Hafiz: deposit money banks in Iraq better than the European American protection

17/04/2012 0:00

After the support of central bank has asked the Government on the protection of 
Baghdad – Haider Filaih Rubaie 
criticized the expert and economic thinker Dr. Mahdi Al-Hafiz Iraq’s claim to the United States to protect his money again, saying that these demands could deprive the country from the funds of an estimated $ 60 billion is the size of what has been deposited in Fed U.S., pointing out that the reason that government demand due to the confusion of monetary policy in Iraq and the lack of ability to protect the funds of the country, in the meantime, expressed surprise at the central bank asked the keeper, supported at the same time the Government’s request to renew the protection money the country for another year, indicating that the the issue of protection nothing to do with monetary policy but rather related to legal issues and requests for creditors to claim that their financial dues owed ​​by Iraq since the former regime.
said Hafiz during his speech for the (morning): I was surprised the decision taken by the government on the request for extension of the protection money the country, and should have been take an explicit and decisive by this time, strange about it is that the resort as a country back to the U.S. authorities to protect these funds. 
and the keeper that the volume of money deposited in the Fed U.S. is estimated at $ 60 billion, stressing the need not to be taken this problem to that degree of indifference, especially that Iraq is in danger as seen Hafiz, who expressed surprise at the situation in Iraq once again at the mercy of American power, which he said owns the other reservations on many aspects of economic development in Iraq. 
said keeper, said that while he should convert those funds to other banks in Europe, under its protection also see that the problem Ttgd Government’s request to extend the immunity of such amounts when they need Iraq to them. 
He attributed the reasons for the Government’s request to extend the protection period for another year to (poor management of cash in the country), saying at the same time that monetary policy is not the required level management functions, which is why Iraq is facing now and then the other problems of this kind, pointing out that the independence of monetary policy does not mean depriving the country of that money that could implement giant projects for Iraq. 
in turn, said the central bank that the issue of a government request to extend the protection does not like her monetary policy for Iraq, pointing out in an interview made ​​by the (morning) Deputy Governor of the Bank of the appearance of Mohammed Saleh said Iraq’s invitation came to the immunity of his money from creditors who claim the existence of financial benefits to them by their dealings with the former regime. 
Contrary to what was called for Hafiz, the Deputy Governor of Central Bank Ed strongly call on the government request to protect their money for another year, explaining that this request will limit the number of creditors, the real and find out the total public debt of the country, Saleh said he was under the Paris Club, Iraq held a settlement on the more than 80 percent of its debt sovereign, as well as the settlement of the majority of commercial debt the other, and remained the only debt investment, as the former regime condemned and strongly to a large number of companies and investors who claim it, which made ​​it necessary for Iraq to protect his money from legal prosecution, which some may be false and inaccurate. 
and the benefit of the country is the work of settlement with many of the creditors through the Paris Club agreement, and actually managed to persuade a large number of creditors to reduce the size of indebtedness for interest rate annual rate of 5.8 percent, as approved by nearly 85 percent of the creditors that percentage of the profits to meet to reduce the size of their debts and extended to long periods of time, and this According to MP to reduce public debt to Iraq of $ 21 billion to nearly 2.7 billion in one year. 
was of a Government commission recommended to issue a presidential decree U.S. provides protection for Iraqi funds for a new year. held the Ministerial Committee on the Status of a mechanism to ensure the protection of Iraq’s money its twentieth meeting under the chairmanship of Deputy Prime Minister Ruz Nuri Shaways in the presence of ministers of finance and oil, Justice and President of the Office of Financial Supervision and Governor of Central Bank of Iraq and the agents of the Ministries of Foreign Affairs and Planning and the Legal Adviser to the Prime Minister and Advisor to the Deputy Prime Minister. 
According to a statement issued by the Office Shaways, the Committee deliberated the procedures and steps to be pursued to protect Iraqi funds and assets deposited abroad, especially with the imminent expiration of the protection provided by the presidential decision to the American that money and assets until next May. Commission has taken, according to the statement, a series of resolutions and recommendations to be working out, particularly the recommendation to the Council of Ministers to submit a formal request on behalf of the Government of the Republic of Iraq through the Ministry of Foreign Affairs to the Government of the United States to issue a presidential decree provides new protection for Iraqi funds for a new year, starting from 20 next May.