A government source disclosed on Saturday that the International Monetary Fund (IMF) has requested the privatization of the state banking sector.
The source said that “the International Monetary Fund has made substantial observations on the work of Rafidain and Rashid Bank and their inability to invest funds Almknzah them.”
He added that “the upcoming talks between the delegation of the Iraqi government and the International Monetary Fund will focus on the possibility of reducing operating expenses and work on the privatization of Rafidain Bank and Rashid as an initial step to revive and develop the banking system in Iraq.”
The Union of Arab Banks announced earlier that the deposits of Rafidain Bank amounted to 30.9 trillion dinars, and that its profits during the last year amounted to 192 billion dinars.
The Union of Arab Banks in a report published on the Rafidain Bank, the deposits of Rafidain Bank amounted to 30.9 trillion dinars and cash assets 12.3 trillion dinars and investments 4.8 trillion dinars, noting that the capital paid to the bank 126 billion dinars and reserves 107 billion dinars.
He added that the revenues of the bank during the last year amounted to 715 billion dinars and spending 522 billion dinars, noting that the net profit amounted to 192 billion dinars.
