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"Frog Feet" - GCR/RV Intel SITREP - Sunday - August 20, 2017

Received via email for publication at 8:00 AM EDT. ~ Dinar Chronicles The boiling frog is a parable describing a frog being slowly boile...

Friday, July 21, 2017

"Are we there yet?" - Fri. PM KTFA Thoughts, News w/ Frank26

KTFA

CliffC » July 21st, 2017


Wow, Frank....Look at this.....

Exactly 2 zeros have been dropped.... Forex showing 11.79 IQD

https://www.investing.com/currencies/usd-iqd

Frank26 » July 21st, 2017

LOL........ Isn't that FASCINATING ........ Maybe You should follow it for the rest of ....... JULY.


Great4u » July 21st, 2017

DOES THIS MEAN WHAT THINK IT MEANS!!!??? ARE WE THERE YET??!!

Liberty4u78 » July 21st, 2017

Hey everyone. What was special about today for our study? I've been thinking it was payday, but Frank has been saying that's the LAST Friday of the month.

Frank26 » July 21st, 2017

Today is MY 21st with remittance due in 7 to 10................... TA DA !!!

Millie » July 21st, 2017

7 TO 10 BRINGS US TO THE LAST DAY OF JULY.... RESPECTFULLY, "IF" WE DONT SEE THE RATE CHANGE FROM THE PROGRAMED RATE TO A VALUABLE INTERNATIONAL RATE BY THEN, IMO, ILL BE LOOKING AT OCTOBER FOR MY NEXT TIMEFRAME. JUST MY THOUGHTS....WHICH I PRAY ARE WRONG.

JJonesMX » July 21st, 2017

Boy... looks like the CBI HAD A ...."A+"... on there report card a while back...
Internationalization-Check

Components of the Iraqi payment system:

The Iraqi payment system consists of the following systems:

• Real Time Gross Settlement Settlement (RTGS)
• Automated Clearing House (C-ACH)
• Interbank Clearing System (IBCS)
• Central Storage System • Central Securities Depository (CSD)
• Retail Payment System Infrastructure (RPSI)

1. Real Time Grosse Settlement System (RTGS)

This system began in Baghdad successfully on 24/8/2006, and this system connects the Central Bank of Iraq with the main branches of the banks and the Ministry of Finance to exchange orders of high value in Iraq.

The activities of this system provide for the replacement of the manual implementation of operations and thus end the risks arising from the overall settlement of interbank payment values.

The Central Bank of Iraq is the owner of the system, and takes on the installation of its programs in the sites of participants, as well as holding training courses for users of banks either the administrative role, the Central Bank of Iraq various tasks, most importantly the control of bank accounts.

In the first stage of the implementation of this system, five banks participated in the process of settlement among themselves, but according to the gradual plans developed by the Central Bank to expand the work, where the system currently includes all banks and branches of foreign banks and have a license to work in Iraq.

The system has security features such as (four-eyes principle), and the authorization required to operate the system is provided exclusively by the Central Bank of Iraq.

The number of banks participating in the system (65) banks in addition to the Ministry of Finance and the National Retirement Authority and the Department of Care of minors and branches of this bank.

2. Check Automated Clearing House System (C-ACH)

It is a system whereby participating banks and their branches can exchange payment orders among themselves in an automated manner. The final net settlement is processed into the real-time settlement system. The system also exchanges the electronic instruments encoded with magnetic ink. The original copy of the instrument is kept in the depositing branch, And its data through the branch system to the system of the participant in the public administration.

The system was actually operational on 14/9/2006 for the main branches of the banks (Rafidain, Rashid, Baghdad, Iraqi Commercial Bank, Middle East) as well as two branches of each participating bank. More than 19 banks have been involved so far, as well as branches of the Central Bank.

The staff of the branches of the Central Bank in Basra, Erbil, Mosul and Sulaymaniyah have been trained and installed in all branches of banks in the above governorates to activate and facilitate the conduct of transfers between governorates.

The Electronic Instrument Clearing System is part of the automated clearing system. The implementation of the system (Bank of Baghdad, Bank of the Middle East, Bank of Credit, Dar es Salaam, Commercial Bank, the Iraqi Bank of Trade), in addition to two branches of each bank and through the gradual expansion is now participating in the system 17 and most of their branches.

Continue to train Iraqi banks and branches of foreign banks open in Iraq gradually for the purpose of involvement with the system.

The number of banks participating in the system (59) banks in addition to the Central Bank.

3. Interbank Clearing System (IBCS)

Definition: - An

internal clearing exchange system for government banks that do not have a comprehensive banking system. The bank's general administration can monitor transfers accurately, efficiently and transparently.

It provides a database of all transfers made through this system. This system enables branches of participating banks to send and receive payment order files And magnetized ink machines among themselves through the system in an automated manner.

- The actual operation of the system as of 1/6/2016, where the number of banks participating (6) banks in addition to its subsidiaries.

4. Central Securities Depository System (CSD)

The system began operating in November 2008, a system that manages government securities issued by the Central Bank of Iraq and the Ministry of Finance. Through this system, the central bank controls liquidity from its position.

The system manages the public auction of issued government securities - the primary market.

The system maintains the primary record (master record), including the processing of interest payments and debt repayment.

The system settles transactions involving government securities held in the market between participating banks - the secondary market.

Tasks of conservation and archiving.

The government securities registration system is linked to a real-time gross settlement system to complete the financial settlement operations on the accounts of the participants in the real-time gross settlement system.

Through which the funds are booked in the accounts of banks participating in the system and the implementation of the transfer of funds to the issuer and send details of payment instructions from or to the participants, as well as interest payments and funds recovered when the issues extinguish

The linking of the system of registration of government securities with the system of clearing mechanism is intended to provide information on the positions of the mortgage at the beginning of each clearing session and details of the implementation of mortgages, which is through a settlement process resulting from a setoff.

The number of banks participating in the system (28) in addition to the National Pension Authority and the Department of Care of Minors.

IRAQI INFRASTRUCTURE INFRASTRUCTURE INFRASTRUCTURE As
part of its efforts to modernize and develop Iraq's financial and banking services, and in line with international developments in this field, the CBI has sought to establish a retail payment infrastructure including the establishment of a national retail distributor And the payment by mobile phones to transfer money electronically to points of sale and ATMs, where the system provides the opportunity for Iraqi banks and operators of mobile networks and access to the most modern and sophisticated payments of cash.
System Components:

1. National Switch for retail payments for card payments.

- Objectives of the national
division o Expansion using electronic payment tools (Cartes, mobile phone, Internet).
O Spread of points of sale and ATMs throughout Iraq.
O Reduce the use of cash and instruments.
O Database of all remittances and easy access to them.
O Electronic supervision and control of remittances.
O Mobile Payment

o The Iraq Interbank Payment System provides Iraqi banks and mobile operators with access to the most up-to-date and sophisticated cash payment tools. The proposed system will be unique in terms of interoperability. The main advantages are expected to facilitate the adoption of retail payment system, especially mobile banking.

• The most important achievements in payment systems in the Department of Payments

- The activation of the International Bank Account Number (IBAN) on the payment system (RTGS- ACH) is defined as the international bank account number based on the international special specifications. Banks allow the user to validate a number

- The account transferred to it, and the banks were directed to the adoption of the unified account number IBAN in the internal transfers as of 2017/1/2.

- Starting work to assess and prepare the Iraqi payment system in line with the World Bank's Principles for Finical Market Infrastructure (PFMIs) to upgrade payment and settlement systems in Iraq under the agreement with the World Bank on electronic payment systems in Iraq.

- Enhancing the role of payment systems in financial coverage through the digital services provided by banks and electronic payment providers, which represents an important dimension in the strategy of the Central Bank of Iraq and the automation of work through the use of electronic payment tools and encourage the use of financial and banking services provided by banks and electronic payment providers, It also supports small, medium and micro enterprises and facilitates their access to finance.

- Activation of electronic payment processes between ministries and government institutions.

- Evaluation of banks and electronic payment service providers by evaluating the technical aspects, electronic services and basic banking systems, through which the efficiency of banking in providing electronic services to customers.

- Activation of electronic payment processes between ministries and government institutions.

- Evaluation of banks and electronic payment service providers by evaluating the technical aspects, electronic services and basic banking systems, through which the efficiency of banking in providing electronic services to customers.

- Activation of electronic payment processes between ministries and government institutions.

- Evaluation of banks and electronic payment service providers by evaluating the technical aspects, electronic services and basic banking systems, through which the efficiency of banking in providing electronic services to customers.

https://cbi.iq/news/view/292

Aggiedad77 » July 21st, 2017

This is a great find JJ.....thanks for bringing it....worth the time to read. Aloha Randy

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