Warka Bank

[Beachwalker]

Adam,

I have my Warka bank account numbers and was getting ready to fund the USD account very soon. Then a friend of mine who is mutually invested in dinar brought my attention to this article. Now I'm afraid, as I don't want to lose my money if the go down. Based on this article, and the extensive amount that you know above and beyond this article, is a Warka Bank account still a viable and worthwhile option to consider for those of us wanting to diversify to the extent of our ability?

* Warka Bank, Basra International Bank: Bankrupt

June 15, 2011 · Posted in NEWS (Iraq & World Currency) · Comments Off Government withdraw liquidity and establish private banks on the brink of bankruptcy

Iraqi clients of private banks Hit a fever of fear and anxiety after awakened Iraq news bankruptcy two Iraqi private banks known, which has put its work in Iraq for some time in quite some time, as the Warka Bank for Investment, one of the leading private banks, Iraqi and faced the problem of substantial financial liquidity led the inability of deposits and liquidity may be a synonym of the concept of bankruptcy in the world of banking terms to coincide with her and the same time the Declaration of Basra International Bank inability to cash and the loss of financial liquidity.

According to the description of an observer economic activity of private Iraqi banks, that one of the most important private banks, Iraqi witnessed the withdrawal of more than $ 20 million from its accounts, leading to hampered in its banking operations, which represents the amount a bank deposit of a large number of customers in the bank, in a time of the other banks withdrawals big banking by depositors, fearing for their deposits if I got a similar situation to the situation of the Warka Bank or Basra International Bank.

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Tags: <Baghdad, Basra, Central Bank of Iraq, Iraq, List of banks in Iraq, Politics of Iraq, Private Bank, Trade Bank of Iraq>

[speculatorsRIDE]

Ouch! This has to hurt for folks that have accounts in Warka.

Personally I never got the double risk on Iraq. The only reason I purchased IQD was because I have the actual hard currency in my hands. When friends asked me if I was opening an account at Warka my response was why would I send my dollars to a foreign country to place in a bank where I have no legal recourse if they go under.

Edited June 15, 2011 by speculatorsRIDE

[leanonme]

Speculatorsride. I 100% agree. There is no FDIC in Iraq.You could loose all your money.

[Bigboy0854]

I would not worry - Warka is one of the strongest & largest provate banks in Iraq.

Also read this post from Eagle:

This is OLD news---strictly dirty POLITICS---Warka Bank is owned by Saad Al-Bunnia,and his family----------they are SUNNI,and as you probably know,Maliki's government is almost all Shia.They pulled all of the government's money out of Warka Bank,causing a tremendous liquidity problem. This was solved by Standard Chartered ( a large Asian bank) investing $120 MILLION dollars into Warka Bank,plus Warka already had a reserve of 100 Million dinars,so WARKA BANK IS IN EXCELLENT SHAPE. I JUST WITHDREW $10,000 from my account with ABSOLUTELY NO PROBLEM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.This country has No free press, so to speak,and are notorious for printing OLD articles!!!!!!!!!!!!!!!!!!!!!!

Edited June 15, 2011 by Bigboy0854

[rapidrex]

This is old news and it is not correct.

[keepmwlknfny]

Speculatorsride. I 100% agree. There is no FDIC in Iraq.You could loose all your money.

No FDIC but the CBI guarantees all funds in the banks in country....basically the same thing....but there has been a rash of bankruptcy articles the past year....

[Beachwalker]

Thank you, everyone. I'm only 6 months into this and there's still a ton of sophistication and confidence that is lacking on my part. I can't believe how far one can come in 6 months in terms of knowledge with this, as long as they avoid the pumpers.

[GLG]

So how is one to know the truth? If i deposit in Warka, I could loose my money. If I hold all in currency and the first RV is a $0.10 for 3 days to turn in all large dimonimated bills, I have not made enough for the rist involved. What is a guy to do?

[#10 G.I.]

Man, if the RV is only $1 to $1 IQD , at my age it would still be life changing. Anything more could actually put a smile on my face.

[Darin]

A lot would depend on certain scenarios to take place.

For example, the entire borders were shut down when they exchanged old regime denoms for new denoms.

They had a very short time to make the exchanges, and than the old regime denoms were considered worthless.

So, holding accounts within the borders may benefit in two ways:

1) border closings

2) ability to transfer at peak markets, or prior to a crash, etc.

Now, #1 would only be a thing to worry about if they introduced an entirely new currency again.

Another reason to hate on R/D potential.