Iraq begins Paying Warka Bank Depositors

The Central Bank of Iraq (ICB) said on Monday that it has begun to pay the small depositors in Warka Ahli Bank for Investment, reports AKnews.

Following a financial crisis, the bank was placed under ‘guardianship’ in March.

The Deputy governor of the bank, Muzher Mohammed Saleh said:

"There is payment for small depositors in Warka Bank and this payment depends on the rate of sale of real estate and some property belonging to the bank. Warka Bank is still under the custody of the ICB which is awaiting the report of the financial supervisor to decide whether the bank will return to work or not."

According to some reports, Warka Bank wanted to free itself from its financial crisis by negotiating with the British-based bank Standard Chartered to sell some of its shares, but the talks reached a dead end.

According to law, the guardian assigned by the ICB can request the Minister of Finance, through the ICB, to save the bank if possible.

(Source: AKnews)

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