Iraqi Citizens are pulling back their cash from Iraqi banks: Economists

A large number of Iraqi citizens are pulling back their cash deposits from the banks due to unintelligibility of Iraqi government and their banks for fear of expected critical economic and financial crisis.

As most of the government officials have commented earlier that Iraq will not be able to pay salaries for employees, retirees and other dues after the month of March 2016. So, most of the financial and economic experts advised that it is the best time to Sell Iraqi Dinar because a number of investors are pulling their amount from Iraqi Dinar Investment. It is happening due to many government officials issued statement earlier that government is looking to decrease the Iraqi dinar value against the U.S dollar.

The Iraqi Finance Minister Hoshyar Zebari issued a statement last month that Iraqi government will not be able to pay salaries to its employees after the month of March 2016. The reason was due to massive decrease in the global oil price and deficiency in the state resources because of the war in the country. Most of the economic and financial experts believe that Iraqi citizens prefer to save their money at their homes or converting their Iraqi dinars into gold hard currencies to secure their amount. So, it would be a wise decision to Sell Iraqi Dinar before it moves to expected decline. It is important that a large number of Iraqi citizens are pulling back their deposited amount from the state banks and all is due to a lack of confidence on the Iraqi government by Iraqi people.

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