VOL. XXXIV

NO. 39

1-JULY-1991

Financial and Banking News

Financial Flows

Australia Signs First Wheat Deal with Iraq as Baghdad Seeks Access toOverseas Assets

Australia announced on 21 June that it had signed a contract to supply Iraqwith 100,000 tons of wheat. The agreement is the first wheat sale to Iraqsince the UN trade embargo was imposed last year. Australian officials saidthat the shipment, which is believed to be worth about $12mn, would be paid forin cash.

The UN Sanctions Committee agreed...