How do they have 29 trillion in surplus?

[jmw]

The following is an article sent to me by marcuscurtis...after i sent him a similiar one. was curious what people thought this means as it seems very odd to me that they would have 29 trillion in surplus...does that change their posted M2 or is it part of it? thanks for help with understanding what this means. Marcuscurtis?

Central Bank: a proposal to borrow from the reserve Bank is contrary to the law

Central bank adviser said the appearance of Mohammed Saleh said that the government's proposal to borrow from the Reserve Bank is a violation of the law. He pointed out that Article 26 of the Act provides for a ban on bank lending to the government to be funded from the cash version of the Central Bank.

Saleh revealed in a press statement of the existence of surplus resources to the government $ 29 trillion dinars in the Rafidain and good in the form of deposits of the ministries and public and private sectors over the past five years, and pointed to the increasing value of these deposits on an ongoing basis.

Saleh added that the Government says that these resources back to the institutions of public sector companies, industrial, agricultural, and service and include about five trillion dinars back to the retirement fund.

http://translate.google.com/translate?hl=en&sl=ar&u=http://radionawa.com/(X(1)A(HVUdLbfPywEkAAAANTg5OGY5NGMtMmY0NC00NTlhLThjZDYtMTE0ZmU2MjBhYzRijW198igTiAHup4lJ1l_6tn-VJi81))/ar/NewsDetailN.aspx%3Fid%3D43798%26LinkID%3D155%26AspxAutoDetectCookieSupport%3D1&prev=/search%3Fq%3Dnahrain%26hl%3Den%26client%3Dfirefox-a%26hs%3Dbh9%26rls%3Dorg.mozilla:en-US:official&rurl=translate.googl...

[drox]

Hey JMW. I have been asking myself that same question. Isn't the M2 27 Trillion? I almost used the word "only" but refrained. This made no sense to me when I read it last week. First... how in the world do you have excess funds from the ministries but still no major infrastructure improvement? It does say over the last 5 years, but it almost seems like they were running a slush scheme around the DFI releasing of funds to the ministries.

The number has to be wrong but I don't know how. Maybe a forgotten decimal? Regardless, the word Trillion is still used and that is ridiculous no matter how you slice it. It talks about bank lending to the GOI so maybe it's simply a line of credit in that amount? Who knows. Hope you find out.

Edited December 14, 2010 by drox

[Jac]

Drox and JMW...have you not heard of cooking the books. I sense these are funds that the Ministry of Finance apparently allocated to department heads to pass on to the public sectors or inter governmental agencies that were directed elsewhere. Remember there have been quite a few visible and invisable arrests within the departments of outgoing GOI. It seems the current GOI does not wish to be embarassed in front of the entire world (I do not blame them) and especially not the UN for this would be one more thing they would have to openly prove was fixed. Such would certainly generate a media heyday for the insurgents and terorists. It does explain why Allawi is being handled with kid gloves instead of being told to stay or go it is his choice. At least this is how it appears to me. I could be wrong but certainly it gives one watching things a perplexing moment or two.

Edited December 14, 2010 by Jac

[icebat22]

So do they really have 27 Trillion IQD in circulation, or is it 25 Billion? Or some other (smaller) number? I thought I remembered reading a post from a long time member (Sonny??) that claimed the number is smaller, but I just read a post from someone named "Stew" on the Iraq Business Site that "proves" there is 27 Trillion in circulation and it is verifiable via the CBI website. I pulled up the CBI's 2009 financial report, and it states "Currency Issued" of 24,169,401 (which is in millions). Therefore, they have issued 24+ Trillion in IQD.

If they suddenly "revalue" the IQD on a 1:1 basis with the USD - where does the $24 Trillion in wealth come from to back that up? Isn't that more currency "wealth" than several western countries combined? I realize that 115 billion barrels of oil reserves (according to CIA estimates) has value. But that would take a net of $208 per barrel to equate to that amount of wealth, asuming Iraq kept every dime...which is not realistic. Disregarding that, and the time value of money (it would take at least 30 years to get all that oil out of the ground), and simply taking into account the present price of a barrel of oil being around $88, I'm having a hard time rationalizing how we reap our long hoped for payday via the IQD RV.

Can someone fix my math? Or my calculation basis? Or is this seven year dream finally hitting the sharp rocks of reality?

[keepmwlknfny]

So do they really have 27 Trillion IQD in circulation, or is it 25 Billion? Or some other (smaller) number? I thought I remembered reading a post from a long time member (Sonny??) that claimed the number is smaller, but I just read a post from someone named "Stew" on the Iraq Business Site that "proves" there is 27 Trillion in circulation and it is verifiable via the CBI website. I pulled up the CBI's 2009 financial report, and it states "Currency Issued" of 24,169,401 (which is in millions). Therefore, they have issued 24+ Trillion in IQD.

If they suddenly "revalue" the IQD on a 1:1 basis with the USD - where does the $24 Trillion in wealth come from to back that up? Isn't that more currency "wealth" than several western countries combined? I realize that 115 billion barrels of oil reserves (according to CIA estimates) has value. But that would take a net of $208 per barrel to equate to that amount of wealth, asuming Iraq kept every dime...which is not realistic. Disregarding that, and the time value of money (it would take at least 30 years to get all that oil out of the ground), and simply taking into account the present price of a barrel of oil being around $88, I'm having a hard time rationalizing how we reap our long hoped for payday via the IQD RV.

Can someone fix my math? Or my calculation basis? Or is this seven year dream finally hitting the sharp rocks of reality?

You along with many others are starting to see the reality....that IF they really do have that much in circulation there is NO WAY they can RV.....it just cant happen that way unless they redenominate first.....which would leave us with only a small profit depending on if they change the rate at all.....Im still hoping for the best and that its all been one huge misdirection to throw investors off.....but if true then NO ONE is getting their new toys or saving their houses etc etc......just the reality of things unfortunately.....

[marcuscurtis]

The following is an article sent to me by marcuscurtis...after i sent him a similiar one. was curious what people thought this means as it seems very odd to me that they would have 29 trillion in surplus...does that change their posted M2 or is it part of it? thanks for help with understanding what this means. Marcuscurtis?

Central Bank: a proposal to borrow from the reserve Bank is contrary to the law

Central bank adviser said the appearance of Mohammed Saleh said that the government's proposal to borrow from the Reserve Bank is a violation of the law. He pointed out that Article 26 of the Act provides for a ban on bank lending to the government to be funded from the cash version of the Central Bank.

Saleh revealed in a press statement of the existence of surplus resources to the government $ 29 trillion dinars in the Rafidain and good in the form of deposits of the ministries and public and private sectors over the past five years, and pointed to the increasing value of these deposits on an ongoing basis.

Saleh added that the Government says that these resources back to the institutions of public sector companies, industrial, agricultural, and service and include about five trillion dinars back to the retirement fund.

http://translate.goo...nslate.googl...

working on a response. The key seems to be in the 2011 budget give me a little time to dig

[EBJNYC]

You along with many others are starting to see the reality....that IF they really do have that much in circulation there is NO WAY they can RV.....it just cant happen that way unless they redenominate first.....which would leave us with only a small profit depending on if they change the rate at all.....Im still hoping for the best and that its all been one huge misdirection to throw investors off.....but if true then NO ONE is getting their new toys or saving their houses etc etc......just the reality of things unfortunately.....

Central Banks NEVER reveal the TRUTH regarding CIRCULATION AMOUNTS !!!!

[marcuscurtis]

Central Bank Consultant: We have a government surplus of $ 29 trillion dinars

محليات | 09-12-2010 Sweeteners | 09-12-2010

بغدا

Baghdad / Orr News

. Adviser said the Iraqi Central Bank, "The Government's proposal to borrow from the Reserve Bank is the fear of legal." Revealing the surplus resources to the government some $ 29 trillion dinars deposited with a bank of Iraq and rational over the past five years.

". He added the appearance of Mohammed Saleh, "that article 26 of the Central Bank Law stipulates the prohibition of lending to the government, and the recent funding of the issue is critical to the Central Bank," noting that "the reserve bank is not allocations round of the budget it is a foreign currency was exchanged for local currency issued by the Bank" .

". Saleh revealed "the existence of surplus resources to the government $ 29 trillion dinars in the Rafidain and good in the form of deposits, government ministries and public and private sectors over the past five years, and their value continues to increase," adding that "the government says that these resources back to the sector institutions General industrial companies, agricultural and service, including the 4-5 trillion dinars back to the retirement fund. "

". He said the central bank adviser "to the general budget of the Iraqi state is not the required level of efficiency in the Design and Execution", explaining that, "Over the last four years the budget was eccentric," as described, attributing this to "that the budget begins a deficit of theoretical and reduce customizations which then end surplus of substantial financial, leading to the continued imbalance in the previous budgets and the budget next year, "adding that" the next year budget in 2011 designed the inability of the $ 14 trillion dinars, plus a round of the current budget at the end of next year, will meet surplus of about ten trillion dinars. "

". He called for the re-engineering the public budget and assess their effectiveness and to avoid what he called "dangerous games that embarrass the government and the central bank at the same time."

http://translate.goo...oogle.com&twu=1

At first I thought it may be the lower denoms, but after digging and comparing articles this is what I found. look at the tittle of the article "Central Bank Consultant-We have a government surplus of 29 trillion" This is not a central bank surplus. (CBI) This is a government surplus. These are deposits that have been exchanged by the government in a state bank. Its a criticism directed to the GOI. The claim is because of budget inefficientcies they have not spent the allocated budget funds that have accumulated over five years. This money was foreign currency which was exchanged at the local state bank. It is not paper money issued by CBI. It is all electronic. The MOF criticism is directed at those in the government that want to borrow to pay back the foreign loan and use these funds some other way.

Central Bank describes the rates of economic growth for the year 2010 as "shameful"

09/12/2010 19:01 09/12/2010 19:01

ب. Baghdad, 9 December / December (Rn) - The Iraqi Central Bank rates of economic growth for the year 2010 as "shameful" compared with past years.

Central Bank of Iraq اء (آكا". The adviser said the Central Bank of Iraq in favor of the appearance of Mohammed in an interview with Kurdistan News Agency (Rn), "The economic growth rates for 2010 and shamefully low compared with the size of the population growth in the country because of the wrong policies in moving the economic system."

و". And the favor of that "Iraq has lost years because of the lack of significant economic well-developed plan to promote economic growth in line with the capacity of the cash budget in 2010."

". Saleh pointed out that "No economic growth for 2010 to deserve mentioning." He said. "Noting that" it must be to Aitakerr in the coming years if the government followed a strategy of financial institutions is good. "

". And that "the advancement of economic reality in Iraq will be more freedom after his release from Chapter VII, which will allow him to integrate more international economic community."

The central bank revealed yesterday that the budget for 2011 will raise economic growth to 10% of what it was.

Council of Ministers said in a statement, last Wednesday, he had approved a draft budget for 2011 a deficit of $ 12 billion will be covered by the amounts retained from the previous year's budget and borrow internally and externally, between the expected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, a shortfall of $ 12 billion.

. The Iraqi Finance Ministry announced last month that the finalization of the draft budget for Iraq in 2011, and the new budget allocates a large share of investment, and to support the government's development strategy that will continue for the next four years.

ة. The initial budget for Iraq in 2011 about 86 billion and $ 400 million, an increase of up to 14 billion dollars in the last budget.

http://translate.goo...oogle.com&twu=1

These are funds from previous unused IMF loans sitting in an iraqi bank being reported as dinar. Now look at Iraqs budget for 2011.

http://translate.goo...late.google.com

The budget is being reported as 93 trillion dinars. How many people really believe that Iraq has 93 trillion dinars in circulation?

Edited December 14, 2010 by marcuscurtis

[gbrlgms]

You along with many others are starting to see the reality....that IF they really do have that much in circulation there is NO WAY they can RV.....it just cant happen that way unless they redenominate first.....which would leave us with only a small profit depending on if they change the rate at all.....Im still hoping for the best and that its all been one huge misdirection to throw investors off.....but if true then NO ONE is getting their new toys or saving their houses etc etc......just the reality of things unfortunately.....

I GUESS TIME WILL TELL HOW THIS IS GOING TO GO DOWN,redenominate OR RI/RV.VERY HARD TO BELIEVE THEY ARE GOING TO REDENOMINATE THIER CURRENCY BUT ANYTHING CAN HAPPEN.JUST READING MARCUSCURTIS POST MAKE ME BELIEVE THEY ARE NOT GOING TO GO THAT WAY,( MARCUSCURTIS) HE DOES O GOOD JOB ON CONNECTING THE DOTS WITH ARTICLES AND RESEARCH.BEST OF OF LUCK AND STAY POSITIVE.

[marcuscurtis]

You along with many others are starting to see the reality....that IF they really do have that much in circulation there is NO WAY they can RV.....it just cant happen that way unless they redenominate first.....which would leave us with only a small profit depending on if they change the rate at all.....Im still hoping for the best and that its all been one huge misdirection to throw investors off.....but if true then NO ONE is getting their new toys or saving their houses etc etc......just the reality of things unfortunately.....

keep did you turn into a lopster monster? (it's alive it's alive!!!!!)

Just wondering. I promise that I was not the one that gave you red bricks

[jmw]

Hey JMW. I have been asking myself that same question. Isn't the M2 27 Trillion? I almost used the word "only" but refrained. This made no sense to me when I read it last week. First... how in the world do you have excess funds from the ministries but still no major infrastructure improvement? It does say over the last 5 years, but it almost seems like they were running a slush scheme around the DFI releasing of funds to the ministries.

The number has to be wrong but I don't know how. Maybe a forgotten decimal? Regardless, the word Trillion is still used and that is ridiculous no matter how you slice it. It talks about bank lending to the GOI so maybe it's simply a line of credit in that amount? Who knows. Hope you find out.

I can't figure it out either....if that is additional money....wow...that would mean they have 60 trillion dinars! could it be money set aside for a re-denomination?...smaller denoms?

You along with many others are starting to see the reality....that IF they really do have that much in circulation there is NO WAY they can RV.....it just cant happen that way unless they redenominate first.....which would leave us with only a small profit depending on if they change the rate at all.....Im still hoping for the best and that its all been one huge misdirection to throw investors off.....but if true then NO ONE is getting their new toys or saving their houses etc etc......just the reality of things unfortunately.....

I agree keep...

[jte70]

So do they really have 27 Trillion IQD in circulation, or is it 25 Billion? Or some other (smaller) number? I thought I remembered reading a post from a long time member (Sonny??) that claimed the number is smaller, but I just read a post from someone named "Stew" on the Iraq Business Site that "proves" there is 27 Trillion in circulation and it is verifiable via the CBI website. I pulled up the CBI's 2009 financial report, and it states "Currency Issued" of 24,169,401 (which is in millions). Therefore, they have issued 24+ Trillion in IQD.

If they suddenly "revalue" the IQD on a 1:1 basis with the USD - where does the $24 Trillion in wealth come from to back that up? Isn't that more currency "wealth" than several western countries combined? I realize that 115 billion barrels of oil reserves (according to CIA estimates) has value. But that would take a net of $208 per barrel to equate to that amount of wealth, asuming Iraq kept every dime...which is not realistic. Disregarding that, and the time value of money (it would take at least 30 years to get all that oil out of the ground), and simply taking into account the present price of a barrel of oil being around $88, I'm having a hard time rationalizing how we reap our long hoped for payday via the IQD RV.

Can someone fix my math? Or my calculation basis? Or is this seven year dream finally hitting the sharp rocks of reality?

This is what I've been wondering. Where are the funds coming from to back up the increased value of their currency.

[keepmwlknfny]

keep did you turn into a lopster monster? (it's alive it's alive!!!!!)

Just wondering. I promise that I was not the one that gave you red bricks

LOL no....havent turned into a lopster monster.....as much good and positive things we are seeing and hearing which I do believe in, its just hard to wrap my head around the thought that they can do any kind of BIG jump in the value of the currency with so much supposedly in circulation.....27 trillion is ALOT....I dont know the exact numbers but even the most common used currency in the world is the Euro and I believe they dont even have half of that.....honestly if there was any way we could figure out exactly how much truely is in circulation, or disprove that there isent that much and that number is inflated, then I would say this is def a guaranteed thing that we will make a HUGE profit.....Of course I would like to think that they are just fudging that number but we have to remember that EVERYTHING Iraq does has to be transparent to the world because of the kind of restrictions that have been placed on them.....that number in circulation is the ONLY thing holding everything back from becoming reality.....

[Tiffany23]

You along with many others are starting to see the reality....that IF they really do have that much in circulation there is NO WAY they can RV.....it just cant happen that way unless they redenominate first.....which would leave us with only a small profit depending on if they change the rate at all.....Im still hoping for the best and that its all been one huge misdirection to throw investors off.....but if true then NO ONE is getting their new toys or saving their houses etc etc......just the reality of things unfortunately.....

Whole heartly agree, if there is 27T of M2 out there, this dog aint hunting. I gave you a plus, because reality bits sometimes!

[marcuscurtis]

LOL no....havent turned into a lopster monster.....as much good and positive things we are seeing and hearing which I do believe in, its just hard to wrap my head around the thought that they can do any kind of BIG jump in the value of the currency with so much supposedly in circulation.....27 trillion is ALOT....I dont know the exact numbers but even the most common used currency in the world is the Euro and I believe they dont even have half of that.....honestly if there was any way we could figure out exactly how much truely is in circulation, or disprove that there isent that much and that number is inflated, then I would say this is def a guaranteed thing that we will make a HUGE profit.....Of course I would like to think that they are just fudging that number but we have to remember that EVERYTHING Iraq does has to be transparent to the world because of the kind of restrictions that have been placed on them.....that number in circulation is the ONLY thing holding everything back from becoming reality.....

I will help you out keep because you are my friend. but I will start another thread

[DinarChiTown]

You along with many others are starting to see the reality....that IF they really do have that much in circulation there is NO WAY they can RV.....it just cant happen that way unless they redenominate first.....which would leave us with only a small profit depending on if they change the rate at all.....Im still hoping for the best and that its all been one huge misdirection to throw investors off.....but if true then NO ONE is getting their new toys or saving their houses etc etc......just the reality of things unfortunately.....

Keep, I tend to agree with your assessment. However, I have read that a RD of the currency would take actual legislation from the Parliament along with a "feasibility study" of some sort. Assuming this study hasn't been done, and we know we don't have much of a Parliament yet, let alone one actually legislating, this would put the RV well into 2011. Hope that's not the case but an RV this year just doesn't seem likely to me. If we don't see an RV by year's end, I believe a LOP is somewhat inevitable because of the time they'd need to legislate a LOP and do their "studies". Just my opinion, hope I'm completely off base. I'm only hoping that the U.S. Government, somewhere along the lines said, "There's no way you're lopping". Although Iraq will do what's in their best interest, and I fear their "best interests" don't include making hundreds of thousands of foreign investors extremely rich. Once can hope...

[keepmwlknfny]

Whole heartly agree, if there is 27T of M2 out there, this dog aint hunting. I gave you a plus, because reality bits sometimes!

LOL your sounding like my BMW instructor with the whole "that dog wont hunt" lol

I will help you out keep because you are my friend. but I will start another thread

Sounds good my dude......

Keep, I tend to agree with your assessment. However, I have read that a RD of the currency would take actual legislation from the Parliament along with a "feasibility study" of some sort. Assuming this study hasn't been done, and we know we don't have much of a Parliament yet, let alone one actually legislating, this would put the RV well into 2011. Hope that's not the case but an RV this year just doesn't seem likely to me. If we don't see an RV by year's end, I believe a LOP is somewhat inevitable because of the time they'd need to legislate a LOP and do their "studies". Just my opinion, hope I'm completely off base. I'm only hoping that the U.S. Government, somewhere along the lines said, "There's no way you're lopping". Although Iraq will do what's in their best interest, and I fear their "best interests" don't include making hundreds of thousands of foreign investors extremely rich. Once can hope...

Yea I agree either way this all has to be passed through a working parliment before anything can happen.....which is also why I feel that we wont be seeing anything till first quarter of 2011......and your right...regardless of anything they are going to do what they have to do to survive and get themselves back on top.....

[jmw]

Central Bank Consultant: We have a government surplus of $ 29 trillion dinars

محليات | 09-12-2010 Sweeteners | 09-12-2010

بغدا

Baghdad / Orr News

. Adviser said the Iraqi Central Bank, "The Government's proposal to borrow from the Reserve Bank is the fear of legal." Revealing the surplus resources to the government some $ 29 trillion dinars deposited with a bank of Iraq and rational over the past five years.

". He added the appearance of Mohammed Saleh, "that article 26 of the Central Bank Law stipulates the prohibition of lending to the government, and the recent funding of the issue is critical to the Central Bank," noting that "the reserve bank is not allocations round of the budget it is a foreign currency was exchanged for local currency issued by the Bank" .

". Saleh revealed "the existence of surplus resources to the government $ 29 trillion dinars in the Rafidain and good in the form of deposits, government ministries and public and private sectors over the past five years, and their value continues to increase," adding that "the government says that these resources back to the sector institutions General industrial companies, agricultural and service, including the 4-5 trillion dinars back to the retirement fund. "

". He said the central bank adviser "to the general budget of the Iraqi state is not the required level of efficiency in the Design and Execution", explaining that, "Over the last four years the budget was eccentric," as described, attributing this to "that the budget begins a deficit of theoretical and reduce customizations which then end surplus of substantial financial, leading to the continued imbalance in the previous budgets and the budget next year, "adding that" the next year budget in 2011 designed the inability of the $ 14 trillion dinars, plus a round of the current budget at the end of next year, will meet surplus of about ten trillion dinars. "

". He called for the re-engineering the public budget and assess their effectiveness and to avoid what he called "dangerous games that embarrass the government and the central bank at the same time."

http://translate.goo...oogle.com&twu=1

At first I thought it may be the lower denoms, but after digging and comparing articles this is what I found. look at the tittle of the article "Central Bank Consultant-We have a government surplus of 29 trillion" This is not a central bank surplus. (CBI) This is a government surplus. These are deposits that have been exchanged by the government in a state bank. Its a criticism directed to the GOI. The claim is because of budget inefficientcies they have not spent the allocated budget funds that have accumulated over five years. This money was foreign currency which was exchanged at the local state bank. It is not paper money issued by CBI. It is all electronic. The MOF criticism is directed at those in the government that want to borrow to pay back the foreign loan and use these funds some other way.

Central Bank describes the rates of economic growth for the year 2010 as "shameful"

09/12/2010 19:01 09/12/2010 19:01

ب. Baghdad, 9 December / December (Rn) - The Iraqi Central Bank rates of economic growth for the year 2010 as "shameful" compared with past years.

Central Bank of Iraq اء (آكا". The adviser said the Central Bank of Iraq in favor of the appearance of Mohammed in an interview with Kurdistan News Agency (Rn), "The economic growth rates for 2010 and shamefully low compared with the size of the population growth in the country because of the wrong policies in moving the economic system."

و". And the favor of that "Iraq has lost years because of the lack of significant economic well-developed plan to promote economic growth in line with the capacity of the cash budget in 2010."

". Saleh pointed out that "No economic growth for 2010 to deserve mentioning." He said. "Noting that" it must be to Aitakerr in the coming years if the government followed a strategy of financial institutions is good. "

". And that "the advancement of economic reality in Iraq will be more freedom after his release from Chapter VII, which will allow him to integrate more international economic community."

The central bank revealed yesterday that the budget for 2011 will raise economic growth to 10% of what it was.

Council of Ministers said in a statement, last Wednesday, he had approved a draft budget for 2011 a deficit of $ 12 billion will be covered by the amounts retained from the previous year's budget and borrow internally and externally, between the expected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, a shortfall of $ 12 billion.

. The Iraqi Finance Ministry announced last month that the finalization of the draft budget for Iraq in 2011, and the new budget allocates a large share of investment, and to support the government's development strategy that will continue for the next four years.

ة. The initial budget for Iraq in 2011 about 86 billion and $ 400 million, an increase of up to 14 billion dollars in the last budget.

http://translate.goo...oogle.com&twu=1

These are funds from previous unused IMF loans sitting in an iraqi bank being reported as dinar. Now look at Iraqs budget for 2011.

http://translate.goo...late.google.com

The budget is being reported as 93 trillion dinars. How many people really believe that Iraq has 93 trillion dinars in circulation?

great reply....so...i don't see how they can have this amount in any account...could it be the amount of the budget that wasn't spent each year...not an actual number but a missed opportunity...I just can't see how they could have this much sitting in an account because if they do then their M2 is through the roof. Could they have reduced the excess liquidity down to a point where this number is actually accurate?

[marcuscurtis]

great reply....so...i don't see how they can have this amount in any account...could it be the amount of the budget that wasn't spent each year...not an actual number but a missed opportunity...I just can't see how they could have this much sitting in an account because if they do then their M2 is through the roof. Could they have reduced the excess liquidity down to a point where this number is actually accurate?

This is part of some left over IMF loan money that has been unspent and it accumulated over 5 years. There counting it as dinar but it is sitting in an electronic fund somewhere. I'm not sure if there counting it as part of ther M2. They were trying to keep it secret. looks like the MOF blew the whistle on them.

[summit1]

I have to agree with Keeps on this one! I have been invested in the IQD since 2005, and have been eagerly waiting for an RV. Had a discussion with a friend last night who also is invested but after much debate, we came to the conclusion that there is no way that it can revalue at anywhere near what everyone is expecting. It must be a slow, gradual climb! The big question? Where would the money come from when everyone starts to cash in?

[icebat22]

Central Banks NEVER reveal the TRUTH regarding CIRCULATION AMOUNTS !!!!

Help me understand what that means EBJ. I don't know if that means you think it's good or bad for us. What is the truth, and how would you/we know? I don't want to throw cold water on any ideas, but I'm not much into conspiracy theories. What can be proven?

[gman51]

I am still of the belief that the Dinar will rise in value as their economy begins to rise. I have thought this all along, with a hope of an RV always in the back of my mind. I guess that is why all the hype and let down hasn't affected me much. I still think this is an investment of a lifetime. In 5 to 10 years, you won't even recognized Iraq. I think they are on the brink of an explosive economical boom. I still think that some of what I have heard here could still happen and very quickly. There just isn't any presidence to look for in history. I guess we just have to wait and see. I do, however, agree with what keep is saying. Also, could this money have anything to do with all the funds that were seized at the beginning of all this? Maybe they released them.

Edited December 16, 2010 by gman51

[keepmwlknfny]

Central Banks NEVER reveal the TRUTH regarding CIRCULATION AMOUNTS !!!!

Normally thats a good possibility.....but not the case with Iraq.....EVERYTHING they do has to be transparent to the world because of the restrictions and sanctions placed on them.....no one in that country can take a dump without the rest of the world knowing what they are doing.....