The condition of the need to review the fund accounts by Accountants public independent let them persist in the International Council for advice and supervision of the UN time Mak.ostnada to the text of Article 20 of the decision earlier, it was the deposit of Iraqi crude oil revenues (and petroleum products and natural gas) exporter or sold to the global market that account, to be deducted 5 percent of those revenues to be deposited in the account of the United Nations Compensation Commission for Kuwait war fund and addressed by the Article 21 of the UN Security Council resolution in the above ..
First: - the sale of oil mechanism and marketing recognizes Sheeran says
on the basis of the above , the Central Bank of Iraq has assumed responsibility since 2003 (the acquisition) Iraqi oil exported to the world markets and in accordance with the mechanism following implementation of the appropriation export of crude oil: -
1. There is a pre-contract signed between the company imported oil, and the Iraqi Oil Marketing Company (SOMO) on the quantities sold.
2. Received by the Central Bank of Iraq (letter of credit LC) of the foreign bank on behalf of the importing company and for the benefit of the Iraqi Oil Marketing Company (SOMO), the amount of first and according to the prevailing price of oil when you open an
It also includes (letter of credit) condition states that the final amount or Alackherellaatmad will undergo to increase or decrease based on the price of a barrel of oil on world markets so when you make the amount of the shipment. Noting that the export of crude oil allocations are deferred payment and sent at least a week before the start of the export.
3.eetm determine the price of a barrel before the maturity of the amount of charge based on the agreed price formula in the contract signed between the two parties (the buyer and the company SOMO) Windos example take Average oil prices for the three ports (Dubai, Oman, Ras Tanura) or a monthly average price of a barrel of oil at hand for a number of other ports
4 for sale. Provide oil marketing company of shipping documents (crude oil shipping) full to the Iraqi Central Bank by the amount of maturity, according to the terms of reliance to be converted to a correspondent bank, which in turn audited the documents to make sure they conform to the terms
Accordingly, the Central Bank of Iraq to send a message SWIFT - SWIFT to the bank correspondent light of the adoption teach him the backing of receipt of shipping documents and it is matching the terms of accreditation and here is the amount required to charge the account open for this purpose in the Federal Reserve Bank in New York, which account (OPRA) oil receipts
account.. 5. Receives Federal Reserve Bank of New York through the oil receipts account referred to above, the full amount in the first subsequent working day to receive the message (SWIFT) sent from the Iraqi Central Bank to the correspondent bank for the company imported
6. Fed deducted proportion (5 percent) of each oil shipment for every barrel of crude oil was exported and in the interest of the United Nations Compensation Fund and transferred to the correspondent (JP MORGAN) and then transfer the amount of 95 percent remaining to DFI account called the Iraq Account (2) the present time. There is another account called Iraq the expense of (1) a special account reserves of the Central Bank of Iraq with the offer that the deductions war reparations Kuwait is (zero percent) currently according to the agreement with the United Nations, Kuwait, until the end of 2017.
7.asud Federal Reserve Bank / New York Central Bank of Iraq to reveal the weekly amounts credited to the account number
as The Central Bank of Iraq For his part, send those statements to the accounting department in the Ministry of Finance is that a final revenue of the treasury. With the offer that oil receipts account in all its details is an open account in the name of the Central Bank Iraqi at the Federal Reserve / New York and in the interest of the Republic of Iraq (Ministry of
Second: - act mechanism financial returns (DFI) previously or the central bank account (2) currently
is the exclusive authority head of the executive authority (prime minister) in issuing payment orders and act money . Custom has been that the message is sent ordered payment signed by the Prime Minister or his nominee in addition to the signature of the Minister of Finance (next to him).
As it sends a payment order Baltoukiein aforementioned to Mr. Governor of the Central Bank of Iraq, and asks where, for example, to transfer an amount (X) US dollar to the Iraqi dinar and restrict what offset by the Ministry of Finance Open account dinar to the Iraqi Central Bank in Baghdad in order to secure the local cash payments to balance in Iraqi dinars, the Central Bank of Iraq here For his part, the withdrawal of foreign currency (account No. 2) and converts it to open his account also the New York Fed (Account No. 1) and recorded for it transfer the equivalent amount in dinars for the Ministry of Finance with the Central Bank of Iraq in Baghdad can Governor of the Central Bank of Iraq to receive the order to pay the last site of the prime minister or his nominee, and the Minister of Finance requesting the transfer of an amount of account number (2) to the Trade Bank of Iraq (TBI) Open with one of its correspondents abroad in order to open letters of credit (LCS) related Bastiradat government goods
Thus, the Central Bank of Iraq, the bulk of accumulating reserves of foreign currency (a cover of the Iraqi dinar) in the account (1 ) and the payment of Maakablh of the Iraqi dinar to the Ministry of Finance open an account with the Central Bank of the Iraqi dinar .ohna achieved a new critical issue in the national currency in the case of foreign currency conversion to the Iraqi dinar .oppema, March the Central Bank of Iraq and his job in this case as a bank to issue the currency
Aloutnah.astnada what progress, noticed that the Central Bank of Iraq tomorrow complex arithmetic operations and financial marketing and management of Iraq's oil revenues on behalf of the Iraqi government and in accordance with the documentary cycle
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