Co 7 9 . 6 Fe 4 . 6 Si 9 . 2 B 2 . 7 Mo 3 . 9 fibers have been produced by the modified process of melt-extraction. Hysteresis loop, magnetostriction constant, λ s and giant magneto-impedance (GMI) ratio (total impedance, real and imaginary contributions) of such fibers have been measured. Studied fibers exhibit excellent magnetic softness (coercivity about 20Am - 1 ), small positive magnetostriction constant (λ s ~1.13x10 - 6 ) and GMI ratio of the order of 50% in as-cast state. Current annealing has been employed to tailor the magnetic properties and GMI effect of these fibers.