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Central Bank of Iraq
البنك المركزي العراقي
The Central Bank of Iraq, guarded by U.S. troops in June 2003.
The Central Bank of Iraq, guarded by U.S. troops in June 2003.
Headquarters Baghdad, Iraq
Established 1947
Chairman Sinan Al-Shibibi
Central Bank of Iraq Iraq
Currency Iraqi Dinar
Website Official website

The Central Bank of Iraq (Arabic: البنك المركزي العراقي‎) is the central bank of Iraq.

Contents

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.

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:

As of December 2006, the bank reported total assets valued at over 33 trillion dinars, of which 59 percent were Treasury Bills[2] 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.

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.[3]

Approximately $650 million was later found by US troops, hidden in the walls of Saddam Hussein's palace. It is believed that this was the bulk of the stolen money. The remaining money is currently unaccounted for. Diyaa Habib al-Khayoun, general manager of the state-owned Rafidain Bank, claims that $250 million and 18 billion now worthless Iraqi dinars were also stolen, but by professional robbers unconnected to Saddam.

In March 2003, a hand-written note surfaced, signed by Saddam, ordering $920 million to be withdrawn and given to his son Qusay. 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. Qusay was later killed by the U.S. Military in a battle.[4]

See also

References

External links








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