The Central Bank Of Iraq Clarifies The Mechanism For Depositing Oil Revenues Abroad, 2 APRIL

 The Central Bank Of Iraq Clarifies The Mechanism For Depositing Oil Revenues Abroad

 
Logo of the Central Bank of Iraq  Drains  Economy News – Baghdad  The Central Bank of Iraq revealed the mechanism for depositing oil revenues abroad, in response to a parliamentary question on the subject.
 
The document stated that the legal basis for depositing oil revenues in the “IRAQ2” account with the Federal Reserve Bank in New York is the expiration of the extension of Executive Order issued by the US President No. 13303 in 2003, which granted immunity to Iraqi funds deposited in the  “DFI” account.

Deputy Governor of the Central Bank, Ammar Hamad, explained that the
 
“IRAQ2” account is used to deposit funds for Iraqi crude oil exports, and they are transferred to the Central Bank of Iraq’s account at the Federal Reserve Bank within 24 hours of receiving them. He stressed that
 
this mechanism ensures that the funds are not exposed to creditor claims, as they are funds belonging to the Iraqi government derived from the export of crude oil.

He added that a memorandum of understanding was signed between the Iraqi Ministry of Finance and the Central Bank of Iraq in 2014 regulating the work of the “IRAQ2” account, and that this memorandum is the legal basis for establishing the aforementioned account.

He pointed out that the immunity granted in accordance with the memorandum of understanding includes  sovereign funds only, and does not include funds used for commercial purposes.

He explained that Iraq's foreign reserves are deposited with several external parties, including central banks and financial institutions, and are not limited to the Federal Reserve Bank.

He pointed out that the interest rates on these deposits vary according to the investment segment, the duration of the investment, and the institution with which the investment is made.

Finally, he explained that the company transporting the dollar from the Federal Reserve Bank to Baghdad International Airport is Orient, and that the insurance amount for one shipment is 414,000 US dollars, and that the transportation fees are 216,310 US dollars.
120 views   Added 04/02/2024 - https://economy-news.net/content.php?id=42099  

"RV UPDATE" BY BRUCE. 2 APRIL

 BRUCE

Thurs. 28 March Bruce

 The International Iraqi Dinar Rate will be announced Easter Sun. 31 March. Super Whales and Whales received their appointments last  Fri. 22 March. Some have been given access to their funds. Regular Bond Holders will complete their exchanges around noon Easter Sun. 31 March. 

Tier4b(us, the Internet Group) will receive notification to set appointments at Redemption Centers to receive the special rates on Mon. 1 April and start exchanges on Tues. 2 April. 

In the US the R&R funds will be released the  first week in April. Increases in Social Security will begin in April. The General Public will be able to exchange at banks at the international rates on Mon. or Tues. 8, 9 April.

DO YOU HOLD ANY IRAQI DINAR???

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."