August 5 19:56
The United States of America still dominates the Iraqi economy through economic agreements that Washington sets out according to what primarily serves its interests, as the American administration seeks to block the path of parties trying to rid the country of their control over Iraqi oil sales money.
The United States of America continues to impose its control over Iraq in many vital files, including depositing the money from the sale of Iraqi oil in the US Federal Bank amidst clear blackmail by passing many files, most notably the dollar bill, which constitutes great pressure on the government.
Iraq seeks to get rid of this dominance by depositing the money in the Federal Bank and sending it directly to the Central Bank.
Speaking about this file, Al-Fatah Alliance member Ali Hussein calls on the government to seek alternatives and take a step to liberate the country from the dominance of the dollar and the ongoing American sanctions, while stressing that Iraq’s move towards lifting the restrictions of the American Federal Bank is a must.
Hussein said in an interview with Al-NEWS, "It will be a bold step, but it will succeed if the atmosphere is prepared and contracts are made with alternative international banks," noting that "it is necessary to include companies from international countries that do not deal in the US dollar."
He continued, "Entering the Shanghai system and other international organizations will be the first stage of liberation from the dollar," adding that "the movement to end the dollar's dominance over the world, led by major countries, has been largely successful."
He added, "Contracting with companies from Eastern countries and bringing them to work inside Iraq will avoid the economic blockade," noting that "the government is required to seek alternatives and take a step to liberate the country from the dominance of the dollar and American sanctions."
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Snippet:
The US dollar is the most traded currency in the world, accounting for about 88.3% of daily foreign exchange market trades. It's also the world's primary reserve currency, held by most central and commercial banks globally.
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Development Fund for Iraq
Picture Credit: Nabeel al-Jurani/ Associated Press
On May 22, 2003, the Security Council ended economic sanctions against Iraq with Resolution 1483. The resolution called for the creation of a "Development Fund for Iraq,"(DFI) to administer proceeds from the export sales of Iraq's oil, as well as funds remaining from the UN Oil-for-Food Programme and other assets seized from the defunct regime. The DFI was placed under the control of the Coalition Provisional Authority, the administrative arm of the US-UK occupation forces. Resolution 1483 also called for the creation of an International Advisory and Monitoring Board (IAMB), to promote transparency and financial accountability of the DFI. Though the US and the UK had promised Council members that the IAMB would be "the eyes and ears of the international community," procedural wrangling and US manipulation delayed the oversight process for many months. Meanwhile, billions flowed into the DFI, and some Council members grew irate at what they called a "black hole" of unaccountability.
Under Resolution 1546 the Security Council dissolved the CPA and transferred nominal sovereignty to the Iraqis in June 2004, handing control of the DFI to the interim Iraqi government. Eventually, in October 2004 IAMB and independent accounting firm KPMG conducted audits. ""Findings show that the CPA did not have adequate accounting systems in place, resulting in unknown quantities of petroleum being illegally exported from Iraq . Subsequent audits conducted by the Special Inspector General for Iraqi Reconstruction (SIGIR) have found that, of the US$23 billion of Iraqi money held in the DFI, US$8.8 billion remains unaccounted for.""
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It is not all about the USA being the bad guys, as noted by the missing $8.8 billion in illegal oil money by the corrupt Iraqi's themselves. Not un like today in other markets and by political people. When the USA stayed focused on the dollar auctions and dried them up, the corrupt started barking louder and louder. Calling for Al-Alaq's removal is just one thing that has been on going of late. There are other issues, and we see that not only the dollar auctions were an issue for money laundering, there is alleged evidence it also included the gold and precious metals market too.
Regardless what we read is not all based in real facts as the above and below shows us to be the case. Firstly, the USD is still by far the most dominant currency in the world and that the new IRAQ2 fund is a legal and binding account that like the DFI fund it replaced has protections in bedded for Iraq's money from debtors of the past regime. So be careful on what we read. Keep and open mind. Many of the politicians may not even understand all that we know. imo ~ MM
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Snippet:
The legal basis for depositing oil revenues in the US Federal Reserve, CBI clarified
2024-04-02 00:53
The Central Bank of Iraq (CBI) clarified on Monday the legal rationale behind depositing oil revenues in the US Federal Reserve.
Documents released by the bank and seen by News agency state that "the legal basis for depositing oil revenues in the Federal Reserve Bank in New York under the IRAQ2 account instead of the Development Fund for Iraq (DFI) is linked to the expiration of Executive Order 13303 issued by the US President in March 2003. This order granted immunity to Iraqi funds deposited in the DFI account at that time. Furthermore, the protection of Iraqi funds provided by UN Security Council Resolution 1483 of 2003 ended with the issuance of UN Resolution 1956 at the close of 2010."
The documents elaborate, "Hence, the IRAQ2 account was established to receive proceeds from Iraqi crude oil exports, subsequently transferred to the Central Bank of Iraq's account at the Federal Reserve Bank within 24 hours to safeguard them from creditors' claims. These funds are categorized as belonging to the Iraqi government, derived from crude oil exports. This arrangement was formalized through a Memorandum of Understanding signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014, which serves as the legal framework for the IRAQ2 account as an alternative to the Development Fund for Iraq account."
The documents clarify, "Immunity granted by these documents is applicable solely to sovereign funds and does not extend to funds utilized for commercial purposes."
Addressing the third paragraph, the documents detail that "foreign reserves may be deposited with various external entities, central banks, and financial institutions, not limited to the Federal Reserve Bank. Interest rates vary based on investment category, duration, and the institution. Additionally, Orient, the contracted shipping company, transports dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with insurance at $414,000 per shipment and transportation fees of $216,310 provided by the Legislative Affairs Department, Parliamentary Oversight Division."
Furthermore, they state, "Domestic transfer of oil sales revenues is impractical due to operational constraints, risking Iraq's financial operations if funds remain within the country. Closing the Federal Reserve Bank account could expose Iraq to international claims and hinder settlements in US dollars without an account at the Federal Reserve Bank or another American commercial bank." | | | |
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