Iraqi Islamic Bank profits rise by 246% to reach 76.6 billion dinars during 2023, 11 JAN

 Iraqi Islamic Bank profits rise by 246% to reach 76.6 billion dinars during 2023

Economy News – SpecialThe economic expert, Mustafa Hantoush, revealed today, Thursday, the reason for Iraq’s move toward the theory of internal debt, while clearing is considered the “best option” to return these debts.Hantoush said, in an interview with Al-Eqtisad News, that “Iraq, in recent years, has begun to move towards the theory of internal debt, due to the accumulation of funds in several funds, including the Retirement Fund, which relates to the state’s transactions amounting to more than 7 trillion dinars, the Social Security Fund, in addition to To the banks of Al-Rafidain, Al-Rasheed, and Al-Iraqi Trade Banks.He added, 

“These banks now have deposits in very large amounts, and thus the state headed toward internal debt that amounted to more than 70 trillion dinars.”The economic expert called for “returning the debt to the retirement fund,” noting that “there are two theories for restoring the internal debt. The first is related to repayment. This is a long theory, as governments will not be able to repay in this way in light of the presence of interest.”

The other theory, according to Hantoush, is “clearing, which may bring about settlement operations for some internal debt, which has some risks, but it may be the solution available to the Iraqi state.”Earlier today, an informed source revealed that the size of the Ministry of Finance’s internal debt had reached about 70 trillion dinars, indicating that the rise in internal debt was not a good indicator, especially since the government possesses liquidity, and it must work to structure the internal debt.

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