Iraq

Formerly part of the Ottoman Empire, Iraq was occupied by Britain during the course of World War I; in 1920, it was declared a League of Nations mandate under UK administration. In stages over the next dozen years, Iraq attained its independence as a kingdom in 1932. A "republic" was proclaimed in 1958, but in actuality a series of strongmen ruled the country until 2003. The last was SADDAM Husayn. Territorial disputes with Iran led to an inconclusive and costly eight-year war (1980-88). In August 1990, Iraq seized Kuwait but was expelled by US-led, UN coalition forces during the Gulf War of January-February 1991. Following Kuwait's liberation, the UN Security Council (UNSC) required Iraq to scrap all weapons of mass destruction and long-range missiles and to allow UN verification inspections. Continued Iraqi noncompliance with UNSC resolutions over a period of 12 years led to the US-led invasion of Iraq in March 2003 and the ouster of the SADDAM Husayn regime. US forces remained in Iraq under a UNSC mandate through 2009 and under a bilateral security agreement thereafter, helping to provide security and to train and mentor Iraqi security forces. In October 2005, Iraqis approved a constitution in a national referendum and, pursuant to this document, elected a 275-member Council of Representatives (CoR) in December 2005. After the election, Ibrahim al-JAAFARI was selected as prime minister; he was replaced by Nuri al-MALIKI in May 2006. The CoR approved most cabinet ministers in May 2006, marking the transition to Iraq's first constitutional government in nearly a half century. On 31 January 2009, Iraq held elections for provincial councils in all provinces except for the three provinces comprising the Kurdistan Regional Government and at-Ta'mim (Kirkuk) province.

Economical characteristics

 * Currency: Iraqi dinar (ISO code: IQD)
 * Central bank discount rate: 7% (31 December 2009)
 * Commercial banks lending rate: 9% (31 December 2009)
 * Stock of money (M1): $26.1 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $5.415 billion (31 December 2008)

Links

 * Iraq on Wikipedia
 * Central bank of Iraq
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * Iraq Economic Policy by Alex Tabarrok, December 2004
 * Money in War-Ravaged Iraq by Edward Gonzalez, October 2009
 * Iraqi Swiss dinar