3 Iraqi Banks Will Buy Iraqi Bonds to Distribute Dues to Private Companies

3 Iraqi Banks Will Buy Iraqi Bonds to Distribute Dues to Private CompaniesOn Monday, the Iraqi Economic Council issued a statement that Iraqi Central Bank has provided guidance to governmental banks to buy and deduction of all Iraqi governmental bonds. These bonds will be issued and paid to companies in the private sector. It was also said that at least 50 percent of the total payable amount will be provided in the form of bonds and the total amount is estimated at 3.5 trillion Iraqi dinars. The Iraqi Economic Council head Ibrahim Al-Baghdadi said in a press statement that Central Bank of Iraq has planned to authorize 3 governmental banks including Rasheed Bank, Rafidain Bank and Iraqi Commercial Bank. These banks will be authorized to deal in buying and selling of special governmental bonds for Iraqi private sector.

Al-Baghdadi further indicated that Iraqi Central Bank has forwarded instructions to above mentioned three banks in order to distribute the financial dues in the form of bonds to these private companies. These banks will be able to distribute, purchase and deduct all governmental bonds. He also pointed out that government bonds will be paid to private companies and it is estimated that more than 50 percent of the total payable amount will be delivered to these companies. He added that Iraqi private sector experienced severe crisis but this step would provide compensation to these private companies. These bonds will also participate to cover a large amount of cash fluidity. It would be more helpful in moving the Iraqi economic wheel and empower the financial trading in the Iraqi markets.

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