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20MillionDinar

Open Market Operations aka "Currency Auctions"

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My personal thanks to all of you on this post. Great and important information. This threat of posts needs to be read by all who have invested in the IQD. 20Million, thanks for your work and insight.

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LOL. We all know the problem is there, too much currency in circulation. So I am focusing on learning about different solutions and possibilities.

AWESOME POST !!! Those threads are huge in my opinion , and just the right type of juice we needed !! Great Job !!!! :D :D :D :D

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Oh what I would do to be able to "job shadow" Mr Shabibi for a day or two... rolleyes.gif

Patriotic Party Girl posted a series of questions answered by Shabibi late last year, in response to my request for a Shabibi quote.

Here is an excerpt concerning the auctions,

Translation is always an issue

************

MP Osama Abdul-Aziz Mohammed Najafi (House Speaker): - 

the rule of the conservative idea did not reach the MPs, please clarify the issue precisely because there is a kind of mystery. 

- Mr. Sinan Shibib (Central Bank): - 

with respect to this particular point in the reserves or the truth of what we call the cover of the currency. 

the rule of the governor to be more simplified language because a section of the MPs is competent in the subject monetary and financial system.

- Mr. Sinan Shibib (Central Bank): - 

in fact when I mentioned how this reserve is made ​​up? 

Consists of a result from the sale of the Central Bank of his product key is the money to the government and the government give dollars and the dollar becomes the central bank in its balance sheet, in fact, this fundamental issue with regard to the existing reserve duty is primarily to protect the exchange rate volatility and the rapid intervention of the world if was the exchange rate to shocks and thus to influence the exchange rate, the parameters of stability is in fact essential in this area Lnh 

We use this and this reserve in order to maintain this stability and this happens every day, words, the auction process be funded from the reserve we have in the banking world, so This is used daily in order to maintain stability on the actual day. 

We are a Central Bank May I ask the brothers to know as an institution that short-term deal in the short term, so we are dealing stabilizing daily, we meet the demand for foreign currency or demand for the dollar and we encounter (100%) and this basis to achieve this stability.

 This is indeed a key issue and this is achieved, as reported each day and bring stability to a large degree in the economy and thus help in the development process. 

Another portion..

*************

- Mr. Sinan Shibib (Governor of the Central Bank): - 

There is also a question regarding an auction in foreign currency and the issue of the independence of the Central Bank. 

What I want to Ibanh also we, the auction of foreign currency which is the demand that comes from banks or commercial banks and the supply comes from the Central Bank and the main point that we have succeeded by largely because of this demand is reflected in the consumer goods that the central bank meets this request by a full (100% ) because it did not allow the central bank to create another market and therefore when we talk about the fight against inflation and the success of the Central Bank in the fight against inflation is, in fact, because the central bank managed the existence of large reserves that corresponds to this request a day in order to maintain the price level and maintaining the flow of goods. I'm sorry I can not go to the questions in sequence. 

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"Open market operations" are monetary policy tools that affect directly the monetary base; the monetary base can be expanded or contracted using an expansionary policy or a contractionary policy, but not without risk.

The monetary base is typically controlled by the institution in a country that controls monetary policy. This is usually either the finance ministry or the central bank. These institutions print currency and release it into the economy, or withdraw it from the economy, through open market transactions (i.e., the buying and selling of government bonds). These institutions also typically have the ability to influence banking activities by manipulating interest rates and changing bank reserve requirements (how much money banks must keep on hand instead of loaning out to borrowers).

The monetary base is called high-powered because an increase in the monetary base (M0) can result in a much larger increase in the supply of bank money, an effect often referred to as the money multiplier. An increase of 1 billion currency units in the monetary base will allow (and often be correlated to) an increase of several billion units of "bank money". This is often discussed in conjunction with fractional-reserve banking banking systems.

So now we know there are monetary tools that affect directly the monetary base. Monetary Base are the notes & coins that are in circulation. The monetary base can be expanded or contracted using two different methods.

First Method: "Expansionary Policy" (Expanding / Printing More Money)

http://en.wikipedia....monetary_policy

"In economics, expansionary policies are fiscal policies, like higher spending and tax cuts, that encourage economic growth.[1] In turn, an expansionary monetary policy is monetary policy that seeks to increase the size of the money supply. In most nations, monetary policy is controlled by either a central bank or a finance ministry." We already know how a country can "expand" their monetary base / currency in circulation. They print more money. This is exactly what Iraq has done ever since 2003 when they released the new IQD's and put them into circulation. I believe they started with about 6 trillion Dinars back in 2003 but for arguments sake we will stick with the facts. In 2004 IndexMundi states that they had 10,244,220,000,000.00 Iraqi Dinars in circulation. That is a little over 10 trillion dinars.

http://www.indexmund...acts/iraq/money

Now we know that the CBI has the ability to "expand" and has in fact "expanded" their monetary base from 10 trillion Dinars to 30 trillion Dinars in a matter of 4 years! That is a lot of printing...

Second Method: "Contractionary Policy" (Contracting / Decreasing Money in Circulation)

http://en.wikipedia....monetary_policy

Monetary base

Contractionary policy can be implemented by reducing the size of the monetary base. This directly reduces the total amount of money circulating in the economy.

A central bank can use open market operations to reduce the monetary base. The central bank would typically sell bonds in exchange for hard currency. When the central bank collects this hard currency payment, it removes that amount of currency from the economy, thus contracting the monetary base.

Iraq's Currency Auctions They sell U.S. dollars to the banks and receive Iraqi Dinars. This happens ALL THE TIME. When the central bank collects this hard currency payment, it removes that amount of currency from the economy, thus contracting the monetary base. This is our key to a significant RV, PERIOD!

Effectively DESTROY BASE MONEY:

Process

Since most money is now in the form of electronic records rather than cash, open market operations are conducted simply by electronically increasing or decreasing ('crediting' or 'debiting') the amount of base money that the bank has in its reserve account at the central bank. Thus, the process does not literally require new currency. (However, this will increase the central bank's requirement to print currency when the member bank demands banknotes, in exchange for a decrease in its electronic balance.)

When there is an increased demand for base money, action is taken in order to maintain the short term interest rate (that is, to increase the supply of base money). The central bank goes to the open market to buy a financial asset such as government bonds, foreign currency or gold. To pay for this, bank reserves in the form of new base money (for example newly printed cash) is transferred to the sellers bank, and the sellers account is credited. Thus, the total amount of base money in the economy has increased. Conversely, if the central bank sells these assets in the open market, the amount of base money that the buyer's bank holds decreases, effectively destroying base money.

Folks, I have created 3 threads this morning and all of them I personally feel are VERY IMPORTANT.

First Thread Titled: "Iraqi Bank Reserve Requirements" http://dinarvets.com...79entry611879This particular thread has debunked the false rumors floating around accusing Iraq of following the Islamic Banking Law, which they do not. This means that they do not follow 100% Full Reserve Banking.

Second Thread Titled: Smart Cards / E-Payment Will Decrease Currency in Circulation" http://dinarvets.com...31entry611831 I explained how moving to E-Payment such as the Smart Card can and will significantly decrease the amount of currency in circulation over time. This method will depend on consistent power through the country in order for the banks and ATM's to work....they obviously need electricity (thanks Dalite for the reminder) The Iraqi citizens will also need to build faith and trust with the different banks in order for this to work. Educational Campaigns could do this for them in a matter of weeks or maybe months.

Lastly, Thread Titled: "Open Market Operations aka "Currency Auctions" This PROVES that the currency auctions can (if not already) bring in tons and tons of Iraqi Dinars which will then be destroyed. This effectively destroys a country's Money Base aka Currency in Circulation.

I have provided tons of links and facts for the naysayers or for those who base their decisions off of logic and reasoning. I'm not sure if this is possible but I think a MOD should "Pin" this thread because it proves that a significant RV is possible. It proves all of the "naysayers / LOPsters" wrong. The biggest argument (which is valid and played a huge role in all of this) is the amount of currency in circulation. Well this thread proves that by using Contractionary Policy the CBI can decrease the Money Base (currency in circulation) through Open Market Operations which also can be referred to as Currency Auctions.

Thank you for taking the time to read through this.

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"Open market operations" are monetary policy tools that affect directly the monetary base; the monetary base can be expanded or contracted using an expansionary policy or a contractionary policy, but not without risk.

The monetary base is typically controlled by the institution in a country that controls monetary policy. This is usually either the finance ministry or the central bank. These institutions print currency and release it into the economy, or withdraw it from the economy, through open market transactions (i.e., the buying and selling of government bonds). These institutions also typically have the ability to influence banking activities by manipulating interest rates and changing bank reserve requirements (how much money banks must keep on hand instead of loaning out to borrowers).

The monetary base is called high-powered because an increase in the monetary base (M0) can result in a much larger increase in the supply of bank money, an effect often referred to as the money multiplier. An increase of 1 billion currency units in the monetary base will allow (and often be correlated to) an increase of several billion units of "bank money". This is often discussed in conjunction with fractional-reserve banking banking systems.

So now we know there are monetary tools that affect directly the monetary base. Monetary Base are the notes & coins that are in circulation. The monetary base can be expanded or contracted using two different methods.

First Method: "Expansionary Policy" (Expanding / Printing More Money)

http://en.wikipedia....monetary_policy

"In economics, expansionary policies are fiscal policies, like higher spending and tax cuts, that encourage economic growth.[1] In turn, an expansionary monetary policy is monetary policy that seeks to increase the size of the money supply. In most nations, monetary policy is controlled by either a central bank or a finance ministry." We already know how a country can "expand" their monetary base / currency in circulation. They print more money. This is exactly what Iraq has done ever since 2003 when they released the new IQD's and put them into circulation. I believe they started with about 6 trillion Dinars back in 2003 but for arguments sake we will stick with the facts. In 2004 IndexMundi states that they had 10,244,220,000,000.00 Iraqi Dinars in circulation. That is a little over 10 trillion dinars.

http://www.indexmund...acts/iraq/money

Now we know that the CBI has the ability to "expand" and has in fact "expanded" their monetary base from 10 trillion Dinars to 30 trillion Dinars in a matter of 4 years! That is a lot of printing...

Second Method: "Contractionary Policy" (Contracting / Decreasing Money in Circulation)

http://en.wikipedia....monetary_policy

Monetary base

Contractionary policy can be implemented by reducing the size of the monetary base. This directly reduces the total amount of money circulating in the economy.

A central bank can use open market operations to reduce the monetary base. The central bank would typically sell bonds in exchange for hard currency. When the central bank collects this hard currency payment, it removes that amount of currency from the economy, thus contracting the monetary base.

Iraq's Currency Auctions They sell U.S. dollars to the banks and receive Iraqi Dinars. This happens ALL THE TIME. When the central bank collects this hard currency payment, it removes that amount of currency from the economy, thus contracting the monetary base. This is our key to a significant RV, PERIOD!

Effectively DESTROY BASE MONEY:

Process

Since most money is now in the form of electronic records rather than cash, open market operations are conducted simply by electronically increasing or decreasing ('crediting' or 'debiting') the amount of base money that the bank has in its reserve account at the central bank. Thus, the process does not literally require new currency. (However, this will increase the central bank's requirement to print currency when the member bank demands banknotes, in exchange for a decrease in its electronic balance.)

When there is an increased demand for base money, action is taken in order to maintain the short term interest rate (that is, to increase the supply of base money). The central bank goes to the open market to buy a financial asset such as government bonds, foreign currency or gold. To pay for this, bank reserves in the form of new base money (for example newly printed cash) is transferred to the sellers bank, and the sellers account is credited. Thus, the total amount of base money in the economy has increased. Conversely, if the central bank sells these assets in the open market, the amount of base money that the buyer's bank holds decreases, effectively destroying base money.

Folks, I have created 3 threads this morning and all of them I personally feel are VERY IMPORTANT.

First Thread Titled: "Iraqi Bank Reserve Requirements" http://dinarvets.com...79entry611879This particular thread has debunked the false rumors floating around accusing Iraq of following the Islamic Banking Law, which they do not. This means that they do not follow 100% Full Reserve Banking.

Second Thread Titled: Smart Cards / E-Payment Will Decrease Currency in Circulation" http://dinarvets.com...31entry611831 I explained how moving to E-Payment such as the Smart Card can and will significantly decrease the amount of currency in circulation over time. This method will depend on consistent power through the country in order for the banks and ATM's to work....they obviously need electricity (thanks Dalite for the reminder) The Iraqi citizens will also need to build faith and trust with the different banks in order for this to work. Educational Campaigns could do this for them in a matter of weeks or maybe months.

Lastly, Thread Titled: "Open Market Operations aka "Currency Auctions" This PROVES that the currency auctions can (if not already) bring in tons and tons of Iraqi Dinars which will then be destroyed. This effectively destroys a country's Money Base aka Currency in Circulation.

I have provided tons of links and facts for the naysayers or for those who base their decisions off of logic and reasoning. I'm not sure if this is possible but I think a MOD should "Pin" this thread because it proves that a significant RV is possible. It proves all of the "naysayers / LOPsters" wrong. The biggest argument (which is valid and played a huge role in all of this) is the amount of currency in circulation. Well this thread proves that by using Contractionary Policy the CBI can decrease the Money Base (currency in circulation) through Open Market Operations which also can be referred to as Currency Auctions.

Thank you for taking the time to read through this.

WILL YOU PLEASE EXPLAIN TO THESE PEOPLE THAT THE DINAR WILL RV AT A RATE COMPARABLE TO THE KUWAITI DINAR, WHICH IS AT $3.65 USD RIGHT NOW. ONCE IT RV's THERE WILL BE A "REGULATED FLOAT". THIS MEANS THAT FOR 2 YEARS IT CAN ONLY FLUCTUATE BY 2.5%, UP OR DOWN, EVERY 90 DAYS. THERE WOULD BE NO POINT IN REVALUING IT LOW BECAUSE IT WOULD NOT BE COMPETITIVE IN THE CURRENT MARKET. IT CAN'T COME OUT LOW, THEN RISE QUICKLY BECAUSE OF THIS FACT. IT WILL REVALUE IN THE MID 3 DOLLAR RANGE. IF YOU HAVE ALOT, HOLD ONTO SOME BUT FOR THE MOST PART, IT WILL STAY AROUND THE MID 3 DOLLAR RANGE FOR AT LEAST 2 YEARS. THANK YOU, SLASH~

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WILL YOU PLEASE EXPLAIN TO THESE PEOPLE THAT THE DINAR WILL RV AT A RATE COMPARABLE TO THE KUWAITI DINAR, WHICH IS AT $3.65 USD RIGHT NOW. ONCE IT RV's THERE WILL BE A "REGULATED FLOAT". THIS MEANS THAT FOR 2 YEARS IT CAN ONLY FLUCTUATE BY 2.5%, UP OR DOWN, EVERY 90 DAYS. THERE WOULD BE NO POINT IN REVALUING IT LOW BECAUSE IT WOULD NOT BE COMPETITIVE IN THE CURRENT MARKET. IT CAN'T COME OUT LOW, THEN RISE QUICKLY BECAUSE OF THIS FACT. IT WILL REVALUE IN THE MID 3 DOLLAR RANGE. IF YOU HAVE ALOT, HOLD ONTO SOME BUT FOR THE MOST PART, IT WILL STAY AROUND THE MID 3 DOLLAR RANGE FOR AT LEAST 2 YEARS. THANK YOU, SLASH~

Why not provide some proof of your statements?

Since Iraq has NEVER had a currency that was anything but pegged to either the Pound or the Dollar, and there have been no articles stating their intent to change this set up.

You are basically only regurgitating items that the pumpers have used numerous times, never with any substantiating articles or links. No offense, but if you are going to do the same, then what difference is there between yourself and a pumper?

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While of course there are ways of reducing the money supply and you bring valid ways of doing it, they dont seem to care about reducing it naturally through the ways you exposed in your post.....Maybe you should tell shabs this cause they just keep printing and printing and those numbers in circulation just continue to climb!!

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While of course there are ways of reducing the money supply and you bring valid ways of doing it, they dont seem to care about reducing it naturally through the ways you exposed in your post.....Maybe you should tell shabs this cause they just keep printing and printing and those numbers in circulation just continue to climb!!

They've issued new currency since 2004 (after the exchange process) with full 100% backing. That can't be said for the initial 6.38 trillion produced, printed, and distrubted for exchange.

They've inflated their money supply by simply backing it 100% at the current rate at the time.

Would so many people be arguing R/D (LOP) if in reality, they only had about 8-10 Trillion in circulation as a whole (hard-currency & digital)?

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They've issued new currency since 2004 (after the exchange process) with full 100% backing. That can't be said for the initial 6.38 trillion produced, printed, and distrubted for exchange.

They've inflated their money supply by simply backing it 100% at the current rate at the time.

Would so many people be arguing R/D (LOP) if in reality, they only had about 8-10 Trillion in circulation as a whole (hard-currency & digital)?

Probably, because it wasn't us that have been stating it - it's been Shabibi, Saleh, CBI advisors, etc.

Even at those levels it wouldn't explain how Iraq could afford such an RV. I realize there are theories that Iraq can monetize their oil as a 'liquid asset' after moving to Article 8 under IMF guidelines, but to date nobody has put forward any nation that values their currency in such a manner, or that the IMF recognizes natural resources of a nation as an asset of the central banks.

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While of course there are ways of reducing the money supply and you bring valid ways of doing it, they dont seem to care about reducing it naturally through the ways you exposed in your post.....Maybe you should tell shabs this cause they just keep printing and printing and those numbers in circulation just continue to climb!!

Hey what's up Keep? How have you been man? You are right, it doesn't look like they are using these tools to reduce the money supply at this time. We need to tell Shabs to pull the plug on those printing presses and implement more of these monetary tools that can reduce their money supply!

Edited by 20MillionDinar
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20 million I appreciate your knowledge and skills so much. This article is sooo right on that it explains how our Planet will end up with one currency, one leader and eventually NO CURRENCY. Pray for Israel and keep up the good work.

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Unfortunately we don't have access to those figures at this time.

What we can do is try to figure out how much U.S. dollars is sold at a "typical" currency auction. Once we find those numbers, we figure out how many auctions are going on during a months time. Then we could have a very rough estimate as to how much currency they could bring in during a one month time frame.

Let me give it a shot.

**Disclaimer: Do not take this at face value. This is only an EXAMPLE I am using to make it easier with the numbers.

$100,000,000 ($100 Million Dollars) = 116,950,000,000 Iraqi Dinars (roughly 117 billion dinars)

It is safe to say that an average currency auction that takes place in Iraq ranges anywhere from $60,000,000 being sold up to $200,000,000 USD being sold. I am not exactly sure but let's go with an average of $100,000,000 per auction. I think we are safe to say that is an "average" currency auction.

So if they are able to bring in roughly 117 Billion Dinars per auction. they would need about 10 auctions to bring in a Trillion Dinars. That would be roughly 2 weeks.

2 weeks for 1 Trillion Dinars. So the CBI could technically bring in 2 Trillion Dinars a month right?

24 trillion in one year's time.

They have been doing these auctions for quite some time now. Like for years and years... I think it is safe to say that if they wanted to remove physical currency in circulation they could do it using the methods they are using on a daily basis. Simple as that.

Who can prove they are not using Contractionary Policy to decrease their Money Base via Open Market Operations aka Currency Auctions? Anybody?

****Thank You so much for breaking that down.**** :rolleyes:

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Maybe I'm simplifying this too much. One of the ways to increase the value of your currency is by reducing the amount in circulation. From what I have gathered, CBI can use the daily auctions to accomplish this. The problem I see is, once they start removing hard currency from circulation, that will increase the value of the dinar because there will be less available. Currently they are holding it at an artificial level. Perhaps they can't remove excess currency until Shabbs pushes the button. They have the vehicles in place.

Just my two cents here...

How much can they take out of circulation in a week, or a day? Say, for every 10, or 100, or 1000 dinar they bring in, they only allow 1 new to go out, ramping that compensatory factor as they need to. Then we have the little details like, the new bills have to be in circulation at the same time because at a $3.00 to 1 dinar rate (just hoping) locals with dinar won't have anything they can spend. Doesn't that bring the economy to a screeching halt? What do they do, only allow $25,000 to be converted per person per day, (higher for businesses) and require part of that to be deposited into a bank account with an atm card? That's what I would do. That converts part of the exchange into electronic money and reduces the need for bills. Tell everyone that they need to receive their oil and gas allotment via electronic transaction, and that they have to have an account, I bet they would be lining up...

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Maybe I'm simplifying this too much. One of the ways to increase the value of your currency is by reducing the amount in circulation. From what I have gathered, CBI can use the daily auctions to accomplish this. The problem I see is, once they start removing hard currency from circulation, that will increase the value of the dinar because there will be less available. Currently they are holding it at an artificial level. Perhaps they can't remove excess currency until Shabbs pushes the button. They have the vehicles in place.

Just my two cents here...

How much can they take out of circulation in a week, or a day? Say, for every 10, or 100, or 1000 dinar they bring in, they only allow 1 new to go out, ramping that compensatory factor as they need to. Then we have the little details like, the new bills have to be in circulation at the same time because at a $3.00 to 1 dinar rate (just hoping) locals with dinar won't have anything they can spend. Doesn't that bring the economy to a screeching halt? What do they do, only allow $25,000 to be converted per person per day, (higher for businesses) and require part of that to be deposited into a bank account with an atm card? That's what I would do. That converts part of the exchange into electronic money and reduces the need for bills. Tell everyone that they need to receive their oil and gas allotment via electronic transaction, and that they have to have an account, I bet they would be lining up...

If you read through this entire thread post by post you will gain a much better understanding. There is actually an example of what could be technically withdrawn from circulation via currency auctions early on in the thread. Also talks about electronic banking as well.

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Maybe I'm simplifying this too much. One of the ways to increase the value of your currency is by reducing the amount in circulation. From what I have gathered, CBI can use the daily auctions to accomplish this. The problem I see is, once they start removing hard currency from circulation, that will increase the value of the dinar because there will be less available. Currently they are holding it at an artificial level. Perhaps they can't remove excess currency until Shabbs pushes the button. They have the vehicles in place.

The problem with such actions, which can reduce the volume of currency, is that they need to be done while the currency is cheap, not after it RVs. So if you remove enough to allow a big RV, you kill off the economy before you ever get there. So to use this method they would have to RV slowly over a long period in many small steps taking money out at each step that comes in for exchange (same as selling foreign currency at auction) or sell bonds for. But a long slow stair step RV also will be obvious once it gets going and then it will lose effectiveness as folks will just wait for it to go up a couple of steps instead of just one.

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Nice research 20!

From what I read of your stuff, it sounds as though the CBI has been 'raising' the three zeroes for a few years now. By bringing them off the street via these auctions they are able to shrink the Money Supply. If they are successful in this process, and lets pray they are, they will be in a position to have a straight up RV and negate that friggin LOP crap.

The only thing is that all we know is that mystical number of 24 trillion in circulation. Well from 2007 until now they have had just about 5 years to remove much of it. Conservatively the auctions have a volume of $1,000,000 per day. They M1 can shrink it a very very manageable number based upon that trajectory.

Here's to hoping!

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Brilliant post, thank you from the Aussies...we would give you the job of Australian prime minister, 20mil!!!

Gotta be better than our Julia Gillard...we have a nick name for her....JuLIAR Gillard...as she lied BIGTIME to get into power...so you and Adam come down under...and come help run our country...after you're done replacing Obama, of course...lol!

Go well mate!!

Elm

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Thank You 20 mill,

I have read your post 5 times and it makes alot of sense. Good job on the research

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Mobile Phone Banking: Operate Iraq Bank Accounts

Under: Mobile Phones, News

Date: May 17th, 2011Information has come in regarding a new project in Iraq to set up mobile phone banking, thus enabling Iraqis to operate their bank accounts via their handsets.

Talks over the new project are currently being held between mobile operators (including Kuwait’s Zain) and Banks. With the initiative being to secure funds in Iraq and strengthen, the banking sector and apparently, enable Iraqis to manage their bank accounts with the use of their mobile devices.

In war-torn Iraq, about 70% of Iraqis own a mobile phone, whilst only 20% or 1 in 5 have a bank account. The AFP have reported that this new initiative is a part of a larger plan to combine Iraq’s banking system at an estimated cost of between $15-$20m.

In an article by CBR, Sinan al-Shabibi the Central Bank of Iraq Governor was quoted as saying “It’s a very important project” towards “increasing the capacities of private banking,” and also adding that the completion of the project is likely to be in the coming year.

Also as a part of the projects initiative to get Iraqis on board, they will receive a commission if they use their mobiles to withdraw funds from non-banking agents or to pay bills.

This current project they are working on should help make the transition over to the banking system. This in turn will allow them the ability to use more "fractional reserve banking" and less hard cash.

If the GOI can put out all of these articles regarding the removing of 000's every other day then I'm sure they can do the same in order to promote faith and trust in the current banking system. JMO

http://www.phonesrev...-bank-accounts/

The reason why I am posting the following is to show what has happened within 1 month and 1 weeks time since this discussion happened. I also feel that this article ties in nicely to this discussion.

FYI: DRV1804 posted the following article earlier today in the news section:

Najaf start using a smart card transactions daily in the state departments of the month as a future

09:17 14/09/2011

Najaf start using the smart card in the daily dealings of all government departments from next month.

A spokesman for Najaf province, Ziad Al Salhi told the correspondent N (a move to shift towards the use of scientific techniques of modern-day transactions, especially receipt of monthly salaries and in banks and some other events, in addition Walt facilitate the process of trading cash currency for Afard, businessmen and traders in the conversion money smoothly by making use of this type of card inside and outside Iraq)

For his part, Moataz Abdullah al-Hazir project manager for the smart card and e-government in Najaf said (that the company has completed all preparations to use the card to smart in the province of Najaf and will be used as a first stage in the government official before so they can be used card standardized information to all residents to maintain pointing that this type of use will greatly facilitate the cardholders receive their monthly salaries of the branches of the Rafidain and good and will facilitate future operations to pay some bills important Kfatourta water and electricity as well as for use in the payment of wages and other entitlements in the markets, malls and commercial facilities that will be placed ATMs mechanism during the period the next.

He said: The governor of Najaf are the first provinces that use smart cards in the trading of electronic and process a number of other provinces that are working to complete this project by including the provinces of Karbala, Nasiriyah and other Iraqi cities, indicating that this type of uses technology guarantees the elimination of many of rampant corruption)

http://translate.goo...Q3Q_4MhY6Ex8bjQ

Read more: http://dinarvets.com/forums/index.php?/topic/83863-najaf-start-using-a-smart-card-transactions-daily-in-the-state-departments-of-the-month-as-a-future/#ixzz1XxjRme6g

The full discussion on the subject can be found at the above link.

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All,

I dont get it!!! This is the best thread this site has ever seen, and no one is continuing. Most of the other threads are trash talk etc..., and we finally have what this site was designed for and no one is here.

Aint that the whoopin'

TREXXX :angry:

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All,

I dont get it!!! This is the best thread this site has ever seen, and no one is continuing. Most of the other threads are trash talk etc..., and we finally have what this site was designed for and no one is here.

Aint that the whoopin'

TREXXX :angry:

I totally agree. I read it all the time. When I am feeling depressed. :)

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