Oil decides to adopt electronic payment at gas stations starting from 2024

[6ly410]

Oil decides to adopt electronic payment at gas stations starting from 2024

economy

Ultra Iraq

22-November-2023

SHE SAID CITIZENS SHOULD COOPERATE IN ACTIVATING THE ORDER (FACEBOOK)

The Ministry of Oil has decided to adopt electronic payment systems at all gas stations as of January 1, 2024.

"Based on the directives of the Council of Ministers in its session numbered 23620 of 2023, held on October 31, 2023, related to activating the electronic payment service, adopting modern automation systems and ending cash dealing, and accordingly and in line with government directives, the Ministry of Oil decided to adopt electronic payment systems at all stations and suspend cash handling as of the first of January 2024," a statement issued by the ministry and seen by Ultra Iraq said.

According to the statement, "citizens must cooperate with the Petroleum Products Distribution Company by adopting modern mechanisms and means in the distribution sector to serve the public interest, by acquiring approved electronic payment cards so that everyone can refuel according to the new mechanisms, and benefit from the services provided in the distribution sector."

the distribution sector

[BETTYBOOP]

Another way to force money out of mattresses and into the banks. They will need a bank account with money in it just to be able to function on a daily basis. Forces a cashless society whether the citizens like it or not. Forces everything to be done in dinars and no lower notes or coins essential if being taken directly out the account

[Laid Back]

E-payment starting 1/1/24… No more cash at the pump ⛽️ 

 

They said 73% of the monetary mass is out of the banking system. This will help to bring some of that cash back to the banking system.

 

Bring you chunky money > Open a bank account > Get e-card > Pump Gas.

 

Go CBI

Go New monetary policy 

Go Stronger dinar

[6ly410]

The CBI director-general of investment and remittances, Mazen Ahmed, told Reuters that Iraq will ban cash withdrawals and transactions in US dollars as of Jan. 1, 2024. Ahmed indicated it is a push to curb the misuse of its hard currency reserves in financial crimes and the evasion of sanctions on Iran.

[Officiallytook]

20 minutes ago, Laid Back said:

E-payment starting 1/1/24… No more cash at the pump ⛽️ 

 

They said 73% of the monetary mass is out of the banking system. This will help to bring some of that cash back to the banking system.

 

Bring you chunky money > Open a bank account > Get e-card > Pump Gas.

 

Go CBI

Go New monetary policy 

Go Stronger dinar

This leaves me to believe they will not rv before 1/1/24, in order to get some of the money off the streets and from under mattresses etc. then go on to change the rate once it's down to like 10%

[6ly410]

 🤔 

[6ly410]

..

[6ly410]

15 minutes ago, 6ly410 said:

Iraq will ban cash withdrawals and transactions in US dollars as of Jan. 1, 2024.

what are the using instead? Worthless currency that is not international? 

[6ly410]

any thoughts on this? Let me know… I am curious what u all believe is happening here 

[6ly410]

Cbi go down all the time … not normal something is up 

[BETTYBOOP]

@6ly410  the way the statement reads.... they are not banning cash withdrawals in dinar. But banning cash withdrawals in dollars and banning transactions in dollars. However they will encourage the use of cards everywhere. If I have understood this correctly  we already knew this was planned.

[6ly410]

4 minutes ago, BETTYBOOP said:

But banning cash withdrawals in dollars and banning transactions in dollars.

Correct

[6ly410]

so….

[WheresmyRV?]

Great find 6LY 

[6ly410]

1 minute ago, WheresmyRV? said:

Great find 6LY 

 Thx 

[rvmydinar]

11 minutes ago, 6ly410 said:

what are the using instead? Worthless currency that is not international? 

May be Using E-payment or digital payment in Iraqi Dinar and then scan the QR-code at the cashier to purchase something, like buying gas or buying groceries, or buying something at the mall , etc. JMO.

[tjokie]

I believer it has to have started prior to 1-1-24. It is impossible, or at least highly improbable, that they expect to just turn one off and the other on overnight. We are talking a multi-million dollar cash economy. It would be like trying to turn a jumbo oil tanker at full speed on a dime! The result would be mass-destruction, sunken ship, total chaos! There has to be a length of time where the process begins so that minimal damage occurs.

 

Thus, I'm hearing possibly, highly likely, by dec. 1st. We'll see. Nobody knows for sure!

[screwball]

If Germany can change rate overnight so can Iraq….after all this is the Marshall plan all over again…changing the rate overnight will force Iraqis to deposit their cash so they can use their card, the problem is without a significant change in rate and consumer pricing accounts will be quickly drained….a rate change in my opinion needs to be done this can be done overnight or anytime before….

[screwball]

14 minutes ago, tjokie said:

highly improbable, that they expect to just turn one off and the other on overnight.

Germany did it….Iraq was based on the Marshall plan…the reconstruction plan is very similar…

[horsesoldier]

1 hour ago, screwball said:

Germany did it….Iraq was based on the Marshall plan…the reconstruction plan is very similar…

Only in Germany s case they had a new global currency in 2or 3 years.

All the best 

[cranman]

In my humble opinion, a slow and steady rise from a low revalue would cause the Iraqis to hold onto thier chunky money. Why would they spend if they know in a week or two the dinar could revalue and increase in value 2 or.trhee times.? They aren't tech illiterate? I'm sure some  Iraqis, not all, are speculating just like us that the exchange rate will rise substantially if it opens at a low rate. 

It would be a nightmare for business owners to adjust thier goods, contracts and services every week. 

It just doesn't make sense to me to open at .01, .10 or.35.

 

I think,  at least, a $1.00 is what we will see. 

[southbeach]

13 minutes ago, cranman said:

In my humble opinion, a slow and steady rise from a low revalue would cause the Iraqis to hold onto thier chunky money. Why would they spend if they know in a week or two the dinar could revalue and increase in value 2 or.trhee times.? They aren't tech illiterate? I'm sure some  Iraqis, not all, are speculating just like us that the exchange rate will rise substantially if it opens at a low rate. 

It would be a nightmare for business owners to adjust thier goods, contracts and services every week. 

It just doesn't make sense to me to open at .01, .10 or.35.

 

I think,  at least, a $1.00 is what we will see. 

I totally AGREE 

[keylime]

1 hour ago, southbeach said:

I totally AGREE 

Me too!

[RJG]

if Iraq keeps the official rate of 1300, then we will get .77 cents for ever dinar.  1/1300 = .000769 , delete the three zeros and you have .77 cents.  I'll take it. 

Edited November 23, 2023 by RJG

[edbeach]

Question doesn't every Iraqui citizen get the main food supplies free every month like we have a welfare system in the US. If this still exist it would take much longer for most to bring their hidden funds ?