POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]
[size=52]Why doesn't Iraq withdraw its dollars from American banks? 4 experts answer[/size]
[size=45]Maysoon Al Shaheen[/size]
[size=45]After many fluctuations in the conditions of the dinar and the dollar market over the course of two years, parliamentary circles and social activists are calling for the disengagement of Iraq’s oil from the US dollar and the withdrawal of funds from the Federal Bank in Washington. According to estimates from government advisors and senior experts, the experiments in this field have always been dangerous, as they tried Saddam Hussein and Muammar Gaddafi sold oil in euros and then suffered a collapse, while Baghdad recently tried to place sums in European banks, but they were confiscated due to compensation requests that “cannot be counted,” and they cannot be protected “except by the American president” until further notice.[/size]
[size=45]Mazhar Muhammad Saleh - Financial Advisor to the Prime Minister:
Placing oil revenues in dollars in the Federal Reserve comes based on Security Council Resolution No. (1483), which stipulates placing Iraq’s funds in a global account, and it is not a decision from the United States.[/size]
[size=45]The Central Bank of Iraq began to diversify its reserves and now has Chinese yuan, euros, and Emirati dirhams to diversify the investment portfolio, but the global oil market is a “dollar” market and the whole world is involved in this trade accordingly.[/size]
[size=45]There is no intention to release the funds currently because Iraq is linked to the states economically according to the Strategic Framework Agreement.[/size]
[size=45]As long as the dollar is the currency of the United States, it will not allow its currency to work against its national security or foreign policy, and everyone who deals in the dollar, whether governments or individuals, will be subject to its control, and Iraq is within the dollar zone.[/size]
[size=45]Iraq ended all its debts to the private sector in accordance with the Paris Club Agreement, and in 2009 it issued a European bond called “Iraq 2028”, worth $2.7 million, in compensation for the claims of the private sector. This bond is traded in the European market and carries interest, and will be repaid in 2028. It extinguished almost all private sector debt.[/size]
[size=45]The question now is: Is Security Council Resolution 1483 still in effect or not? Iraq does not have an answer to that?[/size]
[size=45]In February 2022 - after Iraq paid its debts at the end of 2021 - the Security Council issued a resolution stating: Iraq is immune from any fines.[/size]
[size=45]But knowing whether Iraq got out of debt after the decision, and whether the latter is still in effect or not, requires an international diplomatic effort.[/size]
[size=45]I think there are exaggerated concerns about compensation claims, and there is no clear picture of what these claims are.[/size]
[size=45]Iraq is keen on its interests and money, specifically oil revenues, as long as they are protected by the United Nations by Security Council resolution, in addition to the protection of the American President, which is issued by the White House, from any judicial prosecution.[/size]
[size=45]Iraq is able to proceed with any decision, but it takes a peaceful and neutral position on world issues. At the same time, it does not accept that its rights are lost, but removing money from the Federal Reserve suddenly is a hostile act and Iraq is immune to it.[/size]
[size=45]Mahmoud Dagher - financial expert:
Delinking Iraqi oil from the dollar is talk that contradicts economic logic, because the price of a barrel globally is determined in dollars, even if we are able to convert it to another currency.[/size]
[size=45]Who said we can't withdraw oil revenues from America? Iraq sells about $250 million daily, in cash and transfers.[/size]
[size=45]We have balances in all European countries, Singapore and Malaysia, but it is better to place them in the federal currency because the dollar is the peg currency, and Iraq follows the peg system and the transaction is conducted in dollars, and the federal brings us better returns and lower risks.[/size]
[size=45]We can sell oil in dollars and then convert it to euros, but Iraq will not benefit. The euro, the Chinese yuan, or any other currency, all require measures that do not differ from the Federal Reserve’s procedures and do not stray from American monetary policy, as it is the world leader in the financial aspect.[/size]
[size=45]There are some legal cases against Iraq, and so far they have not been resolved in legal circles, and this makes it difficult to place Iraqi money in any bank, especially Europe. If a decision is issued by any European court to seize funds, it will be implemented directly, and this is what happened in 2016 when a court issued a An Italian company issued a ruling in favor of an Italian company with compensation amounting to $30 million, and the amount was withdrawn from Iraq.[/size]
[size=45]It is better for Iraq to have its wealth in dollars, and to place it in America until the legal issues that have not yet been agreed upon between creditors and debtors are resolved and resolved.[/size]
[size=45]Nabil Al-Marsoumi - economic expert:
Since 2003, Iraq has placed its reserves in the Federal Bank for fear of the claims of creditors (and those demanding compensation from previous wars over 4 decades), and Baghdad today invests about 34 billion dollars in US treasury bonds.[/size]
[size=45]The monetary authority in Iraq, represented by the Central Bank and the Ministry of Finance, is supposed to clarify the nature and size of Iraq’s debts, and can they be repaid or scheduled? Is it worth putting the Iraqi decision at the mercy of the US Federal Reserve?[/size]
[size=45]The danger is not with withdrawing funds from the states, but rather with delinking oil from the dollar, and this is an American red line, because the oil trade is the first trade in the world after the arms and drug industry, and one of the reasons for the strength of the dollar is that oil pricing is linked to it.[/size]
[size=45]During the time of the previous regime, Iraq tried to price oil in euros and failed. Gaddafi also tried this method and his political system collapsed.[/size]
[size=45]Manar Al-Obaidi - economic expert:
There is no country that can sell oil in euros, until Iraq dares to take this step. There is great competition in the oil trade, where the Gulf, Saudi Arabia, Russia, Iran, and Iraq cannot impose on the buyer the method of sale, in light of... The competition.[/size]
[size=45][You must be registered and logged in to see this link.]
[size=52]Why doesn't Iraq withdraw its dollars from American banks? 4 experts answer[/size]
[size=45]Maysoon Al Shaheen[/size]
[size=45]After many fluctuations in the conditions of the dinar and the dollar market over the course of two years, parliamentary circles and social activists are calling for the disengagement of Iraq’s oil from the US dollar and the withdrawal of funds from the Federal Bank in Washington. According to estimates from government advisors and senior experts, the experiments in this field have always been dangerous, as they tried Saddam Hussein and Muammar Gaddafi sold oil in euros and then suffered a collapse, while Baghdad recently tried to place sums in European banks, but they were confiscated due to compensation requests that “cannot be counted,” and they cannot be protected “except by the American president” until further notice.[/size]
[size=45]Mazhar Muhammad Saleh - Financial Advisor to the Prime Minister:
Placing oil revenues in dollars in the Federal Reserve comes based on Security Council Resolution No. (1483), which stipulates placing Iraq’s funds in a global account, and it is not a decision from the United States.[/size]
[size=45]The Central Bank of Iraq began to diversify its reserves and now has Chinese yuan, euros, and Emirati dirhams to diversify the investment portfolio, but the global oil market is a “dollar” market and the whole world is involved in this trade accordingly.[/size]
[size=45]There is no intention to release the funds currently because Iraq is linked to the states economically according to the Strategic Framework Agreement.[/size]
[size=45]As long as the dollar is the currency of the United States, it will not allow its currency to work against its national security or foreign policy, and everyone who deals in the dollar, whether governments or individuals, will be subject to its control, and Iraq is within the dollar zone.[/size]
[size=45]Iraq ended all its debts to the private sector in accordance with the Paris Club Agreement, and in 2009 it issued a European bond called “Iraq 2028”, worth $2.7 million, in compensation for the claims of the private sector. This bond is traded in the European market and carries interest, and will be repaid in 2028. It extinguished almost all private sector debt.[/size]
[size=45]The question now is: Is Security Council Resolution 1483 still in effect or not? Iraq does not have an answer to that?[/size]
[size=45]In February 2022 - after Iraq paid its debts at the end of 2021 - the Security Council issued a resolution stating: Iraq is immune from any fines.[/size]
[size=45]But knowing whether Iraq got out of debt after the decision, and whether the latter is still in effect or not, requires an international diplomatic effort.[/size]
[size=45]I think there are exaggerated concerns about compensation claims, and there is no clear picture of what these claims are.[/size]
[size=45]Iraq is keen on its interests and money, specifically oil revenues, as long as they are protected by the United Nations by Security Council resolution, in addition to the protection of the American President, which is issued by the White House, from any judicial prosecution.[/size]
[size=45]Iraq is able to proceed with any decision, but it takes a peaceful and neutral position on world issues. At the same time, it does not accept that its rights are lost, but removing money from the Federal Reserve suddenly is a hostile act and Iraq is immune to it.[/size]
[size=45]Mahmoud Dagher - financial expert:
Delinking Iraqi oil from the dollar is talk that contradicts economic logic, because the price of a barrel globally is determined in dollars, even if we are able to convert it to another currency.[/size]
[size=45]Who said we can't withdraw oil revenues from America? Iraq sells about $250 million daily, in cash and transfers.[/size]
[size=45]We have balances in all European countries, Singapore and Malaysia, but it is better to place them in the federal currency because the dollar is the peg currency, and Iraq follows the peg system and the transaction is conducted in dollars, and the federal brings us better returns and lower risks.[/size]
[size=45]We can sell oil in dollars and then convert it to euros, but Iraq will not benefit. The euro, the Chinese yuan, or any other currency, all require measures that do not differ from the Federal Reserve’s procedures and do not stray from American monetary policy, as it is the world leader in the financial aspect.[/size]
[size=45]There are some legal cases against Iraq, and so far they have not been resolved in legal circles, and this makes it difficult to place Iraqi money in any bank, especially Europe. If a decision is issued by any European court to seize funds, it will be implemented directly, and this is what happened in 2016 when a court issued a An Italian company issued a ruling in favor of an Italian company with compensation amounting to $30 million, and the amount was withdrawn from Iraq.[/size]
[size=45]It is better for Iraq to have its wealth in dollars, and to place it in America until the legal issues that have not yet been agreed upon between creditors and debtors are resolved and resolved.[/size]
[size=45]Nabil Al-Marsoumi - economic expert:
Since 2003, Iraq has placed its reserves in the Federal Bank for fear of the claims of creditors (and those demanding compensation from previous wars over 4 decades), and Baghdad today invests about 34 billion dollars in US treasury bonds.[/size]
[size=45]The monetary authority in Iraq, represented by the Central Bank and the Ministry of Finance, is supposed to clarify the nature and size of Iraq’s debts, and can they be repaid or scheduled? Is it worth putting the Iraqi decision at the mercy of the US Federal Reserve?[/size]
[size=45]The danger is not with withdrawing funds from the states, but rather with delinking oil from the dollar, and this is an American red line, because the oil trade is the first trade in the world after the arms and drug industry, and one of the reasons for the strength of the dollar is that oil pricing is linked to it.[/size]
[size=45]During the time of the previous regime, Iraq tried to price oil in euros and failed. Gaddafi also tried this method and his political system collapsed.[/size]
[size=45]Manar Al-Obaidi - economic expert:
There is no country that can sell oil in euros, until Iraq dares to take this step. There is great competition in the oil trade, where the Gulf, Saudi Arabia, Russia, Iran, and Iraq cannot impose on the buyer the method of sale, in light of... The competition.[/size]
[size=45][You must be registered and logged in to see this link.]
Yesterday at 8:27 am by Rocky
» utube 5/19/24 BRICS to Open a Central Bank Iraqs Relationship to BRICS Exchange Rate Up
Yesterday at 7:30 am by Rocky
» utube 5/18/24 MM&C Iraq Dinar - Iraq Central Bank - IMF - UNAMI - World Bank - Key Votes Tabled -
Yesterday at 7:15 am by Rocky
» Floating the Iraqi dinar A solution to fill the "gap" of its turbulent price against the dollar
Yesterday at 7:08 am by wciappetta
» Kanna: The Constitutional Amendments Committee was completely marginalized for two reasons
Yesterday at 7:06 am by Rocky
» The repercussions of the Ukrainian company continue.. Is Iraq facing a real economic disaster?
Yesterday at 7:01 am by Rocky
» A government body sends an invitation to the Central Bank regarding the Hajj dollar
Yesterday at 7:00 am by Rocky
» Pessimism surrounds the electricity situation during the summer: the suffering will be repeated and
Yesterday at 6:58 am by Rocky
» Presidency of Parliament is Haqq Anbari.. Why does “Progress” stand against this entitlement? - Urge
Yesterday at 6:55 am by Rocky
» Bloomberg: Iraq achieves sufficiency in diesel fuel and stops importing it
Yesterday at 6:53 am by Rocky
» Hajj calls on the Central Bank to direct banks to open their doors to pilgrims to exchange dollars
Yesterday at 6:50 am by Rocky
» In an extraordinary session...the Council of Ministers votes today on the budget schedules
Yesterday at 6:49 am by Rocky
» Al-Khanjar: Parliament members presented a chaotic model that does not befit Iraq
Yesterday at 6:47 am by Rocky
» The President of the Republic told NATO: The Iraqi army has the readiness to face security challenge
Yesterday at 6:46 am by Rocky
» List of countries exporting most goods and services in the world.. What is Iraq’s rank?
Yesterday at 6:44 am by Rocky
» The General Tax Authority initiates a package of reforms to achieve “two goals”
Yesterday at 6:42 am by Rocky
» A Jordanian minister reveals "significant" coordination with Iraq and talks about smuggling operatio
Yesterday at 6:41 am by Rocky
» The Sudanese confirms to his Kuwaiti counterpart the depth of the two countries’ relations and the s
Yesterday at 6:38 am by Rocky
» With documents... Finance publishes controls that concern the segment of employees, including promot
Yesterday at 6:35 am by Rocky
» A female representative explains the government’s ambition to reach the production of 8 million barr
Yesterday at 5:31 am by Rocky
» Next month... a major conference to announce 8 cities as investment opportunities
Yesterday at 5:30 am by Rocky
» The presence movement: Iran urged Barzani to participate in the region’s elections
Yesterday at 5:28 am by Rocky
» In a strange incident, they disowned him because of Al-Halbousi’s anger at him
Yesterday at 5:26 am by Rocky
» Race for the Presidency of Parliament.. The Sunni conflict is worsening
Yesterday at 5:25 am by Rocky
» Responding to the challenge to the constitutionality of the seat distribution system in the provinci
Yesterday at 5:25 am by Rocky
» Demanding an increase in the allocations for two ministries in the current year’s budget
Yesterday at 5:24 am by Rocky
» Parliamentary Finance: Employee salaries amounted to 8 and a half trillion
Yesterday at 5:23 am by Rocky
» In the amount of 10 million... an Iraqi government bank begins granting loans to married couples
Yesterday at 5:20 am by Rocky
» Hajj and Umrah Authority: Iraqi banks refrain from receiving pilgrims
Yesterday at 5:19 am by Rocky
» The Minister of Electricity calls for mobilizing energies in preparation for the upcoming summer sea
Yesterday at 5:17 am by Rocky
» The United Nations Development Program approves the electronic payment services system in Iraq
Yesterday at 5:16 am by Rocky
» Iraqi oil exports to America declined within a week
Yesterday at 5:15 am by Rocky
» Parliamentary praise for the government’s plans to implement projects to solve the housing crisis
Yesterday at 5:14 am by Rocky
» Has the government succeeded in controlling crowding by changing working hours?
Yesterday at 5:12 am by Rocky
» “Ali is not compensated with money, but I demand my rights.” An Iraqi sues a British oil company for
Yesterday at 5:11 am by Rocky
» Planning: The pilot census will start on the 26th of this month
Yesterday at 5:09 am by Rocky
» A project to develop a climate investment plan in Iraq
Yesterday at 5:07 am by Rocky
» Parliament awaits “budget schedules”
Yesterday at 5:06 am by Rocky
» Parliament: Infrastructure is the most important challenge of the housing crisis
Yesterday at 5:05 am by Rocky
» Announcing 8 cities as investment opportunities
Yesterday at 5:04 am by Rocky
» Minister of Health: We are proceeding with a project to manage modern hospitals by specialized compa
Yesterday at 5:02 am by Rocky
» An Iraqi initiative to ban the political exploitation of religions
Yesterday at 5:01 am by Rocky
» 70% completion of the Kompsan Dam in Erbil
Yesterday at 5:00 am by Rocky
» Paying off external debt is a step to promote stability and recovery
Yesterday at 4:59 am by Rocky
» An economic forum discusses business opportunities with Islamic countries
Yesterday at 4:57 am by Rocky
» More than one billion dollars in sales from the Central Bank of Iraq within a week
Yesterday at 4:56 am by Rocky
» Pakistan and its economic challenges
Yesterday at 4:55 am by Rocky
» Economic researchers emphasize promoting the culture of electronic payment
Yesterday at 4:54 am by Rocky
» The events in Parliament were “intended”... A politician accuses “Taqaddum” of preventing a figure f
Yesterday at 4:51 am by Rocky
» The Federal Court rejects the challenge to the constitutionality of a text in the seat distribution
Yesterday at 4:50 am by Rocky
» Primitive management of waste and medical waste in Baghdad... another danger threatening the populat
Yesterday at 4:49 am by Rocky
» Discrimination in projects and allocations.. The National Union complains of the injustice of Sulaym
Yesterday at 4:46 am by Rocky
» Parliament “claims confusion” despite the clarity of the interpretation of federalism.. What is the
Yesterday at 4:45 am by Rocky
» Khashan demands that Parliament terminate Haibat Al-Halbousi’s membership after he disrupted the pre
Yesterday at 4:44 am by Rocky
» Al-Sudani will visit Doha tomorrow to participate in the World Security Forum
Yesterday at 4:42 am by Rocky
» Al-Halbousi’s fears and ambitions waste the entitlement of the Sunni component: Parliament events ar
Yesterday at 4:41 am by Rocky
» Transition to modern agriculture.. Parliament reveals financial allocations to purchase 11,000 “spri
Yesterday at 4:40 am by Rocky
» Iraq “negotiates” Erbil over the passage of the Al-Faw train and awaits a meeting with Turkey and th
Yesterday at 4:38 am by Rocky
» Türkiye builds the “carrot” and Iran diverts the rivers.. An Iraqi expert discusses “the weakness of
Yesterday at 4:37 am by Rocky
» To facilitate the movement of goods transport.. Al-Dakhil directs the opening of Mosul - Dohuk contr
Yesterday at 4:35 am by Rocky
» “Siemens will keep pace with Iraqi electricity.” The Ambassador: Iraqis requested bribes from German
Yesterday at 4:34 am by Rocky
» Services will enter 13 areas.. Al-Zubair will convert heavy sewage into fertilizers.. and infrastruc
Yesterday at 4:33 am by Rocky
» Representative regarding what happened during today’s session: an insult to the legislative institut
Yesterday at 4:31 am by Rocky
» Parliament is “perplexed” and will take a month with the tables: the budget has increased and the op
Yesterday at 4:29 am by Rocky
» Where has the legal battle between the Iraqi "Jaloud" and the British company "BP" reached?
Yesterday at 4:27 am by Rocky
» A government plan to raise the price of refining oil.. Will the refineries lose, or will the price o
Yesterday at 4:25 am by Rocky
» The Hajj Authority calls on the Central Bank to direct banks to open their doors to pilgrims
Yesterday at 4:24 am by Rocky
» Martyrs Foundation: Thousands of mass graves in Iraq will not be opened yet
Yesterday at 4:21 am by Rocky
» Sadiqoun is betting on resolving the parliamentary presidency issue today...a fourth and fifth round
Yesterday at 4:19 am by Rocky
» The House of Representatives adjourns its session until further notice
Yesterday at 4:18 am by Rocky
» utube 5/16/24 MM&C Al-Sudani - Political Week - Progress Internationally
Sat 18 May 2024, 7:59 am by Rocky
» Calls to include local oil and electricity sales in the general budget
Sat 18 May 2024, 7:50 am by Rocky
» Al Rasheed Bank issues instructions to facilitate the issuance of replacement cards for bank card ho
Sat 18 May 2024, 7:47 am by Rocky
» Internal debt rises to 79 trillion in 2024.. What is the relationship between spending and loans?
Sat 18 May 2024, 7:44 am by Rocky
» Members of Parliament head to the Great Hall to initiate procedures for electing the president
Sat 18 May 2024, 7:38 am by Rocky
» The House of Representatives concludes the report and discussion of the draft law on public holidays
Sat 18 May 2024, 7:37 am by Rocky
» The House of Representatives votes to extend its legislative term for 30 days
Sat 18 May 2024, 7:36 am by Rocky
» A Canadian company is “unable” to dismiss its director authorized to protect Baghdad Airport: Iraq i
Sat 18 May 2024, 7:34 am by Rocky
» Economic Institution: The value of China's exports to Iraq increased by 93% in 10 years
Sat 18 May 2024, 7:31 am by Rocky
» The Presidency of Parliament decided to devote today’s session to electing the president only
Sat 18 May 2024, 7:29 am by Rocky
» In the presence of 183 deputies...the House of Representatives holds its session
Sat 18 May 2024, 7:28 am by Rocky
» Al-Kadhimi hints at the possibility of postponing the session to elect the Speaker of Parliament
Sat 18 May 2024, 5:09 am by Rocky
» The regional government announces the payment of employees' salaries via “My Account”
Sat 18 May 2024, 5:07 am by Rocky
» The Minister of Transport reviews the details of the development road and Al-Faw Grand Port projects
Sat 18 May 2024, 5:05 am by Rocky
» Istanbul will host expanded Turkish/Arab economic meetings at the beginning of next month
Sat 18 May 2024, 5:03 am by Rocky
» Customs sets the date for collecting tax amounts electronically and sets a condition
Sat 18 May 2024, 5:02 am by Rocky
» Sudanese agrees to support pilgrims with an amount of 39 billion dinars to reduce the cost of Hajj
Sat 18 May 2024, 5:00 am by Rocky
» The Sudanese advisor clarifies the discussion of budget schedules in the extraordinary session of th
Sat 18 May 2024, 4:59 am by Rocky
» Most of the framework and the Kurdistan Democratic Party will vote for Al-Mashhadani as Speaker of P
Sat 18 May 2024, 4:55 am by Rocky
» A deputy considers the movement of Turkish forces inside Iraqi territory an occupation
Sat 18 May 2024, 4:53 am by Rocky
» Directing the Ministry of Finance to spend drug law implementation budgets
Sat 18 May 2024, 4:52 am by Rocky
» A parliamentary movement to resolve the fate of holding private wards
Sat 18 May 2024, 4:51 am by Rocky
» A member of a legal movement calling for accelerating the amendment of Article 57
Sat 18 May 2024, 4:49 am by Rocky
» A parliamentary effort to gain ownership of the trespassers and slum owners
Sat 18 May 2024, 4:48 am by Rocky
» There is a consensus on deciding the presidency of Parliament today, and the balance is tilted towar
Sat 18 May 2024, 4:47 am by Rocky
» The price of the dollar is witnessing a slight increase in Baghdad, Basra and Erbil
Sat 18 May 2024, 4:46 am by Rocky
» Behind the scenes of electronic blackmail in Iraq... “A good hacker,” “blackmailing spouses,” and se
Sat 18 May 2024, 4:44 am by Rocky
» The coordination framework supports Al-Sadr: We will pass the “Eid Al-Ghadir” holiday today
Sat 18 May 2024, 4:42 am by Rocky
» The session to elect the Speaker of Parliament... intense meetings and fears of its failure due to “
Sat 18 May 2024, 4:41 am by Rocky