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[size=36]Sudanese advisor explains the mechanism for recovering looted and frozen funds outside Iraq[/size]
Economie| 06:49 - 02/28/2023
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Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Tuesday, the size of Iraq's reserves of foreign currency and monetary gold, and while he indicated that the management of foreign reserves is subject to international standard investment guides, he clarified the mechanism for recovering looted and frozen funds outside Iraq.
Saleh said, to the official agency, followed by Mawazine News, that "Iraq's reserves of foreign currency have reached their highest levels in Iraq's financial history and have now touched 115 billion US dollars," stressing that "the monetary authority in Iraq has high efficiency in the issue of managing reserves." .
He added, "
He stated, "About half of the amount of reserves is in the currency of the United States of America (US dollar), and a high percentage of the country's dollar reserves is being invested in safe financial instruments, most of which are short-term United States Treasury bonds, which carry interest of more than 4% annually, currently on average, and have a very advanced credit rating." And it can be converted into liquid dollars immediately, when needed.
And he stated, "The management of foreign reserves is all subject to international standard investment guides issued by multilateral international financial institutions, within the framework of managing an optimal investment portfolio that avoids risks, the most important of which is avoiding legal risks and the risks of fluctuations in exchange rates, interest rates and other operational risks."
He continued by saying: “The rest of the remaining foreign reserves, which are 50% (except for the dollar), are deposited with reliable European global central banks and a global monetary institution, and in currencies such as the pound sterling, the European euro, the Chinese yuan, the Japanese yen, and the currency of the International Monetary Fund called special drawing rights units, in addition to gold.” Cash in excess of 132 tons of gold or more as officially declared and deposited in safe global gold vaults.
He pointed out, "There are reinforcements in foreign exchange for Iraqi private banks in US dollars, and they are made through the window of the Central Bank of Iraq and the current compliance platform, and are deposited with private bank correspondents in banks abroad, and they are intended to cover documentary credits or documentary transfers for the purposes of financing private trade in goods." And services, as well as payment of electronic payment card dues, in addition to the deposits of the Iraqi Trade Bank with its correspondents, which is concerned with opening external credits to finance foreign trade for government imports.
He continued, "All of these external deposits are moving balances, and their average is no less than $12-15 billion."
At the same time, regarding the frozen Iraqi funds, he indicated that "the pursuit of the Iraqi state's funds that date back to the time of the former regime or the operations of encroaching on public money as a result of corruption after the year 2003 are all subject to the provisions of Law No. 7 of 2019, which is the amended money recovery fund law that is currently administered." From a board of directors headed by the head of the National Integrity Commission, which takes recovery decisions according to legal and administrative work mechanisms, in cooperation with the state’s oversight agencies.
He explained, "The fund's management is responsible for providing the House of Representatives with periodic reports on its follow-ups in recovering public money, especially outside the country."
He pointed out, "Article 14 of Law No. 7 of 2019 obligated the government, when concluding investment or economic agreements with any country that has funds for Iraq, to include the provisions of the Money Recovery Law, including funds that fled after 2003 due to corruption operations."
Regarding China's influence on the world economy and the central bank's decision to finance imports from it in yuan, he explained that "China has contributed to lowering levels of consumer basket prices in the world and has led price stability in the world during the last two decades, due to its high competition and the invasion of its goods into world markets at low prices, generating movement It is called (disinflation or moderation of growth in prices around the world).
He added, however, by saying: "China is still the subject of a complaint and dispute before the World Trade Organization due to its fierce competition, which has reached the point of commodity dumping, which caused a drop in prices globally to indicate whether it is a result of the efficiency of the Chinese economy or as a result of the devaluation of the Chinese currency to the extent that its goods invaded the world's markets." Noting that “equipment from the Chinese market is still the cheapest compared to other world markets.” Ended 29/M99
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Tuesday, the size of Iraq's reserves of foreign currency and monetary gold, and while he indicated that the management of foreign reserves is subject to international standard investment guides, he clarified the mechanism for recovering looted and frozen funds outside Iraq.
Saleh said, to the official agency, followed by Mawazine News, that "Iraq's reserves of foreign currency have reached their highest levels in Iraq's financial history and have now touched 115 billion US dollars," stressing that "the monetary authority in Iraq has high efficiency in the issue of managing reserves." .
He added, "
He stated, "About half of the amount of reserves is in the currency of the United States of America (US dollar), and a high percentage of the country's dollar reserves is being invested in safe financial instruments, most of which are short-term United States Treasury bonds, which carry interest of more than 4% annually, currently on average, and have a very advanced credit rating." And it can be converted into liquid dollars immediately, when needed.
And he stated, "The management of foreign reserves is all subject to international standard investment guides issued by multilateral international financial institutions, within the framework of managing an optimal investment portfolio that avoids risks, the most important of which is avoiding legal risks and the risks of fluctuations in exchange rates, interest rates and other operational risks."
He continued by saying: “The rest of the remaining foreign reserves, which are 50% (except for the dollar), are deposited with reliable European global central banks and a global monetary institution, and in currencies such as the pound sterling, the European euro, the Chinese yuan, the Japanese yen, and the currency of the International Monetary Fund called special drawing rights units, in addition to gold.” Cash in excess of 132 tons of gold or more as officially declared and deposited in safe global gold vaults.
He pointed out, "There are reinforcements in foreign exchange for Iraqi private banks in US dollars, and they are made through the window of the Central Bank of Iraq and the current compliance platform, and are deposited with private bank correspondents in banks abroad, and they are intended to cover documentary credits or documentary transfers for the purposes of financing private trade in goods." And services, as well as payment of electronic payment card dues, in addition to the deposits of the Iraqi Trade Bank with its correspondents, which is concerned with opening external credits to finance foreign trade for government imports.
He continued, "All of these external deposits are moving balances, and their average is no less than $12-15 billion."
At the same time, regarding the frozen Iraqi funds, he indicated that "the pursuit of the Iraqi state's funds that date back to the time of the former regime or the operations of encroaching on public money as a result of corruption after the year 2003 are all subject to the provisions of Law No. 7 of 2019, which is the amended money recovery fund law that is currently administered." From a board of directors headed by the head of the National Integrity Commission, which takes recovery decisions according to legal and administrative work mechanisms, in cooperation with the state’s oversight agencies.
He explained, "The fund's management is responsible for providing the House of Representatives with periodic reports on its follow-ups in recovering public money, especially outside the country."
He pointed out, "Article 14 of Law No. 7 of 2019 obligated the government, when concluding investment or economic agreements with any country that has funds for Iraq, to include the provisions of the Money Recovery Law, including funds that fled after 2003 due to corruption operations."
Regarding China's influence on the world economy and the central bank's decision to finance imports from it in yuan, he explained that "China has contributed to lowering levels of consumer basket prices in the world and has led price stability in the world during the last two decades, due to its high competition and the invasion of its goods into world markets at low prices, generating movement It is called (disinflation or moderation of growth in prices around the world).
He added, however, by saying: "China is still the subject of a complaint and dispute before the World Trade Organization due to its fierce competition, which has reached the point of commodity dumping, which caused a drop in prices globally to indicate whether it is a result of the efficiency of the Chinese economy or as a result of the devaluation of the Chinese currency to the extent that its goods invaded the world's markets." Noting that “equipment from the Chinese market is still the cheapest compared to other world markets.” Ended 29/M99
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