FRANK26: "THE CBI PREPARES FOR THE MONETARY REFORM & THE FLOAT".........F26
The Central Bank sponsors a meeting to establish a national company to manage electronic payment systems in Iraq
August 14, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first preparatory meeting to establish a national company to manage central electronic payment systems in Iraq, with the participation of a number of bank officials, bank managers, electronic payment service providers, and the Iraqi Private Banks Association. During the meeting, the importance of regulating electronic payment operations, keeping pace with rapid technological developments, and creating competitive payments that provide secure, reliable, easy-to-access, and widely interoperable payment services, as well as rapid response and high flexibility to technical and regulatory changes, were discussed.
The meeting reviewed the company's main objectives and the special requirements for starting the establishment, as it will undertake the tasks of managing, operating, and developing some of the central and basic electronic payment systems at the national level. This step came in line with the strategic plan of this bank, which goes hand in hand with the government program in the field of electronic payment and its development in Iraq.
MZ: I spoke to one in Reno who is involved with a large group there and they have not been activated and told to come in yet.
MZ: I am not saying it hasn’t started…I believe the overall process has started. Maybe just not getting to the redemption part yet-even for the whales.
MZ: Have I heard that they are hopeful they can do it before the first part of the week- yes I have heard that. .
Member: Are call centers to schedule appointments different than redemption centers? If yes, could be why they are not “scheduled” to work this weekend.
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Member: Tuesday is when many are saying it will finally go through
MZ: yes – a lot of the pundits say this….and I am getting the same from top bond contacts , group leaders –you name it. It certainly makes me feel a little excited….but going to stay grounded.
Member: Chief Fast Horse was on yesterday and indicates RV will go on 18th or 19th
MZ: There are still great expectations from everyone....and I know some people who are heading to their locations on Monday for preparations….So I am hoping Tuesday actually means something. Bond contacts are excited and are hoping this is it.
The World Food Programme (WFP) praised the situation in Iraq, noting that it is moving on a "positive path" as a result of security improvements and stability, while explaining that its role in Iraq is shifting from emergency response to building resilience and long-term sustainable development.
The Relief Web website reported a WFP brief on Iraq, stating that "recent improvements in the security environment and political stability have created opportunities for Iraq to move on a positive path. However, the harmful effects of climate change are affecting agricultural productivity, with increased salinity, desertification, reduced water flow in the Tigris and Euphrates rivers, and reduced rainfall, which has led to the loss of 12 million hectares of arable land, significantly impacting agricultural production."
The brief noted that "the repercussions of the climate change crisis have disproportionately affected the most vulnerable communities, and in a strategic move, WFP in Iraq is shifting its role from emergency response to building resilience and long-term sustainable development," indicating that "this shift is particularly important given Iraq's vulnerability to climate change, which is particularly evident in the southern region of the country."
He added, "The World Food Programme is working to align the targeting of beneficiaries through the National Bridges Programme for Skills Development and Youth Economic Empowerment, climate-friendly agricultural practices activities, and strengthening the safety net of the national social protection system to ensure alignment with strategic objectives and expand outreach to areas that previously suffered from a lack of services." https://www.radionawa.com/all-detail.aspx?jimare=39189
The latest information has been all over the place...but I can tell you the latest information that I believe is reliable is saying we will receive notifications sometime Tuesday...That would be the 20th...
And that would be great. Then we probably will be setting our appointments, more than likely, for Wednesday, with some possibility of Tuesday afternoon...
INTEL ONLY
***WHERE ARE WE NOW???***
Gem Finch, [16/08/2024 12:29 PM]
First R&R - new information today the money from BC and Divorce Decree or Death Certificate parent’s spouse there were four areas traded as bonds. The other thing is interest we paid on mortgages and bank loans for cars or whatever? And for some of the older folks so older people will get a pretty big chunk – now for those in the currencies and Zim and those with Zim - we will get our R&R put into our QFS accounts. They should tell us that and how much it’s going to be before the total from the exchanges are added. When it comes to the QFS - so the Quantum Card thicker than a CC and has three chips but we never carry that around with us and we only use it to move funds into your primary and secondary accounts, from the QFS account. You can move to three different banks. You don’t use it for anything else - it’s not a CC /Debit card and you don’t ever want to lose it.
Access to the QFS we will get the R&R into that account and know what that is before the other funds are added. Now here is the other thing to access the QFS they’ll use a biometric finger or thumb print and username and password all of which have to be written down and all other passwords at that exchange. And a five digit ID number and a new email address all you have to add to access your QFS accounts. So this is backed by the New UST - Bruce is saying gmail is a safe email.
We know when the R&R is happening for us - but for non-exchanges because this goes to anyone 28 years and older and the green card holders you need to have had your card for 18 month minimum. Say you're 55 or younger – but this will be deposited directly into your bank account. They know what your bank account is because of the Ssecurity you had to use and this all starts on Monday 19th August and could take up to 7 days to show up and you’ll know when you have a deposit - email/phone call or online notification. And for the older folks its substantial – but for the younger ones under 35 that says you won’...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/where-are-we-now-intel-only-by-gem.html
Posted On2024-08-16 By Sotaliraq The head of the Iraqi Digital Path Council, Dr. Safad Al-Shammari, identified several errors in the electronic payment system, which the government is calling for to address from time to time, while he stressed that to address these problems, it is necessary to start with the state ministries.
Al-Shammari said, “The electronic payment system in Iraq requires a set of basic requirements, including, foremost, the technical infrastructure, with the availability of fast and reliable internet networks, the development of modern and secure electronic payment platforms, and improving the means of connection between financial institutions, banks and electronic payment companies, not to mention security and protection, by ensuring digital security through data encryption and protection of sensitive information.”
Al-Shammari pointed out that “the success of electronic payment requires the development of anti-electronic fraud measures, such as multi-factor verification, and the availability of strong legislation to protect users from cybercrimes, which should be accompanied by awareness and digital culture, by spreading awareness among users about the benefits and mechanisms of using electronic payment.”
He added, “In return for a basic need, which is integration with banks and financial institutions, by enhancing cooperation between electronic payment companies and banks to provide integrated services, and enabling instant money transfers between different accounts, which are regulated by the legal and regulatory framework, by establishing clear laws and legislation to regulate electronic payment services, with real government oversight to ensure that all parties adhere to the required standards.”
Al-Shammari stipulates that “for this system to succeed, this government must support public policies by providing incentives and encouragements to companies and citizens to use electronic payment, in an effort to build users’ confidence in the system through reliable and transparent experiences, in addition to ensuring the stability and reliability of the system at all times.”
He stressed that “the electronic payment process was launched as a popular digital financial culture for all citizens, before it started at the top of the pyramid, represented by the state ministries themselves, which was a concern for all citizens when it started working on it, while it faced a challenge represented by the resistance of some of the parties assigned to implement this process in various ways and pretexts, which did not support the opportunities for generalization as a prevailing culture in Iraqi society, in addition to a number of technical factors, most notably the weakness of the technical infrastructure, lack of internet coverage or slow speed.
” Pointing out that “this makes access to electronic payment services difficult or unreliable, and the lack of advanced devices and systems in some rural or remote areas, not to mention security and privacy concerns, with increased concerns about electronic fraud and cyber attacks, and lack of confidence in the system’s ability to protect personal and financial data, which was reflected in individuals’ hesitation to switch from cash to digital payment methods due to old habits or lack of understanding of technology.
” Noting that “this matter has increased the chances of some sectors or even the people working in them resisting change, for fear of losing control or being exposed to new risks.”
Al-Shammari concludes, “Despite the great benefits that the electronic payment system can provide, there are some potential negative effects that must be taken into account, including what is known as the digital divide.
The spread of electronic payment may widen the gap between different groups in society, especially between those who have good access to technology and those who lack it, such as the elderly or residents of rural areas. In addition to the security threats resulting from the increasing reliance on digital systems, there may be an increase in electronic fraud and cyber attacks.
” He indicated that “this exposes users’ data and financial accounts to risk, and the loss of privacy, as it requires collecting more data about individuals and their transactions, which raises concerns about privacy and how this data is used, in addition to what is known as financial exclusion, when some individuals or small companies find it difficult to join the electronic payment system due to costs or technical requirements, which may lead to their exclusion from the digital market.
These are requirements and factors that must be carefully considered to reach the stage of sound digital dealings.”
It is noteworthy that the Iraqi government decided last year to oblige all its institutions - in addition to private schools and universities, gas stations, stores, restaurants, pharmacies, medical clinics, and others - to use electronic payment tools, and gave them a deadline to completely switch to this approach until the beginning of next June. LINK
