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Al-Rafidain explains the details of the reconstruction bonds available to citizens
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Baghdad today - Baghdad
Today, Thursday (November 2, 2023), Rafidain Bank clarified the details of the reconstruction bonds available to citizens, while confirming that it is continuing to issue them.
A statement from the bank, received by “Baghdad Today”, said, “Based on the instructions of the Ministry of Finance and the Central Bank of Iraq, Rafidain Bank announces the continuation of issuing reconstruction bonds and making them available to citizens until 11/9/2023, to be in two categories:
- A bond in denomination of 500,000 dinars (five hundred thousand dinars) with an annual interest rate of 6 percent, paid every six months for a period of two years.
- A bond of 1,000,000 dinars (one million dinars) with an annual interest rate of 8 percent, paid every six months for a period of four years.
The bank confirmed, according to the statement, that “the person wishing to purchase the bonds must submit a direct request to the bank, bringing with him the original identification documents, and the buyer will be given a receipt by the bank in exchange for the amount he paid to purchase the bond. The buyer will keep this receipt until the bond is prepared and the buyer will By bringing the aforementioned receipt to the bank to receive the bond after it is prepared, and the bonds are traded in the stock market, buying and selling, in addition to that, the statute of limitations period for the bond is 10 years after maturity, and then it is transferred to the Ministry of Finance.”
The bank’s statement indicates that “purchasing and trading of the bonds offered (construction bonds) is exempt from taxes, according to what is stated in Federal Budget Law No. 13 of 2023.”
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