Central Bank of Iraq - Central Banking (2024)

FAQs

Does Iraq have a central banking system? ›

Established on 16 November 1947 as the National Bank of Iraq, under law N°. 43 of Regency Council, as government owned and controlled institution to carry out central banking functions (superseding Iraq Currency Board). The bank opened on 1 July 1949. In July 1956 its name changed to the Central Bank of Iraq.

The exact details of the bank robbery of the Central Bank of Iraq are not clear. It is alleged that a group of men, which included Hussein's son, went to the bank with large trucks. Upon arrival, they demanded almost one billion dollars in cash which was loaded into the trucks over a period of hours.

A central bank is a public institution that is responsible for implementing monetary policy, managing the currency of a country, or group of countries, and controlling the money supply.

Citing an Iraqi central bank document verified by an official at the bank, Reuters said the banned banks are Ahsur International Bank for Investment; Investment Bank of Iraq; Union Bank of Iraq; Kurdistan International Islamic Bank for Investment and Development; Al Huda Bank; Al Janoob Islamic Bank for Investment and ...

Iraq's central bank has banned eight local commercial banks from participating in transactions involving US dollars, citing efforts to combat fraud, money laundering and illicit uses of the US currency, according to a formal document by Iraq's Central Bank (CBI) obtained by The New Arab.

Iraqis have called it “the heist of the century” – a brazen multibillion-dollar plundering of state coffers that has gripped the country. The theft of $2.5bn was apparently facilitated by some of the highest offices in the land, according to sources and a series of government letters issued in the summer of 2021.

The largest cash heist in global history took place in March 2003, when approximately US$1 billion was stolen from the Central Bank of Iraq, shortly after the United States began the 2003 invasion of Iraq.

How much is a dinar to a dollar? ›

1 IQD = 0.000765 USD May 15, 2024 05:42 UTC

Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently.

The U.S. Federal Reserve is one of the most powerful central banks in the world. The European Central Bank oversees the policies of the eurozone. Other notable central banks include the Bank of England, the Bank of Japan, the Swiss National Bank, the Bank of Canada, and the Reserve Banks of Australia and New Zealand.

The five United Nations member states that are not members of the World Bank are Andorra, Cuba, Liechtenstein, Monaco, and North Korea. Kosovo is not a member of the UN, but is a member of the IMF and the World Bank Group, including the IBRD and IDA.

Board of Governors of the Federal Reserve System

The Board of Governors--located in Washington, D.C.--is the governing body of the Federal Reserve System. It is run by seven members, or "governors," who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate.

The federal government is composed of the executive, legislative, and judicial branches, as well as numerous independent commissions. The legislative branch is composed of the Council of Representatives and a Federation Council.

The Iraqi dinar is the currency of Iraq and can be exchanged for U.S. dollars. Hopes that Iraq's economy can recover from civil and regional wars have led to some speculation that the Iraqi dinar can increase in value against the dollar.

The CBI's main objectives are to ensure domestic price stability and to develop a stable and competitive market-based financial system—a system that consists of banks, financial companies, stock exchanges, and insurance companies.

The World Bank In Iraq. The World Bank Group mobilizes financial and technical assistance in support of Iraq's efforts to regain the trust of its citizens by stabilizing its economy, improving governance, and rebuilding of livelihoods.