KTFA
MilitiaMan » January 18th, 2022
The release of frozen funds may have a profound impact on the REER (Real Effective Exchange Rate) imo.. We have heard there is in the tune of $100s of billions in wealth. Reactivating banks abroad is not imo going to be a with a program rate. They already have good reserves, adding more just makes the pie all the sweeter. imo.. ~ MM
Demanding action to release frozen assets abroad
Monday 17 January 2022 230
Baghdad: Mustafa Al-Hashemi
A banking expert said that Iraq has not completely escaped, at the financial and banking level, from the sanctions under the Charter of the United Nations, which were imposed on it in the year 1991 due to the invasion of Kuwait, as all that is in the matter is that it has moved from Chapter VII to VI, which came in Article 38 of it. “The Security Council, if requested by all the disputants, may submit to them its recommendations with a view to resolving the conflict peacefully, without prejudice to the provisions of Articles 33 to 37 of the aforementioned chapter.
The expert, Abdul-Hussein Al-Mandhari stressed, “the necessity of moving on this issue to resolve the country’s debts and liberate the frozen funds and balances, in order to restore its banking activity abroad by reactivating the work of the Rafidain and Al-Rasheed bank branches spread in several countries.” Countries”.
Advertisement
______________________________________________________
The UN Compensation Committee was formed in 1991, obligated Iraq to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Al-Mandhari added to “Al-Sabah” that “there is a set of steps to be taken by the Ministries of Foreign Affairs and Finance, along with the Central Bank, to move at the diplomatic level and discuss debt settlement for creditors, due to the need to be freed from the constraint of foreign debt and to restore sovereignty over funds.
And he indicated that “the steps are to invite the creditor countries to the Paris Club for the purpose of settling it, or to negotiate directly with them to schedule it outside the club, or to ask them to exempt Iraq from paying it.” The banking expert stated that “Britain acquired all the Iraqi government financial assets with it, and acted on its own by granting individuals and companies exaggerated compensation, without allowing the Iraqi defense lawyer to interfere in the matter, and also closed the Rafidain Bank branch in London and the closure continues so far, pointing to The presence of the accounts of the disbanded military industrialization and the Ministry of Defense in the branches of the Rafidain and Al-Rasheed banks abroad were the main reasons for the acquisition. Al-Mandhari pointed out that “Ernst & Young bought 15 percent of Iraq’s debts and compensated the creditors with rates ranging from 80 to 90 percent of their debts.”
It is worth noting that the External Debt Department in the Ministry of Finance is one of the departments of the Public Debt Department in the Ministry, which is responsible for following up on the settlement of Iraq’s foreign debt, by entering all debt data, which have been settled with countries and commercial creditors under bilateral agreements, and settlement offers in the database.
The data that has adopted the DMFAS system, the submission of financial and statistical reports, the preparation of estimates, which are required by the federal budget each year, and the payment of the amounts, which are realized by the Government of Iraq in accordance with bilateral agreements and settlement offers. According to the section, and for the purpose of facilitating the task of dealing with Iraq’s foreign debts, it was agreed to classify them into 3 groups represented by the debts of the Paris Club countries and the debts of non-member countries of the club, as well as the debts of commercial creditors (the private sector).
According to the website of the Ministry of Finance, one of the duties of the department is also to follow up on the settlement of the debts of the remaining countries that are not members of the Paris Club and the countries of the Gulf Cooperation Council, in coordination with the Ministry of Foreign Affairs and foreign advisors to the Ministry of Finance, in addition to following up on the remaining commercial debt settlement procedures for the foreign private sector, which were not included in the Previous settlement offers or those offers rejected.
The head of the Committee of Financial Experts, Dr. Abdul Basit Turki, had called earlier for “the move of the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the Charter of the United Nations in a systematic way.”
Advertisement
______________________________________________________
He noted the need for the upcoming decision to stipulate “protecting Iraq from any claims related to the Kuwait war compensation, whether it is individual claims or filing lawsuits related to compensation,” calling for “the annulment of all decisions that resulted from the war.” Kuwait”.
Chapter VII of the Charter of the United Nations is concerned with actions that take place in cases of threats to the peace and the occurrence of aggression, and the chapter contains 13 articles, including Article 44, which states: “If the Security Council decides to use force, it shall, before it is requested by a non-represented member, If the armed forces are provided in fulfillment of the obligations stipulated in Article 43, he shall invite this member to participate, if he so desires, in the decisions he issues with regard to the employment of units of the armed LINK
Source: Dinar Recaps
Samson » January 18th, 2022
Oil continues to rise due to tight supply
17th January, 2022
Oil prices rose on Monday, with Brent crude futures hitting their highest levels in more than three years, as investors bet that supply will remain tight amid production curbs by major producers with global demand unaffected by the O-----n c---------s variable
Brent crude futures rose 6 cents, or 0.07 percent, to $86.12 a barrel by 04:56 GMT. US West Texas Intermediate crude rose 17 cents, or 0.20 percent, to $83.47 a barrel
The gains followed a rally last week when Brent rose 5.4% and WTI rose 6.3%
Feverish oil buying, driven by supply disruptions and signals but the O-----n variable will not be as disruptive as feared for fuel demand, has pushed some crude grades to multi-year highs, suggesting the rally in Brent crude futures could continue for much longer
Advertisement
______________________________________________________
The Organization of the Petroleum Exporting Countries (OPEC) and its allies – OPEC+ – are gradually easing production cuts that were implemented when demand collapsed in 2020 but many small producers cannot ramp up supplies and others have been wary of pumping too much oil in the event of renewed C---D-19 setbacks
Fears of a Russian attack on neighboring U-----e that could disrupt energy supplies also supported prices with Russia massing 100,000 troops on the U-------n border LINK
Source: Dinar Recaps
Billuke » January 18th, 2022
IMO…I like what Frank said in the CC last night on YT. That the CBI has the Titanium date and the GOI can’t stop it, but it’s important that the Gov’t be seated because we need the laws that open the budget and that will give us what we want. Yes Sir!
Samson » January 18th, 2022
The Framework Pledges To Restore The Price Of The Dollar To Its Previous Era “As Soon As Possible”
18th January, 2022
The representative of the State of Law coalition, Muhammad Hassan Al-Qadri Al-Shammari, confirmed, on Tuesday, that restoring the dollar exchange rate to its previous price is a basic requirement, noting that the forces of the coordination framework will work to restore it as soon as possible.
Al-Shammari said in a statement to “Al-Maalouma”, that “the current parliament is able to return the exchange rate of the dollar to its previous price, which is a popular demand in the first place,” noting that “the exchange rate has harmed a large segment of the people and cannot continue for a longer period.”
Advertisement
______________________________________________________
He added that “the framework will work to pressure the competent authorities to return it to its previous price,” noting that “one of our priorities as deputies is to work on restoring the exchange rate of the dollar against the Iraqi dinar in the service of our people.”
And the representative of the State of Law coalition, Firas Al-Maslmawi, had confirmed in a previous statement that his coalition and other representatives within the same direction would not allow the budget to be passed for the current year until after a reduction in the exchange rate of the dollar against the Iraqi dinar. LINK
Integrity seizes huge fraud and waste in a government bank in Anbar
01/18/2022 09:03:54
The Federal Integrity Commission revealed that it had seized cases of fraud and forgery in the Cooperative Agricultural Bank in the Ramadi Governorate, indicating that this led to the waste of nearly (4.5) billion dinars.
And the Commission’s investigations department stated, according to a statement received by {Euphrates News}, that “the work team of the Anbar Investigation Office, which moved to the Cooperative Agricultural Bank in Ramadi, was able, after checking all suspicious files, to seize (146) lending transactions tainted by suspicion of forgery.”
The department added, “The team then moved to the Civil Status Affairs Department in Ramadi, and carried out the process of checking the civil status identities of the owners of those transactions, explaining that the team had detected (120) forged identities.”
She pointed out that “the total waste of public money amounted to (4,491,400,000) billion dinars,” noting that “this amount represents the total amount spent on those loans within the agricultural initiative of previous years.”
The authority had carried out several seizures in the Agricultural Bank, the most recent of which was announced in late December of its implementation of three seizures in the bank’s branches in Diyala, which resulted in the seizure of loans granted in violation of the law. LINK
Former Minister: Lebanese Banks Seized $20 Billion Of Looted Politicians’ Money
18th January, 2022
Advertisement
______________________________________________________
Former Minister of Water Resources, Mohsen Asfour Al-Shammari, revealed, on Tuesday, that there are more than 20 billion dollars smuggled from Iraqi politicians seized in Lebanese banks, indicating that there is no country in the world that does not operate its intelligence in Iraq.
In a televised interview, Al-Shammari said, “All countries, without exception, operate in Iraq through their intelligence and control their personal interests through politicians.”
He added that “these intelligence services are working to smuggle money to Lebanon, Turkey, Syria and the UAE,” noting that “all heads of government, even the current ones, fear colliding with them or are part of that process to launder and smuggle money.”
He pointed out that “the Lebanese economic crisis revealed the existence of more than 20 billion dollars smuggled from Iraq through politicians, which are now reserved and are being spent in the form of “instalments” for politicians. LINK
Decisions issued to imprison and imprison a number of Iraqi officials
18th January, 2022
The Federal Integrity Commission announced on Tuesday the issuance of prison sentences and imprisonment sentences against a number of current and former officials; for causing them to harm the interest of the state and waste public money.
In a statement today, the Investigations Department stated that the Karkh Misdemeanour Court, which specializes in integrity issues, issued a prison sentence in absentia against the former governor of Babylon in the case related to changing the use of plots of land from green land and a public road to residential use; With the aim of achieving the benefit of people at the expense of the state’s interest, indicating that the conviction decision was issued in accordance with the provisions of Article (331) of the Penal Code.
She added that the same court had issued a ruling in the presence of the former governor of Wasit; Based on the provisions of Article (331) of the Penal Code, explaining that the convict violating the instructions of the Council of Ministers for the year 2018 regarding appointments in the General Directorate of Wasit Education by granting contracts for the development of regions at a rate of 10% of the applicants for appointment, and distributing job grades according to population ratios, pointing to two jobs without grants. Go through the appointment mechanism.
The Central C--------n Criminal Court stated that it had issued a six-year prison sentence for the director of Salah al-Din Antiquities; for causing the waste of an amount of (8,000,000,000) dinars allocated for the restoration of the Samarra Mallawiyah Mosque, noting that the court issued its ruling; Based on the provisions of Article (340) of the Penal Code.
The circuit indicated that the two courts issued judgment decisions after reviewing the evidence obtained in those cases, which it found sufficient and convincing to convict the a-----d. LINK
Source: Dinar Recaps
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
Advertisement
______________________________________________________
