Iraqi Dinar 123 News: – On Tuesday, the Iraqi oil ministry agreed with the financial complement of the Iraqi Central Bank in launching 12 billion dollars treasury bonds, in order to pay a large number of dues for foreign oil companies in Iraq. This project is based on Article 34 in the federal budget 2015 law. The oil ministry issued a statement that the Ministry of Finance, Ministry of Oil and the Iraqi Central Bank signed an agreement in a joint meeting.
It is further said that this decision has been taken to solve the problems after the downfall in crude oil prices worldwide. It decreased the financial revenues in the current year’s Iraqi Federal budget. The Ministry of Oil said that decreasing exports of Iraqi crude oil reflected negatively on Iraqi economy and launching the treasury bonds would help to solve the payable dues issues in the country. Iraqi exports recorded at 2.597 million barrels per day in the month of February and 2.56 million barrels in January.