Forex, short for Foreign Exchange (Foreign Exchange Currency). Also known as International Market of Foreign Exchange. The foreign currency market (Forex or FX) exists wherever one currency is traded with another (such as an exchange house). The market is largely world’s largest in terms of cash value traded, and includes trade among large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions . Main article: Economy of Nauru
Map of Nauru
Nauru’s economy is based on the phosphate deposits that occupy much of the island. Exploiting the beginning in the early twentieth century British Phospate Corporation, which in 1967 sold his rights to the country by 20 million Australian dollars, 3 years later, in 1970 established the Nauru Phospate Corporation to manage these resources. The feverish pace of growth in the following decades, with more than six million tonnes extracted since 1935, quickly sold out the deposits, which, combined with low international demand and rising production costs made the government initiate a policy urgency of diversifying the economy.
Phosphate deposits near the lagoon Buada.
Refining of phosphate factory, now in ruins.
Nauru phosphates gave a per capita income which stood at the threshold of the developed world, apart from exceptional living conditions, or because there was no unemployment, no taxes and social services were completely free. No However, the rehabilitation of areas for phosphate extraction and replacement of the revenue generated by the sale thereof have been serious problems in the long term. The government has tried to cover the fiscal deficit through borrowing.
Another source of income was the rent charged in Nauru House, one of the highest buildings in Melbourne, which was built with the profits obtained through the sale of phosphates. Unfortunately, the mismanagement and corruption in the nineties brought him to ruin. The large revenues generated by the extraction of phosphates were wasted. In November 2004, in an effort to pay creditors of Nauru, the assets were sold to the nation held in Melbourne, including Nauru House.
In order to strengthen its economy, Nauru became a tax haven in the 1990s. By then, anyone could set up an account less than 25,000 without even visiting the island or have any record of your identity. The Russian mafia take the stage for his own benefit, with the politics of silence banking gangsters the Russians moved around 70 billion dollars in assets according to an estimate by the Central Bank of the Russian Federation. This situation leads to the FATF identified Nauru as one of the 15 countries do not cooperate in the fight against money laundering. The situation changed however, since October 2005 when it passed a law which removed the possibility of money laundering. Following this law, passed by the pressure of the FATF, Nauru was removed from the list of uncooperative countries.
Nauru House in Melbourne.
Nauru is currently involved in a lawsuit against the Australian United States on an agreement failed. Reportedly, representatives of the United States offered one billion dollars for the economic recovery of the island. In contrast, Nauru enact legislation that limits the effectiveness of overseas money laundering and tax evasion. Simultaneously, they established an embassy in Nauru China (actually running on the control of the United States), helping the defection of North Korean scientists and officials across the border. Allegedly came out winning Kyong Won-ha, the scientist allegedly responsible for most of Pyongyang’s nuclear program. This initiative was called “Operation Weasel”.
When news of this agreement after that Nauru was carried out with the necessary legislation and the preliminaries of the embassy (which rightly drawing the suspicion of China and was provided entirely by staff people from the west), the United States responded that players who made the deal with Nauru never had the authority to make such a contract, and Nauru has not yet received the promised aid. Nauru’s case against the United States is one of the lawsuits still pending, but the benefits of the island nation on the superpower.
The lack of potable water and the extensive mining of phosphate for 90 years, have led to land plants are part of the island unsuitable for cultivation and breeding of some species, on the edge of the island is cultivated: coconut, mango and almond.
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