dreardon

This is for all of the GCC (Gulf Cooperation Council). The GCC includes Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, the Sultanate of Oman, and the Republic of Yemen.

I have the same question, that would be really good if that was the case. What if it is the other way tho and they are selling dinar for usd. Is that an option and if so will it hurt our investment.

I am a little confused on why they spent money printing notes that were in multiples of 1000's. Does that strike anyone as odd? If they wanted a high value of their dinar then why add all the zeros to it in the first place. They had a perfect opportunity to replace the saddam notes with the lower denomination notes in the first place. Can someone help me understand why they took the not needed step of the currency that we hold.

yeah but that is $273 USD worth of Iraqi dinar, which is 350,000 dinars. When this supposedly RV for a dollar, It will all the sudden make that 1 trillion into 3 trillion USD. Quite the stimulus package. It doesn't make sense.

I was looking at news articles and one said that the parliament on sunday will "Agreement to support the ration card trillion dinars and the budget vote Sunday". How can they through out a trillion dinars to the people. If they do this they the RV rate will be extremely low and close to what it is now. If their reserves are 80 something US dollars then the RV would be way less then a dollar just basing it off of the amount of dinars inside the country. Originally I heard there was only 26 billion dinars in Iraq and most were outside Iraq and that was the reason they could RV high. This worries me because It is not making sense at all. Anyone have any input on what is going on? Article is below. FEBRUARY 18, 2011 07:27 AM Agreement to support the ration card trillion dinars and the budget vote Sunday Posted: February 18, 2011 by THE CURRENCY NEWSHOUND – Just Hopin in Iraqi Dinar/Politics Parliamentary source said Friday that the presidency of the Council of Representatives agreed with the heads of political blocs and the Finance Committee to present the law of the financial budget for the current year 2011 to a vote during the meeting next Sunday, while he noted that the conferees agreed to support the ration card trillion Iraqi dinars. The source said in an interview with “Alsumaria News”, “The Iraqi parliament speaker Osama Najafi and his two deputies Qusay al-Suhail and Aref Tayfur agreed at their meeting this morning, with the heads of political blocs and the parliament’s finance committee to view the law of the financial budget for the current year 2011 to a vote at the meeting Parliament on Sunday. “ The source, who requested anonymity, that “the meeting discussed the paragraphs of the 13 federal budget in order of priority,” noting that “has been voting at the meeting to support the amount of the ration card trillion Iraqi dinars to provide five basic vocabulary.” The source pointed out that “the conferees also agreed to support the social protection system and the development of the regions and the services sector, agriculture, and support students, and allocating a portion of imports of pilgrims to the provinces concerned,” explaining that “it was agreed that the ratio is operational 70% and investment 30%.” The head of the Iraqi parliament Osama Najafi and his two deputies Qusay al-Suhail and Aref Tayfur held, this morning, meeting with the President of the Kurdistan Alliance bloc Fuad Masum, and the head of the Iraqi Salman Jumaili and deputy head of the National Alliance, Khaled al-Attiya and the head of the Virtue Ammar Tohma and the head of the Change Church Haji and Chairman of the Integrity Commission Bahaa al, Members of Parliament whose staff Muhsin al-Sadoun and Kanna addition to the Chairman of the Finance Committee Haider al-Abadi, its members and Finance Minister Rafie al-Issawi. The Council of Representatives, on Thursday, its 34-headed Osama Najafi and the presence of 235 deputies, to draft the Supreme Judicial Council for second reading, and the continuation of the second reading of the draft federal budget law for the current year. The Sadrists announced earlier that 130 deputies, mostly from the Sadrists and the Iraqi List, threatened not to vote on the law of the current year budget, in the absence of allocating 15% of the Iraqi people. The cabinet approved on the sixth of February, the current budget for 2011 modified after an increase of three billion dollars to be worth 81.9 billion dollars with a deficit of 13.3 billion dollars will be covered by the amounts retained from the previous year’s budget and borrow internally and externally, noting that the total revenue estimator, 68 0.6 billion dollars, while operating expenses, ie salaries and wages in particular, by $ 56.4 billion, while the capital expenditures $ 25.4 billion, also pointed out that the calculation of income resulting from export of crude oil at a rate of 76.5 dollars per barrel at a rate of 2,000,200 thousand barrels per day, including 100 thousand barrels of the Kurdistan region. And got “Alsumaria News”, Monday, the report of the parliamentary financial report to the House of Representatives on the bill on the federal budget for 2011, the Committee emphasized that the budget has focused on the priorities in the interest of the citizen and the country, and it does not meet all the needs of the Iraqis and the budget did not include report illustrates the extent of implementation of the stated objectives and the root causes of slow implementation, and whether or not the correct steps to address these causes. The report said that the file of the budget did not provide information on the extent of implementation of previous budgets, in addition to its inability to estimate the data and information Almdorat cash and cash savings of annual and cumulative, so that could be adopted in the calculation of the deficit, and others, as the report pointed to the need to pursue additional means to address poverty, such as changing the way distribution of the ration card items, and the provision of minimum basic services, rehabilitation of industrial and agricultural sector, small businesses, support the private sector, stimulate the residential sector. It is noteworthy that “Alsumaria News”, won in the ninth of February, the current, on the revised second draft general budget of the Federal Republic of Iraq for fiscal 2011, as last amended after the addition of three billion dollars, earmarked for investment projects of new and operating expenses of the ministries that were not related to the Ministry.

I have a quick question that I figure someone that has knowledge about the CBI currency auction can answer. I have been told that the currency auction is selling US dollars? Is that true? Meaning, do they sell their US currency for Iraqi dinars? Originally I believed they were selling dinars as a way to get US currency to do daily operations, at some point did this switch? Thanks, I would appreciate anyone who can answer.

If this was actually a legit article then why do people take the credibility away? No one seems to be able to explain what the 14 means, shouldn't that be easy to explain if it wan't the rate? Scott, even if that is right with a budget of 69 billion and spending estimated at 83 that is only a difference of 14 billion the percentage would be 16.8%. The other theory of 14% between 73 and rising it to 75 isn't right either. If they indeed were taking about percentage changes then wouldnt percentage be there? Does anyone have a legit explaination? Other wise i chose to believe that it would be the rate. Am i wrong in thinking that?

Thanks alot good info, i appreciate it

I had a question about the amount of dinars in circulation. Since I have been invested I had always thought there was only 27 trillion dinars in circulation and judging from an article I read I believe Shabibi stated he got rid of 70% of the dinar which would lower it to around 7 trillion, mostly outside the country. Recently I have been pessimistic because I have been looking at thier recent curreny actions and they are selling on some days over 200 million US dollars worth, thats something like 244 billion dinars a day! I hope this number hasn't been this high for that long, they have had 1823 currency auctions so that would mean the number of dinars is astronomical. Even if they only auctioned 50 million USD worth each day it would still be over 100 trillion dinars! I hope someone can shed some light because this investment makes sense at 7 trillion but not so much sense when you are looking at anywhere from 100 trillion to 200 trillion dinars in circulation. Has anyone heard of the fact that they only printed 27 trillion dinars? And they have been destroying them for a while no to lower supply? Why do they keep selling dinars if they know they will have to back it someday? Does anyone know if they electronic transfers of dinars are going to be treated differently than the Dinars themselves? Can someone make me optimistic again?! haha