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It looks like it's coming along.

DeadGuy

By DeadGuy,
in Dinar Rumors

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dinarck Newbie

dinarck

Posted
Posted

For the Meathead that gave me a negative mark....;)

Iraq Judicial Council to amend Evidence Act

State Consultative gives the Supreme Judicial authority to adjust the amounts provided for under the law of evidence

Baghdad (News) has authorized the State Council amended the Evidence Act, including amending the value of the dinar current.

A statement issued by the Judicial Council has received Agency (news) copy of it: that the State Council decreed to grant the President of the Supreme Judicial Council the authority to amend the amounts set forth in the articles ( 77) and (78) and (79) of the Evidence Act No. (107) for the year 1979.

The statement added: the fatwa (Islamic Legal Announcement) regarding GATT against the backdrop of request of the Minister of Justice opinion of the State Council on the basis of Article (9) of the Code of the State Council No. (65) for the year 1979 regarding the proposal received from the Bar Association to amend the amounts set forth in the articles (77) and (78 ) and (79) of the Evidence Act and making them (5000000) five million dinars instead of (5000) five thousand dinars.

The statement pointed to the proposed Bar modify the value of the dinar due to changes in current economic conditions and inflation, the huge sum which, as well as a decline in the purchasing power of acute as they no longer value compared to value the former, but a penny and that many of the litigants in the courts suffer harm and injustice for not documenting their transactions and their actions legal, as the lessors for all real estate (except residential) are at the mercy of tenants currently.

Brought ya back ta even Drox. Some people.

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Bambino3 Newbie

Bambino3

Posted
Posted

Good news, bad news. The 1979 was an error. Yippee. It was supposed to read 2079. - Just funning. I think we can all see that this is going to happen - a real RV (may be low at first) A penny is an 11.88 fold return on investment, assuming $1,000 for 1 mill dinar. So a dime would be 1,188 fold return-realize there are rounding errors, but that only means a difference of a couple of hundred thousand dollars or so- chump change.

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dinarmamma Newbie

dinarmamma

Posted
Posted (edited)

If anyone recalls Shab's said in his video conference they "want to get back to where they were in the 70's and 80's " JMO...I think this is very relevant.. :)

I hope you're right Islandgirl7, that would make me one very happy mamma, and it would make me an Island girl myself with a rate that high. B)

Edited by dinarmamma
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weasel Newbie

weasel

Posted
Posted

Hello All,

I usually dont post, just like to read what other people think. I would love to know your take on the article "dinarck"! I think we have to look at a lot of factors here as to why this article was released. Actually a lot of intel is being released now. The important thing to me is that IRAQ is showing some progress in some major areas, or different industries all at the same time. What we fail to look at and what I always look at being an Economics major, is GDP. The factors of GDP is GDP=C+I+G+E(exports minus imports).

The world can't just seem to adjust from it's high oil demand and I believe IRAQ is resting on some HUGE oil reserves just not pumping to maxium capabilites. To me their resources speaks VOLUME to me. I feel this article is showing us some positive movement in the right direction. It clearly stated that they want to AMEND the VALUE of the DINAR CURRENT. That doesnt necessarily say that the value needs to be amended to a specific rate or specific date of time. Just CURRENT. To me current would be at par with the CURRENT value of their RESOURCES.

Now as an individual you can factor in anything you feel into that resource category, but to me it would be OIL and NAT Gas.....a revalue is going to happen and a redenomination is very possible.

But if we are willing to wait it will eventually be $1-$1 and then higher.

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Babs47 Newbie

Babs47

Posted
Posted

Islandgirl7 said:

If anyone recalls Shab's said in his video conference they "want to get back to where they were in the 70's and 80's " JMO...I think this is very relevant.

...And I couldn't agree more!

I also recall some comments somewhere that Iraqis were concerned about chaos in real estate if there were an RV...but it looks as though the lawmakers are taking care of that problem first...

I believe the RV is right around the corner.

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countryroads Newbie

countryroads

Posted
Posted

Still waiting for the OFFICIAL RATE AND DATE. All else is just back fence gossip, and reruns at that.

I'm not doing any celebrations untill I have the converted USD in my bank. But I am still hangin' in there and will keep the gossip tucked away with the want ads.

PEACE PATIENCE AND PROSPERITY

GO RV PLEASE!!!!!

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realbigfish Newbie

realbigfish

Posted
Posted

Here is Evidence law No. 107 of 1979:

It can be found, along with other legal documents at the following site. My link

You can click on Evidence law No 107 of 1979 and download this document, which is in english. Starting on page 18 it talks about dinar values. This is in reference to the value of a legal claim, etc. Such as what a witness would be fined if they failed to appear in court. Right now it is 250 dinars. If they are looking to ammend this document, it may or may not have anything to do with a RV in my opinion.

**This link may take you straight to the download: My link

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chilli24 Newbie

chilli24

Posted
Posted

Here is Evidence law No. 107 of 1979:

It can be found, along with other legal documents at the following site. My link

You can click on Evidence law No 107 of 1979 and download this document, which is in english. Starting on page 18 it talks about dinar values. This is in reference to the value of a legal claim, etc. Such as what a witness would be fined if they failed to appear in court. Right now it is 250 dinars. If they are looking to ammend this document, it may or may not have anything to do with a RV in my opinion.

**This link may take you straight to the download: My link

I agree, this has to do with penalties & fines paid, they are just are just reallocating the fines and penalties so they aren't a joke. I mean really a 250 Dinar fine...

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skepticaldinar Newbie

skepticaldinar

Posted
Posted

Anyone know how much USD a Dinar was worth back in 1979? If so please list that value here in the forum.

It was around $3.37...But there was only about 20 billion in circulation and they had about 60 billion in foreign reserves to back the rate.Saddam blew all of the reserves on war and whatever he wanted personally. They have managed to build the reserves back to about 50-60 billion now(Should say that the agreement requires them to build their reserves through the auctions.But look at how much currency they have in circulation now).

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emmet Newbie

emmet

Posted
Posted

I believe this is amending a law for awards purposes in real estate litigation. The old law was antiquated only allowing for 5000 Dinar versus 5 million Dinar. As you know 5000 Dinar is basically equal to pennies. It said that Tenants are taking advantage of Landlords because of the loophole from how I read it. Sorry... no RV in this article... dangit! :D

Thanks for your post drox. I like your style.

"If we run such [government] debts, as that we must be taxed in our meat and in our drink, in our necessaries

and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England

are, our people, like them, must come to labor sixteen hours in twenty-four, give earnings of fifteen of these

to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread,

we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers

to account; but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-suffers."

~ Thomas Jefferson

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