The term Iraqi Central Bank refers to the national central bank of Iraq. Established as Iraq's independent central bank by law in , the bank manages domestic monetary policy and supervises the country's financial system. The Central Bank of Iraq was created on March 6, , as the country's independent central bank. Its formation was necessitated by the events that led up to and the aftermath of the U.
The CBI's main objectives are to ensure domestic price stability and to develop a stable and competitive market-based financial system βa system that consists of banks, financial companies, stock exchanges , and insurance companies.
In fulfilling these objectives, the CBI aims to support sustainable growth and employment in the country. The CBI undertakes the following main functions in order to meet these objectives:. If you're interested in investing in Iraq, talk to your financial advisor or broker about bonds, mutual funds, or exchange-traded funds.
The CBI faces a number of challenges, including the management of its monetary policy. One of the main issues of concern stems from ISIS insurgency in parts of the country. The group is believed to be responsible for a number of severe financial disruptions.
This includes reserves from the Trade Bank of Mosulβthe main institution Baghdad uses for trade and financing. Another key issue for the central bank stems from volatility and fluctuations in oil prices. Oil exports are a primary source of foreign currency for Iraq and, therefore, important to the nation's economy.
