Thread: Iraq/Dinar News. before Febuary 2nd 2006

Originally Posted by PlatanoKing

" after approving the Iraqi federal budget in dinars." Now that got my attention, from 41 billions dollars to 41 billions dinars? How could the GOI do that? I wonder….

Nice find Platanoking.

If they are about to approve the budget IN DINAR - we've got to be talking 1:1 (once again, because 41 trillion dinars just doesn't physically exist on the planet)

This would also connect easily to a televised report of an Iraqi minister pictured between two tables, on one a stack of USD, on the other a stack of dinar; saying, "one day very soon these two stacks will be worth the same".

Is this not saying that since the budget was approved in dinars,
you need to adjust your budget request accordingly? so as to avoid confusion?
And that the adjustment must come before approval of the 2007 budget?
Would this not tie in with the statement of a few days ago that basically said, "Hey, we want to go 1to1, but are waiting on the approval/ recommendations from the World Bank, and the special economic committee"? Perhaps we need to re-think the order in which things
are going to happen?

Put this:

While many supporters as stated in the details of the budget and the figures put forward, and call for early ratification, but it was met with objections also on some of the points that some considered vague and needed to be amended, the Virtue Party, in the words of President bloc in the parliament hinted that it is very likely that no vote his party on the current year budget of the ambiguity and lack of clarity in some of what was reported in the paragraphs.
And Hassan al-Shamri added in a press statement : There are several observations on the budget include the titles are unclear and ambiguous title of which (social benefits) contained in the budget (the presidency of the republic and the prime minister and the Ministry of Finance), as the allocations for this confusing title (in the words of al-Shamri) 5 trillion and 125 billion and 50 million Iraqi dinars.
He pointed out that this ambiguity and lack of clarity provide an opportunity for embezzlement, theft, in addition to the title (the activity of the State), which has been allocated is also significant. The Shamari said that the budget pointed to the allocation of grants to the Kurdistan region and the failure to allocate a similar spending for the rest of the governorates and there between the figures for the numbers of sovereign sites earmarked for spending points which are prejudicing the lives of the people and their rights.
He stressed that it is necessary for members of the House of Representatives claim the reasoning behind the views of expenditure by ministries to the Ministry of Finance found in terms of the accuracy of the figures, and the priority points expenditure.

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5 trillion and 125 billion and 50 million dinars.

There are several observations on the budget include the titles are unclear and ambiguous title of which (social benefits) contained in the budget (the presidency of the republic and the prime minister and the Ministry of Finance), as the allocations for this confusing title (in the words of al-Shamri) 5 trillion and 125 billion and 50 million Iraqi dinars.
He pointed out that this ambiguity and lack of clarity provide an opportunity for embezzlement, theft, in addition to the title (the activity of the State), which has been allocated is also significant.

Together with this:

Iraq-Currency
Dollar demand down in Iraqi Cenbank auction
Baghdad, Jan 23, (VOI) – Dollar demand declined on Tuesday in Iraq’s central bank daily auction, reaching $60.605 million compared to $104.240 million on Monday.
In its daily statement the bank said it covered all bids which were $13.105 million in cash and $47.500 million in foreign transfers at an exchange rate of 1,295 dinars per dollar, three ticks lower than Monday’s rate.
None of the 14 banks that participated in Tuesday’s auction offered to sell dollars.
Economist Abdul-Razzaq Sadeq al-Abaiji told the independent news agency Voices of Iraq (VOI) the new decline in rates heralded a new retreat in auction activity.
Abaiji expected a big rise in the monthly sales of the central bank during the coming months after approving the Iraqi federal budget in dinars. He said this would make the government buy dinars from the central bank and sell dollars in the daily auction, thus propelling sales to record levels.


Thoughts?

Originally Posted by PlatanoKing

" after approving the Iraqi federal budget in dinars." Now that got my attention, from 41 billions dollars to 41 billions dinars? How could the GOI do that? I wonder….

Yes, but check out Treasurehunters' post #195. Here is one part which he highlighted.....

And Hassan al-Shamri added in a press statement : There are several observations on the budget include the titles are unclear and ambiguous title of which (social benefits) contained in the budget (the presidency of the republic and the prime minister and the Ministry of Finance), as the allocations for this confusing title (in the words of al-Shamri) 5 trillion and 125 billion and 50 million Iraqi dinars.
He pointed out that this ambiguity and lack of clarity provide an opportunity for embezzlement, theft, in addition to the title (the activity of the State), which has been allocated is also significant.

Just because they approved the budget in dinars does not automatically mean the amount was 41 billion. Based on the above comment it was the dinar equivalent of 41 billion and I don't know what rate they used but if one item alone is budgeted at 5 trillion then obviously it was not 1:1.

Again, we will just have to wait and see what transpires over the next little while.

Originally Posted by Cdn Scrooge

Yes, but check out Treasurehunters' post #195.

Just because they approved the budget in dinars does not automatically mean the amount was 41 billion. Based on the above comment it was the dinar equivalent of 41 billion and I don't know what rate they used but if one item alone is budgeted at 5 trillion then obviously it was not 1:1.

Again, we will just have to wait and see what transpires over the next little while.

Why is it so hard to understand?

Even if one item in the budget was 5 trillion dinar - at the current rate that would be about 5 billion USD; a little over 12% of their yearly budget.

Originally Posted by billknows

Why is it so hard to understand?

Even if one item in the budget was 5 trillion dinar - at 1:1 that would be 5 billion; a little over 12% of their yearly budget.

5 trillion dinar at 1:1 would be 5 trillion USD.

We will have to wait and see till the debates are finished and the budget is approved. If there is going to be a reval to 1:1 or some other number, the dinar figures will have to be re-calculated in the final budget.

Originally Posted by Cdn Scrooge

We will have to wait and see till the debates are finished and the budget is approved. If there is going to be a reval to 1:1 or some other number, the dinar figures will have to be re-calculated in the final budget.

Where's the logic?

Why would just one item on the Iraqi budget (5 trillion) be almost equivelent to the entire budget of the United States?

Yes - the dinar figures will be recalculated in the final budget, since some amounts are quoted in USD and others are quoted in dinar (perhaps to create confusion).

Sure we will have to wait and see.

Originally Posted by billknows

[SIZE="4"]Nice find Platanoking.

This would also connect easily to a televised report of an Iraqi minister pictured between two tables, on one a stack of USD, on the other a stack of dinar; saying, "one day very soon these two stacks will be worth the same".[/SIZE]

Did I miss something? Did this really occur?

Originally Posted by TEXASGIRL

Did I miss something? Did this really occur?

So far it has not been confirmed with solid information. People have e-mails out, but so far nothing concrete that Im aware of.

Gloribee

Thank you Gloribee!!

Originally Posted by billknows

Nice find Platanoking.

If they are about to approve the budget IN DINAR - we've got to be talking 1:1 (once again, because 41 trillion dinars just doesn't physically exist on the planet)

This would also connect easily to a televised report of an Iraqi minister pictured between two tables, on one a stack of USD, on the other a stack of dinar; saying, "one day very soon these two stacks will be worth the same".

I believe you are onto something here billknows. Did you or anyone else ever confirm that Telecast? If so, Logic is making Plenty of Sense. We all know of the Articles that state rise or raise the dinar to equal to dollar. DayDream has put together a wonderful thread of a boat load of these. Now this article to refigure the budget in dinars. We also know that the GOP wants the Interest in the IQD then the USD. Alot of thing are starting to make plenty of Sense. Would have liked to of seen that telecast.