Thursday, June 12, 2008 12:34:50 AM
M2 documents shrinking physically circulated Dinars....Iraq sold 7.5 trillion to the fed and received 5B U.S.
Iraq since 2003 has accumulated $5B worth of Dinars invested into the Federal Reserve. Iraq earns +-$100M/Year interest just for infrastructure etc etc........
FROM THE OFFICE OF PUBLIC AFFAIRS
February 8, 2005
JS-2240
“Press Statement on Visit to Iraq to Discuss Progress on Monetary and Financial Issues”
John B. Taylor
Under Secretary for International Affairs
United States Treasury
Baghdad, Iraq
February 8, 2005
The purpose of my visit to Iraq has been to discuss economic and financial issues of interest to the United States and Iraq. I have had very successful meetings with the Deputy Prime Minister, the Minister of Finance, and the Central Bank Governor. I would like to thank the Minister of Finance for hosting a wonderful lunch at his residence. His hospitality is a testament to the strong friendship and cooperation that has developed between the Finance Ministry of Iraq and the U.S. Treasury.
My visit to Iraq comes just nine days after the historic and successful elections for the National Assembly, and I note and can see that confidence and optimism from the elections has also spread to the economic sphere. Indeed, there is a great deal to be optimistic about.
The progress made is especially remarkable when compared to the conditions during my visit here in June 2003. Then the old Saddam dinar was in circulation, the central bank could not operate independently and did not have any reserves, and the country suffered under a huge debt burden.
In contrast, today in Iraq we see the necessary foundations for a strong and vibrant economy are being established. Notable successes over the past year include: the successfully launching of a new currency, an 80 percent reduction on Iraq's sovereign debt, and the establishment of an independent central bank law.
One of the topics for discussion today was the newly opened income-earning account that the Central Bank of Iraq established at the Federal Reserve Bank of New York. This account will enable the Central Bank of Iraq to increase its earnings by about $100 million per year. This income can be used by the Central Bank to improve its infrastructure and enhance the services provided to the financial sector and the Iraqi people. Much work remains to be done on the development of the banking sector, but the people of Iraq are right to be optimistic for their future following the election, for the necessary economic and political foundations are taking root to ensure Iraq's prosperity.
http://www.ustreas.gov/press/releases/js2240.htm
http://www.iraqdevelopmentprogram.org/idp/news/new680.htm
Iraq since 2003 has accumulated $5B worth of Dinars invested into the Federal Reserve. Iraq earns +-$100M/Year interest just for infrastructure etc etc........
FROM THE OFFICE OF PUBLIC AFFAIRS
February 8, 2005
JS-2240
“Press Statement on Visit to Iraq to Discuss Progress on Monetary and Financial Issues”
John B. Taylor
Under Secretary for International Affairs
United States Treasury
Baghdad, Iraq
February 8, 2005
The purpose of my visit to Iraq has been to discuss economic and financial issues of interest to the United States and Iraq. I have had very successful meetings with the Deputy Prime Minister, the Minister of Finance, and the Central Bank Governor. I would like to thank the Minister of Finance for hosting a wonderful lunch at his residence. His hospitality is a testament to the strong friendship and cooperation that has developed between the Finance Ministry of Iraq and the U.S. Treasury.
My visit to Iraq comes just nine days after the historic and successful elections for the National Assembly, and I note and can see that confidence and optimism from the elections has also spread to the economic sphere. Indeed, there is a great deal to be optimistic about.
The progress made is especially remarkable when compared to the conditions during my visit here in June 2003. Then the old Saddam dinar was in circulation, the central bank could not operate independently and did not have any reserves, and the country suffered under a huge debt burden.
In contrast, today in Iraq we see the necessary foundations for a strong and vibrant economy are being established. Notable successes over the past year include: the successfully launching of a new currency, an 80 percent reduction on Iraq's sovereign debt, and the establishment of an independent central bank law.
One of the topics for discussion today was the newly opened income-earning account that the Central Bank of Iraq established at the Federal Reserve Bank of New York. This account will enable the Central Bank of Iraq to increase its earnings by about $100 million per year. This income can be used by the Central Bank to improve its infrastructure and enhance the services provided to the financial sector and the Iraqi people. Much work remains to be done on the development of the banking sector, but the people of Iraq are right to be optimistic for their future following the election, for the necessary economic and political foundations are taking root to ensure Iraq's prosperity.
http://www.ustreas.gov/press/releases/js2240.htm
http://www.iraqdevelopmentprogram.org/idp/news/new680.htm
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
