Rafidain Bank launches an ATM service
Rafidain Bank announced on Friday the launch of the ATM service, which depends on the electronic payment card.
The Bank’s Information Office said in a statement that “the ATM service in force internationally depends on the electronic payment card such as MasterCard and other payment cards that facilitate the citizen to withdraw money in any place where it is.
The statement pointed out that ‘this step comes to reduce the theft of citizens.’
Read More: http://www.dinarupdates.com/showthread.php?55886-Rafidain-Bank-launches-an-ATM-service
BGG ~ I highlight this article because of the obvious tie-in with other Rafidain articles to follow up… However, it is most interesting to see the choice of phrasing here…
“…‘this step comes to reduce the theft of citizens.’…”
Are citizens being robbed of their currency trying to get from the bank to their home? No. More like this is a step to eliminate the auctions and the corruption there – robbing the citizens (the people of Iraq) of the CBI reserves. This seems, to me, more of a proverbial comment.
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Rafidain Bank in Dhi Qar confirms that the introduction of ATM depends on the currency
Said the director of the Rafidain Bank in Dhi Qar Hussein Abbadi in a televised interview broadcast by the local Nasiriyah that the introduction of ATM in the markets and banks are subject to the implementation of the decision to delete zeros from the Iraqi currency, pointing out that the Iraqi currency suffers from large inflation at the present time.
http://www.nasiriyah.org/ara/post/55155
BGG ~ This article is from Dec – 2014 (I posted this a while back, as well…)
The person talking here is the director of the Rafidain Bank in Dhi Qar – Hussein Abbadi.
First off, I think this translation or reference to “inflation” is really talking about the size of the denominations and the value of the currency, not the actual inflationary index as many people assume. That would be a pretty long contextual leap. This is referring to the currency in a more direct sense.
He’s talking about the size of the notes and the value – IMHO.
Which, when taken in combination with the recent events – for instance, Rafidain offering this “wonderful ATM service” just lately, at least piques my interest.
Am I saying the ATM’s are loaded with lower denoms? No. They didn’t say that.
Am I saying A + B = C?? No. They didn’t say that either.
I am merely pointing out – in 2014, Rafidain laid out conditions for ATM services.
Here we are with a campaign to introduce this “miraculous ATM service”. Couple this with a very direct push to eliminate the CBI auctions… perfect STORM??
I do not know – but I am SO INTERESTED in watching this unfold.
P.S. Mr White and I did talk about this on our last call. Stay TUNED FOR MORE!!
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Parliamentary finance prepares the currency auction from the doors of corruption
The Parliamentary Finance Committee, Monday, January 01, 2018, auctioned the sale of foreign currency in the Central Bank a door of corruption. “The sale of foreign currency in the Central Bank is a door of corruption through the sale of currency to banks and civil companies and the use of false invoices under the pretext of importing goods from abroad,” said member of the Committee Rahim Darraji, accusing at the same time some political parties to stand and see false invoices and currency smuggling Abroad.
He added that “the sale of the currency has become a place to steal the dollar and the smuggling of currency abroad,” while pointing out that “Iraq is losing millions of dollars every day because of this auction,” calling at the same time Prime Minister Haider Abadi to issue an order to close the auction and the opening of other outlets to sell foreign currency.
Almasalah.com
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Iraq will not resort to floating the currency
Alaq said in a press statement today that “the reserve of the Central Bank of foreign currency is currently 48 billion dollars.” He added that “Iraq, which is one of the oil states depends on a fixed exchange rate, or fixed with flexibility, and does not resort to the method of floating, unless their reserves are controlled to a level without enough, which did not happen either in Iraq or other oil countries.”
“The flotation is difficult to apply in Iraq, considering that the government, de facto, monopoly the offer of the dollar and foreign currencies.”
The floating currency is to make the exchange rate of this currency fully liberalized, so that the government or central bank does not interfere in determining it directly, but is automatically discharged in the currency market through the mechanism of supply and demand, which allows to determine the exchange rate of the national currency against foreign currencies.
Floating exchange rates fluctuate constantly with every change in supply and demand for foreign currencies, so they can change several times per day.
Read More: http://www.dinarupdates.com/showthread.php?55896-Iraq-s-central-bank-governor-Ali-al-Alaq-said-on-Tuesday-that-the-bank-s-reserves-of
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Enorrste (Dinar Guru) – Article: “Central Bank: float the dinar is difficult to apply in Iraq” Alaq is giving a progress report on the plans to open the currency to a float. They have taken “a package of measures” to bring them to the point where a float will work. …Then he goes on to state that they are making efforts to achieve “financial inclusion” which I take to mean international acceptance of the dinar, now that the security and financial stability have been dealt with. Finally, he concludes by stating that paying federal employees through bank deposits is working to get people to use the banks. [post 1 of 2….stay tuned]
Read more: http://www.dinarupdates.com/observer/
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Enorrste (Dinar Guru) – The reason for the delay, in my view, is this last item. Unless and until the CBI can get the dinars out from the mattresses they are cautious to begin the float. In short, there are just too many dinars in circulation. However, as they get people to move to banking they can remove the large notes from circulation and begin the float. Therefore, I see this article as positive. It is a report card only but points to a goal (the float) that is imminent. I get to this conclusion because…it specifically is mentioned that Egypt moved to a float, but “too late.” This would imply to me that the CBI is not going to be “too late” in moving forward, unlike Egypt. [post 2 of 2]
Read more: http://www.dinarupdates.com/observer/
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The Central Bank cancels letters of guarantee to exchange companies
Economy News Baghdad: The Central Bank of Iraq, the companies to mediate the sale and purchase of foreign currency need to deposit 100 million dinars instead of the letter of guarantee in its dealings with the Central Bank.
According to a document issued by the Central Bank and obtained by “Economy News”, “The Central Bank decided on the basis of the decision of the Board of Directors of exchange companies to deposit a hundred million dinars in the insurance account with the Central Bank instead of providing letters of guarantee.”
“The payment will be by notice of the payment system ( RTGS) of the same amount from the bank account with which these companies are working for the central bank,” the document said.
The document stated that the decision obligates the companies to complete this decision, ie the deposit of 100 million dinars at the end of January.
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BGG (Dinar Guru) – Article: “Anti-Government protest continue for third day in some Kurdish cities” These unfolding events are BIG NEWS… Barzani’s “Old Guard” regime is on the verge of collapse. Abadi has been plain in his efforts to protect and help ALL the people of Iraq.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “A new term Atdoual Iraqi banks and earns “millions” during hours without paying one penny” Quote: “the daily speculation carried out by traders across the volatile instruments affect the stability of the currency rate and the size of the cash reserves of foreign currency because the bank will cover the needs of Iraq Foreign trade, but these speculators use these reserves for the purpose of profit.” So they either reduce the spread to 2% or less as required by the IMF or start the currency reform and float the currency so they can eliminate the dollar auctions.
Read more: http://www.dinarupdates.com/observer/
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Kurdish government accepts Baghdad’s conditions to end dispute
BAGHDAD: The Iraqi Kurdistan Regional Government (KRG) has agreed on the conditions stipulated by Baghdad’s federal government to solve outstanding problems between the two governments.
Talks will be resumed to end the punitive measures in the Kurdish region, Iraqi Prime Minister Haider Abadi said on Tuesday.
The KRG held a controversial referendum on independence in late September inside the region and disputed areas seized by the Kurdish forces during the past years.
Baghdad responded by imposing a series of punitive measures on the region including banning international flights into and from the region’s airports, shutting down the border crossings between the region, Turkey and Iran, and launching a huge military campaign to drive the Kurdish forces back to the 2005 constitutionally approved border.
Considering the September referendum illegal, Baghdad took steps to reinforce federal writ in and around the region, which has been autonomous since 2003. Abadi said there is a dispute between Baghdad and the KRG over the border of the region and the running of the border of the country.
“The constitution was clear relating to the border of the region and it was recognized (by the constitution) as the border of the region on March 9, 2001, but the regional (Kurdish) forces were out of these borders,” Abadi said on Tuesday in his weekly press conference.
“Also, the border (of the country) should be exclusively under the control of the federal government… so we took several measures to control the border and the border crossings.
“Now the regional government and the (Kurdish) officials said that they agree on these two points (conditions) and let’s talk,” Abadi said.
“I consider this an essential change… but we want to reiterate two things — which are the referendum was illegal and (there will be) no return to it (the results) again. The second thing is the recognition of the 2003 borders of the region and the borders (of the country) should be under the control of the central government.”
Read More: http://www.dinarupdates.com/showthread.php?55853-Kurdish-government-accepts-Baghdad%92s-conditions-to-end-dispute&p=180752#post180752
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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