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A government bank announces the issuance of “Emaar bonds” with an interest rate of 6% annually without tax
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Baghdad today - Baghdad
Today, Thursday (October 19, 2023), the Agricultural Cooperative Bank announced the issuance of “Emaar bonds” with an interest rate of 6% annually.
A statement from the bank received by “Baghdad Today” stated that it “issued (reconstruction bonds) to the public (natural and legal persons) from the date of 10/10/2023 and will continue until 11/9/2023.”
He explained that "the value of the bonds is issued in two denominations. The first is a bond of 500,000 dinars (five hundred thousand dinars) with an interest of 6% annually, paid every six months for a period of two years, and the second is a bond of denomination of 1,000,000 dinars (one million dinars) with an interest of 8% annually, paid every six months for a term of four." Years".
He pointed out that "the person (natural or legal) submits a request directly to the bank, bringing with him the original identification documents, whereby the buyer is given a receipt (cash receipts document) in exchange for the amount he paid."
He pointed out that "the buyer keeps this receipt until the bond is prepared, and the buyer brings it to the bank to receive the bond after it is prepared," indicating that "bonds are traded in the stock market, buying and selling."
He continued: "The bond's statute of limitations will be 10 years after maturity, and then it will be transferred to the Ministry of Finance, noting that the purchase and trading of the bonds on offer (reconstruction bonds) are exempt from taxes, according to what is stated in Federal Budget Law No. 13 of 2023."
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