Ghadhban said oil revenues will still be placed in the internationally monitored Development Fund for Iraq, but the Iraqi government would 'be fully in charge of utilizing the funds.'
The question remained open as to whether INOC would be privatised, indicating that there was plenty of time to decide. A decision will not be made until after democratic elections in January 2005.
Separately, twenty Iraqi private bankers travelled to the US on 9 June to garner support from the international banking community for the Iraq's shaky financial sector. Deputy governor of the Iraqi Central Bank, Haji Faleh Dawood Salmon, led the delegation on the one-week trip to New York where meetings have been arranged with bankers from the US, Arab countries and other nations.
'The trip's purpose is to introduce the members of Iraq's private banks to the international banking community,' the US-led coalition authority said in a statement. ' This will result in additional investment in Iraqi banks, giving them the capital and expertise they need to resurrect the banking system in Iraq,' it said.
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