Add DFI funds to raise the cash reserve value of the Iraqi dinar
Add DFI funds to raise the cash reserve value of the Iraqi dinar
Posted, 11/22/2013 12:00 AM
Calls for the central bank to take effective steps to restore the sovereignty
of Baghdad – Mostafa Hashemi – the joy of pumice
called Economists Central Bank of Iraq to take effective steps direction of the protection of Iraqi funds and a policy to ensure the restoration of national sovereignty them, especially after the hit Iraq, more than 110 billion dollars to creditors., and confirmed in a statement to the (morning) the importance of studying the mechanisms capable of preventing the risk of claims of creditors as companies or individuals and consistent and in accordance with international law.
said economic expert on behalf of Jamil Antoine: that large sums of money are still under the protection of the United States in the Fund for the Protection of Iraqi funds While he should move by the central bank to rid it of illegal claims of some creditors. negotiating competencies and explained that the international courts in some states institute proceedings in fragile states where judicial authorities Active bribery to blackmail Iraq. He pointed out that the country has lacked the negotiating skills in this area, but it is possible to hire law firms as well as benefiting from the expertise Iraqi immigrant for the purpose of defending the Iraqi funds, in accordance with international law. Where it is difficult to keep the funds of this size in the banks of foreign longer. and box-shaped protection of Iraqi funds DFI under UN Security Council Resolution 1483 to protect Iraqi funds from international claims and pirated after the events of 2003. remaining period noted Antoine that the remaining period to the end of the period of protection the American money toward 7 months which should be on the central bank to begin to move and direct editing the money from the debt through the audit because there are claims are illegal. Indicating that the debt of companies amounted to 21 billion dollars paid them 450 million dollars in cash and complete the remaining repaid them with government bonds interest rate of 5.8 percent, adding that through this measure was reduced debt to about two billion and 700 000 dollars have been negotiating with them not to add any amounts Other., and pointed out that the remaining debt on Iraq, according to the Paris Club, ranging from 8.5 to 9 billion dollars. restore money for his part, said director of the banks in the Ministry of Finance Hilal Taan: that after the withdrawal of Iraq from Chapter VII and the payment of a large proportion of its foreign debt, the road is easy in front of the financial authorities of the Central Bank and Ministry of Finance to recover money from the Fund for the Protection of Iraqi funds DFI and the extension of national sovereignty them. confirmed that Iraq has paid its foreign debt of more than 110 billion dollars over the past years, leaving them only a fraction. He Taan he does not risk the appearance of creditors potential to demand their money due to obsolescence timeline of the case where they had to claim their money 11 years ago. So it does not concern appearance, such as those at the money back. strengthen the reserve and on ways to benefit from the money in the fund said Taan he could be added to balance the currency of the cash reserves to enhance the strength of the dinar or utilize them by employing them because Iraq needs to invest in infrastructure projects and reconstruction. confirmed that the remaining period to the end of the protection of the U.S. on Iraqi funds sufficient to end the Iraq measures to transfer those funds to the central bank, referring to the need to resolve This file as soon as this represents the restoration of the prestige of Iraq represented to regain control and discretion his money placed under the tutelage of American and under the supervision of the United Nations. stressing the need to give this matter the utmost importance because it is Iraqi money and will benefit the people when restoring control. President Barack Obama signed last May an executive order to extend immunity to Iraqi funds in the Development Fund for Iraq, known by its acronym (DFI) for a year because of the state of national emergency and that what keeps his money is protected as much as provided by U.S. laws routine of protection in such circumstances. provides to extend the protection of Iraqi funds deposited in this fund from any lawsuits and fake or real by companies or individuals, it also provides real support for the Iraqi Central Bank and the funds deposited in it from oil revenues, which represents the main source of the country’s budget.
alsabaah.iq
