The Role of the Central Bank in Monetary Stability: Iraq as a Case Study (2004-2024)

Haqi Tomas

doi:10.47134/jeae.v3i3.1073

Authors

Haqi Ameen Tomas AI-Furat Al-Awsat Technical University

DOI:

https://doi.org/10.47134/jeae.v3i3.1073

Keywords:

Central Bank of Iraq, Monetary Stability, Monetary Policy

Abstract

This research aims to address a highly important issue, which is monetary stability, a goal pursued by most of the world's economies. When monetary stability is achieved, development can accelerate significantly due to the absence of economic problems such as inflation, unemployment, and others. The study also examines the role that the central bank can play through monetary policy tools in achieving the desired monetary stability. It addressed the emergence of central banks and their development stages, as well as identifying their key characteristics, objectives, and functions. The study also examined monetary stability, its importance, and introduced its main indicators, along with how to calculate monetary stability indicators. Furthermore, the study covered the establishment of the Central Bank of Iraq, its development stages, objectives, major achievements, and how monetary policy tools are used by the central bank in Iraq to influence monetary stability and attempt to support this stability. Finally, the indicators of monetary stability and the monetary excess index in Iraq for the period (2004–2024) were calculated, and many conclusions were reached, as well as several important recommendations were established to achieve monetary stability.

References

Abdullah, A. H., & Musleh, O. J. (2024). Existing facilities of the Central Bank of Iraq and their role in achieving monetary stability for the period (2004–2021): An analytical study. Iraqi Journal of Economic Sciences, 22(28), 228–229.

Abdul-Hadi, A. A. E.-D., & Abbas, S. H. (2022). The impact of monetary policy on achieving monetary stability in Iraq: An analytical study for the period (2004–2020). Iraqi Journal of Economic Sciences, 20(73), 242.

Abdul-Hamid, A.-M. (2009). Economics of money and banking: Fundamentals and innovations. University Press.

Abdul-Nabi, W. E. (2007). Regulations and supervision of the banking system in Iraq. Central Bank of Iraq, General Directorate of Banking and Credit Supervision.

Abdul-Nabi, W. E. (2010). The Central Bank of Iraq and the development of its supervisory and monetary role and the directions of its strategic plan. Banking and Credit Supervision Authority.

Al-Afandi, M. A. (2010). Money and banks. University Book Center, University of Science and Technology.

Al-Douri, Z., & Al-Samrani, Y. (2006). Central banks and monetary policies. Dar Al-Yazouni Scientific Publishing and Distribution.

Al-Desouki, I. (2010). Money and banks (2nd ed.). Dar Al-Nahda Printing.

Al-Ghazlan, M. I. (2002). The economics of money and banks. Dar Al-Nahda Al-Arabiya.

Al-Hallaq, S. S., & Al-Ajlouni, M. M. (2010). Money, banks, and central banks. Dar Al-Yazourdi for Publishing and Distribution.

Al-Husseini, F. H. A., & Al-Douri, M. A. (2000). Bank management: A contemporary quantitative and strategic approach. Dar Wael Publishing.

Al-Mellit, N. (2018). The effectiveness of monetary policy in achieving monetary stability in Algeria during the period (2000–2014). Mohamed Seddik Ben Yahia University.

Al-Mousawi, D. M. (2002). Monetary economics. Youth University Foundation.

Al-Saffar, F. H. A. (2015). The role of central banks in achieving monetary stability in the United States and the Eurozone. University of Karbala.

Al-Samarrai, A. R. A. W. (2004). Bank loans in Islam: A historical study. General Cultural Affairs House.

Al-Shabibi, S. (2005). Achievements of the Central Bank of Iraq. Paper presented at the Arab Banking Conference, Lebanon.

Al-Sharaa, R. K. H. (2017). The Iraqi economy between inflationary pressures and the problem of unemployment. Dr. House for Administrative, Economic, and Other Sciences.

Ali, A.-M. A.-S. (n.d.). The economics of money and banking in capitalist, socialist, and developing countries with special reference to Iraq. Al-Mustansiriya University, Ministry of Higher Education.

Anissa, J. A., & Manal, B. (2022). The role of the central bank in achieving monetary stability: The case of Algeria (2010–2020). Mohamed Boudiaf University.

Blinder, A. S. (1999). Monetary policy and financial stability. Federal Reserve Bank of Kansas City Economic Review, (4), 139–140.

Central Bank of Iraq. (2007). Publications of the Central Bank of Iraq.

Central Bank of Iraq. (n.d.). Annual bulletins for various years.

Central Bank of Iraq. (n.d.). General Directorate of Statistics and Research: Annual statistical bulletin for various years.

Central Bank of Iraq. (n.d.). An overview of the origins of the Iraqi currency. https://cbi.iq/page/85

Duwaidar, M., & Al-Fouli, O. (n.d.). Principles of monetary economics. New University House.

Ghazlan, M. I. (2002). The economics of money and banks. Dar Al-Nahda Al-Arabiya.

Hashim, I. M. (1996). Notes on money and banking (1st ed.). Dar Al-Nahda Al-Arabiya.

Ismail, A. F. (1990). Money and banking. Ministry of Higher Education, University of Baghdad.

Kenida, Z. (2023). The impact of quantitative monetary policy tools on the level of monetary stability in Algeria: An analytical econometric study during the period (1990–2021). Al-Manhal Al-Iqtisadi Journal, 6(1), 640.

Manahi, I. M. (2018a). The monetary stability coefficient in the Iraqi economy for the period (2004–2017). Iraqi Journal of Administrative Sciences, 2(1), 186–187.

Manahi, I. M. (2018b). The monetary stability factor in the Iraqi economy for the period (2004–2017). Iraqi Journal of Administrative Sciences, 2(1), 192–193.

Ministry of Planning, Central Statistical Organization. (n.d.). Annual bulletins for various years.

Moussa, S. H. (2009). The central bank and its role in achieving economic equilibrium with special reference to Iraq. University of Kufa.

Nasher, S. A. (2005). Introduction to monetary and banking economics (1st ed.). Al-Halabi Legal Publications.

Omar, S. (2009). The role of the central bank in achieving monetary stability: A case study of the Central Bank of Algeria. Larbi Ben M'hidi University.

Saleh, M. M. (2007). The Iraqi banking system: Its origins and structural development. Central Bank of Iraq.

Shiha, M. R. (1985). Monetary and banking economics. University Press.

Thuwaini, F. H. (2010). A summary of the development of money and banking in Iraq from the third millennium BC to the third millennium AD (1st ed.). Al-Rafah Press.

Toukan, O. (2005, July). The role of central banks in establishing monetary policy. In Conference on developments in banking in Syria in light of public and international experiences.

Urayqat, H. M., & Aqel, S. J. (2010). Islamic bank management: A modern approach (1st ed.). Dar Wael Publishing.

World Bank. (n.d.). Data for various years.

Zakaria, A.-D., & Al-Samrani, Y. (2006). Central banks and monetary policies. Dar Al-Yazouni Scientific Publishing and Distribution.

Ziad, S. R., & Joudeh, M. A. (1996). Bank management. Safaa Publishing and Distribution House.

Zuleikha, K. (2023). The impact of quantitative monetary policy tools on the level of monetary stability in Algeria: An analytical econometric study during the period (1990–2021). Al-Manhal Al-Iqtisadi Journal, 6(1), 640.