After months of raising item VII. The Central Bank is preparing to take over Iraq funds in America

[k98nights]

After months of raising item VII. The Central Bank is preparing to take over Iraq funds in America

 

 

Editor Dredd Salman. Monday 31 March 2014 11: 47

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Alsumaria news/Baghdad
After months of Iraq from Chapter VII, the Central Bank is preparing finally to lift u.s. restrictions on protection of Iraqi funds deposited in the United States, the move was welcomed and at the same time raised concerns about the potential for a quantum leap in the process of construction and damage to the Iraqi State funds, would these funds "up for grabs" for some players, saying debt?.

(May 22, 2014), will protect us from the Iraqi funds deposited in the Development Fund for Iraq "and will take responsibility of the Central Bank of Iraq, after the departure of Iraq from Chapter VII (June 27, 2013), but there are fears by some merchants who States" recognize their saliva on such funds, according to observers, to lawsuits in international courts for debts, claiming it owed to the former regime.

A recent extension of protection
Accordingly, says former Central Bank Deputy Governor Mohammad Saleh appearance in an interview for "alsumaria news", "the Iraqi Development Fund deposits which come from imports of oil were deposited in us reserves and 5% of Kuwait's compensation in accordance with section VII of the United Nations imposed against Iraq", stating that "the CBI and since taking responsibility for Iraqi Development Fund in 2010 became unprotected, prompting Iraq to be placed under protection."

He adds that "Iraq has agreed with the United States under us protection for one year stretch until June 2011, after the lifting of Iraq from Chapter VII (15 December 2010) in accordance with resolution 1956 that the management of the Development Fund for Iraq Iraqi funds."

Explains that "Iraq agreed to renew the protection for another year after signing the Convention, the Convention on the protection and the payment by Iraq of $ 400 million to the United States as a result of the harm that resulted from the war waged by the former regime."

Valid indicates that "the United States has demanded Iraq to renew protection money again, according to the international monetary organization under which the new protection to fund an additional year expiring in may 2013, to be renewed for a further year protection ends (22 may 2014)."

Maybe "this extension of protection is the last of its kind, adding that" there will be a natural protection for Iraq and funds deposited in US banks, even if this protection were not renewed because the Central Bank is an independent entity and the funds administered by the not used for speculation or trade but also for stability. "

Dissipation of fears

And Central Bank Governor Abdel Basset Turki said, "potential threats" against Iraqi funds deposited in America, stressing that "the protection of Iraq's money in America ends (22 may 2014).

Turkish shows that "Iraqi money deposited outside the US lifted protection since two years", noting that "some people claims and debts of the former regime, poses no threat to Iraqi resources."

Adds Turkish "big issues facing Iraq, particularly in relation to KAC's problem has been solved, so the concern about issues that may arise is much less than it was five years ago," adding that "Iraq's ability to defend the strong funds, a legal consultant's Office and international advisers to defend its rights."

And deposited in the Development Fund for Iraq "all proceeds of Iraq from exporting oil and pulls from the proceeds at 5% as compensation to Kuwait for war 199, while the Finance Ministry repaid all debts of Iraq before the Government took responsibility for overseeing the Fund.

وﺻﻨﺪوق development of Iraq DFI ﺑﻤﻮﺟﺐ ﻗﺮار ﻣﺠﻠﺲ format الاﻣﻦ 1507, ﻟﺤﻤﺎﻳﺔ international الاﻣﻮال اﻟﻌﺮاﻗيه more اﻟﻤﻄﺎﻟﺒﺎت اﻟﺪوﻟيه and ﺑﻌﺪ اﺣﺪاث 2003 piracy, among experts that Iraq lost part of its expenses and that any disruption in oil exports or fluctuation in prices, will affect the ability of government spending, amid an unprecedented political crisis in the country.

The UN Security Council has obliged the Iraqi Government at the end of 2010 a plan for supervised received a "Development Fund for Iraq", of the United Nations by the end of 2010, to Iraq after the US federal Treasury to ensure immunity by law for us presidential and to protect Iraq's oil imports from seizure by many creditors.

The UN Security Council voted, on (June 27, 2013), unanimously adopted a decision to eject Iraq from Chapter VII, Iraq Foreign Minister Hoshyar Zebari and Iraq sought to cancel its debts incurred during the previous regime, amounting to more than 120 billion dollars, some of the compensation due to the wars against its neighbors and others to States and dealers, with some calling on the Government and Iraqi traders need to pay dues and threaten lawsuits in international courts to fund imports.  

 

 

 

http://www.alsumaria.tv/news/96614/%D8%A8%D8%B9%D8%AF-%D8%A3%D8%B4%D9%87%D8%B1-%D9%85%D9%86-%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D8%A8%D9%86%D8%AF-%D8%A7%D9%84%D8%B3%D8%A7%D8%A8%D8%B9-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83/ar

[haden'sdad]

umm...pay u.s. another 400million around may 2014. or do not pay the 400million deposit funds in central bank and let maliki and his goons weasel(steal) at least that much...

[calkid11]

Thank you Woody

[MyLadiesDaddy]

Wanna bet.

[uncirculd]

Heck maliki has spent/embezzled more than 120 billion.  Why not pay it.  Instead they were forgiven...for now

[SnowGlobe7]

And Central Bank Governor Abdel Basset Turki said, "potential threats" against Iraqi funds deposited in America, stressing that "the protection of Iraq's money in America ends (22 may 2014). 

Read more: http://dinarvets.com/forums/index.php?/topic/175158-after-months-of-raising-item-vii-the-central-bank-is-preparing-to-take-over-iraq-funds-in-america/#ixzz2xZJLdwzP

why does this "protection"end?

[chinadawg]

And Central Bank Governor Abdel Basset Turki said, "potential threats" against Iraqi funds deposited in America, stressing that "the protection of Iraq's money in America ends (22 may 2014). 

Read more: http://dinarvets.com/forums/index.php?/topic/175158-after-months-of-raising-item-vii-the-central-bank-is-preparing-to-take-over-iraq-funds-in-america/#ixzz2xZJLdwzP

why does this "protection"end?

 

 

There is your absolute backwall..................may 22nd  2014.

[SnowGlobe7]

maybe O is going to take the money and pay it to the national debt.....

[mrparrot]

Iraq does seem to be in a tight spot.

 

Former dictator raises hell and gets

the country in trouble.

 

Former dictator now gone.

 

Should Iraq be held accountable for what

a FORMER leader did?

 

Maybe.

 

Maybe not.

 

Where do you draw the line about holding

the people of a country responsible for what

a former leader did?

 

Ok, unbunch your panties for a minute and

let me finish.

 

If a dictator comes to power through illegal means,

then the citizens of the country shouldn't be held

100% responsible. Yes, maybe the citizens COULD have

done something on their own to remove said dictator, but

let's face facts. How many citizens would actually stand up

to a dictator who has no problem slaughtering them?

 

Now, if a country VOTES in an idiot, then yes, the idiots

who VOTED him in should be held 100% responsible for

everything the idiot does / did.

 

If you're having trouble understanding where I'm going with this,

here's the Readers Digest Condensed version:

 

Saddam was a dictator.

The citizens were more or less powerless against him.

Cut the "fines" in half, and move on...

[Butifldrm]

Great post K98nights

 

LOL, there's not a whole lot of money left in the DFI.  The 18B deposited in JP Morgan, that remained pretty stable over the past few years has dwindled down to 9B.  Iraq has not take a disbursement from the IMF since 2011, and they are ahead on their payment schedule this year and last. So IMO they cannot build the credit they need under the protection of article XIV and protection order 13303, to get the international investment they need to move forward with their infrastructure.  I think if this article is true and Iraq is now taking responsibility for their funds abroad and giving up their protection, it is a very good thing.      For years there were those among us who said, that this protection had no bearing on the probability of an increase in the Dinar.  Well now we shall see!

[TennesseeCherokee]

Right O, my fellow dinarians! Butifldrm & LGD, I totally agree that this release of the DFI funds to the Iraqi's will pay big dividends.

I look at it like this, they would be begging for another year extention if they were not planning on entering the international world of business & finance. Really great news for all of us!

[The Machine]

maybe O is going to take the money and pay it to the national debt.....

 

lol it would only cover a few months worth of interest payments....... $17.5 trillion and climbing

 

120billion is pennies in comparison  ........ your national debt is 145 X $120 billion

 

The US also has $128 trillion worth of unfunded liabilities as well as the $17.5 trillion worth of debt .......

 

It just wouldnt be worth it taking the money, it would cause more hassle and bad press than it was worth

[bg888]

ssshhhhhhhh, quiet down Machine, we're sleeping.... no one wants to see or hear those numbers over here. 

[Boozer]

Last min , they get another year .just like last year

[sandfly]

THANKS

[MNPhila]

http://www.alsumaria.tv/news/96614/months-after-lifting-chapter-7-sanctions/en

 

Months after lifting Chapter 7 sanctions, Iraq takes deliver of its money from US

By Duraid Salman - March 31, 2014 16:00

 

Months after Chapter 7 sanctions have been lifted, the Central Bank of Iraq is finally getting ready to lift the American protection on the Iraqi money deposited in the United States of America. This step was welcomed by many but also stirred fear as it might be a qualitative step in the financial Iraqi sector. Will this money become an easy target to some authorities under the pretext of debt?

On May 20, 2014 the American protection imposed on the Iraqi money deposited in “Development Fund for Iraq” will be lifted and the responsibility will be transferred to the Central Bank of Iraq; after the Chapter 7 sanctions have been lifted. However, many fear that “gold digging” countries and traders would file lawsuits before an international court on the grounds that the pervious regime owes them money.

Postponing Protection

“Development Fund for Iraq is financed by oil revenues deposited in the Federal Reserve Bank and 5% of the amount would be deducted as indemnification for Kuwait according to Chapter 7 sanction imposed by the United Nations on Iraq”, says Central Bank of Iraq’s former Governor, Mathhar Mohammad Saleh. “Ever since the Central Bank of Iraq has taken responsibility of the Development Fund for Iraq in 2010; it has become unprotected which pushed Iraq to place it again under the American protection”.

“Iraq agreed with the USA to place this money under the American protection for a full year at the time, ie. until June 2011 after the sanctions were lifted on December 15, 2010 in virtue of resolution 1956; placing Development Fund for Iraq under the bank’s management”, added Saleh.

“This protection extension is the last of its kind”, mentioned Saleh; clarifying that “the protection of the Iraqi money deposited in the American banks is normal even if it wasn’t postpones especially that the Central Bank of Iraq is an independent entity and the money it manages is not used in speculations or trade”.

Putting fears to rest

Central Bank of Iraq’s Acting Governor Abdul Bassit Turky puts fears of wasting away Iraqi money in the US to rest by confirming that “American’s protection of Iraqi money will end on the 22nd of May, 2014”.

“The Iraqi money deposited in the US has been under its protection for 2 years”, clarified Turky pointing out that “people’s claim to the previous regime’s debts are not a threat to Iraqi resources”.

“The important issue that Iraq was facing with the Kuwaiti airlines has been solved. Consequently the issues that might be raised now are far fewer than those possibly raised 5 years ago”, added Turky. “Now, Iraq can defend its resources with the help of lawyers and international councilors and advisors”, he stressed. 

[tamiflyer]

Great post K98nights

 

LOL, there's not a whole lot of money left in the DFI.  The 18B deposited in JP Morgan, that remained pretty stable over the past few years has dwindled down to 9B.  Iraq has not take a disbursement from the IMF since 2011, and they are ahead on their payment schedule this year and last. So IMO they cannot build the credit they need under the protection of article XIV and protection order 13303, to get the international investment they need to move forward with their infrastructure.  I think if this article is true and Iraq is now taking responsibility for their funds abroad and giving up their protection, it is a very good thing.      For years there were those among us who said, that this protection had no bearing on the probability of an increase in the Dinar.  Well now we shall see!

 

"So IMO they cannot build the credit they need under the protection of article XIV and protection order 13303, to get the international investment they need to move forward with their infrastructure."

 

Very well said B.  I agree totally.  Thanks for your post.  GLTY and All.  Go RV.

[MyLadiesDaddy]

Everything is under control.

4-15-2014

[yota691]

Central raises for protection of Iraqi funds in U.S. banks

 

April 2, 2014 10:39   Last Updated: April 2, 2014 10:39

 

 

 

The history of 22/05/2014 next change economically and strategically a lift protection for Iraqi funds deposited in banks in the United States. Deputy Governor of the Central Bank of the previous appearance of Mohammed Saleh: "It's (22 May 2014), will raise U.S. protection for Iraqi funds deposited in the" Development Fund for Iraq, "and will receive the responsibility of the Iraqi Central Bank directly, after the withdrawal of Iraq from Chapter VII in (27 June 2013). "according to the newspaper integrity and stressed that: "Deposits Development Fund for Iraq, which come from oil imports have been deposited in the Reserve Bank of the U.S. and is a discount of 5% of compensation Kuwait in accordance with Section VII imposed by the United Nations against Iraq." It is noteworthy that Basra activate the twinning with the city of Euston and detailed U.S. delegation visited the U.S. states consisting of the Deputy Mayor of Euston and the U.S. consul in Basra and diverse groups from all sectors of the province of Basra in order to strengthen the ties and the relationship between the two cities (Euston and Basra). The governor of Basra Majed Nasraoui at a news conference in the building of the Court of the province along with the U.S. delegation on Monday that "the main objective of the delegation's visit is to give effect to the agreement between the city Euston U.S. and the province of Basra, Iraqi and features Euston expertise and the most important health care and that we hope to reach Basra as well as increase the chances of trade and scientific cooperation between the two cities " 

Read more: http://dinarvets.com/forums/index.php?/topic/175267-central-raises-for-protection-of-iraqi-funds-in-us-banks/#ixzz2xizAUEzb

[JayLay]

maybe O is going to take the money and pay it to the national debt.....

Doubt it, he never had concern for national debt only his own agenda. I'm sure it will be spent wisely. HA I WISH!

[Laid Back]

Just do it.!!

Increase the exchange rate

[Dinarian64]

"recognize their saliva on such funds"

Ha!

maybe O is going to take the money and pay it to the national debt.....

Sounds like the DR theories which I would honestly welcome in a second! But I did hear that we have no record of trillions of dinars in the Treasury...make it so!

[calkid11]

Good post thank you