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Iraq has 600 billion dollars and is not asking about it ... a great possibility to obtain it "for free" and without effort


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Iraq has 600 billion dollars and is not asking about it ... a great possibility to obtain it "for free" and without effort

10/22/2020

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Yes Iraq: Baghdad

Statements are escalating demanding the return of the smuggled Iraqi money and indicating the government's ambiguous laxity in dealing with this file, especially with the presence of many international indications to help Iraq recover its smuggled money.

 

A member of the Parliamentary Integrity Committee, Alia Nassif said, "The federal government has not taken any real action to return the smuggled and frozen money outside Iraq."


Nassif said, "The United Nations supported Iraq by retrieving its smuggled money without any restrictions or conditions, and this UN support has not been used so far," noting that "the government has not moved and has no intention of returning the smuggled and frozen money outside Iraq."


She added, "These funds can be returned quickly by making use of international support, as it will solve a major crisis and also serve the government by reducing foreign debts," noting that "returning these funds requires pressure from the executive authority on all institutions to return their money quickly."

For his part, the legal expert, Ali Al-Tamimi, revealed the possibility of Iraq recovering up to 600 billion dollars of its smuggled and frozen funds abroad.


Al-Tamimi said that “the money smuggled abroad, which is estimated at 500 billion US dollars, can be recovered through the 2005 money laundering agreement signed by Iraq with the help of the countries of France, England and Germany, as well as in cooperation with the American side in accordance with Article 28 of the Iraqi-American Agreement for the year 2008, and also according to Article 50 Of the United Nations Charter, which affirms the right of states fighting organizations placed under Chapter VII of the United Nations Charter to request the United Nations help, and Iraq was fighting ISIS subject under Chapter VII under Resolution 2170 of 2017, indicating that “Britain has shown willingness to help.


He added that "these countries contain in their countries a lot of smuggled money and can also help us in retrieving these funds," noting that "an amount of $ 65 billion in the American Federal Bank is frozen for the former regime, which Iraq can claim according to the above agreement for the year 2008."

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Longtimelurker, when the funds are returned to them I believe it should be placed in the CBI as part of their reserves to back their currency along with the 65 billion they already have in there.. I am no financial expert but I am taking a guess at it.

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6 hours ago, GreedyDinar07 said:

Longtimelurker, when the funds are returned to them I believe it should be placed in the CBI as part of their reserves to back their currency along with the 65 billion they already have in there.. I am no financial expert but I am taking a guess at it.

I like the sound of that👍

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2 hours ago, Longtimelurker said:

What makes you say that? Either way it will increase the value of their currency so I'm good with it but I don't recall reading that and I'm just curious.👍

Don’t get me wrong it will count and support their currency 

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On 10/22/2020 at 8:10 PM, Longtimelurker said:

600 billion usd = 700 trillion iqd 😳

Sure, at current internal exchange rates, however, it is highly unlikely that the IMF, EMF, World Bank etc will allow $600Bn to become IQD700Tn and then (for easy math without any lopping) at a 1:1 RV becomes $700Tn ... so I’d only expect a transfer of these frozen funds back to Iraq after normality has been restored, including whatever happens to the IQD exchange rate, to maintain parity in purchasing power of those funds. 
The $600Bn, if transferred to the CBI, I assume would most likely be used to support the national reserves, which will be a good thing any way you look at it.

Just my own, humble, opinion ...

DHB

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44 minutes ago, DinarHillBilly said:

Sure, at current internal exchange rates, however, it is highly unlikely that the IMF, EMF, World Bank etc will allow $600Bn to become IQD700Tn and then (for easy math without any lopping) at a 1:1 RV becomes $700Tn ... so I’d only expect a transfer of these frozen funds back to Iraq after normality has been restored, including whatever happens to the IQD exchange rate, to maintain parity in purchasing power of those funds. 
The $600Bn, if transferred to the CBI, I assume would most likely be used to support the national reserves, which will be a good thing any way you look at it.

Just my own, humble, opinion ...

DHB

Thank you. I find it interesting that they are discussing it now and if they are to wait for iqd to normalize it would seem maybe it will be pretty soon. Why else bring it up if it will be a while..

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