The Shotgun Blog
Wednesday, 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."
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Nothing says freedom like a credit card.
Posted by: Winston | 2005-05-25 12:08:10 PM
Good. It will help the ordinary citizen to move out of a direct barter economy, which functions only in a local peasant economy, into a market economy, which moves people into economic exchanges outside of their local village/town and into the broader world.
It also moves the concept of the economy into the future. You don't live day by day, but must consider future actions on your credit card, future payments etc.
So, what credit card market exchanges assist, is to broaden the spatial area of the economy, and lengthen the temporal contact of the economy. That helps move the mindset of the people beyond their kingroup and village domain.
Posted by: ET | 2005-05-25 12:39:24 PM
I'm not sure the people of Iraq are prepared to stand in ATM lines given the high probability of death from being in the cue.
Posted by: Gamblog | 2005-05-25 12:46:58 PM
The only time I see lineups at ATM's is during Christmas shopping frenzy.
I'm sure the Iraqis will find a way around that.
Posted by: Kate | 2005-05-25 12:50:42 PM
3% of Iraqi's are Christian. I'm sure they will find a way to do online banking this year.
Posted by: Gamblog | 2005-05-25 12:56:06 PM
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