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CBI News 10/25/2021


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 October 25, 2021
Building Bonds Issuance Mechanism

 



All licensed commercial banks must adopt the mechanism for issuing building bonds issued by the Ministry of Finance in its letter No. 1333 on 10/14/2021 and adopt the starting date of the sale mentioned in it, and start promoting it, receiving requests for those wishing to buy it, and sending it to this bank in order to coordinate with the Ministry of Finance to issue bonds.

To facilitate the bond issuance procedures, we would like to state the following:

1- The bond will be in the form of a single security that may include an amount representing one class, or an amount representing the total classes that the bond holder will purchase.

2- Those wishing to purchase the bond who do not have a bank account, and are unable to open the account during the purchase process, may open subsequent bank accounts for them in order for future bond entitlements to be deposited from annual interests, as well as the nominal value of the bond upon amortization.

3- Banks have the right to invest in purchasing these bonds for their benefit with a ceiling that does not exceed the amount of (100) billion dinars (one hundred billion Iraqi dinars). This bank before the end of the issuance period will evaluate it based on the requests sent, and a part of the issue will be allocated to those banks.

4- In view of the effort that your banks will make commensurate with the importance of issuing bonds, the Ministry of Finance will allocate lump-sum administrative commissions against the purchase orders sent by you, for individuals, as they will be calculated based on the number and values of the requests sent by the bank, and the commission will not decrease per request. For (10000) dinars (ten thousand dinars) and not more than (30000) dinars (thirty thousand dinars), without including the amounts transferred to this bank for the purchase of these bonds with the payments system commissions (RTGS).

5- A table containing the names of those wishing to purchase bonds and their required denominations shall be sent via the official mail to the Department of Financial Operations and Debt Management, along with a copy of the official documents approved upon opening the account, with the need to indicate whether the buyer has an existing bank account, or that a subsequent bank account will be created for him. The effect of this is to issue bonds based on those names.

6- When transferring funds from your accounts to the central bank account via the RTGS system, the guide (code) No. (298) is approved, or we are authorized to withdraw the amount to be invested in these bonds from your accounts with us.

7- The bonds shall be subject to listing and trading in the Iraq Stock Exchange based on the instructions of the Securities Commission and the Iraq Stock Exchange.

We hope to take the necessary measures to make the bond promotion and sale process successful, in a way that makes it very easy for those who want to buy them.

» To view the mechanism of issuing construction bonds .. click here
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 2021-11-03 04:01
 

Shafaq News/ Al-Rasheed Bank announced on Wednesday, directing its branches to directly sell "construction" bonds to citizens wishing to buy, indicating that the interest will be paid every six months.

 

 In a statement received by Shafaq News Agency, the bank's media office said that "the bank has set its instructions regarding the amount, interest and purchase mechanism, as it included specifying a bond of 500 thousand dinars with interest (6%) to be paid to the customer every six months for a period of two years and a bond of one million dinars with annual interest (7%). It is paid every six months for four years. 

 

He added, "It is the right of the person, whether (naturally or morally) wishing to purchase, to submit a direct request to the bank, accompanied by the original tariff documents, in return for the bank giving the customer a receipt for the amount he paid to purchase the bonds."

 

On September 26, the Central Bank of Iraq offered the first issuance of (Binaa) bonds of two categories (500,000) dinars (five hundred thousand dinars) with annual interest (6%) for two years, and (1,000,000) dinars (one million dinars) with annual interest (7 %) for four years.

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  •  Time: 03/11/2021 11:14:35
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Al-Rasheed Bank offers building bonds to citizens and determines their benefits
  
{Economic: Al Furat News} Al-Rasheed Bank announced today, Wednesday, directing its branches to directly sell “construction” bonds to citizens wishing to buy, indicating that the interest will be paid every six months.

And the bank’s media office said in a statement that “the bank set its instructions regarding the amount, interest and the purchase mechanism, as it included determining a bond worth 500 thousand dinars with interest (6%) paid to the customer every six months for a period of two years and a bond in the amount of one million dinars with annual interest (7%) paid every six months.” for four years." 

He added, "It is the right of the person, whether (naturally or morally) wishing to buy, to submit a direct request to the bank, accompanied by the original tariff documents, in return for the bank granting the customer a receipt in return for the amount he paid to purchase the bonds."

On September 26, the Central Bank of Iraq launched the first issuance of (Binaa) bonds of 500 thousand dinars with annual interest (6%) for two years, and one million dinars with annual interest (7%) for four years.

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Wednesday, 3 November 2021 11:27 AM

Baghdad / National News Center

Al-Rasheed Bank announced today, Wednesday, that it instructed its branches to directly sell “construction” bonds to citizens wishing to purchase, indicating that the interest will be paid every six months.

And the bank’s media office said in a statement that “the bank set its instructions regarding the amount, interest and the purchase mechanism, as it included determining a bond worth 500 thousand dinars with interest (6%) paid to the customer every six months for a period of two years and a bond in the amount of one million dinars with annual interest (7%) paid every six months.” for four years.”
He added that "the person, whether (naturally or morally) wishing to purchase, has the right to submit a direct request to the bank, accompanied by the original tariff documents, in return for the bank giving the customer a receipt for the amount he paid to purchase the bonds."
On September 26, the Central Bank of Iraq launched the first issuance of (Binaa) bonds of 500 thousand dinars with annual interest (6%) for two years, and one million dinars with annual interest (7%) for four years.

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  • 2 weeks later...
  •  Time: 11/13/2021 09:36:06
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Al-Rafidain Bank launches building bonds for citizens
  
{Economic: Al Furat News} Al-Rafidain Bank directed its branches to receive requests from citizens wishing to purchase {construction} bonds.

 And the media office of the bank said in a statement that {Al-Furat News} received a copy of it, that "the bank's branches have started to directly sell "construction" bonds to citizens wishing to buy."

The statement indicated that "the bank specified in its instructions the controls of the sale, including a bond of 500,000 dinars with an interest rate of 6 percent for two years and a bond of one million dinars with annual interest (7 percent) for a period of four years."

The bank called on "citizens wishing to purchase to submit a direct request to the bank's branches, bringing with them the original tariff documents in exchange for the bank giving the customer a receipt for the amount he paid to purchase the bonds."

The statement pointed out that "citizens wishing to purchase building bonds who do not have a bank account and are unable to open the account during the purchase process are accepted to open bank accounts that have no right to them in order for the bond's future entitlements to be deposited from annual interests as well as the nominal value of the bond upon amortization."

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Al-Rafidain Bank launches building bonds for citizens

938798-83fc50df-6419-4c0d-937f-59a0c6292
Baghdad / NINA / - Al-Rafidain Bank directed its branches to receive requests from citizens wishing to purchase (construction) bonds.

And the bank’s media office explained in a statement: “The bank’s branches have begun to sell “construction” bonds to citizens wishing to buy, noting: “The bank specified in its instructions the sales controls, including a bond of 500 thousand dinars with an interest (6 percent) for two years and a bond in the amount of one million dinars. With annual interest (7 percent) for four years.” / End 9
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More progress in the banking system.!
 

They are Increasing revenues and improving cash flow. Issuing national bonds and instruments, and offering them for public trading, in coordination with the Central Bank of Iraq.

 

Go Iraq 🇮🇶 
Go reforms 

Go banking system 

Go purchasing power 
 

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Iraqi Finance: The success of the first issuance of construction bonds with sales of one trillion dinars

Iraqi Finance: The success of the first issuance of construction bonds with sales of one trillion dinars
Iraqi Ministry of Finance
 

Riyadh – Mubasher: The Iraqi Ministry of Finance announced today, Monday, the success of the first steps for issuing construction bonds, with sales of one trillion Iraqi dinars.

The ministry said, in a statement, that during a short period of time that did not exceed a month and a half, this step achieved great success in the Iraqi financial market, and this came through the great demand by citizens and banks for these bonds and the expiry of the financial allocation allocated to them, which amounted to one trillion Iraqi dinars.

The Finance added that these bonds will expand the state's role in a free and diversified economy, and contribute to the development of other vital sectors.

The Ministry of Finance confirmed that the ministry is continuing to implement financial reform programs within the premises of the white paper. For the purpose of addressing the financial deficit in the public budget, in addition to charting a correct path for the economy and the public budget through which to ensure sustainability so that Iraq can make its decision towards the right economy.

In 2020, the Iraqi government announced comprehensive reform programs for the Iraqi economy, and officially on the reform paper, known as the White Paper, the Ministry of Finance, under the supervision of Minister Ali Abdul Amir Allawi, began implementing its programs, which are considered a comprehensive way to address the serious challenges facing the Iraqi economy.

On October 1 of this year, the Ministry of Finance, in cooperation with the Central Bank, launched the sale of financial bonds known as "construction bonds" in the financial markets, which were considered important and effective steps in raising and developing the Iraqi economy.

The Ministry of Finance revealed that it is continuing its work by issuing the second construction bonds in the near future, and it will be available to all citizens.

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 money and business


Economy News _ Baghdad

Today, Monday, the Ministry of Finance announced the achievement of one trillion dinars from the sale of construction bonds within 45 days, stressing that these bonds will expand the role of the state in a free and diversified economy.
A statement by the Ministry of Finance, received by Al-Iqtisad News, stated that "in cooperation with the Central Bank, it launched on October 1 of this year the sale of financial bonds known as (construction bonds) in the financial markets, which was considered one of the important and effective steps in raising and developing the Iraqi economy."
The statement continued, "In a short period of time that did not exceed a month and a half, this step achieved great success in the Iraqi financial market, and this came through the great demand by citizens and banks for these bonds and the depletion of the financial allocation allocated to them, which amounted to a trillion Iraqi dinars."
He added, "These bonds will expand the state's role in a free and diversified economy and contribute to the development of other vital sectors."
He stressed, "The ministry is continuing to implement the financial reform programs within the white paper, for the purpose of addressing the financial deficit in the general budget, in addition to charting a correct path for the economy and the public budget through which it guarantees sustainability so that Iraq can make its decision towards the right economy."
The ministry thanked "all the public for their high confidence and support for the ministry's decisions that serve to perpetuate the wheel of the economy," explaining that it "continues with its second issuance of construction bonds in the near future and will be available to all citizens."
In the year 2020, the Iraqi government announced comprehensive reform programs for the Iraqi economy, and officially on the reform paper, which was known as the White Paper. The Ministry of Finance, under the supervision of Minister Ali Abdul Amir Allawi, began implementing its programs, which are a comprehensive way to address the serious challenges facing the Iraqi economy.

 
 
Number of Views 75   Date Added 11/15/2021
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 Baghdad: Mustafa Al-Hashemi
After the Ministry of Finance, in cooperation with the Central Bank, launched, in early October, the sale of financial bonds known as “construction bonds” in the financial markets, which were considered among the important and effective steps in raising and developing the economy, the ministry stated that it is continuing its work by issuing the second construction bond in the near future. It will be available to all citizens. According to a statement by the ministry, the first issuance of building bonds achieved sales of one trillion dinars, within 45 days, through the great demand by citizens and banks for these bonds, and the depletion of the financial allocation allocated to them.
These bonds will also expand the state's role in a free and diversified economy, and contribute to the development of other vital sectors.
Economic researcher Firas Amer sees the importance of offering such bonds as they "contribute to addressing the financial deficit in the general budget, as well as achieving profitable and rewarding benefits for the purchasers of these bonds, which were put forward by the ministry, at a price of one million dinars for a period of four years at an interest rate of 7% and for a period of two years at an amount of 500 thousand dinars. At 6% interest.
In his speech to Al-Sabah, he pointed to the “necessity to further educate the public about the importance of these bonds, and the importance of trading them in the Iraqi stock market, because of its economic repercussions that achieve benefits represented in withdrawing the cash mass hoarded by the public and re-using it in the banking system, in a way that achieves the highest economic interest.” 
for the country}.
The move by the Ministry of Finance, in coordination with the Central Bank, to contribute to the development of the local financial market and mobilize savings, especially after the government launched in the year 2020 comprehensive reform programs for the Iraqi economy, represented in the white paper, as the ministry began implementing its programs, which can be considered a way to address challenges serious problem facing the economy.
The Ministry of Finance also confirms that it is continuing to implement financial reform programs within the adoptions of the white paper, for the purpose of addressing the financial deficit in the general budget, in addition to charting a correct path for the economy and the public budget through which to ensure sustainability for Iraq to make its decision towards the economy 
the correct.
On the other hand, the academic economist, Dr. Majid Al-Baydani, called on the Ministry of Finance to pay attention to the issue, which suits the size of the responsibility in achieving transparency with regard to the management and employment of funds in a way that enables Iraq to overcome the crisis.
Finance.
Al-Baydani added, "It is not hidden from everyone what the Corona outbreak crisis has thrown on the Iraqi economy, which coincided with the decline in oil prices globally, which calls for taking the correct measures and measures to succeed in managing the financial crisis, including the announcement of the annual internal borrowing plan."
In turn, the economic researcher Lubna Al-Shammari sees the necessity of withdrawing liquidity from outside the banking sector and employing it to bridge the budget deficit by internal borrowing through treasury bonds, which are issued by the Ministry of Finance. 
Finance }. 
Al-Shammari explained that “treasury transfers aim to reduce the budget deficit by offering bonds in auctions managed and supervised by the Central Bank, in which government agencies and departments participate, such as caring for minors’ funds, retirement and the social protection network to enhance their funds and achieve benefits for citizens benefiting from these services. 
circles}.
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Information/Baghdad.

Today, Friday, Al-Rafidain Bank issued a statement on the sale of building bonds to citizens wishing to buy.

 

And the bank stated in a brief statement that the agency "Al-Maalouma" received a copy of it, that it "continues to sell building bonds to citizens wishing to buy."

 

He added, "The sale is through the bank's branches located in Baghdad and the provinces." \ End 25

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