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D.mzar Mohammed Saleh *: Petroleum management of financial resources of Iraq: the documentary cycle

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D.mzar Mohammed Saleh *: Petroleum management of financial resources of Iraq: the documentary cycle
- PUBLISHED IN 01/23/2016
Financial history has been linked to Iraq since 2003 to Article 12 of UN Security Council Resolution 1483, issued in May 2003, which stipulates the establishment of the Development Fund for Iraq as an account DFI single [...]
Was associated with the financial history of Iraq since 2003 to Article 12 of UN Security Council Resolution 1483, issued in May 2003, which stipulates the establishment of Development Fund for Iraq DFI single returns oil resources sovereign, where the reign of the Iraqi Central Bank keeping the said account and his administration on behalf of the Republic of Alarac.oachtrt as an account the need to review the fund accounts by Accountants public independent let them persist in the International Council for advice and supervision of the UN time Mak.ostnada to the text of Article 20 of the decision earlier, it was the deposit of Iraqi crude oil revenues (and petroleum products and natural gas) exporter or sold to the market World in that account, to be deducted 5% of those revenues to be deposited in the account of the United Nations Compensation Fund for Kuwait war and dealt with in Article 21 of the UN Security Council resolution in the above ..

First: - the sale of oil and marketing mechanism recognizes Sheeran says

Based on the above, the Central Bank of Iraq has assumed responsibility since 2003 (the acquisition) Iraqi oil exported to the world markets and in accordance with the mechanism following implementation of the appropriation export of crude oil: -
1. There is a pre-contract signed between the company imported oil, and the Iraqi Oil Marketing Company (SOMO) on the quantities sold.
2. Receives Iraqi Central Bank (letter of credit LC) of the foreign bank on behalf of the importing company and for the benefit of the Iraqi Oil Marketing Company (SOMO), the amount of first and according to the prevailing price of oil at the opening credit. It also includes (letter of credit) clause stipulates that the final amount or the last of the adoption will be subject to an increase or decrease based on the price of a barrel of oil on world markets so when you make the amount of the shipment. Noting that crude oil export credits are deferred payment and sent at least a week before the start of the export.
3. Is determined by the price per barrel before the maturity of the amount of charge based on the agreed price formula in the contract signed between the two parties (the buyer and the company SOMO) Windos for example, take an average oil prices for the three ports (Dubai, Oman, top or skirt) monthly average price of a barrel of oil before the number from other ports as well.
4 for sale. Oil marketing company offering shipping documents (crude oil shipping) full to the Iraqi Central Bank by the amount and maturity under the terms of reliance to be converted to a correspondent bank, which in turn audited the documents to ensure compliance with the terms of accreditation. Accordingly, the Central Bank of Iraq to send a message SWIFT - SWIFT to correspondent bank light of the adoption teach him the backing of receipt of shipping documents and it is matching the terms of accreditation and here ask him is the amount of charge the account open for this purpose in the bank the Federal Reserve in New York, which account (OPRA) account oil
receipts.. 5. Receives Federal Reserve Bank of New York through the oil receipts account referred to above, the full amount in the first subsequent working day to receive the message (SWIFT) sent from the Iraqi Central Bank to the correspondent bank for the company imported oil.
6. Fed deducted percentage (5%) of each oil shipment for every barrel of crude oil was exported and in the interest of the United Nations Compensation Fund and transferred to the correspondent (JP MORGAN) and then transfer the amount of 95% remaining to DFI account called the Iraq Account (2) the present time. There is another account called Iraq the expense of (1) a special account reserves of the Central Bank of Iraq with the offer that the deductions war reparations Kuwait is (zero%) currently according to the agreement with the United Nations and Kuwait until the end of 2017.
7. Federal Reserve Bank / New York provides the Iraqi Central Bank weekly disclosure of the amounts deposited with the account number (2). As The Central Bank of Iraq from his part to send those statements to the accounting department in the Ministry of Finance is that income once to the Treasury. With the offer that oil receipts in all its details account is an account opened on behalf of the Central Bank of Iraq at the Federal Reserve / New York and in the interest of the Republic of Iraq (Ministry of Finance) .

Second: - act mechanism financial returns (DFI) previously or the central bank account (2) currently

This is an exclusive head of the executive authority (prime minister) in issuing payment orders and act money. Custom has been that the message is sent ordered payment signed by the Prime Minister or his nominee in addition to the signature of the Minister of Finance (next to him) .oz sends payment order Baltoukiein previously mentioned to Mr. Governor of the Central Bank of Iraq, and asks where, for example, to transfer an amount (X) US dollar to the Iraqi dinar and restrict than offset by the Ministry of Finance in the open dinar account with the Central Bank of Iraq in Baghdad and to secure local cash payments to balance in Iraqi dinars. The Central Bank of Iraq here For his part, the withdrawal of foreign currency (account No. 2) and converts it to open his account also the Federal Reserve in New York (Account No. 1) and recorded for it transfer the equivalent amount in dinars for the Ministry of Finance with the Central Bank of Iraq in Baghdad. A Governor of the Central Bank of Iraq to receive the order to pay the last site of the prime minister or his nominee, and the Minister of Finance requesting the transfer of an amount of the account number (2) to the Trade Bank of Iraq (TBI) Open with one of its correspondents abroad in order to open letters of credit (LCS) related Bastiradat government goods and services. Thus, the Central Bank of Iraq, the bulk of accumulating reserves of foreign currency (a cover of the Iraqi dinar) in the calculation (1) and the payment of Maakablh of the Iraqi dinar to the Ministry of Finance open an account with the Central Bank of the Iraqi dinar .ohna achieved a new critical issue in the national currency in the case of foreign currency conversion to the dinar Iraqi .oppema, March the Central Bank of Iraq and his job in this case as a bank to issue a national currency.
Based on the above, notice that the Central Bank of Iraq glandular complex processes for billing, financial marketing Iraqi oil and manage returns on behalf of the Iraqi government and in accordance with the integrated documentary cycle.

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