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Monetary and financial mechanisms to bridge the fiscal deficit in the budget of 2017

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Monetary and financial mechanisms to bridge the fiscal deficit in the budget of 2017

Last updated: March 12, 2017-11:20 am

Baghdad/Iraq News
Iraq seeks to reduce the budget deficit by fiscal and monetary policy tools which represent one of the internal bond sale through MOF annual term 364 days to market through auctions, overseen by the Central Bank to withdraw cash outside the banking system to repurpose again in the financial sector.

11 public auctions the Treasury announced its plan does not Cuirass annual term Treasury remittances (364 days) of the year 2017 which includes 11 public auctions to sell these remittances to beneficiaries as banks and social welfare services and retirement and trillion dinars.

According to the plan announced by the Ministry, the total amounts of offering costs JD 2 trillion expected to be sold in full to fill a proportion of temporary disability in the general budget.

The amount of JD altrlioni distributed between 11 an auction organized by the Central Bank every month, the first auctions held on the 22nd of last month worth 100 billion dinars as most auctions that are scheduled to be held on 20/21 value themselves, the rest of the auctions are worth 200 billion.

banks and Treasury transfers the banks and Government bonds do not circulate within the public to limit traded currently on the banks and the Community banks and the weakness of financial awareness among the citizens, on the other hand, short term Treasury remittances also expire at the end of the year they come to finance temporary disability.

According to the law on public debt, which gave the Treasury discounting safe guaranteed by the Government, the Central Bank, to being an agent of the Ministry, Department of Government Treasury remittances auctions on behalf of the Ministry which, according to the annual budget law parameters, discounting the Treasury for government funding.

the first auctions by the Central Bank's statement, the Ministry of Finance on the 22nd of February the first An auction within the Ministry's plan to sell Treasury remittances 364 days at $100 billion. selling to circulate the statement added that the full amount was sold to circulate in the highest price cut for competitive auctions 5 percent and 4.75 percent average return.

He noted that the participation of two banks auction won one of the presentations.

It is said that a plan to borrow for discounting the Treasury through auctions of 2016 11 included auctioning off seven worth 400 billion dinars and four worth 300 billion dinars.

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