2011 Budget info

[mrdeepc]

Many investors are taking a hard look at investing in Iraq. Iraq’s Parliament approved Prime Minister Nouri al-Maliki’s 42-member cabinet. Iraq’s growing stability, hard for many to imagine just a few years ago, now sets the stage for economic development and foreign investment.

As the security issues are slowly getting resolved, investors are getting closer to taking the next steps to setting up businesses in Iraq. The crude oil sector, building construction, and air transportation sectors are already making great strides, its only a matter of time until other business sectors move into the country.

There are other investors that will continue their investments from outside of Iraq. The Iraqi stock market investors can continue their investments in Iraq with out actually moving there.

The Iraqi dinar currency speculators will also be able to continue their type of investment from outside the country.

The currency speculators may have something good to look forward to in the near term, during the 2011 fiscal year, as a recent article was published either in error, or by accidental leaking of information pointing to a coming new exchange rate. The recent rate of exchange to the US Dollar has been 1170 dinars to one US Dollar.

Here is an excerpt from the recent Iraqi 2011 Budget article that gives possibility to a new exchange rate: “The Iraqi government has approved the draft federal budget law for fiscal year 2011, so inform the budget some 93 billion Iraqi dinars (79.6 billion dollars), when calculated per barrel to $ 73 U.S., and the rate of export of 2.25 million barrels per day.”

the recent Iraqi 2011 Budget article:http://iraqdailytimes.com/kurdistan-region-of-iraq-can-afford-ten-thousand-employees-for-their-province/

If you do the math, this indicted value of “93 billion Iraqi dinars (79.6 billion dollars)”, would be equivalent to 1.168 Iraqi Dinars to one US Dollar, or .855 Us Dollars to one Iraqi Dinar.

Later on in the Iraqi 2011 Budget article, two additional references to the speculative exchange rate are again mentioned, which suggests the same rate of exchange outcome.

Now that the budget draft has been approved, how much will this significant change in the exchange rate benefit the 2011 Iraqi Economy?

[easyrider]

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[allinxpress]

1.16 is the rate? I like the 5.21 CBI rate better.

[smee2]

No, no, no ...

or .855 Us Dollars to one Iraqi Dinar.

They are saying .85.5 to dollars to the dinar ... and there is your 86 cent RV , or near enough.

Okay but I would reler prefer, and had hoped for, something over a dollar.

Greedy, that's me.

smee2

[adritex]

I'll take .86 ANY day!! I'm ready for this ride to be over!!

[In Iraq]

No, no, no ...

or .855 Us Dollars to one Iraqi Dinar.

They are saying .85.5 to dollars to the dinar ... and there is your 86 cent RV , or near enough.

Okay but I would reler prefer, and had hoped for, something over a dollar.

Greedy, that's me.

smee2

Pure GREED!! Any rate right now would be nice though!!

[BIGCG]

Ill take .10 and RUN.... @ this point ANY return would be nice. GO IRAQ GO RV/RI

[tevye02]

NOT BASHING HERE!

Before anyone gets too excited this info came out some weeks back and it is probably a typo. If you take the IQD number from billion to trillion you get .00086 usd to 1 IQD which is the current rate. Another version of the same article stated it correctly as 93 Trillion IQD.

Good find and I am wishing it wasnt a typo - just trying to quell any craziness and keep everyone grounded.

[dinar4wealth]

How can so many articles be a typo? Anytime we see an article or website showing something positive its always either a mistake or typo. They can't all be wrong can they?

[tevye02]

How can so many articles be a typo? Anytime we see an article or website showing something positive its always either a mistake or typo. They can't all be wrong can they?

I didnt do the de-bunking on the original but my understanding is that the translating software can often foul it up. That makes sense since the translated articles are often hard to read. Besides much like our press here in the states reporters sometimes just dont try hard enough to get it right - they just get it out. There are also those who would intentially mis state something for some sort of gain (can you imagine that? (sarc))

Not saying this one from Drew Gray was intentional but we have to be careful and not hang on every word that is printed. Heck I hope it right!

Just my 23.4 Dinar

[Heavyduty053]

No, no, no ...

or .855 Us Dollars to one Iraqi Dinar.

They are saying .85.5 to dollars to the dinar ... and there is your 86 cent RV , or near enough.

Okay but I would reler prefer, and had hoped for, something over a dollar.

Greedy, that's me.

smee2

This is good speculation and it is what it is until someone actually confirms a rate. Good post. I fail to see anything helping their people or country's welfare system unless it has a greater value.

[MrDinarman]

ITS 96.6 TRILLION DINAR!!!!

[Soldiering4U]

I am cool with a .86 RV it would pay off all my debt and I would owe nobody anything except of course Uncle Sam the rest of my enlistment and Taxes

Edited February 7, 2011 by Soldiering4U

[mrdeepc]

Trying to find the website I saw it at....Did try to get the link on here so people wouldn't bash me...but not that computer savvy. Sorry! But will try to get the website address on here

[mrdeepc]

http://dinartrade.org/the-recent-iraq-2011-budget-may-have-leaked-the-coming-currency-revaluation/

Heres the link, Hope it works and hope it helps.

[jola]

Iraq raised its proposed 2011 budget to 96.6 trillion Iraq dinars ($81.86 billion), compared with last year's budget of $71.3 billion due to a recent rise in oil prices, a government spokesman said Sunday.

Read more:

This is plain English. The rate is still 0.0008 in the budget, not 0.86. Adam M. just posted it in news.

Edited February 7, 2011 by jola

[sneakey]

No, no, no ...

or .855 Us Dollars to one Iraqi Dinar.

They are saying .85.5 to dollars to the dinar ... and there is your 86 cent RV , or near enough.

Okay but I would reler prefer, and had hoped for, something over a dollar.

Greedy, that's me.

smee2

Om nom nom.....more please.

[MPG350]

I'll take .86 ANY day!! I'm ready for this ride to be over!!

Heck yeah .86 would be sweet, anybody mad at that amount is a stupid as heck.

[bagdaddy]

An RV of one or less will require a small portion of my investment to be cashed in. As with all investments a market that has moved high can go higher. The Iraqi dinar can support a higher value. The Kuwaiti RV had incremental moves that fooled the impatient investor.

[Sundrenched sr.]

when I lived in california about 15 to 20 years ago ,the comptroller of the state was named Drew Grey,if I.m not mistaken

Edited February 7, 2011 by Sundrenched sr.

[tjmunson]

An RV of one or less will require a small portion of my investment to be cashed in. As with all investments a market that has moved high can go higher. The Iraqi dinar can support a higher value. The Kuwaiti RV had incremental moves that fooled the impatient investor.

Completely agree with you. That is also why I think the initial RV will be higher,,$2+ I believe this for several reasons.

1. The CBI wants to get all the 000's out of circulation ASAP. If they RV too low, this will not happen.

2. What will happen to Iraq if they RV at .86 or lower?....All the wealthy investors in the world will basically buy Iraq because they will know that it will go higher. Iraq would stand to lose everything. They will not take that chance.

3. People on this site have said that the RV has to be low because there are ove 26 trillion dinar in circulation and the cash reserves are simply not there to support a high RV. This may or may not be correct. Firstly, I would like to know how they arrived at this number and do they have proof that it is accurate and secondly, even if it is accurate, the bulk of dinar are owned by governments such as the US, China, UK etc, and they will not be "cashing in" those dinar. They will be using them to trade for oil and construction contracts etc. with Iraq. So the amountt that will actually be cashed in is the amount held by private investors such as you and I. As a result, the reserves are there to support a much higher RV.

Peace!!!

[LEXICON]

Completely agree with you. That is also why I think the initial RV will be higher,,$2+ I believe this for several reasons.

1. The CBI wants to get all the 000's out of circulation ASAP. If they RV too low, this will not happen.

2. What will happen to Iraq if they RV at .86 or lower?....All the wealthy investors in the world will basically buy Iraq because they will know that it will go higher. Iraq would stand to lose everything. They will not take that chance.

3. People on this site have said that the RV has to be low because there are ove 26 trillion dinar in circulation and the cash reserves are simply not there to support a high RV. This may or may not be correct. Firstly, I would like to know how they arrived at this number and do they have proof that it is accurate and secondly, even if it is accurate, the bulk of dinar are owned by governments such as the US, China, UK etc, and they will not be "cashing in" those dinar. They will be using them to trade for oil and construction contracts etc. with Iraq. So the amountt that will actually be cashed in is the amount held by private investors such as you and I. As a result, the reserves are there to support a much higher RV.

Peace!!!

Very logical thinking! I am no expert but the logistics are sound.

[Sundrenched sr.]

My apologies,I think the guy.s name was Grey Davis

[hammy]

tjmunson, great post. Someone who gets it. I am not a currency and foreign investment expert but 2 of my close friends are. We will never hear all the news. I hope you all keep that in mind. We don't hear all the news about our own Country and it's assets and debt. I hope nobody here in naive enough to think that they (the Government) tell us everything. More to this than we or any expert will ever know. +1 tj btw.

[allinxpress]

Heres a Question:

Does Iraq HAVE to RV at all?? The budget wasnt very reassuring..lol.