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Why is Warka being so pro-active with our accounts?


phlip
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Why at this time is Warka bothering to be so pro-active on individual accounts and then at the same time decently responsive to an individual client’s urgent requests for password resets?

Why not just go on as unresponsive as they have been in the last 3 – 4 years?

 

IMO, the Warka Bank Staff can see the time coming when the CBI will successfully complete the IMF and UN required transparency tests and therefore be able to start selling CD’s to the Iraqi private banking sector again; which would eventually allow Warka and all the other 30 or so Iraqi private banks to begin selling CD’s to clients, funding MasterCard Accounts, funding and trading with client ISX Accounts, maintaining Letters of Credit, etc.

 

When that flow of funds starts happening, IMO, the next logical step would be for the possibility of first internal and then external transfer of funds.

Our ability to transfer USD from our Warka Accounts to our Fed dominated local bank accounts would then depend on the Fed appointing an intermediary US bank to handle all incoming traffic from Warka.

 

Historically, Warka’s USA Correspondent Bank has specifically been the Citibank, NA, New York, NY Branch of the Federal Reserve System.

 

If in the near future the Fed decides that Warka Bank for Investment and Finance can be trusted to have the liquid inventory necessary to service its clients with the transfer of USD’s then perhaps Citibank, NA New York, NY may again be nominated to be Warka’s correspondent bank for the USA.

 

Whatever the case, no correspondent bank means no USD or Euro transfers; so if a person wants to know if Warka is ready to send them some of their own mulla, my advice would be to look for a Warka correspondent bank in their area.

 

The current list can be accessed from Warka’s website homepage.

Here’s a link to Warka’s current list of correspondent banks:

http://www.warka-bank.com/?427dacca3edd8203f5aceefbb3636d2efc545ea6

 

All of the correspondent banks listed deal with funds denominated in either USD’s or Euro’s (only) ~ including the two banks in Germany dealing in both USD’s and Euro’s.

Meanwhile, right now there is not a single correspondent bank listed on either of the American Continents.

Nothing for the Australian Continent and only the two German banks to handle Europe.

 

Even though the two banks in Germany are still listed as Warka correspondent banks, I’m fairly certain that Warka is still not allowing either USD or Euro transfers to either of them.

 

All of the Iraqi private banks (including Warka and a couple of others that deal with foreign clients) are currently under cash shortage restrictions whereby they are limiting withdrawals by local Iraqi clients to only certain percentages of the entire account balances and just to be able to do that they have had to cut off foreign client’s access to funds entirely ~ for now.

 

IMO, it’s still better than finding out that you only have 40% of what you thought you had on balance as happened in Cyprus ~ at one time one of the go to offshore account venues to consider.

Also, whatever paid interest percentages have been reduced to by Warka are IMO still better than the best of what is offered in the Fed system and way better than those other banks around the globe offering negative interest on savings accounts.

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