Iraq to protect oil money by opening 3 EU accounts

12 Jul 2011

(MENAFN) Iraqi central bank adviser, Mudher Kasim, said that in order to protect oil revenue from claims by commercial creditors, Iraq would open accounts at three European central banks, reported Arabian Business.

Kasim added that Iraq had the most of its oil exports sales revenues in the Development Fund of Iraq (DFI) at the New York Fed, nevertheless, next May; it would lose legal immunity on that account.

He also said that the government would expect a surge in war reparation and commercial claims as creditors intensify efforts to take assets, mostly in compensation for events in the first Gulf War.

It is worth noting that Iraq plans to move part of the DFI money, which reached around USD15.6 billion last June, to central banks in Britain, France and the Netherlands where the money would be protected, however, it will not close its account at the New York Fed.

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