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Central Bank of Iraq

 
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Central Bank of Iraq
 
 
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The Central Bank of Iraq is the central bank
Central bank

A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states....
 of Iraq
Iraq

Iraq , officially the Republic of Iraq , is a country in Western Asia spanning most of the northwestern end of the Zagros Mountains, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
.
Central Bank of Iraq was established as Iraq
Iraq

Iraq , officially the Republic of Iraq , is a country in Western Asia spanning most of the northwestern end of the Zagros Mountains, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
's central bank
Central bank

A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states....
 by Central Bank of Iraq Law 2004 with authorised capital of 100 billion dinars. The current Governor of the Central Bank of Iraq is Sinan Al-Shibibi
Sinan Al-Shibibi

Dr. Sinan Al-Shabibi is the governor of the Central Bank of Iraq....
.


As of December 2006, the bank reported total assets valued at over 33 trillion dinars, of which 59 per cent were Treasury Bills The bank’s head office is located in Baghdad with four branches in Basrah, Mosul, Sulaimaniyah and Erbil.






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The Central Bank of Iraq is the central bank
Central bank

A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states....
 of Iraq
Iraq

Iraq , officially the Republic of Iraq , is a country in Western Asia spanning most of the northwestern end of the Zagros Mountains, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
.

History

The Central Bank of Iraq was established as Iraq
Iraq

Iraq , officially the Republic of Iraq , is a country in Western Asia spanning most of the northwestern end of the Zagros Mountains, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
's central bank
Central bank

A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states....
 by Central Bank of Iraq Law 2004 with authorised capital of 100 billion dinars. The current Governor of the Central Bank of Iraq is Sinan Al-Shibibi
Sinan Al-Shibibi

Dr. Sinan Al-Shabibi is the governor of the Central Bank of Iraq....
.

Objectives


The objectives of the Central Bank of the Iraq are as follows:
  • maintaining inflation
    Inflation

    In economics, inflation is a rise in the general price level of goods and services in an economy over a period of time. The term "inflation" once referred to increases in the money supply ; however, economic debates about the relationship between money supply and price levels have led to its primary use today in describing price inflatio...
     stability
  • implementing monetary policy
    Monetary policy

    Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy....
     (including exchange rate
    Exchange rate

    In finance, the exchange rates between two currency specifies how much one currency is worth in terms of the other. It is the value of a foreign nation?s currency in terms of the home nation?s currency....
     policies)
  • managing the state's reserves
    Gold Reserve

    Gold Reserve Inc. is a gold mining company with operations and mining property in Bolivar State, Venezuela.Founded in 1956, Gold Reserve Inc....
  • issuing and managing the Iraqi dinar
    Iraqi dinar

    The dinar is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils , although inflation has rendered the fils obsolete....
  • regulating
    Regulate

    Regulate may refer to:* Regulation* Regulate * Regulate...G Funk Era ...
     private bank
    Bank

    A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. It is an institution for receiving, keeping, and lending money....
    s.


As of December 2006, the bank reported total assets valued at over 33 trillion dinars, of which 59 per cent were Treasury Bills 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
Kurdistan Regional Government

The Kurdistan Regional Government , is the official ruling body of the predominantly Kurdish region of northern Iraq referred to as Iraqi Kurdistan, or sometimes simply, Kurdistan....
 (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
United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
 began bombing
2003 invasion of Iraq

The 2003 invasion of Iraq, from March 20 to May 1, 2003, was spearheaded by the United States, backed by United Kingdom forces and smaller contingents from Australia, Spain, Poland and Denmark....
 Baghdad
Baghdad

Baghdad is the Capital of Iraq and of Baghdad Governorate, with which it is also coterminous. With a municipal population estimated at 6.5 million, it is the largest city in Iraq, and the second largest city in the Arab World....
, nearly US$1 billion was stolen from the Central Bank of Iraq. This is considered the largest bank heist in history.

Approximately $650 million was later found by US troops, hidden in the walls of Saddam Hussein
Saddam Hussein

Saddam Hussein Abd al-Majid al-Tikriti was the President of Iraq of Iraq from 16 July 1979 until 9 April 2003.A leading member of the revolutionary Ba'ath Party, which espoused secular pan-Arabism, economic modernization, and Arab socialism, Saddam played a key role in the 1968 coup that brought the party to long-term power....
'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
Rafidain Bank

Rafidain Bank is the largest bank in Iraq, with 147 branches inside Iraq and with branches in Cairo, Beirut, Abu Dhabi, Bahrain, Sanaa, Amman and Jabal Amman....
, 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
Qusay Hussein

Qusay Saddam Hussein al-Tikritieh was the second son of Iraqi president Saddam Hussein. He was appointed as his father's family dictatorship in 2000....
. 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.

See also

  • Iraqi dinar
    Iraqi dinar

    The dinar is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils , although inflation has rendered the fils obsolete....


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