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  1. #1
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    09-02-2013 dinar news!

    Federal Reserve Holdings and Oil Exports are the biggest factor for IQD exchange rate

    Posted: September 2, 2013 in Iraqi Dinar/Politics
    30 Aug 2013
    Iraqi financial expert stated that the value of Iraq’s Federal Reserve currently amounts to about $80 billion, following the recent increase in the country’s oil exports. Nevertheless, no information was made available by the Central Bank of Iraq (CBI) to this effect.
    Speaking to media, financial expert Hussein al-Asadi remarked, “According to my information, the value of Iraq’s federal reserve currently amounts to about $80 billion. This includes funds, precious metals and other items.”

    Regarding the financial issues concerned with Federal Reserve, CBI or Central Bank or Iraq’s governor Abdul Basit Turki has chosen to stay mum. The bank has issued only a statement for indicating the developments that it has been carried out of late.

    The last comment made by the CBI regarding the country’s federal reserve dates back to Jan. 31, 2012, when the bank denied the ‘decline of gold reserves’. CBI further stated, “They have been stable throughout the past months and amount to 29,730 tons.”

    Asadi added, “The US dollar is the main currency in the Iraqi reserves. There are also some reserves in other currencies, in addition to gold. Due to the troubled military and political conditions of the country, Iraq’s reserves cannot be invested to a large extent, as is the case in China or the United Arab Emirates, for instance.”

    He further stated, “Iraq is distributing its reserves to a number of banks just to protect [these funds, although it does generate some interest on the deposits.”
    Economic expert also remarked the crisis between the government and CBI by remarking, “Article 26 of the CBI law explicitly states that it is inadmissible to lend to the government.”

    On how the reserves are formed, Asadi said, “Iraq’s annual budget is in Iraqi dinars, which the CBI owns. The state’s revenues are from oil exports, and they are mostly in US dollars. The government buys dinars from the bank, which results in profits for the bank. The total CBI profits from selling dinars to the state constitute the country’s Federal Reserve, whose growth is associated with state spending. State spending increases in proportion with its oil exports.”

    Member of parliamentary economic committee, Mr. Abdul Hussein Abtan, the Iraqi MP, stated, “The total value of funds and precious metals that make up Iraq’s Federal Reserve amounts to about $76 billion.” He added, “This reserve was only invested in projects to support the stability of the Iraqi dinar’s exchange rate.”
    On the other hand, Ahmed Hassan Faizullah, a member of the parliamentary finance committee, denied the fact that “the government is able to use Iraq’s Federal Reserve, despite its need for funds on more than one occasion.”

  2. #2
    Supporter and Investor! PennStateMtnMan's Avatar
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    What else can be determining factors for the IQD rate? One of the things they don't mention is how much money the country brings in a month from oil exports.

  3. #3
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    Hmmm, just some simple math..........29,730(tons of gold) x 2000(lbs)= 59,460,000(lbs of gold) x 12(troy ounce)= 713520000(troy ounces of gold) x $1364.20(per oz at 2013-09-10 11:56:22 EST)= $973,383,984,000.00 / 69,004,000,000,000 (IQD reported by CBI as of May, highest)= $0.0141061965103472262477537534056............... Please tell me I'm wrong or they are lying........... otherwise, there are a lot of Iraqi citizens and investors that are getting screwed as they could just be on "The Gold Standard"........ And, remember this is just if the currency was backed by the gold that is mentioned in this article. The CBI website is not reporting this amount of gold that I can read.
    :time:The "seed" of Democracy has been planted, we'll see how well it grows in the sand.:movie:

  4. #4
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    as near as I can tell, the CBI is reporting about 100 tons of gold and SDRS........

    Quote Originally Posted by Rick67 View Post
    Hmmm, just some simple math..........29,730(tons of gold) x 2000(lbs)= 59,460,000(lbs of gold) x 12(troy ounce)= 713520000(troy ounces of gold) x $1364.20(per oz at 2013-09-10 11:56:22 EST)= $973,383,984,000.00 / 69,004,000,000,000 (IQD reported by CBI as of May, highest)= $0.0141061965103472262477537534056............... Please tell me I'm wrong or they are lying........... otherwise, there are a lot of Iraqi citizens and investors that are getting screwed as they could just be on "The Gold Standard"........ And, remember this is just if the currency was backed by the gold that is mentioned in this article. The CBI website is not reporting this amount of gold that I can read.
    :time:The "seed" of Democracy has been planted, we'll see how well it grows in the sand.:movie:

  5. #5
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    Fuzzy Math carried out on an abacus.

    Fluffy Math for the masses.

    • ( the masses) the ordinary people.
    "A man only learns in two ways, one by reading, and the other by
    association with smarter people." --Will Rogers

    "We're all ignorant, just on Different Subjects." --Will Rogers

  6. #6
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    Really?!


    BAGHDAD / NINA / The House Speaker, Osama al-Nujaifi said that the National meeting will be held this month.

    Nujaifi said at a news conference on Sunday 8, Sept: “The preparations are underway to hold the meeting,” indicating that a meeting for the heads of the blocs has been held, and it was agreed on the details of the meeting,” stressing: “The need for actions not words.” / End
    :time:The "seed" of Democracy has been planted, we'll see how well it grows in the sand.:movie:

  7. #7
    Supporter and Investor! PennStateMtnMan's Avatar
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    Quote Originally Posted by Rick67 View Post
    Hmmm, just some simple math..........29,730(tons of gold) x 2000(lbs)= 59,460,000(lbs of gold) x 12(troy ounce)= 713520000(troy ounces of gold) x $1364.20(per oz at 2013-09-10 11:56:22 EST)= $973,383,984,000.00 / 69,004,000,000,000 (IQD reported by CBI as of May, highest)= $0.0141061965103472262477537534056............... Please tell me I'm wrong or they are lying........... otherwise, there are a lot of Iraqi citizens and investors that are getting screwed as they could just be on "The Gold Standard"........ And, remember this is just if the currency was backed by the gold that is mentioned in this article. The CBI website is not reporting this amount of gold that I can read.
    Thanks Rick, I keep forgetting about the gold they have. Just with the gold, they can revalue to a penny, which would make me happy. I could pay off my house and two cars.

  8. #8
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    Gold Facts.

    http://www.numbersleuth.org/worlds-gold/

    The CBI lists Iraq's gold and SDR's combined ~ 3.2 billion dollars or 3,739 billion dinar.
    Get a free first class world education here. http://www.khanacademy.org/

    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

  9. #9
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    Quote Originally Posted by Screaming Eagle View Post
    Gold Facts.

    http://www.numbersleuth.org/worlds-gold/

    The CBI lists Iraq's gold and SDR's combined ~ 3.2 billion dollars or 3,739 billion dinar.
    That's interesting....................wonder if SDR's will be backed by the gold price one day soon as they are listing them as the same.

    If other Central Banks and the IMF are doing the same this could be a good tell??

    EB
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  10. #10
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    "Basket of currencies determines the value of the SDR"

    "The value of the SDR was initially defined as equivalent to 0.888671 grams of fine gold—which, at the time, was also equivalent to one U.S. dollar. After the collapse of the Bretton Woods system in 1973, however, the SDR was redefined as a basket of currencies,today consisting of the euro, Japanese yen, pound sterling, and U.S. dollar. The U.S. dollar-equivalent of the SDR is posted dailyon the IMF’s website. It is calculated as the sum of specific amounts of the four basket currencies valued in U.S. dollars, on the basis of exchange rates quoted at noon each day in the London market.

    The basket composition is reviewed every five years by the Executive Board, or earlier if the Fund finds changed circumstances warrant an earlier review, to ensure that it reflects the relative importance of currencies in the world’s trading and financial systems. In the most recent review (in November 2010), the weights of the currencies in the SDR basket were revised based on the value of the exports of goods and services and the amount of reserves denominated in the respective currencies that were held by other members of the IMF. These changes became effective on January 1, 2011. The next review will take place by 2015. In October 2011, the IMF Executive Board discussed clarifications and possible reform options of the existing criteria for broadening the SDR currency basket. Most directors held the view that the current criteria for SDR basket selection remained appropriate."

    http://www.imf.org/external/np/exr/facts/sdr.htm

    Central banks that are a member of the IMF are assigned a quota of SDRs that they must hold as assets.
    Get a free first class world education here. http://www.khanacademy.org/

    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

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