RV-O-Meter

[dinarislate]

The Web’s Only RV-O-MeterBy Justhopin 74The web’s only RV-O-Meter will gauge the progress of the revaluation of the Iraqi Dinar as news, information, and intel is made available.

Condition is in a high-grade warning to “Prepare for Cash In” on the RV-O-Meter as of Nov. 21, 2010.

The RV-O-Meter will remain unchanged as of November 21, 2010 at a weighted confidence level of 95.9%.

Today

The Iraqi parliament has reconvened after the Eid holiday. Sunday’s topics (as reported) include this weeks agenda, parliamentary procedures, and forming committees.

This week parliament will meet again Monday through Thursday. The final day is reported as the official day of mandate for Maliki to begin forming his government.

Also covered in today’s session, the new parliament president introduced fines to members and deputies of parliament if they opt not to attend.

Topics slated for discussion this week include Maliki’s mandate, Allawi’s role in the Council of Strategic Policy, possible ministry posts, and quite possibly the 2011 Budget and HCL Law.

Talabani: Maliki will assigned Thursday, Nov 25 to form a government

Parliament resumes without mandate; Agenda to form committees and discuss procedures

Iraq parliament sets its agenda for the next four sessions

President Najafi is to impose financial penalties on the deputies and members of parliament

Nujaifi: the first tasks of the Parliament the enactment of the Strategic Policy

Today’s parliamentary session as well as sessions conducted throughout the coming days will evolve.

Budget

Last week Maliki informed the Government of Iraq (GOI) to make final preparations to the 2011 Budget as parliament is prepared to begin hearings on the matter and fast track the issue to a deciding vote. Minister’s have pledged to have the budget ready for parliament and its committee within days.

The budget is beyond a necessity at this point in Iraq. The people of Iraq function with zero to limited electricity and common services such as water and sewer. Citizens on welfare are now faced with drained funds. Government employees have staggered paychecks, if any. The situation in Iraq is becoming unbearable to the average Iraqi.

The 2011 Budget is supported by the production of Iraqi oil and is reported to be based on a rate of $73 per barrel. The budget will allow for many of these setbacks to be rectified once passed. Therefore the budget is an essential piece of legislation for Iraq.

According to many sources the revaluation is set within the calculations of the budget and therefore this issue will be heavily monitored by investors as it progresses.

Parliament Maliki’s request to send the budget to accelerate in 2011

Oil: Calculate the price of oil up to $ 73 in 2011 budget

Special Report: Iraq’s 2011 Budget

Finance, oil ministries to set oil barrel price in 2011 budget

AP: Welfare funding runs out in Iraq

IMF

Not surprising the IMF has entered into the Iraq news over the past week. Two articles revealed statements of importance.

Iraq is seeking funds (loan) to shore up a budget deficit. The IMF has ruled it will not provide funds to Iraq and will keep the discussion open.

This I believe is due to the near passage of Iraq’s 2011 Budget.

In a recent news article, Iraq’s Minister of Finance released the IMF is in support of raising the zeros from the dinar and recognizes it will “enhance” the value of the currency.

The IMF expressed unsatisfactory remarks in regards to Iraq’s monetary policy. The IMF desires solutions for Iraq’s increasing inflation, lack of disbursement of funds/salaries, and unemployment. Iraq has pledged it will make every effort to find a solution. This takes us right back to the reason for the RV. Furthermore, the IMF rejected a bridge loan to cover Iraq’s budget deficit – so kudos to the IMF.

Center calls for economic disengagement Iraq International Monetary Fund

Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund

GOI Advisor: IMF requests extensive changes to Iraq’s monetary policy; Iraq pledges to address critical problems

Dinar

Just when you think you couldn’t stand to read another article about “dropping the zero’s” an article was published today that deserved some attention. An economic expert is imploring the people of Iraq to understand the method behind raising the zero’s by saying

“the process of deleting three zeros from the Iraqi currency will lead to currency appreciation and to increase the purchasing power of citizens”

Economic Expert: The process of deletion of zeros from the currency is an important step will lead to economic recovery

The Week Ahead

Parliament and the Government of Iraq are working strenuously to meet approval of the United Nations and the IMF meanwhile meeting the the needs of its own citizens.

As the situation improves in Iraq it is quite possible agencies such as the United Nations and/or the IMF could release statements regarding matters such as Chapter VII.

Therefore, the situation is highly volatile – any positive action could result in a series of actions and reactions leading us one step closer to the RV. The RV-O-Meter might become effected depending upon the outcome of certain events and as a result the RV-O-Meter will be adjusted accordingly and consequently updated.

Commentary

As investors we have experienced some grueling up and down moments ever since investing in the Iraqi Dinar. It might have been wise to not only invest in the dinar but also Johnson & Johnson, the manufacturer of Rolaids.

As we have witnessed over the past few weeks this chapter on the dinar is coming to a climatic close. The Iraqi government formation is well underway and the prime ministers cabinet selections will start to evolve over the next few days and weeks.

Allawi remains unpredictable however reports indicate he will be a team-player in the end acting as Chairman of the Council of Strategic Policy.

Beginning this week it appears the Iraqi government will focus not only on filling key positions in the ministry but also passing essential bills and laws we know so well as the 2011 Budget.

If you are a dinar investor the hard, arduous part is over; the formation of the Iraqi government was the key. Now its time for Iraq’s leaders to act like a government for their people.

By all indications from this day forward, the revaluation could be triggered by any event brought on by the actions of the Iraqi parliament, Central Bank of Iraq (CBI), International Monetary Fund (IMF), or the United Nations (UN).

We are that advanced into this investment. Any setback would be at the result of Iraq’s own hand.

Like the conclusion of a good book the last chapter begins to culminate with key players and events experienced over a journey. And what a journey this has been.

By the way if you would have invested in Johnson & Johnson five years ago your investment would be up 2.05%. In this economy, a 2% return is nothing to snarl at…and quite possibly a sign of good things heading our way.

Like always I will caveat this by saying we are dealing with Iraq. Anything can happen that can cause delay as we have witnessed so many times before. While I do not foresee anything delaying this forward movement at this time I reserve the right to downgrade the RV-O-Meter as needed.

Please remember many factors (many unknown) could be at play regarding the revaluation. The RV could occur anytime from this point forward with little or no warning or announcement.

We will soon have a pocket full of blessings.

Thank you,

Just Hopin

Please refer to What does Prepare for Cash In mean?

Which explains my thoughts on how to prepare for that special day.

http://don't promote other sites.wordpress.com/2010/11/07/zebari-close-the-file-on-oil-for-food-chapter-vii-may-not-close-immediately/Share this: Share Email

Edited November 22, 2010 by dinarislate

[DinarTruth]

Just out of curiosity, who or what is Justhopin? I know the words, "just hopin", but is this a person,a blogsite,or a credible source of intel, and why is it a credible source of intel if so? I see alot of posts with Justhopin in the top of the post, just wonderin if we should be taking this with a grain of salt or actually putting some faith into what it says?

[carlablum]

Now this sounds good to me, now I can hop on my Bobcat and push some snow for mom!! It's getting a bit deep outside!!! yahoo!!!!!!!!!!!

See ya later!

Carla

[waterman13]

Just out of curiosity, who or what is Justhopin? I know the words, "just hopin", but is this a person,a blogsite,or a credible source of intel, and why is it a credible source of intel if so? I see alot of posts with Justhopin in the top of the post, just wonderin if we should be taking this with a grain of salt or actually putting some faith into what it says?

It's from this website: currency newshound . worldpress . com

Can't get a link to work, sorry.

WM13

[MPG350]

Hope they get that RV O meter to readline

These next few weeks will tell alot I think.

Edited November 22, 2010 by MPG350

[ThankAVet]

Just out of curiosity, who or what is Justhopin? I know the words, "just hopin", but is this a person,a blogsite,or a credible source of intel, and why is it a credible source of intel if so? I see alot of posts with Justhopin in the top of the post, just wonderin if we should be taking this with a grain of salt or actually putting some faith into what it says?

Google RV O Meter and you'll find the site.

[pourit]

Nice Post...thanks...POURIT

[nashdinar]

Gotta LOVE a site with an RV-O-Meter!! News..... Just news. GO RV!!!!

[IowaDinar]

Justhopin is more reputable than most! Not a Pumper.

[kox]

It is Currency Newshounds...go to that site...this is where Groovegal is and Just Hopin I think is the founder of the site...very good...no drama...I've been following them for a while

[dinarislate]

Sorry, the link won't work. But it is currency newshound...Can I say that on here?

[Snowlover]

Maybe you could Google RV-O-Meter Iraq IQD.

[All-In-4-RV]

Who is Justhopin .... Grovegal's brother??? That's the loose info I got. ????

[JugDawg1]

Now this sounds good to me, now I can hop on my Bobcat and push some snow for mom!! It's getting a bit deep outside!!! yahoo!!!!!!!!!!!

See ya later!

Carla

Carla dear you keep impressing me all the time. Got your own bobcat huh? Never thought about getting one for snow removal but it seems the right tool for the right job.

I was under the impression that justhopin was grovegal's new moniker. Maybe not but she is one of the brighter lights in this.

Edited November 23, 2010 by JugDawg1

[BtrFuture4All]

It is Currency Newshounds...go to that site...this is where Groovegal is and Just Hopin I think is the founder of the site...very good...no drama...I've been following them for a while

I've been following it since I first heard about the dinar. You can also subscribe to their RSS feed to get the news reports they post on their site and can be found in archiives. Good resource.

They recently took a poll of their readers of predicted rate. Interesting graph.

[4HisGlory]

Thank you Dinarislate for bringing this over......I appreciate the breakdown of the different events

that have occured and also what to be paying attention to......Good post!

Go RV!!!!!!!

[dragon]

Don't know if someone will block this excerpt of news on the 2011 budget from Justhopin, but it's very informative, so I'll try a post. If it gets taken down try:

http://don't promote other sites.wordpress.com/2010/11/20/special-report-iraqs-2011-budget/

the basic site link to see various interesting articles is:

http://don't promote other sites.wordpress.com/

Posted: November 20, 2010 by Justhopin in Iraqi Dinar/Politics

Tags: Asharq Al-Awsat, Ayad Allawi, Central Bank of Iraq, Council of Representatives of Iraq, Eid al-Adha, Government budget, Iraq, Iraqi dinar, Iraqi National Movement, middle east, Ministry of Electricity, oil, OPEC

0

At a time when nongovernmental economic establishments called for expediting approving of the next year’s (2011) budget and cutting down the operational expenditures to reach the lowest rate of deficit, Othman al-Juhayshi, member of the Iraqi parliament for the Al-Iraqiya list, said that the political blocs have agreed at the meeting held last Saturday to complete the formation of the parliamentary committees and authorize the Financial Committee to study the budget for next year to approve it within the next few weeks after the blessed Id al-Adha.

The Iraqi Finance Ministry has already announced that it worked out the budget for next year at $86.4 billion, which is more by $14 billion than the current budget.

A statement by the Economic Media Center, a copy of which was obtained by Asharq Al-Awsat, said that “at a time when the Center welcomes the convening of the Council of Representatives, the next task that it is supposed to shoulder is to expedite the formation of its committees to carry out their missions, including the Economic Committee which shoulders the responsibility of studying the general budget and working out the suggested amendments to its articles, which have become necessary to be discussed and approved to avoid the delay that is taking place in the budget of last year, in addition to making it binding for the Finance Minister to prepare a closing balance after each fiscal year to show the size of the financial transactions and the volume of the real expenditures and the mechanisms for offsetting the budget deficit, which are right mechanisms that should be followed in accurately working out the budget to estimate the deficit in a real and objective way.”

It added: While the Center urges the Council of Representatives to quickly approve the budget, it is at the same time calling for further scrutinizing the articles of the operational spending and to trying to cut down the operational expenditures in a manner that does not have an impact on the state general performance in order to reach the lowest possible budget deficit in light of the advance announcement about the possibility that the budget deficit may reach about 18 trillion dinars (more than $15 billion) this year in spite of the expectation of a rise in Iraq’s oil exports, and subsequently, a growth in the revenues from oil sales. In earlier statements, Fadil Nabi, undersecretary of the Finance Ministry, said that his country “has suggested a budget for next year by $86.4 billion.” Nabi added that “Iraq has submitted an initial draft budget for 2011 at 102 trillion dinars ($86.3 billion)” assuming that the international price of oil is $70 per barrel.

Iraq depends on its oil revenues to finance about 95 percent of its budget. Iraq, an OPEC member state, signed agreements with international oil companies that may increase its output capacity within 6-7 years to 12 million barrels a day from the current 2.5 million barrels a day, which would make it a competitor of Saudi Arabia, the largest crude producer in the world. According to the assurances of the Finance Ministry’s undersecretary “the budget is currently at the Council of Ministers and will be sent to the parliament after the formation of its committees.”

For his part, Dr Othman al-Juhayshi, the deputy for the Al-Iraqiya list, told Asharq Al-Awsat that “the budget of next year should have been approved one month before now, but the delay in the parliamentary sessions and the crisis of forming the government prevented this. As all know, approving the budget requires enough study by the Financial Committee to amend, add, and delete [whatever is necessary] and then it should be subjected for the first and second readings at the Council of Representatives before a vote takes place on it. These articles certainly require time, and this is what the new parliament does not have.”

He disclosed that “all the [political] blocs have agreed at the last session on the need for expediting the formation of the committees after Id al-Adha, and to send a message from the Council of Representatives to the government to ask it to submit the budget to the parliament to approve it. Hence, the budget is one of our priorities at present in light of its importance and to prevent obstructing the government’s work in all that is related to the citizens, pointing out that delaying approving the budget of 2011 has taken place due to the problems between the blocs because the elections were about to be held. The government became a care taker government, and the delay has negatively affected all state institutions, and we do not want to repeat this again.” The parliament last January approved the 2010 budget at $72.4 with a deficit by $19.6 assuming that the oil price is $62.50 per barrel.

For his part Mazhar Muhammad Saleh, expert of the Iraqi Central Bank, said in a statement to Asharq Al-Awsat that “the issue of estimating Iraq’s budget for next year is a very complicated issue and depends on several scenarios, including the daily anticipations, such as the rates at the financial markets and the oil markets, and the international expectations for the next stage was between $80-85 per barrel within the framework of OPEC market. In Iraq, the price is lower by $7 than the expectations for the international market.”

He said that “Iraq’s budget mainly depends on oil sales, which means that it has one source, and last year it was expected to sell 2.15 million barrel a day, and the current output is still low and below 2 million barrel for several reasons that deal with exports, transportation lines, and others.”

On the anticipated figures in the budget of next year, Salih said: “There are two articles in the budget, which are the operational and investment allocations, and hence, we should think of how much can we reduce the first and increase the second for the purposes of development and investments in particular. We have expected a growth rate by 9.4 percent, which is an ambitious rate that is close to that of China.”

The current government is facing a wave of criticism because it has not submitted its closing accounts of the government budgets since 2005 and until now, and there are demands to refer the issue to the monitoring and judicial quarters because these accounts should have been discussed and approved by the parliament. The Electricity Ministry demanded allocating a sum of 7 trillion and 806 billion dinars ($6.7 billion) from the budget of next year to cover the spending on its projects in the field of developing the electricity sector, which were approved by the government.

This was announced by Musab Siri al-Mudarris, the official spokesman for the ministry, who added that the Ministry of Planning has proposed allocating 5 trillion, 266 billion, and 650 million Iraqi dinars ($4.5 billion) as an investment budget for the Ministry of Electricity, and considered it a large budget compared with the previous years. He stressed that these funds are not enough to achieve the investment projects of the ministry, pointing out that there are funds that are due to be paid by the ministry within the framework of the projects that have implemented this year and the previous years, including 2 trillion and 925 billion dinars from the treasury; therefore, they should be returned to the state treasury next year, and the ministry is bound to pay other funds that will be due in 2011.

Just as I feared. Try filling in don't promote other sites. where appropriate. I believe we need all the intel we can get, and I don't like censorship. Isn't freedom of speech an essential part of what makes America so great?

currency news hound Starting to think we've time warped into the Soviet Union.

[dragon]

It's from this website: currency newshound . worldpress . com

Can't get a link to work, sorry.

WM13

Apparently the administrators on this site have set it up to automatically block links etc to other sites, because I just tried to post some as well and it instantly switched words so the links don't work. You can figure it out with the clues and a little reworking. I'm starting to see why others have been getting p o 'd on here. Reminds me of how the news works in totalitarian countries, that we can read only what they want us to read.

[TKM]

http://don't promote other sites.wordpress.com/

This is a site that I posted about some time ago. I like this site and I read it every single day. It offers good solid reading of updates. No bashing. No everyones speculations. No what does this mean over and over again. No repostings. The post are all news post. Not a chat site. Cannot say anything negative about this site.

If you are wanting someone to come in and tell you that the RV is going.... don't promote other sites.wordpress.com.... to happen and when for your reassurance, this is not the site for you.

Edited November 23, 2010 by TKM

[TKM]

I use MSN Bing. Type in Iraq Currency News. The link is on the second page towards the bottom. Just remember newshound.

Nov 21, 2010 · News related to the Iraqi Dinar & other currencies. Why wait for the news to be posted in your currency forum? Get it instantly via RSS, Facebook, or Twitter from (Look for this topic due to the fact that you cannot even mention this site on this site.)

Edited November 23, 2010 by TKM

[vibo]

Follow JustHopin on Facebook and you can see these news articles hot off the press! Go RV!