Although the final US-led coalition forces left in late September and Baghdad marked October 1 as 'Sovereignty Day,' Iraq devalued the dinar by 14.5%, from 1,300 to 1,520 per dollar, after the US-Iran war cut its oil exports. Oil made up 88% of government revenue and 91% of merchandise exports in 2025, and exports fell from over 3.6 million barrels per day to about 1.35 million in July before recovering to 2.34 million in August. Oil proceeds are held in a New York Federal Reserve account, giving Washington economic leverage, while Tehran influences exports through the Strait of Hormuz and its ties to Iran-aligned armed factions. The author argues that true sovereignty requires diversifying export routes, broadening the revenue base beyond hydrocarbons, and establishing a single national chain of command before the June 2027 disarmament deadline.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: The Troops Have Left But Has Iraq Become Independent ? - OpEd
Read the original on eurasiareview.com ↗
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