looks like we may have a RATE

[miller]

I think it said 64 billion which when divided by 54.8 billion = $1.17 RV :-)

Which is more pleasing to me anyway.

i came up with the same 1.68

[Rome M]

Good follow up. I too checked with an online translator (babylon translator powered by google, or something like that).

With this you can clearly see that the words 'million' and 'billion' are quite different, and they are both used in the article.

This was NOT a mis-translation, for the author meant to write both million and billion in their respective places.

This does not make the author's numbers correct, however. He could have been really crappy with his math.

If so, then he went WAY under with his zeros, or over, however you calculate it.

IF he is mistaken with his math, then the entire article is F&**D because the sole purpose of it is to give the budget figures.

So, did he screw up the ONLY important information in the article by thousands, or did he just merely report what his findings were; which so happened to display a better value of the dinar supposedly found in the budget?

BTW= the rate would be 1 IQD : .85 USD

You have to divide 12 bil by 14 bil. just chack your math and multiply 14 bill IQD by .85 and you end up with 12 bill USD

Edited January 8, 2011 by Rome M

[Soeharto]

quote name='rocketman2010' date='07 January 2011 - 11:20 PM' timestamp='1294460404' post='333484']

DOES THIS MEAN 1 DINAR EQUALS .86.

WHAT DOES IT MEAN?

وكانت الحكومة العراقية قد وافقت على مشروع قانون الموازنة الاتحادية للسنة المالية 2011، بحيث تبلغ الموازنة نحو 93 مليار دينار عراقي (79.6 مليار دولار)، وذلك عند احتساب برميل النفط الواحد بـ 73 دولارا أميركيا، وبمعدل تصدير قدره 2.25 مليون برميل يوميا. The Iraqi government has approved the draft federal budget law for fiscal year 2011, so inform the budget some 93 billion Iraqi dinars (79.6 billion dollars), when calculated per barrel to $ 73 U.S., and the rate of export of 2.25 million barrels per day.

ويتوقع ان يبلغ عجز الموازنة نحو 14 مليار دينار (نحو 12 مليار دولار) فيما يتوقع أن يبلغ معدل الإنفاق 64 مليار دينار (نحو 54.70 مليار دولار). It is expected that the budget deficit to reach about 14 billion dinars (about $ 12 billion) in what is expected that the rate of spending 64 billion dinars (54.7 billion dollars).

http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=ar&tl=en&u=http%3A%2F%2Fwww.swalefnalhelwa.com%2Fnews.php%3Faction%3Dview%26id%3D1002

[/quote

From reading the arabic word 93 maleelra dinar iraqi and 79.6 maleelra dullar an 14 maleelra dinar iraqi and 12 maleelra dullar.... The word Maleelra is translated both to Billion. If you can see the highlighted sections they are identicle after the number... We read arabic from right to left. So, to the best of my knowledge it isn't mistranslated... So they just may have the rate 1.17 IQD = $1 USD I really pray so,,, I'll take it, as a starting point.

From My experience learning Arabic, it think the words for translating in English isn't false or error,. I support for this post it is right.

Sorry if my English not correct.

Edited January 8, 2011 by Soeharto

[fury350]

ok, .86 is fine with me by all means, when is the date?? i'd love .86 if its true but the DATE lol. i just want someone to take me to the movies on a specific day without any numbers being throw out

[Rome M]

IF this article is correct, and he did in fact get his information from a reputable place, then my guess is that we will see the new rate when they officially announce the new budget.

But remember if we read this in the new budget, we cannot go to the bank and attempt to cash in based on the article announcing the budjet, guess we gotta wait till all the banks and sites and exchanges have been updated.

Its is getting closer, but remember close ONLY counts in horeshoes, handgrenades, and slow dancing!!

Edited January 8, 2011 by Rome M

[Merlin]

Just cracks me Up!!! Math is supposed to be the universal language or so I have herd tell! Well? How come in one post all these different people came up with as many different totals??? I will go to bed and forget everything that I read in here today and I will wait until Iraq Posts there 2011 Budget and RVs there Money for what Ever it going to be!!! Obviously no one in here can figure it out and even if someone did? well, the people that didn't agree cause it was not what they where expecting or wanted will and did move the numbers around till they got the RV they wanted!!

I say just wait and see what happens and quit racking your brain to figure out some numbers that won't proved or amount to anything after the real RV! it just wishful thinking and your going to get an ulcer worrying about how much you'll get!!

Just sleep on it and in a while we will all know what if anything the RV will be.

I have heard between 3.22 to 3.98 since this started and I'm going to hope for that as its been the most constant RV amount published since I been following this thing almost 6 years now! Dream, Dream BIG! and hope and pray it comes true! My 2 Cents! GO RV!!!

[Rome M]

It doesnt matter if these numbres are only for the Kurdish region, because the numbers are still proportional to each other. 93 bil is 93 bil and 79.6 is still 79.6 regardless of where it is allocated. The ratio remains the same; 1 IQD = .85 USD or 1.17 IQD = 1 USD

The translation is correct, several people have double checked with translator on google, did it myself.

Million and billion are used both in the article, they are two different words. Obviously the author knows whe difference because he used million for quoting the oil numbers.

However, the author MAY haved screwed up on his math..... If he did he screwed up and was off by THREE BIG ZEROs, in BOTH places.

IF he did screw up, then the entire article is BOGUS and a waste of time because the numbres are THE MAIN SUBJECT OF THE ARTICLE. Kind of an important part to screw up, don't you think??

If he indeed got the information from somewhere in the GOI as a reporter or whatnot, he was just relaying the numbers he read (not calculated himself), probably from the new draft of the budget, which probably has the new rate, which may look like the lifting of the zeros he GOI talks about. I guess we will see this week!!

Looks feasible, start out on the low end to draw in people to cash out, the go up gradually to where they want it.

Also looks right with the deal on the lower denoms, at .85 they can begin another stepping down of the used denoms in country by then issuing even lower ones to aid in the NEXT increase.

I know here in Kuwait the smallest (bill) is a 1/4 dinar and the largest is a 20 KD. If we had nothing lower than a 50 it would REALY suck at this rate, no way for us to get change.

BUT, at the rate of .85 it would be easy to get change.

IMHO, I think we will see this rate of .85 for some time, while they begin the cycle of introducing the smallest denoms to come. This will put them in the place to up the value some more being that then there would be bills to support it.

Also, seeing a .85 value will raise just enough speculation for some to buy then, giving Iraq the chance to make even more when the up the value again.

HOLD OUT!! Me, I will only cash in 25% of what I have if the rate is .85, then cash out again when it gets a bit higher.

Edited January 8, 2011 by Rome M

[hammy]

The problem with the "Hold out and cash in at higher rate" is that the Iraqi constitution states that once Iraq confirms the Revalue of the currency they will only be able to raise the value by 2% every six months. Say rate is posted @ 1 usd = 0.85 dinar. Six months later they can raise it to 0.867. It would take years and years to get higher.

[Stamp]

The problem with the "Hold out and cash in at higher rate" is that the Iraqi constitution states that once Iraq confirms the Revalue of the currency they will only be able to raise the value by 2% every six months. Say rate is posted @ 1 usd = 0.85 dinar. Six months later they can raise it to 0.867. It would take years and years to get higher.

shouldnt the market demand dictates the foreign exchange rate when IQD is floated?

[hammy]

I imagine it would, though have you ever seen market demand raise the value of any currency by 400%? Because it would need that much of an increase to get up around the value that everyone would like to see. I say just come out at that rate to start 1 usd = 0.29 dinar. Go R.V.

[Serenity]

Definately a good post, its nice to see people looking for actual news instead of following the Rumor mill.

GO RV///////Semper Fi////////////////

You are correct it did say 64 billion. I was implying that it may have been a misprint and they put 64 billion but meant to put 64 trillion which would be an exchange rate of 1170. Also you have to divide the dollar by the dinar to figure out how many dinar equal 1 dollar. So even if it were 64 billion the exchange rate would be .85. WHo knows if it is a misprint or not. I hope not but I think it probably is. Thanks for the reply though.

Or, they have they're new budget figured out with the new rate....(They are removing three zeros, after all)

[Serenity]

HELLO MCFLY!!!!!!!! The article is a typo....The budget is 93 TRILLION Dinar NOT Billion................This post is a waste of everyone's time.

What if it's not a typo, this time............HMMMMMM?

[Rome M]

I have not been able to find that 2% a year increase in the constitution. I have, however, mapped out the last increases since 2003 and the new dinar.

Using Oanda....

2003-2004 = from 0.00031 to 0.00068; over 200% increase

2005-2006= from 0.00068 to 0.00072; 6 % increase

2006-2007= from 0.00072 to 0.00081; 11% increase

2007-2008= from 0.00081 to 0.00084; 4% increase

2008-2009= from 0.00084 to 0.00085; 1% increase

All of this was before the GOI was fully formed, but the constitution already existed...... Did they make an amendment concerning this subject?

Considering these moves, it looks as though they can increase accordingly. Maybe the constitution states something on the matter for protection, so something that Saddam did can not happen again, a govt official knockin up the value with nothing to back it up.

Just some thoughts and numbers.

[cabinetman]

Are the translators pumpers too!!!

[rdubya]

It doesnt matter if these numbres are only for the Kurdish region, because the numbers are still proportional to each other. 93 bil is 93 bil and 79.6 is still 79.6 regardless of where it is allocated. The ratio remains the same; 1 IQD = .85 USD or 1.17 IQD = 1 USD

The translation is correct, several people have double checked with translator on google, did it myself.

Million and billion are used both in the article, they are two different words. Obviously the author knows whe difference because he used million for quoting the oil numbers.

However, the author MAY haved screwed up on his math..... If he did he screwed up and was off by THREE BIG ZEROs, in BOTH places.

IF he did screw up, then the entire article is BOGUS and a waste of time because the numbres are THE MAIN SUBJECT OF THE ARTICLE. Kind of an important part to screw up, don't you think??

If he indeed got the information from somewhere in the GOI as a reporter or whatnot, he was just relaying the numbers he read (not calculated himself), probably from the new draft of the budget, which probably has the new rate, which may look like the lifting of the zeros he GOI talks about. I guess we will see this week!!

Looks feasible, start out on the low end to draw in people to cash out, the go up gradually to where they want it.

Also looks right with the deal on the lower denoms, at .85 they can begin another stepping down of the used denoms in country by then issuing even lower ones to aid in the NEXT increase.

I know here in Kuwait the smallest (bill) is a 1/4 dinar and the largest is a 20 KD. If we had nothing lower than a 50 it would REALY suck at this rate, no way for us to get change.

BUT, at the rate of .85 it would be easy to get change.

IMHO, I think we will see this rate of .85 for some time, while they begin the cycle of introducing the smallest denoms to come. This will put them in the place to up the value some more being that then there would be bills to support it.

Also, seeing a .85 value will raise just enough speculation for some to buy then, giving Iraq the chance to make even more when the up the value again.

HOLD OUT!! Me, I will only cash in 25% of what I have if the rate is .85, then cash out again when it gets a bit higher.

Rome, I feel your interpretation and insight is spot on. I would be stoked (to use a term from my 9 year old son) beyond belief if a rate of $.85 came out. Like you I would cash out a percentage. I do not have a large amount of Dinar, as it was a one time investment but I would cash out approximately 1/3, which after 35% capital gains tax (which I assume would be the taxation) I would be left with roughly $55,000. That would be more than enough to pay off my debt, take a nice little trip and reduce life’s stresses ten-fold. Then, it’s just work and finishing my degree as usual while I patiently wait for the Dinar to regain its value.

I fill this will happen quickly, especially with the news release of Gulf Keystone, an oil exploration company from London that verified the reserves in northern Iraq to be “massive, even compared to know reserves” and if I remember correctly estimated at anywhere from 220 million barrels to 2.2 BILLION barrels of oil.

Talk about a way to massively increase GOP in the midst of an international energy crisis. Apparently that companies stock has SKYROCKED since that announcement.

(LINK ) http://dalje.com/en-world/oil-reserves-in-are-iraq-massive/331162

Being that I work in oil exploration (both marine and land) I have known about this announcement for some time, as the equipment used to find that oil was produced by my company here in Houston. Though company regulations and international laws prohibited me from saying anything prior to Gulf Keystone’s announcement. Look for some more extraordinary news to be coming out of that region soon, as well as from Dubai – That’s all I have to say about that

-Dub

[taboo]

IF THIS ARTICLE IS TRUE...THEN YES! BUT WE NEVER KNOW WHAT IS TRUTH OR FALSE ANYMORE

[rocketman2010]

IF this article is correct, and he did in fact get his information from a reputable place, then my guess is that we will see the new rate when they officially announce the new budget.

But remember if we read this in the new budget, we cannot go to the bank and attempt to cash in based on the article announcing the budjet, guess we gotta wait till all the banks and sites and exchanges have been updated.

Its is getting closer, but remember close ONLY counts in horeshoes, handgrenades, and slow dancing!!

i like slow dancing

Edited January 8, 2011 by rocketman2010

[jaykay]

I will take .86 just so i cant stop coming to this site LOL

Please be true

[bonehead]

divide the dinar into the est. dollar amount and it keeps coming up 1.17

[Niko]

1/.86 = 1.162

[KWEagle]

I think the $1.17 is too low. The value of the Dinar before the war was $3.22 and that was a long time ago. There is Iraqi pride involved as well as great need for infrastructure rebuild. They also must build jobs for a very poor population. All these things cost vast sums of money. There seems to be a great need for a higher revalue of the dinar than the low numbers that have been mentioned. Iraq also has a monster amount of oil, natural gas, and minerals to support the higher revalue.

[tjmunson]

Actually, I think it means that 1170 dinar still equal 1 dollar. Nothing, and I mean NOTHING we can do is going to change that. So get a big bowl of popcorn, sit back and let the feature presentation begin. The script has been written, the actors have practiced their roles, and now it's showtime!

[NotReallyTex]

Are the translators pumpers too!!!

That's kinda funny

[dirtman_00]

Are the translators pumpers too!!!

What makes you think that ?

[Doctor Smith]

When I put this in my translator

وكان وات الحكومة العراقية قدفقت على مشروع قانون الموازنة الاتحادية للسنة المالية 2011، بحيث تبلغ الموازنة نحو 93 مليار دينار عراقي (79.6 مليار دولار)، وذلك عند احتساب برميل النفط الواحد بـ 73 دولارا أميركيا، وبمعدل تصدير قدره 2.25 مليون برميل يوميا

I get this

The Iraqi government has agreed to the law of the draft federal budget for the fiscal year 2011, so that the budget amounting to about 93 billion Iraqi dinars (79.6 billion dollars), when calculating single oil barrel B 73 US dollars, at a rate of export in the amount of 2.25 million barrels per day

If this is a mistake it was made in the Arabic writing. Could it just be a coincidence that the 1168 number pops up?

It's possible that the .856 is the new rate. Since the Dinar number is less than the Dollar number the possible rate is less than a dollar.