More than 5 trillion dinars value of remittances central Auctions

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 organizing levels of 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 (inside Iraq), which is a bond issued by the government, of between three months and full year and do not bear interest but are sold at a discount given to its nominal value, and give The government has 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 realize the benefit of the welfare services of minors and retirement.

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

stood interest rate multi-highest discount rate of 5 percent, participated 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.

was due to be held in the twenty-fourth of this month, another auction for the sale of remittances Bank in the amount of 200 billion dinars within the plan announced by the central bank.

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