security and an enterprising Iraqi private sector.

The ATM, installed in early May at the bank’s branch office in downtown Baqubah, is the first in Diyala. Al’Warka’, a private bank, informed the Provincial Reconstruction Team (PRT) operating development programs in the Province that it has plans to add three more ATMs in Baqubah in the next few months.

ATMs are a small thing, of course, but consider what is needed to keep one functioning: an expectation that neither the ATM nor its customers will be robbed or attacked, a reliable supply of electricity to keep it running, a reliable communications system (either telephone lines or Internet connections) so it can process transactions, and enough trust in the banking system that people are willing to keep their money there. So the existence of ATMs says a lot about the stability of the country they’re located in.

ATMs: bringing hope and easy access to cash to people around the world.

http://www.atmnetwork.net/atmcompanynews/2010/01/18/atms-arrive-in-iraq/

[Stryker365]

I have read that they have had them in a few banks like the Trade Bank of Iraq but limited.

But I believe that these new machines are dual currency machines...USD & IQD...I have post on this subject before in December.

Adam is talking about the new ones I'm sure

US$6.1b total assets

First fully automated online banking system in Iraq

Development of a network of ATMs in Baghdad

News : 2006 - Trade Bank of Iraq -Mar 1, 2006 ... The Trade Bank of Iraq (TBI) was established to facilitate Iraq's international trade and the reconstruction of the country after the expiration of ...www.tbiraq.comwww.tbiraq.com/en/news-and-achievements/news/2006/first-atm-announced/clipped from Google - 2/2012Trade Bank of Iraq - Your Trade and Investment Partner in IraqTBI ATM Cards · Credit Cards ... Development of a network of ATMs in Baghdad. 2008. US$359m ... Opened branch, and the first ATM, in Najaf. Record 70% of ...

http://www.tbiraq.com/

[pbrman71]

I remember hearing about that before I left Al Asad in '09. Also remember hearing serious talk about Disneyworld Baghdad. Anyone remember that??

[skitealwedrop]

Tony,

ATMs arrive in Iraq

In a sign of increasing stability in Iraq, several Iraqi banks have installed the country’s first ATMs, including 20 ATMs operating in Baghdad.

The first ATMs have opened in Iraq since the invasion five years ago — an encouraging factoid contained in a new by-the-numbers Defense Department report about progress in the country.

In fact, there are now 20 ATMs in Baghdad, where the banking system was so devastated a few years ago that the United States had to fly in pallets stacked with dollars to pay government employees. Some restaurants even accept

credit

cards these days.

ATMs aren’t limited to Baghdad. According to the U.S. embassy in Iraq:

Customers of Al’Warka’ Bank in rural Diyala province can now get instant cash from an Automated Teller Machine (ATM) because of improved security and an enterprising Iraqi private sector.

The ATM, installed in early May at the bank’s branch office in downtown Baqubah, is the first in Diyala. Al’Warka’, a private bank, informed the Provincial Reconstruction Team (PRT) operating development programs in the Province that it has plans to add three more ATMs in Baqubah in the next few months.

ATMs are a small thing, of course, but consider what is needed to keep one functioning: an expectation that neither the ATM nor its customers will be robbed or attacked, a reliable supply of electricity to keep it running, a reliable communications system (either telephone lines or Internet connections) so it can process transactions, and enough trust in the banking system that people are willing to keep their money there. So the existence of ATMs says a lot about the stability of the country they’re located in.

ATMs: bringing hope and easy access to cash to people around the world.

http://www.atmnetwork.net/atmcompanynews/2010/01/18/atms-arrive-in-iraq/

The infrastructure of Iraq is vital to their progress. That's why contractors are chomping at the bit to work in Iraq. There is a ton of work and money to be made in the country.

[easyrider]

I remember hearing about that before I left Al Asad in '09. Also remember hearing serious talk about Disneyworld Baghdad. Anyone remember that??

yea sure did been there done that. You mean you never rode the bombs over baghdad ride its to die for literally. good luck.

[TonyDownTheShore]

Tony,

ATMs arrive in Iraq

In a sign of increasing stability in Iraq, several Iraqi banks have installed the country’s first ATMs, including 20 ATMs operating in Baghdad.

The first ATMs have opened in Iraq since the invasion five years ago — an encouraging factoid contained in a new by-the-numbers Defense Department report about progress in the country.

In fact, there are now 20 ATMs in Baghdad, where the banking system was so devastated a few years ago that the United States had to fly in pallets stacked with dollars to pay government employees. Some restaurants even accept credit cards these days.

ATMs aren’t limited to Baghdad. According to the U.S. embassy in Iraq:

Customers of Al’Warka’ Bank in rural Diyala province can now get instant cash from an Automated Teller Machine (ATM) because of improved security and an enterprising Iraqi private sector.

The ATM, installed in early May at the bank’s branch office in downtown Baqubah, is the first in Diyala. Al’Warka’, a private bank, informed the Provincial Reconstruction Team (PRT) operating development programs in the Province that it has plans to add three more ATMs in Baqubah in the next few months.

ATMs are a small thing, of course, but consider what is needed to keep one functioning: an expectation that neither the ATM nor its customers will be robbed or attacked, a reliable supply of electricity to keep it running, a reliable communications system (either telephone lines or Internet connections) so it can process transactions, and enough trust in the banking system that people are willing to keep their money there. So the existence of ATMs says a lot about the stability of the country they’re located in.

ATMs: bringing hope and easy access to cash to people around the world.

http://www.atmnetwor...arrive-in-iraq/

Thanks Stryker, I guess around Baghdad people know how to use one, but I'm sure that the small villages haven't seen one yet, plus the fact that some villages have limited power.

[Mazzz27]

lol at only 41 chat entries

[TBB]

Thanks Adam,

[gregp]

Thanks Adam! Hint...VIP guess it's time to join.

[Markinsa]

Maybe this is why they had all the Big TV's installed around Iraq, to educate the Iraqi's while they exchange their money at the ATM.

What does ATM stand for besides Automated Teller Machine?

A - Adam

T - Theodore

M- Montana ? Just Wondering.

More like:

A - Adam

T - Take it to the bank!

M - Montana

-

[Rubberband King]

Thanks for your time Adam.

Things are lining up just right.

Leggo RV!

[ronscarpa]

I like it Adam...Thanks...!

RON

[Carrello]

I think this is a brilliant move on the part of CBI, deposit only. This forces the Iraqi people to open accounts and place their money in the bank. Pure encouragement from CBI is not going to bring them in, but they have dinar to exchange or cash in, they have to have an account.

Think of all of the federal employees they have - I forget the number but it is huge - if you do direct deposit only, they have to have an account, and would use the ATM to get cash. Bada bing!

[few24u]

Sure would be nice to know what the rush to the meeting was all about. At least a "it was good news" or "it was a bad news" or "it was not any news".

Is it just me or do I have the feeling I was left hanging????

Bueller? ...............Bueller? ..................Bueller?

[KiaKaha]

Did Adam ever return & report on his VIP meeting?

KK

[countryroads]

The first thing they are going to have to do is teach their people that those little pickup trucks they drive won't pull the ATM machines off of their foundations. Several thieves in the US have tried it with out success and they had 3/4 ton trucks.

[82Corp.]

"[Adam Montana] one major event coming up is the March 5-7 Arab Summit"

I thought the summit was at the END of March.........

Arab Summit in Baghdad ~ March 29, 2012 ...

02/01/2012

Minister of Foreign Affairs declares the 29 of March, the date for holding the Arab summit in Baghdad

Foreign Minister Hoshyar Zebari, that the upcoming Arab summit will be held in Baghdad in the 29 of March next, as he emphasized that the Iraqi government is serious in providing security for the leaders and co-chairs of the summit.

said Hoshyar Zebari during a joint news conference held at the Ministry in Baghdad, with deputy Secretary-General of the Arab League, Ahmed Ben Helli said that the next Arab summit will be held in Baghdad in the 29 of March next, according to schedules it, noting that many Arab countries have the desire and willingness to actively participate in the summit.

Zebari said that the main objective of the visit of the Deputy Secretary General of the League of Arab States is to see the preparations and preparations and readiness of Baghdad to host the next Arab summit, saying that the summit is an important and vital and revive Foundation of the Arab League and the system of joint Arab action.

The foreign minister stressed that the Iraqi government is serious in providing security for the leaders and heads of delegations participating in the summit that comes ranked first in the Government's concerns, noting that the current political situation will begin to breakthrough. He Zebari that Iraq is in front of this challenge is important and significant, and all Iraqis, despite their affiliations and backgrounds agree on the importance of holding the summit in Baghdad.

The Deputy Secretary-General of the Arab League, Ahmed Ben Helli arrived, the first Monday to Baghdad on an official visit last four days to discuss Iraq's preparations to host the next Arab summit. The Secretary-General of the Arab League, Nabil el-Arabi, said earlier that the upcoming Arab summit will be held in the Iraqi capital Baghdad, with Iraqi Prime Minister Nuri al-Maliki said Iraq willing and ready to host the summit. and postponed the Arab League, the fifth of May 2011, the Arab summit which was to be held in March 2011 in Baghdad to March 2012, at the request of Iraq after the consensus Arab member states due to the new reality and is not appropriate for the summit and out of the box stubbornness.

<A href="http://goingglobaleastmeetswest.blogspot.com/2012/02/arab-summit-in-baghdad-march-29-2012.html">http://goingglobaleastmeetswest.blogspot.com/2012/02/arab-summit-in-baghdad-march-29-2012.html

"[Adam Montana] one major event coming up is the March 5-7 Arab Summit"

I thought the summit was at the END of March.........

Qatar and Kuwait confirmed for Arab summit in Baghdad

12/02/2012 14:55 BAGHDAD, Feb.12 (AKnews) - Qatar and Kuwait have pledged to attend the upcoming Arab summit in Baghdad on March 29, said an Iraqi government adviser.

Mariam al-Rayes of the prime minister's office said Qatar and Kuwait informed the Iraqi government that they will attend the summit.

"The government is working to ensure the success of the Arab summit at the presidential level and has developed an action plan to provide high level security procedures and technical supplies," she said.

The government confirmed on Saturday that the absence of Bahrain from the summit will not affect the success of the gathering.

By Jaafar al-Wannan

http://www.aknews.com/en/aknews/4/289517/

I’m excited to find out what was discussed at the 2 – 6 hour meeting. This is all great news!

[make11]

I hope you are right, Adam!