If the rate is 1320 and there is an expense that needs to be paid by the MOF of 1,000 USD value, the MOF will exchange the 1,000 USD to 1,320,000 IQD in order to cover that expense. If the rate is 1 USD to 1 IQD, the MOF will exchange the 1,000 USD to 1,000 IQD in order to cover that expense. In both cases, the value of the expense the MOF covers is still $1,000. This is why I am confused when people state that they can’t make the budget work at a “program rate”. They have with every other budget they passed through the years and have continued on the 1/12 system at a “program rate” in the years they did not pass a budget… [Post 2 of 2]
