Iraqis Are Pulling Their Money Out Of Banks For Fear Of Bankruptcy !

[DinarThug]

CNN. Broadcasting While Withdrawing My Money From An Iraqi Bank - Last One Out Turn Off The Lights !

Iraqis are pulling their money out of banks for fear of bankruptcy

February 4, 2016 in the media center , reports the comments on Iraqi pulling their money out of banks, fearing bankruptcy closed

Incoherence of Iraqi citizens on the Banks main government in Iraq to withdraw their deposits for fear of worsening of the financial crisis plaguing the country, with a hint officials not to the government's ability to pay dues and salaries of employees and retirees in the middle of this year.

The Finance Minister Hoshyar Zebari, had confirmed last month that the government may not be able to pay its employees with the holy month of April / April next, due to the oil crisis and the depletion of state resources by the war.

the banker said Hamed Ali: "after waving Iraqi officials recently against the state's ability to pay employees and pensioners in April / next April, the Iraqis began to withdraw their money from banks for fear of seizure by the state if the crisis worsened. " He explained that "the amounts drawn ranging from $ 100 thousand for the accounts of the millions in dollars and 20 million Iraqi dinars for the accounts of millions of Iraqi dinars."

Iraqis currently resort to save their money in their homes or converted to gold hard currencies for easy converted to banks in neighboring countries.

He said economists that Iqbal Iraqis to withdraw their money deposited in state banks comes to a lack of confidence in the government and the fear of the looting of their money if a major breakdown in the state happened.

experts said that the volume of private deposits in state banks could reach 40 trillion Iraqi dinars (about US $ 35 billion), a huge sum leads withdrawn the erosion of the banking system and exacerbate the country's crisis.

the economist said Muwaffaq Mahmoud's "new Arab": "81.3% of the deposits are found in government banks worth more than 40.5 trillion dinars and the rest found in private banks, this represents a threat to the banking system."

Morteza Hasani, 51, a citizen believes that "the withdrawal of funds from the State-owned banks is an urgent necessity in the current circumstances, trust non-existent between the citizen and the government does not know what's in store for us the next few days", according to his words.

he said al-Hassani's "new Arab": "If you got an economic collapse it means the collapse of the state from where we will get our money deposited in state banks and even remained the state with the economic meltdown, it ensures that our money will not detain the State or will not be looted if I got a big mess in the country. "

this comes at a time when several Iraqi civil banks declared bankruptcy, because of the manipulation some money customers through trade real estate, raising fears of investors about their money.

the CBI had earlier announced its commitment to provide financial liquidity to domestic banks, which declared bankruptcy because of the acute shortage of foreign and national have currency, but the approach of government banks from bankruptcy is other than it complicated.

The number of the Iraqi government banks 6 banks are Mesopotamia, rational, socialist, and the bank's real estate and the agricultural Bank and the industrial Bank, while nearly 20 Iraqi banks, non-governmental prominent of these banks, the Middle East, investment and Baghdad.

http://rawabetcenter.com/archives/19949

[tigergorzow]

DinarThug Thanks, CBI only has one option left before all chaos hits the banks IMHO. Increase the value of your currency Immediately!!

GO RV!!

[olivesman]

Pull it out in US DOLLARS and REDUCE THE NOTE COUNT enough,

THEN let's see what happens!

[Boozer]

as long as it USD and gold.. and bring in the IQD you have hidden at home and trade it, Reduce the Note count, Something this way comes

[Synopsis]

I was trying to figure out an angle to what may be happening here.  To put the dinar amount in perspective, here are some numbers:

 

40.5 Trillion Dinar

1,182 USD/Dinar

34.3 Billion USD

1,154.35 Troy Oz Gold/USD

29.68 Million Troy Oz Gold

14.58 Troy OZ Gold/lb

2.035 Million lb Gold

2,204.6 lb/LT

923.2 LT Gold

 

A potential scenario.  What could be happening is the local citizen is pulling IQD out of their banks.  The banks then can no longer buy USD since they do not have dinar.  The currency auctions then stop.  The Iraqi dinar starts to depreciate even further.  Iraqi entity supplied gold is offered for the dinar.  The large denomination dinars are then pulled back in since gold is viewed as stable.  The IQD nominally revalues.  The IQD starts to appreciate slightly.  The gold is exchanged for the appreciating IQD (lower denominations) to call in the gold.  The gold backed IQD value is set at the international rate.  We go to exchange.

 

Well, OK, maybe overthinking this.  Just trying to see a silver, er gold, lining to the article.  Nominally 1,000 LT of gold is likely an extreme amount and a much lower amount of gold could be used as the mechanism to reset the IQD value and introduce the lower denominations at the same time.

 

Just my two cents.

[new york kevin]

Synopsis, I like the way you think.

[Synopsis]

Synopsis, I like the way you think.

If I am reasonably right here, pretty sure it will be better than the LOTTO!!!  Here's hoping!

 

[olivesman]

Synopsis, I like the way you think.

DITTO

[davis411]

what i miss

[gymrat76541]

Quite frankly, I can not blame them!

 

Iraq banks/economy does not appear to be at all stable!

 

[Officiallytook]

Thanks

[Synopsis]

DITTO

Thanks Olivesman!

[sandfly]

OK CLOWN TURN OFF THE LIGHTS

[new york kevin]

Night John Boy!

[TennesseeCherokee]

I believe that the value of the Iraq's dinar is/ has been set by the IMF and the CBI and they have agreed to this figure.

I do not think that the Iraqi's had too much input into this value.

This nation of Iraq is the United States of America's baby and it will not be allowed to fail.

As in all nations that the US has invaded throughout history, we will always have a troop presence from here to doomsday.

Iraq will rebuild their infrastructure and flourish but it will flourish by diversifying it's exports.

Within 50 years, the world will be utilizing solar, wind, geothermal and most probably hydrogen.

Electricity, heating and transportation will not be using oil or coal any longer.

We already have synthetic oils, grease etc, so oil will be worth nothing by then.

[WheresmyRV?]

Quite frankly, I can not blame them!

 

Iraq banks/economy does not appear to be at all stable!

 

Much agreed!  I wouldn't store my money in their banks over there if I lived there too.