"IMPORTANT IRAQ NEWS: THE CENTRAL BANK OF IRAQ CLARIFIES THE MECHANISM FOR DEPOSITING OIL REVENUES ABROAD" BY MNT GOAT, 3 APRIL

THE CENTRAL BANK OF IRAQ CLARIFIES THE MECHANISM FOR DEPOSITING OIL REVENUES ABROAD

Economy Baghdad News

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 of New York was the expiration of the extension of the US President’s Executive Order 13303 put in place in 2003, which granted immunity to Iraqi funds deposited in the DFI account.

The Deputy Governor of the Central Bank, Ammar Hamad, explained that the “IRAQ2” account is used to deposit Iraqi crude oil export funds, and they are transferred to the Central Bank of Iraq account with the Federal Reserve Bank within 24 hours of receipt.

This mechanism ensures that funds are not subject to creditors’ claims, he said, as they belong to the Iraqi government from the export of crude oil.

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

He noted that the immunity granted under the memorandum of understanding covered sovereign funds only, not 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.

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 dollars 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.

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Iraqi economy faces threat as US closes oil revenue account, 2 APRIL

Iraqi economy faces threat as US closes oil revenue account

According to the letter, Iraq maintained this account with the US Federal Reserve Bank, allowing it to receive oil revenues in dollars and utilize them to cover essential expenses in accordance with agreements with the United States.

Iraq Central Bank 

ERBIL (Kurdistan 24) – In a recent development that has raised concerns over the stability of the Iraqi economy, the United States has closed the account through which Iraq collects revenue from its oil sales.

This revelation came to light through a letter addressed to the Finance Committee of the Iraqi Parliament, dated March 18, 2024.

The letter, signed by Ammar Khalaf, Deputy Governor of the Central Bank, outlines the closure of the account known as the Development Fund for Iraq (DFI), which has been operational since 2003.

The DFI, under the supervision and protection of the United Nations and the United States, served as a crucial mechanism for Iraq to collect and manage its oil revenues.

According to the letter, Iraq maintained this account with the US Federal Reserve Bank, allowing it to receive oil revenues in dollars and utilize them to cover essential expenses in accordance with agreements with the United States.

However, with the closure of the DFI account, Iraq’s oil revenue is now being directed to a new account, referred to as IRAQ2. This transition raises concerns among experts, including finance and banking specialist Kamaran Qadir Yaqub, who warns that the protection previously afforded to Iraq’s revenue may no longer be guaranteed.

Yaqub emphasizes the risk that IRAQ2 could be vulnerable to potential interference or manipulation by the United States, posing a significant threat to Iraq’s financial stability.

In addition to the closure of the DFI account, the letter also sheds light on a contractual arrangement between Iraq and a US company for the transportation of dollars from the United States to Iraq. Under this contract, Iraq paid a security deposit of $441,000, with a transportation fee of $216,310 for each convoy of dollars.

The closure of the DFI account and the implications for Iraq’s financial security highlight the complex dynamics of international financial relations and the vulnerability of countries reliant on oil revenue. As Iraq navigates these challenges, stakeholders closely monitor developments to assess the impact on the country’s economic stability and future prospects.

Kurdistan 24.net

"MORE SIGNS OF FULL SOVEREIGNITY" BY MNT GOAT, 2 APRIL

 MNT GOAT

UNITED STATES HAS CLOSES DFI ACCOUNT THROUGH WHICH IRAQ COLLECTS REVENUE FROM ITS OIL SALES

ERBIL (Kurdistan 24) – In a recent development that has raised concerns over the stability of the Iraqi economy, the United States has closed the account through which Iraq collects revenue from its oil sales.

This revelation came to light through a letter addressed to the Finance Committee of the Iraqi Parliament, dated March 18, 2024.

The letter, signed by Ammar Khalaf, Deputy Governor of the Central Bank, outlines the closure of the account known as the Development Fund for Iraq (DFI), which has been operational since 2003.

(I would say this is really good news. We read many articles that Iraq was pushing for this DFI fund to end and it has. Where is all this money then that remains in the fund going?

 We can now see that collecting oil revenue will also soon not be limited to US dollars. This is coming next and why over due. Yet more signs of full sovereignty not just on paper but tangible evidence we can see by events. The sovereignty of their currency is also coming and on the near horizon,,,, 😊)

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Parliamentary Finance: Government Banks Did Not Comply with Sudanese Directives, 2 APRIL

Parliamentary Finance: Government Banks Did Not Comply with Sudanese Directives

Shafaq News / Member of the Parliamentary Finance Committee, Moen Al-Kazmi, confirmed on Monday that government banks do not comply with the Sudanese directives on the loan interest rate.

“A lot of the advances and loan money in banks is privately owned, and it does not necessarily have to be bank money, so there is no interest consideration and reduction,” Kadhimi told Shafak News.

He added that “the simple employee, if he wants to take an advance of 10 million dinars from banks, he will pay 14 million with the interest rate.”

Al-Kazmi explained that “the parliamentary finance committee will host during the coming period the governor of the Central Bank and bank managers to discuss the mechnism of granting loans and advances to employees and citizens,” noting that “the banks do not comply with the directive of the Prime Minister on that the interest rate is decreasing and not fixed.”

On March 26, a source familiar with the matter told Shafaq News that most government banks still adopt a fixed interest method on advances and loans despite the directives of Prime Minister Mohammed Al-Sudani to recalculate bank interest.

The Sudanese had directed government banks by adopting dwindling interest on loans and advances.

https://www.shafaq.com/ar

"WHAT A NOVEL IDEA" BY MNT GOAT, 2 APRIL

 MNT GOAT

AL-SUDANI: OUR GOAL IS TO SERVE OUR PEOPLE

The Prime Minister during the second session of the Supreme Authority for Coordination between the Governorates: This is the first meeting after the local elections were held.

Prime Minister: The elections were one of the important milestones that represent an achievement for the political process

Prime Minister: Local governments must work as one team

Prime Minister: Local governments must make efforts to enhance citizen confidence

Prime Minister: Local governments are an integral part of the executive authority

Prime Minister: The evaluation of officials must be subject to a professional and scientific program

Prime Minister: Our goal is to serve our people

(Gee whiz…what a novel idea…lol.. lol.. lol…)

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