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Iraq Risks Losing Access to Key Bank Account

Iraq Risks Losing Access to Key Bank Account

The Trump administration has reportedly threatened to block Iraq’s access to its funds in the Federal Reserve Bank of New York if Iraq expels US troops from the country.

The Wall Street Journal quoted unnamed Iraqi officials as saying that the US State Department warning came after the Iraqi parliament voted in favor of a resolution demanding the removal of American forces from Iraq.

Iraq uses the account to deposit its oil sale revenues and pay government salaries and contracts.

According to the most recent financial statement from the Central Bank of Iraq (CBI), the Federal Reserve held about $3 billion in overnight deposits at the end of 2018.