The total internal public debt in Syria reached 645 billion pounds (about 510 million dollars) since the beginning of this year.
According to the Syrian newspaper, Al-Watan, the value of that debt is equivalent to about 11.6% of the total budget appropriations for the current year, amounting to 4 trillion pounds, and equivalent to about 32% of the total budget deficit estimated at 1.4 trillion pounds.
And the Syrian Central Bank had announced 4 auctions, in which a number of banks authorized to participate in the auctions were subscribed, in addition to clients in those banks, two of those auctions were for two years (the second auction was announced a few days ago, while the first auction was announced last February), with a total subscription amount equivalent to 298.5 billion pounds.
As for the other two auctions, they were to subscribe to certificates of deposit for a period of 6 months, at a value of 166.5 billion pounds, (the first was announced last March, with a total subscription of 92.2 billion pounds, and the second last June, with a total subscription of 74.3 billion pounds). Countries resort to debt to cover a financial deficit or to cover financing investment projects and internal debt is a tool for investing money within the state through the central bank offering of securities or treasury bonds for public subscription and the state owes the owners of those bonds and commits to paying after the expiration of those bonds.
Source (Russia Arabic website, Edited)
