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Getting USD back from Warka


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Hi,

Has anyone tried to transfer their IQD back to their Warka USD account, and then pull the funds back out? How did you go about doing that? I have a need for some of the money I deposited, but I'm not sure on how to get it once it is back in USD.

Thanks in advance for any help.

Bob

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doctrbob - it sounds like certain things are on hold with Warka Bank right now. Most people are having success wiring money and online access to view their accounts. But I haven't seen anyone post a success story about withdrawing right now. Warka is in receivership status with CBI taking them over. Until that is settled, withdrawing may not be an option. Most opinions are that this is a temporary, although perhaps long term, thing for Warka.

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doctrbob - it sounds like certain things are on hold with Warka Bank right now. Most people are having success wiring money and online access to view their accounts. But I haven't seen anyone post a success story about withdrawing right now. Warka is in receivership status with CBI taking them over. Until that is settled, withdrawing may not be an option. Most opinions are that this is a temporary, although perhaps long term, thing for Warka.

It's all just

paper.boy :)

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Hi,

Has anyone tried to transfer their IQD back to their Warka USD account, and then pull the funds back out? How did you go about doing that? I have a need for some of the money I deposited, but I'm not sure on how to get it once it is back in USD.

Thanks in advance for any help.

Bob

Sad fact is there are people who have been trying to get their money back from Warka for months now with no luck. Some of them have over $100,000+ in Warka and cannot get one dime back. From what I was told the lawyers won't even touch the issue as they say the holders have no recouse under current law.

Best of luck to all Warka account holders and maybe some good news will come out from the CBI on the issue soon.

Edited by coolbeans
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My experience for getting cash out of Warka follows.

My only experience isthrough a CITI bank account. (so you will need a CITI Bank account)….. Warkahas a number of “pre-approved” banksthat they work with, and CITI is on that list.

You may be able to list a bank not on the list and requestthat they approve it, but I don’t know how long that would take, or given thesituation, if they would do it.

Right now I don’t believe you will be able to get a transferout. I did have success transferring USDout before the CBI took over….I have not tried since. (it was a small $ amount, testing theprocess)

Because Warka is the bank that has allowed foreign investorsto join in this process, I don’t believe Iraq, the CBI or Warka will hang usforeigners all out to dry. It would senda pretty poor message to the many potential future investors that they are hopingwill invest in the future of Iraq in the coming years.

As with all of this Dinar adventure….use only money you canafford to lose, and in this case perhaps just be without for a period of time.

Hope this helps……

Go to https://www.warkaonline.com/IBS/index.jsp

Put in your client ID and your password

The Welcome page should come up.

On the left side of that scroll down to “MaintainBeneficiaries” Click on that:

In the drop down window scroll down to “add externaltransfer beneficiary” click in that.

Here you find a form to fill out……..about half way down on theform it says Bank Name….where it says “Select Bank” click on the arrow for thedrop down window and go to, and Select CITI

The rest of the form needs to be completed and you will needa swift code for your bank

Submit the info……within about 3 days you should get anotification, or, when you go to your “List of Transfer Beneficiaries”…(againon the left of the welcome screen) … .it will show on that list.

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I have never tried as my 2 US banks are not listed on their site. I don't want to get it out anyway.

I'm still confident the money is safe with the CBI in there now. Probably a whole lot safer than it was before when we were wiring and we didn't know what was going on behind the scenes.

I think I'm going to focus on the ISX now.

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Sad fact is there are people who have been trying to get their money back from Warka for months now with no luck. Some of them have over $100,000+ in Warka and cannot get one dime back. From what I was told the lawyers won't even touch the issue as they say the holders have no recouse under current law.

Best of luck to all Warka account holders and maybe some good news will come out from the CBI on the issue soon.

If someone put $100k into an Iraqi bank, they just might deserve what they get. That ranks near the top of the list of stupid things to do.

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:lol::o:lol::blink::lol::P nice response

I dont consider the response nice at all.

Lets take a look -

Investing 100k US in Warka getting correct exchange rate and making interest or buying cash through a dealer , loosing money instantly and getting no interest. Plus a loss on the sell to a dealer.

There is also a significant risk in storing cash.

Lets look at a approximate 2.5 year scenario of investing using both cash or Warka . (I have used this time frame because I know people who have invested large sums using either method for over 2 and half years.)

100 k US via warka buys approx 116 million IQD this will approx increase to between 138 - 148 million IQD over 2.5 years depending if term deposits are used.

Compare this with cash which buys approx 96 - 98 million IQD which if sold after the 2.5 year period may return only 80-83 K US when sold back to a dealer.

So - after 2.5 years starting with 100k US

US value sale value Warka $118 - 127 K

Dealer $ 80 - 83 K

So in actual investment terms without any exchange rate gain one method makes a significant gain and one makes a significant loss and the gap gets bigger as time goes by.

If it does RV then the gain is amplified.

So how can it be termed stupid. Money can be withdrawn from Warka, I have done it myself as a test as have others I know. They are slow, we all know that. Trying to draw down large sums at the present is likely to meet some resistance.

People also cannot say it is stupid until there is very good reason to say so. No one has lost money in Warka. Everyone has gained via interest - in their account.

I also believe that the person who has had difficulty getting his 100k back will get it back in time but as he waits and when he does get it back he will make good interest and will not loose any money as opposed to cash buyers.

Also, 100k is no big deal in investment terms and good on him for having the guts to invest.

Lest reserve judgment and criticism for awhile longer. ;) And let us see wisdom reveal itself

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found this but no link looks like a email going around!!

wire transfer will be processed and executed after the CBI guardianship finalizes their internal procedures

We have received your fine request and as the bank is currently under CBI Guardianship your wire transfer will be processed and executed after the CBI guardianship finalizes their internal procedures with our bank where the goal of the CBI is to strengthen the financial position of the bank in coordination with the Ministry of Finance restoring its liquidity in accordance with the official press statements made by the CBI.

A notice will be posted on our websitehttp://www.warka-bank.com/ once the CBI issues its instructions

Best regards,

Warka Bank for Investment and Finance

Edited by yota691
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If someone put $100k into an Iraqi bank, they just might deserve what they get. That ranks near the top of the list of stupid things to do.

Now that has got to be one of the most coldest and foolish statements I've ever read ...... Do you not think that your investment is not at risk also? Do you not think that this investment (wether you have hard currency or not) is high risk? ...... If not, you best think twice.

It does not matter how you have invested in the IQD .... NEWS FLASH.... It is ALL at a risk and many consider it a high risk and others would say that anyone in this investment is foolish.....I suggest you watch what you say and who you call stupid it may come back to haunt you.

Lets just hope that the shoe doesn't end up on the other foot one day and people calling you the stupid one for having been in this investment. That would mean that i would end up in the same boat as you.....Loosing my investment.

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The down grading of the importance of the USD does not give me much comfort and may invoke as much risk as the IQD. In the past years there was a deal struck with our presidents and the oil countries to sell oil with USD, now these countries are working around it trying to use other currencies.

Especially Iran and the sanctions that are on them. Risk on every side. May the best currency win. Or gold. :D

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So will it no longer be a bank or can we keep our money thereand wait ?

I am very confidant it will continue.

It seems the CBI wanted a bit more control and I wouldn't be surprised to see some sort of tax imposed just before or soon after the RV.

Remember the CBI knows a RV is coming as they are the ones bringing it so I expect them to clip the ticket.

I dont see its a bad thing that the CBI are involved. It secures our money and thats a good thing. I am more comfortable with that.

The guardian status may just continue until the RV which I expect in late August. I also expect a restriction on withdrawals. This is to be expected otherwise their would be a very big run on funds which could crash the bank. We dont want that either so they should slow the withdrawals so they can manage their day to day banking.

So dont expect to be able to get your cash out quick.

And for it is worth I believe your money is safer in Iraq than in most western countries as a very large financial crash is imminent. Its not if but when.

Take a look at the country and world debt clocks if you are in doubt. The US is accruing about 3 Billion a day in debt.

Let alone countries like Japan who have very large debt, the UK and some European countries.

Oil producing middle eastern countries are in very good shape compared to western countries.

It doesn't take a rocket scientist to figure out where to put your money. I certainly wont be looking at putting a lot of money in my bank.

Warka is more than a tool for a RV - this is Noahs ark for the forth coming depression.

So dont be alarmed that it may take some time to get money out, it may be the best thing for your investment and your financial health.

And before any of you respond with sarcasm I suggest you do some homework and do not respond like some have and say that having money in Warka is the most stupid thing a person could do. It may be the smartest thing you could do. Take a closer look ;)

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I am very confidant it will continue.

It seems the CBI wanted a bit more control and I wouldn't be surprised to see some sort of tax imposed just before or soon after the RV.

Remember the CBI knows a RV is coming as they are the ones bringing it so I expect them to clip the ticket.

I dont see its a bad thing that the CBI are involved. It secures our money and thats a good thing. I am more comfortable with that.

The guardian status may just continue until the RV which I expect in late August. I also expect a restriction on withdrawals. This is to be expected otherwise their would be a very big run on funds which could crash the bank. We dont want that either so they should slow the withdrawals so they can manage their day to day banking.

So dont expect to be able to get your cash out quick.

And for it is worth I believe your money is safer in Iraq than in most western countries as a very large financial crash is imminent. Its not if but when.

Take a look at the country and world debt clocks if you are in doubt. The US is accruing about 3 Billion a day in debt.

Let alone countries like Japan who have very large debt, the UK and some European countries.

Oil producing middle eastern countries are in very good shape compared to western countries.

It doesn't take a rocket scientist to figure out where to put your money. I certainly wont be looking at putting a lot of money in my bank.

Warka is more than a tool for a RV - this is Noahs ark for the forth coming depression.

So dont be alarmed that it may take some time to get money out, it may be the best thing for your investment and your financial health.

And before any of you respond with sarcasm I suggest you do some homework and do not respond like some have and say that having money in Warka is the most stupid thing a person could do. It may be the smartest thing you could do. Take a closer look ;)

Putting a hold on the return of deposits “for a maximum of 3 months” is provided for in Iraq’s banking law. The law is available on the CBI website.

Article 65 of the law states:

“If required to protect the financial condition of a bank for which a conservator has been appointed, the CBI may at any time declare deposits and investments by the public in the bank, other than deposits and investments in segregated fiduciary accounts, to be totally or partially blocked for a maximum period of three months, provided that measures are taken which, in the opinion of the CBI, will preserve the approximate value of these deposits and investments together with interest accrued before and during the moratorium. In extraordinary cases, the conservator, with the approval of the CBI, may at any time permit the withdrawal of some or all of the deposits held in the name of a natural person not to exceed 5 million dinars for each such case.”

I believe it was in March of this year that the CBI stepped into Warka. So the 3 month maximum hold might be expiring soon for those who made early requests for withdrawal.

However, there probably are other provisions of the laws of Iraq that allow the conservator to hold on to deposits beyond 3 months in the best interest of Warka and the Iraq banking system.

I agree with Goodlife that CBI involvement in Warka is a good thing and better protects all depositors.

Is it as good as FDIC? No, but its better than a private bank with no oversight.

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How about contacting the United Nations and telling them about the problems you are having? I wonder how fast the money would be returned? Considering the Sanctions might be lifted in June if everything works out.:P

This was my thinking all along regarding the political advantage of CBI involvement in Warka.

The CBI causing harm to a foreign citizen gives that citizen a creditable reason to petition their own government for help.

International norms expect a country to treat foreign citizens no worse than its treats its own citizens.

Thus, if the CBI takes some action that results in foreign depositors being harmed more than local depositors, that is cause for foreign governments to complain. However, the harm probably has to be severe and wide spread.

I don’t think that this avenue of redress would be available if Warka, a private entity, was acting on its own.

This is why the CBI, a governmental entity, helps in this regard.

If the CBI does the same to all depositors, locals included, there may not be much that can be done.

On the other hand, most people of Iraq do not have bank accounts. Thus, most depositors are foreigners.

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Hi Goodlife,

In reference to your quote "No one has lost money in Warka. Everyone has gained via interest - in their account. " I would like to know what type of investment you made. I sent money 2 years ago and had it put in a USD Savings and IQD Savings, however I do not show ever having received any interest. I have checked my online account several times. I also noted, awhile back, someone said no one ever gets interest on accounts with Warka, so what's the scoop? Where did I go wrong? I could really use some nice interest rates if the RV is going to be small. :(

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Hi Goodlife,

In reference to your quote "No one has lost money in Warka. Everyone has gained via interest - in their account. " I would like to know what type of investment you made. I sent money 2 years ago and had it put in a USD Savings and IQD Savings, however I do not show ever having received any interest. I have checked my online account several times. I also noted, awhile back, someone said no one ever gets interest on accounts with Warka, so what's the scoop? Where did I go wrong? I could really use some nice interest rates if the RV is going to be small. :(

Hi Gamms6.

Pardon the interruption and in the interest of providing additional insight, please note that I have had several Warka IQD CDs mature on time with all the promised interest posted to my IQD account. I simply roll them over when they mature.

In my experience, this part of Warka has been pretty reliable.

On the other hand, I have not asked for money wired back to me. So its all funny money at this stage. Time will tell.

Also, Warka paid the required interest on the IQD saving account at the end of 2011. Good luck.

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Hi Goodlife,

In reference to your quote "No one has lost money in Warka. Everyone has gained via interest - in their account. " I would like to know what type of investment you made. I sent money 2 years ago and had it put in a USD Savings and IQD Savings, however I do not show ever having received any interest. I have checked my online account several times. I also noted, awhile back, someone said no one ever gets interest on accounts with Warka, so what's the scoop? Where did I go wrong? I could really use some nice interest rates if the RV is going to be small. :(

I shouldn't have made an absolute statement that everyone has gained interest - because its unprovable. I apologize for that.

However if you have savings accounts with warka then you should be receiving 7% (floating )interest per annum on your IQD account and 4% on your USD Paid 6 monthly at the end of June and Dec. Term deposits are paid when due ie at the end of the term either 3,6 or 12 months these are very good earners. I wouldn't however enter into a term deposit for the next few months.

Check your statements on-line and compare to previous saved printouts and look for a different overall value. Warka only keeps interest info for a max of 40 days so you will not see any record now. Look at the beginning of July for an interest payment. If you are confidant that you haven't received any then email Warka. Its all automated so you should be receiving interest. You are going to do alright out of this, but pay attention to this investment :)

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Hi Goodlife,

In reference to your quote "No one has lost money in Warka. Everyone has gained via interest - in their account. " I would like to know what type of investment you made. I sent money 2 years ago and had it put in a USD Savings and IQD Savings, however I do not show ever having received any interest. I have checked my online account several times. I also noted, awhile back, someone said no one ever gets interest on accounts with Warka, so what's the scoop? Where did I go wrong? I could really use some nice interest rates if the RV is going to be small. :(

In December I received 37,000 IQD in interest

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Hi Goodlife,

In reference to your quote "No one has lost money in Warka. Everyone has gained via interest - in their account. " I would like to know what type of investment you made. I sent money 2 years ago and had it put in a USD Savings and IQD Savings, however I do not show ever having received any interest. I have checked my online account several times. I also noted, awhile back, someone said no one ever gets interest on accounts with Warka, so what's the scoop? Where did I go wrong? I could really use some nice interest rates if the RV is going to be small. :(

I have received interest at the beginning of the year and should receive more around the end of summer? (both interest deposits equal 7% together.)

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Lately, Warka Bank’s SOP for USD wire transfer requests and/or ISX stock purchase requests from clients has been a complete stonewalling by Mohammad K Issa and his entire crew, including:

Rowaida Mohammed in Customer Services,

Nasser in the Wire Transfer Department,

Mr. Ashraf Amr in the E-banking Department,

Mr. Alaydi Fadi the Swift Department Manager, and the Swift Operations Team.

The most effective way for them to stonewall is to just ignore your email and the second most effective way is to respond to your email with nonsense and then just go back to ignoring you.

However, don’t blame them too much because they are currently under orders from the Central Bank Auditor not to allow outgoing transfers of USD; or even purchases of stocks on the ISX through Warka’s ISX Department while the CBI “Guardianship” audit process is ongoing.

This practice of takeover, conservatorship, and merging with a larger bank actually happens hundreds of times per year in this country as when the Federal Reserve Auditors close bank after bank with forced mergers after forced mergers.

One could only assume that Warka’s broad accounting goal would have to be to keep the bank’s overall balance in the plus column (including depositors’ saving balances) throughout the audit process.

If that is true, then the amount of the transfer in USD requested by a US client wouldn’t necessarily matter. Any amount would be looked upon by Warka as too much.

Warka Bank complies with The Central Bank of Iraq and also with Citibank, NY and its Federal Reserve Bank rules. Therefore, any wire transfer of USD from Warka would have to comply with the anti-everybody financial restrictions as enforced by the Department of Justice through any number of its armed enforcement gangs ~ all of which are linked to the Treasury Department and are tasked to follow the myriad of new martial law statutes as outlined in the Patriot Act. The CBI and Warka Bank have to dance to that tune also if they want to get along with the rest of the world.

I think there is a good reason for most people to attribute the sum of $10,000 to wire transfers and or cash transactions; however, it’s my opinion that the actual ruling as dictated under the Patriot Act is usually misunderstood.

It is my understanding that each individual in the US is allowed to wire transfer a maximum of $10,000 per calendar year before (any) Federal Reserve System Bank Branch (including yours) becomes obliged to record and keep track of exactly how much over the $10,000 per year limit each client went. The same goes for cash deposits to electronic accounts ~ $10,000 per year maximum and if you go over that then the bank is obliged to report it to the IRS.

That being the case, most banks aren’t taking any chances on being high flagged and held up by any of the Treasury Department thugs.

So, most banks just keep track of every single wire transfer made no matter what size it is or where it’s going; and the same is true for cash deposits ~ both are filed digitally and are easily traceable per client.

It certainly isn’t illegal in any way for an individual to either wire transfer or to deposit more than $10,000 per year; but, the US banks are under this presumed obligation to report totals of both cash deposits and wire transfers for each individual to the Treasury Department.

Once the total is more than $10,000 in any calendar year, then the Treasury Department can feel free to question you about it at any time ~ according to the Patriot Act.

That’s what your local bank wants also ~ the Treasury Department to investigate you ~ not them.

Therefore, your local Fed System banks are going to stay way ahead of micro managing each client’s transactions and are going to be ready to report every detail (along with plenty of gossip) to the first dude in a suit who flashes a badge at them ~ even if it’s only a threat through the mail.

Close down the account, freeze the assets??!!! Immediately, Effendi??!!

Oh, yes sir, right away your Highness!!!

It will be done before end of business, your Excellency!!!

Remember me, your Worship; I’m loyal to the system!! Please don’t audit me!!!

Local Federal System Banks and their employees are notably vulnerable to pressure by any one of the Treasury Department gangs; but most especially by the IRS.

It appears that Warka Bank may have chosen to interpret the $10,000 Federal Reserve Bank ruling by limiting every individual foreign client to an outgoing USD wire transfer maximum of $10,000 per day to be transferred back to Citibank, NY.

It could be that the restriction is true for Warka USD wire transfers back to the Federal Reserve System but not for other wire transfers to other Central Bank Systems.

From Warka to Belize, for example, may not be affected by totals limits.

I don’t know that for sure ~ just guessing.

Then again, the Belize dollar is pegged to the USD at 2 to 1 and the Belize Central Bank wants to get along with the FED just like everybody else on this continent.

As determined by the authority of our own Central Bank (which controls every banking transaction within the continental USA and beyond), Warka Bank’s single access to the entire Federal Reserve System of banking on this continent has only been allowed exclusively through Citibank, NY and without even another branch of Citibank being allowed to participate. No Canadian bank and no Mexican bank either.

This restriction is no doubt due (in no small part) to the fact that UN Chapter 7 Sanctions are still in effect (as of the end of May 2012) and therefore the US and every other UN nation cannot quite get along fully with Iraq until they are fully lifted.

This restriction put on Warka (and therefore Iraq) has now grown bigger to become a temporarily closed portal for any outgoing USD sent to Warka via the Citibank, NY connection.

I’m fairly certain that the official party line from the Federal Reserve Board will be something to the effect that “we can’t do business with a (known to be insolvent) bank in order to protect Amrikans……from financial ruin, etc...”

Meanwhile, Mohammad K Issa has finally started to answer at least (9) months of email nagging (from me and everybody else) regarding a client’s ability to wire transfer USD back to the USA ~ no matter what the amount of the transfer requested happens to be.

I recently sent in a request for my fourth outgoing wire transfer of USD within the last (9) months. The first three were completed, but each one took an increasing longer time to finish even though all were for under $10,000. In September of 2011 it took me 14 days, In November of 2011 ~ 17 days and in February 2012 ~ 24 days including a fee of .008 instead of the usual .003 to SWIFT.

I finally received my last funds on March 21st 2012.

Prior to that, my friend received her requested $3600 in about 9 days on February 27th.

Since then, another friend finally quit trying after starting on March 10th and sending his last email to the CBI on April 15th.

On this 4th request of mine, I waited about five days after sending the 1st email with attachments, before I sent a 2nd reminder email telling Mr. Issa (specifically) to take the first email and request very seriously indeed.

He then tasked Rowaida in Customer Services fairly promptly to send me this email:

Dear Warka Client:

We have received your fine request and as the bank is currently under CBI Guardianship your wire transfer will be processed and executed after the CBI guardianship finalizes their internal procedures with our bank where the goal of the CBI is to strengthen the financial position of the bank in coordination with the Ministry of Finance restoring its liquidity in accordance with the official press statements made by the CBI.

A notice will be posted on our website http:// www.warka-bank.com once the CBI issues its instructions

Best regards,

Warka Bank for Investment and Finance

This e-mail is confidential and the information contained in it may be privileged. It should not be read, copied or used by anyone other than the intended recipient. If you have received it in error, please contact the sender immediately by return email, and delete the e-mail and do not disclose its contents to any person.

From: Mohammad K. Issa [mailto:ifrd@warka-bank-iq.com]

Sent: Sunday, May 20, 2012 9:52 AM

To: Customer Services

Subject: FW: 8XXXXX Wire Transfer Request 19 May 2012

It appears that putting a hold on the return of deposits “for a maximum of 3 months” is provided for in Iraq’s banking law. The law is available on the CBI website.

Article 65 of the law states:

“If required to protect the financial condition of a bank for which a conservator has been appointed, the CBI may at any time declare deposits and investments by the public in the bank, other than deposits and investments in segregated fiduciary accounts, to be totally or partially blocked for a maximum period of three months, provided that measures are taken which, in the opinion of the CBI, will preserve the approximate value of these deposits and investments together with interest accrued before and during the moratorium. In extraordinary cases, the conservator, with the approval of the CBI, may at any time permit the withdrawal of some or all of the deposits held in the name of a natural person not to exceed 5 million dinars for each such case.”

It was possibly near the end of March 2012 that the CBI stepped into its “Guardianship” role with Warka Bank.

So, the 3 month maximum hold on USD wire transfers would last through April, May and June, and possibly into July, at least. Then Ramadan starts in August, so the soonest time slot for a possible wire transfer back appears to be early September ~ about the same time I started with my wire transfer requests last year.

I wouldn’t count on Warka’s current list of potential wire transfer requests to remain current for too long of a time.

Instead, count on having to renew any request again as soon as the announcements about renewed solvency are made on the Warka Bank website and/or the CBI website.

However, there are probably other provisions of the laws of Iraq that allow the conservator to hold on to deposits beyond 3 months in the best interest of Warka and the Iraq banking system.

Overall, the CBI involvement in Warka appears to be a good thing right now, and seems to better protect all depositors’ interests ~ at least more than a private bank with no oversight might do.

We’ll just have to wait and see if July 2012 brings out a new and improved Warka, or not.

As it turns out, Warka has actually answered the $10,000 daily wire transfer limit restriction inquiries with this email to a Warka client requesting a USD wire transfer of more than $10,000 from his Warka account to a USA bank:

Dear Sir

Please proceed with contacting the CBI where in accordance with the law any transfer exceeding USD $10000 must be reported to the local anti money laundering authority the local and your state tax authority where this is the firm law set by the CBI where any transfer exceeding the said amount will be blocked...

Many thanks and best regards,

Customer Services

International Foreign Relations Dept.

This appears to be a statement to the effect that the CBI is well aware of the “local” US Treasury laws under the Patriot Act and are telling its own clients, including Warka Bank and Warka Bank’s depositors that if you want to move more than USD $10,000,

then you’ll probably have to supply the Warka crew and therefore the CBI with a scanned copy of a completed Currency Transaction Report (CTR) ~ which is probably best filed at the local bank where you expect to receive the wire transfer into your account.

A CTR is actually FINCEN Form 104.

FINCEN stands for Financial Crimes Enforcement Network which reports directly to the Department of the Treasury.

This means that completing and filing a CTR is also sharing your private transactions of any sort ~ terrorist or not and (either cash or wire transfer) upward with the US Secret Service (our very own SS) and again laterally with the IRS, another agency toiling under the Department of the Treasury.

The IRS will inform your local State Tax Authority which will inform your local County Tax Assessor who can use the County Sheriff’s Department to investigate and/or enforce rulings about you that the Sheriff’s Department will actually know nothing about.

Telling all about yourself seems to be almost compulsory these days.

One little form and shared by so many.

For those Warka clients who still need to transfer USD back; regardless of what is going on with the upcoming redenomination and revaluation plans and regardless if Warka Bank is in conservatorship hands or not, then there might just be one last resort.

According to Article 65 of the CBI banking law:

“In extraordinary cases, the conservator, with the approval of the CBI, may at any time permit the withdrawal of some or all of the deposits held in the name of a natural person not to exceed 5 million dinars for each such case.”

5 Million Dinar divided by 1179 (cost to move funds from IQD to USD) = $4,240.88

$4,240.88 less $52 (Warka cost to wire transfer) = $4,188.82

$4,188.82 X .997 (SWIFT cost to your local account) = $4,176.32 deposited to account

$4,176.32 - $16 (Local bank fee to accept wire transfer deposit) = $4,160.32 net.

Working the other way around, if you decided that the max net amount you needed to work with could be $4,100 or less, then you could figure on how much IQD to withdraw from your IQD Savings account and deposit in your USD account.

$4,100 plus the bank fee of $16 gives the minimum amount needed to be deposited after the SWIFT fee = $4,116.

$4,116 divided by .997 (.003 SWIFT Fee) = $4,128.39 minimum wire transfer amount.

Round up the figure to an even $4,130 to be transferred plus $52 Warka fee = $4,182

$4,182 X 1179 = IQD 4,930,578 to be moved from your IQD to your USD account.

That’s probably as close to the CBI conservatorship rules as you’ll want to come and still stay under the IQD 5,000,000 maximum total moved.

Of course, requesting a wire transfer for around $4000 and specifically asking the CBI Conservator to treat it as a special case so that the transfer would go through even during the audit period when most other transfers have been blocked or stonewalled is reaching for the plan of last resort and you are still at the mercy of the whim of whoever’s in charge enough to grant your request.

Even so, putting in the request as a hardship case and then be willing to wait patiently for approval might just get the job done the fastest. But, you’ll only get to do it once.

Any continuous attempts to bring back those same amounts time after time will undoubtedly be denied ~ and then looked into as a kind of “funding a terrorist” act ~ or something.

Warka has grown tremendously with lots of support from the CBI.

The CBI is going to fix this insolvency situation for the good of Warka's investors and depositors.

Warka Bank customer service will still be what it is, but hopefully sometime in July anybody that needs to will have an actual shot at another wire transfer request before Ramadan 2012 kicks in.

Otherwise, we’ll be talking about September 9th or so before Warka is back up to speed with the $10,000 daily limit in place and the Warka crew at least working up to their usual capacity pace.

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