Today, the [currency] operation underwent its initial stress test… A currency transition has a single vulnerability. Forget about the printing, the paperwork, and the parliament. The vulnerability lies in the moment each citizen chooses whether to approach a [bank] counter or to turn away from it… The [banking] infrastructure relies on millions of Iraqis willingly bringing their assets into a bank. A public that avoids banks will not enter them with their life savings. On Sunday, a few hundred Iraqis lined up to withdraw their funds, and the state’s response was already documented… a written guarantee… a named deposit insurer… When the actual announcement is made, all of Iraq will form a line outside a bank. This week served as a rehearsal for how the state manages a queue… [Post 1 of 2]
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