On Tuesday, the Iraqi Central Bank issued a statement that government bonds will be launched on Friday 15th April 2016 and its worth is estimated at 1.5 trillion Iraqi dinars.
The Central Bank of Iraq also indicated that these bonds will be traded in buying and selling in the Iraqi markets. Most of the financial experts believe that it would support Iraqi dinar exchange rate against most of the major foreign currencies. It will also empower the Iraqi dinar currency against the U.S dollar, so upcoming trend would motivate investors to buy Iraqi dinar and it is expected that Iraqi dinar revaluation is not too far. The Iraqi Central Bank added in a press statement that CBI has finalized all the related tasks and new national bonds are expected to launch on 15th of this month. These bonds will be launched on the behalf of Iraqi Ministry of Finance and these bonds will be issued from 15th April to 14th April 2017.
The Central Bank of Iraq further indicated that these bonds will be issued in 5 different categories 100 thousand Iraqi dinars, 250 thousand Iraqi dinars, 500 thousand Iraqi dinars, 1 million Iraqi dinars and 5 million Iraqi dinars. CBI pointed out that all the above mentioned Iraqi national bonds are estimated at 1.5 trillion Iraqi dinars. These bonds will be sold at a nominal discount rate of 8 percent per year and these bonds are payable by the Iraqi Finance Ministry by the end of 14th March 2018. Most of the financial experts predicted that it would boot up the Iraqi dinar exchange rate against the U.S dollar, so don’t sell Iraqi dinar because Iraqi dinar investment will give you a considerable amount of profit in the near future. The CBI further added in the statement that all Iraqi banks and Iraqi citizens will be able to submit their applications to buy these bonds directly from Iraqi Central Bank.