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Central Bank announced that 35 banks, electronic currency trading system

deniscanada

By deniscanada,
in Iraq & Dinar Related News

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deniscanada Newbie

deniscanada

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Central Bank announced that 35 banks, electronic currency trading system

15/06/2012 01:48

BAGHDAD / news center for the Iraqi Media Network - Central Bank announced that 35 private banks and the government entered the electronic trading system of the coin.

The deputy governor of the Bank for the appearance of Mohammed (center news to the Iraqi Media Network) The "32 government and private banks appeared to the introduction of electronic trading, which aims to facilitate the process of the local currency traded between banks and difficult."

"The Central Bank is working to develop a system of electronic payments between banks, the picture and then moving the foundation for the development of electronic relations between banks and customers."

The central bank seeks to develop a system of payments the country's economic and announced earlier in the high cash reserves of $ 50 billion to 60 billion dollars.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

http://translate.googleusercontent.com/translate_c?langpair=ar%7Cen&rurl=translate.google.com&u=http://www.imn.iq/news/view.12996/&usg=ALkJrhhSVjNTLSCiR2633XPIvTpf4norjg

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Butifldrm Apprentice

Butifldrm

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This is huge news.... with the banks investing in technology and streamlining their processes the people may be able to find a way t have confidence in the CBI. Just another stepping stone to our final goal.

.... and hopefully setting up THE BIGGEST STEPPING STONE of all, the ability to tade INTERNATIONALLY! :D

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SocalDinar Proficient

SocalDinar

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Thanks Deniscanada! We are so used to these articles being posted by Yota.

Welcome to DV and sweet article.

If the can trade electronically between themselves and the CBI then they can trade internationally with a push of a button so to speak.

I like how they throw in

"The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector."

Many articles have this CBI phrase in them.

Always thought of this as part of Phase 2

With this news sounds like they are very close to implementing phase 3.

GO SHABS!!

Edited by SocalDinar
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abby01 Newbie

abby01

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The deputy governor of the Bank for the appearance of Mohammed (center news to the Iraqi Media Network) The "32 government and private banks appeared to the introduction of electronic trading, which aims to facilitate the process of the local currency traded between banks and difficult."

"The Central Bank is working to develop a system of electronic payments between banks, the picture and then moving the foundation for the development of electronic relations between banks and customers."

Wondering what they are even talking about. Quite a long time ago there were articles about debit machines. Without electronic banking between the banks and customers it would not be possible to do debit machines like here in the US or just debit purchasing without such systems in full operation. Are they talking about something most basic here? Would this allow the use of debit machines? And they are just now trying to work out a system between banks??? Just trying to figure this out... :blink:

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rockfl9 Explorer

rockfl9

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It seems there are a lot of talkers and not enough doers in Iraq...It seems that reports of progress here or there are simply one persons propaganda to get attention of the press...I dont think even the CBI has modern accounting/bookeeping systems in place...

One question I have is how does the banking system operate under Islamic law (Sharia) wherepaying or charging interest is against the Quoran???

And a loan becomes a "gift" if the reciever cannot repay...

I think local/regoinal banks are actually tribal treasuries! I read somewhere a year that the Kurdish banks would not submit to CBI audits.. This does not meet Basel requirements and is a block to the diar to be traded internationally..

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easyrider Newbie

easyrider

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This is huge news.... with the banks investing in technology and streamlining their processes the people may be able to find a way t have confidence in the CBI. Just another stepping stone to our final goal.

actually the CBI issuing out the most advance smart card EVER to be implemented it will indeed FORCE the citizens to open an account. Things are lining up quite nicely.

It seems there are a lot of talkers and not enough doers in Iraq...It seems that reports of progress here or there are simply one persons propaganda to get attention of the press...I dont think even the CBI has modern accounting/bookeeping systems in place...

One question I have is how does the banking system operate under Islamic law (Sharia) wherepaying or charging interest is against the Quoran???

And a loan becomes a "gift" if the reciever cannot repay...

I think local/regoinal banks are actually tribal treasuries! I read somewhere a year that the Kurdish banks would not submit to CBI audits.. This does not meet Basel requirements and is a block to the diar to be traded internationally..

Iraq will be the first to implement a TOTAL cashless Society with thier smart card and new banking system. I am thinking Iraq will be taking the new lead into a whole new banking system, are u ready?

Edited by easyrider
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Maggie123 Newbie

Maggie123

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Thanks Maggie. I know i have read a few articles about the new cards but i wasn't sure if they were testing them or using them. Hopefully all Iraqi's will have these cards on hand SOON... Hah i swore

smile.gif Yup that is what I said. Stop Swearing! Never... Ever... Say S**N! biggrin.gifbiggrin.giftongue.gif

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