looks like we may have a RATE

[Rockstar]

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.

I hate to burst your bubble but the prewar value is NOT 3.22 why everyone keeps using this value???

That was a Sadam set value and was not internationally recognized at that rate.

To my knowledge re pre war value was about a dollar less at around 2.32

[Doctor Smith]

I hate to burst your bubble but the prewar value is NOT 3.22 why everyone keeps using this value???

That was a Sadam set value and was not internationally recognized at that rate.

To my knowledge re pre war value was about a dollar less at around 2.32

From what I've read. Before Saddam was in power the rate was above 3.22

[Frank61]

Please read the artical and check my math

http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.swalefnalhelwa.com/news.php%3Faction%3Dview%26id%3D1002&rurl=translate.google.com

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.

If you devied 79.6 into 93 you get 1.16 so it looks as if 1.16 dinars = 1 USD

You do NOT have a rate. And you will NOT have a rate until you get it from CBI. End of story. Find another hobby. Something that has to do with reality......

[dirtman_00]

From what I've read. Before Saddam was in power the rate was above 3.22

That was set by Saddam and was not an international money. The dinar thay had before Saddam put his face on it was worth about $2.37

[GPCarter]

If the budget is based on oil being at a lower price than it is today, does that mean the rate would increase?

[Doctor Smith]

That was set by Saddam and was not an international money. The dinar thay had before Saddam put his face on it was worth about $2.37

Nope. Now that I checked it was as high as $4.86

http://www.edinarfinancial.net/history.php

[Doctor Smith]

This article has my hopes up! This could be what all the talk about getting rid of the zero's was all about. Not a lop. The rate change is to move the decimal place of the Dinar 3 places. 93 trillion Dinars is the same value as 93 billion. The new rate is .856 US Dollars.

[dirtman_00]

Nope. Now that I checked it was as high as $4.86

http://www.edinarfinancial.net/history.php

Well you did prove me wrong and I do except that/ But the contence of this post is what the news is stating about the budget and I have to except that to until I see something different in the news / just facts not he said she said stuff .

[Rabbi]

Let's end the confusion about the budget figures. The following is the text of an article from Bloomberg News on December 1, 2010:

Iraqi Government Approves Budget 2011 December 7, 2010

Iraq’s cabinet approved a 93 trillion-dinar ($79.5 billion) federal draft budget for 2011, an increase of about 9 percent on the previous year’s spending plan, the government’s official spokesman said.

The budget is based on an oil price of $73 a barrel and average crude output of 2.25 million barrels a day, according to the statement. It forecasts government revenue at 78.7 trillion dinars, leaving a deficit of 14.3 trillion dinars that will be covered by borrowing, sales of assets and other income, Ali al- Dabbagh said in an e-mailed statement today.

Lawmakers still need to approve the document. The process has been delayed by the eight-month political deadlock that followed inconclusive parliamentary elections in March. Iraq took its first steps to form a new government last month when Prime Minister Nuri al-Maliki secured a second term and was tasked with choosing the new cabinet.

A total of 29 trillion dinars was set aside for investment next year, and 64 trillion for operational expenses, Al-Dabbagh said in the statement. The oil production forecast includes 150,000 barrels of crude exported daily from Kurdistan, he said.

Supplementary payments of 1.6 trillion dinars was set aside for oil and gas-producing provinces, which will be allocated according to their output, according to the spokesman.

Iraq has awarded 12 oil-service contracts and three gas licenses as part of a plan to boost production. Iraq has official oil reserves of 143.1 billion barrels, excluding the northern region of Kurdistan, and depends on oil revenue to fund about 95 percent of its budget.

The 2010 budget of 84.7 trillion dinars was based on an oil price of $63.50 a barrel, and forecast a deficit of 22.9 billion trillion.

The link for this article is as follows:

http://www.bloomberg.com/news/2010-12-01/iraqi-cabinet-approves-93-trillion-dinar-spending-plan-for-2011.html

Will everybody please read this and see that the original source here in talking about the iraqi budget in terms of trillions of dinars, not billions of dinars. This latest article, the one talking about the Iraqi budget in billions rather than trillions of dinars, is inaccurate!!!

[dirtman_00]

Let's end the confusion about the budget figures. The following is the text of an article from Bloomberg News on December 1, 2010:

Iraqi Government Approves Budget 2011 December 7, 2010

Will everybody please read this and see that the original source here in talking about the iraqi budget in terms of trillions of dinars, not billions of dinars. This latest article, the one talking about the Iraqi budget in billions rather than trillions of dinars, is inaccurate!!!

Well if you wont my thoughts on this I will give them to you. Lets say this budget you are showing here is baced on the old rate which is 1170 Iqd to 1 Usd whitch it is now the date on it is Dec. 7th 2010 that is before it was read and amended. Now if thay were going to use the new RV rate in the budget for 2011 and say the new would be .86 instead of .00086 whitch it was then, would this not convert trillions into billions. Now if thay use the old rate to come out with in the budget and Rv at the same time what mess. I think this is the amended Budget and dated Jan.7th 2011 1 month closer to RV than your artical. Just my though .

[Sammy Jankis]

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.

C'mon man...pride has nothing to do with it. We all understand that Iraq has buku oil reserves, but a country with little-to-no infrastructure that has to import 90% of its goods can't just revalue at 3.22. As awesome as that would be it's completely asinine. For those grounded speculators out there, if and when the RV occurs, doesn't .86 seem a bit more realistic? Just like other members have said before...sit back, relax, and enjoy the ride. The currency can only go up.

[Doctor Smith]

Well if you wont my thoughts on this I will give them to you. Lets say this budget you are showing here is baced on the old rate which is 1170 Iqd to 1 Usd whitch it is now the date on it is Dec. 7th 2010 that is before it was read and amended. Now if thay were going to use the new RV rate in the budget for 2011 and say the new would be .86 instead of .00086 whitch it was then, would this not convert trillions into billions. Now if thay use the old rate to come out with in the budget and Rv at the same time what mess. I think this is the amended Budget and dated Jan.7th 2011 1 month closer to RV than your artical. Just my though .

Could be. Maybe This is mathematically the easiest way to RV. They amended the old budget with the new value.

But I doubt it. Looks like we are back to square one. The more you research the more misinformation you get. I have learned a great deal about currency though.

Your probably better off checking the CBI etc every couple days and just wait until something actually happens.

[dirtman_00]

Could be. Maybe This is mathematically the easiest way to RV. They amended the old budget with the new value.

But I doubt it. Looks like we are back to square one. The more you research the more misinformation you get. I have learned a great deal about currency though.

Your probably better off checking the CBI etc every couple days and just wait until something actually happens.

"HERE" "HERE" I will drink to that ////