HUGE: Iraq Economic Reform Has Begun.

[Luigi1]

HUGE:  Iraq Economic Reform Has Begun.

Treat as a rumor.  Not verified.  Your opine.

 

 

 

Tlm724 Administrator Bondlady’s Corner:               CBI: The Launch of E-Cards (Cashless) For Small Businesses.

ARTICLE:  Iraq Launches Electronic Cards For Small Merchants To Confront The Dollar Crisis.

Tuesday, the Iraqi government issued a new mechanism for issuing electronic cards to small merchants, based on the directives of PM Muhammad al-Sudani.

This mechanism aims to reduce the demand for cash Dollars by real traders & enhance the role of banks in financial transactions.

The new issuance mechanism includes the following:

    -Payment companies submit a request to the Central Bank to obtain approval to create this product & launch the (merchant) card.

    -Determining the uses of cards for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023.

 

   The ceiling for these cards shall not exceed (100) thousand dollars per month), with the possibility of raising the ceiling in the future in light of the results of the actual implementation.

    The cards are used for the purposes of purchasing goods & services from known suppliers under pre-defined whitelists.

    The company bears its duty to apply due diligence & in accordance with basic requirements, the most important of which are the main international ban lists of the United Nations, the Office of Foreign Assets Control & the European Union.

    Small merchants' money is deposited in various Iraqi bank branches in Dinars.

Experts believe that this new mechanism will contribute to achieving the desired goals, through:

    Facilitating the external transfer process for small merchants, which will reduce the demand for cash Dollars.

    Strengthening the role of banks in financial transactions, thus reducing black market exchange operations.

    Monitoring external transfer operations, which will help in the fight against terrorism & corruption.

This step comes within the framework of the efforts made by the Iraqi government to address the Dollar crisis in the country.   

 

 

Issuing Electronic Cards To Small Merchants With A Ceiling Of $100,000 Per Month

  January 23 13:15 Information/Baghdad..  Today, Tuesday, a government source revealed the issuance of electronic cards to small merchants, while specifying their conditions.

The source said in a statement to the official agency, followed by “Al-Ma’louma”:

“Based on the directives of the Prime Minister & in light of the discussions that took place between the government, the CBI & electronic payment companies for more than two months, a mechanism for issuing electronic cards to small merchants was approved, with a ceiling of 100 thousand & Dollars.”“.” He added, Monthly to implement payment operations for import purposes in order to reduce the demand for cash Dollars by real merchants.

"The new mechanism includes:   

1- Payment companies submit a request to the Central Bank to obtain approval to create this product & launch the (merchant) card.

2- Determine the uses of the cards to be for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, provided that:

The ceiling of these cards shall not exceed (100) thousand dollars per month), with the possibility of raising the ceiling in the future in light of the results of the actual application.

3- The cards are used for the purposes of purchasing goods & services from known suppliers according to pre-determined white lists.

4- The company bears its duty to apply diligence Due & in accordance with basic requirements, the most important of which are the main international embargo lists of the United Nations, the Office of Foreign Assets Control & the European Union.

5- Small merchants’ funds are deposited in the branches of various Iraqi banks in Iraqi Dinars.

[Luigi1]

Here's another article related to the above...stability of the Dollar In Iraq...USD is stable...

 

 

Tlm724 Administrator Bondlady’s Corner:           Stability of the Dollar in Iraq.

Stability Of The Dollar Exchange Rate In Iraqi Markets.

The Dollar ER witnessed stability in the local markets, recording the following numbers:   Local markets:   – Selling price: 152,000 dinars per 100 Dollars
– Purchase price: 150,000 Dinars per 100 Dollars.

[Stabstones]

32 minutes ago, Luigi1 said:

HUGE:  Iraq Economic Reform Has Begun.

Treat as a rumor.  Not verified.  Your opine.

 

 

 

Tlm724 Administrator Bondlady’s Corner:               CBI: The Launch of E-Cards (Cashless) For Small Businesses.

ARTICLE:  Iraq Launches Electronic Cards For Small Merchants To Confront The Dollar Crisis.

Tuesday, the Iraqi government issued a new mechanism for issuing electronic cards to small merchants, based on the directives of PM Muhammad al-Sudani.

This mechanism aims to reduce the demand for cash Dollars by real traders & enhance the role of banks in financial transactions.

The new issuance mechanism includes the following:

    -Payment companies submit a request to the Central Bank to obtain approval to create this product & launch the (merchant) card.

    -Determining the uses of cards for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023.

 

   The ceiling for these cards shall not exceed (100) thousand dollars per month), with the possibility of raising the ceiling in the future in light of the results of the actual implementation.

    The cards are used for the purposes of purchasing goods & services from known suppliers under pre-defined whitelists.

    The company bears its duty to apply due diligence & in accordance with basic requirements, the most important of which are the main international ban lists of the United Nations, the Office of Foreign Assets Control & the European Union.

    Small merchants' money is deposited in various Iraqi bank branches in Dinars.

Experts believe that this new mechanism will contribute to achieving the desired goals, through:

    Facilitating the external transfer process for small merchants, which will reduce the demand for cash Dollars.

    Strengthening the role of banks in financial transactions, thus reducing black market exchange operations.

    Monitoring external transfer operations, which will help in the fight against terrorism & corruption.

This step comes within the framework of the efforts made by the Iraqi government to address the Dollar crisis in the country.   

 

 

Issuing Electronic Cards To Small Merchants With A Ceiling Of $100,000 Per Month

  January 23 13:15 Information/Baghdad..  Today, Tuesday, a government source revealed the issuance of electronic cards to small merchants, while specifying their conditions.

The source said in a statement to the official agency, followed by “Al-Ma’louma”:

“Based on the directives of the Prime Minister & in light of the discussions that took place between the government, the CBI & electronic payment companies for more than two months, a mechanism for issuing electronic cards to small merchants was approved, with a ceiling of 100 thousand & Dollars.”“.” He added, Monthly to implement payment operations for import purposes in order to reduce the demand for cash Dollars by real merchants.

"The new mechanism includes:   

1- Payment companies submit a request to the Central Bank to obtain approval to create this product & launch the (merchant) card.

2- Determine the uses of the cards to be for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, provided that:

The ceiling of these cards shall not exceed (100) thousand dollars per month), with the possibility of raising the ceiling in the future in light of the results of the actual application.

3- The cards are used for the purposes of purchasing goods & services from known suppliers according to pre-determined white lists.

4- The company bears its duty to apply diligence Due & in accordance with basic requirements, the most important of which are the main international embargo lists of the United Nations, the Office of Foreign Assets Control & the European Union.

5- Small merchants’ funds are deposited in the branches of various Iraqi banks in Iraqi Dinars.

Still use USD.. so nothing much..

[ronscarpa]

2 hours ago, Luigi1 said:

CBI: The Launch of E-Cards (Cashless) For Small Businesses.

ARTICLE:  Iraq Launches Electronic Cards For Small Merchants To Confront The Dollar Crisis.

 

 Great post Luigi - Thank you...! 

[Luigi1]

2 hours ago, Stabstones said:

Still use USD.. so nothing much..

 

Iraq will always use USD & will have a need to do so to conduct some international business.

The main issues are they have control over the parallel markets & money laundering.

[NWGUY]

Yeah...even after they change the rate, I am pretty sure that there will be some holdout's with the dollar.  Hard to say, but I won't be thinking about it much at all, as long as I have traded in my dinar.  Iraq and the middle east probably won't ever enter my brain again! 

[psdon]

 

1 hour ago, NWGUY said:

Yeah...even after they change the rate, I am pretty sure that there will be some holdout's with the dollar.  Hard to say, but I won't be thinking about it much at all, as long as I have traded in my dinar.  Iraq and the middle east probably won't ever enter my brain again! 

If it go's 1 to 1 i am OUT . And all the Middle East forgetabo-it from NY 

[BETTYBOOP]

yep 1 to 1 and I am gone. 

[TripleA1960]

Me, too!!! And let it be soon!!!

[Ricksterman]

Me too. 1 to 1 i'm gone

 

[ScaryMary]

At 1 to 1 I’m out too.

I have always said “See you in Reno” since I was 18….but the gurus ruined it by saying bs about cashing out in Reno.

So I’ll switch to “See you in Tahoe”. 😎