Central»: remittances «investment» to fill budget deficit



July 19th, 2016
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Baghdad's new morning:

The CBI said that the transfers raised by the bank a month to the Ministry of Finance come to finance the deficit in the 2016 budget, while pointed out that the Treasury purchased by public pension department and care for minors and two banks worth 400 billion dinars remittances come to withdraw excess liquidity from banks or entities that have the ability to abandon its liquidity.

The director of financial operations at the Central Bank, Mahmoud Dagher in a press interview, said that «these transfers are part of a program to withdraw liquidity and providing the public treasury on a monthly basis».

He added that «this program ceiling of 400 billion dinars comes to withdraw excess liquidity from banks or entities that have the ability to give up liquidity and get a return on this investment.»

Dagher and went on to say, that «remittances is a program that is done by the system posed by the central bank a month to the Ministry of Finance in order to finance realized deficit in the state budget for 2016».

Furthermore, the Central Bank of Iraq, said that «said the care of minors and public retirement and two banks bought treasury remittances worth 400 billion dinars», pointing out that the number of participants in the auction amounted to four subscribers.

The bank said in a statement, said that «the care of minors and public retirement and bought two banks through public auction conducted by the central bank on behalf of the Ministry of Finance treasury remittances amounting to 400 billion dinars», adding that «for the transfer of 364-day».

He added that the central «the care of minors and public retirement and bought two banks complete the transfer and the highest price», adding that «the number of participants in the auction amounted to four subscribers».

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