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Less than 10% of people keep their money in the bank


Wiljor
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Banks have been struggling to attract clients since Baghdad cut budget payments in 2014 after oil prices plummeted.
Iraq, August 21, 2017 

Since Baghdad cut budget payments to its Kurdish region in January 2014, trust in Iraq's financial institutions has been fading.

People have been avoiding depositing their money into the banks as they are afraid that they will not be able to get their cash back.

'I'm aware that three or four banks in the region went bankrupt. It created fear among people about depositing money into banks because they're afraid the money will disappear,' Halat Salman, Director of Cihan private bank told TRT World.

'And they think every bank is the same and that this will happen to other banks as well. However, this assumption should not be generalised because there are very good banks in the area with very good reputations,' Salman added.

It seems that the region's crippled economy will remain the same as its financial institutions fail to regain the trust of people.

trtworld

 

http://iraqdailyjournal.com/story-z15789566

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I couldn't imagine anything worse than losing your life-long assets (or even a portion of them) in this manner. Makes me think back to a scene in the movie 'It's A Wonderful Life.'

 

Well, the good news is that at least clients used to have trust in the banks - and with all the international pressure, IT investment, new auditing standards and pressure on corruption (not to mention the fact that oil will definitely go up again one day), the banking industry in Iraq will  soon be on par with the rest of the industrialized World. The depositors insurance laws and acts should help immensely.

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We know the CBI has been reducing the note count and dollarizing the country for many years.

We know Iraqi citizens don't trust the banks

We know there's trillions of dinars in chunky cash.... Stashed under the mattress 

We know the banks have a BIG liquidity problem

 

Solution: 

Stop MCP and Give real market value to the dinar.

 

Go new monetary policy 

Go $1:1

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3 hours ago, Laid Back said:

We know the CBI has been reducing the note count and dollarizing the country for many years.

We know Iraqi citizens don't trust the banks

We know there's trillions of dinars in chunky cash.... Stashed under the mattress 

We know the banks have a BIG liquidity problem

 

Solution: 

Stop MCP and Give real market value to the dinar.

 

Go new monetary policy 

Go $1:1

Better 1iqd:4usd..

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