Wiljor Posted August 21, 2017 Report Share Posted August 21, 2017 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 5 Quote Link to comment Share on other sites More sharing options...
presence Posted August 21, 2017 Report Share Posted August 21, 2017 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. 3 Quote Link to comment Share on other sites More sharing options...
Rockymtnhi Posted August 21, 2017 Report Share Posted August 21, 2017 Only a fool puts their trust in banks. 4 Quote Link to comment Share on other sites More sharing options...
unirod Posted August 21, 2017 Report Share Posted August 21, 2017 4 minutes ago, Rockymtnhi said: Only a fool puts their trust in banks. Couldn't have said it any better! 1 Quote Link to comment Share on other sites More sharing options...
Jmcc Posted August 21, 2017 Report Share Posted August 21, 2017 3 hours ago, Rockymtnhi said: Only a fool puts their trust in banks. Banks are not in business to help anyone. Sorta like the government. 3 Quote Link to comment Share on other sites More sharing options...
ChuckFinley Posted August 21, 2017 Report Share Posted August 21, 2017 Hard to trust anyone nowadays. 3 Quote Link to comment Share on other sites More sharing options...
davis411 Posted August 21, 2017 Report Share Posted August 21, 2017 1 minute ago, ChuckFinley said: Hard to trust anyone nowadays. You can trust me 4 Quote Link to comment Share on other sites More sharing options...
ChuckFinley Posted August 21, 2017 Report Share Posted August 21, 2017 1 minute ago, davis411 said: You can trust me But your our next President. You must be trust worthy. 1 Quote Link to comment Share on other sites More sharing options...
nannab Posted August 22, 2017 Report Share Posted August 22, 2017 2 hours ago, davis411 said: You can trust me lol Hionest Davis his self.. Just don't bring your thong to the Oval Office. Quote Link to comment Share on other sites More sharing options...
DetroittoAZ Posted August 24, 2017 Report Share Posted August 24, 2017 1 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted August 24, 2017 Report Share Posted August 24, 2017 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 8 Quote Link to comment Share on other sites More sharing options...
Spider Posted August 24, 2017 Report Share Posted August 24, 2017 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.. 2 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted August 25, 2017 Report Share Posted August 25, 2017 5 hours ago, Spider said: Better 1iqd:4usd.. Much better Spider Quote Link to comment Share on other sites More sharing options...
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