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KTFA:
MilitiaMan: 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”.
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.”
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
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Wolverine
We are in the midst of having the greatest transfer of wealth that has ever occurred in this planet.
This is not about just wealth but it’s about a whole transformation within ourselves as we begin our journey to spread peace and prosperity around the globe.
We have all been called by God to help mankind and show them the way of the truth .
Within this month we will start our greatest adventure that God has bestowed upon us. So I ask you all to start preparing this journey spiritually.
It’s an honour to be in the same catalogue as you my friends.
We are the Chosen ones and we are ready to start saving mankind.
The Wolverine
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Courtesy of Dinar Guru
Frank26 Article: "Specialist Calls On MPs To Fulfill The Return Of The Dollar Exchange Rate" Say it with me, 'Praise God!' You promised parliament to sit and open the budget with an exchange rate not of this era! Quote: "Promises they made themselves regarding the follow-up of the file to the exchange rate of the US dollar against the Iraqi dinar and seek to return it to its previous era." ...the previous era was not December 20, 2020 when they lowered it to pay bills...take our exchange rate back to the previous era...back in the 1940s. Which is what? $3.22 to 1 American dollar...
RVAlready I think what is being done is not obvious to us, because we have different goals. Iraq is trying to run a country and engage in international commerce. We are waiting on a public RV, in order to exchange currency. It is frustrating for us, but Iraq must do what is in the best interest of their country. Hopefully, there will soon be a convergence of these goals. I think more has been done than most people realize. I think the finish line is sneaking up on us.
MARKETS A LOOK AHEAD: Freefall...
Greg Mannarino: Jan 17, 2022