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Thursday, July 27, 2017

TNT UPDATE, 27 JULY

TNT Wednesday UPDATE for July 26, 2017

It has been reported that the activation of Mastercards and the ATM's will be in the coming days!

They are expecting a major price change for the Iraqi citizen's goods and services due to more purchasing power.

In an effort to increase the growing economy, no taxes were announced for all foreign companies engaging in commerce.
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RTG: Looks like a picture of the ATM to me: https://cbi.iq/news/view/61

OffGrid:  Iraq’s Retail Payment Infrastructure(IRPSI) : 

Iraq Payment System Infrastructure (IRPSI)

November 29, 2016
Picture

Within the framework of the Iraqi Central Bank's efforts to modernize and develop the financial and banking services in Iraq and in line with the international developments in this field, the retail payment system infrastructure in Iraq was established, which includes the establishment of the National Retail Center to transfer money electronically to points of sale and ATMs.

Of the financial withdrawals and purchases from the machines and points of sale of other banks in the country without the need to rely on the branches of the bank where the deposit of funds in addition to the system of mutual payment by telephone In Iraq, Iraq's mutual retail payment system provides the opportunity for Iraqi banks and mobile network operators to access the most up-to-date and sophisticated cash payment tools.

The system will be unique at the interoperability level. Iraq now has several key advantages The adoption of a retail payment system, especially mobile banking, is expected to facilitate the following reasons:

The population in Iraq has a good level of education with a very high level of reading and writing in Arabic and English .

The level of use of mobile phones is very high .

Mobile phone networks cover almost all parts of Iraq .

The development of the retail payment system is of great importance in the national development of the Iraqi banking sector.

The retail payment tools will facilitate the transactions between citizens and expatriates as well as stimulate the local market and reduce the cash handling, as well as create an atmosphere of competition between banks in providing new services to attract customers.

Reflected positively on the banking industry in general and within the stages of implementation of the project was completed the following:

Completion of the basic stages of implementation and completion of integration processes and linkage with system participants with banks (Iraqi Trade, Ashur, Middle East and Amwal).

Issuing the Electronic Payment Services for Money No. (3) of 2014, which regulates the work of all electronic payment service providers in Iraq.

Configuring the Data Center and installing the equipment for the project.

Prepare disaster recovery plans.

Issuing work permits for payment service providers and in accordance with the instructions and controls set forth in the electronic payment services system .

A stable and robust retail payment system that operates in accordance with international standards will give investors greater confidence in the investment environment in Iraq.

The CBI will be the operator of the retail payment system, being a non-profit, non-profit sponsor that complies with the criteria of transparency and a single distance from all parties And financial and banking institutions.

The development of the retail payment system is of great importance in the national development of the Iraqi banking sector.

The retail payment tools will facilitate the transactions between citizens and expatriates as well as stimulate the local market and reduce the cash handling, as well as create an atmosphere of competition between banks in providing new services to attract customers. Reflected positively on the banking industry in general.

The responsibilities of the central bank in applying the basic principles

The central bank should clearly define the objectives of the payment systems, as well as publicly disclose its role and its most important policies on payment systems of importance to the system as a whole.

The central bank must ensure that the systems it operates are compatible with the basic principles of payment systems.

The central bank must monitor the compliance of systems that do not operate with basic principles and must have the capacity to do so.

The central bank should strengthen safety and efficiency in payment systems and cooperate with central banks and other relevant local or foreign institutions.

System Components:

National Switch

The retail payment infrastructure in Iraq, which includes the establishment of the National Retail Center to transfer money electronically to points of sale and ATMs where the credit card holder can carry out cash withdrawals and purchases from the machines and points of sale of other banks throughout the country without having to rely On the branches of the bank in which the funds were deposited.

Mobile Payment

The Iraq Interbank Retail Payment System provides Iraqi banks and mobile network operators with access to the most up-to-date and sophisticated cash payment tools. The proposed system will be unique at the interoperability level. Iraq currently has many of the key advantages expected To facilitate the adoption of retail payment system, especially mobile banking

System Benefits:

The inter-retail payment system in Iraq provides the opportunity for Iraqi banks and mobile network operators to access the most up-to-date and sophisticated payment tools. The proposed system will be unique at the interoperability level. At present, Iraq has several key advantages that are expected to facilitate the adoption of a mobile payment system, especially mobile banking, for the following reasons :

• The population in Iraq has a good level of education with a very high level of reading and writing in Arabic and English .

• The level of use of mobile phones is very high .

• Mobile phone networks cover almost all parts of Iraq .

The role of the central bank in managing the system:

The Central Bank plays a key role in the establishment and control of payment systems for the following reasons:

A well-performing payment system is essential to the success of monetary policy.

The availability of security and control over these systems is vital because of its strategic importance to the country's economy.

Transactions for high-value payments and securities are carried out on central bank accounts.

The central bank may contribute to reducing credit risk and risks related to the financial system as a whole because it has supervisory and supervisory authority.

The Central Bank shall determine the rules governing these systems and shall ensure the security and effectiveness of these systems and monitor them

The Central Bank is the supervisory and supervisory authority over the payment systems owned by commercial banks

https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=https%3A%2F%2Fcbi.iq%2Fnews%2Fview%2F61&edit-text=

RTG:  OffGrid, I saw that date too, but it's nice to see they do exist and apparently have existed at lease for the past eight months or so.

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Harambe:  CNBC: Oil prices hover near 8-week highs on signs the market is rebala​ncing http://www.cnbc.com/2017/07/26/oil-prices-ease-but-near-8-week-highs-o​n-lower-us-stocks.html

Harambe:  AP News: Wife of Zimbabwe leader says Mugabe should name successor https://apnews.com/922b75ac687a43ddad7526e198161cb5
Hailygirl:  What The Rich Do With Their Cash
If you are specifically interested in what the rich do with their short-term cash, comparable to the middle class putting money in a checking or savings account, there are several popular alternatives to those with at least a few million dollars:

Establishing a so-called zero-balance account. The rich investor has his or her money in bonds, certificates of deposit, commercial paper and other highly liquid debt instruments.

They write checks out of the account, which has $0 in it, and at the end of the business day, the private bank sells off enough of the highly stable, liquid investments to wipe out the negative balance in the account, bringing it back to $0.

That way, if the bank fails, it doesn’t hurt the investor because the underlying assets are held in his or her name, not the name of the institution. (This service is known as custody or, in some cases, global custody.

The banks will charge a small fee for it as a percentage of assets in most cases.) Almost every intelligent rich person on the planet uses some form of global custody because you don’t want to worry about losing your shirt because a broker failed.

Parking the money directly with the United States Treasury in an account backed by the taxing power of the United States government. They can buy short-term Treasury bills and keep rolling them over until they need the money.

Unless the United States goes bankrupt by hyper-inflating, they are safe.  Buffett literally has tens of billions of dollars of Berkshire Hathaway’s money parked in Treasury bills, bonds and notes at times.  There is no risk of default or bankruptcy unless the entire nation goes bust!

Physically holding cash in multiple currencies in safe deposit boxes throughout the world. These aren’t insured, though, so there is that risk.

I hope that helps you understand how a lot of private banks such as Northern Trust think about parking money for millionaires and other rich investors.

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