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CENTRAL BANK OF IRAQ LAWS

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CHAPTER I - POWERS AND FUNCTIONS

The Central Bank of Iraq (CBI) shall have the power to:

  • Open and maintain its own books accounts for foreign central banks, foreign governments, and international organizations;
  • Carry out any ancillary tasks or transactions incidental to the exercise of its functions under this Law.

Additionally, the CBI may take all necessary actions to:

  • Counter money laundering and terrorist financing
  • Regulate and supervise lending companies, microfinance companies, and other non-bank financial institutions not otherwise regulated under Iraqi law

CHAPTER II - REGULATIONS AND PROCEDURES

The CBI shall have the power to issue regulations for the purpose of implementing this Law and carrying out its functions. Regulations issued under this Law, and any subsequent amendments thereto, shall be published in the Official Publication.

If the CBI proposes to issue a regulation, it shall first:

  • Consult with relevant stakeholders
  • Consider public comments
  • Finalize the regulation

CHAPTER III - MANAGEMENT

The Board of Directors shall be responsible for conducting the business and carrying out the responsibilities of the CBI. The Board may establish committees composed of members of the Board to consider particular issues and make recommendations to the Board.

The composition of the Board shall consist of:

  • 9 members, including:
    • The Governor as chairman
    • 2 Deputy Governors
    • 3 Senior Managers of the CBI
    • 3 other individuals with suitable monetary, banking or legal expertise

CHAPTER IV - FINANCIAL MATTERS

The CBI shall maintain a general reserve account to ensure its financial stability. The Board shall distribute the net profits available for distribution among the reserve accounts and other accounts as determined by this Law.

In the event that the audited annual balance sheet of the CBI shows that the value of its assets falls below the sum of its liabilities and unimpaired authorized capital, the Board shall:

  • Assess the situation
  • Prepare a report on the causes and extent of the shortfall
  • Determine if a capital contribution is required
    • Consult with the Minister of Finance
    • Request a capital contribution be made on behalf of the State

CHAPTER V - GOVERNANCE

The CBI shall be governed by:

  • The principles of transparency
  • Accountability
  • Independence

The Governor and members of the Board shall not engage in any activities that may compromise their integrity or impartiality.

Conclusion

This Law aims to establish a robust framework for the Central Bank of Iraq to function effectively and maintain financial stability in the country.