Central Bank of Iraq

What Central Bank of Iraq does

The Central Bank of Iraq (CBI) is the sovereign monetary authority of the Republic of Iraq, established in 1947 and headquartered in Baghdad, with regional directorates in Basra, Erbil, and Mosul. As Iraq's exclusive central bank, CBI formulates and executes monetary policy, issues and manages the Iraqi dinar, maintains foreign currency reserves exceeding $100 billion (primarily custodied at the Federal Reserve Bank of New York), supervises the licensed banking sector including commercial banks, Islamic banks, and exchange companies, and administers foreign exchange auction systems for bank transfers and Islamic deposit certificates. The institution operates under government ownership with a Governor appointed by the Council of Ministers, currently Nizar Nasser Hussein (since January 2026), and employs 1,001-5,000 staff.

CBI's product portfolio centers on a hub-and-spoke digital platform anchored at cbi.iq, complemented by specialized applications including a complaints management platform, researcher facilitation portal, damaged currency replacement service, AML/CFT portal (aml.iq), and digital banking licensing systems. In 2025, CBI launched three strategic financial transformation programs: a local electronic payment card system, an express payment system for rapid fund transfers, and a unified invoicing/billing system. Additional 2025 initiatives include virtual banking services, electronic wallets, and a salary transfer project to migrate government employee payments into bank accounts. The bank has achieved ISO 22301:2019 business continuity certification, FATF action plan adoption, and removal from the UK high-risk countries list for AML/CFT compliance.

CBI does not operate on a commercial revenue model. Its activities include monetary policy services, foreign exchange sales through auctions, banking supervision and regulation, and financial inclusion promotion. Distribution of services occurs exclusively through licensed banks and exchange companies participating in CBI auction systems. Key customer segments comprise central government ministries and public sector entities, licensed banks and financial institutions, SMEs supported through the Entrepreneurship and Excellence Initiative (5,284 cumulative beneficiaries receiving 67.941 billion IQD in loans), and the general Iraqi public, with over 80% of Iraq's 100 trillion IQD money supply currently outside the formal banking system. International partnerships span the IMF, EBRD, UNDP, Bank of England, Oliver Wyman, AAOIFI, GIZ, and various bilateral central bank relationships.

Name

Central Bank of Iraq

Legal name

Central Bank of Iraq

Website

https://cbi.iq

Company type

Private

Founded year

1947

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Iraq's central monetary authority, established in 1947, managing monetary policy, foreign currency reserves exceeding $100 billion, banking supervision, foreign exchange auctions, and payment systems modernization for the Iraqi government, licensed banks, and citizens.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (521110)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), International Affairs (9721)

akta.pro primary industry

Central Bank Reserve Management (FSAAAGAF)

akta.pro secondary industries

Government Bonds & Sovereigns Trading (FSACAEAA), International Monetary & Financial Stability Institutions (BPADACAE), International CSDs (ICSDs) (FSAFAGAB), Sovereign Bonds (FSACABAC)

Keywords

• Monetary policy
• Banking supervision
• Foreign exchange
• Currency issuance
• Payment systems

Headquarters

HQ city

Baghdad

HQ country

Iraq

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Distribution channels4 records

Marketing channels4 records

Core offering

The Central Bank of Iraq is the country's sovereign monetary authority, responsible for issuing the Iraqi dinar, formulating and executing monetary policy, conducting daily foreign exchange auctions to support the exchange rate, supervising and licensing banks and financial institutions, managing the nation's foreign exchange and gold reserves, and operating national payment and settlement systems. It also acts as banker to the Iraqi government and lender of last resort to the banking system.

Product overview

The Central Bank of Iraq operates a unified digital platform (cbi.iq) complemented by multiple specialized applications and portals. The core website serves as the central hub for monetary policy information, exchange rate data, regulatory compliance, and banking services. The product portfolio includes web-based platforms (main website, AML portal), mobile services (electronic wallet, digital banking), administrative tools (complaints management, researcher facilitation, currency replacement), strategic reform programs (Banking Reform Project, Financial Transformation Programs), and operational systems (bank transfer auctions, Islamic deposit certificates). The architecture follows a hub-and-spoke model where cbi.iq is the primary interface, with dedicated applications addressing specific functions like compliance, research, and citizen services.

Differentiator

Problem solved

Functional benefit

Products and services

• Iraqi Dinar Currency Issuance

Quantifiable outcome

• Iraq removed from UK high-risk countries list for AML/CFT compliance under HM Treasury decision 392/2021
• +3 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core and minor.

• Oliver WymancoreImplementation/ SI/ Consulting PartnerOliver Wyman published a report projecting Iraq's banking sector to reach $60 billion by 2035, driven by reforms initiated by CBI in 2025. The consulting firm is collaborating with CBI on banking sector modernization and credit rating improvement strategies.
• Institute for Financial Integrity (IFI)coreImplementation/ SI/ Consulting PartnerInternational Development Bank (IDB) expanded its partnership with IFI to strengthen compliance training in Iraq, including a core program developed with CBI and K2 Integrity, as well as customized training for senior leadership. Initiative aims to improve financial crime mitigation and align with international standards.
• Frankfurt School of Finance and ManagementminorImplementation/ SI/ Consulting PartnerCBI signed a memorandum of understanding with Frankfurt School for administrative and financial sciences training and professional development programs.
• British CouncilminorImplementation/ SI/ Consulting PartnerCBI signed a training agreement with the British Council for staff development and professional training programs.
• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)coreStrategic or Co-development PartnerThe Banking Studies Center signed a cooperation framework with AAOIFI to promote Islamic finance standards, professional certifications, and compliance with international Islamic financial accounting standards.
• GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)minorImplementation/ SI/ Consulting PartnerCBI Governor met with GIZ Iraq director to discuss cooperation and support for financial sector development initiatives.
• IMF (International Monetary Fund)coreImplementation/ SI/ Consulting PartnerIMF mission praised the Central Bank of Iraq for its reforms and financial sector development efforts. Ongoing technical assistance and assessment programs.
• UNDP (United Nations Development Programme)minorImplementation/ SI/ Consulting PartnerCBI Governor met with UNDP representative in Iraq to discuss development cooperation and financial inclusion initiatives.
• National Bank of Kuwait - BahrainminorStrategic or Co-development PartnerCBI signed an agreement with National Bank of Kuwait - Bahrain to strengthen bilateral banking cooperation and financial sector ties.
• Al Baraka Bank BahrainminorStrategic or Co-development PartnerCBI Governor received CEO of Al Baraka Bank Bahrain to discuss Islamic banking cooperation and development.
• Bank of EnglandminorStrategic or Co-development PartnerCBI Governor met with Bank of England Governor to discuss monetary policy cooperation and bilateral relations.
• Central Bank of TunisiaminorStrategic or Co-development PartnerJoint statement issued between CBI and Central Bank of Tunisia to strengthen bilateral cooperation in banking and financial sector development.
• ILO (International Labour Organization)minorImplementation/ SI/ Consulting PartnerCBI, in cooperation with ILO, provided support for displaced persons and refugees through economic empowerment programs.
• ICEIC (Islamic Corporation for the Insurance of Investment and Export Credit)minorStrategic or Co-development PartnerCBI received ICEIC delegation to discuss investment insurance and export credit cooperation for Iraqi financial sector.
• K2 IntegritycoreImplementation/ SI/ Consulting PartnerK2 Integrity collaborated with IDB and CBI to develop core compliance training programs for financial crime mitigation aligned with international standards.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Central Bank of Jordan: Sovereign central bank in the same MENA region performing monetary policy, FX management, and banking supervision. Comparable in mandate and listed alongside CBI in Global Finance's 2025 Central Banker Report Cards, where it received B+.
• Central Bank of Bahrain: Gulf central bank with overlapping mandate on monetary policy, Islamic banking regulation, and banking-sector modernization. Comparable regional peer operating in a similarly oil-adjacent economy.
• Central Bank of Kuwait: Gulf central bank anchored to oil revenues with foreign reserve management and dinar peg. Shares the FX-reserve-management profile and regional rating cohort (B in 2025 Global Finance) with CBI.
• Qatar Central Bank: Gulf central bank performing monetary policy, banking supervision, and reserve management. Operates in the same regulatory peer group as CBI in Global Finance's 2025 ratings (B).
• Saudi Central Bank (SAMA): Largest Gulf central bank by reserves with mandate over monetary policy, banking supervision, and payment-systems modernization. CBI is benchmarked against SAMA in regional governance ratings and represents an aspirational modernization peer.
• Central Bank of the United Arab Emirates: UAE central bank overseeing monetary policy, banking supervision, and digital-payment infrastructure. Leads the regional peer group in Global Finance's 2025 ratings (B+) and is a comparable anchor for CBI's digital transformation ambitions.
• Central Bank of Tunisia: Arab-region central bank that issued a joint cooperation statement with CBI in 2025. Comparable in scale, mandate, and emerging-market policy challenges, and a direct bilateral counterparty.
• Central Bank of Lebanon: Lebanese central bank assessed alongside CBI in Global Finance's 2025 Central Banker Report Cards. Comparable in regional standing and FX-management challenges, and useful as a stress-case reference for currency-stability dynamics.
• Central Bank of Egypt: Major MENA central bank managing currency stability, FX reserves, and banking-sector reform in an oil-adjacent, import-dependent economy. Shares structural parallels with Iraq on reserves management and informal-economy reform.

Broad incumbents

• Bank of England: Sovereign central bank with which CBI's Governor held bilateral discussions on monetary policy cooperation. A global incumbent and indirect governance/standards benchmark for CBI's reform agenda.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/central-bank-of-iraq-tower

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Central Bank of Iraq