Oil management of financial resources of Iraq: the documentary cycle (Iraq to SWIFT??)
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Was associated with the financial history of Iraq since the 3002 General Article 21 of UN Security Council Resolution No. 3.841 issued in May 3002, which stipulates the establishment of Development Fund for Iraq (IFD) 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 Iraq as an account
The condition of 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 global market that account, to be deducted 5 percent of those revenues to be deposited in the account of the United Nations Compensation Commission for Kuwait war fund and addressed by the Article 21 of the UN Security Council resolution in the above ..
First: - the sale of oil mechanism and marketing recognizes Sheeran says
on the basis of 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. Received by the Central Bank of Iraq (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 when you open an
accreditation.
It also includes (letter of credit) condition states that the final amount or Alackherellaatmad will undergo to 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 the export of crude oil allocations are deferred payment and sent at least a week before the start of the export.
3.eetm determine the price of a 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 example take Average oil prices for the three ports (Dubai, Oman, Ras Tanura) or a monthly average price of a barrel of oil at hand for a number of other ports
as well.
4 for sale. Provide oil marketing company of shipping documents (crude oil shipping) full to the Iraqi Central Bank by the amount of maturity, according to the terms of reliance to be converted to a correspondent bank, which in turn audited the documents to make sure they conform to the terms
of credit.
Accordingly, the Central Bank of Iraq to send a message SWIFT - SWIFT to the bank correspondent light of the adoption teach him the backing of receipt of shipping documents and it is matching the terms of accreditation and here is the amount required to charge the account open for this purpose in the Federal Reserve Bank in New York, which account (OPRA) oil receipts
account.. 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 proportion (5 percent) 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 percent 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 percent) currently according to the agreement with the United Nations, Kuwait, until the end of 2017.
7.asud Federal Reserve Bank / New York Central Bank of Iraq to reveal the weekly amounts credited to the account number
(2).
as The Central Bank of Iraq For his part, send those statements to the accounting department in the Ministry of Finance is that a final revenue of the treasury. With the offer that oil receipts account in all its details is an open account in the name of the Central Bank Iraqi 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
is the exclusive authority 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).
As it sends a payment order Baltoukiein aforementioned 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 what offset by the Ministry of Finance Open account dinar to the Iraqi Central Bank in Baghdad in order to secure the 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 New York Fed (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 can 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 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 account (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
The condition of 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 global market that account, to be deducted 5 percent of those revenues to be deposited in the account of the United Nations Compensation Commission for Kuwait war fund and addressed by the Article 21 of the UN Security Council resolution in the above ..
First: - the sale of oil mechanism and marketing recognizes Sheeran says
on the basis of 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. Received by the Central Bank of Iraq (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 when you open an
accreditation.
It also includes (letter of credit) condition states that the final amount or Alackherellaatmad will undergo to 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 the export of crude oil allocations are deferred payment and sent at least a week before the start of the export.
3.eetm determine the price of a 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 example take Average oil prices for the three ports (Dubai, Oman, Ras Tanura) or a monthly average price of a barrel of oil at hand for a number of other ports
as well.
4 for sale. Provide oil marketing company of shipping documents (crude oil shipping) full to the Iraqi Central Bank by the amount of maturity, according to the terms of reliance to be converted to a correspondent bank, which in turn audited the documents to make sure they conform to the terms
of credit.
Accordingly, the Central Bank of Iraq to send a message SWIFT - SWIFT to the bank correspondent light of the adoption teach him the backing of receipt of shipping documents and it is matching the terms of accreditation and here is the amount required to charge the account open for this purpose in the Federal Reserve Bank in New York, which account (OPRA) oil receipts
account.. 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 proportion (5 percent) 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 percent 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 percent) currently according to the agreement with the United Nations, Kuwait, until the end of 2017.
7.asud Federal Reserve Bank / New York Central Bank of Iraq to reveal the weekly amounts credited to the account number
(2).
as The Central Bank of Iraq For his part, send those statements to the accounting department in the Ministry of Finance is that a final revenue of the treasury. With the offer that oil receipts account in all its details is an open account in the name of the Central Bank Iraqi 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
is the exclusive authority 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).
As it sends a payment order Baltoukiein aforementioned 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 what offset by the Ministry of Finance Open account dinar to the Iraqi Central Bank in Baghdad in order to secure the 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 New York Fed (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 can 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 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 account (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
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Rafidain Bank has the "largest" financial stocks in the region with assets of $ 210 billion
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Long-Presse / Baghdad
Detection Union of Arab Banks, on Sunday, the possession of Rafidain Bank "largest" stocks Mali in the region and the Arab world with total assets of $ 210 billion, and stressed that Iraq does not need the money in order to stimulate economic and banking sector, while pointing out the need to develop human resources, banking in Iraq.
The Secretary-General of the Union of Arab Banks and Sam Fattouh, during a press conference held by the Association of Iraqi banks with the Union of Arab Banks for the signing of a joint cooperation agreement in the Babylon Hotel in central Baghdad and attended (range Press), said that "Iraq does not need the money in order to stimulate economic and banking sector."
Fattouh said, that "Rafidain Bank owns the largest financial inventories in the region and the Arab world, with total assets amounting to $ 210 billion," noting that "Qatar National Bank ranked second with total assets of $ 145 billion."
The Secretary-General of the Union of Arab Banks, that "Iraq needs to develop its human resources and banking business in order to finance the local economy," pointing out that "the Union is working on it after the signing of a joint cooperation with the Association of Iraqi banks agreement."
The Association of Iraqi banks announced on Sunday, signing a cooperation agreement with the Union of Arab Banks for the development of human resources, and called for the legislative and executive authorities to capitalize on this collaboration for the development of the banking sector, and with Union revealed the existence of preparations for the convening of an economic forum in Iraq to attract investors, expressed its readiness to provide assistance for the establishment of the Iraqi Association of banks.
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US Ambassador visits Erbil to meet with Barzani and the governor of Nineveh
Shafaq News / The American ambassador to Iraq, Stuart Jones today visited the Kurdistan Region of Iraq for the purpose of holding several meetings in Erbil with the President of the Kurdistan region Massoud Barzani and Prime Minister Nechirvan Barzani, his cabinet and other senior government officials of the region.
The US embassy in Iraq in a statement that Ambassador Jones also met separately with the governor of Nineveh Nofal Akub, and former Prime Minister of the Kurdistan Regional Government Barham Salih.
This was accompanied by the ambassador in his meetings with US Consul General in Erbil Matthias Mettmann.
In his meetings with President Barzani and other senior government officials, Ambassador Jones stressed the United States' strong support for the Peshmerga forces in the fight against Daash, as well as the importance of improving relations with the Government of the Territory of Baghdad, and the need to implement political and economic reforms.
According to a brief statement of the presidency of the province of Twilight News reported that Barzani discussed with Jones also preparations carried out by coalition and Iraqi forces and Alپeshmrگh of Mosul editing process.
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Iraq is willing to conclude an agreement with the European Investment Bank Sunday
Baghdad, January 24 / Qena / met Finance Minister Hoshyar Zebari, here today, President of the European Union Mission Patrick Simonet.
During the meeting, according to a statement of the Iraqi Ministry of Finance, discuss relations between Iraq and the European Union in the light of the cooperation and partnership between the two sides agreement and the willingness of the Iraqi government to conclude an agreement with the European Investment Bank, where it can be for Iraq from which to benefit from European support in investment projects, especially in the sectors of electricity, transport .
During the meeting, review the political and security situation and the efforts of the Iraqi government to support the displaced people and to secure their basic needs, with emphasis on the role of the European Union in supporting the reconstruction of regions and cities liberated Fund after the expulsion of the organization "Daash".
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