SonOfAtomicVet

The Iraqi parliament has held its first hearing session to pave the way for the debate on a controversial draft law to reestablish the Iraqi National Oil Company, which the former Iraqi leader Saddam Hussein's regime invalidated in the 1980s, officials said Monday. The session was attended by the country's Oil Minister Abdul Kareem Luaibi, two former oil ministers Ibrahim Bahr al-Uloom and Thamer al-Ghadhban as well as the head and members of the parliament's oil and energy committee and several Iraqi oil experts. Absent from the parliamentary hearing was deputy prime minister for energy affairs Hussein al-Shahristani, a key ally of prime minister Nouri al-Maliki. A draft law of the long-awaited new national oil company, which would revive a company originally established in the 1960s and merged into the Iraqi oil ministry in 1987, was passed by the then cabinet in July 2009 but has been stalled in the parliament since. Oil minister Luaibi told the hearing that creation of a new Iraqi National Oil Company is not essential and "it would add nothing to the Iraqi oil sector." While speaker of the parliament Osama al-Nujaifi, head of the parliament oil and energy committee Adnan al-Janabi and Ghadhban who is also the current top energy advisor to Prime Minister al-Maliik, voiced their support for reviving the company. The INOC, if restored, would act as the parent of the existing South Oil Co., Iraq's largest petroleum company, North Oil Co., Missan Oil Co. and Midland Oil Co. According to its draft law, the INOC would spearhead national and local strategy. It would carry out all sorts of oil operations from exploration down to marketing. The firm would also partner with or even compete against foreign companies to develop Iraqi fields. The INOC will be a cabinet-level organization led by a president with ministerial rank. The company's board will include officials from the ministries of oil, finance and planning and the Central Bank of Iraq. Link: http://www.rigzone.com/news/article.asp?a_id=108649

Then can you please divulge where your information came from to make such a factual conclusion? And I do know how to add 2 and 2. If you can't reply without a sense of anger in your words, then please don't. Thank you

I am not going to say anything negative based on someone's opinion. We all have them. What does disappoint me more than anything is someone who lists the title of a post alluding to facts when it turns out to be nothing but an opinion. I guess people think more about their headlines to grab attention than the content.

I graduated from high school 30 yrs ago... this reminds me of the note the girl who has a crush on you passes to you... "Do you like me? Check one... Yes..... No...." Is this really necessary? I vote none of the above. I didn't join this site to help console someone for what they may think was a mistake on their part and are looking for others to support his decision. For once I am 100% in agreement with Keep.....

Okay, I am sorry, but I don't understand why everyone keeps making connections to US holidays and events. In my understanding, the reval is about Iraq and its people. Not about the US/us. I can't and have never felt that way about it. I know everyone is doing their best looking for information that can be related to the currency change. But really, can we use a little common sense and realize that Iraq is not concerned at all about anyone outside of their country? They hardly have concern for the people in their country. I appreciate your insight and reasoning, but I really don't think our holidays and banking hours will have anything to do with the decision in the reval of the Dinar. Just My Opinion

What a coincidence! I was just thinking the same thing! Sorry, couldn't resist... Hello from Louisiana!

Okay, only because I am confused, can you please clarify? How is it that you can make the statements on 1,2 & 3 implying that this is all a myth, no intel, nothing about an RV, yet make the following statement "... but from what I was told the following scenario was discussed"? Why discuss such a scenario if 1,2 & 3 says the RV is not real? Thanks in advance for clearing this up for me....

Well, don't have enough hair left to justify pulling out for math errors... lol

kmiller68: if they drop the rate from .00086 to .86 wont that mean 1 IQD = $1.16 Breitling: yes crich: so the present rate .ooo86 will = .86 & the initial rv maybe .86…isn’t that the same thing in a way? Breitling: no dinarisserved: so it the dinar rv’s at .86 then will a 25k note be worth $21,500? But will have a 30,60, or 90 day window to cash them in? Breitling: about that yes, lets hope they hit it at that rate centech: Please verify–if the rate comes out at .86—then 1 million Dinar would be worth $860,000 USD–correct? Thx much for verifying! Breitling: yes, i made a typo Okay, question.... because I am so confused now... which is it? .86 will equal 86 cents (.00086 less the .000)? Or .86 will equal 1.16 dollars (1 / .86)? It seems to be a significant difference in value. 1,000,000 x .86 = 860,000 1,000,000 x 1.17 = 1,170,000

HAHAHAHAAHA..... Yes we are!

WILMA! Her name was WILMA! Thelma was the one who rode the car over the cliff with Louise. Fred and Wilma Fintstone, Barney and Betty Rubble. Yep, I spent too much time in front of the TV as a kid.... lol

4. Another speaker mods knew well as GW said he had calls from highly informed people today saying the same thing that the RV will be early next week. GW Bush?

Thank you... and hope your RV dreams come true. Thanks to everyone for the kind words and thoughts. Nice to know there are others who think and feel the same. I just wish for all of us to have a wonderful experience with this historical event. I hope everyone's dreams and expectations are met, within reason of course. And let us please remember, this is not only about us, but especially for the betterment of the Iraqi people's way of life. With this, hopefully, all our lives will change for the better. Good luck to us all, and Go RV!

I have noticed how the closer it seems an RV may occur, the more frustrated people are getting in their responses to such simple questions. All the poster wanted to know about a PREDICTED RATE, not a factual. Predicted meaning a guess. We can all guess and hope what a rate may be. What is the harm in saying "Hey, I predict from what I have read it will be anywhere from 10 cents to 10 dollars."? Why is it the ones who seem to have more experience in deducing information, are popular in their posts, and just plain popular here in the site say, "I believe in what I have read and calculated, the rate may be 1 dollar!", and get all kinds of pluses and "attaboys", and tons of thanks for making such a statement? Just because someone is learning and asks questions to learn gives no merit to be answered in such a way as to be told; "No one knows so stop asking stupid questions." In my opinion, that is rude and hurtful. But what do I know, I am still fairly new here also. I have watched people go from responding in a polite, cordial and respectful way to now being rude and thoughtless. If you don't like the question, why respond in such a disrespectful way? I miss the helpful and "let me point you in the right direction" responses. I know it is frustrating. More so for those who have been on this journey for a very long time. But stay the course and don't lose focus. If you attain such great wealth as you imagine the RV will deliver, and you are impatient and rude to others, will you then become the rich snob that so many people detest? I haven't invested enough to defend if I will or not, but I know it is not in my nature. I live by the most important rule my mother taught me: "TREAT OTHERS AS YOU WISH TO BE TREATED. LOVE LIKE YOU WANT TO BE LOVED. CARE LIKE YOU WANT TO BE CARED FOR." Sorry, I have just gotten disappointment overload seeing another rude response. Good luck to us all. May everyone's dreams and wishes happen as they imagine. David - SonOfAtomicVet

As the "D" and the "R" are so close on the keyboard, I am sure that is what the original poster meant. As for myself, I typed while reading to try and get his post correct and blindly followed the 'EUD". Sorry my error upset you so much.

Also, if you select a forum category, when the different posts show, if you move your cursor over the one you might be interested in and pause, the date it was started appears. Hope this helps also.

That would be the Euro Dollar

I've had it bookmarked since I got into this.... http://finance.yahoo.com/currency-converter/#from=IQD;to=USD;amt=100000

Am I figuring correctly? If 1 IQD = 2.67 EUD, does that mean the IQD could RV at 3.74 using the current conversion rate ( if this information was factual)? Sorry, new at trying to figure rates....

Ow! Ow! Ow! Ow! ..... My intelligence just got an owee from reading this.....

Here's the link to the page he is talking about. Don't know the date it was written/posted: http://www.mop.gov.iq/mop/index.jsp?sid=1&id=308&pid=295&lng=en Article: The Exchange Rate of Foreign Currency in Economic Feasibility Studies Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars. Estimate the shadow price of foreign currency: 1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine. The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs. * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar. In particular the following outputs and inputs of foreign currency were distinguished: · Export-outputs. · Outputs marketed locally that substitute imports. · Imported inputs. · Inputs produced locally that usually go to exports. · Foreign labor. According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules. In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency .... etc.). In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency. 2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports... etc. The justifications to call for the use of an exchange rate that is lower than the official exchange rate are: · The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production. · The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs. · The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods. · The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities. · This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of. And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate. 3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.

Could be this: 50,000 Yugoslav dinars note (1963) ------> http://en.wikipedia.org/wiki/File:50000-Dinara-1963.jpg Or 1992 Croatia 50000 Dinar ---------> http://www.liveauctioneers.com/item/8529414

That would be $3,159,000,000,000 if it was 2.7 billion Dinar... lots of pennies!

My bank is like the GOI... they are closing both holidays... MLK and President's Day!

Or learn to cut and paste as well... lol