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Bank of the Iraqi TPI gives credit cards to citizens internationally recognized

trooper

By trooper,
in Iraq & Dinar Related News

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trooper Newbie

trooper

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Bank of the Iraqi TPI gives credit cards to citizens internationally recognized

Jan 4th

Baghdad, January 4 (Rn) - The Trade Bank of Iraq the TPI, Wednesday, that gives to all citizens, credit cards, according to its accession to membership of the company (Visa) and membership of the company (MasterCard) Wars, indicating that the credit cards issued by the Bank recognized globally.

General Manager of the bank Hamdiya dry Kurdistan News Agency (Rn), "The Trade Bank of Iraq gives credit cards are recognized globally and omitted types of civil and Platinum cards for staff salaries."

She said dry that "the Trade Bank of Iraq is a member of the President of Visa International since 2005, and got the membership of MasterCard International in 2011," pointing out that "Visa and MasterCard cards are in place in all parts of the world."

She explained that "every citizen who wishes to obtain a credit card can review the bank or one of its branches in a number of provinces for details on getting on the cards," pointing out that "the cards are used for shopping and cash withdrawal and purchase online and in various foreign currencies."

And established Trade Bank of Iraq in 2003, according to law No. 20 of the CPA dissolved at the time, and based on its law, he has the Board of Directors follows the administrative prime minister of Iraq, the goal of establishing the bank is to be the interface of Iraq's financial outward with respect to transactions of the Iraqi state with the outside world.

http://translate.googleusercontent.c...KzoUTJ8j5XCGdA

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Crow Newbie

Crow

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If the funds on the card are internationally recognized then doesn't it stand to reason that the funds to pay back are in-turn internationally recognized ......JUST SAYIN I THINK THIS IS OF BIG Importance ........GO RV.... B)

Exactly what I was about to ask!!!!! It HAS to be a two way street!! No way you can recognize one half and not the other!! Man we are almost there!!!

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Striker1 Newbie

Striker1

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If they did that they would have to print a lot more currency at the 1170 rate. This could be one of those tells that shouldn't have slipped out, but then again. They are using the dinar as is right now over there. So I have no clue at this point

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VARusso Newbie

VARusso

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OK...I'll PLAY ALONG.....

EXAMPLE...

I just got a credit card and my limit is 5,000,000 ???

So I take a cash withdraw of 5,000,000 and it then RV's laugh.gif

1.) Do I now have 5,000,000 in US or

2.) I now owe 5,000,000 in US

MAKEITRAIN

Great question and I like the answer.....

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Carrello Rising Star

Carrello

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That was my question? How can it be international electronically and not paper currency..

I really like this type of article and think this one is important. But let me look at this from another stand point of the MasterCard credit card.

The article states that the credit card will be recognized internationally, not the payment that the purchaser would make to MasterCard for the short term loan you are taking from them.

MasterCard has established itself in Iraq's banking community When you use a credit card, you are basically taking a short term loan from MasterCard, and pay the bill with your Iraqi currency. MasterCard can pay for the purchase you made with any currency it wants to and does not have to be the currency where the purchase originated, and the IQD would not have be to be internationally recognized to run these transactions.

Don't get me wrong. I think the IQD will be internationally recognized very, very soon. I am simply looking at the transactional aspects of this.

I am walking and talking, and probably chewing a little Double Bubble, but I think this is the way it works. Smee, being a banker, you would know about this, right? Is my premise correct?

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Abarvets Newbie

Abarvets

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I really like this type of article and think this one is important. But let me look at this from another stand point of the MasterCard credit card.

The article states that the credit card will be recognized internationally, not the payment that the purchaser would make to MasterCard for the short term loan you are taking from them.

MasterCard has established itself in Iraq's banking community When you use a credit card, you are basically taking a short term loan from MasterCard, and pay the bill with your Iraqi currency. MasterCard can pay for the purchase you made with any currency it wants to and does not have to be the currency where the purchase originated, and the IQD would not have be to be internationally recognized to run these transactions.

Don't get me wrong. I think the IQD will be internationally recognized very, very soon. I am simply looking at the transactional aspects of this.

I am walking and talking, and probably chewing a little Double Bubble, but I think this is the way it works. Smee, being a banker, you would know about this, right? Is my premise correct?

Carello, I agree with most of what you said however the country in which the transaction takes place may not take the card even if the citizen was told it was internationally recognized. This has happened to myself. You pay the charges in your own currency. You will see that the charge was recalulated to your own currency, the spread determined by the card issuer. This is why I try never to use my cards when I travel. Not always possible, so pay close attention to the price you are paying and keep the receipts.

Don't know if this helps, just my personal experience.

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LittleMissAsh Newbie

LittleMissAsh

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In the basic forms of credit this might not mean much.. but then again if the people do not have faith or the money to place faith this would not matter any way, basically what I am saying is; this may very well be in the works if not already happened in country. A scenario may be helpful, Banks create money in the economy by making loans. The amount of money that banks can lend is directly affected by the reserve requirement set by the Federal Reserve. The reserve requirement is currently 3 percent to 10 percent of a bank's total deposits. This amount can be held either in cash on hand or in the bank's reserve account with the Fed. To see how this affects the economy, think about it like this. When a bank gets a deposit of $100, assuming a reserve requirement of 10 percent, the bank can then lend out $90. That $90 goes back into the economy, purchasing goods or services, and usually ends up deposited in another bank. That bank can then lend out $81 of that $90 deposit, and that $81 goes into the economy to purchase goods or services and ultimately is deposited into another bank that proceeds to lend out a percentage of it.In this way, money grows and flows throughout the community in a much greater amount than physically exists. That $100 makes a much larger ripple in the economy than you may realize! NOW I DONT KNOW ABOUT YOU GUYS BUT OUR BANKS BARELY LEND IN OUR CURRENT SITUATION, THE DINAR IS AN EVEN MORE PERILOUS PLACE DOES IT MAKE SENSE TO LEND WITH INFLATION ALREADY IN THE DEPTS, THIS COULD BE REALLY GOOD, BUT OF-COURSE THIS A LEARNING PROCESS FOR ME, SO I AM JUST TRYING TO SPARK CONVERSATION WITH FINANCIAL EXPERTS, I FOR ONE AM NOT.

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Carrello Rising Star

Carrello

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Carello, I agree with most of what you said however the country in which the transaction takes place may not take the card even if the citizen was told it was internationally recognized. This has happened to myself. You pay the charges in your own currency. You will see that the charge was recalulated to your own currency, the spread determined by the card issuer. This is why I try never to use my cards when I travel. Not always possible, so pay close attention to the price you are paying and keep the receipts.

Don't know if this helps, just my personal experience.

Got it. Thank you.

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