Currency:	Iraqi Dinar (ID)
External Debt (2003E):	estimates range from over $100 billion to more than $300 billion
Merchandise Exports (2002E):	$13.0 billion
Merchandise Imports (2002E):	$7.8 billion
Merchandise Trade Balance (2002E):	$5.2 billion
Current Account Balance (2002E):	$2.3 billion
Oil Export Revenues (2002E):	$12.3 billion (includes $3 billion or so in smuggling)
Major Export Products (2002):	Crude oil and oil products (regulated by the United Nations)
Unofficial Exchange Rate (7/03E):	US$1=ID 1,500, compared to around  US$1=ID3,000 just after the war
Major Import Products (2002):	Food, medicine, consumer goods (regulated by the United Nations)

The Iraq economy is currently in a transition state from a strictly government-controlled system to a free market system.
Since the 1980s, the economy had been on a continuous downward spiral. Infact, Iraq has been categorized as one of the few Least Developed Countries (LDCs) based on per capita GDP. However, with the downfall of the Saddam regime and the subsequent takeover by the US-led Iraqi interim government, Iraq's political and socio-economic scenario have undergone major changes. Consequently, the real GDP growth for 2004 and 2005 are estimated at 19 and 15 percents respectively.
Oil is considered the key ingredient for the growth of the Iraqi economy. The International Monetary Fund (IMF) expects the oil exports' deterioration in 2003 to reach USD9.3 billion, owing to the debilitating consequences of war and sabotage. Investments worth USD8 bn are required for the reconstruction of this sector alone. Recently, Iraq’s oil exports have exceeded three-quarters of the pre-war level, but 28% of revenues from these exports have been deducted under the UN oil-for-food program to meet the bulk of United Nations (UN) Compensation Fund and UN administrative expenses. Iraq's Oil ministry forecasts indicate that the nation’s oil output will recover its pre-war peak of 2.8mn barrels per day (b/d) towards the end of the first-quarter of 2004, with exports of 2mn b/d.
A new banking law was brought into force during September 2003 to create a modern, liberalized banking system in the country. Accordingly, six foreign banks are permitted to enter the Iraqi market in the coming five years, after which period, no such restrictions will apply. Also, any number of foreign banks can gain entry into the country via purchase of up to 50 percent of a local bank. The Coalition Provisional Authority (CPA) has set up the Trade Bank of Iraq (TDB) as a private bank, independent from the Central Bank of Iraq, for the purpose of boosting trade.
Several years of war and sanctions have taken their toll on Iraq’s infrastructure. Substantial investments are urgently required in the sectors of oil and gas, electricity, ports and telecommunications. Foreign and private investments have been eagerly invited to finance these reconstruction projects, for which the CPA, the Iraqi Interim Government and the US federal bodies, such as USAID, are organizing and awarding contracts. The total costs for Iraq's reconstruction, based on UN/World Bank and CPA estimates, will amount to approximately USD56bn. Further, Iraq is also saddled with the economic burden of USD199bn for the 1990-91 Gulf War reparations and a foreign debt of USD127bn (IMF estimate). Hence, the US has been fiercely pushing for international creditors to ‘forgive’ Iraqi debts.