The end of the 2017 internal borrowing plan

by **Rocky** Wed 20 Dec 2017, 2:11 am

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The end of the 2017 internal borrowing plan

by Rocky Wed 20 Dec 2017, 2:11 am

The end of the 2017 internal borrowing plan

20/12/2017 12:00 am

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Baghdad - Mustafa Hashim
witnessed this month the establishment of the latest auctions for the sale of remittances of the Treasury for the current year and carrying the number Y38 in the amount of 400 billion dinars within the domestic borrowing plan for 2017 announced by the Ministry of Finance.
The plan included the establishment of 11 auctions to sell treasury transfers under the supervision of the Central Bank and the value of 400 billion dinars per auction.
A statement by the Central Bank that "the Ministry of Finance approved, on the thirteenth of this month, a public auction for the sale of remittances for a period of 364 days and the amount of 400 billion dinars."
"The total amount of the auctions was sold at the highest competitive auction price of 3.90 percent and the average yield of 3.67 percent," he said. "The number of participants in the auction has been won by five banks."
According to the Public Debt Act, which authorizes the Ministry of Finance to issue treasury transfers guaranteed by the Government, the Central Bank, as the financial agent of the Ministry, manages auctions of government treasury transfers on behalf of the Ministry, which, according to the limits of the Annual Budget Law, .
According to an economist, treasury transfers are dealt with internally (within Iraq), which are government bonds issued by the government, ranging from six months to a whole year, which are not interest-bearing but are sold at a certain discount on their nominal value and grant the government a relatively low cash interest To the prevailing interest rate on bank loans because of the liquidity of these cases arising from the possibility of discounting them before their due date with commercial banks.

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