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kdegennaro

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Everything posted by kdegennaro

  1. :::throwing hands up in the air, roller coaster style::: WWWHHHhHEeeEHeheeeeheeheheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!
  2. "Hi, April Fools ... I haven't heard a single lie from you" "What are you talking about ... Just a while ago I said that we are going to achieve security and services!!"
  3. Musings on Iraq by Joel Wing Thursday, March 3, 2011 New Example Of Financial Mismanagement In Iraq Back in September 2010 the United States Government Accountability Office (GAO) released a report on Iraq’s budget to see whether the country had a surplus or not. The GAO found that the Iraqi government’s financial records were such a wreck that it didn’t know how much it spent each year, or even how much it had in the bank. In mid-February 2011 Speaker of Parliament Osama Nujafi gave the latest example of this problem when he announced that $30-$40 billion was missing from the Development Fund for Iraq (DFI). On February 21, 2011 Speaker Nujafi said that $40 billion from the Development Fund for Iraq (DFI) could not be found. The next day he changed the figure to $34 billion. Two parliamentary committees were going to be created to look into the matter. Nujafi stated that he didn’t know whether the money had been spent or not. A member of the Kurdistan Coalition later claimed that the funds had in fact been used by the Finance Ministry with the approval of Prime Minister Nouri al-Maliki. The DFI was created in 2003 to handle Iraq’s oil and gas revenues, which were under United Nations control since sanctions were applied in 1990 for Saddam Hussein’s invasion of Kuwait. Some of the billions of dollars could’ve been stolen, but more likely it was just another instance of Baghdad not keeping track of its finances. As the GAO found, each fiscal year the government not only has money from the budget to spend, but additional billions of dollars in advances, which cannot be completely accounted for. The Finance Ministry also deposits its money in state run banks like the Central Bank of Iraq. Those institutions don’t have good record keeping either. That means the $30-$40 billion reported missing by Speaker Nujafi could’ve been spent or it’s sitting in a bank or a mixture of both. Hopefully most of it was expanded, but there’s simply no way of telling due to the backward state of Iraq’s bureaucracy. SOURCES Agence France Presse, “$40 billion ‘missing’ from Iraq accounts,” 2/21/11 Al-Jawari, Fulaih, “Nujaifi orders investigation into $34m development fund expenditures,” AK News, 2/22/11 United States Government Accountability Office, “Iraqi-U.S. Cost-Sharing Iraq Has a Cumulative Budget Surplus, Offering the Potential for Further Cost-Sharing,” September 2010
  4. Some one explain to me what the info in RED means? I assume that if the RV happens before the 3 zero's are 'sliced off' then our Dinar is fine, but if what this says means they do not intend to revalue, then our Dinar is almost worhtless... I'm new to all this, please help! The link to read more: http://www.xe.com/news/2010/02/11/951385.htm 2010-02-11 13:11 (UTC) BAGHDAD, Feb 11 (Reuters) - Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday. Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers. 'The goal is to improve the payment and receiving system in the country and consequently to reform cash management,' said Mudher Kasim, a senior advisor at the central bank. Iraqi payment systems rely almost exclusively on cash. Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say. An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said. The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale. (Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/ (jack.kimball@thomsonreuters.com; +964 7901 917 033; Reuters Messaging: jack.kimball.reuters.com@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
  5. just saying hi. New here but mainly cuz my hunni has Dinar, and I'm interested in what he is. Hope to get my own before the RV, but we'll see!
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