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The United States secures the Iraqi Funds, CBI says

Category: Economy

Date: 2021-07-27T08:08:02+0000
The United States secures the Iraqi Funds, CBI says

Shafaq News/ The Central Bank of Iraq (CBI) announced, on Tuesday, that its funds are secured and no party can seize them.

CBI said in a statement, that the legal authorities in the United States assured the Governor of the Central Bank of Iraq, who is accompanying the Prime Minister Mustafa Al-Kadhimi on his visit to Washington, that all the reserves and funds of the Central Bank of Iraq are secured. 

According to the statement, the US confirmed that it will not allow holding the Iraqi reserves even in other countries.

The American legal authorities added that the funds and reserves of the Central Bank of Iraq are protected under the US laws, and pledged “to keep what is in the banks of other countries.”

It is noteworthy that UN’s Resolution 1483 (2003), stated that the international community has come together to support Iraq's recovery and economic reconstruction.

The Resolution also involves the international community so that oil revenues from export sales will be deposited in the Development Fund for Iraq housed in the Central Bank of Iraq. The Development Fund is monitored by an international board that includes representatives of the UN Secretary-General, the IMF, the Arab Fund for Social and Economic Development, and the World Bank. 

1483 obligates Iraq for continued funding of the UN Compensation Commission, which deals with outstanding claims for victims of Saddam's aggression in Kuwait. Five percent of oil proceeds will be deposited into the UNCC Compensation Fund.

The account which contains the Kuwaiti compensation is called the Central Bank of Iraq-Development Fund for Iraq (DFI) account, it was created at the U.S. Federal Reserve Bank of New York at the request of the Coalition Provisional Authority (CPA) Administrator. A part of the fund has been transferred to Baghdad and Iraq, and the DFI-Baghdad account was opened at the Central Bank of Iraq "for cash payment requirements."

The US President offers additional guarantees to protect the funds of the Central Bank of Iraq in the United States from any prosecution that harms the interests and funds of Iraq.

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