The Central Bank Warns Against Closing Iraq's Account With The US Federal Reserve: It Will Put Our Money At Risk (Documents), 2 APRIL

 The Central Bank Warns Against Closing Iraq's Account With The US Federal Reserve: It Will Put Our Money At Risk (Documents)

Economy     breaking     Central Bank of Iraq     US Federal Reserve 2024-04-01 10:24
 
Shafaq News/ On Monday, the Central Bank of Iraq revealed the legal basis for depositing oil revenues in the US Federal Reserve. According to documents issued by the bank and viewed by Shafaq News Agency,
 
“The legal basis for depositing oil revenues in the Federal Reserve Bank of New York in the IRAQ2 account alternative to the DFI account is the expiration of the extension of the Executive Order issued by the US President No. 13303 issued in March 2003.”
 
According to which immunity was granted to the Iraqi funds deposited in the Iraqi Development Account (DFI) at the time, and the end of the United Nations protection over Iraqi funds that was granted to it under UN Security Council Resolution No. 1483 of 2003 after the issuance of UN Resolution 1956 at the end of 2010.

The documents added, "Accordingly, an IRAQ2 account was opened, which is used to deposit funds from Iraqi crude oil exports, and they are transferred to the account of the Central Bank of Iraq at the Federal Reserve Bank within 24 hours of receiving these amounts to ensure that they are not exposed to the claims of creditors, as they are funds belonging to the Iraqi government derived from the export of crude oil."

This mechanism was organized through a (memorandum of understanding) signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 6/2/2014 for the purpose of organizing the work of the IRAQ2 alternative account for the Development Fund for Iraq, and this memorandum is the legal basis for establishing the aforementioned account.

She continued, "The immunity granted in accordance with these two documents includes sovereign funds only and does not include funds used for commercial purposes."

The documents explained,  “With regard to the answer to the third paragraph, foreign reserves may be deposited with several external parties, central banks and financial institutions, and not only in the Federal Reserve Bank, and interest rates vary according to the investment segment, the duration of the investment, and the institution with which the investment is made,
 
in addition to the fact that the transport company is Orient is the company contracted by this bank to transport dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with an insurance amount of (414,000) US dollars (four hundred and fourteen thousand US dollars per shipment, and transportation fees of (216,310) US dollars (two hundred and sixteen thousand three hundred and ten US dollars, Department of Parliamentary Affairs, Department of Parliamentary Oversight.”  She continued,
 
"It is not possible to transfer the revenues from the sale of oil to the interior due to the impossibility of carrying out financial operations for Iraq if the funds are at home, and
 
closing our account with the Federal Reserve Bank could expose Iraq to the risk of international claims,
 
in addition to the inability to settle our payments in US dollars without the presence of... An account at the Federal Reserve Bank or other U.S. commercial bank.
 
https://media.shafaq.com/media/arcella/1711995857611.jpeg
https://media.shafaq.com/media/arcella/1711995858300.jpeg
 
https://shafaq.com/ar/اقتصـاد/البنك-المركزي-يحذر-من-غلق-حساب-العراق-لدى-الفيدرالي-ال-مريكي-سيعرض-موالنا-للخطر-وثا-ق  

"ZIM WILL BE REDEEMED 1 TO 1 PERIOD" BY QFS_GLOBAL VIA TWITTER, 2 APRIL

QFS_GLOBAL 

Fri. 29 March Tp @QFs_Global

 Expecting USN (United States Note) from ATM soon. Important EBS worldwide message soon. 
Important real CIC message soon.

 Both dinars and dong in very high double digits. ZIM will be redeemed 1 to 1 period. Expecting 800 numbers at any moment now.

Critical Dinar Update

The Central Bank reveals the reason for depositing Iraqi oil money in America, 2 APRIL

  The Central Bank reveals the reason for depositing Iraqi oil money in America

Baghdad - Iraq Today:

The Central Bank of Iraq revealed the legal basis for depositing oil revenues in the US Federal Reserve.

According to documents issued by the Central Bank, "the legal basis for depositing oil revenues at the Federal Reserve Bank of New York in the IRAQ2 alternative account to the DFI account is the expiration of the extension of the US President's Executive Order No. 13303 issued in March 2003, which granted immunity over Iraqi funds deposited in the then DFI Iraq Development Account, and the end of the United Nations protection over Iraq's funds that were granted to it under the UN Security Council Resolution No. 1483 of 2003 after the issuance of UN Resolution 1956 at the end of 2010."

The documents added, "Accordingly, the IRAQ2 account was opened, which is used to deposit the funds of Iraqi crude oil exports and is transferred to the account of the Central Bank of Iraq with the Federal Reserve Bank within a period of 24 hours from the receipt of these amounts to ensure that they are not exposed to the claims of creditors as they are funds belonging to the Iraqi government derived from the export of crude oil, and this mechanism has been organized through a (memorandum of understanding) signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014 for the purpose of organizing the work of the alternative IRAQ2 account. for the account of the Development Fund for Iraq and that this memorandum is the legal basis for the establishment of the said account."

"The immunity granted under these two documents covers sovereign funds only and does not include funds used for commercial purposes."

The documents explained, "With regard to the answer to the third paragraph, foreign reserves may be deposited with several external parties, central banks and financial institutions, and not only based in the Federal Reserve Bank, and that interest rates vary according to the investment segment, the duration of the investment and the institution with which the investment is made, in addition to that the carrier company is Orient Company, which is contracted with this bank to transport dollar shipments from the Federal Reserve Bank to Baghdad International Airport and with a security amount of (414,000) US dollars (four hundred and fourteen thousand dollars). US per shipment, and transportation fees of (216,310) US dollars (two hundred and sixteen thousand three hundred and ten US dollars) Department of Parliamentary Affairs, Parliamentary Oversight Section.

 She added that "it is not possible to transfer the revenues of the sale of oil to the interior because of the impossibility of carrying out financial operations for Iraq if the money is at home, and closing our account with the Federal Reserve Bank can expose Iraq to the risk of international claims, in addition to the inability to settle our payments in US dollars without an account in the Federal Reserve Bank or another US commercial bank."

"THE RV IS CURRENTLY UNDERWAY INSIDE THE BORDER OF IRAQ" BY GINGER, 2 APRIL

 GINGER

Sat. 30 March Ginger

 “We’re hearing that the revaluation of the rate is currently underway inside the border of Iraq. 

The Parliament committee has instructed Iraqi merchants and retailers to adjust their prices of goods and services, effective this weekend, to reflect the changes of their new rate for the Iraqi Dinar. 

My crystal ball is broken but I have a hopeful hunch they will do like Kuwait did, all those years ago. Kuwait wanted to change their rate inside the country first, privately, for the citizens to enjoy and celebrate their advancement onto the international stage. After several days, the new rate went live, internationally on the FOREX for the whole world to see!”

Did Iraq discover a new type of energy 04/01/24 BY PIMPY

Baghdad-Washington dialogue: Will the US withdrawal file from Iraq be resolved?, 2 APRIL

 Baghdad-Washington dialogue: Will the US withdrawal file from Iraq be resolved?

A new round of dialogue is being held between Baghdad and Washington, the fourth since last February, to discuss the issue of the American withdrawal from Iraq and ending the role of the international coalition to fight ISIS. This tour comes ahead of the visit of Iraqi Prime Minister Muhammad Shia al-Sudani to the White House.

Challenges:

This round of dialogue faces many challenges, the most important of which are:

The lack of a clear consensus on the feasibility of withdrawal:  Iraqi views on withdrawal differ, between those who see the necessity of the withdrawal of all American forces, and those who see the importance of some of them remaining to support the Iraqi forces in the fight against terrorism.

The position of the American administration:  The American administration did not announce a clear position on withdrawal, while the statements of its officials indicate their desire to redraw the coalition’s tasks or for the forces to remain for additional years.

Pressure from armed factions:  Some Iraqi armed factions continue their attacks against American forces, demanding their complete withdrawal from the country.

Discussions:

The discussions between Baghdad and Washington address many points, the most important of which are:

Evaluating the international coalition’s mission:  The fourth round evaluates the need for the international coalition’s presence in Iraq.

Setting a timetable for withdrawal:  Baghdad is demanding that a clear timetable be set for US withdrawal.

Determining the nature of American support for Iraq:  The tour discusses the nature of the support that the international coalition will provide to Iraq after its withdrawal.

The issue of the withdrawal of US forces from Iraq remains complex, and requires further dialogue and negotiation between Baghdad and Washington.   link