Post From Peoples Dinar
Millionday News Time Chat 6-27-16 Part 2 of 2
millionday Iraq owns one of the most advanced electronic payment systems in the world.
The system is designed to ensure the exchange of payment orders between banks automatically via an efficient and secure network.
The Central Bank of Iraq (CBI) operates and manages the settlement accounts of the participants to ensure the safety and efficiency of payment systems and clearing operations.
millionday IRAQ HAS ALSO BEEN TOLD THEY ARE BASEL COMPLIANT -- WE HAD THE REPORT ABOUT A WEEK AGO
millionday WHOOOPOW
~~~
Millionday News Time Chat 6-27-16 Part 2 of 2
millionday Iraq owns one of the most advanced electronic payment systems in the world.
The system is designed to ensure the exchange of payment orders between banks automatically via an efficient and secure network.
The Central Bank of Iraq (CBI) operates and manages the settlement accounts of the participants to ensure the safety and efficiency of payment systems and clearing operations.
millionday IRAQ HAS ALSO BEEN TOLD THEY ARE BASEL COMPLIANT -- WE HAD THE REPORT ABOUT A WEEK AGO
millionday WHOOOPOW
~~~
Suzannebaker59 No doubt they will need a system to handle all of us! Whoop
millionday THIS IS THE REST AND THIS IS NOW AND A FORMAL ANNOUNCEMENT
millionday The payment network consists of the following systems:
RTGS: Real Time Gross Settlement System
C-ACH: Cheque - Automated Clearing House
GSRS: Government Securities Registration System
millionday The CBI aims to reduce the use of cash in the country despite the challenges of geography and the remaining security issues which make the transfer of money across the country difficult and risky.
Hence the objective is to automate the settlement of checks, salaries and the activation of automation systems for electronic cards, in order to keep more liquidity in bank accounts.
millionday NOTE -- THIS MEANS THEY ARE GOING TO CHANGE TENDER TO INCLUDE ALL FORMS AND NOT JUST CASH -- THEY ARE NOW PREPARED AS THEY HAVE THE MOST ADVANCED SYSTEM READY
millionday The other achievement is the automation of the primary market for the government securities system which the CBI began to work on with the consultation with the Ministry of Finance (MOF) in 2008. There are also a plans to automate the activities of the secondary market.
millionday NOTE -- THIS MEANS THAT THEY ARE CONNECTED TO BANKING THROUGHOUT THE COUNTRY AS WELL -- AUTOMATED
millionday The legal framework of payment and settlement systems The overall aim of the CBI with the support of its laws is to maintain domestic price stability and promote a competitive & stable financial system.
The legal framework for the banks and the CBI is stated in the Banking Law and the Central Bank of Iraq Law which were issued on September 19th, 2003 and March 6th, 2004 respectively.
millionday The objective of the CBI in issuing these laws was to set up an Iraqi legal framework for banking in line with international banking standards, promote confidence in the economy by establishing a safe financial environment, and provide a competitive and accessible banking system.
millionday NOTE -- THIS IS THE LAWS THAT WERE PUT IN PLACE TO REFORM THEIR ECONOMY
millionday It should be noted that the laws of payment systems are currently under study by the CBI in order to assess the experiences of other countries and its applications in the working environment for a country like Iraq. Based on the 2004 CBI law, these electonic activities have been agreed between participants and the CBI through contracts which include guarantees, legal rights, and protections for all parties.
millionday NOTE -- AN AUDIT BEING DONE OF ALL PUT IN PLACE FOR CBI AND THEIR ECONOMY
millionday The CBI is also working with local and foreign entities to issue special laws for all electronic payments so that these actitivies operate under a proper legal environment. The Securities Law was legislated and published in April 2004.
It highlights the need to legislate more developed laws to cover the activities of the private sector in the securities market as well as on the organization of primary/secondary markets for government security
millionday NOTE -- THEY HAD TO PUT LAWS IN PLACE FOR THE STOCK MARKET --SECURITIES MARKET ---
millionday 1. Real Time Gross Settlement system - RTGS
The system was activated on the 24-AUG-2006. The system connects the CBI with the main bank branches, and the Ministry of Finance (MOF) for exchanging high valued transactions inside Iraq.
This system replaced the manual execution for operations and eliminated settlement risks between banks.
millionday 2. Cheque - Automated Clearing House - C-ACH
The system enables the participants banks and their branches to exchange payment orders automatically. The final settlement is processed and sent to the Real Time Gross Settlement System (RTGS).
Within this system the encoded cheques are exchanged and the original copies of the cheques are kept at the deposited branch, then the electonic version of the cheque's data is sent through the branch to HOS
millionday HOS>>> HEAD OFFICE SYSTEM
millionday 3. Government Securities Registration system - GSRS
The system manages the government securities issued by CBI and Ministry of Finance (MOF). Through this system the CBI has a greater control over liquidity. The system was activated in November 2008.
The system manages the process of auctions for the issuance of government securities – Primary Markets.
The system keeps the main recordes, including interest payments and repayment of the debts
millionday SO AS WE SEE -- THEY HAVE SWITCHED TO THE NEW PAYMENT SYSTEMS AND ARE WORKING TO MOVE FORWARD WITH CONSTITUTIONAL AND REFORM ECONOMY
Suzannebaker59 Does this mean lower denoms?
hischoicenotmine all of this is being activated now ?
millionday THE THING IS THIS
THE PRICING THAT BECOMES THE RESULT FROM THE GLOBAL PRICING INDEX WILL DETERMINE WHAT BILLS ARE NEEDED IN IRAQ --
THEY HAVE PRINTED OR AT LEAST REPORTED THAT THEY HAVE PRINTED MANY LOWER DENOMS AND ALSO THEY ARE BEING SPONSORED AT BRETTON WOODS BY THE COMPANY THAT PRINTS SECURE CURRENCY -- WHICH I FIND VERY INTERESTING FOR SUCH A HUGE FINANCIAL MEETING
THEY HAVE STATED MANY THINGS IN THE LAST FEW DAYS THAT WOULD LEAD ANY OF US TO THE OPINION THAT THEY ARE MOVING FORWARD WITH THE REFORMS
millionday I HAVE A HUGE OPINION BUT DON'T WANT TO MISLEAD ANYONE OR BREAK ANY LAWS LOL -- SO I BRING THE INK THAT LEADS US TO WHAT IS GOING ON OVER THERE ---
THE RATE NOW IS IMPOSED -- THE GLOBAL EXCHANGE RATE THEY ANNOUNCED TODAY THAT WILL BE CHANGED HAS NOT BEEN RELEASED YET
millionday IMO --- I AM VERY EXCITED AND THE ANNOUNCEMENTS GOING ON MAKE IT HARD TO FOCUS ON MUCH ELSE
millionday THE STATEMENT THEY ARE TALKING IMMEDIATE ACTION IS VERY EXCITING TO ME
millionday HOWEVER --- THE INK IS WHAT I AM BRINGING SMILE
KAT1 LOL BOY THAT IS WONDERFUL NEWS!!!
millionday WHOOOPOW IS WHAT I HAVE TO SAY
KAT1 EXACTLY!! I AM SOOOO EXCITED I JUST CAN'T HIDE IT!!!!!!
chickadee WHOOOPOOW times 10000000000
millionday I LIKE WHEN THE OFFICIALS ARE IN THE PICTURE -- MOON CALLED WITH HUGE CONGRATS ON THE FLAG BEING RAISED AND THE PROGRESS
millionday THIS WAS YESTERDAY HE CALLED
millionday LET ME MAKE SURE I HAVE NOT MISSED ANYTHING -- THE BANKING NEWS IS HUGE HUGE
millionday Crisis cell headed by Prime Minister Haider al-Abadi, on Monday, to develop a plan to pay off the internal financial debt, the Paris Club to postpone the premiums until the end of the Iraq of its obligations, and included a set of recommendations to take measures to ensure that speed up payments to contractors and farmers.
According to a statement, the Information Office of the Prime Minister, Haider al-Abadi, received a (long-Presse),
millionday a copy of it, that "al-Abadi, chaired, on Monday, a meeting of the crisis cell" The statement added that the "crisis cell, discussed the topics on the agenda and decided with regard to public debt start paying domestic debt and develop a plan in this regard and work to postpone the premiums Paris Club until the completion of Iraq's obligations under the standby credit arrangement."
millionday THIS IS THE REST AND THIS IS NOW AND A FORMAL ANNOUNCEMENT
millionday The payment network consists of the following systems:
RTGS: Real Time Gross Settlement System
C-ACH: Cheque - Automated Clearing House
GSRS: Government Securities Registration System
millionday The CBI aims to reduce the use of cash in the country despite the challenges of geography and the remaining security issues which make the transfer of money across the country difficult and risky.
Hence the objective is to automate the settlement of checks, salaries and the activation of automation systems for electronic cards, in order to keep more liquidity in bank accounts.
millionday NOTE -- THIS MEANS THEY ARE GOING TO CHANGE TENDER TO INCLUDE ALL FORMS AND NOT JUST CASH -- THEY ARE NOW PREPARED AS THEY HAVE THE MOST ADVANCED SYSTEM READY
millionday The other achievement is the automation of the primary market for the government securities system which the CBI began to work on with the consultation with the Ministry of Finance (MOF) in 2008. There are also a plans to automate the activities of the secondary market.
millionday NOTE -- THIS MEANS THAT THEY ARE CONNECTED TO BANKING THROUGHOUT THE COUNTRY AS WELL -- AUTOMATED
millionday The legal framework of payment and settlement systems The overall aim of the CBI with the support of its laws is to maintain domestic price stability and promote a competitive & stable financial system.
The legal framework for the banks and the CBI is stated in the Banking Law and the Central Bank of Iraq Law which were issued on September 19th, 2003 and March 6th, 2004 respectively.
millionday The objective of the CBI in issuing these laws was to set up an Iraqi legal framework for banking in line with international banking standards, promote confidence in the economy by establishing a safe financial environment, and provide a competitive and accessible banking system.
millionday NOTE -- THIS IS THE LAWS THAT WERE PUT IN PLACE TO REFORM THEIR ECONOMY
millionday It should be noted that the laws of payment systems are currently under study by the CBI in order to assess the experiences of other countries and its applications in the working environment for a country like Iraq. Based on the 2004 CBI law, these electonic activities have been agreed between participants and the CBI through contracts which include guarantees, legal rights, and protections for all parties.
millionday NOTE -- AN AUDIT BEING DONE OF ALL PUT IN PLACE FOR CBI AND THEIR ECONOMY
millionday The CBI is also working with local and foreign entities to issue special laws for all electronic payments so that these actitivies operate under a proper legal environment. The Securities Law was legislated and published in April 2004.
It highlights the need to legislate more developed laws to cover the activities of the private sector in the securities market as well as on the organization of primary/secondary markets for government security
millionday NOTE -- THEY HAD TO PUT LAWS IN PLACE FOR THE STOCK MARKET --SECURITIES MARKET ---
millionday 1. Real Time Gross Settlement system - RTGS
The system was activated on the 24-AUG-2006. The system connects the CBI with the main bank branches, and the Ministry of Finance (MOF) for exchanging high valued transactions inside Iraq.
This system replaced the manual execution for operations and eliminated settlement risks between banks.
millionday 2. Cheque - Automated Clearing House - C-ACH
The system enables the participants banks and their branches to exchange payment orders automatically. The final settlement is processed and sent to the Real Time Gross Settlement System (RTGS).
Within this system the encoded cheques are exchanged and the original copies of the cheques are kept at the deposited branch, then the electonic version of the cheque's data is sent through the branch to HOS
millionday HOS>>> HEAD OFFICE SYSTEM
millionday 3. Government Securities Registration system - GSRS
The system manages the government securities issued by CBI and Ministry of Finance (MOF). Through this system the CBI has a greater control over liquidity. The system was activated in November 2008.
The system manages the process of auctions for the issuance of government securities – Primary Markets.
The system keeps the main recordes, including interest payments and repayment of the debts
millionday SO AS WE SEE -- THEY HAVE SWITCHED TO THE NEW PAYMENT SYSTEMS AND ARE WORKING TO MOVE FORWARD WITH CONSTITUTIONAL AND REFORM ECONOMY
Suzannebaker59 Does this mean lower denoms?
hischoicenotmine all of this is being activated now ?
millionday THE THING IS THIS
THE PRICING THAT BECOMES THE RESULT FROM THE GLOBAL PRICING INDEX WILL DETERMINE WHAT BILLS ARE NEEDED IN IRAQ --
THEY HAVE PRINTED OR AT LEAST REPORTED THAT THEY HAVE PRINTED MANY LOWER DENOMS AND ALSO THEY ARE BEING SPONSORED AT BRETTON WOODS BY THE COMPANY THAT PRINTS SECURE CURRENCY -- WHICH I FIND VERY INTERESTING FOR SUCH A HUGE FINANCIAL MEETING
THEY HAVE STATED MANY THINGS IN THE LAST FEW DAYS THAT WOULD LEAD ANY OF US TO THE OPINION THAT THEY ARE MOVING FORWARD WITH THE REFORMS
millionday I HAVE A HUGE OPINION BUT DON'T WANT TO MISLEAD ANYONE OR BREAK ANY LAWS LOL -- SO I BRING THE INK THAT LEADS US TO WHAT IS GOING ON OVER THERE ---
THE RATE NOW IS IMPOSED -- THE GLOBAL EXCHANGE RATE THEY ANNOUNCED TODAY THAT WILL BE CHANGED HAS NOT BEEN RELEASED YET
millionday IMO --- I AM VERY EXCITED AND THE ANNOUNCEMENTS GOING ON MAKE IT HARD TO FOCUS ON MUCH ELSE
millionday THE STATEMENT THEY ARE TALKING IMMEDIATE ACTION IS VERY EXCITING TO ME
millionday HOWEVER --- THE INK IS WHAT I AM BRINGING SMILE
KAT1 LOL BOY THAT IS WONDERFUL NEWS!!!
millionday WHOOOPOW IS WHAT I HAVE TO SAY
KAT1 EXACTLY!! I AM SOOOO EXCITED I JUST CAN'T HIDE IT!!!!!!
chickadee WHOOOPOOW times 10000000000
millionday I LIKE WHEN THE OFFICIALS ARE IN THE PICTURE -- MOON CALLED WITH HUGE CONGRATS ON THE FLAG BEING RAISED AND THE PROGRESS
millionday THIS WAS YESTERDAY HE CALLED
millionday LET ME MAKE SURE I HAVE NOT MISSED ANYTHING -- THE BANKING NEWS IS HUGE HUGE
millionday Crisis cell headed by Prime Minister Haider al-Abadi, on Monday, to develop a plan to pay off the internal financial debt, the Paris Club to postpone the premiums until the end of the Iraq of its obligations, and included a set of recommendations to take measures to ensure that speed up payments to contractors and farmers.
According to a statement, the Information Office of the Prime Minister, Haider al-Abadi, received a (long-Presse),
millionday a copy of it, that "al-Abadi, chaired, on Monday, a meeting of the crisis cell" The statement added that the "crisis cell, discussed the topics on the agenda and decided with regard to public debt start paying domestic debt and develop a plan in this regard and work to postpone the premiums Paris Club until the completion of Iraq's obligations under the standby credit arrangement."
millionday NOTE -- THIS MEETING WAS TODAY AND CHAIRED BY ABADI TO MOVE FORWARD WITH PAY OFF OF DEBTS -- PARIS CLUB WILL HELP BUSINESS AS A BUDGET ALWAYS DOES -- HELP WITH CREDIT AS WELL -- WHICH HELPS INTEREST RATES
millionday She cell, according to the statement, "lending to industrial, agricultural and residential projects and briefed on the progress of work after the start of the actual lending operations and the importance of the profile of this project for citizens who wish to borrow and its positive effect on the economic situation measures," he said, adding that the "crisis cell has taken a series of measures to ensure speed up payment of dues Contractors and peasants. "
She stressed the crisis cell, to "speed up the funding allocations needed to sustain electric power projects after the improvement of processing for citizens and continued to work for the continuation of the citizens better equip", pointing out that he "decided to accelerate regardless of social protection network allocations by the Ministry of Finance."
millionday peasants. "
She stressed the crisis cell, to "speed up the funding allocations needed to sustain electric power projects after the improvement of processing for citizens and continued to work for the continuation of the citizens better equip", pointing out that he "decided to accelerate regardless of social protection network allocations by the Ministry of Finance."
millionday SO AS WE SEE HERE - THE MEETING TODAY ALSO RESULTED IN THE ANSWER BEING IMMEDIATE IMPLEMENT TO ALLOCATE FUNDS --
millionday WHOOOPOW
WHOOOPOW LOVE THE NEWS
http://ift.tt/28XIxk9
millionday She cell, according to the statement, "lending to industrial, agricultural and residential projects and briefed on the progress of work after the start of the actual lending operations and the importance of the profile of this project for citizens who wish to borrow and its positive effect on the economic situation measures," he said, adding that the "crisis cell has taken a series of measures to ensure speed up payment of dues Contractors and peasants. "
She stressed the crisis cell, to "speed up the funding allocations needed to sustain electric power projects after the improvement of processing for citizens and continued to work for the continuation of the citizens better equip", pointing out that he "decided to accelerate regardless of social protection network allocations by the Ministry of Finance."
millionday peasants. "
She stressed the crisis cell, to "speed up the funding allocations needed to sustain electric power projects after the improvement of processing for citizens and continued to work for the continuation of the citizens better equip", pointing out that he "decided to accelerate regardless of social protection network allocations by the Ministry of Finance."
millionday SO AS WE SEE HERE - THE MEETING TODAY ALSO RESULTED IN THE ANSWER BEING IMMEDIATE IMPLEMENT TO ALLOCATE FUNDS --
millionday WHOOOPOW
WHOOOPOW LOVE THE NEWS
http://ift.tt/28XIxk9
via Dinar Recaps - Our Blog http://ift.tt/294wupc
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