Related article .. link .. Iraq and U.S. ~ Protection of Iraq's Money until May 2012 ~ Ministerial Committee recommends applying to the United States to renew protection ...
14/04/2012
The Central Bank underlines the need to extend the custody of the Iraqi funds for an additional year
Baghdad, The Central Bank of Iraq on Saturday, Iraq's need to extend the custody of Iraqi funds to the U.S..
The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Iraqi funds needed to extend the agreement with Washington for a year to provide extra protection from the crisis with trade creditors counterfeiters."
The White House had decided in June of last year to impose custody of Iraqi funds at the request of an official from Baghdad.
"The trade creditors counterfeiters bother trying to make Iraq and issues related to book Iraqi funds illegally and without having proper documentation."
Saleh pointed out that "Iraq does not deny the right of trade creditors, provided that those debts be documented according to the Paris Club agreement.
Is expected to give Iraq to the UN Security Council a detailed report in May next looking the most important pillars of the protection of Iraqi funds.
The Ministry of Finance of Iraq earlier that the government commission took over the development of mechanisms to protect Iraqi funds in foreign banks after the UN Security Council resolution mid-November, who spent the last show of the Council on the protection of Iraqi funds by the end of June next.
The UN Security Council voted unanimously in mid-January of 2011 on the three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and the abolition of the oil for food program.
The former Iraqi President Saddam Hussein invaded Kuwait in 1990, which imposed on the impact of international sanctions on Iraq and the situation under Chapter VII, which makes him the country threatens international peace and security.
Included international sanctions prevented the import of chemicals and nuclear technology that is used in the programs of secret nuclear, chemical and biological weapons.
Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called the program "Oil for lunch."
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