Because of the Iraqi banks have not participating into the competitive bids of T/B auction No. (48) held on 13th Nov . 2006 Accordingly MOF decided to cancel the a/m auction.
Hassan AL- Haidary
D.G of Agreement & Loans 15 / 11 / 2006
Announcement
MOF provided CBI with the schedules of Iraqi Government Treasury Bill Auctions detailed hereunder to be held for (91) days up to 31/12/2006 .
Announcement Number(47)
The Ministry of Finance is authorized under the Public Debt Law to issue obligations guaranteed by the Government of Iraq. The Central Bank of Iraq, as fiscal agent of the Ministry of Finance, is authorized to conduct auctions for Government Debt Securities on behalf of the Ministry of Finance. The Ministry of Finance issues Government Debt Securities to finance the Government of Iraq, subject to the limits of the Annual Budget Law.
To achieve this financing objective, the Ministry of Finance determined a system and mechanism for Government Debt Securities auctions that will be held periodically, with the results announced at [twelve p.m] in the morning after the close of the auction at [one p.m]
Auction Number 47 of Government Debt Securities was a uniform price auction for ID 100.000.000.000 par value of Bills which concluded on 30-10-06. Total Public ID 101.000.000.000 Valid competitive bids totaled ID 100.000.000.000 and valid non competitive bids totaled ID 1.000.000.000 and the cutoff yield( the highest yield of a successful bidder) determined by auction was 9.00%.
Auction Financial