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    IQD Currency Change

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    Seck
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    IQD Currency Change

    Post  Seck on Thu 18 Apr 2013, 22:11

    The Finance Ministry has ruled out earlier in the deletion of zeros from the local currency in 2013 because the budget is calculated in current currency.

    Looks as if this is going to drag on till 2014

    sandyf
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    Re: IQD Currency Change

    Post  sandyf on Fri 19 Apr 2013, 03:45

    Seck wrote:The Finance Ministry has ruled out earlier in the deletion of zeros from the local currency in 2013 because the budget is calculated in current currency.

    Looks as if this is going to drag on till 2014

    Iraq has always used redenomination terminology and it does not take much working out that it would be virtually impossible for them to implement an RD this year, so it is not a surprising statement.

    The comment about the budget almost confirms it is a red herring. Each item of expenditure in the budget has a value, for example a new school may be the equivalent of $5 million USD. That project will always have that value irrespective of the exchange rate.
    I have seen some really outlandish statements regarding the budget.

    If the rate does change it would not be much of a task to restate the budget, and it could be that has already been done.

    sandyf
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    Re: IQD Currency Change

    Post  sandyf on Fri 19 Apr 2013, 04:03

    Further note on the budget.

    Look at the revenue statement, all income is dollar based.It would not surprise me if the original budget is drawn up in dollars and then restated to dinar before going to parliament.
    Bear in mind the IMF and the UST have their snouts in the trough

    Article 1 First ": A - estimated revenues of the federal budget for the financial year / 2013 of $ (119 296 663 096) thousand dinars (one hundred and nine eleven thousand two hundred and six, ninety-one billion six hundred and sixty-three million six and ninety thousand dinars) as shown in (Table / A revenue according to key accounts) attached to this law. b - calculation of income from export of crude oil on the basis of the average price of 90 dollars per barrel and the rate of Export of (2900000) barrels per day (two million nine hundred thousand barrels per day), including (250,000) barrels per day (two hundred and fifty thousand barrels per day) on the quantities of crude oil produced in the Kurdistan region and the intervention of all revenue generated already in the Development Fund for Iraq (DFI), or any form The last replaced after the discount (5%) for war reparations Kuwait or any other proportion decided by the Security Council and paid to the United Nations. c apply the agreement between the federal government and the Kurdistan Regional Government ratified the decision of the Federal Council of Ministers No. / 333 for the year / 2012 and is binding the federal government and the provincial government in each Maitalq terms of the budget law.
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    BNA13
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    Re: IQD Currency Change

    Post  BNA13 on Fri 19 Apr 2013, 17:27

    Seck wrote:The Finance Ministry has ruled out earlier in the deletion of zeros from the local currency in 2013 because the budget is calculated in current currency.

    Looks as if this is going to drag on till 2014

    Although I agree it will be 2014, this particular statement is not necessarily evidence of that. Here's what crossed my warped thinking process when I first read this;

    The process will begin this year even though the stupid Finance Ministry said no way because the budget was figured in the old money.

    I'm not prone to much wishful thinking, so you'll just have to overlook me on this one. tongue
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    Re: IQD Currency Change

    Post  BNA13 on Fri 19 Apr 2013, 17:30

    sandyf wrote:
    Seck wrote:The Finance Ministry has ruled out earlier in the deletion of zeros from the local currency in 2013 because the budget is calculated in current currency.

    Looks as if this is going to drag on till 2014

    Iraq has always used redenomination terminology and it does not take much working out that it would be virtually impossible for them to implement an RD this year, so it is not a surprising statement.

    The comment about the budget almost confirms it is a red herring. Each item of expenditure in the budget has a value, for example a new school may be the equivalent of $5 million USD. That project will always have that value irrespective of the exchange rate.
    I have seen some really outlandish statements regarding the budget.

    If the rate does change it would not be much of a task to restate the budget, and it could be that has already been done.

    Where in the heck have you been hiding? Smile

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    Re: IQD Currency Change

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