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The Central Bank of Iraq (CBI; Arabic: البنك المركزي العراقي) is a monetary authority established in 1947, shortly after the end of the British occupation of Iraq. The CBI's primary objectives are to ensure domestic price stability and foster a stable competitive market based financial system.
Since taking over as central bank governor, Al-Shabibi introduced the bank's employees to modern finance and payment systems. He made the bank switch from typewriters and calculators to computers, introduced it to financial instruments like currency auctions, and replaced Iraq's pre-2003 banknotes with the New Iraqi Dinar between October 2003 ...
The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the import-dependent country that has become a focal point of a U.S. crackdown ...
Iraq's central bank must address continued risks of the misuse of dollars at Iraqi commercial banks to avoid new punitive measures targeting the country's financial sector, a top U.S. Treasury ...
The Central Bank of Iraq, the Board of Supreme Audit, the Communications and Media Commission, and the Shiite Endowment Commission as well as the Sunni Endowment Commission are financially and administratively independent institutions attached to the Council of Ministers. [23]
1 Central bank. 2 State-owned banks. 3 Private banks. 4 International banks. 5 See also. 6 References. ... FIRST IRAQI BANK; Albaraka Bank Turkey; Kurdistan ...
The fund also eventually received money (US$1.724 billion) from seized and "vested" Iraqi bank accounts and funds seized by coalition forces ($926.7 million). $650 million of this amount belongs to Uday Saddam Hussein, the older son of the former Iraqi president. [2] (This money was also used during the transition period before the DFI was set up.)
Executive Order 13303 was issued on May 22, 2003, by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens. Further, it protects Iraqi oil products and interests and ownership by US persons (defined to include US corporations) from attachment as well.