BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Central Bank of Iraq Central Bank of Iraq The Central Bank of Iraq (Arabic: البنك المركزي العراقي‎) was established as Iraq's independent central bank by the Central Bank of Iraq Law of March 6, 2004.   Following the deposition of Saddam Hussein in the 2003 invasion of Iraq, the Iraqi Governing Council and the Office for Reconstruction and Humanitarian Assistance began printing more Saddam dinar notes as a stopgap measure to maintain the money supply until new currency could be introduced. The Banking Law was issued September 19, 2003. The law brings Iraq’s legal framework for banking in line with international standards, and seeks to promote confidence in the banking system by establishing a safe, sound, competitive and accessible banking system. The Central Bank of Iraq sets the conditions under which banks and financial institutions in Iraq and abroad can be allowed to be in Iraq and to operate there. It establishes, moreover, the conditions under which such authority may be amended or withdrawn. The primary objectives of the Central Bank of Iraq (CBI) is to ensure domestic price stability and foster a stable competitive market based financial system. The functions of the CBI in addition to achieving its primary objectives are:  ■ Implement the monetary policy and the exchange rate policy of Iraq.  ■ Hold gold and manage the state reserves of gold.  ■ Issue and manage the Iraqi currency.  ■ Establish, oversee, promote a sound and efficient payment system.  ■ Issue licenses or permits in addition to regulating and supervising the banking sector as specified by the Banking Law.  ■ Carry out any ancillary tasks or transactions within the framework of Iraqi law. The CBI shall also promote sustainable growth, employment and prosperity in Iraq. The bank’s head office is located in Baghdad with four branches in Basrah, Mosul, Sulaimaniyah and Erbil.   Central Bank of Iraq HQ Address: Al-Rashid Street Baghdad Iraq Telephone: +964 1 8165 170 - 175 Facsimile: +964 1 8166 802 Website: www.cbi.iq Swift Code: CBIRIQBA Currency: Iraqi dinar Banking Hours: Saturday - Wednesday  : 0800 - 1200                     Thursday  : 0800 - 1100            Fasting month   : 0800 - 1000   CBI accepts that the credibility of its policy and actions is a prerequisite for the attainment of its goals and that such credibility can only be achieved and maintained through independent action, firmness of principle, resoluteness and fixed intent. The Central Bank of Iraq ensures, through the application of modern management practices and technology, that all its activities are conducted effectively and efficiently.   DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved