2021/07/27 16:30 number of readings 3584 Section : Perspectives
The appearance of Saleh for Obelisk: The reserves of the Central Bank of Iraq are protected by US laws
Baghdad / Obelisk: The Central Bank of Iraq stated in a statement, Tuesday, that Iraq, during the coming period, will complete the payment of the full compensation and financial benefits accruing from it prior to 2003, which may lead to the lifting of international immunity for its funds abroad, and it will be subject to implementation by the Some creditors from other entities and companies.
The bank clarified in its statement that the legal authorities in the United States of America assured the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and that no party can seize them, and that they will defend its immunity with the rest of the countries and these reserves cannot be compromised.
The statement stated that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, pledging to defend what is in the central banks and banks in other countries.
In this regard, Mazhar Salih, Economic Adviser to Prime Minister Mustafa Al-Kazemi, spoke about protecting Iraq's money in the US jurisdiction area, and how to continue protecting Iraq's money to this day without prosecutions from potential commercial creditors!
Saleh said in an exclusive statement to the Obelisk: There is no protection for the US president currently over the funds of the Republic of Iraq in the US jurisdiction area, as some believe, which was approved by the first presidential order No. 13303, since 2003, under an executive presidential order of the US president, which has been renewed annually since The last renewal was in the year 2012-2013, when Iraq paid the Americans about $400 million in compensation, called tort reparations.
The last extension was during the era of President Obama, who stipulated that Iraq be committed to structuring government banks, and the protection was for one year only.
Saleh adds: I believe that the existence of the Kuwait war deductions on the mechanism of oil revenues continued to provide automatic international protection for the open oil revenue account.
As for the account of the Central Bank of Iraq, which includes the reserves of the Central Bank in dollars, it is protected under the federal reserve laws that say that the funds of independent central banks have The Federal Reserve Bank, as an independent central bank, provides by itself legal protection from any or seizure of commercial creditors because that money is to maintain monetary and financial stability.
At the conclusion of his statement, Saleh included an example of a judicial precedent for Argentina in this regard, according to a decision of the New York Court, on the day it rejected a call for prosecution raised by commercial creditors a decade ago.