In order for Iraq to do business with other nations, under the current regimen (SWIFT), they must use Nostro / Vostro accounts...Nostro comes from the Latin word for "ours," as in "our money that is on deposit at your bank." Vostro comes from the Latin word for "yours," as in "your money that is on deposit at our bank."...These are to be placed on deposit with a designated bank in each and every nation for cross-border payments... .
How much Iraq has on deposit in other countries depends on how many countries with whom they intend to do business. As we have recently seen, there are quite a few Nations with whom they...have deposited Dinar in their banks and the Nations that will export to Iraq have money in the CBI. Nostro / Vostro accounts have no bearing on the International exchange rate of the Iraqi Dinar.
I'M BELIEVING THAT THE DINAR WILL REVALUE AND VERY VERY SOON. IT ONLY MAKES SENSE THAT IT WILL COME OUT HIGH, PERHAPS $10, AND THEY WILL ALLOW IT TO SETTLE. THIS GIVES IRAQ A BIG ADVANTAGE FOR BUYING RECONSTRUCTION MATERIALS AND PAYING CONTRACTORS AND THEN ALLOW IT TO SETTLE DOWNWARD TO REACH AROUND $3.90 - $4.20.
United Nations employees were involved.. Billions in corruption in the reconstruction file.. A British report reveals what is hidden: Corruption is “the lifeblood of politics in Iraq”
A British report revealed a loud scandal in which it was alleged that United Nations employees were involved in receiving bribes in exchange for passing a project to aid Iraq worth 1.5 billion pounds sterling (about 1.9 billion dollars).
An investigation conducted by The Guardian newspaper indicates that employees working for the United Nations in Iraq are demanding bribes in exchange for helping businessmen win contracts in post-war reconstruction projects in the country.
The alleged kickbacks are one of a number of allegations of corruption and mismanagement revealed by the Guardian at the Financing Facility for Stabilization, a UNDP scheme launched in 2015 and backed by $1.5bn (£1.2bn) to support it. Away from 30 donors, including the UK.
Since the US-led invasion in 2003, the international community has pumped billions of dollars in aid into Iraq. Twenty years later, the country still suffers from poor services and infrastructure, despite being the fourth largest oil producer in the world and achieving record oil revenues of $115 billion last year.
Corruption and kickbacks have been described as “the lifeblood of politics in Iraq,” which is why the UN implements projects directly, promising greater transparency than local institutions. In a statement to The Guardian, UNDP said it has “internal mechanisms that prevent and detect corruption and mismanagement, supported by strong compliance procedures and internal controls.”
But interviews with more than two dozen current and former UN staff, contractors, and Iraqi and Western officials indicate that the UN is fueling a culture of bribery that has permeated Iraqi society since 2003.
The Guardian says UNDP employees demanded bribes of up to 15% of the contract value, according to three employees and four contractors. In return, the employee helps the contractor navigate the complex UNDP bidding system to ensure it passes the audit process.
“No one can get a contract without paying. “There is nothing in this country you can get without paying, neither from the government nor from UNDP,” said one contractor, who told The Guardian that UNDP staff had approached them demanding bribes.
A UNDP staff member said the deals were done in person rather than on paper to avoid detection, with influential Iraqis sometimes acting as guarantors. “The third party also takes a share of the bribes,” they said, adding that contractors “will choose people with connections and power.”
Government officials entrusted by UNDP to oversee construction projects allegedly also receive a share. Contractors and UNDP staff who oversaw the projects said officials used that authority to “extort” bribes from companies in exchange for signing off on completed projects. Two contractors told The Guardian they were forced to make such payments.
The United Nations Development Program said in its statement that it takes allegations of corruption and lack of transparency seriously, and has zero tolerance for fraud and corruption.
“This policy applies equally to UNDP staff, as well as other staff, vendors, implementing partners and responsible parties with which UNDP is involved,” the UN agency said. Any allegation of bribery, corruption or fraud is carefully assessed and, where appropriate, investigated by the UNDP Independent Audit and Investigation Office.
Along with corruption, the money has been spent on redundancies and massive UN overhead, raising further questions about the share of the huge budget actually reaching war-torn communities.
The United Nations Development Program said that it collected indirect costs in accordance with its financial regulations and rules and the requirements of its Executive Board.
The interviewees, many of whom spoke on the condition of anonymity for fear of retaliation, said the program had seen unwarranted expansion and extension that mostly preserved the UNDP footprint while relieving the Iraqi government of its own obligations to rebuild the country.
They described a corrupt incentive structure in which UN staff who want to “keep their comfortable salaries” collude with government officials who benefit financially to identify new projects, with progress reports embellishing the results to justify more funding.
The United Nations Development Program claims that it has succeeded in improving the lives of 8.9 million Iraqis – a fifth of the country’s population. But the Guardian’s visit to project sites indicates that some of these numbers may be exaggerated.
In one village in northern Iraq, a UNDP banner outside the local health center claimed credit for his rehabilitation. But the facility, which suffered only minor damage when Iraqi forces expelled ISIS militants in 2017, was restored by two other organizations.
By the time UNDP came, the clinic had been back in operation for two years. In what appears to be a deviation from the original goal of rebuilding damaged facilities, UNDP has built a new laboratory annex and X-ray facility. But the buildings remained empty in October, as local residents complained that the United Nations Development Program had failed for two years to deliver on its promises to equip new departments.
In contrast, a UNDP report in 2022 stated that the facility had been completed and, along with other clinics in the governorate, was serving thousands of Iraqis. But this number appears to be based on census data provided by the government and not on actual usage.
The United Nations Development Program said that it adhered to the technical and financial reporting requirements specified in the agreements with each donor.
Donors have agreed to extend the program for another two years and want to redirect some of the remaining funds toward social and institutional development. But interviewees described the training and workshops run by UNDP under these initiatives as “frivolous” and “lacking strategic coherence.”
The Guardian was told that the sessions were mostly attended by government officials and community members in order to enjoy a free trip and cash in allowances. “UNDP just wants to burn money and show donors that they are doing workshops,” one former employee said.
A former employee described the livelihoods initiative launched by the United Nations Development Program to teach displaced women to sew as “unrealistic” because Iraqis tend to buy cheap imported clothes from local markets. They were trying to create an economy that didn’t exist. “It was like going back to the Middle Ages,” they added.
UNDP said initiatives such as skills training were developed based on community needs and in full consultation with local authorities or community leaders.
Donors acknowledged the difficulty of tracking how their funding was spent and relied on UNDP to conduct monitoring and evaluation through an internal unit that the agency described as “completely independent,” even though it reports to UNDP management.
Five interviewees familiar with the UNDP reports said they did not reflect the reality on the ground.
“A lot of these documents are mostly for public relations purposes,” said one consultant who conducted an external review of another UNDP program. “When you actually go to these provinces and sit down with the beneficiaries of these funds and actually look at the projects, it is a far cry from what you see by reading these reports.”
According to the British newspaper’s report, it appears that the embassy’s employees, who are isolated behind concrete walls and are allowed only limited field visits due to strict security protocol, lack the necessary means to challenge the information. “Everyone only stays for two years, and when they find out, they leave,” a Western official said. “This is how these programs continue year after year.”
In response to the Guardian’s request for comment, Farhad Alaeddin, an advisor to the Iraqi Prime Minister, Muhammad Shiaa al-Sudani, said that if allegations of corruption at UNDP and the involvement of government agencies were proven true, legal action would be taken. .
Aladdin added: “We will contact the highest authorities in the United Nations to discuss the details of these allegations, investigate them, and refer those involved in corruption to the competent authorities.” We will also review all the programs to find out the truth.
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 HernĂ¡n Robert Hbravo
Lunes 22 Enero 2024
@Ariel : Dice
Ariel@Prolotario1
InformaciĂ³n general sobre el tipo de cambio: IQD/ROI: ExplicaciĂ³n simple Si alguien tiene 300.000 dinares iraquĂes y el tipo de cambio es 3,00, entonces sus 300.000 dinares iraquĂes valdrĂan: 300.000 IQD x 3,00 = 900.000 USD Entonces, si alguien comprĂ³ 300.000 dinares iraquĂes por un precio mucho mĂ¡s bajo antes de que el tipo de cambio subiera a 3,00, y luego lo cambiaran por dĂ³lares estadounidenses al tipo de cambio de 3,00, recibirĂan 900.000 dĂ³lares estadounidenses.
Esto significa que habrĂan obtenido una ganancia de: 900.000 USD - el costo que pagaron para comprar los 300.000 dinares iraquĂes. Por ejemplo, si compraron los 300.000 dinares iraquĂes por $300 USD, entonces su ganancia serĂa: 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 geopolĂticos, condiciones econĂ³micas y polĂticas gubernamentales.
3. ComisiĂ³n: Algunas plataformas o corredores de cambio de divisas pueden cobrar una comisiĂ³n por cada operaciĂ³n o transacciĂ³n. Un corredor de cambio de divisas cobra una comisiĂ³n fija de 10 dĂ³lares por transacciĂ³n. Si intercambia $5,000, pagarĂ¡ la comisiĂ³n de $10 ademĂ¡s de cualquier otra tarifa.
4. Volatilidad del mercado: los tipos de cambio pueden fluctuar debido a las condiciones del mercado, eventos geopolĂticos o factores econĂ³micos. Los cambios repentinos pueden afectar el valor de la moneda que se cambia.
5. Cumplimiento regulatorio: Dependiendo del paĂs y la cantidad involucrada, puede haber requisitos regulatorios o medidas de cumplimiento que las personas deban cumplir. Lo cual no deberĂa ser un problema si no planeas hacer nada ilegal. Este deberĂa 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 serĂ¡ un problema para el dinar iraquĂ dado que muchos paĂses 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 estĂ¡n preparando para esta transiciĂ³n implementando Basilea 3, al que se refieren como "El final del juego". Entonces, cuando cambie su moneda, no lo haga en ningĂºn lugar que no cumpla con Basilea 3. Buena suerte a todos. Hizo la elecciĂ³n y la inversiĂ³n correctas. Esto nunca volverĂ¡ a suceder. AsĂ 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.