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of private deposits in state banks could reach 40 trillion Iraqi dinars (about US $ 35 billion), a huge sum leads withdrawn the erosion of the banking system and exacerbate the country's crisis.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

Ahmed Al Nuaimi

New Arab newspaper