jas428

My guess is that these economists are just basing their predictions on the length of time it has taken Iraq to approve anything else. Seriously, in over two weeks they have only approved 6 laws out of 90?? At this rate we'd be lucky to have the budget approved by March!

What was your take on the artilces abut the new 50 dinar note coming out, with the equivalent of 50,000 dinars?

After approval of the Council of Ministers, not expectations of adoption of the federal budget by the end of next March. 07/12/2011 7:44 ص 12/07/2011 7:44 الإقتصاد , غير مصنف Economy , بغداد”البوابة العراقية” محمد شريف Baghdad, "Iraq's gate," Mohammed Sharif في مثل هذا الوقت من كل عام تدخل الموازنة العامة مخاض الولادة المتعسرة بعد أن تضعها الكتل السياسية على طاولة التجاذبات السياسية ، وقد يمتد هذا المخاض لأربعة أشهر أو أكثر ، وبحسب توقعات بعض الاقتصاديين لموازنة هذا العام ، فان الاحتمالات ترجح تأخير اقرار الموازنة لهذا العام بسبب احتدام الصراعات الصياسية بين الفرقاء . At this time each year enter the general budget labor obstructed labor after the established political blocs on the table of political pressure, may extend this labor for four months or more, according to the expectations of some economists for this year's budget, the possibilities outweigh the delay in approving the budget for this year because of intense Chiasah conflicts between the parties. وصوت مجلس الوزراء الاثنين على مسودة موازنة عام 2012، بقيمة 100 مليار دولار ” مايعادل 117 ترليون دينار” وبنسبة عجز بلغت 14.5 مليار دولار ، أي ما يعادل 17 تريليون دينار ” واعتماد سعر 85 دولار لبرميل النفط . The cabinet voted Monday on a draft budget for 2012, $ 100 billion dollars, "the equivalent of 117 trillion dinars," and by deficit amounted to $ 14.5 billion, equivalent to 17 trillion dinars, "and the adoption rate of $ 85 for a barrel of oil. وقال عدد من الاقتصاديين “للبوابة العراقية” ان حجم التجاذبات السياسية سينعكس على عملية اقرار الموازنة ، وسيؤخرها ، فقد جبلت القوى السياسية على هذا الأمر سنويا . A number of economists, "the gate of Iraq," The size of the political pressure will be reflected on the process of approving the budget, and Saaka, the political power is inherent to this year. وبلغ مجموع ايرادات النفط في هذا العام حتى نهاية تشرين الأول حوالي 69 مليار دولار ، لقاء تصدير 659.8 مليون برميل وبمعدل 2.2 مليون برميل يوميا ، في حين بلغ معدل سعر البرميل الواحد 104 دولار . The total oil revenues this year until the end of October, about $ 69 billion, in exchange for export of 659.8 million barrels and 2.2 million barrels per day, while the average price of $ 104 per barrel. وكان مجلس النواب العراقي قد أقر الموازنة الاتحادية للعام 2011 بحوالي 82.6 مليار دولار وقدرت إيرادات الموازنة التي وصفت بانها الأكبر في تاريخ العراق بنحو 68 مليار دولار فيما قدرت نفقاتها بأكثر من 82 مليار دولار وبعجز بلغ نحو 15 مليار دولار. The Iraqi Council of Representatives has approved the federal budget for 2011 of about 82.6 billion dollars and the estimated revenue of the budget that has been described as the largest in the history of Iraq by about $ 68 billion in expenditures estimated at more than $ 82 billion and the deficit was about $ 15 billion. وكانت وزارة النفط أعلنت خلال، شهر آذار الماضي، عن ارتفاع احتياط العراق النفطي باستثناء الاحتياطي الموجود في إقليم كردستان، مشيرة إلى أن احتياط العراق وحده بلغ 143 مليار برميل و129 تريليون م3 من الغاز. The Oil Ministry announced during, the month of March, a rise in Iraq's oil reserves, with the exception of the reserve is located in the Kurdistan region, noting that Iraq's reserves alone amounting to 143 billion barrels and 129 trillion m 3 of gas. ووقع العراق، خلال العام الماضي 2010، عقوداً عدة مع شركات عالمية لتطوير بعض حقوله النفطية ضمن جولتي التراخيص الأولى والثانية، للتوصل إلى إنتاج ما لا يقل عن 11 مليون برميل يومياً، في غضون السنوات الست المقبلة، و12 مليون برميل يومياً بعد إضافة الكميات المنتجة من الحقول الأخرى بالجهد الوطني، وتركزت تلك العقود في غالبيتها على حقول الجنوب. Iraq has signed, during the last year, 2010, contracts with several international companies to develop some oil fields in the two rounds of licensing the first and second, to reach a production of at least 11 million barrels per day within the next six years, and 12 million barrels per day after the addition of the quantities of other fields of national effort, and focused most of those contracts in the fields of the South. وأعلنت وزارة النفط الاسبوع الماضي عن تصاعد مستويات انتاج النفط الخام لتصل الى اكثر من (2,95 ) مليون برميل . The Oil Ministry announced last week that rising levels of crude oil output to reach more than (2.95) million barrels. وقال وزير النفط عبد الكريم لعيبي ان معدلات الانتاج بلغت (2,95) مليون برميل .. The Minister of Oil Abdul Karim and coffee that the production rates of (2.95) million barrels .. مضيفا الى ان معدلات الانتاج ستصل قبل نهاية هذا العام الى(3 مليون) برميل يوميا . He said, adding that production rates will reach before the end of this year (3 million) barrels per day. وكانت اللجنة المالية في مجلس النواب العراقي أكدت، قبل أيام ، أن موازنة العام 2012 ستصل إلى البرلمان خلال (الأسبوع الحالي) بعد أن تخفض وزارة المالية نسبة العجز فيها واعتماد سعر قدره 85 دولاراً لبرميل النفط، فيما رجحت أن تصل نسبة التخفيض إلى 115 تريليون دينار. The Finance Committee of the Iraqi Council of Representatives confirmed a few days ago, that the balance of 2012 will reach the parliament through (this week) after the cut and the Ministry of Finance, the proportion of the deficit and the adoption rate of 85 dollars per barrel of oil, while it likely that the rate reduction to 115 trillion dinars . http://translate.google.com/translate?hl=en&prev=/search%3Fq%3Dhttp://www.albawwaba.net/todays-picture/61451/%26hl%3Den%26biw%3D1067%26bih%3D433%26prmd%3Dimvns&rurl=translate.google.ca&sl=ar&u=http://www.albawwaba.net/uncategorized/62220/

I tend to agree with the "sometime in 2012" statement. Yes they need chapter 7 son, yes they need HCL soon, but they also need a stable economic capacity and right now they are not even close. There are dozens of laws that effect the economy that are important for the CBI to be able to support an RV....NOT just the HCL. 2012 will be fine with me. If they're going to take their time, as always, at least they're making a bit more progress than the past 5 years I've been waiting. What's one more? It may not be what you all want to hear but please research more than just the HCL and Chapter 7. Please do more news searches and reading than what is on this site alone. Although there is good info here, its just the tip of the iceburg of what I read daily. There is such a bigger picture going on that so many people don't educate themselves on, but so much more of this would make sense if we all get out of the "HCL and Ch 7 world.". There's so much more to it...and the CBI is well aware of that. Read, read, and read some more....on various news site, not just this one.

It was passed by the Cabinet and is going to be sent to Parliamen. Parliament has to do the three readings and they take their good ole time with everything.

Actually you go to your bank and cash in (at a 1:1 for example) 1 million dinar, you get back less from the bank because they can set the spread at whatever they want. Then you get taxed by the state and feds and lose another 40 percent of your "earnings". So the US has already made about 400,000 on your 1 million by you simply cashing in. And they then will use the dinar you cashed in to purchase oil or other natural resources and iraq never has to send a dime in return. That, my friend, is a very simple explanation of a very very complex world of financial transactions. So don't for one minute think you will walk away with any more than 60-65% of your total value of dinar after taxes and bank spreads. VIP has options for wokring to get the most of your investment and pay less, but if you just walk in a bank....the US makes out BIGTIME.

All we can do is continue to stay grounded. Although these dates are set it certainly doesn't mean they won't cancel meetings or extend deadlines as they are infamous for. One can hope we get a lot accomplished but after 5+ years in this, we have seen "important meetings" set every single month and esp. around this time of year - every year. There is nothing set in stone that the HCL has to be passed by the end of the year. WE think it should be, but we don't know what happens over there behind closed doors and the conversations and reasons they do things. In any case, thanks for the post, just trying to keep everyone grounded because if you search through the archives of this or any other site....you will see very similar things that supposedly were happenning years ago. I'm of the opinion at this point that I'll believe it when I see it....but here's to hoping!

I don't know, sounds kindof fishy to me, not only because of the outdated article but also because of recent artciles stating the problem still exists and is all Malikis fault. It seems if they finally, after YEARS, selected the ministers...it would be alllllll over their news, not just one or two articles. Hope I'm wrong.

Although this is very good news, please remember that we still have to have the official UN meeting in December to officially vote Iraq out of Chapter 7. It doesn't happen just because the USA supports it, it happens when the official UN vote is in. There is supposedly a UN meeting scheduled in December, but the schedule isn't out yet.

They can't get out of Chapter 7 without security ministers can they? I thought that was one of the remaining sanctions - a fully seated govt.?

Amazing that noone has an explanation to this?? Adam? Anyone? I think its a pretty important question!!??

So as of now, the average iraqui income is approx 4000 USD per year, or approx 4680000 dinars. Can I get some insight as to how on earth an RV of even .10 cents will be possible without creating super inflation? The average iraqi would suddenly be making 46800.00/year? That's a huge jump and everytime I convince myself that .10 cents is probable I read another news artIcle (in this case about income in Iraq) and I get down again. Thanks for you input!

Worked fine for me??? No Maintenance that I saw...mustve been a glitch.

That's just great. First they nulled the exxon agreement, not they want to nix out Shell too?!?! These people will never get along! The HCL needs passed, pronto!

The budget still has to be approved by the Ministers before it is sent to Parliament from what I understand...so they better get a move on it!

First off, the continually say that Iraws New Year is over...which it is. But we are talking about the Fiscal year - not New Year. And to say that Erbil and HCL have nothing to do with an RV? Wow, that totally discredits them.

Hmmmm, "petroleum law that has yet to be passed...". Well there's our answer on that one! Good article, showing high potential for investment but also showing the work Iraq still has to get done for more investors to come in.

It didn't get glossed over my friend, but it won't be addressed because noone knows the answers. Even a "bank" employee in Iraq eould not have that info, aside from the rumors we all hear everyday. I think if that answer were out there, we would all either be relaxing waiting to be rich, or not on this site because it won't happen. Either way, noone knows - bank employee or not- what will happen.

It is only owned by speculators I should have stated that, sorry. As far as circulation, noone I have ever known to have lived in Iraq for any length of time had anything lower than 250. So those who have the 50s now ...it will be interesting to see how they are deemed compared to the new ones as no mention of them has been made.

Why do people keep talking about the "current" 50 dinar bill. THERE IS NO CURRENT 50 DINAR NOTE. Do you realize how worthless it would be if there were one already in circulation? The lowest current deno$ is 250 I believe. So there can be no comparison of the "new" 50 and the "current" 50 because there is no current one. There, I feel better.

They are more concerned with getting salary increases for people who are already millionairres in dinar world than providing for their own people. This article shows how the conflict continues and we may still be a ways off. Sorry to say.

"when" they issue the new currencies is the question. They state their intent but for all we know it could be another few months. And if they only release one new denom at a time we are really in for a wait! So lets hope they hurry it up....

I think I can speak for almost everyone here and say thet we never believe the gurus anyways, but thanks for posting. Gurus are for entertainment purposes only. We are fully aware of that. And the gurus have been putting out their statements for * years...more than just the few months you speak of. Obviously you are new to this investment, so welcome! Do your research and make sure to stick with the news only.

Not sure what the point of this post is. They list things like this all the tijme and the dates mentined have no relevance. They were on a holiday, which is why there were no auctions the past few days (not to mention their weekend).

Thank you! I just read it on the news section...guess I spoke too soon! Hope this means good things to come in the coming days!