Mid-2024.. Iraq leaves government monetary dealing

[RJG]

Mid-2024.. Iraq leaves government monetary dealing

07:45

| 2024, March 17

 

Fourth - special

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the date for Iraq to leave government cash dealing and switch to 100% electronic collection.

Saleh told Al-Rabaa, “Government collection began at the beginning of this year, and electronic payments have been adopted through cards in various forms, but it takes some time to prepare revenue institutions for electronic payment.”

He expected that "by the middle of this year, the government collection rate will become 100 percent electronic, after important institutions such as the Ministry of Electricity and gas stations begin it, in addition to the gradual adaptation of the rest of the institutions."

He pointed out that "before the middle of the current year, there will no longer be a government institution that receives final cash, leading to the legal adaptation of electronic payment receipt with the Financial Management Law and the Accounting Systems Law, which are agreed upon and recognized in terms of conformity and compatibility."

He stressed that "things are going well and accelerating, and the year 2024 will actually be (the year of electronic payment) in Iraq."

https://alrabiaa.tv/article/81509/81509-منتصف-2024

[Laid Back]

“by the middle of this year, the government collection rate will become 100 percent electronic”

 

“things are going well and accelerating, and the year 2024 will actually be (the year of electronic payment)”

 

I think that this goes hand to hand with the delete of the 000 and the rollout of LD’s Notes.

 

Just my opinion.

 

Go e-payment 

Go delete of 000

Go LD’s Notes 

Go stronger dinar

Go purchasing power 

[stanleypower]

 They wouldn’t need the LD’s if it’s all digital, right?

[BETTYBOOP]

21 minutes ago, stanleypower said:

 They wouldn’t need the LD’s if it’s all digital, right?

They would because they will still need cash in general circulation. They have said all government departments and organisations will be digital but at the minute many citizens don't have bank accounts and continue to use cash. Iraqi citizens still see cash as king

[rvmydinar]

1 hour ago, stanleypower said:

 They wouldn’t need the LD’s if it’s all digital, right?

We'll just wait and see starting June 2024 to find out.

[RJG]

I kind of think the same thing Laid Back. 👍

[stanleypower]

58 minutes ago, BETTYBOOP said:

They would because they will still need cash in general circulation. They have said all government departments and organisations will be digital but at the minute many citizens don't have bank accounts and continue to use cash. Iraqi citizens still see cash as king

I jumped the gun Betty and didn’t connect the government reference 

[JonnyV]

13 minutes ago, rvmydinar said:

We'll just wait and see starting June 2024 to find out.

 

The said before which is probably April/May.

[Laid Back]

2 hours ago, stanleypower said:

 They wouldn’t need the LD’s if it’s all digital, right?

Of course they will need  LD’s. The most advanced economies in the world still uses cash. 
For example the USA is an electronic society and still uses cash, the same with Europe.
There’s not a country in the world that doesn’t use cash.

 

Go delete of 000

Go LD’s notes

Go stronger dinar

Go purchasing power

 

[BETTYBOOP]

1 hour ago, stanleypower said:

I jumped the gun Betty and didn’t connect the government reference 

 Not a problem. Don't worry about it. 

[rvmydinar]

1 hour ago, JonnyV said:

The said before which is probably April/May.

That's even better. Just wait and see then.

[screwball]

4 hours ago, Laid Back said:

“by the middle of this year, the government collection rate will become 100 percent electronic”

 

“things are going well and accelerating, and the year 2024 will actually be (the year of electronic payment)”

 

I think that this goes hand to hand with the delete of the 000 and the rollout of LD’s Notes.

 

Just my opinion.

 

Go e-payment 

Go delete of 000

Go LD’s Notes 

Go stronger dinar

Go purchasing power 

💯🎯⏰🎉

[screwball]

4 hours ago, Laid Back said:

I think that this goes hand to hand with the delete of the 000 and the rollout of LD’s Notes.

💯🙏

[Longtimelurker]

4 hours ago, Laid Back said:

“by the middle of this year, the government collection rate will become 100 percent electronic”

 

“things are going well and accelerating, and the year 2024 will actually be (the year of electronic payment)”

 

I think that this goes hand to hand with the delete of the 000 and the rollout of LD’s Notes.

 

Just my opinion.

 

Go e-payment 

Go delete of 000

Go LD’s Notes 

Go stronger dinar

Go purchasing power 

If it's government going electronic, what's the connection with 3 zeros and LDs? Not saying there isn't a connection, I just haven't connected the dots and I want to 

[BETTYBOOP]

1 hour ago, Longtimelurker said:

If it's government going electronic, what's the connection with 3 zeros and LDs? Not saying there isn't a connection, I just haven't connected the dots and I want to 

Not saying I am right , JMHO. 

THE people will need money in accounts to pay things electronically. They also need to be able to withdraw cash to go buy a loaf of bread. At the minute there is no coins or lower notes. So a lot of things are done in cash because they can't give change. Now if your rent is say 15, 000 dinars a week and you only have  that in cash then it is easy. But if they take it electronically they need to be able to take the exact amount. They can't round it up because then they would be taking more than they are due. They can't round it down cause then they would be loosing money. If they have lower denoms and fils then it makes it easier for every one to pay the correct amounts. At the present time slot of buisness is done by bartering. Partly because it is a normal part of their culture but it also helps them pay If some this in 25000 dinars and they only have 20,000 they would barter for a way to find the other 5000 dinar. They can't do that with international trade. The citizens can't buy something in the usa via the Internet  that cost $9 .50 if they don't work in coins in iraq. Hence the need for lower notes and fils. Hope this helps

Edited March 19 by BETTYBOOP

[3n1]

imo i dont think they will be any different than america , digital and cash running side by side , the USA did set up the banking , my conjectures only .... cheers

[Bama Girl]

42 minutes ago, 3n1 said:

imo i dont think they will be any different than america , digital and cash running side by side , the USA did set up the banking , my conjectures only .... cheers

Absolutely agree. I use a debit card extensively, BUT must have money in the bank to back up that card. Perhaps 2024 will be our year, surely will be nice. I hate to have to go cash in in a wheel chair 🤨😁

[southbeach]

But oh what a wheel chair it will be

[southbeach]

Just now, southbeach said:

But oh what a wheel chair it will be

Kidding.  The hard pull is over.

[Laid Back]

1 hour ago, Longtimelurker said:

If it's government going electronic, what's the connection with 3 zeros and LDs? Not saying there isn't a connection, I just haven't connected the dots and I want to 

“before the middle of the current year, there will no longer be a government institution that receives final cash, leading to the legal adaptation of electronic payment”

 

This is the connection I see……. My humble opinion.

 

For citizens to be able to pay electronically, they need to bring the

chunky cash, open a bank account and receive an electronic card.

They have to do it ASAP to able to pay for Gas, services, shopping, etc.

This means the CBI and the banking system are going to collect a 

BIG amount of the chunky money (The 000 notes). Then when the CBI

has collected a Big percentage of the 000 notes, they will go ahead with

the delete of 000 project.

 

“The Iraqi government is currently weighing the question of changing the currency so that the official cost of a US dollar will be 1.32 Iraqi dinars instead of 1,320 dinars. Implementing such a decision is likely to significantly increase Al Sudani’s popularity.”

 

“the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase thevalue of the Iraqi dinar.”

 

Go Delete of 000

Go Stronger Dinar

Go purchasing power 

 

 

 

 

 

[southbeach]

12 minutes ago, Laid Back said:

“before the middle of the current year, there will no longer be a government institution that receives final cash, leading to the legal adaptation of electronic payment”

 

This is the connection I see……. My humble opinion.

 

For citizens to be able to pay electronically, they need to bring the

chunky cash, open a bank account and receive an electronic card.

They have to do it ASAP to able to pay for Gas, services, shopping, etc.

This means the CBI and the banking system are going to collect a 

BIG amount of the chunky money (The 000 notes). Then when the CBI

has collected a Big percentage of the 000 notes, they will go ahead with

the delete of 000 project.

 

“The Iraqi government is currently weighing the question of changing the currency so that the official cost of a US dollar will be 1.32 Iraqi dinars instead of 1,320 dinars. Implementing such a decision is likely to significantly increase Al Sudani’s popularity.”

 

“the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase thevalue of the Iraqi dinar.”

 

Go Delete of 000

Go Stronger Dinar

Go purchasing power 

 

 

 

 

 

 

[RJG]

I think the deletion of zeros will be their last step. Going global with a higher paired dinar against international currencies is the end finale. 

[screwball]

6 hours ago, Laid Back said:

Of course they will need  LD’s. The most advanced economies in the world still uses cash. 
For example the USA is an electronic society and still uses cash, the same with Europe.
There’s not a country in the world that doesn’t use cash.

 

Go delete of 000

Go LD’s notes

Go stronger dinar

Go purchasing power

 

yep and need to bring in cash for liquidity to support

[screwball]

1 hour ago, southbeach said:

For citizens to be able to pay electronically, they need to bring the

chunky cash, open a bank account and receive an electronic card.

They have to do it ASAP to able to pay for Gas, services, shopping, etc.

This means the CBI and the banking system are going to collect a 

BIG amount of the chunky money (The 000 notes). Then when the CBI

has collected a Big percentage of the 000 notes, they will go ahead with

the delete of 000 project.

100% need to bring that chunky cash in and this suggest before jun 2024. They need to cash for liquidity

[Officiallytook]

11 hours ago, Laid Back said:

“by the middle of this year, the government collection rate will become 100 percent electronic”

 

“things are going well and accelerating, and the year 2024 will actually be (the year of electronic payment)”

 

I think that this goes hand to hand with the delete of the 000 and the rollout of LD’s Notes.

 

Just my opinion.

 

Go e-payment 

Go delete of 000

Go LD’s Notes 

Go stronger dinar

Go purchasing power 

I'm with you... I keep having signs for July pop up... Only other thing would be my bday... And if it's trying to tell me anything I hope it's about Iraq currency rate change to internationally recognized