Central Bank of Iraq
| Headquarters | Baghdad , Iraq |
| founding | 1947 |
| president | Ali Mohsen Al-Allaq |
| country | Iraq |
| currency | |
| ISO 4217 | IQD |
| Currency reserves | US $ 64.7 billion (2018) |
| Website | |
| List of central banks | |
The Central Bank of Iraq ( CBI ) ( Arabic البنك المركزي العراقي) is the central bank of the Middle Eastern state of Iraq with headquarters in its capital, Baghdad .
history
After the end of World War I , Iraq's monetary and banking system was administered by the British Mandate of Mesopotamia . In 1932 the Iraq Currency Board was founded in London , thus giving up the pound peg of the Iraqi dinar, which had been issued since 1923 .
In 1949 the currency board was replaced by an Iraqi national bank that had been founded two years earlier on November 16, 1947. This was renamed the Central Bank of Iraq in 1956 .
On March 18, 2003, the day before the US military invaded Baghdad, about US $ 1 billion was stolen from the Iraqi central bank . This has been described by various media reports as the "greatest bank robbery of all time".
After the US invasion in 2003 and the fall of Saddam Hussein , a law was passed in 2004 that caused the establishment of an independent Iraqi central bank. This central bank of today had US $ 100 million in authorized capital. Among other things, the law stipulates that 100% of the bank's capital is borne by the state and cannot be transferred.
On January 25, 2001, the Supreme Court of Iraq ruled that the Iraqi central bank should be administratively subordinate to the Council of Ministers. The then chairman of the central bank, Sinan Al Shabibi, warned that under government influence, the independence of the institution could be jeopardized.
Headquarters architecture
The headquarters of the CBI in Baghdad was designed by the Danish architects Dissing + Weitling and completed in 1985. It is a rectangular concrete building clad in marble. The building has only a few windows to the outside, but a 40 meter deep inner courtyard, the heart of the building.
See also
Web links
Individual evidence
- ^ Iraq Foreign Exchange Reserves . theglobaleconomy.com. Accessed December 12, 2019 (English)
- ↑ [1] "History of the Central Bank of Iraq" on the official CBI website, accessed on September 20, 2016 (English).
- ↑ [2] "Documents confirm Saddam's bank robbery of one million US dollars" website of the British newspaper The Telegraph , accessed on September 20, 2016 (English).
- ↑ [3] Law on the Central Bank of Iraq, Section 2, Article 5.1, accessed on September 20, 2016. (English)
- ↑ [4] View and construction plan of the headquarters, accessed on September 20, 2016