Before the Iraqi war, the majority of the OPEC States adopted the US dollar for oil transactions. following the first Gulf war, the United Nations Security Council Resolution 986/1995 allowed Iraq to sell specified dollar amounts of crude oil for the purchase of essential goods and services (the UN oil-for-food program); these supplies were distributed under the supervision of the UN Security Council Committee, established by resolution 661/1990. In October 2000, an Iraqi communication addressed to the UN Secretariat, concerning a change from dollars to euros in pricing oil exports, was brought to the attention of the Committee. The paper investigates the consequences of this proposed change and the exercise of monetary authority by the occupying powers after the second Gulf war.
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