Iraq announces Exit from Chapter VII

Iraq’s Minister of Foreign Affairs, Mr. Fouad Hussein, announced Iraq’s exit from Chapter VII of UN Charter after the UN Compensation Commission (UNCC) announced that Iraq had made the final reparation payment to Kuwait.

In a speech during a briefing at the UN Security Council on ending the Compensation Commission’s mandate over Iraq’s reparations to Kuwait, Mr. Hussein confirmed that Iraq has made the final payment amounting to $52.4 billion in total.

He underscored that Iraq fulfilled its obligations despite the difficult circumstances the country experienced because of it being on the frontline to confront Daesh terrorist group and liberate Iraqi cities.

Mr. Hussein congratulated the Iraqi people on ending these international obligations, and Iraq’s exit from Chapter VII of the UN Charter.

Mr. Hussein indicated that the Government of Iraq considers the fulfilment of its international obligations towards the international community and the State of Kuwait as a major development that shall strengthen Iraq’s relations with countries in the region and across the world.

Representatives of countries present at the UN Security Council briefing commended Iraq for its remarkable cooperation in fulfilling its obligations and showing good neighbourliness.

(Source: Government of Iraq)

The post Iraq announces Exit from Chapter VII first appeared on Iraq Business News.
Source: Iraq News

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Al-Rafidain Bank sets Interest Rates

By John Lee.

The state-owned Al-Rafidain Bank has announced the following interest rates:

and fixed deposits for the citizens’ accounts for the year 2022 in an effort to raise the economic and living standard of the citizen. The interest rate for

  • Savings accounts: 4% for one year.
  • Fixed deposit rate: 4.5% for six months; 5% for one year;  two years at 5.5 for less than 50 million dinars and 6% for more than 50 million dinars.

(Source: Ministry of Finance)

The post Al-Rafidain Bank sets Interest Rates first appeared on Iraq Business News.
Source: Iraq News

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From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Will Iraq’s exit from EU money laundering blacklist bring investment?

The European Union (EU) has removed Iraq from its list of high-risk countries for money laundering and terrorism financing.

The delisting will make it easier, at least on paper, for European and other foreign investors to operate in the country.

The full report can be viewed here (registration required).

The post Will Iraq’s Exit from Money-Laundering Blacklist bring Investment? first appeared on Iraq Business News.
Source: Iraq News

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From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Is ‘unfreezing’ of Iranian funds in Iraq ‘positive signal’ from Biden?

A prominent Iranian news agency says funds that have been frozen in Iraq due to US sanctions are now available for food and medicine imports.

However, the report has been disputed by a member of the Iran-Iraq Chamber of Commerce.

The full report can be viewed here (registration required).

The post Is ‘unfreezing’ of Iranian funds in Iraq ‘positive signal’ first appeared on Iraq Business News.
Source: Iraq News

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