THE IMPLEMENTATION OF THE COMPRENSIVE BANKING SYSTEM IN IRAQ
Al-Rafidain Bank announced, today, Tuesday, “the implementation of the comprehensive banking system in the White Palace branch in Baghdad, thus joining the branches in which the comprehensive system was activated in Baghdad, the governorates, and the branches of the border crossings.”
The bank stated in a statement received by Al-Mutala’ Agency that, “In line with the government program to move from paper to electronic transactions to provide the best services to citizens, the comprehensive banking system was implemented in the White Palace branch in Baghdad, thus joining the branches in which the comprehensive system was activated in Baghdad and the provinces.” The number of “28” branches is in addition to the branches of the border crossings (Zarbatieh – Safwan – Arar – Trebil), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.
He added, “The plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all bank branches in implementing the system,
especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to raise the level of… Services provided to customers and completion of their transactions.
(It is just a matter of time before ALL banks and branches implement this fully. Do we have to wait for this see the RV? I am told absolutely not, but how far must they progress? )
Hi MG, I read your example of the project to delete the zeros is supposedly to work, if I am reading what you describe correctly they will replace the 25K notes with 25 notes of equal value, essentially a LOP, and also from the exchange rate, but that does not solve the problem of current prices of goods, for example a loaf of bread let’s say is priced in the market for 25k for the sake of argument, if they make the 25k note equal to a 25 note, the price of the bread is still 25k, how do they plan to overcome this new difference?
Answer Mnt Goat:
Guten Tag clayrich. Hope you are fine today. I read you question and I have to say I am glad you asked it because you are a bit confused.
First of all, the IMF is not going “lop” the Iraqi dinar. A “lop” is a tool the IMF uses to restart a currency from massive inflation. A good example is the Zimbabwe dollar when in 2016 they gave the citizens weeks to turn in the 100 trillion notes for $25 US dollars each. After the deadline they were worthless. We also have articles for Iraq telling us they WILL NOT lop the dinar. They do not have massive inflation and so this tool of a lop is not necessary. That is why they call it the “project to delete the zeros” and not a ”lop”.
Iraq will be simply reducing the note count and are doing it now as I write this today, then when ready, they will drop the three zeros and give the citizens so many days to turn them in the old three zero notes for exchange of the new lower currency denominations. This exchange will most likely be electronic. It will be a 1:1 exchange but not like many think when I say one for one. Most think this is one dinar worth one dollar.----
I DO NOT mean one dollar for one dinar. I mean, for instance, a 25k note for a new 25 note. This is the 1:1 the CBI has talked about many times. Yes, the dinar may revalue first in-country to just over a dollar, but this is still not what the CBI meant by 1:1 in the past. Get it? I know it gets confusing.
If you just keep remembering that the VALUE of the dinar has always been there only when they drop the three zeros it becomes more manageable and nominal. The VALUE is still the same.
Of course, if you really read my explanation you would have read that this procedure is in-country ONLY. If you step outside of Iraq, when they finally do reinstate the dinar, the exchange of the three zero notes is different and will exchange to whatever the currency exchanges i.e. FOREX rate is at the time. You see they can’t just pop out a new rate on FOREX with first taking these prior steps in-country. Please go read my blog page again. Here is the LINK.
Secondly, about the bread. The pricing structure in Iraq- this will also change. How can it not? Don’t you think the stores will also drop the three zeros? Come’on use your head,….think, think, think ☹. Remember that they already swapped out Saddam Hussien notes for the three zero notes in 2004 and so now they will just reverse the process. Get it? This was actually a very silly question to ask. This is why the CBI plans a huge education campaign to take place prior to and during all this work. Get it? We have not yet seen this education yet. You will know it when we see it. I am told by my CBI contact there will be no doubt when it is taking place. It will be on the TVs and especially in news articles.
I also want to add that a major part of the inflation rate of what they do have today is due the inability of a merchant to make chance for a purchase since there are not now a series of lower denominations in circulation (5,10,25,50,100, ¼, ½ and the fils). For instance a loaf of bread costs $2 USD. The shopper gives the merchant a 10k note worth in this example $10. How can the merchant give change to the shopper? He will have to give $8 or 8 each of the 1000 notes (which are the equivalent of the $1). Now it gets real sticky since the 1000 note is not exactly worth $1 and is more like 85 cents so the change should be instead around $6.80 is $8.00. Do you see how cumbersome? Do I need to continue? This is also just another reason why they are going electronic, but certainly not one of the main reasons.
We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented. Pray for the U.S. in that there are strong enough representatives in Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country.
FRANK26: "IF I WAS SUDANI... I WOULD CELEBRATE WITH THE PRESS ALSO."........F26
Al-Lami chairs the meeting of the Supreme Committee for Press Day celebrations
6/8/2024
Today, Saturday, the head of the Iraqi Journalists Syndicate, Muayyad Al-Lami, chaired the meeting of the Supreme Committee for Press Day celebrations, while stressing the importance of showing the bright image of Iraq to the delegations that will visit Iraq.
The union stated, in a statement, a copy of which was received by {Al-Furat News}, that “Al-Lami chaired the meeting of the Supreme Committee charged with preparing for the celebrations of the National Day of the Iraqi Press on its 155th anniversary, reviewing before the members of the Supreme Committee
----
assigned by the Prime Minister the union’s procedures regarding the invitation Hosting delegations and personalities from various countries of the world, which include Arab and foreign ministers of culture and information, heads of Arab media institutions, and international organizations concerned with journalism and media. She added, "The meeting reviewed the preparation of all logistical and technical requirements for holding the celebrations, most notably the preparation for the central celebration that will be held in the Al-Zawraa Hall of the Al-Rashid Hotel on the morning of Sunday, June 30, under the auspices of the Prime Minister, the celebratory festival of the union’s branches in the governorates, which will be held in the gardens of Abu Nawas Street, and the public celebration in the center." Cultural and social activities, One Thousand and One Nights, as well as hosting meetings of the General Secretariat of the Arab Journalists Union.” The union continued,
“The meeting discussed the facilities that the supporting bodies represented by a number of ministries and other departments will provide to make this national celebration a success,” noting, “The meeting included representatives of the Ministries of Foreign Affairs, Interior, Culture, Transport, the Intelligence Service, the Baghdad Operations Command, the Baghdad Municipality, and the Iraqi Media Network, in addition to members.” Union Council. Al-Lami stressed "the importance of showing the bright image of Iraq and the major reconstruction campaign that the country is witnessing in front of the Arab and foreign media delegations that will participate with the journalistic family in its celebrations this year of the National Day of the Iraqi Press, which represent more than (50) countries around the world."
FRANK26: "74 MILLION DINARS... 80 TRILLION DINARS... IT IS A CONSTANT POLICING FOR THE MONETARY REFORM SUCCESS"...........F26
Watch the raid on a currency smuggling den and the arrest of two speculators in possession of 74 million dinars
6/8/2024
Baghdad –
Today, Saturday, the National Security Service raided dens of speculation and currency smuggling operations in Baghdad, arrested suspects, and seized more than a million dollars in their possession, and about 74 million dinars prepared for smuggling.
National Security Statement, a copy of which the 964 Network received:
As a continuation of the security operations carried out by the National Security Service against economic crime gangs and currency dealers, our detachments in Baghdad were able to arrest two defendants after raiding one of their hideouts in which speculation and currency smuggling operations were conducted. They were caught red-handed and in possession of more than a million dollars and approximately 74 million dinars prepared for smuggling after an intelligence effort and careful field follow-up.
They were referred, along with the seized items, to the competent judicial authorities to take the necessary measures against them in accordance with the law.
%2011.18.10%E2%80%AFa.%C2%A0m..png)