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New Treasury auction of remittances in April next year

3/29/2016 0:00

BAGHDAD Mustafa al - Hashimi
ran the central bank, as an agent financially to the ministry manages Auctions remittances, on the twentieth of April next auction of the Ministry of Finance for the sale of remittances Treasury annual for 364 days at $ emissivity 400 billion dinars.

This comes on the basis of the Public Debt Law, which authorized the Ministry of Finance version remittances treasury guaranteed by the government.

It is scheduled to take part in the auction a number of government departments to buy the amount Asdarih.

According to the determinants of the annual budget bill , the ministry issues remittances Treasury for financing the government.

In order to reach the objectives of this funding has identified the Ministry of Finance system and a mechanism to establish Auctions remittances government treasury held more regularly.

According to the economist, the treasury transfers are being handled internally (inside Iraq) which is a financial bonds issued by the government and a duration of three months to a year , and these papers do not bear interest, but are sold a certain discount to their face value and give the government the the benefit of cash is relatively low compared to the price prevailing on the bank loan interest rates because of the severity of the liquidity of these stemming from the possibility of rival cases before the due date at the banks of Commerce.

The Ministry of Finance has approved a public auction for the sale of money orders Treasury to order 364 days and $ 400 billion dinars.
According to a statement of the Central Bank in this regard he has been selling the full amount of Asdarih and the highest price cut of competitive auctions 4.00 percent and the average return of 4.00 percent.

The number of participants 4 won both the national pension Commission and the Department of the care of minors for the full amount Asdarih by the amounts they gave.

The ministry earlier announced its plan for the current year own internal borrowing to issuing treasury transfers through auctions.
the plan included the establishment of 11 annual auction managed by the central bank, held two of them so far , the first was on February 24 and the second was held in the twenty - third month of the current.