The Iraqi Finance Minister Hoshyar Zebari issued a statement on Thursday that Iraq is looking to sell its sovereign bonds to local Iraqi citizens and it is considered for the first time since the year 2003.
It is expected that at least 4.24 billion U.S dollars or 5 trillion Iraqi dinars to be issued this year. It would participate for the development in the country and to meet the increasing budget deficit 2016.
The Iraqi Finance Minister Hoshyar Zebari further added in his press conference in Baghdad that Iraqi sovereign bonds will be issued for next three years with the interest rate of 10 percent. These specific bonds will be sold to Iraqi citizens and government employees. Iraq has already issued treasury bills to Iraqi local banks and it has a list of international bonds.