[When did Iraq become a sovereign nation?] Iraq has long been a sovereign nation, but they lost some freedoms in 2003 with the overthrow of Saddam. Their currency plummeted in value, they had to travel a very long road to get where they are today. Chapter 7 was lifted in 2013, which marked a major milestone for them regaining their position in the world. Since then, they have established a very balanced and stable government and worked their way to the point we are currently at – in position to implement the new Hydro Carbon Law, which will likely trigger a change in the value their currency is traded at.