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البنك المركزي العراقي 1947 - 1964 : دراسة تاريخية == The Central Bank Of Iraq 1947 - 1964 Historical Study
Author name:
حسين زعيل حالوب الموسوي
Supervisor name:
اميرة حسين محمود الكريمي
General topic:
History
Specific topic:
Modern and Contemporary History
Degree:
Master
University:
University of Baghdad - Ibn Rushd College Of Education For Human Sciences
Language:
Arabic
University location:
Baghdad
First pages:
11T2774 - p.pdf
Abstract:
The Central Bank is considered the ultimate financial government facility that governs mainly on the banking and financial system of each country. The responsibility of this central bank is to issue the currency and working as an advocate to the government, and monitoring other branching banking systems. In addition, they central bank monitors the credit to support the economic growth of the country. The central bank carries on its shoulder the economic stability of the country. Due to the significance of this facility, it behooves me to uncover the history of central bank of Iraq. The idea of founding the central bank of Iraq goes back to 1920 after the formation of the first Iraqi government. The government decided to obtain and solidify the economic independence. The British experts who were assigned on this mission recommended to form a primary currency committee to be situated later in London. As a result of the consistent demands of Iraqi people to found an independent central bank, the authorities later subdued and issued the Iraqi law of currency No. 44 of the year 1931. Based on this law, the Iraqi committee of currency was formed. After the WWII in 1939 - 1945 the idea of the central bank surfaced the public demands but due to internal and external circumstances interfered and delayed the foundation. The year 1947 witnessed the issuance of Law No.42 of the year 1947. The Central Bank of Iraq was founded accordingly. This Central Bank is considered one of the oldest banks in Middle East. The bank initiated its activities in July 11 1947 and was considered a symbol of national independence. According to the Law No. 42 of 1947 (The Iraqi National Currency Law), the jurisdictions of issuing currency was assigned to the Iraqi National Bank. The Iraqi National Bank influenced the growth of Iraqi economy especially after thoughtfully spreading its financial policy through loans to banking faculties with easy interests and limiting interest levels that the bank receives on discounted offers of the trade banks. Due to that thoughtful banking policy, the country transformed from a depending financial system (Currency Committee) to a semi - independent financial system but connected indirectly to the Sterling Zone of British government. In 1949, the Iraqi National Bank initiated its activities as a fully authorized central Bank. The first currency bills were coined in that year that carries its logo in September 17th 1950. By the same year, the Central Bank started to monitor international transactions in addition to legislating the law of banks monitoring No. 34 of 1950. Moreover, in 1956, the Iraqi government’s accounts and deposits were transferred from Al - Rafidain Bank to The Iraqi National Bank and the same year witnessed the birth of law No. 72 detailing the Iraqi Central Bank policy. According to this law, the terms of the National Bank were drawn and witnessed an increase in its capital to reach 15 Iraqi millions. In July 1958, the Kingdom regime was toppled in Iraq and was replaced by the Republican regime. This transformation of government regime overshadowed many of the Iraqi government laws of which was the Iraqi currency law. In July 1959, the Iraqi government issued law No. 92 of 1959 (The Iraqi law of currency). According to this law, a new set of currency bills was issued that carried the logo of the Iraqi Republic Regime. In the same month, Iraq declared its independence from the Sterling Zone and accomplished the complete economic independence. Later, the mission of managing the Iraqi financial policy was assigned to the Central Bank of Iraq. Fast forward to July 1960, an official decision was made by the Iraqi government forbade the transactions of any currency other than that one carrying the logo of the Republic of Iraq. This decision was implemented in 31st of January 1961. It is worth to mention that the year 1961 witnessed the encoding of another law. The law is entitled 19th to monitor the foreign transactions. According to this law, the Central Bank was assigned main authorities to monitor foreign transactions. Additionally, the very law stipulated that all forms of payment other than Iraqi currency is subject to rules of foreign transactions policies. The Central Bank of Iraq during the period of 1947 through 1964 exercised bureaucratic activities without significant influence on the economic growth since it was chained to proceed according to the Sterling Zone and the internal government policies that crippled and subdued it. In conclusion, on the 14th of July 1964, the Communist laws were legislated to nationalize multiple Iraqi facility from the foreign control. One of the nationalized facilities was the economic facility of which was the national Bank of Iraq
Summary:
11T2774 - A.pdf
References:
11T2774 - R.pdf
