Iraq to bring in central payment gateway

[Butifldrm]

Shabibi is definitetly doing his job. I pray the GOI does theirs.

[aaanth]

i couldn't find any place that said WHEN they will be implementing the portal. can anyone else? it would certainly be nice to know a TIME LINE!

[Girll7]

this is hugh!!!

[bluejay]

The mechanics are in place....Great article...Thanks for posting...

[ididitfirst]

Sara, if the next thing is.....rv, i owe you a couple of umbrella drinks in dear Ole b.

[1470]

This sounds very promising!!!

[touchedthesky]

Many legitimate researchers here have concluded that it is not really necessary for Iraq to have a fully seated Government in order to revalue it's currency. It sounds like another convenient excuse for Maliki&Co to impose one bogus delay after another. Just look at the past six months. There has been no end to Maliki &Co's endless excuses for endless delays.

In the meantime, Iraq's deprived population (who never had anything to do with the 9/11) deal with outrageously horrid living conditions. If the endless hype of the past six months is any indicator, crooked puppet Maliki (and his friendless "puppet masters") will probably die of old age by the time Maliki seats Iraq's Parliment (if ever).

After so many endless lies from Dinar Promotion Spammers (like Okie's "nuff said" BS), this is refreshing and legitimate dinar news. In order for any Country on this earth to use the Central Payment Gateway, it must have a Globally Recognized Currency, not one that's permanently glued to "1170 to one US dollar" cat litter. After months of guru garbage, this could be legitimate good news for all. Like a Real Life RV.

[easyrider]

this is the icing on the cake this is actually big news like most have you stated research and you will find the answer you seek they need a gloabalized currency to be able to do this. Wow,another step.

[mcfly831]

Huh? Iraq is getting an ATM machine?.....JUST KIdding

Yes, very good news

[WorkerBee]

i couldn't find any place that said WHEN they will be implementing the portal. can anyone else? it would certainly be nice to know a TIME LINE!

Soon!

[YourIntelSux]

Many legitimate researchers here have concluded that it is not really necessary for Iraq to have a fully seated Government in order to revalue it's currency. It sounds like another convenient excuse for Maliki&Co to impose one bogus delay after another. Just look at the past six months. There has been no end to Maliki &Co's endless excuses for endless delays.

In the meantime, Iraq's deprived population (who never had anything to do with the 9/11) deal with outrageously horrid living conditions. If the endless hype of the past six months is any indicator, crooked puppet Maliki (and his friendless "puppet masters") will probably die of old age by the time Maliki seats Iraq's Parliment (if ever).

After so many endless lies from Dinar Promotion Spammers (like Okie's "nuff said" BS), this is refreshing and legitimate dinar news. In order for any Country on this earth to use the Central Payment Gateway, it must have a Globally Recognized Currency, not one that's permanently glued to "1170 to one US dollar" cat litter. After months of guru garbage, this could be legitimate good news for all. Like a Real Life RV.

9/11? Wasn't that afganistan?........" thanks a lot Bin Laden" The Hang Over

[aferriss]

Very positive and exciting news. I'm waiting to see what happens next. GO RV!!!

[FrankenSLI]

Many legitimate researchers here have concluded that it is not really necessary for Iraq to have a fully seated Government in order to revalue it's currency. It sounds like another convenient excuse for Maliki&Co to impose one bogus delay after another. Just look at the past six months. There has been no end to Maliki &Co's endless excuses for endless delays.

In the meantime, Iraq's deprived population (who never had anything to do with the 9/11) deal with outrageously horrid living conditions. If the endless hype of the past six months is any indicator, crooked puppet Maliki (and his friendless "puppet masters") will probably die of old age by the time Maliki seats Iraq's Parliment (if ever).

After so many endless lies from Dinar Promotion Spammers (like Okie's "nuff said" BS), this is refreshing and legitimate dinar news. In order for any Country on this earth to use the Central Payment Gateway, it must have a Globally Recognized Currency, not one that's permanently glued to "1170 to one US dollar" cat litter. After months of guru garbage, this could be legitimate good news for all. Like a Real Life RV.

Well said! GO RV!!!

[Kanga]

this is hugh!!!

Welcome to our world ;-]]

[whodat1]

I don't see this as a big deal. This is just somthing they are working on and does not mean we are any closer to an RV. IMO

[ablaze96]

Enormous News in such a short article! Internationally Tradable is what we've been waiting for. Great find.

[Kanga]

I don't see this as a big deal. This is just somthing they are working on and does not mean we are any closer to an RV. IMO

I think that with each piece of important news like this, the RV is getting closer and closer, and IMHO 90% chance of RV by June 30th.

[k98nights]

Huge,this the biggest news yet. It has to be tradeable. Game....set....match. people will never understand how big this is.....

Truth!!!

[FXStockpiling]

http://www.tradearabia.net/news/BANK_198292.html

Iraq plans to introduce a $15-20 million central payment system within a year as it looks to tap into mobile and Internet banking to help boost transactions in its private retail banking sector, officials said on Monday.

The project, based on a memorandum of agreement between Iraq's central bank and the US Agency for International Development (USAID), will allow individuals and businesses to make and receive interbank and international payments electronically via a single gateway.

"It is a very important project, increasing the capacity of private banking ... so we co-operate fully with this project," said central bank Governor Sinan al-Shibibi, adding he expected the system to be online in the coming year.

"Access to information, access to accounts, movement of accounts. All these things will be very important to maintain stability of the system in general."

Iraq hopes the IPS (Iraq payment system), which will allow customers to bank using their mobile phones and the Internet, will help spur activity in its relatively dormant private retail banking sector.

Iraq's banking sector is dominated by two state-owned banks, Rafidain and Rashid. Many Iraqis trust these banks as they have known them for a long time compared to private banks, which are often reluctant to lend in the absence of an efficient court system which can settle disputes.

Regulatory framework

The mobile phone market, which did not exist under Saddam Hussein, has boomed since the 2003 US-led invasion that toppled him, although Internet penetration in the country remains low at three percent.

Carl Rosenquist, of banking technology company Monetics, which is involved in implementing the retail payments system, said he expected the project to cost around $15-20 million and hoped to finish it within 12 months.

However, the success of the project relies on Iraq approving the required legislation to mandate that local banks connect their banking systems to a central payments system.

"This is crucial. And the same goes for the mobile payment system and the SWIFT (global financial transaction system). If they do not mandate the use of it, then it is useless," Rosenquist said.

The IPS is also expected to help instill confidence among Iraqis in the country's banking system as a centralised electronic gateway that would help track any illegal transactions, reduce dependence on cash and would be a faster and more secure method for banking, officials said.

"We must create transactions because this is how the banking system works ... To make banking and payments available any time and for anybody," said Rosenquist, who has implemented similar banking systems in other places around the world including the Philippines and Maldives.

[Buckeye Pilot]

So much for it being done in our lifetime, These people NEVER cease to disappoint.

these idiots need 4 hrs to watch 60 min.

[gregp]

This is what we have needed to happen. Now we wait. This is so good!

[Psych]

Remember...this isn't the trigger for the RV...this is something that'll be in place after the RV. We could still potentially RV T anytime.

[JOLLY ROGER]

Another piece of the puzzle falls into place. Thanks for posting Sarah!

[BBear]

WOW, This does look good. And well done Sara with the research. Short and sweet, this definitely looks like something I can sink my teeth into. I wish we could get more posts like this instead of all the BS and posturing.

[deenar]

I don't see this as a big deal. This is just somthing they are working on and does not mean we are any closer to an RV. IMO

Open yo eyes foo! Even if it is just "something they are working on", it is huge. It means that the IQD will be internationally recognized! Yes, no date was given, but it shows their(CBI) intention. Some peeps just hate good news.