VOL. XLVI

No 22

2-June-2003

IRAQ

Iraqi Bankers Tell Depositors Money Is Safe Despite Looting

Top Iraqi bankers have reassured depositors that their money is safe and can be withdrawn as needed, despite widespread looting which has seen the loss of at least $400mn, ID48bn ($38.4mn) and $250mn in cash and unknown amounts of gold from safe deposit boxes. Rafidain Banks head, Daya al-Kahyun, said that ID3 trillion were circulating in the market and that high liquidity allowed the bank to contain a run...