Central Bank "apply" a new system of couriers

[yota691]

Central Bank "apply" a new system of couriers

Central Bank

17:15

28/02/2015

Central Bank of Iraq, announced Wednesday, on the application of a new system of couriers and sell the currency, and denied selling the dollar stops. Bank, said that "the bank said the new system adopted in the cash remittance of dollars through the mechanism and methods used market, the economy and control of the dollar exchange rate against the dinar." He added that "this system does not mean that the bank will depend on the dollar in cash for the sale of banks and banking companies, but will continue to sell in accordance with the new mechanism." The Central Bank of Iraq was established independently as a bank under a law issued on the sixth of March 2004 as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.

[Big_J]

[Boozer]

Rate increase Please

[yota691]

As it says The CBI is testing the system..lets start out with  those 50 JD notes...and encourage the citizens to participate @ the banks...tariffs start 3/1/15 it possibility they could as well use these 50 JD notes to pay some of these taxes...also possibility some of these notes have been counterfeited by a neighboring country or 's....and the courier system guarantees the CBI validation of funds...so it does seem they are testing the system....IMO..  

[Laid Back]

As it says The CBI is testing the system..lets start out with  those 50 JD notes...and encourage the citizens to participate @ the banks...tariffs start 3/1/15 it possibility they could as well use these 50 JD notes to pay some of these taxes...also possibility some of these notes have been counterfeited by a neighboring country or 's....and the courier system guarantees the CBI validation of funds...so it does seem they are testing the system....IMO..  

Agree with you Yota.!

-Tarriffs

- Money been transfer to banks

- 50 dinar note out of the market

Go dinar

Go strong $1.13:1

March 01 could be a very interesting day.!!!

[precious1]

Does make me wonder what and how they have prepared "their" tellers/bank employees for this turning in of the 50's. It seems as if the majority of individuals have ignored the banks. Will there be a sudden rush? Or will the people think....it's only 50's and ignore the call to get an account? Interesting to ponder how this all plays out.

[AJC]

Very encouraging. Great Post Yota !!!!

[Freedomwish]

....and the courier system guarantees the CBI validation of funds...so it does seem they are testing the system....IMO..  

 

That's my true gut feeling indeed, Yota!!  This has to be somewhat of a "TEST RUN'!!  Preliminary "mechanisms" are at play now to see how the citizens of Iraq and the world public are taking action accordingly.....and for everyone around the world to be ready for that main announcement when it happens.  It's around the corner!! 

Edited February 28, 2015 by Freedomwish

[MyLadiesDaddy]

Ok, I would like to add to this something I found while searching for an explanation

 

of, remittance. I'm not sure how the CBI will make as much income off of this system

 

as they did with the auctions, but they seem to think it is possible. Also it should be noted 

 

that just goggling it will bring up other systems that would HELP money laundering. 

 

For ex.

 

   What is Hawala? Hawala1 is an alternative or parallel remittance system. It exists and operates outside of, or parallel to traditional banking or financial channels. It was developed in India, before the introduction of Western banking practices, and is currently a major remittance system used around the world. It is but one of several such systems; another well known example is the chop, chit or flying money system indigenous to China, and also, used around the world. These systems are often referred to as underground banking; this term is not always correct, as they often operate in the open with complete legitimacy, and these services are often heavily and effectively advertised. The components of hawala that distinguish it from other remittance systems are trust and the extensive use of connections such as family relationships or regional affiliations. Unlike traditional banking or even the chop system, hawala makes minimal (often no) use of any sort of negotiable instrument. Transfers of money take place based on communications between members of a network of hawaladars, or hawala dealers2 . How Does H

 

http://www.treasury....-hawala-rpt.pdf

 

This is a very long but interesting read. And something of this nature is exactly what Arabs would do. 

 

Another term that came up was Informal value transfer system or IVTS. 

 

An informal value transfer system (IVTS) is any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. Informal value transfers generally take place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money. The IVTS transactions occasionally interconnect with formal banking systems, such as through the use of bank accounts held by the IVTS operator

 

 

How does IVTS work?[edit]

The sender gives money to an IVTS agent and his/her counterpart in the receiver region/country acts as deliverer of this money. The sender calls or faxes instructions to his counterpart and the money gets delivered in a matter of few hours. In the past, the message can be delivered using couriers, with men or even animals (such as pigeons). Settlements are made either with a private delivery service or wire transfer in the opposite direction. Another method of balancing the books is to under-invoice goods shipped abroad, so that the receiver can resell the products at a higher market price.^[7]

 

This sounds to me allot like money orders and wire transfers. Where have we all heard those words before?      

But there's something much more interesting, 

 

 

Use of IVTS[edit]

IVTS are utilized by a variety of individuals, businesses, organisations, and even governments to remit funds domestically and abroad. Expatriates and immigrants often use IVTS to send money back to their families and friends in their home countries (for workers who worked abroad) or foreign countries (for merchants who need extra money to start a business). IVTS operations are also used by legitimate companies, traders, organisations, and government agencies needing to conduct business in countries with basic or no formal financial systems.

In some countries, IVTS-type networks operate in parallel with formal financial institutions or as a substitute or alternative for them or. Besides citizens of the host country, people (legally or illegally) residing in the host country from foreign countries may prefer or need to use IVTS in lieu of formal financial institutions for various reasons as described below:

• the host country and the receiving country have no diplomatic ties or the host country actively discourage the sending of money to the receiving country.
• the constant change in the world political environments, unsatisfiable payment systems, and/or a rapid continuously changing financial sector; Are they{the CBI saying} that they are expecting a rapidly changing financial sector? 
• a lack of easily accessible formal financial institutions in remote areas of some countries;
• transfers that are more efficient, reliable, and cheaper than formal financial institutions. (For example, a wire transfer of funds using banks involves fees charged to the sender and receiver, may take from two to seven days to complete, and may be delayed or lost. Funds moved through IVTS are usually available within 24 hours, with minimal or no fees charged to the participants);
• to avoid paying higher foreign exchange rates. (Funds sent through traditional transfers are converted to the currency of the recipient’s country; the fee charged for exchange rate conversion is set by the institution. IVTS operators, who speculate in currency exchange rates, charge lower fees);
• to avoid paying transfer taxes;
• to ensure anonymity since there may be minimal or no records maintained; or Can you say sending money to Iran?
• to avoid mandatory reporting of large transactions from financial institutions to governments.
• Can you say, business as usual in Iraq?

Because IVTS provides security, anonymity, and versatility to the user, the systems can be also used for supplying resources for doing illegal activities. Following the September 11, 2001 attacks on the United States, IVTS have come under increased scrutiny and regulation in many countries as a result of pressure from the United States.

http://en.wikipedia....transfer_system

Is this why the high ranking delegation was in Iraq last week?

And here's a much simpler definition 

DEFINITION OF 'REMITTANCE'

The process of sending money to remove an obligation. This is most often done through an electronic network, wire transfer or mail. The term also refers to the amount of money being sent to remove the obligation.

http://www.investope.../remittance.asp

 

Transfer of funds, usually from a buyer to a distant seller, instrument of transfer (such as a check or draft), or funds so transferred.

Read more: http://www.businessd...l#ixzz3T4t4RGy1

 

​In conclusion this system seems clearly necessary if Iraq wishes to be an international marketplace.

And it just as clearly gives Iraq the ability to continue with, business as usual, from the auctions point 

of view. As has been stated here by so many the CBI is moving and doing so fast. That is a good thing 

for us. 

Read more: http://dinarvets.com/forums/index.php?/topic/198020-parliamentary-finance-for-work-remittances-system-is-designed-to-control-the-amount-of-money-sent-abroad/#ixzz3T4vzTrrm

[Saintsfan]

Thank you!!!!

[sandfly]

THANKS LGD