Did Iraq buy US treasury bonds worth 34 billion dollars for investment, and what is their fate?

by **claud39** Sun Nov 29, 2020 5:23 pm

Did Iraq buy US treasury bonds worth 34 billion dollars for investment, and what is their fate?

2020/11/25

Did Iraq buy US treasury bonds worth 34 billion dollars for investment, and what is their fate? 140754

Baghdad A member of the Parliamentary Finance Committee, MP Naji Redis revealed, on Wednesday ( 11-25-2020 ), the fact that American treasury bonds were bought, while determining the reserve value of the Central Bank of Iraq. In an interview with (Baghdad Today), Redis said, "All central banks in the countries of the world resort to what is known as safe investment that does not contain any risks or financial losses in the future through investing the financial reserves of the central banks, including the Iraqi one."

He added that "no buy bonds treasury US , but is the process of investment security reserve central bank of hard currency, and have a profit margin of little but to dysfunctional any losses this framework in place in all countries of the world and does not have any economic problem or legal" and continued Redis, He "has no information about freezing $ 34 billion in America, according to what has been circulated recently," noting that "the value of reserves of the Iraqi Central Bank is estimated at 56 billion dollars, including gold bars and treasury bonds in addition to cash in hard currency."

And the economic expert, Abdul Rahman Al-Mashhadani, revealed, on Sunday (January 12, 2020), what he described as a "fatal strategic mistake" committed by the Central Bank of Iraq, which would lead to seizing half of the bank’s reserves if the United States decided to impose sanctions on the country.

Al-Mashhadani said in an interview with (Baghdad Today), "The United States, if it blocks Iraq's access to the funds of the Central Bank, which is kept in the Federal Reserve Bank in New York, is an illegal decision, because central banks are supposed to be protected in accordance with treaties and agreements.

International, and the Federal Reserve has made commitment to treaties that are granted to independent banks. " He explained, "There are two types of bank engagements, banks that follow governments and work according to the government’s plan.

This is what the central bank used to adopt before 2003 when the central bank was affiliated with the Presidency of the Republic or the Ministry of Finance, and after 2003 a decision was issued in Order 56 of 2004 granting full independence to the bank. Central Bank, indicating: "It is assumed that the funds of the Central Bank are treated as independent, far from the government."

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