Since the U.S. invasion of Iraq in 2003, Iraq’s foreign currency reserves have been housed at the United States’ Federal Reserve.
BAGHDAD — Iraq’s currency ended its nosedive after a meeting between the Iraqi Central Bank head and a top U.S. Treasury official.
He praised Iraq’s “steadfast dedication” to improving its compliance with international standards and “and offered continued cooperation in modernizing the banking sector,” the statement said. Since the U.S. invasion of Iraq in 2003, Iraq’s foreign currency reserves have been housed at the United States’ Federal Reserve, giving the Americans significant control over Iraq’s supply of dollars.
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