Iraq
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 115 bn Goods Exports 83
GDP per capita (USD) 3,501 Imports 54
GDP volume growth (year-on-year) 10% Net +29
Population 32.96 m Services Exports 2
Interest rate NA Imports 8
Exchange rate IQD / USD (year average) 1,170.0 Net – 6
BoP (goods, services & income) as % of GDP 20% Sources: IFS, IMF January 2013 and^
WTO September 2012International/Regional memberships
Arab Monetary Fund: since 27 December
1945
Council of Arab Economic Unity:
since 3 June 1957
World Trade Organization (WTO): Iraq is not
a full member of the WTO; it has observer
status.
Government trade policy
The UN lifted civilian trade sanctions on Iraq
in 2003. In 2004, Iraq began the process of
seeking full membership in the WTO but the
accession process has yet to make much
progress.
In 2008, Iraq and the USA signed a trade
agreement. Iraq is currently party to nine
separate multiparty agreements within the
Arab League, as well as to 32 other bilateral
agreements worldwide. In May 2012,
Iraq and the EU signed a partnership and
cooperation agreement.
Iraq is a member of the Greater Arab Free
Trade Area (GAFTA), which has eliminated
trade tariffs between 17 member states.
Iraq currently has three free trade zones,
which offer elimination of some taxes
payable on imports and exports. Iraqi law
permits the exercise of all industrial, trade
and services activities in the free zones
with exception of some sectors that are
prohibited.Currency and exchange controls
Official currency: Iraqi dinar (IQD)
Exchange rate arrangement: stabilised
arrangement against the USD at a rate of
IQD 1,166 per USD 1. There is no exchange
tax and no exchange subsidy.
Bank accounts
Residents of Iraq and other Arab countries
and both domestic and foreign companies
can hold foreign currency accounts in Iraq
with some restrictions.
Residents can hold foreign currency
accounts abroad. Residents are not
permitted to hold local currency (IQD)
accounts abroad. Local currency accounts
are convertible into foreign currency.
Non-residents can hold local and foreign
currency accounts in Iraq with some
restrictions.