A Chunk of Change
The government of Iraq just deposited some money with the US Federal Reserve. How much?
HispanicBusiness has the story:
bq.
Iraq Deposits Five Billion Dollars with US Federal Reserve
The Iraqi central bank has built up five billion dollars in reserves in recent months which have been deposited with the US Federal Reserve, a top US treasury official said Tuesday.
bq. The sum will earn the Iraqi government about 100 million dollars of much needed interest each year, John Taylor, US treasury under secretary for international affairs, told a press conference after talks with Iraqi officials.
bq. The money has been placed with the Federal Reserve Bank of New York.
Very cool - looks like their economy is growing very well. Nice to see the money being saved rather than 'invested' in Palaces...
Posted by DaveH at February 14, 2005 1:50 PM