Iraq's parliament sacked Finance Minister Hoshiyar Zebari on Wednesday over corruption allegations, a move that risks further destabilizing the major OPEC producer's fragile economy as it struggles with a massive budget deficit.
Controlled by the Central Bank of Iraq (CBI) (www.cbi.iq) the primary objectives of the CBI are to ensure domestic price stability and foster a stable competitive market-based financial system. In addition to its primary objectives, the CBI also implements the monetary policy and the exchange rate policy of Iraq. Additionally, it holds the state’s gold and manages the state reserves of gold. The CBI also takes on the role of issuing licenses or permits while also regulating and supervising the banking sector as specified by Iraqi banking laws.