**** Add DFI funds to raise the cash reserve value of the dinar

11/21/2013 12:00 AM

Calls for the central bank to take effective steps to restore sovereignty
Baghdad - Mostafa Hashemi - Farah pumice

Called Economists Central Bank of Iraq to take effective steps towards the protection of Iraqi funds and to pursue a policy to ensure restoration of national sovereignty them especially after the hit Iraq more than $ 110 billion to creditors. , And confirmed in a statement to the (morning) the importance of studying the mechanisms capable of preventing the risk of claims creditors as companies or individuals , consistent and in accordance with international law .

And economist said Bassem Jamil Antoine : that large sums of money are still under the protection of the United States of America 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 skills


He explained that the international courts in some countries bring proceedings in poor countries where ارشاء judicial authorities to blackmail Iraq .

He pointed out that the country has lacked negotiating skills in this area , but it is possible to hire law firms as well as benefit from the expertise of Iraqi immigrant for the purpose of defending Iraqi funds and in accordance with international law .

 Where it is difficult to stay this size funds in foreign banks for longer.

The box - shaped DFI protection of Iraqi funds under UN Security Council Resolution 1483 to protect Iraqi funds from international piracy claims after the events of 2003.

The remaining term
Antoine noted that the remaining term to expiry of the period of protection the U.S. on the money about 7 months , during which should be on the central bank to begin to move and direct editing of debt funds during the audit because there are illegal claims .

 Indicating that the debt of companies amounted to $ 21 billion paid them $ 450 million in cash and completed remaining on paid their bills governmental interest rate 5.8 percent , explaining that through this measure was reduced debt to about two billion and 700 thousand dollars has 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 between 8.5 to $ 9 billion.

Money back


For his part, 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 the Ministry of Finance to recover money from the Fund for the Protection of Iraqi funds DFI and the extension of national sovereignty them. stressed that Iraq of its foreign debt paid more than $ 110 billion during the past years, leaving them only a fraction .

Taan said he does not risk the appearance of potential creditors to demand their money because of the time limitation of the case where they had to claim their money 11 years ago.

 So it does not fears of the emergence of such money back when .


Reserve strengthening


And on ways to benefit from the money in the fund Male Taan that can be added to the balance of the currency of the cash reserves to strengthen the dinar or utilize them by employing them because Iraq needs to invest in infrastructure projects and reconstruction . , And confirmed that the remaining period to the end of the protection of the American Iraqi funds sufficient to end Iraq procedures for the transfer of those funds to the central bank, referring to the need to resolve this file as soon as this represents a 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 issue of paramount importance because it is Iraqi money and will benefit the when people regain control .

The U.S. President Barack Obama signed last May an executive order to extend immunity to Iraqi funds in the Development Fund for Iraq , known acronym (DFI) for a year due to the state of national emergency in a manner keeps his money are protected as far as provided by U.S. law standard of protection in such circumstances.

The extension provides the protection of Iraqi funds deposited in the fund from any lawsuits and fake or genuine by companies or individuals , it also provides real support to the Iraqi Central Bank and its funds from oil revenues , which represents President supplier to the country's budget .


http://www.alsabaah.iq/ArticleShow.aspx?ID=58715