General Information about Exchange Rate: IQD/ROI: Simple Explanation If someone has 300,000 Iraqi Dinars and the exchange rate is 3.00, then their 300,000 Iraqi Dinars would be worth: 300,000 IQD x 3.00 = 900,000 USD So if someone bought 300,000 Iraqi dinars for a much lower price before the exchange rate rose to 3.00, and then exchanged it for US dollars at the exchange rate of 3.00, they would receive 900,000 US dollars.
This means they would have made a profit of: 900,000 USD - the cost they paid to purchase the 300,000 Iraqi dinars. For example, if you bought the 300,000 Iraqi Dinars for $300 USD, then your profit would be: 900,000 USD - 300 USD = 899,700 USD This is a simplified example and there are many factors that can affect the value of a currency, including geopolitical events, economic conditions and government policies.
This is what the exchange rate will look like on Forex. How the rate is displayed in Forex: $.86 = 1.162 $1.00 = 1.000 $1.17 = 0.854 $1.86 = 0.537 $2.00= 0.500 $2.50 = 0.400 $3.00 = 0.333 $3.22 = 0.310 $3.46 = 0.289 $3.50 = 0 .285 $3.86 = 0.259 $4.00 = 0.250 $4.10 = 0.243 $4.40 = 0.227 $5.00 = 0.200 All Forex listings are listed in pairs, comparing the USD to some other currency. They will all show a different numerical factor against the USD. USD/CAD USD/EUR USD/IQD Using the program rate of 1190, you would divide $1 by 1190 = 0.00084. It will be on Forex quoted as USD/0.84. 1$ Divided by .84 = $1.19 And.... USD/0.537 = $1.86 Ex ($1 ÷ .537 = 1.86) USD/0.400 = $2.50 ($1÷ .400 = 2.50) USD/0.333 = $3.00 ($1 ÷ .333 = 3.00) USD/0.243 = $4.11 ($1÷ .243 = 4.11) Fees and other potential costs-
1. Transaction fees: Financial institutions or currency exchange services may charge fees for converting currencies. These fees may vary and may affect overall profits or losses. If a currency exchange service charges a 2% fee on the transaction and you are exchanging $10,000, the fee would be $200 (2% of $10,000).
2. Spread: The difference between the buying (bid) and selling (ask) prices is known as the spread. It represents the cost of the transaction for the merchant and can affect overall profitability. Suppose the buy (bid) price of a currency is $1.20 and the sell (ask) price is $1.18. The spread is $0.02. If you trade $1,000, the actual cost would be $1,180 (selling price), but reselling it immediately could net you only $1,200, resulting in a $20 loss due to the spread.
3. Commission: Some currency exchange platforms or brokers may charge a commission for each operation or transaction. A foreign exchange broker charges a flat commission of $10 per transaction. If you trade $5,000, you will pay the $10 commission in addition to any other fees.
4. Market volatility: Exchange rates may fluctuate due to market conditions, geopolitical events, or economic factors. Sudden changes can affect the value of the currency being exchanged.
5. Regulatory Compliance: Depending on the country and the amount involved, there may be regulatory requirements or compliance measures that individuals must comply with. Which shouldn't be a problem if you don't plan on doing anything illegal. This should be a smooth process.
6. Taxes: Profits derived from currency exchange may be subject to taxes. (This is not definitive)
7. Liquidity: Less traded currencies may be less liquid, making it difficult to find buyers or sellers at desired exchange rates. But this will not be a problem for the Iraqi dinar since many countries have it in their reserves. Especially airports. 8. Timing: The timing of the currency exchange can influence the overall result.
We ate returning to the Oro and. Banks are preparing for this transition by implementing Basel 3, which they refer to as “The Endgame.” So when you exchange your currency, don't do it anywhere that isn't Basel 3 compliant. Good luck everyone. You made the right choice and investment. This will never happen again. So be wise and prudent with your financial decisions.
6:34 · January 22, 2024
TRANSLATION IN SPANISH:
De Hernán Robert Hbravo
Lunes 22 Enero 2024
@Ariel : Dice
Ariel@Prolotario1
Información general sobre el tipo de cambio: IQD/ROI: Explicación simple Si alguien tiene 300.000 dinares iraquíes y el tipo de cambio es 3,00, entonces sus 300.000 dinares iraquíes valdrían: 300.000 IQD x 3,00 = 900.000 USD Entonces, si alguien compró 300.000 dinares iraquíes por un precio mucho más bajo antes de que el tipo de cambio subiera a 3,00, y luego lo cambiaran por dólares estadounidenses al tipo de cambio de 3,00, recibirían 900.000 dólares estadounidenses.
Esto significa que habrían obtenido una ganancia de: 900.000 USD - el costo que pagaron para comprar los 300.000 dinares iraquíes. Por ejemplo, si compraron los 300.000 dinares iraquíes por $300 USD, entonces su ganancia sería: 900.000 USD - 300 USD = 899,700 USD Este es un ejemplo simplificado y hay muchos factores que pueden afectar el valor de una moneda, incluidos eventos geopolíticos, condiciones económicas y políticas gubernamentales.
Así es como se verá el tipo de cambio en Forex. Cómo se muestra la tasa en Forex: $.86 = 1.162 $1.00 = 1.000 $1.17 = 0.854 $1.86 = 0.537 $2.00= 0.500 $2.50 = 0.400 $3.00 = 0.333 $3.22 = 0.310 $3.46 = 0.289 $3.50 = 0 .285 $3.86 = 0.259 $4.00 = 0.250 $4.10 = 0.243 $4.40 = 0,227 $5,00 = 0,200 Todos los listados de Forex se enumeran en pares, comparando el USD con alguna otra moneda. Todos mostrarán un factor numérico diferente frente al USD. USD/CAD USD/EUR USD/IQD Usando la tasa del programa de 1190, dividiría $1 entre 1190 = 0,00084. Estará en Forex cotizado como USD/0,84. 1$ Dividido por .84 = $1.19 Y.... USD/0.537 = $1.86 Ex ($1 ÷ .537 = 1.86) USD/0.400 = $2.50 ($1÷ .400 = 2.50) USD/0.333 = $3.00 ($1 ÷ .333 = 3.00) USD/0.243 = $4.11 ($1÷ .243 = 4.11) Tarifas y otros costos potenciales-
1. Tarifas de transacción: las instituciones financieras o los servicios de cambio de divisas pueden cobrar tarifas por convertir monedas. Estas tarifas pueden variar y pueden afectar las ganancias o pérdidas generales. Si un servicio de cambio de moneda cobra una tarifa del 2% sobre la transacción y usted está intercambiando $10,000, la tarifa sería de $200 (2% de $10,000).
2. Diferencial: la diferencia entre los precios de compra (oferta) y venta (demanda) se conoce como diferencial. Representa el costo de la transacción para el comerciante y puede afectar la rentabilidad general. Supongamos que el precio de compra (oferta) de una moneda es de 1,20 dólares y el precio de venta (demanda) es de 1,18 dólares. El diferencial es de 0,02 dólares. Si intercambia $1000, el costo real sería de $1180 (precio de venta), pero revenderlo inmediatamente podría generar solo $1200, lo que resultaría en una pérdida de $20 debido al diferencial.
3. Comisión: Algunas plataformas o corredores de cambio de divisas pueden cobrar una comisión por cada operación o transacción. Un corredor de cambio de divisas cobra una comisión fija de 10 dólares por transacción. Si intercambia $5,000, pagará la comisión de $10 además de cualquier otra tarifa.
4. Volatilidad del mercado: los tipos de cambio pueden fluctuar debido a las condiciones del mercado, eventos geopolíticos o factores económicos. Los cambios repentinos pueden afectar el valor de la moneda que se cambia.
5. Cumplimiento regulatorio: Dependiendo del país y la cantidad involucrada, puede haber requisitos regulatorios o medidas de cumplimiento que las personas deban cumplir. Lo cual no debería ser un problema si no planeas hacer nada ilegal. Este debería ser un proceso fluido.
6. Impuestos: Las ganancias derivadas del cambio de divisas pueden estar sujetas a impuestos. (Esto no es definitivo)
7. Liquidez: Las monedas menos negociadas pueden tener menor liquidez, lo que dificulta encontrar compradores o vendedores a los tipos de cambio deseados. Pero esto no será un problema para el dinar iraquí dado que muchos países lo tienen en sus reservas. Especialmente aeropuertos. 8. Momento: El momento del cambio de moneda puede influir en el resultado general.
Comimos volviendo al Oro y. Los bancos se están preparando para esta transición implementando Basilea 3, al que se refieren como "El final del juego". Entonces, cuando cambie su moneda, no lo haga en ningún lugar que no cumpla con Basilea 3. Buena suerte a todos. Hizo la elección y la inversión correctas. Esto nunca volverá a suceder. Así que sea sabio y prudente con sus decisiones financieras.
Information / Baghdad…. The Parliamentary Finance Committee confirmed, on Monday, that the amendments that will be made by the government to the 2024 budget schedules will include several paragraphs, the first of which is an increase in the ration and social welfare allocations. Member of the Finance Committee, Representative Moeen Al-Kadhimi, said in a statement to Al-Ma’louma, “The Finance Committee met yesterday, Sunday, with the Minister of Finance, in which many topics were discussed related to the changes that will occur in the 2024 budget schedules.” He added, “The most important variables are an increase in the allocations for rations, social welfare, and allocations for the purchase of rice and wheat crops from farmers, in addition to an increase in allocations related to the electricity sector and the cost of oil production.”
Al-Kadhimi indicated that “the amendments to the 2024 budget will be submitted to the House of Representatives next month for approval.” On June 12, 2023, after long deliberations between the government and parliament members that extended for months, the House of Representatives approved the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and investments as a direct result of the increase in oil revenues, which constitute 90% of the country’s revenues.
The whole thing is basically doing what? Restoring confidence, engaging the private sector. Iraq's going to be going international. What we expect to see is that Iraq has an IMF article VIII compliant currency that has a Real Effective Exchange Rate (REER) that supports the value of the currency and does restore that confidence...Is 1310 exchange rate going to restore confidence? ...In my belief absolutely not.
It's absolutely a fact Iraq is taking about the WTO. They're taking it serous. Saudi Arabia being one of the main focus points in the region are giving utmost support...They said there's no political boundaries anymore. They've completed everything they need to do to get in. I think it's awesome. I think it's great.
Al-Sudani, Central Bank of Iraq, the whole country is going to bring confidence to the International financial system and they also stated the largest banks in the world...who's there [in Davos] is involved, JP Morgan Chase and all the bigger banks.
A parliamentary committee explains the main reason behind obstructing the oil and gas law
Information / Baghdad… On Monday, member of the Parliamentary Oil and Natural Resources Committee, Kazem Al-Touki, explained the main reason behind obstructing the passage and resolution of the oil and gas law, pointing out that the approval of the law will be delayed until the controversial issues between Baghdad and Erbil regarding the law are resolved.
Al-Touki told Al-Maalouma, “Despite the government’s moves and the continued work of the technical and negotiating committees formed regarding the oil and gas law last year, the law has not yet seen the light.”
He added, “The Oil and Gas Committee was moving towards the heads of the political blocs in order to ensure that the aforementioned law is resolved and delivered to Parliament for legislation before the recess of the Council’s last legislative term.”
He stated, “There is a stalemate regarding the oil and gas law, as the Kurds have obstructed the resolution of the law after the problems they raised regarding Article 140 and the disputed areas. In the end, the law will be delayed until a consensus is reached between the political parties regarding its passage.”
For any Iraqi that lives outside of Iraq they will take advantage and exchange their 3-zero notes for American dollars. The monetary reform is getting louder and louder everyday and very direct. There is no confusion. There's no need to wonder when it's going to happen because they're telling you it's happening. IMO the lower denoms, new exchange rate and the float in the basket is the next phase of your monetary reform...Prime Minister Sudani is bragging about it right now...
Article "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms "
All I could say was Holy cow! That's huge. The IMF, remember who they are. They are the one who give Iraq/CBI permission to raise or lower the value of their currency, to print or to destroy currency. Everything they do in their banking structure is governed by the IMF...This is the announcement by the IMF that Iraq is international.
