In 2000, Iraq converted all its oil transactions under the Oil for Food program to euros, even though the move was deemed by analysts to "fly in the face of financial logic", since it meant that Iraq would earn less interest on its oil revenues, which were held in a UN-monitored escrow account in New York. Also, the switch would create "cumbersome new administrative processes" because Baghdad decided to keep also its existing deposits in dollars, which meant that the oil-for-food program would maintain two accounts, one in dollars and one in euros.