CBI receives the remaining amount from the Kuwait Compensation Fund

Economy

12-12-2022, 12:19

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Baghdad-INA
The Central Bank of Iraq (CBI) announced on Monday, that it had received the remaining amount in the Kuwait Compensation Fund.

A statement by CBI, received by the Iraqi News Agency (INA), stated that "the bank has received the remaining amount in the Compensation Fund, amounting to (7,946,316) US dollars, after paying the full compensation for the State of Kuwait."

The statement added, "The amount was returned after auditing the accounts according to Security Council Resolution No. (2621) for the year (2022) concerned with ending the compensation file resulting from the invasion of the former Iraqi regime into the State of Kuwait."

It is noteworthy that Iraq revealed in 2021 that it had ended all necessary banking arrangements with the US Federal Reserve Bank to stop the automatic deduction of Kuwait's compensation from Iraqi crude oil export revenues, after paying the full remaining amount of compensation.