Regulatory Alerts2010-05-03
Added · Updated
Central Bank of Iraq Law No. 94 of 2004
The Central Bank of Iraq establishes the legal framework for the Central Bank of Iraq as an independent public institution with financial autonomy, effective January 1, 2004. The law grants the Bank exclusive authority to issue currency, manage foreign exchange reserves, and regulate the banking sector, while prohibiting direct financing of the Government except under specific conditions. It defines the composition and powers of the Board of Directors, sets the Governor's five-year term, and authorizes the imposition of sanctions including license revocation for non-compliant financial institutions.
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