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An Economist Warns Of "Economic Devastation" In Case The "Oil Revenue Account" Is Closed

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An Economist Warns Of "Economic Devastation" In Case The "Oil Revenue Account" Is Closed Empty An Economist Warns Of "Economic Devastation" In Case The "Oil Revenue Account" Is Closed

Post by rocky on Tue 14 Jan 2020, 3:03 am

An Economist Warns Of "Economic Devastation" In Case The "Oil Revenue Account" Is Closed
On January 14, 2020



Independent .. Economic expert, Majed Al-Suri, confirmed on Tuesday that Iraq cannot do without dependence on the "oil revenue account" in the Federal Reserve Bank in New York, indicating the closure of the account means the destruction of the country.
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Al-Suri said in a televised statement, followed by "Al-Mustaqila", that "Iraq has no choice but to rely on the" oil revenue account "at the Federal Reserve Bank in New York, which was approved by a decision of the UN Security Council.
He pointed out that freezing or tampering with this account means destruction to the country and not only to the economy, noting that selling Iraqi oil in the end means transferring money to this account, and if Iraq wants to stop this matter, it will return to what is known as the "Chapter Seven" which will mean that it will take place Country management by the United Nations.
He ruled out the possibility that the Trump administration would resort to such an option with regard to Iraq, but would be used as a pressure card in order to reach settlements between Washington and Baghdad.


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