More than 5 trillion dinars value of remittances central Auctions

5/31/2014 0:00

BAGHDAD - morning
Central bank announced its plan for the current year to issue Hawwalath of the 91-day auctions held in the bank's headquarters . Said a source at the bank said the plan included the establishment of 26 auction during this year , noting that the value of each auction of 200 billion dinars for the total amount Asdaria 5 trillion and 200 billion dinars .

The sale transfers the central bank to government departments and state-owned banks , one of the tools of monetary policy pursued by the central organization for liquidity and control , as well as the achievement of financial benefit to government departments to participate in these auctions through interest rates and discount .

Differ auctions organized by the Ministry of Finance for the sale of treasury transfers for Auctions central bank to sell Hawwalath a clear difference , as the treasury transfers are handled internally ( within Iraq ) which is a bond issued by the government and of between three months and full year and do not bear interest but are sold at a discount given the nominal value , and the government gives them the benefit of cash is relatively low compared to the prevailing interest rate on bank loans because of the severity of the liquidity of these transfers stemming from the possibility deducted before the date of maturity at commercial banks . which is payable borne by the Ministry of Finance to finance the deficit of my time, while remittances Bank sold to deduct a percentage of the amount of Asdaria to achieve welfare services for the benefit of minors and retirement.

The central bank acknowledged in May 27 to hold a public auction for the sale of Hawwalath for 91 days and $ 200 billion dinars , where the sale amount of 96 billion and 400 million dinars from the amount Asdaria .

The price of the multi- highest interest rate discount of 5 percent , participated in the auction, 7 participants internalized by 5 banks and the Departments of retirement and care of minors and they provided was $ 101 billion and 400 million dinars.

It is scheduled to be held in the twenty-fourth of this month, the last auction for the sale of the bank transfers amounting to 200 billion dinars within the plan announced by the central bank .


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