KTFA:

Frank26:  "WHY DIDN'T THE CBI ALSO REMOVE THE 1, THE 10, THE 20, AND THE 100, 250 AND 500.....BECAUSE THEY WILL COEXIST WITH THE NSCN's".(new small currency notes) .....F26

The 5 and 10 thousand dinars denominations disappeared from the ATMs

Saturday 23 October 2021

Baghdad: Mustafa Al-Hashemi

Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, specifically, because of The latter's failure to provide all cash denominations in its ATMs.

Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash (cash).

i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”

And he added, "This case brings to mind the issue of citizens' trust in private banks, which has been shaky since the collapse of a number of them in previous years, which calls for a review of the issue of financial inclusion in the smallest details, especially the salary settlement clause."

For his part, the banker Hussein Najm believes that “these cases may occur in some private banks for accounting purposes or to facilitate the payment of the salary in the largest possible categories, and to facilitate filling the exchange with cash from those categories, as it will become lighter when transferred.”

Negm pointed out that "this case can be explained by the fact that banks encourage the public to adopt a saving policy, which has been absent from the family economy scene since the nineties of the last century, or it may be one of the problems or challenges of settlement and the banking system in general."

In turn, the expert in economic affairs, Dr. Hussein Al-Khaqani, said that there is a source of individual financial waste, represented by the electronic payment card holders of employees and retirees. When a notification is received of the release of the salary, the card holder quickly resorts to receiving his salary in cash from the exchange offices minus the commission.

Al-Khaqani added, “Perhaps the most important reason for this is the lack of electronic payment card readers, which are supposed to be available at all official authorities and the private sector, to collect their debts, such as malls, large and small shops, even taxi drivers, stores selling vegetables and fruits, ovens, restaurants, and even traffic departments and the collection of water fees. Electricity, payment of transaction fees and tax collection.

He stressed that “the banking automation process in Iraq is deficient due to the imposition of electronic cash dealings on employees and retirees, in exchange for limiting cash withdrawal points to outlets and ATMs and not providing them in all the aforementioned stores and agencies, which widens the cash gap between citizens and banks.”LINK

FROM MM & PETRA (10/24/21):

The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader to all cash transactions, in a way that encourages dealing with electronic cash. ….

” Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper. interbank market For his part, the banker, ….

MilitiaMan:  As I have shown in posts… …. The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their customers.

On the other hand, attracting commercial and financial operations available in the market. …. The USA and Japan connection are about implementation..imo ….. The need to activate is the focus ….

Salih today spoke of digital Dinar …. Electronic financial market…. ….

G7 talked of a guideline in regards to digital trade (currency) ….

Salih speaking out about digitization? Lol yep ….. Down to tracking to the penny.. or did he mean Fil? ……

The ust data supports that they are full capable of implementing a digital economy and are expecting it to be about Iraq but not all about Iraq!! Watch..imo … Militia-Man

Petra:  Thanks MM! Just jumped and thought I’d say hi ….PETRA

MilitiaMan:  Let’s think like digitization would think.. ….. It is about communication ...There is going to be a time where a synchronized event takes place ….. One that will have payments, settlements, taxes, fees, customs, futures contracts, etc, all on the same ledger..  Militia-Man

Petra:  Ok….That is correct. All on platforms observable by all parties…and I mean “all!!” …..PETRA

MilitiaMan:  Same stock exchange abilities …. Valued accordingly …. The isx is not NSDAQ ready at 1460 …. Militia-Man

Petra:  Yes, immediate algorithms engaged to level the playing field automatically …PETRA

MilitiaMan:  The PTB have had their work cut out for many years!! Militia-Man

Petra: But will there be countries who aren’t on board? (Rhetorical question) PETRA

MilitiaMan:  Yes but few… Militia-Man

Petra:  This has been in the works, honestly, since Bretton Woods… PETRA

MilitiaMan:  History is coming to the forefront.. Militia-Man

Petra:  The digital part came…when it was developed in order to handle these multi-international transaction! …. One must ask….why was this developed??? Because the problem needed a solution …PETRA

MilitiaMan:  It was apparently a necessity.. which suggests there is a deeper connection to the past than many may ever know or have expected…. Militia-Man

Petra:  Correct…strategic finance principles recognized the global problem 50 years ago with the FIAT system and therefore started us down the road when most of us were kids, or not even born yet.. …. Nixon taking us off the gold standard in the 70’s started this motion down its path…and here we are today…AMAZING what has been developed …. You are on top of those pieces MM.. …. I mean, think of this….from the70’s to today look what has been developed. The integration, automation, standardization, global integration, Fintech to get us to now… PETRA

MilitiaMan:  Interestingly enough, it takes time to know the necessary, yet also know they need room to work through the issues until the time is right. Effectively , there comes a time that if calculated correctly to be a spot on the chart the convergent is made.... Militia-Man

Petra:  A spot in history that will be remembered forever…and we are right in front watching it occur. And now, we are at the stage where implementation has begun formally with the ATM’s redistributing the money supply……know that this one small move will ignite the WORLD!!! .....PETRA

MilitiaMan:  It was tested more than once in the past and more again recently.. ….. A small move? Sure, a simple flick of a match.. lol… Militia-Man

Petra:  Yup…I’m still trying to get my head around the historical perspective and bring it to the present it truly is mind boggling… PETRA

MilitiaMan:  Or let’s suggest a simple move of a decimal place or three.. Militia-Man

Petra:  And we have been waiting for that “flick of a match” that has been in the work since the 70’s…do you realize the HUGE progress that has been accomplished???? Absolutely astounding. ….. Yes, one simple move….and the WORLD changes!!!! And I don’t think I even need to say IMO because it’s history we are watching!! ….PETRA

MilitiaMan:  We know from our past, our friends, family, business, etc, that there have been issues monetary wise. They date back many many generations.. They may be more true than ever thought and cannot be forgotten in totality in fact they need to be reconciled…..Militia-Man

Petra:  Certain “Bonds” have that history MM and they are being reconciled as we speak ….. Historical funds being redistributed to the present…monies that have been put away by time to be re-purposed for other global needs… ….. But that’s another conversation my friend…. PETRA

MilitiaMan:  The fact that there is open and notorious data uh to the largest connected entities on the planet show that change had to come, no choice in the matter and they affirmed it. It is in black and white and it is posted in the forum! …. …. Not to mention the UST website or email thread!..... Militia-Man

Petra:  Yes, and do you find it interesting that most, if not almost all countries in the world have signed on to this??? ….. How long ago have we said MM that this is not just about Iraq? …..PETRA

MilitiaMan:  No, not surprised at all. There comes a time when the tide rises there is a need to lay out the lines.. Get my point? Lol …Militia-Man

Petra:  Ha ha…yup! …PETRA

MilitiaMan:  Cant be strapped down as that can capsize the biggest and even most sophisticated of all platforms if you will.. …. Militia-Man

Petra:  Yes, but, no matter what size the boat (country) the power of the tide lifts all…consistently and equally. But, there will be some “submarines” where their currency due to lack of monetary policy or economic policy…their boats sink! …. Or should I say “sinks their boat.” LOL …PETRA

MilitiaMan:  So, I presume the questions are whirling around as to time and amounts? All I can say to that is they suggest digitization is upon us, so time is short.. As for valuations, that is a tricky topic as valuations depend on so many things. But, let’s just say they did tell us they want to go back to the previous era.. Well an era is a long time ago, not recent history. Glory days comes to mind.. Oil is not $45.. lol …. Militia-Man

Petra:  Agreed Sir! The amounts are set so as to drive the IQD to it’s starting point, which is higher than the USD, and significant enough to draw in the secondary markets …. And then….the SDR steps in! ……PETRA

MilitiaMan:  That my friend is one thing to be focused on. Private sector rules require transparency and pricing.. ….Militia-Man

Petra:  Also known as “The Glory Days!” …. Yes, they do…and the need for transparency is global for all! (Fintech) ……PETRA

MilitiaMan:  The glory days may merely be a focal point to start or were adjusted accordingly to meet present and future cash values … Militia-Man

Petra:  Yes, including all present and potential future valuations for all currencies….. PETRA

MilitiaMan:  At the same time synergistically ….. Militia-Man

Petra:  IMO..Iraq has been ready for 3 months…CBI Governor announced they were completely digital 3 months ago, but, needed to see the testing of the “mechanism” and they did…3 times as we have discussed previously …..PETRA

MilitiaMan:  It is my understanding at this stage there would have had to be a point where they feel everyone is on board and in sync to allow go time…  Militia-Man

Petra:  I believe MM, that we believe we are at that point! Agree?.... PETRA

MilitiaMan:  Yes, they have had testing and yes it was public as noted by the Swiss Euro and then the Euro to Jordanian Dinar clearing …. Militia-Man

Petra:  Iraq has already lit the fuse with the cessation and removal of the 3 zero notes… …. A vacuum has been created and “must” be filled soon or there will be confusion in the minds of the citizens ….PETRA

MilitiaMan:  They talked Dinar digital currency today!! Why? Because it is reality ….. Imo they are further along than most actually get. Imo …. Militia-Man

Petra:  Yes, but the funny thing is, we are so focused on Iraq but other countries, many many countries…have been doing so all along behind the scenes. ….. And, with the agreement with the UST and the other 139+ countries….IMO, are ready!.... PETRA

MilitiaMan:  The amount of data to suggest that what I say about being further along than ever thought can be seen yesterday about the local digital crypto currency that took the street by surprise and was successful and we never heard of it.. …. They are more savvy than given credit.. imo… Militia-Man

Petra:   Oh so true…. PETRA

MilitiaMan:  The money is the focus… imo It fits the need and priorities..……Militia-Man

Petra:  Yes, and soon because the “squeeze” is getting tighter with no cash circulating per se …. PETRA