Judy: So many articles coming out today! just as Frank said there would after the elections.
I know that Eid al Fitr is starting and many employers are giving the employees off until the 20th.
They will have many day to Celebrate and show thanks.
It would be Great if the RI would be announced to give the people of Iraq even more reason to Celebrate.
Samson: The Central Bank allows cash withdrawals from points of sale and determines the commission rate
14th June, 2018
The Central Bank decided on Thursday to allow citizens to withdraw cash from the points of sale deployed at the agents of electronic payment companies and merchants in the markets. This is in order to organize electronic payment operations and within the strategic plan of this bank to switch to electronic payment in a sound and orderly environment
The bank said in a statement received by Al-Iktissad News that “cash withdrawals are carried out by agents or authorized dealers who are contracted by the electronic payment companies to provide various services including cash withdrawals provided that the bank is provided with an updated register including their names, Which ensures their compliance with anti-money laundering and terrorism financing laws and the electronic payment service system. “
He added that “the ceiling of customers’ lien by 2 million dinars per day and the proportion of commission updated not exceeding (0.006) during the day and the commission should not be less than two thousand dinars and must be visible in the tape to the customer.”
“All cards (Key Card, Master Card, Visa Card) work according to this procedure,” the statement said LINK
Samson: Press release on the organization of the work of cash withdrawal from points of sale
14th June, 2018
The Central Bank allows cash withdrawals from points of sale and determines the commission rate
The Central Bank of Iraq decided to allow citizens to withdraw cash from the points of sale deployed at the agents of electronic payment companies and traders in the Iraqi market, and this is in order to organize electronic payments and within the strategic plan of this bank to switch to electronic payment in a sound and orderly environment.
This bank explains that cash withdrawals are made by authorized agents or dealers contracted by the electronic payment companies to provide various services including cash withdrawals provided that the bank is provided with an updated register including their names and periodically adopting procedures to ensure compliance with AML laws and financing Terrorism and electronic payment system.
The bank has set the ceiling for customers to withdraw 2 million dinars per day. The percentage of the commission is not to exceed (0.006) during the day and the commission should not be less than two thousand dinars and should be visible in the tape to the customer.
The bank also wishes to clarify that all cards (Key Card, MasterCard, Visa Card) are in accordance with this procedure. https://cbi.iq/news/view/735
Noneb4him: Here’s my opinion…jethro type decipherin’….
It said “at point of sales deployed at agents of electronic payment in merchant markets…in order to organize the e-payment within the strategic plan”…right?
Not ATMs, but cash back at the store. “Would you like cash back?” If person says yes…the cash back is the beginning release of small bills. ?? Right? Right..think about it….
“To organize e-payment”….kinda like “test..test..123, is this thing on”… To gage the response of patrons…and not everyone wants cash back…so not everyone is seeing new notes all at one time.
Its “filtered” per say…”to organize”…continue to synchronize…”within the strategic plan”..
Remember what Turkmen model says to do when starting the release…
Oh baby oh baby… We Are Here!
Salamon69: Good thoughts 4Him !
The press release says that citizens are allowed to withdraw cash at the point of sale which in layman’s terms is when you are ready to check out buying something.
It is laying out what Frank has taught us all along. The Visa’s and MasterCard’s are the bridge that Iraqi citizens will use to buy things as they roll out the lower notes.
Like you said Iraqi’s can then continue paying for things on credit or debit cards, and begin to acquire the lower notes in cash. They simply ask for cash back after buying something on their credit or debit card. And WALA ! They are now filling their wallet with the lower notes. AMAZING!
Seems clear that the CBI is laying down their hand as if we were playing poker, but they still are holding on to some cards not wanting it to be blatantly obvious though to us IT IS !!!
That is why they put in that paragraph of 2 million dinars as the limit to withdraw per transaction. So other people are like
But we at KTFA are looking at the same article with a big grin
MilitiaMan: “The information campaign should encourage people to deposit their cash currency in accounts at banks. The campaign must make it clear that once the currency reform is initiated, account holders can withdraw their money in the form of new banknotes.FA#81 (Final Article)
Man is this unfolding like clock work! The new ATMs have been updated with software already, last thing to do imo and apparrently is now underway. The timing is so perfect, banks are closed in Iraq… ~ MM
Oh yes, the model is unfolding just like we were told.. ~ MM
“He said that he has completed the infrastructure of the smart card system, which is now ready to deal with it even through mobile phones, Government has agreed to pay the salaries of employees through banks through special accounts of staff, noting that some ministries have begun using this system, and stressed that the Bank ‘s plan to modernize the currency in circulation and the deletion of zeros. ~noting that the large international banks seeking to work in Iraq and referring to what he called signs of the return of foreign investment to Iraq. FA # 75
Al-Alaq said that “the subject of deleting zeros from the currency is ready but needs a suitable environment to be applied to prevent manipulation and fraud by the owners of vulnerable souls,” FA #76
“Then comes production of the new currency, and finally the most challenging phase: implementation.” FA #81
Don961: National Bank of Iraq joins IBBC
June 13, 2018 in Iraq Banking & Finance News, Iraq Industry & Trade News
The National Bank of Iraq (NBI) has become the latest member of the Iraq Britain Business Council (IBBC).
In a statement, the IBBC said it is delighted to welcome one of Iraq’s preeminent private sector banking organisations to join its growing financial and professional services sector table.
NBI was founded in 1995 as a publicly traded, private sector company offering comprehensive banking services to individuals and businesses. NBI’s paid up capital was increased to IQD 250 Billion (USD 215 million) in December 2013.
NBI has been consistently growing in size and capabilities to serve Iraqi citizens with the highest quality financial services. NBI’s strategy revolves around offering a unique value proposition to multinationals and large corporates looking for professional commercial banking services in Iraq, as well as a solid platform for individuals to interact with. As a Jordan based Group, they are able to offer global access to funds and a comprehensive set of banking services to facilitate banking needs on the ground.
NBI is constantly expanding and modernizing its branch and ATM network in Iraq and are currently the only bank that has a branch in North Rumaila (Basra) and are in the process of opening new branches in Kathimiyya and Jameela in Baghdad and a new technologically advanced branch in Basra. NBI is also heavily investing in advancing its electronic channels and overall technological capabilities in order further modernize the banking process and offer a seamless banking experience to their clients.
NBI offers full-fledged investment banking, wealth management and brokerage services through its sister companies in Jordan, UAE and Iraq. The UAE subsidiary acts as the main gateway for multinationals and GCC based clients looking to raise growth capital or connect with local partners and enter into joint ventures for business expansion or new projects across Iraq. NBI’s investment offering also includes a wide range of advisory services in M&A, investment structuring and debt raising or restructuring.
NBI is regulated by the Central Bank of Iraq and publicly traded on the Iraq Stock Exchange It implements stringent international anti-money laundering and compliance regulations, and is also one of the few banks in Iraq to implement International Financial Reporting Standards (IFRS), with PWC as its external auditor.
(Source: IBBC) link