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Parliamentary Finance: To vote on the new Iraqi budget within two weeks


yota691
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Finance Minister Ali Allawi revealed that Iraq is in talks with the International Monetary Fund to obtain a loan of 6 billion dollars to support its faltering economy, indicating that the government is determined to issue treasury bonds worth 5 billion dollars.
Allawi said in an interview with the American "Bloomberg" website, that once the House of Representatives approves the budget and the spending plan, Iraq can apply for two billion dollars in the form of rapid financing from a special mechanism launched by the International Monetary Fund to help economies suffering from the Covid 19 crisis.
He added that Baghdad could request an additional $ 4 billion in low-cost loans through another program linked to government reforms, and while the IMF loans would not cover a small portion of the deficit, they might reduce Iraq's depletion of its foreign reserves.
Iraq also plans to rely on other financing tools to help bridge the gap, with Allawi saying that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.
As for the issuance of international bonds, the Minister of Finance said: "International loans are somewhat expensive. I do not know if there is a desire to buy Iraqi bonds. Returning to these markets now is a bit difficult."
Allawi indicated that Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of a price collapse.
He praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.
Allawi said that Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel.

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29 minutes ago, yota691 said:

Finance Minister Ali Allawi revealed that Iraq is in talks with the International Monetary Fund to obtain a loan of 6 billion dollars to support system" rel="">support its faltering economy, indicating that the government is determined to issue treasury bonds worth 5 billion dollars.
Allawi said in an interview with the American "Bloomberg" website, that once the House of Representatives approves the budget and the spending plan, Iraq can apply for two billion dollars in the form of rapid financing from a special mechanism launched by the International Monetary Fund to help economies suffering from the Covid 19 crisis.
He added that Baghdad could request an additional $ 4 billion in low-cost loans through another program linked to government reforms, and while the IMF loans would not cover a small portion of the deficit, they might reduce Iraq's depletion of its foreign reserves.
Iraq also plans to rely on other financing tools to help bridge the gap, with Allawi saying that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.
As for the issuance of international bonds, the Minister of Finance said: "International loans are somewhat expensive. I do not know if there is a desire to buy Iraqi bonds. Returning to these markets now is a bit difficult."
Allawi indicated that Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of a price collapse.
He praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.
Allawi said that Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel.

Thanks Yota .... I don’t get it , all this HCL TALK and they’re saying they’re going to borrow 11 billion dollars this year ... makes you wonder,  Iraq’s MSM   Is just as fake as our’s .., you don’t know which outlet is more credible , believable or real .

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Article (47) in the budget raises a wide debate

 
  Baghdad: Hoda Al-Azzawi
 
The draft federal budget law for the current year 2021 raised a number of parliamentary and legal objections, this time regarding Article (47) of them in which jurists and parliamentarians saw in it the squandering of the state’s assets and property and undermining its economic structure, and it opens a legitimate door for corruption that results in widespread chaos in the country. In this circumstance.
A member of the National Approach and Leadership Bloc in it, MP Muhannad Al-Atabi, said in an interview with Al-Sabah: “One of the paragraphs of the 2021 budget on the legislative platform carries among its folds a number of dangerous and significant-impact paragraphs related to the strategic strike on the Iraqi economy if some articles are kept And vote on it, and then we will be before a country without internal sovereignty ».
Al-Atabi added that «the state is usually strong with its assets and the amount of what it owns of constructions and real estate and large financial balances, and governments usually seek to expand and consolidate these government assets, but what we find today in the 2021 budget with Article 60 in the first draft, which creeped In order for Article (47) to allow all ministries to sell their assets through companies associated with them within six months, ”indicating that“ according to this article that came for the purpose of maximizing state resources, the Iraqi government allowed ministries and companies to sell their assets. (The Ministry of Transport sells Al-Nahda Garage, one of the assets and properties of the General Company for Passenger Transport), and we are faced with a great surprise that this important public garage is sold to an owner or a private company. ”
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Parliament: Finance does not know the real revenues and the size of state employees

 
 Baghdad: Ahmed Abd Rabbo
 
The Finance Committee in the House of Representatives is moving towards compressing expenditures in the 2021 draft budget, including what it called "government luxury", offset by an increase in revenues of up to 120 trillion dinars. 
The Parliamentary Committee indicated that the Ministry of Finance had failed to deliver accurate and true data on the volume of revenues and public expenditures, stressing that it did not know the size of the employees.
On Sunday, the committee hosted officials of the Central Bank, the Counter-Terrorism Service, and the Director of the Oil Marketing Company (SOMO), to discuss the provisions of the budget, as part of its sessions to end the discussion of the project, so that it will later be presented in Parliament.
The First Deputy Speaker, Hassan Karim Al-Kaabi, called, during his presidency of a committee meeting, to "the necessity of expediting the drawing up of a common vision between the executive authority and the private sector as it is the real partner to activate the economy and overcome the current financial crisis." 
For his part, a member of the committee, MP Naji Al-Saeedi, told "Conscious": "The deficit in the budget is greatly exaggerated, and that part of it is not real," pointing out that "the main objective of the work of the Finance Committee is to reduce the deficit."
He added, "Reducing the deficit will be through reducing public (operational) spending and the so-called government luxury expenditures, and maximizing public revenues."
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I personally would not allow the above article about borrowing 11 billion dollars worry me. They devalued their currency to pay off/down their debt. The loan won't help with the deficit. If not now, then very soon they're making arrangements to pay the IMF back so they still need to add value to their currency. Based off what I've heard I feel good about where we are.

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8 minutes ago, Dretown39 said:

I personally would not allow the above article about borrowing 11 billion dollars worry me. They devalued their currency to pay off/down their debt. The loan won't help with the deficit. If not now, then very soon they're making arrangements to pay the IMF back so they still need to add value to their currency. Based off what I've heard I feel good about where we are.

Wise words.  One gets tired of the chicken littles here.  Thanks for your logical thoughts and your positivity.

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  •  Time: 01/24/2021 22:00:02
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  •  Reading: 26,000 times
{Al Furat News} publishes details of salaries deduction according to income tax
  
{Baghdad: Al Furat News} A source in the Parliamentary Finance Committee revealed, on Sunday, the details of the deduction of employees' salaries according to income tax.

The source {for Al Furat News} stated that "it was agreed to impose income tax on employees' salaries in accordance with Income Tax Law No. 113 of 1982 and Coalition Authority Order No. 49 of 2004 as follows:
To clarify the concepts of income tax:
Withholding the total salary is made at specific rates: 
* 3 % Each amount to 250 thousand.
* 5% of 250 thousand the 500 thousand.
* 10% of 500 thousand thousand million.
* 15% of any amount over a million.Exemption
 : retirees are exempt from income tax with their salaries and bonuses  .
Income subject to direct deduction is reduced by the legal allowances granted to resident individuals based on Article (1) of the Income Tax Law No. 113 of 1982 amended regarding the treatment of residents and (Twelfth) of the law regarding allowances. These legal allowances differ in different cases of the taxpayer, as follows:
1. For the single or married person who is subject to his wife's income independently (income separated).
2. It is added to the married allowance for each of his children, regardless of their number.
3. For the married person who has no children and his wife is a housewife or whose income has been combined with his income.
4. Married, whose income is subject to independence.
5. For a married woman who has a taxable income and her husband is unable to work and has no resources after she supports that to the financial authority.
6. For the widow or the independent divorced.
7. The taxpayer is granted an additional allowance of an amount if he exceeds the age of sixty-three years of age.
8. If the taxpayer gets married or has a son born during the year of the income, the allowance he deserves on behalf of his wife or son will be added to the allowance in proportion to the number of full months remaining in a year.
How to include children in the tolerances:
These allowances are for children who have not completed the age of eighteen. However, the term “boy” includes daughters who are supported by the legally responsible as well as children who are unable to earn their livelihood due to a mental or physical disability even if they reach eighteen years of age, and for those who have reached the age of eighteen years of age. Those who continue to study in a preparatory or higher school and if they exceed the allowance granted to them continues until the son completes his curriculum or completes twenty-five years of age, taking into account the shorter terms. The taxpayer is not granted permission for children who have completed eighteen years of age and have an independent income of more than (200,000) dinars annually, even if they continue to study.
 How to compute the monthly withheld tax: The
first step: Calculating the monthly salary, wages and other allowances paid within a month after reducing the deductions set forth in Article 8 of the law for the aforementioned month .. such as retirement pensions.
The second step: Determine the legal allowance that the employee deserves and divide it by the months of the year to be the monthly allowance.
The third step: Determine the monthly income subject to direct deduction by subtracting the outcome of the second step from the output of the first step.

Wafa Al-Fatlawi

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Allawi: We are negotiating with the IMF to obtain loans, and the budget deficit will decrease by 25%
  
{International: Al Furat News} Finance Minister Ali Allawi said that Iraq is in talks with the International Monetary Fund to obtain a loan of 6 billion dollars to support its faltering economy.

Iraq, the second largest oil producer among OPEC countries, expects a deficit in the 2021 budget of 71 trillion dinars ($ 49 billion).
Allawi said in an interview with the American "Bloomberg" website, that once parliament approves the budget and spending plan, Iraq can apply for two billion dollars in rapid financing from a special mechanism launched by the International Monetary Fund to help economies suffering from the Covid-19 crisis.
He added that Baghdad could request an additional 4 billion dollars in the form of low-cost loans through another program linked to government reforms, and while the IMF loans would not cover a small part of the deficit, they might reduce Iraq's depletion of its foreign reserves.
The Iraqi government borrowed more than $ 25 billion from the central bank last year, to pay public sector salaries and meet other financial requirements.
Iraq also plans to rely on other financing tools to help bridge the gap, with Allawi saying that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.
As for the issuance of international bonds, the Minister of Finance said: "International loans are somewhat expensive. I do not know if there is a desire to buy Iraqi bonds. Return to these markets now is a bit difficult."
The average yield of Iraq’s dollar bonds is 8.3%, one of the highest levels of any government globally, according to Bloomberg Barclays Indices.
Iraq's economy has suffered since the collapse of global oil prices due to the Coronavirus pandemic, as the country struggles to cover its costs and to prevent widespread hardship from escalating in the past year. It has exceeded production limits agreed with other oil exporters to collect much-needed liquidity, although it has set a compensation plan.
Allawi said that Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of a price collapse.
He praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.
Allawi said that Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel.
The International Monetary Fund expects the Iraqi economy to contract by 12% in 2020, which is the highest rate among OPEC countries, and has experienced a budget deficit of 22% of GDP.
Iraq devalued its currency last year by the largest amount ever, to reduce pressure on public finances at a time when it is trying to secure billions of dollars in foreign aid. And Iraq has turned to the so-called "pre-payment deals", according to which it obtains the value of future oil sales, seeking from the government to expedite obtaining revenues to meet the current needs.

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%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-2-696x522

Information / Special ...

The Al-Fateh Alliance announced, on Sunday, that the Parliamentary Finance Committee has reduced the income tax on employee salaries, indicating that the tax will be on the nominal salary and efforts to cancel it.

The deputy from Al-Fateh, Mithaq Al-Hamdi, told / Al-Maalouma / that "the meetings of the Parliamentary Finance Committee ended with the reduction of the income tax on employees' salaries that the government imposed in the 2021 budget."

She added, "The tax rate is 3% on nominal salaries of 250 thousand dinars and 5%, which amounts to 350 thousand dinars, while the tax rate reaches 10% on nominal salaries 500 thousand dinars or more."

Al-Hamidi explained that "the committee has included these percentages in the draft budget and will be paid during the voting session, and Parliament has the decision to pass it or cancel it completely.

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%D8%A7%D8%AD%D9%85%D8%AF-%D8%AD%D9%85%D9

Information / Special ...

The Parliamentary Finance Committee set, Monday, the date for ending the discussion of the paragraphs of the federal budget for the year 2021 with the ministers and governors.

A member of the committee, Ahmed Hama, said in a statement to / information /, that "the Finance Committee is still continuing its meetings with officials, ministers and governors to discuss the paragraphs of the federal budget," noting that "all the paragraphs of the budget are subject to discussion and amendment without distinguishing any paragraph."

He added that "the discussion with officials, ministers and governors will be fully completed at the end of this week," noting that "the Finance Committee will send the final version of the budget to the Presidency of Parliament next week."

The Parliamentary Integrity Committee confirmed, yesterday, Sunday, that the article related to the payment of debts from the Kurdistan region within the draft federal budget law for 2021 is vague and unclear. 25 T.

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%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-3-696x439

Information / Special
The Parliamentary Finance Committee confirmed that the salaries of employees for the current month will be disbursed according to the 1 on 12 system, confirming that the budget is still inside the corridors of the House of Representatives and has not been resolved yet.
A member of the committee, Ahmed Hama Rashid, told "the information", "The budget is still in the process of discussions, as continuous meetings are held within Parliament in order to settle it and finalize all the amendments."
He added that "the salaries of employees for the current month of January will be disbursed according to the system 1 on 12, and there are no problems in terms of financing or disbursement."
And that "the oil prices specified in the budget are still in the process of discussion in Parliament, and will be taken advantage of the amounts of the difference in oil prices specified in the budget to fill the financial deficit." 25 n

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Parliamentary Finance hosts 15 governorates on the budget

Political03:32 - 01/25/2021

 
image
 
 

 

Baghdad - Mawazine News
, a member of the Parliamentary Finance Committee, Magda Al-Tamimi, revealed that her committee hosted 15 governors within a series of hosting to discuss the draft federal budget bill for the year 2021. Al-
Tamimi said in a statement she received / Mawazine News / a copy of it, that "the hosting discussions focused on two main paragraphs. They are:
* the number of ongoing projects * and the amounts required to complete them, as well as the main problems and proposals that require legal texts.
She added, "I have suggested several axes, including:
1- Establishing a revenue fund in each governorate, the source of its funds from the following paragraphs: -
Petro dollars in oil-producing governorates.
B- Revenues from selling fixed assets.
C- Other revenues (border outlets). Fees, taxes, etc.)
d- The visitor’s amounts are dollars for the governorates of Baghdad, Karbala, Najaf and Salah al-Din.
Al-Tamimi stressed, "the necessity to allocate the fund's money exclusively to finance major strategic projects," noting "the importance of relieving pressure on the governorate of Baghdad as it is negatively affected by the large displacement from other governorates to it, which led to the rise in real estate prices and distorting its beauty due to the splits that occurred in the role." Housing and services in the capital have declined significantly. ”Ended 29 / h

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Renders Iraq without sovereignty .. A broad debate over Article 47 of the budget

Political08:45 - 25/01/2021

 
image
 
 

 

BAGHDAD - Mawazine News
The draft federal budget law for the current year 2021 raised a number of parliamentary and legal objections, and this time regarding Article (47) of them in which jurists and parliamentarians saw a squandering of the state's assets and property and undermining its economic structure, and it opens a legitimate door for corruption that results in chaos. The country is indispensable in this circumstance.
A member of the National Approach Bloc, Muhannad Al-Atabi, according to the official newspaper, “One of the paragraphs of the 2021 budget on the legislative platform carries with it a number of dangerous and gravely impacted paragraphs related to the strategic strike on the Iraqi economy if some materials are kept and voted on, and we will be after it before a country Free from internal sovereignty. "
Al-Atabi added that "the state is usually strong in its assets and the amount of the structures and real estate it owns and large financial balances, and governments usually seek to expand and consolidate these government assets, but what we find today in the 2021 budget with Article 60 in the first draft, which creeped in To be Article (47) that it allowed all ministries to sell their assets through companies linked to them within six months.
And he stated, "According to this article that came for the purpose of maximizing state resources, the Iraqi government allowed ministries and companies to sell their assets, and as a validation from the approval of their application, is that (the Ministry of Transport sells Al-Nahda Garage one of the assets and properties of the General Company for Passenger Transport), and we are faced with a great surprise that This important public garage is sold to an owner or a private company. ”Ended 6/29 n

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16 hours ago, yota691 said:

Finance Minister Ali Allawi revealed that Iraq is in talks with the International Monetary Fund to obtain a loan of 6 billion dollars to support system" rel="">support its faltering economy, indicating that the government is determined to issue treasury bonds worth 5 billion dollars.
Allawi said in an interview with the American "Bloomberg" website, that once the House of Representatives approves the budget and the spending plan, Iraq can apply for two billion dollars in the form of rapid financing from a special mechanism launched by the International Monetary Fund to help economies suffering from the Covid 19 crisis.
He added that Baghdad could request an additional $ 4 billion in low-cost loans through another program linked to government reforms, and while the IMF loans would not cover a small portion of the deficit, they might reduce Iraq's depletion of its foreign reserves.
Iraq also plans to rely on other financing tools to help bridge the gap, with Allawi saying that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.
As for the issuance of international bonds, the Minister of Finance said: "International loans are somewhat expensive. I do not know if there is a desire to buy Iraqi bonds. Returning to these markets now is a bit difficult."
Allawi indicated that Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of a price collapse.
He praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.
Allawi said that Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel.

 

 

Call me crazy, but if these camel brained people would RV their currency, they wouldn't have to borrow a dime......would they???

 

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10 hours ago, yota691 said:
Allawi: We are negotiating with the IMF to obtain loans, and the budget deficit will decrease by 25%
  
{International: Al Furat News} Finance Minister Ali Allawi said that Iraq is in talks with the International Monetary Fund to obtain a loan of 6 billion dollars to support system" rel="">support its faltering economy.

Iraq, the second largest oil producer among OPEC countries

Why doesn't iraq just delete 3 zeros and change the rate instead of keep borrowing money that make iraq very hard to pay off their debts? And why does the imf still want to borrow money to iraq eventhough it is still useless because the exchange rate will not increase from 1:1460 to at least 1:1 and the price of imported goods has still remained expensive that make all iraqi citizens suffer and life sucks for iraqi citizens. Are the goi and cbi not thinking how sad and miserable the life of iraq citizens are? Are the goi and cbi only thinking about their own bank accounts with millions of dollars in it and big fat wallets?

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25 minutes ago, TexasMike1958 said:

 

 

Call me crazy, but if these camel brained people would RV their currency, they wouldn't have to borrow a dime......would they???

 

Exactly. Now the question is whether these camel still care and love their own citizens and try to improve the lives of their own citizens for the better. In reality, they only care about themselves, not their own people because they have evil hearts. Do you folks still believe there are still good and honest iraqi government employees from high to low rank?

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32 minutes ago, rvmydinar said:

Exactly. Now the question is whether these camel still care and love their own citizens and try to improve the lives of their own citizens for the better. In reality, they only care about themselves, not their own people because they have evil hearts. Do you folks still believe there are still good and honest iraqi government employees from high to low rank?

Sounds like American politicians.

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I stated about a month ago they were going to borrower again and the IMF will give them the loan. I stated that another bomb would go off and it did and God knows I don't condone the cowardly act of killing innocent people. Some of you guys are new and I am not here to be negative but this has been the pattern of Iraq every since I have been in this investment for the last 14 years. The only difference this time is the current Prime Minister is not loyal to Iran and the IMF, World Bank, G7 etc are involved in trying to help them revive their economy. After all of these years they devalued the exchange rate and that was a blow to us who have been around for a while. At this point everything I read about Iraq I take it with a grain of salt. I have read (not on this site) where they are expected to keep the rate at 1450 for at least until the end of this year but I am speculating like everyone else and I hope this is not true. Our Foreign Policy has destroyed Iraq, Iran and Lybia to name a few and Iraq has not recover economically enough to use it's own currency. The US economy is a mess, 30 million people are out of work and this COVID 19 virus they set upon the Earth is destroying lives and killing people. I think it was intentionally done. The great reset meeting in Devous Switzerland is suppose to take place this week. What is the real agenda and where is the wealth this so called 1% is sucking out of the Earth?

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2 hours ago, TexasMike1958 said:

 

 

Call me crazy, but if these camel brained people would RV their currency, they wouldn't have to borrow a dime......would they???

 

If you were a real estate investor and you found a good property at a good price and wanted to buy it. You have a million dollars in your account. The house cost $150,000. Would you write a check or would you borrow the money? MYSELF, I am going to borrow the money. Rent the house out. Charge enough for rent that covers your loan payment with 25% in your pocket monthly. I still have $150,000 in my account and I am making money monthly. This is what Iraq is doing but with other resources instead of real estate. 

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2 hours ago, rvmydinar said:

Exactly. Now the question is whether these camel still care and love their own citizens and try to improve the lives of their own citizens for the better. In reality, they only care about themselves, not their own people because they have evil hearts. Do you folks still believe there are still good and honest iraqi government employees from high to low rank?

No not exactly and this is where so many dinar investors are wrong! It makes ZERO difference if Iraq’s currency is at 1460 or $1.17 they would still have to borrow the exact same money!!!! Revaluing their currency higher does NOT create anymore magic money to pay their debts period!!! All that does is give their citizens greater purchasing power inside of Iraq that’s All. Iraq makes income mainly from the sale of oil that is their revenue and they use that income to pay their debts plain and simple it makes no difference what their currency is worth they still have to borrow the money if their debts are less then their income revenue!!

 

Also what Jaygo just said has some truth to it as well why spend any excess capital if people are willing to let you borrow the money!!

Edited by Dinarrock
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16 hours ago, WheresmyRV? said:

If they plan on borrowing that much I dont see an RV happening anytime soon. :rocking-chair:

Yup neither do I.  If they need to borrow money, they are broke and cant afford a RV. If it were to RV just think how much they would be paying out on the dinar which was bought at a very very low price.  

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