Central Bank of Iraq
| Central Bank of Iraq البنك المركزي العراقي |
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| Headquarters | Baghdad, Iraq | ||
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| Established | 1947 | ||
| Chairman | Sinan Al-Shibibi | ||
| Central bank of |  Iraq |
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| Currency | Iraqi Dinar | ||
| Website | Official website | ||
The Central Bank of Iraq (Arabic: البنك المركزي العراقي) is the central bank of Iraq.
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[edit] History
The Central Bank of Iraq was established as Iraq's central bank by Central Bank of Iraq Law 2004 with authorised capital of 100 billion dinars.[1] The current Governor of the Central Bank of Iraq is Sinan Al-Shibibi.
[edit] Architecture
The bank headguarters were designed by Danish architects Dissing+Weitling And completed in 1985. It is a cubical building constructed of reinforced concrete clad in marble. It has few exterior openings, and is instead organised around an inner courtyard which cuts through the heart of the structure and rises to a height of 40m. The courtyard is surrounded on all sides by offices separated by an interior glass curtain wall.[2]
[edit] Objectives
The primary objectives of the CBI shall be to achieve and maintain domestic price stability and to foster and maintain a stable and completive market – based financial system subject to these objectives, the CBI shall also promote sustainable growth, employment and prosperity in Iraq.
The functions of the CBI in achieving the objectives mentioned above. Formulate and implement monetary policy including exchange rate policy for Iraq. Hold gold and manage the state reserves of gold. Issue and manage Iraq currency. Establish oversee and promote sound and efficient payment system. Issue licenses or permits to banks and to regulate and supervise banks as further specified this law and in the banking law. Carry out any ancillary tasks or transactions in accidental to the exercise of its functions under Iraqi law.
The objectives of the Central Bank of the Iraq are as follows:
- maintaining inflation stability
- implementing monetary policy (including exchange rate policies)
- managing the state's reserves
- issuing and managing the Iraqi dinar
- regulating private banks.
As of December 2006, the bank reported total assets valued at over 33 trillion dinars, of which 59 percent were Treasury Bills[3] The bank’s head office is located in Baghdad with four branches in Basrah, Mosul, Sulaimaniyah and Erbil. However, currently the bank does not control the financial and administrative affairs of Erbil and Sulaimaniyah branches, as these branches are technically reporting to the bank and for all other issues they are reporting to Kurdistan Regional Government (KRG) and they are financed by KRG.
[edit] The largest bank robbery in history
In March 2003, on several occasions beginning on March 18, the day before the United States began bombing Baghdad, nearly US$1 billion was stolen from the Central Bank of Iraq. This is considered the largest bank heist in history.[4]
In March 2003, a hand-written note surfaced, signed by Saddam, ordering $920 million to be withdrawn and given to his son Qusay[citation needed]. Bank officials state that Qusay and another unidentified man oversaw the cash, boxes of $100 bills, being loaded into trucks during a five hour operation.[citation needed] Qusay was later killed by the U.S. Military in a battle.[5]
[edit] See also
[edit] References
[edit] External links
- The Central Bank of Iraq official Website (Arabic) (English)
- The Great Bank Robbery
- UK troops foil Iraq bank robbery
- Papers show Saddam snatched $1bn from bank a day before invasion
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