Iraqi bank revamps banking ~ Protection of Funds Abroad ~ Chapter 7, etc. ...
Bumped ~
Wednesday, February 23rd 2011
Iraqi bank revamps banking
Baghdad, The Iraqi Central Bank (ICB) said Wednesday that Iraq payed the debt of 3,500 commercial creditor at a value of $ 2.7 billion, as a means to protect its money from the manipulation of foreign trading companies.
Muzher Mouhammed Saleh, the adviser of the ICB told AKnews that the payment was done according to legal procedures that allow Iraq to pass easily the obstacles that may hinder the protection of its funds abroad.
Iraq is supposed to submit to the UN Security Council a detailed report next May that include the most important basis to protect its funds.
The ICB stated earlier that the recent tensions witnessed by a number of Arab countries will not increase the protection period of UN funds in Iraq.
The Iraqi Finance Ministry revealed on the seventh of last month that the work of the Iraqi funds protection committee will be secret to avoid fictitious companies which claim that they want the Iraqi funds.
"The Committee set up to protect the Iraqi funds under the chairmanship of Deputy Prime Minister Roze Nouri Shawish is developing now an integrated plan to prevent manipulation of the funds after getting out on June from internationalist protection article."
The Iraqi Finance ministry assured at the beginning of last month that a technical governmental committee took over developing mechanisms to protect the Iraqi funds in foreign banks after the resolution of the UN Security Council at mid-November which stated on lifting the protection from the Iraqi funds at the end of next June.
The UN Security Council voted unanimously at mid-January on three resolutions concerning the lifting of the embargo imposed on Iraq about the import of nuclear materials for peaceful purposes, and the elimination of oil-for-work program, and also extended the immunity by the compensation imposed under Chapter VII until the end of next June.
The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and after that the international community imposed sanctions on Iraq and put it under Chapter VII, which makes it a country that threatens the world peace and security.
The international sanctions included preventing it from importing chemicals and nuclear technology that could be used in secret nuclear, chemical and biological programs.
The United Nations allowed Iraq in 1995 to sell oil for food, within the "oil-for-food" program.
http://www.aknews.com/en/aknews/2/220459/
Iraqi bank revamps banking
Baghdad, The Iraqi Central Bank (ICB) said Wednesday that Iraq payed the debt of 3,500 commercial creditor at a value of $ 2.7 billion, as a means to protect its money from the manipulation of foreign trading companies.
Muzher Mouhammed Saleh, the adviser of the ICB told AKnews that the payment was done according to legal procedures that allow Iraq to pass easily the obstacles that may hinder the protection of its funds abroad.
Iraq is supposed to submit to the UN Security Council a detailed report next May that include the most important basis to protect its funds.
The ICB stated earlier that the recent tensions witnessed by a number of Arab countries will not increase the protection period of UN funds in Iraq.
The Iraqi Finance Ministry revealed on the seventh of last month that the work of the Iraqi funds protection committee will be secret to avoid fictitious companies which claim that they want the Iraqi funds.
"The Committee set up to protect the Iraqi funds under the chairmanship of Deputy Prime Minister Roze Nouri Shawish is developing now an integrated plan to prevent manipulation of the funds after getting out on June from internationalist protection article."
The Iraqi Finance ministry assured at the beginning of last month that a technical governmental committee took over developing mechanisms to protect the Iraqi funds in foreign banks after the resolution of the UN Security Council at mid-November which stated on lifting the protection from the Iraqi funds at the end of next June.
The UN Security Council voted unanimously at mid-January on three resolutions concerning the lifting of the embargo imposed on Iraq about the import of nuclear materials for peaceful purposes, and the elimination of oil-for-work program, and also extended the immunity by the compensation imposed under Chapter VII until the end of next June.
The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and after that the international community imposed sanctions on Iraq and put it under Chapter VII, which makes it a country that threatens the world peace and security.
The international sanctions included preventing it from importing chemicals and nuclear technology that could be used in secret nuclear, chemical and biological programs.
The United Nations allowed Iraq in 1995 to sell oil for food, within the "oil-for-food" program.
http://www.aknews.com/en/aknews/2/220459/
