Central Bank of Iraq (CBI)
The Central Bank of Iraq (Arabic: البنك المركزي العراقي) is the central bank of Iraq. The Central Bank of Iraq was established as Iraq’s central bank 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-Shabibi
Architecture
The bank headguarters were designed by Danish architects Dissing+Weitling And completed in 1985. It is a cubical building constructed of reinforced concrete clad in marble. It has few exterior openings, and is instead organised around an inner courtyard which cuts through the heart of the structure and rises to a height of 40m. The courtyard is surrounded on all sides by offices separated by an interior glass curtain wall.
In august 2010, Architect Zaha Hadid has been appointed to design a new headquarters for the central bank in Baghdad. Baghdad-born Zaha Hadid, was approached by the Iraqi authorities earlier that year, initial talks about the project were held in Istanbul on Aug. 14 2010 in the presence of Central Bank Governor Sinan Al-Shabibi.
Objectives
The primary objectives of the CBI shall be to achieve and maintain domestic price stability and to foster and maintain a stable and completive market – based financial system subject to these objectives, the CBI shall also promote sustainable growth, employment and prosperity in Iraq.
The functions of the CBI in achieving the objectives mentioned above. Formulate and implement monetary policy including exchange rate policy for Iraq. Hold gold and manage the state reserves of gold. Issue and manage Iraq currency. Establish oversee and promote sound and efficient payment system. Issue licenses or permits to banks and to regulate and supervise banks as further specified this law and in the banking law. Carry out any ancillary tasks or transactions in accidental to the exercise of its functions under Iraqi law.
The objectives of the Central Bank of the Iraq are as follows:
- maintaining inflation stability
- implementing monetary policy (including exchange rate policies)
- managing the state’s reserves
- issuing and managing the Iraqi dinar
- regulating private banks.
As of December 2009, the bank reported total assets valued at over 57 trillion dinars[3]. 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 headquarter in Baghdad and for all other issues they are reporting to Kurdistan Regional Government (KRG) and they are financed by KRG.
As of july 2010 steps and measures have taken place in order to integrate these branches with the headquarter in Baghdad
Yhteystiedot
Central Bank of Iraq
Al-Rasheed Street
Baghdad
IRAQ
Telephone numbers: +964 1 816 5170, +964 1 816 5171, +964 1 816 5172, +964 1 816 5173, +964 1 816 5174, +964 1 816 5175
Fax number: +964 1 816 6802
Sähköposti: cbi@cbi.iq
Source: en.wikipedia.org
