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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    An International Expert Proposes Several Points To Get Rid Of The Dominance Of The "Dollar" On The I

    wciappetta
    wciappetta
    wciappetta
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    dollar - An International Expert Proposes Several Points To Get Rid Of The Dominance Of The "Dollar" On The I Empty An International Expert Proposes Several Points To Get Rid Of The Dominance Of The "Dollar" On The I

    Post by wciappetta Fri 09 Feb 2024, 7:09 am

    [ltr]3/2/24[/ltr]


    [ltr]This article discusses the Development Fund for Iraq, a mechanism that has been used to protect Iraq's reserves from lawsuits but has also been a double-edged sword from the start. The expert cited, a former United Nations expert with deep knowledge of the Iraqi international process, reveals that the US has used oversight of Iraqi funds as a means to exert policy pressure. This control, which was a wise choice has pushed Iraq into the SWIFT electronic banking system and has led to recent initiatives aimed at divesting the US of this control. The ultimate goal, from our perspective outlined in a US State Department white paper from 2001, is to return Iraq's exchange rate to $3.22 from the late 70s/early 80s. The initiative and preparation for the anticipated release of control over the Development Fund signals that this US objective is close to being met, which should be exciting for all involved.[/ltr]



    [ltr]An International Expert Proposes Several Points To Get Rid Of The Dominance Of The "Dollar" On The Iraqi Economy[/ltr]





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    3/2/2024




    [ltr]Former United Nations expert Majid al-Nashi suggested on Saturday several points to get rid of the dollar's dominance over the Iraqi economy, stressing the need not to rely on oil as a primary source.[/ltr]




    [ltr]Al-Nashi said in a press release received by Earth News, "The Parliamentary Finance Committee called on the government to take quick measures to get rid of the dominance of the dollar by diversifying our foreign currency reserves. It also proposed obliging the Ministry of Oil to sell Iraqi oil in other foreign currencies.[/ltr]




    [ltr]He added that "all economic and energy experts in Iraq are aware of the economic and monetary reality of Iraq, especially that all the Iraqi funds obtained by Iraq are the proceeds of Iraq's sale of oil, which constitutes more than 90% of Iraq's budget, and these funds since 2003 are mortgaged to the US Federal Reserve / New York, in accordance with the Security Council resolution during Bremer's rule of Iraq, Resolution No. 1483 issued in 2003, which required the establishment of the Development Fund for Iraq DFI, under which all Iraqi funds are deposited in The US Federal Reserve Bank is withdrawn from this fund according to conditions agreed to by Iraq at the time under the pretext of protecting Iraq's funds from claims and financial consequences arranged on the former regime."[/ltr]

    [ltr]He pointed out that "the recent initiatives that were launched as a live initiative on dignity and go to international courts to settle cases related to Iraq's right, in preparation for freedom from dependence on the United States to protect Iraqi oil funds from any seizure decisions that may affect them because of the actions of the former regime and others are a good thing in liberating Iraqi funds from the domination of the dollar."[/ltr]
    [ltr]He pointed out that "in order to implement what was stated in the statement of the Finance Committee, practical solutions are required, including speeding up the withdrawal of Iraqi funds from the US bank and ending that hegemony, and agreeing with companies and countries importing Iraqi oil on a new payment system determined by SOMO in accordance with the requirements of the Iraqi economy and in coordination with the Central Bank of Iraq."[/ltr]

    [ltr]"Economic and banking talks should also be started with China and other countries, including opening accounts for Iraqi funds resulting from the export of oil in different currencies, conducting most of the import operations, especially from China in the Chinese yuan, as well as using the currencies of other countries such as the UAE dirham, Saudi riyal and Indian rupee in transactions, whether selling oil or importing goods," he said.[/ltr]




    [ltr]He pointed to the need to "organize and modernize the Iraqi banking system in order to keep pace with developments in the field of completing transactions, using modern technology, enhancing the strength of the Iraqi dinar by activating and supporting the private sector and not relying on ((oil)) as a main source of foreign currency and encouraging the export of Iraqi products."[/ltr]




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