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| Iraq |
| US currency purged, Iraqi dinar gets boost |
| 2010-01-31 |
| United States currency will soon become difficult to find in Iraq as efforts are underway to protect U.S. Soldiers and increase the value of the Iraqi dinar. Sgt. Brittany A. Raimer, a dispersing manager with the 368th Finance Management Company, out of Wichita, Kan., 36th Sustainment Brigade, 13th Sustainment Command (Expeditionary), said eliminating the use of U.S. currency on the battlefield will help to stimulate the economy of Iraq. "One of the main focuses of finance is to ultimately eliminate U.S. currency from the battlefield," said Raimer, a Lake Charles, La., native. "Our government is implementing the use of the Iraqi dinar, to both undermine the dependency the Iraqi nationals have on American currency and to back the Dinar, greatly increasing its weight on the market." The use of electronic fund transfers to pay vendors and contractors, and urging service members to rely on the Eagle Cash Card, rather than cash, are two major changes that have been implemented in Iraq to eliminate the use of cash, said Raimer. "The Eagle Cash Card enables personnel to have a direct link to the bank account without the hassle of hard cash," said Raimer. "The stored value card has been instrumental in effectively moving toward a cashless battlefield." Sgt. Toni M. Guillery, a dispersing agent with the 368th FM Company and a Lake Charles, La., native, said the Eagle Cash Card is designed to help prevent service members from losing money or being robbed while in country. "Carrying a single card is better than carrying a wad of money in your pocket, but one concern that I do have is ... on the kiosks, you have to use a pin number in order to access the money, but when you go to vendors, you do not," said Guillery. "If you [fill the card] up to the max, and you lose that card, and somebody picks it up and finds it and they are a dishonest person, they can go and spend that money." Guillery said the unit only disburses U.S. cash to service members who are about to go on mid-tour leave or re-deploy. Raimer said the transition away from the U.S. dollar has aided the progression of the banking industry in Iraq. "The progression [away from U.S. currency] has greatly supported the modernization of the banking system, thus improving and instilling trust in the local economy," she said. |
| Posted by: Anonymoose |
| #3 Military pay is direct-deposit into the member's bank account. This is more in line what's done in other nations that US troops are stationed in, albeit with EFT and cash-cards instead of hard currency (probably also will keep any potential black markets down as well). |
| Posted by: Pappy 2010-01-31 22:15 |
| #2 Don't know if I like this idea; mandatory payday in the scrip of the host nation.... i can understand the motives, however, most civilized countries have some banks with curreny exchange facilities at whatever the going rate is; to me it makes more sense to mandate using that vehicle or providing for split pay for the troops. whats next, Yen for the Japanese based forces? nope, not liking this at all. |
| Posted by: USN, Ret. 2010-01-31 20:25 |
| #1 Beta version of a "cashless society"...? |
| Posted by: Uncle Phester 2010-01-31 19:23 |