Finance intends to issue bonds amounting to 5 billion dollars to citizens
Finance intends to issue bonds amounting to 5 billion dollars to citizens
FRI, 11-27-2020, PM 6:03
On Friday, Minister of Finance Ali Allawi announced that his ministry is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar.
A statement by the Iraqi Private Banks Association said, “The association held a meeting in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance Ali Abdul Amir Allawi, as it included all banks operating in Iraq to discuss the mechanisms for developing the banking sector in accordance with the white paper.”
The Minister of Finance, Ali Abdul-Amir Allawi, said during the meeting, according to the statement, “I thank the Iraqi Private Banks Association for this invitation, because the banking sector is the most important economic sector, and the state is working to support it in order to move the economy, stressing that the current economic reform movement is the most serious.” It will continue to the next governments. ”
He added that “the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq, explaining that the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it.”
He noted that “the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar, and we expect private and government banks to buy them.”
He pointed out that the exchange rate of the dinar against the dollar will be fixed when issuing bonds, in order to avoid any losses in bond purchases by banks and citizens.
He stressed that “the Ministry of Finance, through the White Paper, will reform the financial policy, monitor the economy, and change it to keep pace with the global economy, explaining that the political decisions that were taken in the past affected the economy.”
On the other hand, the head of the Iraqi Private Banking Association, Wadih Al-Handal, according to the statement, thanked “the Minister of Finance for responding to the call, stressing that the white paper accurately diagnosed the economic problems, and solutions became available to all officials.”
Al-Handal noted that “Iraq is now at a crossroads, and if the rapid reforms necessary to pull the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow, calling for the adoption of reform policies and contributing to their implementation, whether at the level of the public or private sector.”
He pointed out that “the Association of Private Banks praises the reforms related to the banking sector included in the white paper, praising the procedures of the Central Bank of Iraq that contribute continuously to support the private banking sector.”
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