On Wednesday, the Iraqi Central Bank has announced its plan to launch the National Bonds. These bonds will be presented in five categories and will be available in the middle of March 2016.
The CBI further added that the annual interest rate for the bonds is estimated at 6 percent. These bonds will be used as an alternate of loans to overcome financial problems in the country. The Central Bank of Iraq issued a press statement that CBI has planned the issuance of National Bonds on behalf of the Iraqi Finance Ministry for honorary terms and these bonds will be issued after the second quarter of this month. CBI also confirmed that these bonds will be issued from 15th March 2016. CBI also added that these bonds will be available in five categories including 100,000 and 250,000, and 500,000 and 1,000,000 and 5,000,000. The total amount of these bonds is estimated at more than 1.5 trillion Iraqi dinars.
Point to be noted that these bonds will be available at a discount and their interest rates will be 6 percent per year. These bonds are payable by the Iraqi Ministry of Finance on 14th March 2018. CBI further indicated that all the Iraqi citizens and Iraqi banks will be able to get these bonds by submitting purchase order directly to the Iraqi Central Bank. It is important that Iraqi Central Bank is an independent body founded on 6th March 2004. It is accountable for maintaining the stability in the Iraqi dinar exchange rate and monetary policy implementation such as Iraqi dinar exchange rate policies in the daily sales auction for buying and selling of foreign currencies at the Central Bank. Most of the economic and financial experts believe that selling bonds would improve the Iraqi dinar exchange rate against most of the major international currencies. It is a clear indication towards the Iraqi Dinar Revaluation, so don’t Sell Iraqi Dinar because Iraqi government and CBI are much dedicated to support the Iraqi domestic currency markets. We have experienced that most of the Iraqi dinar investors are focusing to Buy Iraqi Dinar because they think that the perfect time has come for Iraqi Dinar RV.