The US has a strong financial leverage. The Central Bank of Iraq’s account at the Federal Reserve Bank of New York is used to hold all of the country’s oil earnings. Washington has significant control over the flow of US dollars into Iraq thanks to this agreement.In April of this year, Washington halted the flow of funds. So they’ve done it once already. We think they’ll do it once again.To pay international suppliers for food, medications, equipment, and other commodities, businesses require dollars.Iraq is not making payments on its IQD debt. They are using US money to pay for their imports. Immediate pressure might cause the value of the Iraqi dinar to decline, eroding faith in the currency.The US takes its money very seriously.
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