FINALLY some good news for us Dinar Currency speculators! I’m extremely interested to hear what the number crunchers in the crowd are going to have to say about this one, for several reasons. The Iraqi federal budget has been held up by debates for several weeks, primarily for political reasons.
I mentioned months ago that the budget was going to be a big issue, and not for economic reasons… for political reasons. Political reasons such as Prime Minister Maliki’s upcoming electoral opponents wanted to make sure he was not able to use any state resources to fund his March 7 election campaign… the plot thickens, as always!
After what seems like a hundred years of sissy-footing around, the Iraqi parliament passed a 2010 federal budget earlier today (Tuesday January 26 2010) that puts federal spending at $72.4 billion (84.7 trillion Iraqi Dinars). The budget also sets a deficit this year of $19.6 billion (22.9 trillion Iraqi Dinars).
Iraqi government income is estimated at about 62 trillion Iraqi Dinars ($53 billion), 95% of which is from crude oil exports. Here’s where the number crunching comments should start: Iraq’s current and projected crude oil exports.
Also of note, the approved budget allows Iraq to seek a $4.5 billion arrangement with the IMF. This has been discussed before, and several times the IMF loans have fallen by the wayside. A trend I have noticed, however, is that when the IMF loan falls through, sometime in the near future an agreement is reached with one country or another that Iraq owes money to. Some debt is forgiven, investment opportunities are arranged for the country that forgives the debt, and Iraq walks away with a stronger foundation upon which to build a secure and financially successful future.
I’ll be keeping an eye on things, stay tuned!
-Adam Montana
Related posts:
BY THE WAY!
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I’ve got some stuff coming in from my CBI contact, join me in the VIP area at dinarvets.
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GO RV!
Adam
What does this mean for the upcomming possible RV?
Do you have any insite on the popular Feb. 7th date as posted last week? Thanks for the info, so ffar it sounds like great news to me.
Thanks Gary
This approvation has nothing to see for RV!
Thanks for da info…
I expect it this week…the RV that is…no facts, just a hunch…
Seems like we keep getting tease messages from you Adam. What does this has to do with the RV rate and date?
So when will the Dinars revalue? How much longer do we have to wait in your estimation?
I have no comment on the date of the 7th. My personal opinion is that we’ll see some kind of announcement on the 31st. The budget is passed, elections are still a crucial part of the equation, the ERM discussions that have been going around are important, and that article talking about an exchange rate period could be a clue as well.
.
John: Are you kidding me? You think the budget has nothing to do with the RV… ok.
.
Jay Lee: What tease message are you talking about? This article is very clearly about the budget. If you’re looking for a date you will get rich, you’re at the wrong place… sorry. I don’t give daily RV predictions, I speculate on Iraqi Dinar news, and the budget IS big Iraqi Dinar news!
The approval of the budget, it is a fact that normally happens every year. No country in the world in which there is a budget each year. The figures of the approval are important, but I’m sure does not involve a sure sign for the RV. In a state where there are still many terrorist attacks a day, can have a stable currency? I believe in the RV, but not this time. Your predictions, Adam, are great, but do not take into consideration that Iraq is still too weak, both from an economic standpoint (too many debts), that from the standpoint of national cohesion. Can happen if there was an RV within 10 days, I’ll be really happy, but history teaches us a lot. Can not a State, by way of recovery, suddenly raising the value of its currency. But it is also true that history teaches us that sometimes there may be unexpected things … Whether one of these? Fingers crossed
Hi Adam
Looks good for now but is this just another nibble at the chain.
I am starting to beleive the rv is not even close yet, the 10 day hype post recenlty sent everyone into a frenzy.
If it takes that long to bash out a budget god knows how long it going to take to lift chapter 7.
without that rv is not possible.
Whats you slant on this prediction.
Budget done, then elections to see whos flavour of the month then slowly raise the Dinar but not on the forex.
I reckon this will be the way that Iraq will test the water before the RV.
Opinions would be appreciated
Stephen
Yes Adam !!! Good news indeed !!! We are getting that much closer. I can feel it.
Thanks
Adam thanks for the info, I have confidence this will play out very soon, your steadfastness is reassuring, along with your patience, shows that you to are a serious investor.
Adam
Once again, thanks for the great info. All the other sites seem to just be pushing dinar and dont really have good Info about anything else.
I see a few others are as usual being negative about anything they hear, I on the other hand say bring it on! go RV!
As always, great work Adam! U r right, this is big news for the investors like us
They pass a budget every year. They will always adjust the budget as needed. How is this year different than any of the past years? I am just curious. Maybe there is something that I do not know and you can share. Thanks
Thank you for keeping me informed. Some news is better than no news.
Would make a huge difference in the lives of people who even have only a million dinar.I just hope they don’t change the currency at the last minute to a New New Iraqi Dinar!
Thank you for sharing this exciting news. So thoughtful of you to put it out in an email.
This has to also be good news pointing toward an RV from Warka Bank:
Dear Warka Clients,
I am delighted to inform you that a Senior Management and Board of Directors decision has been reached and made to increase our capital to IQD 250 billion the highest capital of any private bank in.
We will increase our capital to IQD 100 billion by February 28th 2010 issuing free shares to our shareholders further increasing our capital by the end of June 2010 to IQD 250 billion issuing paid up shares to our esteemed shareholders.
Please note that this an announcement where the bonus shares will be issued after we hold, finalize and complete our general assembly meeting in accordance with standard practice and procedures.
Thank you for sharing and contributing to our continuous success and growth.
and
Dear Warka Shareholders,
Our bank is happy to inform that we will be holding our general assembly meeting February 17th 2010 whereby we will be increasing our capital to IQD 250 Billion issuing 33.333% free shares and 150% paid up shares (IQD 1 per share) to our esteemed and distinguished shareholders participating in the growth and success of our fine enterprise.
Shareholders are kindly requested to submit their authorization letters to purchase the paid up shares to the ISX department isx@warka-bank-iq.com participating in the paid up share offering.
Please note that the bonus shares will be issued after we finalize and complete our entire committee procedures in accordance with standard practice.
Best regards
awesome! I just bought some Warka Stock, I hope it went through in time!
Adam you are doing a great job thanks but 31st
SOUNDS GOOD THE 7TH IS ALRIGHT TO
tHANKS DAVE
Warka Stock, are better than cash? I don’t have understood, thx
Adam
Some people are asking about the budget and that it is passed each year which is true….. BUT My understanding of this budget is that it includes the funding for the IMF payments that are due starting March 17???? If this is true then its not probable that they have the funds to start making payments on their loan without the RV.That maked a pending RV more possible doesn’t it?? What are your thoughts???
Thanks Gary
What about buying IQD on Forex? Will this be promising because its dital money and will be easier to cash in, if it does RV??
Dear Adam, I am an enthusiastic Dinar holder but I was just wondering if this has happened before with any other country and their money? Just curious. Go Dinars!!!
What is comment moderation? NNNORRIE
Hi Adam,
It was good to review your recent thoughts about the yearly budget meetings. I would think this could be a real positive reflection on their needs for the RV. Please know that I appreciate your guidance and expertise in your efforts to convey to uss the latest on the RV…. Thanks Again… Jack
Many thanks again Adam for your insight & knowledge & keeping us all upto date with news about the Dinar,great job
Thanks John
Real good news today adam…..thanks for all you do in keeping us inform on the news….by the way i’m having problems getting on today,is the site down…thanks levi
Adam,
Is there a relation between a RV and lifting Ch. 7? Messages about this subject are contradicting.
Let’s just wait… let’s hope…
ADAM, THANKS FOR ALL THE INFO. THIS IS PROMISING. I HAVE BEEN READING A LOT OF NEGATIVE THINGS ABOUT THE DINAR. REALIZING THE NEGATIVE THINGS ARE AS POSSIBLE AS THE POSITIVE, I HOPE MY MONEY IS NOT WASTED.
Good news I hope it’s what we are hoping it is.
Has anyone read that the GOI is reaching out to its government employees by advancing up to 3 million dinars in loans with a 4-5 year payback? On the surface, this looks real bad for an imminent RV as some speculate. Why would the GOI provide this, if they know that the RV is about to happen? Logic says it wouldn’t do such a thing which says to me to me…. they wouldn’t we may have it all wrong.
Example: Imagine adding 3 million more to what you’re already holding. Now imagine the GOI knowing this too and in spite of this knowledge, loan this amount to it’s employees anyway who have the same motivation as we have. Doesn’t make a lick of sense to me if the RV is indeed imminent. Anyone have a logical explanation for this? If it was 10 to 20 workwers, that would be one thing, but there are thousands….maybe 100′s of thousands of GOI employees that could take this loan. To me, it makes the RV look like a long shot at best. What am i not seeing here people and am I worrying for nothing? Please explain why this is nothing. Looking for thought out intelligent answers backed by reason please.
Hi adam thank you for the good news Iraq pasing there budget hoping for the best we will all salibrat thanks agan sam
Mr. Montana – I am a fairly new member at Dinar Vets, Have your book on my shelf and love it.
However, I am unable to access the Dinarvets.com website. Am told I am not registered, and when I try to re-register, am advised I am already registered. Help
Thank you for the info on the Dinar RV. Am really looking forward to “cashing in”.
Jan Shore
Jan, I just emailed you.
Adam,
Thank you for the info. You really did a good job. Keep our finger cross.
jj- no answer except the same is true to selling millions of d=dollars to millions of us cit?
Adam
I have a friend who is a banker. She works for the Bank of America. She told me this morning that five major US banks are in the loop and will be able to cash in Dinar once it revalues. She told me we wre right on top of things and we will hear something this week…by the end of the month. Rv for early Feb. Do you know anything of this and have you heard and new info?
Thanks Gary
this is good news, thanks adam.
The 31st will come and the 31st will go. The 7th will come and the 7th will go. Just as it has done for the last 6 years. The budget does play an important role in this but it is just ONE of SEVERAL things that need to happen. We are all hopefully going to reap the rewards of this investment, but it will be over time. It’s not my opinion, it’s fact. Joop…yes there is a relation to the RV and the Lifting of Chapter 7. Whoever was giving you info to the contrary is wrong. As I stated before this is a process that will take time, infrastructure, infrastructure, and more infrastructure, Exports, exports and more exports, not 95% imports. Yes, oil will come into play but OVER TIME. JUST BECAUSE CONTRACTS ARE BEING WON DOESN’T MEAN THEY’RE READY TO EXPORT. I’m not saying I know all and can see the future but it’s basic research and looking at facts based on every RV that has taken place post war and NOT in countries where bombings are a weekly occurrence after the Victory Flag has been raised. Gary, I know you won’t like this but as I stated before I don’t put positive spins on everything. The reason I’m pesamistic on these dates is because I know they’re several people that are basing their investment(some who can’t afford it) on this so called “analyzing info” You can now go to some sites and in two days time their chat rooms have jumped from 7 people to the mid 200′s currenly online. For all you people that read these in regards to making an investment decision…….DON’T. If these dates were fast approaching… Why can you get Dinar as fast as you can get your car washed??? Wouldn’t they stop the sale of this magical currency and keep as much as possible????? I’ll be back on the 8th of February. I hope it’s to eat crow…..but highly unlikely.
Adam
I haven’t seen any movement on any comments. No answers or anything. Is there problems with the site? I can not get on DinarVets…. Tried for two days and it will not let me on? Can U help
Thanks Gary
jj that all sounds bad to me too.
Adam
Got this off another site. Have any input on this? Thanks gary
I have been following this for almost 7 years and as of now…the budget has just been passed in Iraq for the year 2010 which should be around that rate..at least above $3 per Iraqi Dinar. The only thing I believe we are waiting for is the HCL which is the Hydro Carbon Law which is Oil law and they have finished 3 out 4 parts and the last part is for the Iraqi people…once the last part is done…you’ll see the revalue just around the corner! They are in a hurry to get it done before Feb 6th otherwise they’ll have to wait till after the election for they can’t make or pass any law 30 days before the election hence the reason to get it done before then!!
I want to hear what you guys think of this?
Darren or Dr.Dinar says they mean on the exchange rate lop not a lop off the notes it all freaks me out a little.
http://articlesofinterest-kelley.blogspot.com/2010/01/cbi-seeking-to-cancel-confirmed-zeros.html
Adam, what did your CBI contact have to say? Anything good?
Joe
I read the blog.
Seems like nothing was said that is fact. Its just an opinion of what the CBI intends to do. I think this says way to many different things that are not clear. My opinion is always positive and it just seems that if the RV was to take that route the Dinar would not be worth near what all the surronding countries in that area are worth???
Adam
What is the HCL which is the Hydro Carbon Law ?
Do you know anything about it? Does itplay a part in the RV?
Thanks Gary
Adam…
With Warka Bank, is it true you can only withdrawal up to $5,000.00 US Dollars at one time. If that’s the case , it could take up to a year and a half to withdraw should the RV hit what we hope.
Thanks in advance for the response…
Jayson the amount is 10k per day.
Hi Adam,
Thank you for providing this forum and the book which I found very informative. I just want to echo Jan’s message. I have registered several times with Dinar Vets and cannot seem to get access.
Thanks, Steve
Steve your password reminder has been emailed.
Adam,
I’ve been trying for about two weeks now to open a Warka account. I tried both the online and email options. I’ve had no responce from the bank. I have not been able to find a number to call. Do you hvae any ideas?
Hi Adam: I have been following your blog and information for some time. This news has been very exciting. I heard today that banks are gearing up for the exchange. What bank’s can I exchange my Dinars at?
I wonder if you can just close the Warka Bank account forcing them to wire your complete funds.
Gary
Everything has to do with the RV.lol
Adam. Which site has the more accurate rates that can be checked everyday?Cause when I check in coinmill.com it says that US 1= 1000 IQD and I get confused. Is this rate right or wrong?anyone here can help me please?????
Harris, XE.com seems to be pretty consistent.
Thank you all for the answers. My question is. We know what is the cost of living in Iraq? That is, what it costs to such a meal. Because if many people in Iraq have many dinars (million each family head), I do not believe that the international community face many Iraqis suddenly become millionaires, so easily …
Adam,
any new news?
I bought some Dinars four years ago with the expectation of the RV in six months. Sometimes I feel I and everyone else are like the lemurs waiting on the edge of a cliff, waiting to throw ourselves into the sea, scammed by our own greed. But then, once in a while, I get excited by what I read and I fall back into the GREED trap and want to grab a few more Dinars. If this RV happens in a few months or a few years it will be wonderful, but I am telling myself: “Don’t hold your breath, it may have been a BIG Scam that preys on people’s GREED, or Hope of Financial rescue”. I hope this RV happens before the Obama Crooks change the Tax laws that will prevent us from making any profit.
This may be important news for all of us concerning capital gains tax rates on our investment. If you Google or search the words: capital gains laws for 2010, you’ll find a Wikipedia link that charts the breakdown. You may be pleasantly surprised to see what you find. For some, it could be cause for champagne corks popping. Cristal ($180 bottle) instead of a champagne @ $30 a bottle. From what I’m reading, it looks very good for some. Especially, long term investors. I could be wrong, but it looks to be 100% accurate. Any comments?
Harris you want http://www.cbi.iq
Heres jj link
http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
I would like to double check this tho.I heard anyone can go in and alter the wikipedia pages.If I find another link I will share. That is a great read.
Please tell me I don’t have to wait four years!!! I have heard soooo many rumors of this bank and that bank and this is happening so that will happen. I was told that I got in on the “tail end” of a great investment. Am I greedy? Maybe AFTER you factor in the fact that we bought for 4 children of ours and two sets of parents so their future would look a little brighter. We could have kept the dinar we purchased for them and been “greedy” about it and threw them some cash in the end…but we didn’t. We got them their own. So, do I feel like I am cought up in greed? Nope! That is the christian way of doing things.
I am in the Drdinar blog quite often and I see where everyone is saying “positive and negative” on all of this. I can understand the frustration of 4 year dinar holders and me being 2 and a half months in…maybe my opinion on this is still “fresh.” But I do know that there are people saying they see signs of a RV and it is coming from people that have been in this since the begining that always said “not yet” “not yet.” Stay positive on this…we are holding the golden tickets that are “sure” to be cashed in…in due time.
From the vip dinar room
What you make of it is up to you
Sf medic 1/29 pm
sfmedic says to (00:34:55):
I DISCUSSED TODAY WITH MY GOOD FRIEND AND SR ECONOMIC ADVISOR
ABOUT NEXT WEEK
THE FEB 7TH HEADS UP FROM TBI
ONE POINT THAT WAS MADE,
OK THINK ABOUT THIS
ACTUALLY IS MALIKI SUPPOSE TO BE PRIME MINISTER
OR AN INTERIM GOVT
NOW HE HAD NO COMPLAINTS WHEN PARLIAMENT WAS STOPPED IN THEIR TRACKS
BUT HE REFUSES TO GIVE UP POWER
AND WHY
HE CAN’T USE IT
IF HE IS STRIPPED OF THE PM AUTHORITY
CAN HE
FOR HIS CREDIT
NO
THE ONLY ONE WHO WOULD BE ABLE TO DO IT IS SHABIBI
NOW THE GIST IS THIS THAT IF MALIKI WAS TO USE IT TO HIS CREDIT AND NOT BE ACCUSED OF IT BEING POLITICAL
HE WOULD HAVE TO DO IT BEFORE CAMPAIGNING STARTS
NOW THE INFO WE GO WAS ONLY THIS
NOT BEFORE THE 31ST
NOT THAT IT WOULDN’T HAPPEN AFTER IT
I WAS NOT ABLE TO DISCUSS THE DIFFERENT OPPORTUNITIES AVAILABLE FOR EXCHANGING
SEE I HAVE BEEN APPROACHED ABOUT ALI
AND NOT SURE I WANT TO ALLOW IT
THE ONLY THING I SAID IN FAIRNESS
IS THAT I ALLOWED BOA, CHASE, WELLS FARGO, BBVA COMPASS, RBC AND OTHERS THEIR PITCH
I DO NOT ENDORSE ANY
sfmedic says to (00:41:16):
WHERE ANY OF YOU GO IS YOU BUSINESS
I GAVE THAT OUT EARLY IN THE WEEK
THAT CHASE BANK GOT INFORMATION FROM THE TRADE BANK OF IRAQ
THAT THE GOI WANTED TO RV BY THE 31ST BUT NLT FEB 7TH
TBI TOLD CHASE CORPORATE THAT IT WAS NOT A CONFIRMATION OF AN RV
ONLY WHAT THEY HAD BEEN TOLD
THIS COMES FROM ONE OF THE TOP 4 -5 EXECS IN CHASE
THE ONE WHO HIRED MY BRO TO HEAD CHASE IN CA
SO THAT IS IT
I THINK THAT CHAPTER VII IS PLAYING SOME KIND OF HAND HERE
DON’T KNOW
BUT IT SMELLS LIKE IT, TASTES LIKE IT AND LOOKS LIKE IT
Would it have anything to do with the DFI funds?
DID YOU SEE HOW MUCH IS LEVIED AGAINST THE DFI
368 BILLION USD
THAT IS THE AMOUNT OF CLAIMS AGAINST IRAQ
TOTAL
I SERIOUSLY DOUBT THE WANT THAT RELEASED
IT WILL DISAPPEAR LIKE A FLY HITTING THE WINDSHIELD ON A SEMI
NOW THE TWO THAT ARE THE HOLD UP
IS KUWAIT AND SAUDI ARABIA
THEY TOAL 60 BILLION
AND ANOTHER 60 BILLION IS OWED TO OTHER PERSIAN GULF COUNTRIES
NOW IRAQ IS ASKING ONE OF TWO THINGS
RELEASE FROM THE SANCTIONS THAT DO NOT ALLOW THEM TO FREELY BY ARMS
OR JUST TO BE RELEASED
NOW I CAN’T SEE THE UN ALLOWING IRAQ TO FREELY BUY ARMS WITHOUT SOME STIPS
LIKE GERMANY AND JAPAN HAVE
THEY CANNOT HAVE A MILITARY THAT CAN BE CONSIDERED FOR OFFENSIVE PURPOSES
AND JAPAN EVEN WENT FURTHER TO PASS A LAW THAT THEIR MILITARY CANNOT ENGAGE IN OFFENSIVE COMBAT OPERATIONS OUTSIDE THEIR OWN BORDERS
JUST A WORTHLESS BIT OF TRIVIA
i don,t get the statement#35 adam talking to himself..lol.. salibrat??
I’m pretty sure that any gain we receive on the increased value of the currency we purchased will not be treated as a capital gain for income tax purposes, but as ordinary income.
Adam,
have u heard anything about this?:
Sunday, January 31, 2010
Iraq is expected to take it out of the decision of a UN Chapter VII in February
An official in the Iraqi government, Sunday, to yield diplomatic efforts to persuade the international community to remove Iraq from under the pain of item VII of the UN to achieve it soon.
Adviser to the Prime Minister of Legal Affairs Fadhel Mohammed Jawad, said in a press statement that made during the last period led to the association out of Iraq’s Chapter VII parliamentary approval of the Optional Protocol to the Safeguards Agreement with the International Atomic Energy Agency.
Jawad between the Security Council has issued a decision in February next to that effect, to the effect that the government is starting to resolve some of the contracts signed with dozens of companies in the framework of the memorandum of understanding on oil for food program.
http://www.usatoday.com/news/world/2010-01-31-iraq-election_N.htm?csp=24&RM_Exclude=Juno
Has anyone else read this and what does this mean to you?
http://www.irs.gov/taxtopics/tc409.html
This is the irs tax page.It does not have as much info as the wikipedia.Should the IRS site have the most info?
stephen not sure what your saying about release debt of 368 bln.?thats nothing? my understanding is that the rv by law must take place 30 days before the election. or some time after in which case you cant be sure who the pres. will be? i also have some inside info. that chase is not in the near fuiture going to handle dinar but bank of america is in 17 locations and they have the machines to count dinars? keep this in your prayers.
Adam I really enjoyed your book it helped explain many things I was wondering about
I think everything has been taken care of for the RV to take place. I think it will happen by friday Feb the 5th.
iraq income,
i saw this asked and to help here is the article
http://edition.cnn.com/2005/WORLD/meast/05/12/iraq.livingsurvey/
Household income falls
More than a fourth of Iraqis surveyed described themselves as being poor and 96 percent said they receive monthly food rations under the public food system set up through the oil-for-food program.
The median income in Iraq was equivalent to about $255 (366,000 dinars) in 2003 and decreased in the first half of 2004 to about $144 (207,000 dinars).
The report indicated it was difficult to come up with concrete numbers from prior years to indicate the movement of wages.
“However, most observers agree that, due to a combination of wars, sanctions and economic mismanagement, the average Iraqi household probably has lower real income today than in 1980,” the report said.
The survey said the largest declines were in the central Iraqi provinces, including Baghdad.
thanks for the post
Larry
Where did you get the info that everything was taken care of for the RV to happen? What is Feb. 5th? Iraq is still not out of chapter VII and the HCL has not passed. Give us some info…!!!!
Thanks Gary
Pretty quiet out there.
I did hear thru a friend that Chase bank, Bank of America, 5/3 Bank, Central bank and a international bank will be involved in the RV. Not sure about my source but I guess there is so much info out there its hard to grasp what is good and ehat is rumor…???
Thats good to know Justin thanks.Gary it really is hard to tell what is real and what is total rumor these days.I am happy there is this much good news going around these days.