The Central Bank of Iraq tries to make sure that the domestic prices stay stable and create a financial system that is based on a thriving and competitive market. CBI also looks after the sustainable national economic growth and performance and promotes job creation.
The Governor of the CBI is Dr. Sinan Al-Shabibi who has been included in the World�s Most Influential Arabs section in March 2011 by the Arabian Business Power 500 list.
Central Bank of Iraq – Basic Objectives:
Following are the primary aims of the CBI:
Determining the exchange rate and monetary policies of Iraq.
Setting up, promoting and administering a payment system that is effective and well-organized.
Managing the national gold reserves.
Issuing permits and licenses aside from overseeing and controlling the national banking sector according to the Banking Law specifications.
Management and issuance of the national currency.
Executing subsidiary transactions as per the laws in Iraq.
Central Bank of Iraq – Short History:
The Central Bank of Iraq became the apex economic body of this Western Asian country as per the Central Bank of Iraq Law that was passed on 6th March 2004. At its inception, its starting capital amounted to 100 billion dinars.
Central Bank of Iraq – Payment Systems:
The Central Bank of Iraq consists of three payment systems:
Real Time Gross Settlement System (RTGS)
Government Securities Registration System (GSRS)
Cheque Automated Clearing House (C-ACH)
Central Bank of Iraq – Banknotes and Coins:
The CBI issues banknotes and coins of the following denominations:
50 Dinar notes
5000 Dinar notes
250 Dinar notes
10000 Dinar notes
500 Dinar notes
250000 Dinar notes
1000 Dinar notes
Central Bank of Iraq – Legislations:
The CBI enforces several laws that cover all the banking activities across this Middle East nation:
Central Bank of Iraq Law
Anti-Money Laundering Law
Ordinance to Regulate the Operations of Small & Medium Enterprise Finance Companies
Central Bank of Iraq – Institutions Governed:
The CBI administers every banking and financial entity operating in Iraq:
Financial investment companies
For detailed list of the institutions governed Click here.
Central Bank of Iraq – International Partners:
Following are the international partners of the CBI:
Arab Monetary Fund
Union of Arab Banks
Bank of International Settlement
Islamic Development Bank
World Bank & Iraq
Paris Club & Iraq
IMF & Iraq
Central Bank of Iraq – Auctions:
The CBI holds several types of auctions:
Ministry of Finance auctions
Central Bank of Iraq auctions
Central Bank of Iraq – Publications:
The following statistical publications are brought out by the CBI:
Annual Economic Reports
General Data Dissemination Systems
Following are some of the recent publications of the bank and their authors:
Evaluating the Frontier of Two Trade Disparity Zone: US Trade Deficit and China Trade-Surplus. An Analytical Economic View – Dr. Mudher M. Salih
Guidelines for Public Debt Management – International Monetary Fund
Monetary Policy of the Central Bank of Iraq: The Requirements of Stability and Economic Growth – Dr. Mudher M. Salih
Central Bank of Iraq – Contact Details:
The contact details of the CBI are mentioned below:
Central Bank of Iraq
P.O. Box 64
Baghdad – Iraq
Phone: +964 1 816 5170, +964 1 816 5173, +964 1 816 5171, +964 1 816 5174, +964 1 816 5172, and +964 1 816 5175
Fax: +964 1 816 6802
Last Updated on : 30th July 2013