POS device is available at the Trade Bank of Iraq!
Trade Bank of Iraq (TBI) announces the provision of Point of Sale (POS) devices to facilitate electronic payment transactions.
You can enhance your customers' experience by using a fast and efficient device.
they wouldn’t provide these devices for businesses unless bank cards are about to be distributed….
And When bank card being distributed, it means the new rate is popping up, causing people to bring their old note to get the new one and deposit it into their bank account.
The Ministerial Council for the Economy discussed, on Monday, the use of electronic payment for all economic activities in the country.
Deputy PM and Minister of Foreign Affairs Fuad Hussein chaired the thirty-ninth session of the Ministerial Council for the Economy, which was held in the Council building, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture, Trade, Labor and Social Affairs, the Secretary-General of the Cabinet, the Governor of the Central Bank of Iraq, the Deputy Chairman of the National Investment Commission, and the PM's Advisors for Economic and Legal Affairs, according to the media office of the Ministerial Council for the Economy in a statement - received by the Iraqi News Agency - INA.
The statement added that "the Council discussed the items on its agenda and took the necessary decisions regarding them."
The Council hosted "the Director General of Payments at the Central Bank of Iraq to discuss and evaluate the mechanisms for implementing the Cabinet's decision to move towards using electronic payment instead of cash for all state institutions, public and private sectors, in addition to that, to study and expand this experience to include all economic activities throughout Iraq."
The Council also discussed "the working paper submitted by some members of the Council on the financial and monetary policy in Iraq and the means to develop the economy, maximize revenues, and take the necessary measures to confront economic challenges, in light of the political changes witnessed by the region, by diversifying sources of income and not relying entirely on oil imports, for the sake of stability and sustainability of the economy in Iraq."
MZ: We did see rates pop up briefly again this weekend. Things are getting exciting.
MZ: In Iraq we had $3.47 popping up on the forex sites and some currency sites over the weekend…Showing the IQD at $3.47. I wish I would have been sitting with a bank that was open and currency in hand when it popped.
MZ: We were getting similar numbers from contractors that believe will be the rate for their contracts. It was exciting to see those rates popping up.
Member: I would exchange for that rate in a heartbeat!
MZ: Fines and penalties did not go out yet.
Member: Mark Z Nader drop a video stating that the Iraqi dinar may have revalued for a $1.72 on the forex
MZ: on the bond side it is still quiet this morning. The last update on Saturday is they were still hopeful to be processing this week.
Project to remove zeros from Iran's deteriorating currency
The Iranian government has submitted a bill to the Islamic Consultative Assembly to remove four zeros from the national currency and convert its unit from the rial to the toman.
The government of Masoud Pezeshkian stated that the purpose of preparing this bill and submitting it to parliament is to “reduce the problems caused by chronic inflation and the decline in the purchasing power of the national currency,” which in recent years has led to a significant increase in daily transactions and a “clear decline in the reputation of the national currency” compared to other currencies.
Tasnim News Agency reported that this bill was approved by the second government of President Hassan Rouhani in August 2019, and has now been submitted to the parliament as an emergency bill in the fourteenth government.
An attempt is being made to preserve the “reputation” of the national currency by removing four zeros, while the Iranian rial is currently the least valuable currency in the world, and its value continues to decline, as it was exchanged against the dollar for more than 760,000 Iranian rials.
Although removing four zeros from the national currency may make trading easier in the market, the government has not explained how it expects inflation to be reduced by removing four zeros from the national currency. link
...the contractors received their exchanges, Iraq has removed all the corruption, ISIS, and now they have digital banking in the banks taking the control of the money out of the hands of the CBI.
The amendment for the rate changes was done last weekend and the Iraqi people know the rate is changing AND the banks in Iraq are operating with the basket of currencies for international business as we speak.
