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Iraq Asks More Banks Involved in Managing Oil Revenue
Bank of Iraq (BOI) said on Sunday that Iraq has asked the United Nations to allow five more international or European banks to join a French bank in managing its oil revenue under the UN oil-for-food program.
A BOI spokesman told local daily Al Ithad that Iraq made the request due to the lack of transparency in operations related to Iraqi oil income by the entrusted French bank, complaining that Iraq was neither involved in nor notified of how the French bank managed the money.
Under the Security Council resolution establishing the oil-for-food program, the earnings from Iraq's oil export go to a special account set up and monitored by the UN and managed by a French Bank.
The spokesman accused the French bank of taking routine measures to block, or delay the delivery of money to enterprises contracting with Baghdad, which, in turn, led to delayed shipment of necessary supplies to the sanction-stricken Gulf country.
He noted that the dialog is underway with the UN financial department in an effort to permit five more banks to invest in Iraq's account at the French bank.
The proposed five banks include one from French, one from Switzerland, one from Germany, and the other two from Spain and Austria, he said.
Iraq has been under UN sanctions since its invasion of neighboring oil-rich Kuwait in l99l.
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