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CBI News 7/27/2021


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The United States secures the Iraqi Funds, CBI says

 
 2021-07-27 01:08
 

Shafaq News/ The Central Bank of Iraq (CBI) announced, on Tuesday, that its funds are secured and no party can seize them.

CBI said in a statement, that the legal authorities in the United States assured the Governor of the Central Bank of Iraq, who is accompanying the Prime Minister Mustafa Al-Kadhimi on his visit to Washington, that all the reserves and funds of the Central Bank of Iraq are secured. 

According to the statement, the US confirmed that it will not allow holding the Iraqi reserves even in other countries.

The American legal authorities added that the funds and reserves of the Central Bank of Iraq are protected under the US laws, and pledged “to keep what is in the banks of other countries.”

It is noteworthy that UN’s Resolution 1483 (2003), stated that the international community has come together to support Iraq's recovery and economic reconstruction.

The Resolution also involves the international community so that oil revenues from export sales will be deposited in the Development Fund for Iraq housed in the Central Bank of Iraq. The Development Fund is monitored by an international board that includes representatives of the UN Secretary-General, the IMF, the Arab Fund for Social and Economic Development, and the World Bank. 

1483 obligates Iraq for continued funding of the UN Compensation Commission, which deals with outstanding claims for victims of Saddam's aggression in Kuwait. Five percent of oil proceeds will be deposited into the UNCC Compensation Fund.

The account which contains the Kuwaiti compensation is called the Central Bank of Iraq-Development Fund for Iraq (DFI) account, it was created at the U.S. Federal Reserve Bank of New York at the request of the Coalition Provisional Authority (CPA) Administrator. A part of the fund has been transferred to Baghdad and Iraq, and the DFI-Baghdad account was opened at the Central Bank of Iraq "for cash payment requirements."

The US President offers additional guarantees to protect the funds of the Central Bank of Iraq in the United States from any prosecution that harms the interests and funds of Iraq.

https://shafaq.com/en/Economy/The-United-States-secures-the-Iraqi-Funds-CBI-says

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Immunity of Central Bank of Iraq funds abroad
 
July 27, 2021
 
The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and no party can seize them. They also confirmed that they will defend its immunity with the rest of the countries and these reserves cannot be compromised.
As Iraq will complete during the coming period the full payment of the compensation and benefits accrued from it prior to 2003, this will lead to the lifting of the international immunity for Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies.
In this context, those legal authorities confirmed that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, and pledged to defend what is in the central banks and banks in other countries.
Central Bank of Iraq
Media Office
27 July 2021

CBI.jpg

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The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank are fortified and that no party can seize them.

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The United States secures the Iraqi Funds, CBI says

Shafaq News/ The Central Bank of Iraq (CBI) announced, on Tuesday, that its funds are secured and no party can seize them.

CBI said in a statement, that the legal authorities in the United States assured the Governor of the Central Bank of Iraq, who is accompanying the Prime Minister Mustafa Al-Kadhimi on his visit to Washington, that all the reserves and funds of the Central Bank of Iraq are secured. 

According to the statement, the US confirmed that it will not allow holding the Iraqi reserves even in other countries.

The American legal authorities added that the funds and reserves of the Central Bank of Iraq are protected under the US laws, and pledged “to keep what is in the banks of other countries.”

It is noteworthy that UN’s Resolution 1483 (2003), stated that the international community has come together to support Iraq's recovery and economic reconstruction.

The Resolution also involves the international community so that oil revenues from export sales will be deposited in the Development Fund for Iraq housed in the Central Bank of Iraq. The Development Fund is monitored by an international board that includes representatives of the UN Secretary-General, the IMF, the Arab Fund for Social and Economic Development, and the World Bank. 

1483 obligates Iraq for continued funding of the UN Compensation Commission, which deals with outstanding claims for victims of Saddam's aggression in Kuwait. Five percent of oil proceeds will be deposited into the UNCC Compensation Fund.

The account which contains the Kuwaiti compensation is called the Central Bank of Iraq-Development Fund for Iraq (DFI) account, it was created at the U.S. Federal Reserve Bank of New York at the request of the Coalition Provisional Authority (CPA) Administrator. A part of the fund has been transferred to Baghdad and Iraq, and the DFI-Baghdad account was opened at the Central Bank of Iraq "for cash payment requirements."

The US President offers additional guarantees to protect the funds of the Central Bank of Iraq in the United States from any prosecution that harms the interests and funds of Iraq.

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The Central Bank issues an important statement regarding Iraq's money abroad

2021-07-27 | 02:40
The Central Bank issues an important statement regarding Iraq's money abroad
 
 
 
Source:
 
4,723 views
 
 

The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and that no party can seize them. They also confirmed that they will defend its immunity with the rest of the countries and these reserves cannot be compromised.

A central bank statement received by Alsumaria News stated, "Iraq In the near future, the full compensation and benefits resulting from it will be paid before 2003, and that this will lead to the lifting of the international immunity for the funds Iraq abroad, and it will be subject to execution by some creditors from other parties and companies.”
 
 
The statement added, "These legal authorities confirmed that the funds and reserves... Central Bank of Iraq Protected by the laws of United States of AmericaAnd pledged to defend what is available from them in the central banks and banks in other countries.
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2021/07/27 11:41

 

The United States is fortifying the Central Bank of Iraq's money abroad

 

Baghdad / Obelisk: The Central Bank of Iraq said, on Tuesday, July 27, 2021, that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America.  

The bank stated in a statement received by "The Obelisk" that the legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and that no party can seize them, and also confirmed that they will defend its immunity with the rest of the countries and these reserves cannot be compromised. .

The statement added that since Iraq will complete during the coming period the full payment of compensation and benefits accruing from it before 2003, this will lead to the lifting of the international immunity of Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies.

 According to the statement, those legal authorities confirmed that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, pledging to defend what is in the central banks. 

 

https://almasalah.com/ar/news/212821/الولايات-المتحدة-تحصن-اموال-البنك-المركزي-العراقي-في-الخارج

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“They also confirmed that they will defend its immunity with the rest of the countries and these reserves cannot be compromised.

As Iraq will complete during the coming period the full payment of the compensation and benefits accrued from it prior to 2003, this will lead to the lifting of the international immunity for Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies.”

 

They are talking about compensation payments for war reparations to Kuwait. $2.5 billion dollars left to complete the full payment.

 

Go Iraq 🇮🇶 
 

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7 hours ago, Half Crazy Runner said:

Meaning “internationally recognized currency”…? 🤞🏻

After Iraq  pay in full to Kuwait, this will lead to the lifting of international immunity for Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies. Also I believe Iraq will become a sovereign nation with and international recognized currency. 


- US military forces in Iraq till the end of this year

- Iraq will complete during the coming period the full payment for war reparations to Kuwait 

- The electrical network in Iraq is likely to be linked to the networks of Saudi Arabia and Kuwait 

- Development of banking system, private sector, industrial sector and

agricultural sector 

- The grand Al-Faw port project


No doubt Iraq is moving forward like never before. 
 

Go Iraq 🇮🇶 

Go international 

Go RV

 

 

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Adviser to the Prime Minister: No country can seize Iraq's money.. and this is the fate of 2028 bonds
  
{Economic: Al Furat News} Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, confirmed that no country can reserve Iraq's money abroad.
 

Salih told {Euphrates News}, "The debts owed by Iraq are non-sovereign commercial, and no country has ever seen that it complained about another country due to the great value of sovereignty."
He added, "It is not possible to seize the funds of Iraq or any other country, which are debts of goods before the year 1990, as a settlement was agreed upon before 2006, when Iraq issued a bond for large debts of more than 35 billion dollars."
He pointed out, "The issuance of {Iraq 2028} bonds, and so far they are being dealt with, the bonds have reduced the value of debts to 18 billion dollars, and they are repaid over 20 years at an interest rate of 20%."
Saleh stressed that "the United States supports Iraqi economic security and cares about it to a great extent."
The Central Bank of Iraq, announced last July 27, that “the legal authorities in the United States of America confirmed to the Governor of the Central Bank that all the reserves and funds of the bank are fortified and no party can seize them, and also confirmed that they will defend their immunity with the rest of the countries and this cannot be compromised.” reserves".
And the central bank said in a statement that "Iraq will complete during the coming period the full payment of the compensation and benefits accruing from it before 2003, this will lead to the lifting of the international immunity of Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies."
He pointed out that "those legal authorities confirmed that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, and pledged to defend what is available from them in the central banks and banks in other countries."

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  • yota691 featured this topic

Interesting, and what timing as Iraq sells 100 kilos of gold. :moneybag:

Iraq's oil revenue jumps 62% for the first half of 2021 :bagofmoney:

Iraq IS making money :twothumbs:

 

I agree @WheresmyRV? this is huge, the facts are the facts and Iraq is on the verge of becoming a sovereign nation. The news for 2021 has been productive, perhaps not as fast as we wish, but, they are moving in the right direction.  

 

Be patient ladies and gents, no one knows for sure, but we are getting closer :twothumbs:

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