It was declared by the Central Bank of Iraq (CBI) on Tuesday (22nd January, 2013), that it sold 80 billion Dinars of treasury bills, indicating that 3 participants bought all the issued T-bills.
It was decided by the Finance Ministry for holding the 48th public auction and sold 182-day treasury bills for 82 billion Dinars, said the Central Bank’s press release issued on Tuesday (22nd January, 2013). The press release indicated that the entire matter was sold for the highest bidders.
Two banks were the auction participants to a care institution for minors and Pensioner’s Association, added the bank highlighting 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 CBI, considered to be the representative of the Finance Ministry, auctions off treasury bills issued by the government. The bills are issued by the Ministry of Finance, which are governmental financing purposes in accordance with the Annual Budget Law.
The Central Bank of Iraq was set up as an independent institution by virtue of a law passed on the 6th of March, 2004. Considered as an independent body, the bank is responsible for maintaining the steadiness of the currency’s value and executing monetary strategies, which also includes management of foreign currency reserves, exchange rate policies, issuing and managing money and organizing the banking sector with the goal of promoting an independent and competitive financial system.
The Iraqi Central Bank holds daily sessions for selling and purchasing foreign currencies except on official holidays.
Source: [Al Sumaria]