The Central Bank Prepares Banks And Transfer 25 Million Per Month!

[DinarThug]

CNN. Broadcasting While Okie's Jet Taxis On Runway !

 

 

(by don961)

15/06/2017 (00:01 pm)   -   Number of readings: 3   -   Issue (3950)

 

 

 

The central bank prepares banks and transfer 25 million per month

Range / Zahraa Al-Jassem

Meets the central bank is currently traveling shares of foreign currency by banks and financial transfer of 25 million dollars a month, but this process is still surrounded by a lot of impurities, it may be the most important do some more than the quota received ($ 3,000) at a time when others get can not it never even though bringing them all the documents required to complete the process of buying the currency.

According to specialists in economic affairs, all controls and instructions of the Central Bank and continuous control to adjust and facilitate this process, you will not be able to control the manipulation of winning in this process, because the traveler documents up to the central bank justified than the bank can not take any action on them. These specialists confirm that the disposal of the manipulation of the process will only be through the banking system overall application.

The central bank has launched in 2012 , foreign currency selling process for travelers out of the country by 5000 dinars for tourism and 10 thousand for treatment and then returned last year, and reduced the amount to $ 3,000, due to the financial crisis experienced by the country. Repeatedly it stressed the bank on the need to be the sales process after the completion of the required archives of all, and pointed to the possibility of traveler submit an application to the bank in the event of his need for a greater amount, also warned banks and financial transfer from the manipulation of quotas, but all that did not help, what is still many people find it difficult to obtain quotas for them. 

Says economist Majid picture in an interview (range), said According to the new Central Bank instructions, the citizen owner of the ticket and passport must be the carrier of these archives to get the amounts of the dollar in order to travel, and no one may come thirty and forty passport to receive the currency, and specify that the passport holder is buying only the allotted from the currency amount, but despite all these controls and control irregularities are still too many, because control a difficult process, when comes the documents are justified and are present here , the central bank can not take any hold them, but he also said: LGP Its control of this now has become a moral, at a time when it should be essential , especially since there are beneficiaries of the corruption process that takes place in the traveler's share of currency manipulationbeing through relationships with some banks and staff in order to carry out this process, but even that there are some companies involved in the matter, which requires the central bank 's comprehensive banking application system,because without such a system would not have sufficient capacity to monitor all sell the currency on passenger operations, expected at the end of his speech, that the overall banking system application soon. 

For his part , says Director of the Department of Accounting at the Central Bank of Ihsan Shomran Yasiri, in an interview (range), the central currently grants funds for banks to meet passenger quotas of currency, up to $ 25 million to be distributed to banks and companies, which amount depends on the quota given size the traveler which is the rate of $ 3,000 for every citizen willing to travel, that does not repeat the process during one month , more than once, stressing: that the number of beneficiaries from the sale of the currency may reach hundreds or sometimes thousands, and all banks take these quotas, whether civil or government, but the most given quota eligibility for banks. 

Yaser, acknowledges that the beneficiaries of this system may face some problems with the banks, but the process of corruption the broad scope excluded, continuing to say: As far as it comes to the central bank , there is no process of corruption in this matter, it has put controls and instructions and standards works accordingly. Yes , there may be a failure because of misconduct by companies or collusion with the citizens , an issue that exists and continuing in all economies, can not be controlled, but according to the controls also the citizen who submitted a complaint to the Central Bank not to sell the dollar by the banking company or bank, here it must be fined the company and the money back of them and be compensated for the citizen any difference in the price.

http://almadapaper.net/ar/news.....31636/link

 

[climber7]

Bump

[Wiljor]

Awesome Thugs, thanks amigo 

Ramping up monetary policies is in full swing, I like what's taking place and progress is very predominant 

[Officiallytook]

Hmm hard to get quotas huh

[Argyll]

Bad Ass Thug! 

Thank you!

[Man_Kind]

Always thirsty for Thug news.

Thanks !

[Gypsygirl11]

1 hour ago, Man_Kind said:

Always thirsty for Thug news.

Thanks !

Ditto

[DinarThug]

 

http://economy-news.net/conten.....hp?id=7938

 

The central bank sells 3000 dollars for every citizen willing to travel

  

06/15/2017 - 10:33

 

Announced the bank 's central Iraq, Thursday, it allocated the amount of 3 thousands of dollars to sell it for citizens wishing to travel, he said , adding that the preparation of the beneficiaries of the sale of the currency up to thousands . 

Said Director of the Department of Accounting in the Bank 's central charity Shomran Yasiri, in an interview I followed " Economy News " , the " Bank of the Central grants currently amounts to banks to meet quotas travelers from the currency, up to 25 million dollars are distributed to banks and companies " , adding that " the size of the quota given to the traveler is the rate of 3,000 dollars for every citizen willing to travel, on that not be a repeat operation during the month , one more than once . "

And between that " the preparation of the beneficiaries of the sale of the currency may be up to hundreds or thousands of times, and that all banks take these quotas , whether it

be civil or government, but share the most given banks eligibility

[DinarThug]

 

6-14-2017   Newshound Guru Kaperoni   Article:  "The central bank prepares banks and transfer 25 million per month"    

Sounds to me like they are at a point where the banking system is doing a good job monitoring transactions so they are preparing to liberalize access to foreign currency more...great news if true.

 

[sharkbait]

1 hour ago, DinarThug said:

 

6-14-2017   Newshound Guru Kaperoni   Article:  "The central bank prepares banks and transfer 25 million per month"    

Sounds to me like they are at a point where the banking system is doing a good job monitoring transactions so they are preparing to liberalize access to foreign currency more...great news if true.

 

Thanks Thug! I couldn't agree more.  And the more people travel, the more others are exposed to how much better Iraq has become, leading to better things!

[ChuckFinley]

1 hour ago, sharkbait said:

Thanks Thug! I couldn't agree more.  And the more people travel, the more others are exposed to how much better Iraq has become, leading to better things!

Going to bump that. 

[SnowGlobe7]

2 hours ago, DinarThug said:

 

6-14-2017   Newshound Guru Kaperoni   Article:  "The central bank prepares banks and transfer 25 million per month"    

Sounds to me like they are at a point where the banking system is doing a good job monitoring transactions so they are preparing to liberalize access to foreign currency more...great news if true.

 

This is Kaps view....do you guys here at DV agree with this?

 

[DinarThug]

6-15-2017   Newshound Guru Enorrste   Article:  "The central bank prepares banks and transfer 25 million per month"   Here is my take on this important development.  It occurred to me that what we are seeing here is a plan to use some of the reserves to reduce the money supply in Iraq. The article makes clear that there is not a corruption problem.  However, they are still putting some limits on the exchange (dinars for foreign currency).  Furthermore...the CBI is making it clear up front that the banks will not be allowed to take advantage of the public who wish to purchase foreign currency.  This means that they will be forced to give the foreign currency at the official rate rather than the market rate.  As word of this gets out there will be more and more people who will want to surrender their dinars at that rate, thus saving many dinars by getting the foreign currency below the market rate.

 

 

6-15-2017   Newshound Guru Enorrste   This will have two effects:  first, it will put pressure on the market rate to come in line with the official rate.  Why would I buy something with 1300 dinar if I could get it for 1160 dinar by simply converting to dollars first (or Euros, etc.).  This will stabilize the market rate immediately and begin to bring it in line with the official rate.  Second, the exchange of foreign currency for dinars will allow the CBI to destroy the dinars turned in (admittedly for a similar draw down on their reserves, however).  The result will put similar pressure on the market rate to begin to bring it in line with the official rate.  Of course the exchange will be monitored and limited so that reserves don't disappear. The CBI has ample reserves in comparison to the current money supply of dinars.  They could afford to give up even 1/3 of their reserves and still have over 100% coverage of their money supply.  ...this is a prudent and simple way to draw down the money supply without affecting day to day commerce...because they will be exchanging with "travelers," people who are doing so not for daily commerce but to go to a foreign country and spend the foreign currency.  This will therefore have no affect on liquidity within the country.  

6-15-2017   Newshound Guru Enorrste   Next, even though they will be giving up reserves, they will also be reducing the money supply of dinars.  Thus, ideally, they should still retain the strongest currency in the world in terms of reserves compared to money supply.  So, for example, if the current money supply is 40 billion dinars and the reserves is $60 billion, then if they reduce the money supply to 30 billion dinars the reserves could fall to $45 billion and they would still have 150% coverage of their money supply.  Finally, by putting it out front that the banks will be fined if they break the rules, the CBI is essentially forcing them to become "world bankers" who follow the big boy rules.  This will set them up for the move to a floating dinar.   
 

[3n1]

6 hours ago, SnowGlobe7 said:

This is Kaps view....do you guys here at DV agree with this?

 

 

was never a fan of either of these 2 camps myself but hey we're all entitled to our own opinion right ,, we never read of iraq's economic policies in any articles much anymore imo i feel its because the plan has been set for the most part for quiet some time now ,most here have been following this a long time , some of the last currency economic news for the iqd was to be pegged to the dollar in a basket of currencies shabibi referenced / mentioned no one would speculate against his currency take that how we will but i cant wait for the day however it rolls out ... cheers 

[DinarThug]

6-16-2017   Newshound Guru Enorrste    "The central bank prepares banks and transfer 25 million per month"    ...the article makes it clear that "overarching corruption" is not an issue, at least with this part of their plan.  This is a simple money supply reduction plan, in my view.  It only takes the participation of foreign travelers and could have a significant affect overall.   Furthermore, the number of foreign travelers can't be huge in relationship to the entire population, but it could be large in terms of the wealth of people in Iraq.  In essence it is an appeal to the top, say, 20% of the people.  I can't see how this won't have a positive affect on the dinar value and begin to draw the market rate in line with the official rate.

 

[chess]

.....OKAY, I'll do a .......I guess that means something good!!

[DinarThug]

The Central Bank Prepares Banks And Transfer 25 Million Per Month

Meets the central bank is currently traveling shares of foreign currency by banks and financial transfer of 25 million dollars a month, but this process is still surrounded by a lot of impurities, it may be the most important do some more than the quota received ($ 3,000) at a time when others get can not it never even though bringing them all the documents required to complete the process of buying the currency.
 
Enorrste:  Here is my take on this important development.

It occured to me that what we are seeing here is a plan to use some of the reserves to reduce the money supply in Iraq. The article makes clear that there is not a corruption problem.  However, they are still putting some limits on the exchange (dinars for foreign currency). 
 
Furthermore, as Punisher pointed out just above in the second paragraph quote, the CBI is making it clear up front that the banks will not be allowed to take advantage of the public who wish to purchase foreign currency.  This means that they will be forced to give the foreign currency at the official rate rather than the market rate. 

 

Enorrste:   As word of this gets out there will be more and more people who will want to surrender their dinars at that rate, thus saving many dinars by getting the foreign currency below the market rate.
 
This will have two effects:  first, it will put pressure on the market rate to come in line with the official rate.  Why would I buy something with 1300 dinar if I could get it for 1160 dinar by simply converting to dollars first (or Euros, etc.). 
 
This will stabilize the market rate immediately and begin to bring it in line with the official rate.  Second, the exchange of foreign currency for dinars will allow the CBI to destroy the dinars turned in (admittedly for a similar draw down on their reserves, however).
 
 The result will put similar pressure on the market rate to begin to bring it in line with the official rate.  Of course the exhange will be monitored and limited so that reserves don't dissappear.
 
The CBI has ample reserves in comparison to the current money supply of dinars.  They could afford to give up even 1/3 of their reserves and still have over 100% coverage of their money supply.  Therefore, this is a prudent and simple way to draw down the money supply without affecting day to day commerce
 
 Why?:  because they will be exchanging with "travelers," people who are doing so not for daily commerce but to go to a foreign country and spend the foreign currency.  This will therefore have no affect on liquidity within the country.
 
Next, even though they will be giving up reserves, they will also be reducing the money supply of dinars.  Thus, ideally, they should still retain the strongest currency in the world in terms of reserves compared to money supply.
 
 So, for example, if the current money supply is 40 billion dinars and the reserves is $60 billion, then if they reduce the money supply to 30 billion dinars the reserves could fall to $45 billion and they would still have 150% coverage of their money supply.
 
Finally, by putting it out front that the banks will be fined if they break the rules, the CBI is essentially forcing them to become "world bankers" who follow the big boy rules.  This will set them up for the move to a floating dinar.
 
Mike:    No feather ruffling, but Iraq's current M0 money supply is in excess of 60 trillion dinars, roughly $50 billion dollars. If Iraq loses 1/3 of the remaining reserves, roughly $40 billion, that will leave them with $28 billion dollars in reserves, to cover $50 billion dollars in M0 money supply. All this just to stabilize the market rate to 1205-$1, which is still shy of the official 1188-$1.
 
In order for the banks to pull in dinar, they need the participation of the citizens, which isn't happening. We've all read where 70% or more of the currency is "chunky" and outside the control and manipulation of the CBI.
 
The above article doesn't take into consideration the laws of supply and demand. The citizen is still restricted by the $3000 per day maximum purchase of dollars. That rule has been in effect for over a year and it hasn't put a dent in the market rate of the dinar. Just yesterday there was an article that put the street rate at 1251-$1.
 
This article is focused on foreign travel and the purchase of the dollar to facilitate it, it doesn't address the overarching problem of corruption within the auction process, there's too many fake/false invoices that are being generated while purchasing imports. Iraq needs to free the movement of capital, that means no restrictions on the purchase of any kind of foreign currency as well as being able to transfer it without delay.
 
Until Iraq can stop the corruption, I don't see anything changing. The rules and legislation are in place but what's missing is the charging, prosecution and imprisoning of those who are gaming the system, namely, the 1% at the top of the power pyramid that makes up the Iraqi government.
 
This is just an opinion, but we need more than a stricter controls on international travel, we need: that the overall banking system application soon." These are shortcuts designed to placate the masses with no real effect on the dinar.
 
Here's a link that takes data from the CBI with regards to M0 money supply.
 
https://tradingeconomics.com/iraq/money-supply-m0
 
Enorrste:  Mike, you missed a key point and made a significant error.  If the money supply is 60 trillion dinars and they reduce it by 1/3 then the money supply would fall to 40 trillion dinars.  You used 2/3 drop instead of 1/3. 
 
However, what you missed from my discussion is that the 20 trillion dinar drop would be paid for out of reserves, say $18 billion worth, leaving $38 billion in reserves to cover the remaining 40 trillion dinars in money supply, or nearly 100% coverage.
 
The banks only need the cooperation of foreign travelers, not the entire citizenry, for this to happen.  The dinars disappear and the dollars go away as well, to the foreign country with the traveler.  There is no interior affect except that the money supply drops, thus putting upward pressure on the value of the dinar value.
 
With respect to your comments on corruption the article makes it clear that "overarching corruption" is not an issue, at least with this part of their plan.
 
This is a simple money supply reduction plan, in my view.  It only takes the participation of foreign travelers and could have a significant affect overall.  With the specific restrictions noted in the article I don't see corruption as a problem. 
 
Furthermore, the number of foreign travelers can't be huge in relationship to the entire population, but it could be large in terms of the wealth of people in Iraq.  In essence it is an appeal to the top, say, 20% of the people.
 
I can't see how this won't have a positive affect on the dinar value and begin to draw the market rate in line with the official rate.

 

if the market rate is actually 1205 to 1, that is only 1.4% above the official rate.  On the other hand, if it is 1245 to 1, then the difference is 4.8%.  I am not clear on which is correct or whether either is correct. 
 
In any case, reducing the money supply has to have a positive affect on the dinar value, reducing the market rate.  As I noted, if I can go to the bank and get a dollar for 1188 dinars, why would I go to a local shylock and pay 1245 dinars for the same dollar?
 
Mike:   The vast majority of dollar purchases are through the purchase of imports, not foreign travel. If Iraq spends 1/3 of their reserves, or roughly $12 billion, that will leave them with roughly $28 billion in reserves.

Conversely, Iraq's money supply, in dollars, is $50 billion, reducing it by 1/3 would leave Iraq with a M0 money supply in dollars of roughly $35 billion dollars worth of dinar.
 
That would result in Iraq being upside down on coverage, they'd have $35 billion out and only $28 billion to cover it, they  wouldn't have 100% coverage of their M0 money supply.
 
Here's the deal though, this isn't a new plan. They've been allowing foreign travelers to buy $3000 for over a year and it's done very little to lower money supply.
 
There was an article out last week that spoke to Iraq's use of quantitave easing and that's directly effecting money supply, when they stop pumping cash into the system the M0 money supply should decrease.
 
Get the banks straight, pass the economic legislation and move to an open market economy, allowing business travelers access to $3,000 dollars won't move the needle.
 
IMO
 

 

Edited June 19, 2017 by DinarThug

[DoD]

Thanks Thug for the article. I use to follow Enorrste a long time ago until he hooked up with that other crazy bunch an slid into the abyss an lost all credibility. This Mike dude is a complete idiot, needs to read the news. The 3000 lb. gorilla in the room that neither one referred to was the RESTRICITION...Both kept talking about the 3000 dollar limit on travelers yada, yada, yada but both either forgot or don't know that this restriction has to go away per IMF instructions. There can be NO restrictions on another countries currency.

Example: How many of you folks that's traveled overseas has been limited to how much of that's countries currency you could buy? If I were traveling to Germany next week I can go to my bank an purchase 7-8 thousand dollars worth of Euro, no problem.

The issue is not the amount of dollar you buy or sell, it's the corruption within this process that has to be fixed...simple

[DinarThug]

Enorrste:    Mike, in your prior post you said that Iraq's money supply is 60 trillion dinars.   You also state that their reserves are $40 billion.  However, this link, from the World Bank, quoting the IMF, states that their reserves are slightly over $59 billion.
 
http://data.worldbank.org/indicator/FI.RES.TOTL.CD?end=2015&start=2015&view=bar
 
Second, while Iraq might not have 100% coverage and would therefore be "upside down" in your terms, it would still be the strongest currency in the world.  The US has less than 15% coverage of its money supply in reserves.

 

Iraq's imports last reported were $39 billion while its exports were $45 billion, leaving a positive trade surplus. 
 
https://tradingeconomics.com/iraq/imports
 
This means that the net affect is an influx of dollars of about $5 billion annually from exports being greater than imports.  These dollars go to the CBI to support reserves and would offset a loss of reserves from this plan.
 
In any case, the article in this thread is not talking about imports or exports.  It is specifically talking about taking in dinars for other foreign currencies which will be used by travelers abroad. 

Whatever those numbers turn out to be, it will be a plus to the CBI plan because it will draw in dinars while exporting foreign currency. 
 
In theory, at least, every dinar exchanged for foreign currency will be destroyed to reduce the money supply.  The exchange will be "dinar for dollar", or whatever, to whatever extent that the plan works.  Do we know how much Iraqis spend outbound for foreign travel?  It turns out that we do.
 
The most recent statistics show that outbound tourism expenditures for Iraq are about $3.5 billion annually and are rising.
 
https://knoema.com/WTTC2016/world-travel-and-tourism-council-data-2016?country=1000970-iraq
 
The article in this thread has been written to increase that tourism through aggressive banking options.  To the extent that it is successful one might expect a doubling or greater of that expenditure.
 
 If the expenditure doubled in one year, for instance, that would mean that the CBI could reduce the money supply by about $7 billion annually through this plan. 
 
A reduction of $7 billion in the Iraqi money supply would put significant upward pressure on the value of the dinar, thus tending to bring the market rate in line with the official rate. 
 
Once the two are in rough parity with each other (and a $7 billion reduction would be more than be sufficient, since that is about 11% of the total money supply and the difference between the official and market rate is, at most, 4.5%), then a move to a float becomes possible.
 
Thus, rather than this being a "pie in the sky" plan, it actually might work.  Even at the current level of outbound tourism ($3.5 billion annually, or 5.8% of the money supply), this is enough reduction in the money supply to narrow the official/market gap in the dinar to nothing.
 
Mike:    Yes sir, in 2015 Iraq had roughly $59 billion in reserves, but two and half years later it's roughly $40 billion, Iraq has been cannabalilzing the reserves to prop up the deficit in the budget. There are numerous articles on DA that speak to the reduced reserves.
 
I would strongly disagree that the dinar is, or will be in 20 years, the strongest currency in the world. Things like security, political stability, growing economy and interest rates are just some of the factors, Iraq has none of that.

Their currency is artificially supported by a peg and even with that, the market rate exceeds the required 2% band the IMF requires for Iraq to take the next step to Article VIII.
 
There isn't an economist or currency evaluator on the planet that states Iraq is or will be the strongest currency in the world, it's going to be years before they're even considered.
 
Currencies like the dollar, yen, pound and euro are reserve currencies and considered strong and safe. Heck, Saudia Arabia is light years ahead of Iraq and their currency is only worth .27-1 and no one even thinks of them when it comes to ranking the worlds strongest currencies.
 
But, that's not bad news, that's great news for us, it's why I got into the dinar in the first place. It's at the bottom.

There's nowhere to go but up. Honestly, it's not even fair to compare the US dollar and the dinar, it's apples to asteroids. Iraq's exports are $50 billion and the US is $2.7 trillion, it's in another galaxy.
 
I don't believe, especially with the latest article that speaks directly to quantitave easing, that Iraq would take the dinar from foreign travel and destroy it, that's a big leap. Iraq put out the 50K and they're still pumping money into the economy because there's no banking activity from the citizens, they get paid and either spend it all or put it under their mattresses, it doesn't go back to the banks to begin the cycle all over again.
 
Maybe it will work, I don't see how. What Iraq needs to do is abandon the centralized, socialist economic model and embrace the 21st century. Get the banks up to snuff so they're used for more than a currency trader, pass the economic laws and champion the open market economy.
 
The Balassa-Samuelson effect is what raises the value of the currency, not the tweaking of the sale of foreign currency purchases.    IMO   Stay grounded...
 
http://www.thisismoney.co.uk/money/markets/article-1619151/What-makes-currencies-strong-or-weak.html
 **************

 

[sandfly]

Thanks clown 

[DinarThug]

(by don961)

 

June 13, 2017

 

Components of the Iraqi payments system:

It consists of the Iraqi payments system from the following systems: - 
• The total settlement of real - time system Real : Time Grosse Settlement ) RTGS ) 
• Clearing electronic instruments system . Check the Automated Clearing House is ) the C-ACH , ) 
• internal clearing system The Inter Bank to Clearing the System ) site IBCS ) 
• Central Depository System Securities , the Central Securities , Depository ) the CSD ) 
• infrastructure payment system Retail Retail Payment DVD Nasser the system infrastructure ) RPSI )

1. The total settlement Wares system (Real Time Grosse Settlement System (RTGS

• Work with this system in Baghdad began successfully on 24/8/2006, and this system connects the Central Bank of Iraq with the main branches of banks and the Finance Ministry for the exchange of orders to pay high-value inside Iraq.
• The activities of this system provides for the replacement of manual execution of operations and thus ended the risks arising from conducting a comprehensive settlement of the values of payments between banks.
• Central Bank of Iraq is the owner of the system, and takes it upon himself to the inauguration of its programs in the participating sites, as well as holding training courses for users of banks who shall either administrative role of the Central Bank of Iraq is different from the most important tasks of monitoring bank accounts.
• In the first phase of the implementation of the system of five banks in a settlement processes involved with each other, but in accordance with progressive plans developed by the central bank to expand its work where it is currently system includes all banks and branches of foreign banks and developments on leave to work in Iraq.
• Available system security features (such as the principle of four eyes), and the Altakoel necessary for the operation of the system is provided by the Central Bank of Iraq exclusively.
• The number of banks participating in the system (65) banks in addition to the Ministry of Finance and the National Pension Authority and the Department of the care of minors and the branches of this bank.  

2. Clearing electronic instruments System (Check Automated Clearing House System (C-ACH

• Is a system that can participating banks and branches of the exchange of payment orders among them mechanically, and are sending net final settlement to the total settlement of real-time processing system, as well as being through the system the exchange of electronic instruments encoded ink magnetized and is retained a copy of the original instrument in section deposited in it and send an image of the instrument and its data through the branch system to the participant in the public administration system.
• The system is run effectively on 14/9/2006 branches of major banks (Rafidain, Rasheed, Baghdad, Iraq's commercial, Middle East) in addition to the other two branches of each bank participant. It has been involved more than 19 bank so far, in addition to the branches of the Central Bank.
• The training branches of the Central Bank staff in Basra, Irbil, Mosul and Sulaymaniyah, and the installation of the system in all branches of banks in the provinces above to activate and facilitate transfers between provinces.
• The electronic clearing system instruments is part of the automated clearing system. The start implementing the system (Bank of Baghdad, the Middle East Bank, Credit Bank, Dar Al Salam Bank, Commercial Bank, Trade Bank of Iraq) in addition to two branches of each bank and through the gradual expansion involved in the system now (17) and most of their descendants.
• Continue to train Iraqi banks and branches of foreign banks open gradually in Iraq for the purpose of engaging them to the system.
• The number of banks participating in the system (59) banks in addition to the central bank.

3. The internal clearing system between the branches of one bank The Inter Bank to Clearing the System ) site IBCS)

  Definition: -
a system for the exchange of internal clearing of government banks, which does not hold a comprehensive banking system where the public administration of the bank to monitor transfers accurately and efficiently and transparently and provides data for all transfers made through this system, where the system can be branches of the participating banks to send and receive payment orders file base encoded ink magnetized instruments among themselves through the system in a way mechanism.
- The actual operation of the system on 06.01.2016 where the number of participating banks (6) banks in addition to its affiliates.

4. Central Depository Securities System Central Securities Depository System) CSD)

• It began working system in the month of November 2008, a system that manages government securities issued by the Central Bank of Iraq and the Finance Ministry and through this system the central bank to control the liquidity of its location.
• The system manages the auction for government securities issued process - the primary market.
• The system to maintain the primary record (master record), including interest payments and repayment of debt processing.
• The system to settle transactions involving government securities in the market concluded between the participating banks - the secondary market.
• Conservation and archiving functions.
• Government securities registration system with a total settlement system is linked in real time to complete the financial settlement operations on the participants in the total settlement system accounts in real time. And through which money booking system to participate in bank accounts and the implementation of the process of transferring funds to the issuer and send payment instructions or details of the participants, as well as the benefits and refunds money payments when extinguishing releases
• The government securities registration system linking with the automated clearing system, the purpose is to provide information on the positions of mortgages at the beginning of each clearing session and details on the implementation of Alrhonaleti is done through the settlement process resulting from the clearing session.
• The number of banks participating in the system (28) In addition to the National Pension Authority and the Department of care of minors.

Infrastructure payment system Retail in Iraq , Iraqi Payment System Infrastructure) IRPSI)
within the framework of the pursuit of modernization and development of financial and banking services in Iraq and in line with international developments in this field , the Central Bank of Iraq has sought to create the infrastructure for the payment system retail including setting up national distributor for retail sale and payment by mobile phones to transfer money electronically to the POS and ATM automatic devices, where the system provides the opportunity for the Iraqi banks and mobile network operators and access to the most modern and sophisticated cash payments.

System components:
1. National divider National Switch to pay for retail payments through the use of the cards.

- national targets divided
  o expansion using payment tools for e (Rtat, mobile phone, Internet).
  o spread of POS and ATMs throughout Iraq.
  o reducing the use of cash and instruments.
  o database for all transfers and easily accessible.
  o supervision and control electronically transfers.
  o mobile payment Mobile Payment DVD Nasser
  o mutual retail payment system in Iraq provides an opportunity for Iraqi banks and operators of mobile networks , mobile access to the most modern and sophisticated cash payments integrated tools will the proposed system is unique on the interoperability level where Iraq has at present many the main advantages that are expected to facilitate the adoption of the payment system ,especially retail banking operations by mobile phone.

• The most important achievements taking place in the payment systems in the circle of payments

- activate the number arithmetic Unified of the International Bank Account Number) IBAN) payments system (RTGS- ACH) is defined as the international bank account number, which is based on international standards , a prototypical special figures client accounts banks allows users to validate number 

- the converter has the account, it was directed banks to adopt the common arithmetic figure in the IBAN internal transfers from the date of 02.01.2017.

- start working to assess the readiness of the Iraqi payments system in line with international standards (PFMIs) of Principles for Finical Market Infrastructures World Bank to improve the payment and settlement systems in Iraq as part of the agreement with the World Bank and dealing with electronic payment systems in Iraq.

- reform of payment of the staff of institutions and government departments salaries mechanism by settling their salaries bank accounts and ensures the bank to meet all the requirements for the application of the process of localization of salaries in banks and transfer the payment of salaries system to civilian staff , including allocations and benefits to an electronic system and from this point of the Central Bank of Iraq has sought cooperation with banks to bring this project into existence and localization of the success of the salary process has been started to work on the localization of the bank 's employees ' salaries is then circular on the rest of the ministries and government departments all over the year 2017

- to strengthen the role of payment systems in the financial inclusion through Digital services provided by banks and providers of electronic payment services as an important dimension in the Strategy of the Central Bank of Iraq and the automation of work through the use of electronic payment tools and encourage the use of financial and banking services provided by banks and providers of electronic payment services, and it also supports micro , small and medium - sized and small enterprises and to facilitate access funding.
- activate the electronic payment operations between government ministries and institutions.

- banks evaluate providers of electronic payment services technically and through the evaluation of the technical aspects of services and basic electronic banking systems, which is inferred through which the level of banking efficiency in the provision of electronic services to customers.

 

https://cbi.iq/news/view/130

 

[boosterbglee]

Thanks Thugs.....things are a happening!

[gregp]

Thanks, Thugs!!

[ChuckFinley]

17 hours ago, boosterbglee said:

Thanks Thugs.....things are a happening!

Thanks Thug!

 

There are a lot of positive things happening.