Iraq receives $500m from Fed as government faces cash shortage
Oil-exporting country’s income comes under strain as Hormuz uncertainty persists
The Central Bank of Iraq has received $500 million in cash from the Federal Reserve, according to local media reports.
An undisclosed source told Iraq’s state-funded outlet INA that the US Federal Reserve had shipped the notes with the intention of them being used for “transactions related to travellers and foreign remittances, subject to the approval and regulations of the Central Bank of Iraq”, according to an August 6 report.
The development comes as Iraq continues to endure an acute cash
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A round-up of news and salient issues that have affected central bankers in the past three months