Iraq faced its first bank run of the cleanup…Depositors crowded the doors of Al-Taif Islamic Bank in Baghdad demanding their money back. One woman told reporters she has 220 million dinars locked inside, about $168,000. A second crowd formed at the bank’s Basra branch. Iraqi social media called it the start of a collapse…The state saw it coming. The day before the crowd reached the door, the Central Bank of Iraq published a written guarantee of the country’s deposits…A run on the banks is the one event a currency operation cannot survive. So today we set aside the missiles and the ministers for a moment and look at how Iraq handled its first one. Reset Intelligence [Post 2 of 2]
