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Kaperoni  Moderator:  Iraq announces the issuance of international electronic payment tools

Since 10.11.2017 at 10:05 (Baghdad time)  Baghdad balances News

Rafidain Bank announced Wednesday, for issuing one of the electronic payment tools (MasterCard) international staff, retirees and citizens and other segments of society.

The Information Office of the Bank said in a statement received / scales News / copy of it, “For the first time the bank instructed its branches to issue electronic payment instruments (MasterCard), employees, retirees and citizens and other segments of society.”
The Office added that “these tools are used inside and outside Iraq and be accepted at all ATMs associated with the network MasterCard, in addition to the POS.”

He pointed out that “advances and loans granted to employees be through these cards and localization of their salaries electronically” .anthy 29 / A 43

LINK  

–Today’s pizza…sausage, green peppers.

Kaperoni   Moderator:   Iraq announces issuing MasterCard International card for employees and citizens

11/10/2017  Economy News _ Baghdad

Rafidain Bank announced Wednesday, for issuing one of the electronic payment tools (MasterCard) international staff, retirees and citizens and other segments of society.

The Information Office of the Bank said in a statement, “Economy News” received a copy of it, “For the first time the bank instructed its branches to issue electronic payment instruments (MasterCard), employees, retirees and citizens and other segments of society.”

The Office added that “these tools are used inside and outside Iraq and be accepted at all ATMs associated with the network MasterCard, in addition to the POS.”

He pointed out that “advances and loans granted to employees be through these cards and localization of their salaries electronically.”

http://economy-news.net/content.php?id=9341
–Today’s pizza…sausage, green peppers.

Punisher:   Major push for this. They are getting it done.
–“The Guilty Will Be Punished”

Prosper:  Thanks Kap

ZenMav:    Wow…. Inside and outside Iraq. And the banking conference in New York is this weekend, no?

–POLITICS, n. A strife of interests masquerading as a contest of principles. The conduct of public affairs for private advantage.” – Ambrose Bierce

Kaperoni   Moderator:  Yes, and the IMF conference starts also
–Today’s pizza…sausage, green peppers.

Justwaiting:   Encouraging !!!
–It’s the possibility that keeps me going, not the guarantee

Kw:   This is good news for sure

Punisher:  kaperoni at October 11, 2017 at 4:07 PM:  Yes, and the IMF conference starts also

Punisher:   Words like “”For the first time” and “”these tools are used inside and outside Iraq and be accepted at all ATMs associated with the network MasterCard” Shows they are in preperation mode to be taken seriously internationally.

This goes with what you said yesterday Kap here

http://dinaralert.webs.com/apps/forums/topics/show/13454519-experts-we-demand-a-greater-role-for-industrial-and-banking-sectors-in-iraq
–“The Guilty Will Be Punished”

Dinarful:   I’m getting excited again

http://dinaralert.webs.com/apps/forums/topics/show/13454599-iraq-announces-the-issuance-of-international-electronic-payment-tools

******************
Kaperoni   Moderator:   Iraq has made a major breakthrough in the launch of foreign bonds

10/10/2017 0:00   BAGHDAD / Tariq al- Araji

expressed the Central Bank of Iraq is ready to launch foreign treasury bonds in the event of 2018 next year ‘s budget required after the central has achieved great success in the launch of the previous foreign bond through global confidence gained in dealing with Iraq , revealing the bank ‘s reserves of hard currency rise compared with the previous year.

Central Bank Governor Dr. Ali Keywords said that the launch of such bonds may have a positive impact on the central bank ‘s reserves , considering that the amounts received in foreign currency, and if they do not have a positive effect Econ have a negative impact, because in exchange for bonds that are in dollars , the Ministry of Finance to transfer to the dinar by The Central Bank shall be neutral status, and there is no negative effect , but a positive, because it is central to strengthen reserves , which is an agent of the government and thus manages operations. Positive indicators

He said the “morning” that the launch of the bond decision is not by the government through the general budget because it Attaleg except by law, and there are positive indications in the case of the need to issue such bonds, and there is a successful experience if you decide in the budget for the year 2018 that there are foreign bonds.

Among Keywords that the central bank has succeeded in performing its duties through the internationally known indicators by the rate of inflation and to maintain the exchange rate and reserves.

He said there has become a state of adjustment of the financial situation of the country, there was a shock in 2016 is difficult to adapt to them directly, so the central bank has tried to bridge the gap and deficit big shortfall, in order to absorb this shock by playing the role of the foundation in coordination with the government to overcome this shortfall massive and great resources, and was able to conduct a discount remittances treasury very large amounts now with the case of adjustment and the measures taken by the government to control expenditures and increase local revenues and not to resort to the central bank so far this year to buy money orders treasury or other.

Oil prices improved and stressed Keywords that the central bank helped maintain the level of reserves that did not fall during 2017 compared to 2016, and has been an improvement in oil prices as a catalyst as well as reducing government expenditures for non – recourse government to the central bank to buy money orders treasury , although this was in budget and that the law is part of the deficit is covered by the purchase of the Central Bank Treasury transfers , but until now the government did not resort to this option.

He stressed that the central bank now reserve up to 48 billion and the last year fell to 45 billion, so this level of inflation and reserves measured now by international standards as comfortable reserves for Iraq compared to the local currency, and this was the superiority of the IMF forecast for reserves of more than $ 7 billion increasing expectations and estimates of the Fund.

External financing One of the options noted Keywords that recourse to external financing is among the options presented in the deficit, the fact that the internal domestic debt volume reached high levels are difficult to expand,

because it affects the liquidity of the banks that are buying part of the treasury transfers and options to cover deficit and what is being discussed with the present or to decide the size of the possibility of external financing through the issuance of international bonds issued in the future encouraging the large turnout is not specified in the demand ,

which was on the bonds provided by Iraq , which amounted to six or seven times the amount required size in addition to the number of Large institutions important international banks requested an increase in the amount of the bond, but the amount within the specified general budget of the state.

http://www.alsabaah.iq/ArticleShow.aspx?ID=145701

–Today’s pizza…sausage, green peppers.

monty.monks.007:          So the CBI reserves have increased by $3 billion ! Interesting .

Punisher:   This is the second such confirmation of this regarding the reserves. A couple months ago articles also stated such.    –“The Guilty Will Be Punished”

Mike  Moderator:  Maybe one of our bond guys can jump in and explain how the CBI is booking these bond sales. It doesn’t take a rocket scientist to know that if you spend $90 billion on revenues of $60 billion the chances of putting money away in reserves is virtually nil. Here’s the thing, why isn’t the CBI transparent about their reserves? If anything, I’d like to here this news from the IMF/WB, not Keywords, I mean, look at the below statement and ask yourself, does this guy know what he’s talking about?

Central Bank Governor Dr. Ali Keywords said that the launch of such bonds may have a positive impact on the central bank ‘s reserves , considering that the amounts received in foreign currency, and if they do not have a positive effect Econ have a negative impact, because in exchange for bonds that are in dollars , the Ministry of Finance to transfer to the dinar by The Central Bank shall be neutral status, and there is no negative effect , but a positive, because it is central to strengthen reserves , which is an agent of the government and thus manages operations. Positive indicators

What he’s saying is the MoF is receiving dinars from the CBI without having to give petro dollars to them first, they’re using the bond sales to “buy” dinars and give them to the MoF for salaries and other internal, dinar related expenses. They’re printing money and counting the bond revenues as a positive and “increasing” the reserves. It’s a shell game. In the end, Iraq is going to have to pay back the money for the bonds, with interest. –Stay grounded…

?Shengwah:   I don’t trust anything Keywords says either, Mike. Those statements about how much the CBI has in reserves can be misleading. If I have $60 billion in reserves, and I “loan” $20 billion to the GOI, that “loan” will still show as an asset, as opposed to if I “give” the GOI $20 billion.

Keywords is a Maliki stooge, appointed by Maliki, and Abadi never removed him. Absolutely nothing has really changed since the Maliki days. I would not be surprised, if the CBI was audited, there were little to no reserves left at all.
?
–‘Against stupidity, the gods themselves contend in vain.’ Schiller

Kw:   Keywords may have been talking to Penn and Teller. That being said, people who buy a bond pay for it upfront, with the hopes of return. Bonds are issued by governments and corporations when they want to raise money.

By buying a bond, you’re giving the issuer a loan, and they agree to pay you back the face value of the loan on a specific date, and to pay you periodic interestopens a layerlayer closed payments along the way, usually twice a year.   Maybe that is how the reserves have gone up

Mike  Moderator:   Exactly Shengwah. Agreed kw, it’s a push, yes it’s an asset but at some point the money has to be repaid, which will conversely affect the reserves.

Transparency is what I want, they’ve gone so far as to not even publish the market rates, that info is now coming from the markets, not the CBI. –Stay grounded…

ZenMav:   Here’s a great routine from You Tube, a famous skit by Abbot & Costello called “Loan Me 50 Cents”. I have a funny feeling that this is how the CBI is operating.

https://m.youtube.com/results?q=loan%20me%2050%20cents&sm=1

http://dinaralert.webs.com/apps/forums/topics/show/13454375-iraq-has-made-a-major-breakthrough-in-the-launch-of-foreign-bonds

IRAQI AND US BANKS MEET IN WASHINGTON
IQDCalls

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