Iraq discusses with the 'central' American renewal protect his money in foreign banks

Iraq discusses with the
'central' American renewal protect his money in foreign banks
BAGHDAD - Naseer Goldfinch
Monday, April 22, 2013
Discussed the Iraqi Central Bank Governor Abdul Basit Turki in Washington, the protection of Iraqi funds and reserves of the Central Bank and the Development Fund for Iraq, with the U.S. Federal Reserve in New York.
The central bank said in a statement that the Turkish met with officials in the «Central» American in New York, on the sidelines of meetings of the IMF and the World Bank in Washington, DC, and discussed with them the issue of the protection of Iraqi funds and reserves, the Central Bank of Iraq and the Development Fund for Iraq and the technical issues other ».
The U.S. President Barack Obama signed an executive order last year to extend immunity to Iraqi funds in the Development Fund for Iraq for a year, due to the situation in Iraq.
He announced the central bank, that the money is huge, referring to «the presence of billions of dollars are distributed in a number of countries, in addition to funds the Development Fund for Iraq, which includes proceeds from the sale of oil and more than $ 18 billion, as well as the amount of $ 64 billion to the Central Bank, deposited in banks American cover of the Iraqi currency, which is not subject to the decisions of the freeze.
The U.S. Congress passed a resolution spending freeze balances States which harmed its nationals, including Iraq, has encouraged Americans, whether they are citizens or companies, to expedite the provision of different suits against Iraq, many of which are dependent arguments flimsy can not be proven, but I took her way to the courts and got a huge compensation decisions.
The member of the Finance Committee parliamentary Abdul Hussein al-Yasiri in an interview to «life», that the indebtedness of Iraq after 2003 «identified in the light of the claims made by creditors, and approximately $ 140 billion, and we were able to resolve most of them through what is known as the« Paris Club »and abroad, Many countries have helped us in that. He stressed that «protect our money necessary, because creditors كثرا the not submit compensation claims, pointing out that the United States' expressed willingness to help Iraq, linked to bilateral treaties with him.

Monetary mass fragmentation
In case of non-renewal of the term of protection, Yasiri said: «should the Central Bank fragmentation mass cash and distributed to several countries and in different currencies other than the dollar, despite the scientific difficulty booking money the central bank unlike banks, ordinary, can hold agreements with banks prudent to exclude any requests for reservations , and this is what happened with Banks in Lebanon under an agreement ».
And the allocation of large sums of money in the budget to resolve the issues of creditors, announced Yasiri «resolve many issues for senior and junior creditors, but Jordan, for example, issued a law to confiscate Iraqi funds and distributed to creditors, a circuitous routes and on the central bank to prosecute Jordan. He expressed concern of creditors who did not demand compensation or filed claiming they are many, and expected they «will demand the very large amounts.
And detect the presence of Iraqi funds «put the names close to the former regime and even the names of state employees», referring to «pursue this matter since 2007, but the results are still very limited, despite the development of prizes huge financial reward for information about these funds and places of deposit, With a section including States Jmdth ».
The Iraqi assets abroad, a major cause of the worsening relationship between the Central Bank of Iraq and the government, which tried more than once to withdraw cover currency deposits abroad to cover the deficit. And cause rejection of the bank, which enjoys full independence does not accept the government granted him, issuing arrest warrants for the former governor Sinan al-Shabibi and imprisoned a number of senior officials, which, while still a parliamentary committee investigating the case until now.

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