Central Bank of Iraq announces selling 80 billion Dinar treasury bills

Central Bank of Iraq announced on Tuesday January 22, that it sold 80 billion Dinars worth of treasury bills, pointing out that 3 participants bought all the issued T-bills.

“Ministry of Finance decided to hold the 48th public auction and sold 182-day treasury bills for 82 billion Dinars”, said the Central Bank’s press release issued Tuesday January 22, of which Alsumaria got a copy. The press release pointed out that “the entire issue was sold for the highest bidders”.

“The auction participants were 2 banks in addition to a care institution for minors and Pensioner’s Association”, added the bank emphasizing that “3 participants won the entire issue by competitive bidding while a forth won by a non-competitive bid”.

According to the Public Debt Law by virtue of which the Ministry of Finance issued government guaranteed T-bills; the Central Bank of Iraq, considered to be the representative of the Finance Ministry, auctions off treasury bills issued by the government. Finance Ministry issues these bills for governmental financing purposes in accordance with the Annual Budget Law.

Iraqi Central Bank was established as an independent institution by virtue of a law passed on the 6th of March 2004. Considered as an independent entity, the bank is responsible for maintaining the stability of the currency’s value and implementing monetary policies including exchange rate policies, management of foreign currency reserves, issuing and managing money and organizing the banking sector with the aim of promoting an independent and competitive financial system.

Central Bank of Iraq holds daily sessions to sell and buy foreign currencies except on official holidays.