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Monetary policy question
Economical 12/20/2023
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Muhammad Sharif Abu Maysam
There is a question raised about what some media outlets are reporting these days, as the media is talking about negotiations regarding requests submitted by the Iraqi side to the US Federal Reserve to obtain payments of cash deposited in the Federal Reserve’s coffers to finance the movement of exchanges and trades in the Iraqi market or to finance foreign trade according to invoices issued Delaying its disbursement or sometimes rejecting it under conditions restricting disbursement, and it is not clear to the citizen who reproduces these rumors the accuracy of what is being said, which requires clarification to the media by the relevant authorities to enhance public confidence in monetary policy and put an end to these rumors and what is rumored in the media. Tendency regarding the continued custody of Iraqi funds.
Everyone knows that Iraq has regained its natural role after Security Council Resolution 1959 of 2008, but under the Strategic Framework Agreement with the United States, it resorted in the years (2009 to 2013) to the method of protecting funds from commercial creditors by the American government, and because of the circumstances that the country went through. The annual protection request was repeated, the last of which was the request recommended by the Ministerial Economic Committee on May 22, 2013.
In 2014, the reserves of the Central Bank of Iraq reached about 80 billion dollars. At that time, the President of the United States of America, Barack Obama, decided to lift the immunity granted to the Development Fund for Iraq and private property belonging to the Iraqi government abroad, and attributed the reason to the development taking place in the Iraqi government’s capabilities to manage The consequences accompanying the debts incurred by the previous dictatorial regime.
Since then, Iraq has managed its money independently, while media data reveal to us obligations and requirements related to international agreements and treaties, suggesting that the management of the financial and monetary file is related to external wills. What reinforces the content of these data are the statements related to Iraqi requests to the US Federal Reserve and the US Treasury to meet the request. Cash shipments for 2024.
Yes, the international financial system, in light of the war in monetary currencies, and similarly to electronic currencies in a turbulent world full of conflicts and international interests, has the advantage of the power of the powerful, which is formed by dominating modern payment tools and mechanisms based on electronic technologies, which sometimes limit and sometimes interfere in the affairs of the financial and monetary policies in countries in the context of... Its control over the global banking system, and here the banking rule that says that property rights are always creditor in nature may fall, because how can the debtor control the creditor?
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