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 Iraqi depositors in Iranian banks incur losses in millions of dollars

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Join date : 2015-02-19

PostSubject: Iraqi depositors in Iranian banks incur losses in millions of dollars   Tue Jul 31, 2018 1:34 am

Iraqi depositors in Iranian banks incur losses in millions of dollars

Twilight News

2 hours ago

Although there are no official figures showing the numbers of Iraqi depositors and the amount of money they have deposited in Iranian banks for profit from the high interest rate paid by these banks, the economic crisis facing Iran and the exchange rate of the Iranian riyal fell significantly as a result of economic sanctions imposed on it , Showing the public suffering of a large number of Iraqi citizens as a result of losing more than half of their money they put in Iranian banks.

Following the collapse of the Iranian currency and the loss of more than half of its value in recent months, many Iraqi citizens have publicly spoken of losing more than half of their money.

The Iranian banks require Iraqis who have money in US dollars to be converted into Iranian Rial and deposited in this type of cash, and requires not to demand the withdrawal of the amount only after one year from the date of deposit and Iranian riyal also.

"The price of the paper (one hundred dollars) today in the black market has reached one million Iranian rials," wrote Iraqi politician and investor Mazen al-Ashayqar on his Facebook page about the collapse of the Iranian operation.

"With the first package of economic sanctions imposed on Iran on August 6, the value of the tuman will fall more than it is now, and the tuman's collapse in November after the implementation of the second package of sanctions that would include a complete ban on imports Iranian oil. "

"Many traders have deposited large sums in US dollars in Iranian banks, and there are also ordinary citizens from Baghdad and the provinces, especially in Karbala and Najaf, but today they are suffering a lot of losses," a trader at the Shorja market in central Baghdad told Asharq Al Awsat.

"One of my fellow traders put $ 400,000 into an Iranian bank and the current collapse in Iran's currency has caused it to lose more than $ 300,000."

For his part, Professor of International Economic Relations at the University of Iraq, Abdul Rahman al-Mashhadani, blamed the government and the Central Bank of Iraq in «causing the loss of hundreds and possibly thousands of Iraqi citizens for their savings and homes because of deposits in Iranian banks».

"The official authorities should have warned citizens not to put their money in the banks of a worried and economically unstable country, but unfortunately they did not, and we had warned us more than two years ago. Nobody listened to us. "We can not be sure."

Al-Mashhadani believes that Iranian banks have practiced "fraud in an official way." But he believes that "the blame does not fall on a besieged country and its need for hard currency, but it is on us Iraqis when we waste our national wealth that way."

"The Iranian economy has been suffering from chronic inflation for decades," said Ali al-Moussawi, an economic journalist who spent part of his life in Iran. "So the central bank tried to counter it by raising interest rates on the Iranian riyal, to 25 percent for deposits Medium-term. These high benefits have been an irresistible temptation for Iraqi citizens. "

"It has been fine for months, but US sanctions have reduced the value of the currency to around a quarter so far, which means lower purchasing power of the Iranian riyal received as interest by Iraqis depositing in banks there," Musawi said.

Moussawi said that the collapse of the Iranian currency «an economic shock to many of the Iraqi families that relied on these benefits in financial matters».

He believes that "the failure to analyze the Iranian political economy and its instability, under a political system accustomed to legal and political surprises, is the main reason for the loss of Iraqi citizens."

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