The Baghdad dollar ends its week near 152.5.. The money changers felt “the tension has ended” with the Americans
The US dollar’s exchange rates ended the week steady on Thursday night, hovering around 152.5 thousand dinars for every $100 note. This level of stability has persisted for almost two weeks, in part because market observers were bullish about “the disappearance of the specter of security tension” between Washington and Iraq.
This evening, the direct selling prices per note at the major exchange businesses and their offices in the Baghdad districts varied from 152,400 to 153,500 dinars, while the purchasing prices ranged from 152,200 to 151,500 dinars.
The following currency rates were available at exchange company offices in Baghdad areas:
Iraq is a border country with Kuwait. Iraq is considerably larger than Kuwait...They have massive amount of oil...liquid natural gas...gold...some of the biggest mineral deposits in the world that Kuwait does not have. You have to ask, why did they bring this up? - Article quote: "The Kuwaiti dinar ranked on the throne of currencies in the world for the year 2024 while the US dollar came in last place on the list of 10 strongest global currencies ...the dinar of the Gulf State is divided into 1,000 smaller units known as fils."
Iraq does not have fils. They're going to be talking about fils because why? Because...Al-Sudani has stated the dinar is stronger than the dollar. They're going to need to be able to make change...When they bring this up with Iraq's situation I think they're doing it in a manner that suggests the region can support Iraq having a strong currency stronger than the dollar..
UNAMI: Plasschaert's departure from Iraq has nothing to do with allegations of corruption in the United Nations mission
On Wednesday, the United Nations Mission in Iraq (UNAMI) issued a clarification regarding what it called “misleading information” regarding the departure of the Special Representative of the Secretary-General of the United Nations, Jeanine Hennis-Plasschaert, indicating that the departure is a practice followed by the usual rotation of senior officials and has nothing to do with reports about... Corruption in the mission.
The mission said in a statement received by Shafaq News Agency, “UNAMI would like to set the record straight regarding the misleading reports that were recently circulated in a number of traditional Iraqi media and social media regarding the departure of Ms. Jeanine Hennis-Plasschaert, Special Representative of the Secretary-General of the United Nations.” United Nations and Head of the United Nations Assistance Mission for Iraq (UNAMI) in May.
UNAMI stressed that “the departure of the Special Representative of the Secretary-General in May is consistent with established practices within the United Nations, including the usual rotation of senior United Nations officials.”
Regarding The Guardian’s report on corruption allegations, the United Nations Development Program (UNDP) issued a statement on 23 January 2024. “Furthermore, we would like to emphasize that UNAMI and UNDP have different administrative and financial structures.”
UNAMI called on the media to “prioritize accuracy and refrain from circulating misleading information. More broadly, the impact of false and misleading information cannot be overestimated.”
On Tuesday, January 23, in a shocking report, the British newspaper "The Guardian" revealed the truth about major suspicions of corruption by the United Nations in its development program in Iraq, stressing that the United Nations has fueled the culture of bribery that has permeated Iraqi society since the overthrow. With Saddam Hussein in 2003.
The British newspaper "The Guardian" said, "United Nations employees in Iraq are demanding bribes in exchange for helping businessmen win contracts for reconstruction projects in the country."
The Guardian newspaper found that UNDP employees “demanded bribes of up to 15 percent 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.
One of the contractors, without The Guardian revealing his identity, said that UNDP employees “contacted them demanding bribes.” link
"The mission discussions covered policies to restore macroeconomic stability and improve growth prospects, focusing on finalizing the transfer of the RBZ’s quasi-fiscal operations to the Treasury and addressing other sources of fiscal pressures; liberalizing the foreign exchange market and establishing an effective framework for exchange rate and monetary policies; and progressing on reforms to improve economic governance."
IMF Staff Completes 2024 Article IV Mission to Zimbabwe. Article 4 with the IMF is a bilateral discussion on monetary policies that will allow them to move forward with direction. It will allow a country's consultation with them to fully inform all involved of a good path forward.
This is the second country in Africa to be given the green light to move forward with free floating exchange rates. This will allow Zimbabwe to put their money on a supply and demand platform allowing the markets to determine their new exchange rates.