Iraq to earn income on reserves via NY Fed account

The central bank of Iraq is to be allowed to open a deposit with the Federal Reserve Bank of New York which will earn it millions of dollars in vital interest income, US Treasury Under Secretary John Taylor said on Tuesday 8 February.

Taylor said President George W. Bush had issued an executive order last November granting Iraq the right to open the account.

"This enables the central bank to earn income on its reserves, of approximately $5 billion, that will be over $100 million a year. That ca

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