Inside #lraq’s Cash Economy: Fully Reserved #Banking in a Monetary Dystopia
In Iraq the private sector is primarily cash-based. Bank financing is unavailable for all but the largest companies and even then is limited mainly to overdraft facilities. Private banks are subject to large and unpredictable demands for cash from depositors, while money transfer companies do not take deposits at all. The majority of households do not have a bank account, those with savings often hold them in the form of US dollar hoards in private safes.
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