Fouad Hussein announces Iraq's exit from Chapter VII

[6ly410]

Who put Iraq's money with the US Federal Bank? A legal expert answers

2023.01.27 - 23:30

Who put Iraq's money with the US Federal Bank? A legal expert answers (nasnews.com)

  

Baghdad - Nas  

Legal expert and lawyer Habib Abed spoke on Friday about Iraq's money at the US Federal Bank.  

 

  

Abed said in a blog post followed by "NAS" (January 27, 2023), that "Security Council Resolution 1483 was issued on 22/5/2003, which lifted the economic embargo on Iraq and returned it to its pre-1990 situation, which was one of the paragraphs of the resolution establishing the Development Fund for Iraq to deposit Iraq's funds from the export of oil, gas and other needs, and this decision gave the authority to manage the fund to the coalition authority that governs Iraq."  

  

He added: "The funds and the fund were given the immunity of the United Nations against the demands and debts owed by Iraq, provided that observers and accountants are appointed by the United Nations and the World Bank to disburse oil revenues to the needs of the Iraqi people and deposit 95% for this purpose and 5% for the Kuwait Liberation War Compensation Fund."  

  

He added that "on 15/6/2003, Order 2 was issued by the Director of the Coalition Authority, Paul Bremer, who deposited the funds of the Development Fund for Iraq with the US Federal Bank in New York and the funds are under his direct management and a director appointed to manage the Central Bank of Iraq in cooperation with the Federal Bank."  

  

He also added: "On 15/12/2010, Resolution 1956 was issued by the Security Council, which ended the existence of the Development Fund for Iraq at the request of the Iraqi government through a letter from the Prime Minister, Mr. Nouri Al-Maliki, and the end of control, immunity and supervision of the Central Bank of Iraq, which renewed the agreement with the Federal Bank to keep the Iraqi funds with him, provided that the authority of the funds and their management by the Central Bank of Iraq, but on the terms and transparency of the Federal Bank of America."  

  

He pointed out that "on 23/12/2021) that "the last remaining installment of compensation to the State of Kuwait, worth $ 44 million, was paid out of a total of $ 52.4 billion, and thus Iraq, more than 31 years after its invasion of Kuwait, has completed the full payment of the amount of compensation approved by the United Nations Compensation Commission of the United Nations Security Council, under Resolution 687 of 1991."  

According to the Iraqi expert, on the same day, the UN Security Council unanimously issued a "resolution formally ending the mandate of the United Nations Special Commission on Compensation for Damage Resulting from Iraq's Invasion of Kuwait in 1990," which was established in May 1991 by UN Security Council Resolution 692, and was responsible for administering Iraq's financial compensation, which deducted 5% of its revenues from sales of oil, petroleum products and natural gas.  

  

He said that "thus Iraq comes out of the procedures of Chapter VII of the Charter of the United Nations, which has been subject to it since 1990, and thus Iraq is not indebted to any party under a UN resolution issued by the Security Council and its funds are not subject to claim and pursuit as rumored by some and has nothing to do with the US Federal Bank to provide immunity for Iraqi funds deposited with it, but there is an agreement of the Iraqi government with the Federal Bank in depositing these funds since the first decision of the civilian governor Paul Bremer to the last prime minister. "  

[yota691]

Who put Iraq's money in the US Federal Bank? Legal expert answers

2023.01.27 - 23:30

 

Baghdad - Nas  

On Friday, legal expert and lawyer Habib Abd spoke about Iraq's funds at the US Federal Bank.  

  

 

  

And Abed said in a post followed by “Nass” (January 27, 2023), that “Security Council Resolution 1483 was issued on May 22, 2003, which lifted the economic embargo on Iraq and restored it to its pre-1990 status, which was one of the paragraphs of the decision to establish the Development Fund for Iraq.” To deposit Iraq's money from the export of oil and gas and other needs, and this decision gave the authority to manage the fund to the coalition authority that governs Iraq.  

  

Adding: “The money and the fund gave the United Nations immunity against the claims and debts owed by Iraq, provided that observers and accountants are appointed by the United Nations and the World Bank to spend oil revenues for the needs of the Iraqi people and deposit 95% for this purpose and 5% for the Kuwait Liberation War Compensation Fund.”  

  

And he continued, "On 15/6/2003, Order 2 was issued by the Director of the Coalition Authority, Paul Bremer, who deposited the funds of the Development Fund for Iraq at the US Federal Bank in New York, and the funds are directly under his management and a director appointed by him to manage the Central Bank of Iraq in cooperation with the Federal Bank."  

  

He also added, "On 12/15/2010, Resolution 1956 was issued by the Security Council, which ended the existence of the Development Fund for Iraq at the request of the Iraqi government through a letter from the Prime Minister, Mr. Nuri al-Maliki, and ending control, immunity, and supervision of the Central Bank of Iraq, which renewed the agreement with the Federal Bank." To keep the Iraqi funds with him, provided that the authority and management of the funds is by the Central Bank of Iraq, but on the terms and transparency of the US Federal Bank.  

  

And he pointed out that "on 12/23/2021) that" the last remaining payment of compensation from the State of Kuwait, amounting to 44 million dollars, was paid out of a total of 52.4 billion dollars. Thus, Iraq, after more than 31 years of its invasion of Kuwait, has completed its full payment. The amount of compensation approved by the United Nations Compensation Commission of the UN Security Council, pursuant to Resolution 687 of 1991.  

According to the Iraqi expert, on the same day, the UN Security Council unanimously passed a "resolution that formally terminated the mandate of the United Nations Special Committee on Compensation for Damages Resulting from Iraq's Invasion of Kuwait in 1990," and this committee was established in May 1991 by Resolution No. 692 of the Council. International Security, and was responsible for managing the financial compensation owed by Iraq, which used to deduct 5% of its revenues from sales of oil, petroleum products, and natural gas.  

  

He said, "Thus, Iraq exits the procedures of Chapter VII of the Charter of the United Nations, to which it has been subject since 1990, and thus Iraq is not indebted to any party according to a UN resolution issued by the Security Council, and its money is not subject to claim and pursuit, as is common among some, and the US Federal Bank has nothing to do with providing Immunity for the Iraqi funds deposited with him, but there is an agreement between the Iraqi government and the Federal Bank to deposit these funds, from the first decision of the civil governor, Paul Bremer, to the last prime minister.  

[Mary B]

The strategic agreement and the international chapter VII allow Iraq to request assistance from America regarding the rise in the dollar

 

January 29, 2023

Baghdad / Obelisk: The legal expert, Ali Al-Tamimi, spoke on Saturday, January 28, 2023, about legally resolving the problem of the high exchange rate of the dollar.

Al-Tamimi said, in a statement to Al-Masalla, that the US federal measures led to an increase in the price of the dollar, and this affected the economic security in the country, indicating that the current government can request from the United States of America, according to Article 27 of the strategic agreement between Iraq and America for the year 2008, to request economic assistance. Attached to this are the measures taken by the new government in terms of investigation and administrative replacement of the Central Bank Governorate.

He added that Article 50 of the Charter of the United Nations allows countries that fight organizations placed under Chapter VII to request economic assistance from the Security Council, noting that the ISIS file falls under Chapter VII according to Security Council Resolution 2170 of 2014 … and countries such as Britain and France have expressed their willingness to help Iraq.

In Iraq, the Iraqi dinar fell against the high exchange rate of the dollar.

The rise in dollar prices disrupted the commercial movement in the local markets, which contributed to the rise in food and consumer prices, especially in the wholesale markets.

The Iraqi government tried to control this rise and launched a series of measures, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.

The writer, Adnan Abu Zeid, attributes the currency collapse to political factors, saying: Every political system has its price in dollars, and every regional role has its price.

And he added: Bowing down is not promised by wars and sieges, but rather by humiliating the currency.

And he considered that the currencies of the Gulf are high, not because of oil, but because they are a close friend of the dollar.

And Bloomberg newspaper said in a report that the Federal Reserve knows how to raise interest rates, so that the dollar escapes from the rioting countries, and its currency falls to the bottom.

 

https://almasalah.com/archives/39396

 

[6ly410]

Three scenarios await'

UAE report: 3 reasons that prompted Washington to move on the dollar in Iraq

2023.01.30 - 19:24

UAE report: 3 reasons that prompted Washington to move on the dollar in Iraq (nasnews.com)

 

l

 

Baghdad - Nas  

A report published by the EPC confirmed that although negotiations between the US Federal Reserve and the Central Bank of Iraq to fix the currency sale window and stop the widespread fraud and smuggling operations in it are not new, the activation of the new controls came in the context of three variables and there are three scenarios looming on the horizon of the current exchange rate crisis.  

  

  

  

The report published by the Emirates Policy Center and affiliated with NAS (January 30, 2023) indicated that the US Federal Reserve has influence over the flow of dollars to Iraq by virtue of the fact that deposits of Iraqi exported oil go mostly to a special account belonging to the Iraqi Ministry of Finance in the United States, after Iraq was subject to international sanctions in the past, and the United States sought to link the Iraqi economy closely to the dollar after the US invasion in 2003.  

  

The report stated that the US Federal Reserve was granted discretionary power to control the flow of the US currency to Iraq, an authority that the United States did not abuse during previous years, although talk about major violations that occur in the process of selling the US dollar in Iraq dates back to several years ago, but the value of the Iraqi dinar began to decline against the dollar last November with the entry into force of some new auditing procedures developed by the US Federal Reserve in cooperation with the Central Bank of Iraq Implementation.  

  

Three variables created the crisis:  

The report pointed out that the new banking controls and the establishment of an electronic platform came in the context of three variables:  

First, the U.S. government, specifically the Treasury Department, has escalated sanctions on Iran amid stalled nuclear negotiations and repression against Iranian protesters, including sanctioning individuals associated with the Quds Force and Lebanese Hezbollah active in fuel smuggling, and increasing control over the movement of money going to Iran.  

  

Second, the disclosure of what has become known in Iraq as the "theft of the century", which is the major financial scandal that resulted from the theft of more than two and a half billion dollars of the Iraqi Tax Authority's funds, which also revealed a wide network of businessmen, politicians and government officials, which drew attention again to the extent of corruption in Iraq and the extensive smuggling and manipulation of its funds and protected by governmental, parliamentary and judicial complicity.  

  

Third, the formation of a government affiliated with the "Coordination Framework" controlled by parties close to Tehran, in which armed factions and factions have wide influence, which makes them able to influence the government's financial and economic decisions, as was evident, for example, in the decision to form the "Engineer Company" of the Popular Mobilization Committee.  

  

It is difficult to say that none of these variables played a direct role in the tightening of measures, but they contributed to some extent to accelerating the implementation of new controls or at least strengthening their justification.  

  

Possible scenarios  

The UAE report stressed the possibility of predicting the following three scenarios for the course of the crisis of the rise of the dollar rate in Iraq:  

The first scenario, the rise of the dollar rate stopped under the influence of the measures taken by the Iraqi government, and due to negotiations between the Iraqi and American sides, which may result in a mechanism to ease or facilitate controls, and this will later allow the exchange rate to decline to approach its previous rates. But such a possibility is also related to the nature of the relationship between Baghdad and Washington, and whether the Sudanese government will succeed in winning Washington over and softening the public perception that it is subject to Tehran's influence, and what this means by strengthening al-Sudani's alliance with Maliki at the expense of his alliance with Asaib Ahl al-Haq and organizations close to Iran.  

  

The second scenario is the continued rise of the dollar due to the failure of banks and traders to adapt to the new controls, the continued tightening of the US Federal Reserve, and the failure of the Sudanese to convince the US side to show greater flexibility in this file. This would deepen the country's economic crisis, create greater societal pressure on Sudani's government, and may accelerate a new wave of protests, but it could also strengthen the influence of extremist currents in the "coordination framework" and demands for more radical measures to reduce the influence of the US Federal Reserve over the financial and banking system in Iraq.  

  

The third scenario is the continuation of the state of instability in the exchange rate of the dollar, up and down, and for a long time affected by the course of the market, currency speculation, indecisiveness in the application of the new controls, or the failure to reach a final and clear settlement between the Iraqi and American sides.  

  

Conclusions  

The report concluded that the crisis of the rise in the price of the dollar in Iraq represents the biggest challenge facing the Sudanese government since taking office, a challenge to its basic program, through which it defined itself as a government focused on economic reform, improving services, and raising the standard of living of citizens. At the same time, the crisis represents an opportunity for Sudani to proceed with fundamental reforms in the financial and banking sector, especially towards modernizing and automating it and ridding it of the dominance of financial mafias and the parallel economy. On the other hand, it may make it easier for him to market his moderate approach to relations with the United States, and to resist the pressures of hardline parties in the "coordination framework" and the Iranian pressure behind them, by taking advantage of the growing awareness of the influence that the United States still has over the Iraqi economy.  

  

He stressed that the outcome of this crisis may determine the political future of Sudani, as its exacerbation and out-of-control may push the parties to the "Coordination Framework" to abandon its support and turn it into a scapegoat, especially if the crisis leads to the escalation of popular anger and the outbreak of new demonstrations. 

[rvmydinar]

How will end the battle between dollar and the dinar are just rv'ing the IQD at least 1:1. Period.

[BETTYBOOP]

Does anybody actually think that the US Government will tell them to rv now or be left behind? Would be nice to think they would. 

[rvmydinar]

5 hours ago, BETTYBOOP said:

Does anybody actually think that the US Government will tell them to rv now? 

Nope. Never.

[yota691]

The Independent: US measures to restrict the dollar anger the Iraqis

• Today 16:25

Information/translation... 

The Iraqi currency has declined in recent weeks, largely as a result of newly imposed US measures that restricted dollar transfers from the United States to Iraq, which is now feeling the crisis with the devaluation of the currency and the growing public anger in the country. 

A report by the British newspaper The Independent stated in a report translated by Al-Maalouma agency that "the exchange rate of the Iraqi dinar jumped to more than 1,700 dinars per dollar in the exchange process in the Iraqi street, compared to the official price of 1,460 dinars per dollar." 

He added that "the currency devaluation has already sparked popular protests, while analysts said that if it continues, it may challenge the mandate of the government that was formed in October after a political deadlock that lasted a year."

He continued, "The deterioration of the Iraqi dinar comes at a time when foreign currency reserves have reached an all-time high of about $100 billion, driven by high global oil prices that have led to increased revenues for the oil-rich country."

The report stated that, "Since the US invasion of Iraq in 2003, Iraq's foreign exchange reserves have been placed in the United States Federal Reserve, which gives Americans great control over Iraq's supply of dollars. The Central Bank of Iraq requests dollars from the Federal Reserve and then sells them to commercial banks and exchange centers at a price The official exchange is through a mechanism known as the "dollar auction".

And the report indicated that, "ostensibly and according to this system, the vast majority of dollars sold in the auction are intended to purchase goods imported by Iraqi companies, but the system has long been vulnerable to abuse and easy to misuse, according to what many Iraqi banking officials and politicians said." ". 

Over the years, large amounts of dollars have been transferred out of the country to Turkey, the UAE, Jordan and Lebanon through “gray market trading, using fake bills for expensive items, and these inflated bills have been used to launder dollars,” said a financial advisor to the Iraqi prime minister who declined to be identified. . 

And the report continued, “Among other steps, at the request of the United States, the Central Bank of Iraq began using an electronic system for transfers that required entering detailed information on the intended final recipient of the required dollars.” The Federal Reserve accepted the application of the new system, and this system began to reject remittances and bills that the Central Bank used to approve, as 80 percent of bank transactions were rejected. 

For his part, "a spokesman for the Federal Reserve in New York declined to discuss the specific measures taken with regard to Iraq. But the Fed said in a statement that it enforces a "strong compliance regime" for its accounts." 

It is noteworthy that "the system for keeping Iraqi oil revenues in the Federal Reserve Board was originally imposed by UN Security Council resolutions after the overthrow of Saddam's regime in Iraq in 2003 due to the US-led invasion. Later, Iraq chose to maintain the system to protect its revenues from lawsuits." potential lawsuits, particularly with regard to Iraq's invasion of Kuwait in the 1990s." End/ 25 zd

[6ly410]

The Independent: US measures to restrain the dollar anger Iraqis

• Today 16:25
• The Independent: US measures to restrict the dollar anger Iraqis | Information (almaalomah-me.translate.goog)

Information/translation...

Iraq's currency has fallen in recent restricted weeks largely as a result of newly imposed US measures that have dollar transfers from the United States to Iraq, which is now feeling in crisis as the currency depreciates and popular anger grows in the country.

A report by the British newspaper The Independent said in a report translated by the agency / Information / that "the exchange rate of the Iraqi dinar jumped to more than 1700 dinars per dollar in the process of exchange in the Iraqi street compared to the official rate of 1460 dinars per dollar.

"The devaluation has already sparked popular protests, with analysts saying that if it continues, it could challenge the mandate of the government formed in October after a year-long political deadlock," he said.

He continued, "The deterioration of the Iraqi dinar comes at a time when foreign currency reserves have reached an all-time high of about $100 billion, driven by high global oil prices that have led to increased revenues for the oil-rich country."

The report stated that, "Since the US invasion of Iraq in 2003, Iraq's foreign exchange reserves have been placed in the United States Federal Reserve, which gives Americans great control over Iraq's supply of dollars. The Central Bank of Iraq requests dollars from the Federal Reserve and then sells them to commercial banks and exchange centers at a price The official exchange is through a mechanism known as the "dollar auction".

Mostly, the vast majority of dollars sold at auction are aimed at buying goods imported by Iraqi companies, but the system has long been porous and easy to abuse, according to several Iraqi banking and political officials.

A financial advisor to the Iraqi prime minister, who declined to be identified, said that for years, large amounts of dollars were transferred out of the country to Turkey, the UAE, Jordan and Lebanon through "gray market trading, using forged invoices for expensive items, and these inflated bills were used to launder dollars.

And the report continued, “Among other steps, at the request of the United States, the Central Bank of Iraq began using an electronic system for transfers that required entering detailed information on the intended final recipient of the required dollars.” The Federal Reserve accepted the application of the new system, and this system began to reject remittances and bills that the Central Bank used to approve, as 80 percent of bank transactions were rejected. 

For his part, "a spokesman for the Federal Reserve in New York declined to discuss the specific measures taken with regard to Iraq. But the Fed said in a statement that it enforces a "strong compliance regime" for its accounts." 

The Federal Reserve's system of holding Iraq's oil revenues was originally imposed by UN Security Council resolutions after Saddam's regime was toppled in Iraq in 2003 due to the US-led invasion. Later, Iraq chose to maintain the system to protect its revenues from potential lawsuits, particularly in connection with Iraq's invasion of Kuwait in the nineties." Finished/ 25 Z

[tn vol]

Are the news sources, Noun Agency, usually pretty reliable?

[6ly410]

Ihsan Al-Shammari affirms the ability of the state and the Central Bank to control official financial transactions / expanded

Saturday 04 February 2023 10:54 | EconomicalNumber of readings: 296

Ihsan Al-Shammari confirms the ability of the state and the Central Bank to control official financial transactions / expanded (ninanews-com.translate.goog)

Baghdad / NINA / - The head of the Center for Political Thinking, Ihsan Al-Shammari, affirmed the ability of the Iraqi state and the Central Bank of Iraq to control official financial transactions in the country.

Al-Shammari said in a statement to the National Iraqi News Agency / NINA /: "The Central Bank of Iraq is responsible before the US Federal Bank in relation to transfers and reliance on the new foundations and standards in the issue of financial transfers that Iraq needs in the import issue at the level of the government and private sectors," pointing to : "The issue of the dollar is linked to compliance with the international standards set by the US Federal Reserve in full."

He explained: "The challenge facing the government in the smuggling process is summed up in what is known as flying boxes, that is, smuggling dollars through some Iraqi airports or land truck boxes through official and unofficial outlets, and here lies the government's ability to control the dollar outside the context of official and unofficial transfers." official.”

He pointed out: "The government's responsibility and the challenge before it is represented in controlling the border crossings with new technical capabilities, blocking smuggling routes at unofficial crossings and eliminating smugglers, and if it succeeds in this matter, it will greatly control the movement of the dollar and its price." /
 

[screwball]

27 minutes ago, 6ly410 said:

the exchange rate is related to the procedures and transactions of the Central Bank, and there is another procedure that determines the country's imports in Iraqi dinars by adopting the exchange rate fixed on the budget law."

Hmmmm….

[screwball]

29 minutes ago, 6ly410 said:

activating the economic movement in the country in terms of activating the investment side and other matters."

He added that "the exchange rate is related to the procedures and transactions of the Central Bank, and there is another procedure that determines the country's imports in Iraqi dinars by adopting the exchange rate fixed on the budget law."

I like this….

[yota691]

Economist: All oil revenues reach the Federal Bank before they are sent to Iraq

 21 hours ago

404

 

Economic expert Nasser Al-Kinani confirmed today, Friday, that all oil revenues come to Iraq through the US Federal Bank, pointing out that the bank has authority over the dollar and is aware of all financial transfers of this currency.

Al-Kinani said in a press interview seen by “Takadum” that “the US Federal Bank has complete control over the Iraqi oil revenues, as Iraqi oil is not sold except through this bank so that the revenues are placed inside it.”

He added, "All money transfers are subject to the control and authority of the Federal Bank, and any defect that occurs in it, the transfer stops and is rejected, which confirms the control of this bank over the dollar for Iraq."

And he indicated that "Iraq cannot receive oil imports directly from oil-importing countries, especially since it is sold in dollars, and this currency is not owned by Iraq, but rather belongs to the United States and the Federal Bank, which imposes its authority on this currency and follows up on its transfers and circulation in other countries."

[yota691]

Iraq's account at the US Federal Reserve Bank..the full story

• Mohammed Al-Badr 
• Today 16:43

Mohammed Al-Badr

Books / Muhammad Al-Badr ||

What is the most important decision that the Iraqi state can take after 2003?

This decision is to go to open accounts to receive the money from the sale of oil and to be distributed over several countries, and not to keep the only account with the US Federal Reserve.

This decision will be similar to the decision to nationalize oil in importance and need.

Those who say that Iraq cannot do that are lying to us. This saying is a justification for the helpless, and an excuse for those who are afraid of taking a decision of this magnitude.

The subject of sanctions and Chapter VII is a fabricated story, a ridiculous story that does not exist and is not possible in any way, simply because Iraq today does not pose any threat to its surroundings and the world, and the provisions of Chapter VII require the vote and approval of the UN Security Council, which means impossibility in the current international circumstances. And before all this, there is nothing that calls for such behavior, as the Iraq of today is not the Iraq of 1990, nor is the international circumstance itself.

And the issue of protecting funds is no less absurd than the previous topic.

The truth is that Iraq is no longer obligated to receive its financial revenues from the sale of oil at the US Federal Reserve.

Nothing but hesitation and not having enough courage prevents Iraq from opening other accounts with banks in China, France, Britain or any other country, in which the money from the sale of oil is deposited.

Diversifying accounts protects Iraq from the volatility of the global political situation and American blackmail.

The story of the Fed account is that the UN Security Council adopted Resolution No. 687 under Chapter VII of the United Nations Charter in 1991.

This decision (obligates Iraq to pay compensation to Kuwait in the amount of $52.4 billion).

These compensations are taken from the money from the sale of oil according to a specific percentage and are transferred directly to Kuwait.

In 2003, the Security Council created the Iraqi Fund for Development in Resolution 1483 and imposed, according to this resolution (that the receipt of oil revenues be in a single account with the Federal Reserve in New York).

The function of this account is to “deduct a share of the oil revenues at a specified percentage and transfer it to an account supervised by the Compensation Committee,” then transfer the rest to an account for the Iraqi Ministry of Finance.

On December 15, 2010, the Security Council adopted its Resolution No. 1956, which stipulates (terminating the Iraqi Fund for Development system in 2011), meaning that Iraq is no longer tied to the US Federal Account, and it can open any account, in any country it wants.

Thus, any texts restricting Iraq to receiving oil revenues in a single account with the US Federal Reserve were cancelled.

The Security Council had no choice but to continue Iraq to pay compensation to Kuwait.

On February 22, 2022, the UN Security Council adopted Resolution No. 2621 to liquidate the compensation account and (close it after Iraq fulfilled all its financial obligations, and thus the Compensation Committee was dissolved and the file closed forever).

Iraq’s need and obligation to this account ended in 2011, and the compensation ended in 2022, and any intimidation that opening accounts in other banks exposes it to confiscation due to companies and countries filing compensation claims. It is a miserable story, because Iraq already has accounts in specific countries whose mission is to facilitate the transfer of funds and the payment of obligations Iraq is like our bank account with the Emirates, and compensation is only done after lawsuits, evidence, and decisions are issued by specialized international bodies, not local ones.

Countries are not charitable organizations, and of course there will always be hostility and targeting, whether from America or others, but in any case, the risk of opening several accounts is much less than the risk of keeping the country's currency and economic stability at the mercy of the American decision.

[yota691]

Parliamentary Finance reveals the results of the Iraqi delegation's visit to Washington

• Feb 18 08:57

Information / Baghdad .. 
Member of the Parliamentary Finance Committee, Faisal Al-Naeli, revealed, on Saturday, the results achieved by the Iraqi delegation during his visit to Washington, noting that the delegation discussed with Washington lifting the restrictions imposed by the US Federal Bank on Iraq. 
Al-Naeli said in an interview with Al-Maalouma agency, that "the Iraqi delegation's visit to Washington came to come to an understanding about the dollar crisis," adding that "the delegation discussed with Washington lifting the restrictions imposed by the US Federal Bank on Iraq," and pointed out that "the negotiations reached multiple agreements. 
" This led to the Iraqi government being able to reduce the dollar in the last period. 
He continued, "The Federal Bank's actions restricted the movement of the dollar and delayed money transfers from the Central Bank to banks abroad." 
Ali Al-Fatlawi, a member of the Al-Fatah Alliance, accused the US of playing on the economy's chord in order to achieve and implement its policies, pointing out that America is behind raising the value of the dollar currency in the Iraqi markets in order to achieve its goals. End / 25 h

[divemaster5734]

1 hour ago, yota691 said:

Parliamentary Finance reveals the results of the Iraqi delegation's visit to Washington

• Feb 18 08:57

Information / Baghdad .. 
Member of the Parliamentary Finance Committee, Faisal Al-Naeli, revealed, on Saturday, the results achieved by the Iraqi delegation during his visit to Washington, noting that the delegation discussed with Washington lifting the restrictions imposed by the US Federal Bank on Iraq. 
Al-Naeli said in an interview with Al-Maalouma agency, that "the Iraqi delegation's visit to Washington came to come to an understanding about the dollar crisis," adding that "the delegation discussed with Washington lifting the restrictions imposed by the US Federal Bank on Iraq," and pointed out that "the negotiations reached multiple agreements. 
" This led to the Iraqi government being able to reduce the dollar in the last period. 
He continued, "The Federal Bank's actions restricted the movement of the dollar and delayed money transfers from the Central Bank to banks abroad." 
Ali Al-Fatlawi, a member of the Al-Fatah Alliance, accused the US of playing on the economy's chord in order to achieve and implement its policies, pointing out that America is behind raising the value of the dollar currency in the Iraqi markets in order to achieve its goals. End / 25 h

I've lost count of how many times I've read about negotiations with the US Government lifting the restrictions and allowing the Dinar to finally pop it's RV.

Was sure the "Village Idiot" would pull it off, just to follow his daddy's feat with Kuwait. 

Spent so many hours scrapping info from announced budgets, analyzing the cost of the planned infrastructure projects, new refineries, and multi-national agreements.

Weeks worth of time to ground up estimate the cost for new communities of massive apartments and homes, converting to the currency NPV to try and discover their EV and deduce the expected Dinar value to accomplish.

Only to then have Brandon as VP, or Kerry, make a series of trips to Iraq, watch as the Iraq political structure self-destructed, etc., etc.

The articles today inspires a reserved glimmer of potential, for absolutely no other reason than FJB is so desperate for the adulation he believes he has been due throughout his 50 years of treasonous grifting of America, that he may actually endorse an RV.

While I would love to see that as I still have a sizeable horde of Dinars, I've come to realize that there are some very bad actors out there whom have been sitting on many billions that would instantly be insanely wealthy.

How many of you have own and operated a business with employees?

I closed my firm December, 2021, that I ran for fifteen years.

I've had hundreds of employees over that time.

You can take the most responsible, productive, and well respected individual, hand them a new title, a little more money, and they can instantly become someone you've never met.

I've seen it time and time.

Look at all the lottery winners that are dead broke in record time.

I shudder to imagine what a nation full of third grader educated adults with the oppressive sixth century religious indoctrination they've been raised with, would do if they were suddenly in possession of even $50M USD.

I'm sure some will take offense to this, but an Iraq RV could trigger a global nuclear meltdown.

Honestly, I'm holding onto mine as much for the fond memories of the spirited discussions we used to have as for anything else.

Thanks for the article Yota, you are an asset to all.

 

[yota691]

American Institute: The United States is putting pressure on Iraq economically

• Today 17:46

information/translation. 

A report by the American Atlantic Council Institute confirmed that the American pressure on Iraq to implement the financial measures of the Federal Bank related to the external payments of the Central Bank of Iraq had a detrimental effect on the daily currency selling quantities window known as the dollar auction. 

The report, which was translated by the information agency, stated that "the decline in the dollar auction as a result of US pressure against the continued high demand for the US dollar led to an imbalance in supply and demand, and thus to a decrease in the price of the Iraqi dinar against the US dollar, as this ignited a storm of controversy." 

He added, "The US Federal Bank, under the pretext of smuggling dollars, restricted Iraq's use of its oil revenues, but the Iraqi government and the Central Bank of Iraq then introduced a series of measures to create local demand for the Iraqi dinar and accelerate the adoption of banking services in the economy - which are decisive measures to remove the dollar from the economy and accelerate its development." Far from the dominance of criticism. 

And the report indicated that "the devaluation of the Iraqi currency against the dollar, which leads to increases in local prices by amplifying the effects of the upcoming expansionary budget of the government, moreover, it will have significant long-term effects on the financial situation of Iraq, which may lead to an exacerbation of structural imbalances, and thus exposure to external shocks. 

The report stated that “US federal treasury measures, unlike the old ones, require the central bank to fully disclose details of cross-border payments, including those of the final beneficiary and sender, before the payment takes place. The Central Bank of Iraq in US dollars. 

And he stated, "The 63 percent decrease in average daily transfer volumes - consisting of wire transfers and letters of credit - was only the result of most wire transfers being rejected by the new procedural requirements of the US Treasury." 

The report pointed to three main important factors to get rid of this process, which are the modernization of outdated bureaucratic, paper-based government processes; increasing the adoption of banking in the economy by accelerating its development away from the dominance of cash; And strengthening new government measures to remove the dollar from the economy.” End / 25 z

[yota691]

This article won't copy to paste is date back in Dec 14, 2022 pretty interesting read...

 

A clearer picture of the exchange rate..Washington is planting a guard on the Iraqi Dollar

[coorslite21]

On 3/19/2023 at 9:03 PM, yota691 said:

This article won't copy to paste is date back in Dec 14, 2022 pretty interesting read...

 

A clearer picture of the exchange rate..Washington is planting a guard on the Iraqi Dollar

Bump.....Thanks Yota!

[yota691]

Kuwait signs contracts worth $1.7 billion to rehabilitate the soil from the effects of the Iraq invasion

 

Inside an oil field

 October 18, 2023 11:57 AM

Kuwait - Mubasher: Kuwait Oil Company signed contracts worth $1.73 billion from 2013 until September 2023; To rehabilitate the soil in oil fields from the effects of the Iraqi invasion, according to what a document showed .

Last year, Iraq completed paying $52.4 billion; To compensate individuals, companies and governments who have proven that they suffered damage due to the invasion and occupation of Kuwait in 1990.

This comes in the wake of the United Nations Compensation Commission, which was formed by the United Nations Security Council after the 7-month occupation, receiving a portion of the proceeds from oil sales. It approved 1.5 million applications that met the conditions, and their owners received $52.4 billion. According to Reuters.

The value of the largest claim approved was $14.7 billion, and was in favor of the Kuwait Petroleum Corporation, which is affiliated with the Kuwait Oil Company. Damage resulting from Iraqi forces setting fire to oil wells .