Electronic payment. Money is hoarding in homes and education is not at the required level

[6ly410]

Electronic payment. Money is hoarding in homes and education is not at the required level

economy

Ultra Iraq

 

13-Feb-2024

MANY CHALLENGES (GETTYI)

 

Not long ago, Iraq took the first steps to move towards attempts to activate the electronic payment system, as these steps began by localizing the salaries of employees, and then installing electronic payment devices in several places, including gas stations, but many experts and specialists still believe that the culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, as well as the widespread corruption in the country, hinders its full application.

Economists have seen that education for electronic payment in Iraq is not at the required level so far

According to experts, the Iraqi government, through attempts to apply electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars.

The economic expert, Nasser al-Kinani, believes that the application of the electronic payment system in all governmental and non-governmental sectors is difficult to obtain in Iraq, due to the lack of electronic culture among citizens of all segments, noting that "cash payment cannot be stopped and will remain partially due to its necessity."

Al-Kinani told Ultra Iraq that "the money is naturally hoarded by citizens and the possibility of withdrawing it and making it electronic in digital payment cards cannot be obtained without planning and persuasion."

"The best way for the success of electronic payment is for the central bank to remove 3 zeros from the currency, print new currencies, and announce a one-month period for citizens to exchange all their money for a new edition, which will give an impression of the strength of the dinar against the dollar and the rest of the currencies," al-Kinani said.

When this step is achieved, the government and al-Kinani's words "replace 10% of the funds and hand them over to citizens, while the rest is placed in a bank account that is opened for each citizen, depositing his money and giving him an electronic card through which to withdraw," stressing that "this step will eliminate cash circulation, corruption and hoarding, as well as currency smuggling in one way and another."

"Education for electronic payment is not at the required level now, and its application at gas stations and determining the period of total commitment to it is impossible to achieve because the problems that occur in this process now with the breakdown of payment devices and not others in the rest of the economic interests give many question marks about the seriousness of reducing the deduction of more than pricing," al-Kinani said.

Al-Kinani also said that "the government's step now to talk about electronic payment and oblige citizens is a step about a thousand miles with this project compared to successful experiences in many countries such as the United States of America, represented by the Federal Bank, whose electronic card is used everywhere, in addition to the Lebanese Byblos Bank and its card, which is used as an example in Baghdad, which spreads a global culture for these countries, unlike the poor culture of these transactions in Iraq, because the citizen lost confidence in the state after 2003 due to improvised political decisions." and the absence of real planning."

An economist said that cash payment cannot be stopped and will remain partially due to its necessity

Despite the "difficulty" of implementing the electronic payment system, the World Bank claimed on February 7th that Iraq's electronic payment infrastructure "is among the best in the region", according to a statement issued by the Central Bank of Iraq.

On the sidelines of Sudani's participation in the Davos Economic Forum in January, a government statement said the World Bank supports measures to develop the banking sector, especially the electronic defense system that attempts are being made to adopt in Iraq.

 

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On January 17, 2023, the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service, stating that "the system enjoys a high level of protection and safety, shortens time and effort, and contributes to activating the movement of the economy."

The previous government decision obligated the central bank to "facilitate the procedures for granting licenses to collect bank cards and exempt all transactions with electronic payment (POS) from taxes."

Ali Dadoush, a researcher in economic affairs, identifies the most prominent points through which the application of electronic payment systems in Iraq can be successful.

Daadoush said, in an interview with "Ultra Iraq", that "the application of electronic payment needs a culture and the dissemination of intensive simplified advertisements for the citizen and taking into account the experiences of countries where electronic payment systems have succeeded and gradually turned into a cashless society, such as Sweden, for example."

Experts talk about one of the reasons for moving away from the electronic payment system, which is the citizen's loss of confidence in the state after 2003

Daadoush called for "the need to emphasize transparency in the dissemination of sufficient information that allows the simple citizen to know what he has and what he owes, such as how much the commission of each company, how to export the payment card, how much its ceiling is, and others," saying that "these steps will facilitate the procedures for dealing with electronic payment systems in the country."

[NWGUY]

I think this gives me more confidence we will get the RV.  The Iraqi's are hoarding their dinars, and don't want to turn them in either, until the RV happens.  I don't think it would turn out so well if the CBI lopped, and they didn't get the value they have been waiting for.  So, I feel like the Iraqi's right now...if you want the old currency...RV, and you can have all of theirs and mine!  

[3n1]

2 hours ago, 6ly410 said:

The best way for the success of electronic payment is for the central bank to remove 3 zeros from the currency, print new currencies, and announce a one-month period for citizens to exchange all their money for a new edition, which will give an impression of the strength of the dinar against the dollar and the rest of the currencies

 

so is this person describing a lop without a exchange rate value change , a month is pretty short for all the iraqis to turn in the 3 zero notes or maybe he just omitted the new notes will have a new rate attached but this little snippet sounds like slight of hand trickery

( which will give an impression of the strength of the dinar against the dollar and the rest of the currencies )

thats bristling with confidence  if the plan was to lop they could have done that years ago imo...... cheers

Edited February 14 by 3n1

[3n1]

2 hours ago, NWGUY said:

So, I feel like the Iraqi's right now...if you want the old currency...RV, and you can have all of theirs 

 

if the cbi does like they did the 50 note the iraqis will have no choice but to exchange in the time period given or they can just use the 3 zeros for fire starters like the 50 which was worth about 4 cents at the time  😳

[NWGUY]

21 minutes ago, 3n1 said:

 

if the cbi does like they did the 50 note the iraqis will have no choice but to exchange in the time period given or they can just use the 3 zeros for fire starters like the 50 which was worth about 4 cents at the time  😳

 

21 minutes ago, 3n1 said:

 

if the cbi does like they did the 50 note the iraqis will have no choice but to exchange in the time period given or they can just use the 3 zeros for fire starters like the 50 which was worth about 4 cents at the time  😳

 

It sounds like you might be assuming they will lop...I don't feel that will happen, or they would have done it sooner.  They have had the lower denom's for quite some time, and I bet they are sitting at the banks right now just waiting for this to happen.  I personally feel that Iraq will revalue the rate, and then people can deposit the old notes, and get new ones at the time.  The Iraqi's will get some of the money back that they lost after the war.  I feel it will be a nice orderly transition.   Our notes will be turned into the bank of our choice, and then the notes will be sent to our treasury.  Easy enough.  I could be wrong, but I always look at the glass half full!  

[Longtimelurker]

Let's delete those ZEROS!!!! The RV should happen just after everyone turns them in! Let's go!!!

[WheresmyRV?]

Just do something! This is getting beyond old!! 

[jaybake]

Once you see those small notes, then we could be talking about RV. other than that everything else is bull crap. 

[Fimum]

Well, I hope the additional required education won't last another decade.

[Dretown39]

4 hours ago, NWGUY said:

 

 

It sounds like you might be assuming they will lop...I don't feel that will happen, or they would have done it sooner.  They have had the lower denom's for quite some time, and I bet they are sitting at the banks right now just waiting for this to happen.  I personally feel that Iraq will revalue the rate, and then people can deposit the old notes, and get new ones at the time.  The Iraqi's will get some of the money back that they lost after the war.  I feel it will be a nice orderly transition.   Our notes will be turned into the bank of our choice, and then the notes will be sent to our treasury.  Easy enough.  I could be wrong, but I always look at the glass half full!  

I asked a friend who used to work at a bank how does an exchange work. He said you hand in your notes to be deposited & they send it off to the treasury to confirm they're legit. Before you leave you will receive a receipt of deposit. The money doesn't take long at all before it's deposited into your account. Simple👌

[T B]

Ep 3282b-[DS] Running Cover For Biden Until Summer,Trap Failed,[DS] Will Be Tried At The Ballot Box

[Longtimelurker]

3 hours ago, jaybake said:

Once you see those small notes, then we could be talking about RV. other than that everything else is bull crap. 

That's what happens when they drop the zeros, that's why it's exciting 

[Longtimelurker]

2 hours ago, Dretown39 said:

I asked a friend who used to work at a bank how does an exchange work. He said you hand in your notes to be deposited & they send it off to the treasury to confirm they're legit. Before you leave you will receive a receipt of deposit. The money doesn't take long at all before it's deposited into your account. Simple👌

I'll be looking for a bank that has a delarue machine and if I can't find one, I'll deposit in small increments at first to "test" them. Be safe, be smart.

[Laid Back]

“the Iraqi government, through attempts to apply electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars”

 

84 trillion IQD / 1310 = $64 billion dollars 

 

Foreign Currency Reserves $120 billion dollars 

 

$120 billion dollars/ $64 billion dollars = $1.87

 

I don’t think they are going to LOP

 

GO STRONGER DINAR 👊🏼💵

[3n1]

6 hours ago, NWGUY said:

 

 

It sounds like you might be assuming they will lop...I don't feel that will happen, or they would have done it sooner.  They have had the lower denom's for quite some time, and I bet they are sitting at the banks right now just waiting for this to happen.  I personally feel that Iraq will revalue the rate, and then people can deposit the old notes, and get new ones at the time.  The Iraqi's will get some of the money back that they lost after the war.  I feel it will be a nice orderly transition.   Our notes will be turned into the bank of our choice, and then the notes will be sent to our treasury.  Easy enough.  I could be wrong, but I always look at the glass half full!  

 

im no lopster i would have sold back many many years ago im not sure how the translation converted over to english the part about the iraqi will get the impression of a strong dinar was weird maybe the original language had a different meaning  , and this article was not from the cbi maybe a opinion piece IDK i do know inside iraqs borders the citizens will gain purchasing power if the exchange rate is increased , one dinar will simply always be one dinar the same one USD is just one USD in america outside the country is where the dollar shows strength or weakness its the same for every country,  but the iqd will now have buying power in iraq untill inflation erodes that newfound strength , the increased iqd value will show its strength or weakness outside iraqs borders , i always hope for the best but prepare for the worst in everything . btw i do remember all the scenarios how dinar holders would exchange the iqd from simple rules to every kind of pie chart flow chart breakdowns, send ur iqd to panama and get a better deal and on and on , it is and was enough to drive one nutz .

waiting and watching 

[rvmydinar]

18 hours ago, 6ly410 said:

"The best way for the success of electronic payment is for the central bank to remove 3 zeros from the currency, print new currencies, and announce a one-month period for citizens to exchange all their money for a new edition, which will give an impression of the strength of the dinar against the dollar and the rest of the currencies,"

Sadly, this is just opinion piece only. And I bet the CBI won't even want to listen and read this opinion piece. Therefore, just take this as an entertainment purpose only. So, Do not make any assumption or a wild guess whether it is going to RV or LOP. Noone knows for sure  .

[T B]

Iraq - How & Why Iraq's Currency Will Reset

[dinarham]

  Thanks , TB, for your info regarding Iraq's huge push on their infrastructure , indicating that Iraq knows something good is about to happen ,that simple.