IQD Todays: Health Ministry allocates 5 billions for Arbaeen pilgrimage

Tuesday, 27 March 2012

Health Ministry allocates 5 billions for Arbaeen pilgrimage

Baghdad (AIN) –The Ministry of Health allocated IQD five billion for covering the expenses of its plan for the Arbaeen Pilgrimage all over the Iraqi provinces.

The Technical Undersecretary of the Ministry, Satar al-Sa'edy, stated to All Iraq News Agency (AIN) "The Council of Ministers agreed upon allocating IQD five billion for implementing the health plan for the Arbaeen pilgrimage all over the provinces," noting that "500 millions were allocated for Karbala province alone to support its performance during the Arbaeen pilgrimaage."

For his part, the Head of Karbala Health Department, Ala Hmoud Budair announced that "The financial allocations arrived late at the province which resulted in confusion for the health plan implemented in the province."

In Arbaeen pilgrimage, millions of Shiite pilgrims from all over Iraq and abroad commemorate the end of 40 days after Imam Hussien's martyrdom anniversary by visiting the Holy Shrine of Imam Hussein in the city of Karbala.

The Command of the Mid-Euphrates Operations deployed 31,000 elements in Karbala province to sustain security and to protect the pilgrims from the terrorist attacks during the Arbaeen pilgrimage of Imam Hussien.

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There are several reasons why you might wan to invest in the dinar, but with these comes several risks. Investors should be aware of both of these before investing in the dinar.

To help potential investors fully understand the situation surrounding the Iraqi Dinar Investment, we have provided a running list of the pros and cons of investing in the dinar.

PROS:

"All Time Low": The dinar is currently was at an "all-time low" just a few years ago when it was at war. Now, in its postwar state the currency is beginning to appreciate in value.

Progressing Economy: The Iraqi economy is progressing which has resulted in an increasing demand for the dinar. Recent events such as the following have contributed to stabilizing of the economy:

Iraq has a shrinking global debt. Because of the Paris Agreement, the majority of countries to which Iraq was in debt forgave a large amount of that debt. The US, for example, has forgiven all Iraqi pre-war debt.
Since 2004 six western banks have opened in Iraq, and six banks were in operation outside of the country
An estimated 33 billion dollars have been collected for the process of reconstruction of Iraq and companies such as Coca-cola, Chevron, Texaco and Alabama Blount4 Inc. are beginning to invest in Iraq
In 2007 the Iraqi Stock Exchange opened to foreign investors

International Support: Over 60 countries, including the US, Great Britain, Canada, Japan and India are providing financial support to help rebuild Iraq. Several industrial nations from around the world are present in Iraq, serving as military or civilian support to help Iraq establish stability and security.

Several nations are pledging billions of dollars for reconstruction of the infrastructure including power, water, road and highways, IT and phone systems, and health and human services
The US alone has pledged over $18 billion dollars for support, debt relief, and economic connections

Security Features: The New Iraqi Dinar notes have some of the most up-to-date security features help protect against counterfeiting and fraud, including, but not limited to, watermarks, a security thread, raised letters, and an optical variable ink.

CONS:

Speculative Investment: The investment is still very speculative and risky because of the following:
- It is uncertain when the economy will stabilize and become secure enough to invite further foreign investment and trade agreements
- Even once stabilized, it is impossible to predict how international markets will handle trading and the value of the dinar
Uncertain Future of Economy: While right now the economy of Iraq is progressing and there is increasing international support, there is always the risk that this might change. Foreign countries as well of the US may decide to pull out from Iraq if the economy takes a downturn. It is important that Iraq become stable enough to maintain order and security in its own economy without international support.
Long Term Investment: The Iraqi dinar investment is by no means a short term investment and you should not invest money that you do not have, with the expectation that you will get a quick return. It may take a month, a year, or 10 years for the dinar to produce a solid return. However this also may never happen, so remember that you may be sitting on this investment for a long time, and that you should only invest as much as you can afford to lose.
No Exchange Market: The dinar is not yet traded on the open foreign currency exchange market. We cannot predict if/when the dinars will be exchanged on the open market â€“ this again depends on the stability and security of Iraq. Until this happens, the only options you have to exchange the dinar are
- Through ebay
- At certain banks
- Back to dealers
- At currency/collector shows

Tuesday, 27 March 2012

Health Ministry allocates 5 billions for Arbaeen pilgrimage

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