Enorrste: First, it seems apparent to me that this new initiative is being driven by the IMF rather than by the CBI or the GOI.
That being said, I foresee things moving at a somewhat faster pace here forward. Second, to the extent that the GOI/CBI/IMF require payrolls to be made electronically it is my opinion that people will fall in line quickly with the simplicity of an electronic system.
Think about the US: we all used to use dollars (assuming you are over 60), but now we almost all use a debit card (at least I do). It was not a hard sell. In fact, the transition was painless.
Therefore, if a local Iraqi has a choice between pulling his dinars out from under the mattress to go to the market or taking his debit card, I would vote for the debit card.
That being said, I foresee things moving at a somewhat faster pace here forward. Second, to the extent that the GOI/CBI/IMF require payrolls to be made electronically it is my opinion that people will fall in line quickly with the simplicity of an electronic system.
Think about the US: we all used to use dollars (assuming you are over 60), but now we almost all use a debit card (at least I do). It was not a hard sell. In fact, the transition was painless.
Therefore, if a local Iraqi has a choice between pulling his dinars out from under the mattress to go to the market or taking his debit card, I would vote for the debit card.
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In time, and I suspect in a short time, confidence in the banking system will increase and more and more hidden dinars will come to the surface (there is also the lure of buying gold coins).
All dinars that are brought to the surface will be destroyed and Iraq will join the world economy, as the IMF has stated. It is an ambitious goal, but with the backing of the world's bank, I am confident that it will succeed The alternative is not acceptable, either to us as investors or to the IMF. |
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