FRANK26: "THE ANATOMY OF THE MONETARY REFORM TO THE IRAQI CITIZENS!!!"........F26
Parliamentary question to the Minister of Finance and the Governor of the Central Bank (document)
4/20/2024
TRANSLATION:
In the name of God, the most gracious, the most merciful
Republic of Iraq, Iraqi Parliament House, Office of Representative Dr. Alaa Kamel Al-Rakani
Date 4/18/2014
His Excellency Mohsen Ali Akbar Al-Mandalawi, the Honorable First Deputy Speaker of the Iraqi Council of Representatives and Acting Speaker of the Council of Representatives
M/ Parliamentary question
Republic of Iraq
Council of Representatives
Deputy Office
Dr. Alaa Kamil Alrikaby
No:
Date:
202
good greeting .....
Based on the powers granted to us under the Iraqi Constitution in Article (61) - Second) and Articles (15) and (29) of the Law of the Iraqi Council of Representatives and its Formations No. (13) of 2018, and based on the provisions of Article (32) and Article (50) of the system. Internal Affairs of the House of Representatives.
We noticed that there is a big difference between the official price of the dollar against the Iraqi dinar and the parallel price in the local market, which exceeds (13) trillion Iraqi dinars annually, all of which go to private companies and banks. This difference does not achieve any interest for the state or the Iraqi citizen and does not contribute to supporting the Iraqi economy.
You kindly agree to host:
2 The Honorable Governor of the Central Bank of Iraq
Her Excellency the Honorable Minister of Finance
And directing the following parliamentary question: What are the monetary and financial policies to reduce these huge losses to the state treasury and in a way that contributes to preserving the state’s resources and hard currency, supporting the Iraqi economy,increasing the purchasing value of the Iraqi dinar, and improving the living situation of the Iraqi citizen.
Deputy Doctor, with appreciation and respect..... Alaa Kamel Al-Rikabi
The Ministry Of Finance Specifies Steps That Must Be Taken Before Canceling The Currency Selling Window In Iraq
Economy Parliamentary Finance Dollar selling window
2024-04-20 04:54 Shafaq News/ The Parliamentary Finance Committee confirmed, on Saturday, that the
Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.
Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency,
“There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.” He explained that
"canceling the currency selling window is linked to the
reliance of private banks on correspondence with international banks and the
method of currency conversion."
This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.
In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.
Munis asserts that "this step must be preceded by an increase in the classification of Iraqi banks, and
this is what qualifies them to deal with international banks,
but the real problem that we face is that Iraqi banks
do not have a correspondent and
are not accredited outside the country."
The member of Parliamentary Finance pointed out that “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”
"Project FuSSE (Fully Scalable Settlement Engine, pronounced as fyooz) is a BIS Innovation Hub project that aims to modernize financial market infrastructures for the demands of the digital age. In the face of a rapidly digitizing economy, the traditional systems face myriad challenges. FuSSE offers an open-source solution designed to meet these evolving demands head-on.
Project FuSSE marks the first collaboration between the BIS and the Inter-American Development Bank (IDB), following an agreement signed by the two institutions in September 2023.
The presentation of FuSSE's progress and the official start of technical cooperation between both entities took place in Washington, D.C., in an event attended by the BIS general manager, Agustín Carstens, the president of the IDB, Ilan Goldfajn, and the governors of central banks from Chile, Colombia, and Uruguay."
Bush Signed It And All Presidents Implemented It. Iraq’s Funds Have Been Under America’s Guardianship For 21 Years
Reports And Analyses USA President George Bush Iraqi Money Signing An Executive Order
2024-04-18 Shafaq News/ Successive American administrations are still renewing the implementation of the presidential executive order issued by former President George W. Bush regarding the protection of the “Development Fund for Iraq”, in which the proceeds of oil sales were deposited with the aim of protecting it from any legal prosecutions, in addition to other orders related to Iraq and aiming to protect its money.
This happened more than two decades after the regime changed in the country.
The current US President, Joe Biden, signed the decree extending the state of national emergency related to the situation in Iraq for another year, which stated:
“There are still obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security in the country, and developing political, administrative and economic institutions in Iraq.”"
The statement added that these obstacles "pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well.
Therefore, (Joe Biden) has decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq."
Order 13303
The executive order aims to protect the Development Fund for Iraq and some other properties in which Iraq has an interest. According to the text of the executive order, then-US President George W. Bush saw that there was a threat to seize or take other judicial measures against the Development Fund for Iraq, Iraqi oil and petroleum products, and the revenues that arise. about her".
The executive order also stated that this situation “poses an extraordinary threat to the national security and foreign policy of the United States, and therefore a national emergency has been declared to deal with this threat.”
The order stipulates that any seizure, judgment, decree or other judicial action against the Development Fund for Iraq or Iraqi oil and petroleum products, and the proceeds and obligations relating to their sale or marketing, shall be considered null and void.
The executive order prohibits all US citizens and residents of the United States, as well as any entity organized under US laws, from filing lawsuits against Iraqi funds.
According to the US National Emergency Law, failure to renew the executive order within a period of 90 days from the date of the previous renewal means that it will become invalid.
Development Fund For Iraq
The Development Fund for Iraq was established after 2003, and before that, money from Iraqi oil sales was placed in an account managed by the United Nations within what is known as the Oil for Food Program.
In the mid-nineties of the last century, the UN Security Council resolution related to oil for food was issued and stipulated the sale of a portion of Iraqi oil in exchange for the purchase of medicines and food during the era of Saddam Hussein’s regime, which suffered international sanctions as a result of its invasion of Kuwait in 1990.
This situation continued until 2003, when a new Security Council resolution was issued under which most of the economic sanctions were abolished, provided that issues related to the invasion of Kuwait were resolved, such as compensation, prisoners, and others.
In this regard, Iraqi writer and political researcher Aqeel Abbas said
“When the sanctions were lifted, a problem arose, which is that there are cases filed against Iraq by dozens or hundreds of companies that were harmed by Iraq’s invasion of Kuwait in European countries and others.” Abbas added to the Al-Hurra website that
"Iraqi embassies at the time did not attend court sessions to defend or reduce compensation, and thus the courts issued judgments in absentia for very high amounts." Abbas, who resides in Virginia, confirmed that
"there are judicial seizure orders on Iraqi funds until the amounts of the lawsuits ruled by the courts are satisfied."
“Thus, what saved Iraq from these lawsuits was the protection decision issued by former US President George Bush in 2003,” according to Abbas, who pointed out that
“under the presidential executive order, Iraqi funds in the Development Fund for Iraq became protected as if they were American funds.”
American Influence
In 2010, the Development Fund for Iraq was canceled by a UN decision, which also ended all international guarantees of immunity granted to Iraq from claims for compensation.
Instead of the canceled fund, an account affiliated with the Central Bank of Iraq was opened at the US Federal Bank in which all proceeds from the sale of Iraqi oil were placed.
However, the United States continued to renew the presidential executive order, issued in 2003, annually with the aim of protecting Iraqi funds from any judicial prosecutions.
The former member of the Iraqi Parliament’s Finance Committee, Ahmed Hama Rashid, said,
“The situation remaining as it is means that the fate of Iraq’s money will remain tied to the United States, which represents a strong pressure card in the hands of Washington,” indicating that.
“this issue cannot be resolved except by paying all debts.” "This will take years, if not decades."
On the other hand, Aqeel Abbas pointed out that linking the issue of protecting Iraqi funds from prosecution to the United States “gives Washington great influence over Baghdad,” adding that
“resolving the crisis requires a political decision, as happened with Greece and Argentina, for example, by seeking the help of a reputable and reputable law firm.” "She is given full powers."
The spokesman for the Iraqi Prime Minister apologized for the comment, and it was not possible to obtain a comment from the White House or the US State Department until the publication of this report, according to the Al-Hurra channel.
