(MENAFN- Iraq Business News)
By John Lee.
In a move to enhance the investment sector and align with the directives of the Ministry of Finance, Rafidain Bank has announced the issuance of the third series of reconstruction bonds for amounts of 500,000 and 1,000,000 Iraqi dinars. The bonds carry an annual interest rate of 6% and 8% for two and four years, respectively.
The bank has declared the launch of the third series (Reconstruction Bonds) for sale to citizens until January 30, 2024. The sale will follow the same mechanism as the first and second series.
The bonds will be available in two denominations:
A bond with a face value of 500,000 Iraqi dinars, with a 6% annual interest paid every six months for a period of two years.
A bond with a face value of 1,000,000 Iraqi dinars, with an 8% annual interest paid every six months for a period of four years.
The bank emphasizes that individuals interested in purchasing the bonds must submit a direct application to the bank, accompanied by the required identification documents. The buyer will be provided with a receipt by the bank for the amount paid to purchase the bond. The buyer keeps this receipt until the bond is prepared. The buyer then presents the mentioned receipt to the bank to receive the bond after its preparation.
The bank notes that the trading of bonds takes place in the securities market through buying and selling. Additionally, the maturity period of the bond is 10 years after the due date, after which it is transferred to the Ministry of Finance. It's worth mentioning that the purchase and trading of the offered bonds (Reconstruction Bonds) are exempt from taxes according to the Federal Budget Law No. 13 of 2023.
(Source: Rafidain Bank)
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