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Iraq's banks now computerized and ready for world trade

jpandlef3

By jpandlef3,
in Iraq & Dinar Related News

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jpandlef3 Newbie

jpandlef3

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07/08/2011

Iraq's banks now computerized and ready for world trade

Here is another google-translated article from the Iraqi news. It says that the World Bank has finally finished its restructuring of the five state-owned banks in Iraq. If I am reading this correctly, it means that now the Iraqi banks are fully computerized and are able to wire money world-wide. Its currency can now be truly tradeable throughout the world by internet.

Baghdad, July 8 (Rn) – The World Bank announced on Friday that it had completed the plans and technical procedures, financial and legal to develop the good performance of the bank and state-owned Iraq and restructuring.

The director of the unit restructuring banks Majid picture of Kurdistan News Agency (Rn) that “the unity of the restructuring of the problem by the World Bank completed the plans and technical procedures, financial and legal that will improve the performance of a bank of good and Mesopotamia and restructuring in line with the electronic development in the work of international banks”.

Keep in mind that when Saddam Hussein invaded Kuwait in August of 1990, and when the UN imposed trade sanctions on Iraq a few days later, there was virtually no internet at the time. Their banking system was primitive by today's standards. Because of trade sanctions, their banking technology was frozen along with their assets. When the US took over Iraq in 2003, they had to completely upgrade their computers and programs before they could feasibly restart world trade using their own currency (and banks).

This has now been "completed," says the World Bank.

Up to now, it would have done little good to remove the trade sanctions on Iraq, because they would have remained severely handicapped in trying to conduct world trade in dinars. It seems to me that this computer upgrade could well be the key to Iraq's emergence in the world, with a tradeable currency and listed on the FOREX.

Friday and Saturday the banks are closed in Iraq. It will be interesting to see if this completion was the final hindrance to the dinar's revaluation. Saturday may be too soon to watch, but Sunday is 7-10 on the calendar (as we write it). It correlates with 7-10 on the Hebrew calendar, which is the day of Jubilee.

http://www.gods-kingdom-ministries.org/weblog/WebPosting.cfm?LogID=2774

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easyrider Newbie

easyrider

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excellent news!!!!!!!!!!!! they are READY!!!!!!!!!!!!!!!!!

Up to now, it would have done little good to remove the trade sanctions on Iraq, because they would have remained severely handicapped in trying to conduct world trade in dinars. It seems to me that this computer upgrade could well be the key to Iraq's emergence in the world, with a tradeable currency and listed on the FOREX.

Edited by easyrider
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karinaa Newbie

karinaa

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Friday and Saturday the banks are closed in Iraq. It will be interesting to see if this completion was the final hindrance to the dinar's revaluation. Saturday may be too soon to watch, but Sunday is 7-10 on the calendar (as we write it). It correlates with 7-10 on the Hebrew calendar, which is the day of Jubilee.

http://www.gods-kingdom-ministries.org/weblog/WebPosting.cfm?LogID=2774

one can only hope.

great find, jpandlef3!! :twothumbs:

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wishwell11 Newbie

wishwell11

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I don't mean to be a downer ..just looking for clarification. I read this to say has finalized "the plan". Article from Feb thru June reflect doing the restructure June 2013. I hope I'm wrong.

http://articlesofinterest-kelley.blogspot.com/2011/05/iraq-private-banks-complain-about-bank.html

Iraq private banks complain about bank regulation new restrictions

related article ~ Iraqi Banks and Dinar ~ Private banks criticize the decisions of the Banking Act and Central asserts that it is for the protection of Iraqi funds ...

Wednesday, May 25, 2011

Iraq private banks complain about bank regulation new restrictions

The majority of private banks in Iraq affirmed on Tuesday that Iraq’s bank regulation allows public banks to monopolize the banking process especially after imposing new restrictions that require from private banks to raise their capital funds to 250 Billion Iraqi Dinar by the end of 2013.

While private banks caution that this decision would paralyze the private bank sector, Iraq’s central bank deem the decision as necessary to preserve Iraqi funds deposited in these banks.

“Certain private banks are facing difficulties to implement new restrictions of increasing capitals within three years until 2013 from 100 to 250 billion Iraqi Dinar”, expert Abbas Al Sudani at Al Shamal private bank told Alsumarianews.

“New restrictions that include as well merging private banks with other banks impede the banking process and hinder the development and upgrade of these banks”, Al Sudani said.

The acting director of Al Warkaa’ private bank Mohammed Al Samerraie told Alsumarianews that private banks are labeled by virtue of the bank regulation Article 28 as investment and finance banks, however, they are prevented from investing, he said.

“Since 2009, the Finance Ministry did not change its view regarding private banks. The Ministry tries not to

view regarding private banks. The Ministry tries not to deal with them. It only calls to deal with public banks which it provide with money supply knowing that public banks are incapable of following up development”, Al Samerraie added.

Central Bank advisor Mothahar Mohammed Saleh said despite the negative impact of government decisions on private banks, they are deemed necessary to protect public funds from looting mainly that there are government deposits in these banks. 37 out of 45 private banks mark failures, he told Alsumarianews.

Iraq had adjourned the restructuring program of Iraq’s finances system till 2013. The program included the restructuring of two Iraqi major public banks namely Al Rashid and Al Rafidain in addition to the monitoring directorate at the central bank and the development of the private banking sector.

http://www.alsumaria.tv/en/Economics-News-Iraq/3-64547-Iraq-private-banks-complain-about-bank-regulation-new-restrictions.html

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edbeach Proficient

edbeach

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I went to World Bank site could not find any info saying had finished its restructuring. The article says have completed the plans and technical, financial and legal to develope the good performance of the bank and state owned Iraq and restructuring. The way I am reading this is they have plans to develope this

not completed. The site above is some kind of church group.

I looked all over the www.worldbank.com site could not find anything to this completed. Also looked under Iraq at WorldBank site.

Hopefully someone else can look to verify that this is a true statement Sorry 2Pandef3 you are reporting what you have read but does not

seem to be as accurate as presented to us. Sometimes these church groups puts more into an article than really should be. IMHO

I hope I am wrong

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