Former Iraqi MP Fawzi Akram Tarzi has called for an end to the U.S. Federal Reserve’s role in overseeing Iraqi oil revenues, arguing that the arrangement has been used as a tool of political and economic pressure in recent years.
Tarzi said the money generated from Iraq’s oil exports belongs to the Iraqi people and represents one of the country’s most important sources of income. Because of this, he believes Iraq should have full control over how those funds are managed and transferred without outside influence.
According to Tarzi, allowing the U.S. Federal Reserve to oversee the flow of these revenues gives Washington significant influence over Iraq’s financial policies, particularly when it comes to the movement of hard currency. He argued that this situation affects Iraq’s economic independence and limits the country’s ability to manage its own financial affairs.
He called on the Iraqi government to take steps to place full control of oil revenues and hard currency flows under Iraqi management. In his view, decisions regarding these funds should be made entirely by Iraqi institutions without any foreign involvement.
Tarzi also claimed that control over the movement of oil revenues has been used by Washington as a pressure tool to achieve various political and economic goals. He argued that managing the proceeds from Iraq’s oil sales is a matter of national sovereignty and should be treated as such.
He further linked the issue to broader concerns about foreign influence in Iraq, saying that economic control and military presence are both matters that should be addressed through policies that strengthen Iraqi sovereignty and independence.
The comments reflect ongoing debates within Iraq about control over national resources, financial decision-making, and the country’s relationship with the United States.
