small dead animals: Iraq: Credit Cards And ATM On The Way

May 25, 2005

Iraq: Credit Cards And ATM On The Way

The Trade Bank of Iraq on Tuesday issued the country's first credit and debit cards, from Visa International Inc., at a ceremony in Baghdad.

Visa cards were given to cabinet ministers, government officials and financial professionals, the bank said. Bank Chairman Hussein al-Uzri presented the first card to Adel Abdul Mehdi, one of two vice presidents and a former finance minister.

The bank said it would issue 30,000 Visa cards in Iraq by the end of the year. The company also plans to install the country's first network of automated teller machines, which would enable cardholders to withdraw Iraqi dinars or U.S. dollars from their accounts.

Cue MSM: "Not just a "quagmire", but a quagmire run on credit."

Via OTB

Posted by Kate at May 25, 2005 1:59 PM

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Comments

ummm... We don't have any of our officials helping them set up their monitary system do we? Because, well, um, that could be bad.

Posted by: Richard Evans at May 25, 2005 2:05 PM

Just don't give any to the Liberals.

Posted by: dave at May 25, 2005 2:27 PM

Now, all the Iraqis need, is a 'Justice System'
(comprised of around 3,000 Lawyers, ( appointed to the public trough), an 'ethics' department, etc. (That'll fix 'em for good).

Posted by: dave at May 25, 2005 2:48 PM

Well, ATM's and banks are nice things to have but they won't truely become a civilised country until they get a BK and a Tim Hortons. Right? :)

Posted by: Patrick J Flynn at May 25, 2005 2:58 PM

An encouraging sign for Iraqis.

One thought: If in addition to VISA credit cards, VISA gains momentum with "check cards" linked to Iraqis' chequing accounts, a PIN-based debit-card system like Canada's Interac won't gain a foothold in the marketplace.

In a country where there remains a high risk of financial fraud, VISA "check cards" (which only require a signature, rather than a debit PIN) could be very risky. Interac at least has the security of a PIN, which VISA cards lack.

Posted by: SpaceNeedleBoy at May 25, 2005 3:48 PM

Maybe Turncoat Barbie and ol Barbados Martini can go over there and show them how to run a "real" democracy, Liebrano style!

Posted by: Slim at May 25, 2005 3:51 PM

cool-think how convienient it will be to buy a rpg now

Posted by: heh at May 27, 2005 4:03 PM