$100 Billion in Iraqi Money Sits at the U.S. Federal Reserve
A staggering figure has re-entered the conversation around
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Iraq’s financial management: more than $100 billion in savings held at the U.S. Federal Reserve.
Economic expert Duraid Al-Anzi says Iraq should never have faced a financial crisis given its oil revenues — arguing that repeated warnings to use conservative oil price assumptions in national budgets were ignored.
According to Al-Anzi, Iraqi authorities were advised not to base budgets on high oil prices and instead cap assumptions around $65 per barrel to allow surplus revenues to accumulate as savings…
The skinny
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