Regulatory Alerts2021-07-25
Order No. 56 of 2004 Issued by the Coalition Provisional Authority: Central Bank of Iraq Law
The Coalition Provisional Authority issued Order No. 56 of 2004 to establish the Central Bank of Iraq as an independent legal entity with the primary mandate of maintaining price stability and fostering sustainable economic development. The legislation defines the Bank's capital structure, governance framework, and exclusive authority over monetary policy, currency issuance, and banking supervision while superseding conflicting prior laws. It further outlines specific operational procedures, financial reporting requirements, and criminal penalties to ensure the integrity and autonomy of the new central banking system.
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