Tishwash: We have a dollar, but the withdrawal terrified the banks.” An Iraqi banker’s testimony about Sunday’s chaos
“Customers wanted to clear the account.”
An official at a Baghdad bank gave testimony about the chaos that occurred today, after depositors were inundated with requests to withdraw their money in dollars, indicating that foreign currency liquidity is available, but “the intensity of requests terrified bank officials.”
Today, Sunday, citizens attacked all banks in the capital, Baghdad, in an unprecedented manner, against the backdrop of the Central Bank’s recent decisions to adopt the dinar.
Portfolio officials were concerned about the volume of requests, and decided to wait to disburse them all at once within one day.
The Central Bank reduced the amount of dollars granted to all banks today, and the liquidity in its possession is not sufficient to meet the enormous requests received.
Private banks decided to legalize grants to citizens for fear of zeroing out of their dollar accounts, especially since there is a real fear that citizens will not be able to recover their money in the banks. link
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CandyKisses: A dollar transfer will no longer be withdrawn in cash. Financial expert explains chaos in Baghdad banks
A dollar transfer will no longer be withdrawn in cash. Financial expert explains chaos in Baghdad banks
Iraqi financial expert Mahmoud Dagher explained to 964, the chaos witnessed by banks in Baghdad, today, Sunday, after depositors were unable to receive their money in dollars, and said that the amounts deposited in cash can be withdrawn in cash, but this never applies to remittances.
Until Sunday morning, banks in Baghdad continued to stop the procedures for disbursing balances in dollars, and the network monitored 964 in the branch of the Trade Bank in the Babylon Mall, and learned from depositors with other banks.
Financial expert Mahmoud Dagher, Network 964:
The root of the problem is that the Bank of Baghdad “TBI” was giving dollars in cash to cash deposit holders and remittance holders alike.
The instructions now state that those who deposit in cash can be granted in the same way, while remittances are not offered in cash, they can be sent to people anywhere or in a way according to their decision.
That’s why banks are unable to adequately cope with dollar draws.
There is nothing to panic, especially since Iraq’s reserves are $115 billion.
There will be no crisis in 2024 and the rule will remain who deposits in dollars will be withdrawn in dollars.
The dollar will not be forbidden, but it would be better to deal with Iraqi dinars in making payments.
