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Questions for Adam's Chat 5-8-2013


TexasGranny
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Adam, according to news articles out today it seems Iraq will be opening 130 offices this week to facilitate the distribution of the 2nd generation smart cards that will adhere to international standards. I understand that if people are able the use these cards, it could ease the transition of the exchange rate without having lower denoms on the street prior. What are your thoughts concerning  what appears to be Iraq pumping these cards to the people quickly?  These cards in addition to the news of headway on HCL, WTO, and Chpt 7, is this a precursor to possibly a July timetable for a rate change/ or internationally recognized currency?

Edited by idplzr
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Adam, thanks for keeping this sight real.  This is my first time to ask questions since I began in January 2011.  The question has multiple parts:  If the dinar RVs at 1$ to 1D, why would their be a time limit to exchange the dinar?   If they are not going to stop the exchange of currency and it remains at the 1to1 rate, why not hold dinar and exchange it when needed or simply spend it in territories/states/countries that accept the IQD?  IF the exchange rate is the same, why not deal in dinar for foreign investments? 

IF Iraq only give individuals a time limit on exchanging the dinar, does that mean that they will stop exchanging the dinar currency totally? If Iraq make it against the law for foreign corps or individuals to own the IQD after a 48 hours or 3 months period of exchange, what good would be accomplish for them to have a tradable currency? 

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I know Adam that you have always stated that you expect the dinar to RV at a rate of about $.10. Everyone states that Iraq is so rich and has the 3rd or 2nd (depends on which article that you read) largest oil reserves in the world. So, due to this huge wealth, you will read expectations of an RV for anywhere from $1 to $3.86. Actually, there are many other guesses printed out there but what I am showing seems to be the majority. So, my question is this, when you look up the value of the money in Saudi Arabia, their currency (the Riyal) is equal to $.27 US Dollar.  We all know how wealthy the country of Saudi Arabia is. So, why are the expectations so high for the RV in Iraq? Again, I know that you expect $.10 but why do the vast amount of people that write about the Iraq RV being so much higher? Is there something that I am missing? 

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Hi Mr. Adam montana. I just found interesting article regarding Maliki's salary and I have questions , does Maliki's salary ( $3 Million/year ) has something to do with the RV Mr. Adam montana? Will Mr. Maliki be on our side for RV Mr. Adam Montana? Will Mr. maliki be in hurry to RV IQD when his salary is $3 million/year, not counting what he gets under the table?

 

 

 

 

 

 

How much is the salary of Iraqi Prime Minister Nuri al-Maliki?

 
 

06-05-2013

A study conducted by one of the European universities, Prime Minister Nuri al-Maliki paid an annual salary above of all the Presidents and Kings of the world, while Egyptian counterpart Mohamed Morsi shall receive a salary.

 

 
According to the study conducted by the University of Brussels in Belgium for salaries and property of Kings and heads of State of the world, "according to statistics, the total salaries of Iraqi Prime Minister Nouri al-Maliki for up to $ 3 million per year, the highest in the world among Kings and Presidents and Prime Ministers.

 

 
The annual salary of the King of Norway is the highest among the Kings, which receives 200,000 million euros a year, while King receives new Netherlands 829 thousand euros, and Duke of Luxembourg 645 thousand euros. "

 

 
The study pointed out that "the least salary owners come heads led by Egyptian President Mohammed Morsi, President of the United States Barack Obama" receives annually the equivalent of 355 thousand euros, while Germany's Prime Minister receives 277 thousand euros, and France 273 thousand euros. "

 

 
He said the first study about the salaries of Kings and heads of the world Prof. hiraman mathiogs, Professor of Economics at the University of Brussels, the "Spanish King Juan Carlos paid 175,000 euros per annum, which is lower than the salaries of the Kings of Europe", adding that "the Russian President paid $ 115,000 a year, 277 per month."

 

 
The study said that "the second-highest salary in the world is the President of Singapore, with a capacity of 2.18 million dollars a year, while the Egyptian President's salary of £ 4,750 per month, a salary less than the President in the world, bringing the total to $ 10,000 annually, the lowest salary Arabic."

 

The «Herman President of the Philippines ' total salary of $ 24,000, while Turkey's President paid 13,000 dollars, the Prime Minister of Israel will receive 15,000 Israeli Shekel, about 4200 dollars.

 

This is the first time that reveals where the global Academy on the total salaries of Prime Minister Nouri al-Maliki, not him or his comment on the study.

 

Read more: http://www.sotaliraq.com/mobile-news.php?id=99199

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Hi Mr. Adam Montana. I have additional articles that I would like Mr. Adam montana to elaborate for us.  Thank you very much for your immediate attention and have a lovely day Mr. Adam montana.

 

 

 

 

 

The Minister of Foreign Affairs Hoshyar Zebari on the importance of the role of the United Nations to remove Iraq from the remaining provisions of CHAPTER VII.

 

 

06 / May 2013 - 19:25

 

 

A statement issued by the Ministry of Foreign Affairs received by the agency {Euphrates News} copy of it on Monday that "Zebari received today representative of the Secretary-General of the United Nations and discussed with him the latest political developments in the country, and the role of the UN Mission in the provincial elections that took place recently."
 

 

"The two sides discussed the role of the UN Mission in the provincial elections that took place recently in Iraq and its implications in the developments of the political situation."
 

 

The statement continued that "Kobler briefed Zebari on the results of his meetings with a number of parties to the political process and the country's need for a mechanism to launch a national dialogue to address issues of crisis, also discussed the development of relations, Iraq - Kuwait, particularly in the technical procedures demarcation of the border between the two countries."
 

 

He pointed out that "Zebari stressed the importance of the role of the United Nations to remove Iraq from the remaining provisions of Chapter VII."

 

 

 

THE LINK : http://www.4.hathaly...cd=0&sid=202039

 

 

 

 

Iraqi politicians accused of meddling in CENTRAL BANK auctions

 

 

 

May 6, 2013

 

 

A parliamentary commission has found that influential Iraqi politicians have been meddling in hard cash auctions the Central Bank has been organizing to stabilized the local currency, the dinar.

 

 

 

The Central Bank of Iraq has been holding auctions since 2004, selling an average of $180 million on a daily basis to halt the dinar’s decline vis-à-vis the dollar.

 

 

 

But despite the auctions, which have cost the treachery billions of dollars every month every month, the dinar has seen its value plummeting in the past few months.

 

 

 

“Some private and state-owned banks are being manipulated by traders and politicians to control auctions the Central Bank organizes,” said Majida Abdulatif, a commission’s member.

 

 

 

Abdulatif said the auctions were originally launched to stabilized Iraqi financial markets but have turned into a “destabilizing factor”.

 

 

 

She said the banks involved in auctions received millions of dollars but the hard cash was sold to the ‘wrong people.”

 

 

 

Under Central Bank rules, each Iraqi citizens is entitled to buy dollars from the auction, but in reality only foreign exchange houses and the banks themselves have been buying most of the hard cash.

 

 

 

Iraqis willing to travel are entitled to $5000 each at the official price from Iraqi banks.

 

 

 

Abdulatif said the banks receiving cash from the auction sold it to influential people and companies with links to senior government politicians or leaders of political factions.

 

 

 

She gave no names and declined to elaborate, but the auction’s failure to halt the dinar’s decline has raised doubts about transparency.

 

 

 

Despite the massive sums of hard cash sold by the central bank every day, the dinar is reported to have slumped to 1250 to the dollar from 1150.

 

 

 

In the past few months, and to stem the dinar’s slide, the bank started auctioning up to $200 million every day.

 

 

 

The dinar’s weakening vis-à-vis the dollar has also been blamed on economic sanctions members of the European Union, the U.S. and Canada have imposed on Syria and Iran, the countries with long borders with Iraq.

 

 

 

The demand for hard cash in Iraq mushroomed in the aftermath of sanctions.

 

 

Iran is currently one of Iraq’s major trading partners and trade with Syria, despite violence, has boomed in the past two years.

 

 

 

THE LINK : http://www.azzaman.com/english/?p=742

 

 

 

 

 


MP Faizullah: draft banks through Internet banking is easy

 

06-05-2013

 

Deputy Chairman of the Finance Committee suggested that a Deputy from the coalition of Kurdish blocs Ahmed Faizullah, electronic banking project to add new technology to the Iraqi banking system to facilitate banking transactions for citizens.
 

 

He said Faizullah (News Agency): draft electronic banking is one of the successful projects and advanced, in which banking transactions such as savings and open financial accounts through computers and mobile phone via the ' Internet '.
 

 

He added: this modern technology operate most developed world countries kamrika, Britain, Japan and others, to facilitate banking and accelerate delivery, in addition to encouraging citizens to deal with local banks to deposit their money.
 

 

Explained: the project needs publicity and inform the citizen awareness and know how to use this technique, which will add a significant development for the banking sector.

 

THE LINK : http://www.sotaliraq...ws.php?id=99073 

THE LINK : http://www.ikhnews.c...rticle&id=83846

 

 

 

 

 

Electronic claim banks
 

 

 

 

05/06/2013 13:42 

 
Suggested that the Vice-Chairman of the Finance Committee MP Ahmed Faizullah, electronic banking project to add new technology to the Iraqi banking system and to facilitate banking transactions for citizens.
 

 

Faizullah said in a press statement that "the electronic banking project is one of the successful projects and developed, through which the transactions banking Kaledjarat and open financial accounts via computers and mobile phone service via 'Internet."
 

 

He added that "this new technology works most developed countries of the world, because it facilitates banking operations and speed up the completion, in addition to encouraging citizens to deal with local banks to deposit their money."
 

 

He explained that "the project needs to be propaganda and media, citizen awareness and knowledge of how to use this technique, which will add a remarkable development of the banking sector of Iraq."

 

 

 

THE LINK : http://www.iraqidev....adea/31951.html

 

 

 

 

 

 

Iraq falls to rank fifth in the world oil reserve

 

 

5.6.2013 

 

Electronic integrity

Said a new international report on global oil reserves that Iraq ranked 5 solution within the 10 states with the highest stock, came first in the Kingdom of Saudi Arabia.

 

 

 

According to the report, seen by: 4 Arab countries of existing Samn, namely Kuwait, Saudi Arabia and the United Arab Emirates and Iraq.

 

 

 

10 prize has been solved Nigeria Banaati the oil up to 37 billion barrels, followed by Libya in the ranking 9 Banaati up to 46 billion barrels.

 

 

 

While Russia came in the standings 8 Banaati up to 60 billion barrels, ranking seventh solved United Arab Emirates, which has reserves estimated at 98 billion barrels.

 

 

 

In the sixth, Kuwait has replaced about 104 billion barrels, Iraq preceded the fifth order of a stock of up to 115 billion barrels.

 

 

 

This indicator is a retreat from what was stated that Iraq ranks second in the world oil reserves.

 

 

 

In fourth place came Iran Banaati of up to 137 billion barrels, Canada has also solved the third in the standings with 175 billion barrels.

 

 

 

The report noted that Venezuela dissolved in second place globally around 211 billion barrels, while Saudi Arabia came first prize Banaati up to 263 billion barrels.

 

 

 

 

The Ministry of Oil has announced the rise of Iraq's undiscovered oil reserves to 150 billion barrels, an increase estimated at ten billion barrels of what was known in the past.

 

 

 

The ministry pointed out that this increase was the result of the activity and oil licensing rounds carried out by the Ministry of Oil during the past two years.

THE LINK : http://www.alestiqam...usiness&id=2289

 

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Hi Adam,

 

Would like to see what you thought of the article below....  Your comment is appreciated???

 

The Federal Reserve Board on Thursday announced the finalization of standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.

The rule, issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishes requirements for risk disclosures to customers, recordkeeping, business conduct, and documentation for retail foreign exchange transactions. Regulated institutions engaging in such transactions will be required to notify the Federal Reserve and to be well capitalized. They will also be required to collect margin for retail foreign exchange transactions.


Read more: http://dinarvets.com/forums/index.php?/topic/148127-probably-wont-happen-before-the-13th/#ixzz2ScgbD8oq

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Hi once again Adam, coin collector here. Krause Publications is the authority for all coin and paper money documentation all over the world. Someone from each country provides Krause the number of coins and paper money issued for their publications. Krause publishes this each and every year. Do you have any staff members that can research with Krause as to exact numbers of coins and paper notes produced for Iraq? I know the topic of how much Iraqi notes etc. is out there. The numbers have been thrown around for years and no number has been exact to say the least.  Thanks for all that you do in the site and I must admit I am real happy to be a proud owner of a Platinum VIP card, thanks!!!

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Hi Mr. Adam montana. What do you think about my last articles. Does this mean there will be a NEW RATE in the budget surplus before JUNE? Please elaborate this for us Mr. adam montana. Thank you very much Mr. adam Montana and your immediate response will be highly appreciated.

 

 

 

 

 

 

 

Central Bank: this year's budget deficit is not a placebo, but planned

 
 
 

07-05-2013
 

The Agency said the Central Bank Governor Abdel Basset Turki, the deficit registered in each federal budget is not an illusory deficit but planned future.
 
 

He said a Turkish reporter (News Agency): the Iraqi budget since 2003 to date are disability scheme and end with a surplus of fact except the budget 2009, indicating that the Central Bank and Government generally hopes to be the next integrated budgets budgets, meaning that without the planned deficit.
 
 

Turkish: confirmed that budgets in each budget are not fake, but a planned practice, indicating that the Central Bank isn't worried but confident that the balance of the year will end with a surplus at the end of the year.
 
 

And the Council of Ministers approved in (23 October 2012) to 2013 budget worth 138 trillion Iraqi dinars on the basis for the calculation of the price of a barrel of oil to $ 90 per barrel in the amount of 2 million and 900,000 barrels a day

 


Read more: http://www.sotaliraq.com/mobile-news.php?id=99231

 

 

 

 

 

 

 

 

 

 

 

The distribution of funds from the budget surplus will not be before JUNE
 


 
07/05/2013 19:13:47

The future of Iraq / Falah Nazarene agreed deputies from the Economics Committee and the Finance Committee in Parliament that the amount of money earned from oil revenues and surplus to be distributed to citizens can not be calculated before the end of the first half of this year.

 

 

 

The reason for this is a must see whether revenues over expenditures and the payment of the deficit schematic, and this process will not take place before the end of the first half of the year, which after completion will be possible to know the size of the surplus and thus determine the amounts to be distributed to citizens.

 

 

 

So far, there is no surplus in revenue, because the volume of oil exports have not yet reached the level planned in the budget. The economic expert considered that the distribution of money from the oil surplus citizens will create a social class differences because the amounts are not distributed among all, as will certain social groups, as it is difficult to determine those categories as a result of the lack of clear data of the Ministry of Planning for this purpose.

 

 

 

A member of the Committee on the economy and investment MP Abdul Abbas Xiaa's "Future of Iraq" that "oil revenues will be accounted for the first six months, and then be paid the deficit, the excess of this is distributed to citizens," noting, "so we can not decide at the present time only after the end of the half of the first year, then that define Is there is a surplus and fiscal revenues over expenses? deficit and pay you a schematic, and then distributes the surplus. "

 

 

 

He added that the "surplus depends on the price of oil, in the last year there was a surplus this year and expect that spends half of the fiscal year and then decide." He added: "committees have been formed from the Ministries of Planning and Finance, considering that business executive and those committees take it upon themselves to know the amounts of surplus exact mechanism of distribution and who is owed, and certainly that the distribution of surplus Sechts a specific slide," explaining that "the committees relay since the first month of the year revenues and to Now there is a surplus. " He said, "What specific oil exports in the budget 2.0006 million barrels, but until now oil exports did not reach to two million and 500 thousand barrels per day, considering that the region does not deliver its share of the oil, and therefore decreased oil revenues, the effect on the budget, which is The deficit is not a surplus. "

 

 

 

For its part, confirmed a member of the Finance Committee MP Magda Tamimi that the month of June of the current year will see the distribution of surplus oil revenues to the Iraqi people. She said Tamimi's "Future of Iraq" that "how the distribution of surplus oil on the Iraqi people will determine after six months of this year, through the collection of budget funds all divided on the allocation of ministries and state departments and staff salaries and allowances of service projects, the excess of these funds will be deemed surplus oil revenues and distributes on the Iraqi people. "

 

 

 

He added that "the STATE BUDGET may be announced at the OFFICIAL IRAQI GAZETTE, after the month of JUNE will be calculated from the budget surplus and distribute it to the people." She pointed out that he "will committees to identify groups and mechanisms for the distribution of surplus oil revenues," adding that "the distribution will be exclusively specific categories which families limited income and who are below the poverty line, orphans and people with special needs that are fair and in accordance with the procedures of legality."

 

 

 

She added that "there are priorities and obligations of the State will be the first prize as the theme floods raised today (yesterday), considering that paragraph 16 of the budget recognizes compensation affected fairly," asserting that "these things take priority, and then can be calculated surplus of oil." It showed that "there will be cooperation between the Ministry of Finance and Ministry of Planning and the Ministry of Labor, where will provide us with the last database on the categories that will include a grant of surplus oil."

 

 

 

In the same vein, said economic expert Mackie Mohammed ردام that the distribution of surplus oil if it was carried out by the government would have a social impact through the creation of social classes as it will involve a certain class without the other. He said ردام for "the future of Iraq," that "the idea of ​​the distribution ratio of the fiscal surplus of oil revenues on some of the families that need them is a good thing, but the application is difficult, because the money earned during the year is limited and can not include all the people, but will focus on the poor class and the needy with limited access of the citizens. "

 

 

 

The economic expert that "the proposed supposed to be applied this year, however, he will face the problem of the difficulty of identifying the poor class, due to lack of accurate statistics of the Ministry of Planning or the Ministry of Labour the number of poor families and their whereabouts whether they are worthy of such amounts or not, as well as how they are distributed, What will lead to social problems factional grounds to differentiate between classes of society, because the citizens want to benefit from its natural resources, whether rich or poor. "

 

 

 

Article (16 Second r) of the Code of Federal budget for 2013 to allocate 25 per cent of a budget surplus in 2013 and distributed in cash to the slides due from the poor and deprived of the Iraqi people, according to the guidelines and specific mechanisms established by the Council of Ministers by Mahromep and the ratio of the population of the provinces and the region.

 

 

 

THE LINK : http://www.almustakb...ws.php?id=17667

 

 

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Hi Adam. thanks again for your efforts.

There's a rumour going around that Iraq has come to an agreement of some kind with perhaps the IMF, and that the latter is looking at a currency reset around the 15th of May (next week), and that, as a result, the IQD could come out tradable at around 30 cents.

You have any opinion on such a rumour? Cheers, mate.

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