Iraq had to deal with the cleanup’s first bank run.Demanding their money back, depositors flocked to Al-Taif Islamic Bank in Baghdad. Reporters were informed by one woman that she had 220 million dinars, or around $168,000, locked inside. At the bank’s Basra branch, a second group of people gathered. Social media in Iraq referred to it as the beginning of a collapse.The state anticipated it. The Central Bank of Iraq released a written guaranty of the nation’s deposits the day before the throng arrived at the door.The only situation in which a currency operation cannot endure is a bank run. So let’s put the ministers and missiles away for a little today and see how Iraq dealt with its first one. [Post 2 of 2]
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