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.
The bank headquarters 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 was appointed to design 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 August 14, 2010 in the presence of Central Bank Governor Sinan Al-Shabibi.
Iraq (/ɪˈræk/ or i/ɪˈrɑːk/; Arabic: العراق al-‘Irāq); officially the Republic of Iraq (Arabic:
جمهورية العراق (help·info) Jumhūriyyat al-‘Irāq), is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert.
Iraq borders Syria to the northwest, Turkey to the north, Iran to the east, Jordan to the southwest and Kuwait and Saudi Arabia to the south. Iraq has a narrow section of coastline measuring 58 km (36 mi) on the northern Persian Gulf. The capital city, Baghdad is in the center-east of the country.
Two major rivers, the Tigris and Euphrates, run through the center of Iraq, flowing from northwest to southeast. These provide Iraq with agriculturally capable land and contrast with the steppe and desert landscape that covers most of Western Asia.
Historically, Iraq was the center of the Abbasid Arabic Islamic Empire. Iraq has been known to the west by the Greek toponym 'Mesopotamia' (Land between the rivers) and has been home to continuous successive civilizations since the 6th millennium BC. The region between the Tigris and Euphrates rivers is often referred to as the cradle of civilization and the birthplace of writing, law and the wheel. At different periods in its history, Iraq was the center of the indigenous Akkadian, Sumerian, Assyrian, Babylonian, and Abbasid empires. It was also part of the Achaemenid, Hellenistic, Parthian, Sassanid, Roman, Rashidun, Umayyad, Mongol, Safavid, Afsharid, and Ottoman empires, and under British control as a League of Nations mandate.
A central bank, reserve bank, or monetary authority is a public institution that manages a nation's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the nation's monetary base, and usually also prints the national currency, which usually serves as the nation's legal tender. Examples include the European Central Bank (ECB), the Federal Reserve of the United States, and the People's Bank of China.
The primary function of a central bank is to manage the nation's money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent commercial banks and other financial institutions from reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference.
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