KRG follows my advice

[Londoner]

KRG follows my advice

I am so thrilled to discover KRG is following my advice after reading the news this morning. Since the financial crisis started in Kurdistan I have written a few articles about how to find a solution for this financial crisis. One of my articles was about the use of electronic cards, to be precise debit cards, to replace the actual money to save KRG from this financial crisis. The idea was that KRG, instead of physical money, cash, pays all its employees electronically, that is electronic money. For this purpose each employee would open a bank account and gets a debit card with his/her finger prints instead of pin numbers. When KRG pays wages, it credits bank accounts of each of its employees electronically, without actual cash. In parallel to that each KRG debit card holder employee uses his or her debit card to buy from shops or withdraw money from his/her account.

To create cash liquidity, I proposed that KRG should encourage people to save their money in banks and create interbanking financial trade. Additionally I proposed that KRG should support this electronic money with the amount of the money owed to KRG by Baghdad. This would have created a moral security and public trust for this electronic money. Obviously this meant the amount of the electronic money, issued by KRG, would have been equal to the amount of the money owed by Baghdad to KRG.

According to this morning news, now KRG implements this electronic money system. Both, the prime minister and his deputy, have given their finger prints for this purpose. Both would be the first to get their debit card.
http://ekurd.net/electronic-payment-kur ... 2016-10-10

Finger prints prevent fraud but pin numbers cannot. A fraudster can get many debit cards with pin numbers but cannot get more than one with his/her finger prints. According to latest KRG statements that about half of its employees are ghost employees, fraudsters, that is one employees gets many salaries under different names.

My final point is that this electronic money system is a lucrative industry. KRG can make money out of it without any cost. This is by franchise it to the private sector to create and maintain the system.

[Piling]

I totally agree with you. I am paid by cash and it is so annoying if I want to transfer money to my French account : Western Union is expansive, and here, with the Kurdistan bank, you can't transfer via WU your money to your bank account but only to a physical person. But until now, opening a bank account was not very useful with all this cash system.

[Londoner]

KRG now implementing my idea:

http://ekurd.net/kurdistan-employees-bi ... 2016-11-01

[Piling]

Now employers just have to wait for their unpaid salaries, lol.