USA Agrees to extend immunity of Iraqi funds

Baghdad (IraqiNews.com) The Central Bank of Iraq announced an agreement with the United States of America to extend the legal immunity for Iraqi funds abroad.

US President Barack Obama issued an executive order in May of 2012 to extend immunity to Iraqi money in the Iraq Development Fund for a year. This means that Iraqi assets will remain protected from lawsuits by companies or individuals in the United States only.

The CBI reported in a statement received by IraqiNews.com “Based on efforts that were exerted by the Iraqi Government through holding meetings with USA Government, it has been agreed upon to extend the legal immunity of Iraqi funds abroad.”

“The agreement stipulates to issue a resolution from the President of the USA to extend the legal immunity of Iraqi funds in the USA related to the account of Iraq development fund and the account of the CBI,” the statement added.