from currency newshound

[76er]

MP: Cash/Gold Reserves well thought-out policy; Need to set date to reset currency

Posted: July 9, 2013 in Iraqi Dinar/Politics
 

2 translations below

Shammari: the government invest surplus cash reserves in accordance with a well thought out economic policy
Tuesday, 09 July / July 2013 08:21 | | |

Spokesman white bloc MP Kadhim Al Shammari said the government invest surplus cash reserves and harnessed in accordance with a well thought out economic policy.

Among Shammari said in a statement received by the agency {Euphrates News} copy of it on Tuesday that “the high volume of reserves of the country’s foreign currency to $ 76 billion, in addition to 30 tons of gold bullion, and out of Iraq from Chapter VII, make it necessary to set a date to reset currency Iraq. “

The parliamentary economic committee has indicated that the deletion of zeros from the currency and restructuring is the need to support the country’s economic identity, especially after the end of Chapter VII.

Said a member of the Committee Mahma Khalil Abdul Hussein Abtan at a news conference عقداه in the parliament building last Sunday that “we in the Economic Commission parliamentary see that the time is appropriate to start a deletion of zeros from the currency and restructuring to support the identity of the country’s economic and benefit the people.”

Where Khalil stressed that “after the withdrawal of Iraq from Chapter VII, there are great advantages stations and many promising in the country’s economy to support economic and identity of the Iraqi dinar, and this case is purely economic aim of maintaining the Iraqi currency.”

Asked Khalil, “the Iraqi Central Bank to begin a project to delete the zeros from the Iraqi currency and restructuring,” explaining that “this project is as old as the central bank has asked the government to wait it out that it’s an appropriate time and today we see that the time has come to start this project.”

“Also, and that there is an item constitutionally clearly provides for the issuance of currency and categories of currency for the purpose of economic benefit of the people, and today the Economic Commission considers that the time is appropriate on the grounds that there are stations promising in the Iraqi economy to support the identity of the economic and the Iraqi dinar, indicating that the currency does not know of quotas and her promising future in the region. “

He said that “in light of the country’s large potential and promising economic stations, we hope that the next financial budgets will be greater.”

Committee member said parliamentary economic Mahma Khalil said “large current bloated currency to Atliq the country and there among the citizens intense desire to keep the Iraqi dinar to compete with the dollar and other currencies.”

As a member of the Economic Commission parliamentary bloc of the citizen Abdul-Hussein Abtan has said the “central bank announced a few days ago that the reserves of the country reached $ 76 billion and we have Iraqi dinars befitting the country and these deposits and the amounts the order to delete the zeros and structuring currency has become an urgent necessity.”

He continued that “it is not reasonable to have reserves of Iraq has reached $ 76 billion and we still are dealing 1,300 dinars to the dollar, then what is the use of these funds and the money if it does not reflect positively on our citizens, where there is still unemployment rate of 7%, poverty over 20 % and the edge of the poverty line when more than 30%. “

Abtan added, “We believe that the Iraqi dinar must improve against the dollar as it is not true that the reserves of the country today has reached $ 76 billion and the Iraqi dinar at 1280 for one Aldlar”.

“The improvement in the status of the Iraqi dinar is reflected on the lives of citizens and its purchasing power and all what exists in the country is imported goods, so when improving citizens’ purchasing power will be reflected positively on his life and this is what we expect from the Central Bank of Iraq.”

He said the “multiplicity of revenue growth in the country is a modest and simple compared to the existing privileges and development of the Iraqi economy depends on the vision and management of the economic file better than the current situation.”

A member of the parliamentary economic committee Abdul Hussein Abtan that “Turkey and Lebanon were deleted zeros from their currencies, how Iraq who owns this great Alahitati has the argument of Chapter VII, and now has been completed and removed, what remains of zeros.”

Abtan and ended by saying that “increase the exchange rate of the Iraqi dinar against the dollar is very vital to the citizen, it is not enough that we have billions in deposits at the central bank against poverty and unemployment rate and weak purchasing power of the citizen”

The spokesman said the block white MP Kazem Al Shammari said, “Investment of this reserve big help to raise the value of the Iraqi currency compared to foreign currencies and thus will contribute to reduce the prices of goods and commodities, would be reflected on improving the living conditions of citizens and contributes to keeping the security and stability of the society and reduce crime rates and determination in addressing and the fight against terrorism.

http://bit.ly/12VDiLF

 

[sandfly]

THANKS

[kenman31]

If I am correct that is 76 billion cash + about 2 trillion in gold?

[Luigi1]

If I am correct that is 76 billion cash + about 2 trillion in gold?

That figue does not include Iraq assets under protection in the USA, Switzerland and other countries.

Iraq has the means to support up 1 IQD equal to USD 15. Dr Shabibi stated that.

[cooked]

If I am correct that is 76 billion cash + about 2 trillion in gold?

I believe the gold is 2 BILLION. Not really that much in gold compared to other gold holding nations. Surely an amount I would like to have. Do the math and confirm the numbers.

[firefightingjunkie]

at 1200.00 per oz. it comes out to 1.2 billion dollars in gold

[cooked]

at 1200.00 per oz. it comes out to 1.2 billion dollars in gold

I knew it was not trillions, just forgot the real numbers.

[hoosier1470]

If I am correct that is 76 billion cash + about 2 trillion in gold?

Pretty close to it...at my last check, gold bullion was selling at $1240.00 per ounce.. That was two days ago! Of course Iraq has stated that the market does not affect their gold reserves. All this plus monies that ate tied up in Dubai I believe it is...and the the other funds tied up in Iraq airways by Kuwait!! However you look at it....they are indeed...LOADED!! God Bless!

[umbertino]

That figue does not include Iraq assets under protection in the USA, Switzerland and other countries.

Iraq has the means to support up 1 IQD equal to USD 15. Dr Shabibi stated that.

I don't doubt Dr. Shabibi stated that ( well, just a little, I do...)... But it doesn't take an Economics Genius to realize that the global monetary system would never allow something like a currency being worth $15.

[MillieChatham]

I find this encouraging but I will not do cartwheels yet.

[rico1]

If I am correct that is 76 billion cash + about 2 trillion in gold?

No, it is a little over 1 billion in gold if I calculated it correctly.

[kenman31]

corrections, a little over 1 trillion

 

They have 30 tons of gold, a ton = 2000 pounds x 30 = 60,000 pound  x 16 oz per pound = 960,000 oz x $1256.00 todays gold prices= $1,205,760,000

Edited July 10, 2013 by kenman31

[FreckledFuzz]

corrections, a little over 1 trillion

 

They have 30 tons of gold, a ton = 2000 pounds x 30 = 60,000 pound  x 16 oz per pound = 960,000 oz x $1256.00 todays gold prices= $1,205,760,000

 

 

No...billion

 

 

1 billion

205 million

760 thousand

000 dollars

[kenman31]

thanks for the correction, my mind is telling me trillion.....okay billion, billion, billion

[rico1]

corrections, a little over 1 trillion

 

They have 30 tons of gold, a ton = 2000 pounds x 30 = 60,000 pound  x 16 oz per pound = 960,000 oz x $1256.00 todays gold prices= $1,205,760,000

Guess i need a new calculator or learn how to us the old one.

[Hairball51]

The point is that they have a ton of reserves especially when you consider all the frozen assets around the globe they should recover soon. I've seen estimates for those at around 80 billion. So, in other words, they're loaded! And when the lifting of the zeroes occurs and the exchange rate goes from .00086 to .86 and they let it float from there and let the market make any future adjustments, it will continue to rise. Their reserves can handle this scenario right now...yet we wait patiently.

[RVWITHME]

corrections, a little over 1 trillion

 

They have 30 tons of gold, a ton = 2000 pounds x 30 = 60,000 pound  x 16 oz per pound = 960,000 oz x $1256.00 todays gold prices= $1,205,760,000

 

Unless they are (probably) using the Troy Weight system, which changes the calculations significantly:

 

Since many coins contain a precious metal, we expanded our website to include charts and spot prices of silver, gold and platinum. In doing so, there is a common misconception many people have regarding the system of weight for precious metals. Many think an ounce of gold is the same “weight” as an ounce of beef. It’s not.

 

troy weight, troy [trɔɪ]

(Mathematics & Measurements / Units) a system of weights used for precious metals and gemstones, based on the grain, which is identical to the avoirdupois grain. 24 grains = 1 pennyweight; 20 pennyweights = 1 (troy) ounce; 12 ounces = 1 (troy) pound

 

Most people (especially in the U.S.) assume 16 ounces to the pound and 2,000 pounds to the ton, or 16 x 2,000 = 32,000 ounces per ton. In reality, gold is weighed in Troy, therefore:

Amount: 1 ton (short) (sh tn) of gold

Equals: 29,166.67 troy ounces (oz t) in gold

So, 30 tons (Troy) = 29,166.67 ounces X 30 tons = 875,000.1 ounces

 

875,000.1 ounces at today’s (July 10, 2013) market price of $1,253.50 =

 

875000.1 X $1,253.50 =  $ 1,096,812,625.35

 

OR about 1.1 Billion $USD

 

Hope that makes sense.

[Amos9:13]

Yeah easy to make a boo boo on conversions lol.  Did that yesterday with the help of a lender lol.  Regardless of the amount I'm still glad they have some extra value there.  Anything is better than nothing.  I still feel they will RV and float up.  So the more gold they get above ground the better.  I haven't heard anything about diamonds, but you'd think the conditions would be right for diamonds in Iraq.