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A Bank Run in Baghdad
By Reset Intelligence | @EXIT_FIAT
Depositors crowded the doors of Al-Taif Islamic Bank in Baghdad demanding their money back, and Iraqi social media called it the start of a collapse.
The detail everyone missed: the Central Bank of Iraq had a written guarantee of the country’s deposits published the day before the crowd arrived.
The Run and the Guarantee
One depositor told reporters she has 220 million dinars locked inside, about $168,000. A second crowd formed at the bank’s Basra branch. Al-Taif has been under central bank guardianship since the start of the month, and the street heard “seized” and drew the old conclusion.
But the state’s answer was already on the record. On September 5, before the queues formed, the CBI published a statement naming the Deposit Guarantee Company, promising depositor access without delay, and putting the banking system’s liquidity cushion above 60% on the record. The next day the Governor said it in person: the bulk of deposits are guaranteed, and the bank will step in with its reserves if any shortfall appears.
The Sweep Behind It
• Rafidain and Rasheed – the state banks that pay every salary are under a Federal Integrity Commission investigation: loans of 1 billion dinars and up, collateral checks, “exceptional approvals”, with asset freezes and arrest warrants on the table.
• Decision 138 – three exchange houses lost their licenses for falsifying traveler cash-sale records. F**e customers on paper, real dollars out the back. A fourth house was delicensed the next day.
• 21.2 trillion dinars – the volume that moved through Iraq’s electronic card payments in the first half of 2026, while the cash doors close one by one.
• The street rate – the parallel dollar pushed past 1,550 against the official 1,310 this week.
That is the short version. Why a bank run is the one event a currency operation cannot survive, what the speed of Baghdad’s answer tells you about the calendar, and how this connects to the sub-250 banknote and the 2027 budget – the full read runs in today’s briefing.
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