Central Bank of Iraq

The Central Bank of Iraq was established in 2004 with a capital of 100 billion dinars. The tasks of the Central Bank are to achieve and maintain price stability and a completive market. The Central Bank of Iraq shall also promote sustainable growth and employment in Iraq.

Dinar ©Flickr Bryan Gosline

The bank’s main office can be found in Baghdad, and branches exist in Basrah, Mosul, Sulaimaniyah and Erbil.

In March 2003, the day before the United States began bombing Baghdad, nearly US$1 billion was stolen from the Central Bank of Iraq. This is considered the largest bank heist in history. Rumous are, that Saddam’s son Qusay may be the one behind this because some Bank officials state that Qusay came with a hand-written and signed note from Saddam and took the money with trucks.