Courtesy of WJJ. This is an estimated value that the Dinar can support based upon currently published numbers relating to the assets currently known and controlled by the government and banking system of Iraq.
First a list of estimated assets:
■150,000,000,000 barrels of oil in the Iraq fields
■112,000,000,000 cubic feet of natural gas in the Iraq fields
■74,000,000,000 foreign currency
■37 tons of gold
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Now for additional published information that play into the formula:
■Estimated 29,000,000,000,000 dinar in circulation worldwide
■Basil III only requires a bank to maintain 10% of the value of a countries assets for valuation purposes
■Price per barrel of oil $90/barrel based on the number in the Iraqi budget
■Price per 1,000 cubic feet of gas at the wellhead $3.00 based on average price in the U.S.
■Price per ounce of gold $1,400
Total value of assets:
■value in oil: $13,500,000,000,000.00
■value in natural gas: $336,000,000,000.00
■value in gold: $1,665,408,642.80 ■foreign currency assets: $74,000,000,000.00 ■estimated total asset value: $13,911,665,408,642.80
Basil III requires %10 value of assets to back funds effectively this means you multiply the value of the assets by 10 to have the actual backed value so that makes it:
■Banking asset value of $139,116,654,086,428.00
■Divided by the number if dinar in circulation and estimated
■Provides an actual estimated dinar value rate of $4.80/dinar +/- bank spread estimate at 17% for exotic currencies
■Estimated street exchange rate of $3.984/dinar
This easily falls within the thought of the dinar coming in to +/- $.50 of the Kuwait dinar.