Popular Post gotyourback Posted September 29, 2011 Popular Post Report Share Posted September 29, 2011 KAPERONI'S CHAT RE; THE W.B. @ IMF. WITH DR. SHABIBI 09/29/2011 (Darjohn post My Invested Group) Kaperoni "Impromptu" chat looks at the IMF World Bank transcript with Shabibi kaperoni: first i need to set the stage kaperoni: the comments i will post are real, they are not actors, only the names and faces have been changed...lol kaperoni: these are from the people on the "team" from the IMF and WB kaperoni: not all shabs comments kaperoni: i read the transcript at least 5 times top to bottom kaperoni: there is some real juice in that transcript kaperoni: let me get some quotes and explanations kaperoni: "fourthly, the whole issue around banking supervision. We know that if we ignore that, then the sector will be on a runaway track. So ensuring that we have solid supervision is absolutely key." kaperoni: So they state here that in order for all this to succeed, they need to get people there to supervise the banks. kaperoni: pretty basic initially kaperoni: but it gets real good kaperoni: "And finally, of course, to ensure that we have--and I think we do have in the spirit of the Governor and the Minister here--a strong politically supported effort to prevent any abuse and any undermining of these very efforts on reform that are underway through working on corruption issues and anti-money laundering, and issues around prudent fiscal and financial management of the banking sector." kaperoni: So he is saying that they have the support of shabibi and minister of finance to get this project done Read More Link on Right kaperoni: "So when we look at Iraq's banking and financial systems and the speed of these adjustments that need to happen, it's very clear that there are some--this is not an easy road to travel because there are political and many other issues that play, " kaperoni: Pointing out here, how fast they are working on this...bumps are in the road, not to mention the political issues kaperoni: "And we in the Ministry of Finance, when we came back to Baghdad, me and Mr. Governor had a very extended meeting to put the time table for implementing that action plan." kaperoni: Pretty clear! After meeting with these people, and going through the process, they have a "time table" to implement this kaperoni: Now shabs comments... kaperoni: "because development of the financial sector will make all these things actually easy for the development and for the resources to go from different saver to different investors and all these things." kaperoni: He is stating the obvious....that without this rv, they cannot go forward with the rest of the plans kaperoni: "and we, in the Central Bank, we are actually all ready to give all the support," kaperoni: He and his team are ready and giving full support to this process to get it done! kaperoni: "So you can actually count on our support on that, because, I mean, not only the support actually--it is a support actually which we are going to benefit from," kaperoni: He states...u can count on the CBI kaperoni: cause when this is done, the CBI itself will benefit from the reforms kaperoni: great stuff right? kaperoni: ok much more.. kaperoni: here is something good kaperoni: "one of the key projects that we have is the banking sector reform project, and we are very happy to see, also, the new Minister of Finance with his leadership, because the Governor has been working on that project along with limited support from the government." kaperoni: This IMO is the RV kaperoni: The technical name for the RV is the "banking sector reform project" kaperoni: cause obviously it is more than just changing the rate and notes. kaperoni: more kaperoni: "And just quickly, the main objective of the report was to assess the soundness and stability of the financial sector, especially with the global crisis and what is happening in the Arab region, so we think it comes at an opportune time." kaperoni: So they say....due to the global crisis, we had to get this report together kaperoni: so find out where we were with this event kaperoni: to see if iraq was ready to pull this off kaperoni: to find out how much still needs to be done, etc. kaperoni: sec kaperoni: this team is on our side! kaperoni: they did this to help us! kaperoni: ok kaperoni: "One thing I want to highlight before the team takes over is it's a joint product. It's not the World Bank report. It's a product that was done in collaboration with the Iraqi government, and we did, as His Excellency, the Minister of Finance, mentioned, we did sit for three days, consecutive days, also with Hedi there, discussing." kaperoni: They are telling you how this was done kaperoni: that this "team" from the IMF and WB sat for 3 days kaperoni: with Iraq kaperoni: and it is a team effort to pull this off kaperoni: "And in many things that the team did put, we did reflect, we did make changes, we did discuss some laws we were not aware of, we reflected." kaperoni: they talked about the entire event kaperoni: the process etc, kaperoni: what needs to be done kaperoni: etc. kaperoni: and they found out some laws that needs to be implemented. kaperoni: laws they may or may not be aware of that need to get done kaperoni: i will show u in sec which law IMO is the key law kaperoni: "So we had a lot of brainstorming and with the representation with the private sector, civil society, we had the banker's association, we had Islamic banks, state-owned banks, non-banks, stock market was there, and we were happy to see ownership and commitment." kaperoni: So they got all these peeps involved...the banks, everyone...sat them down kaperoni: told them all the plan kaperoni: and they are all committed to it kaperoni: "And very quickly, I will just take a look of the snapshot of the action plan that their Excellencies referred to where we clearly put time bound actions specified entities, whether they're mainstream or whether it's Central Bank, whether it's a greater role of the stock market, and we're all different players, market players. We're there and endorse the action plan." kaperoni: ok... kaperoni: now this is the juice kaperoni: "And we understand there is a security issue." kaperoni: we all know this kaperoni: "We understand the political situation." kaperoni: we all know this too kaperoni: "but we see there is some progress made and there's more than can be done" kaperoni: they acknowledge the GOI here is coming along...more to be done kaperoni: But here is the key.... kaperoni: or one of the keys... kaperoni: "we're happy to step in and provide any support through the current operation, but also moving forward." kaperoni: ok...you all see what they just said? kaperoni: they are moving forward with the bank reforms! kaperoni: they will help the GOI if they ask, but they are also moving forward! kaperoni: so the Erbil, Allawi, Maliki issues are a non-issue! kaperoni: they are not on hold! kaperoni: wow kaperoni: ok kaperoni: more kaperoni: "As mentioned, Iraq's financial sector is very much dominated by the banking sector which holds most of the assets. There is a sluggish change, but conversion is very low and very few instruments are traded. It needs to be revitalized." kaperoni: well that is obvious under the circumstances kaperoni: they need to get this RV done kaperoni: now...here is what we are waiting on..... kaperoni: sec kaperoni: This is what the CBI needs parliament to do kaperoni: ..first kaperoni: i need to explain something kaperoni: everyone knows that the CBI has daily auctions kaperoni: correct? kaperoni: that will end kaperoni: once the RV happens kaperoni: cause that is a substitute sort of speak for the forex kaperoni: its how the CBI makes money, and controls kaperoni: inflation kaperoni: and once the currency is international kaperoni: all that changes and is controlled through the world markets kaperoni: forex, torfx,etc kaperoni: k? kaperoni: so kaperoni: they cannot RV the currency and move to this next phase kaperoni: or step kaperoni: until the kaperoni: regulatory measures are in place kaperoni: makes sense? kaperoni: k kaperoni: here is a quote.. kaperoni: "To do so, there are some legal and regulatory framework issues that must be addressed. And supervision of the market must also be enhanced. For example, the Iraqi Securities Commission still work under a temporary law. It is a draft law, but that needs to be adopted quickly, also to allow then the operation and more detailed regulations." kaperoni: And the bombshell quote... kaperoni: "So we're still waiting for that. It is going to happen soon, we believe." kaperoni: Wow! kaperoni: So we need this law passed through parliament kaperoni: once the law is passed, shabs can rv and move forward with his plan kaperoni: "We need the adoption of the permanent securities law to permit the public relations and securities markets. " kaperoni: I talked to Bob, kaperoni: securities market is all ecompassing kaperoni: stocks, bond sales, currency kaperoni: without this new law, they cannot have the dinar on the forex or torex kaperoni: which is key kaperoni: now... kaperoni: more kaperoni: "underlying all this, we need to accelerate the transit to a market economy, a full functioning market economy so that we can actually have some more customers for the banks, good strong customers for the banks, and also if you start accelerating some of these state banks, you will, in a sense, bring life into the stock market as well." kaperoni: So they again acknowledge the reasons and needs to hurry this up kaperoni: it all ties together kaperoni: "So a lot of things to do, some things in front, but we are convinced it will work." kaperoni: well i am glad they are convinced it will work! kaperoni: here is a piece of juice.... kaperoni: "For example, you see the payment system is one of the good, main outcomes of the reforms that took place which has been supported by U.S. Treasury and it's there operating, all banks are connected." kaperoni: wow! kaperoni: all the Iraq banks are now connected to the US Treasury! kaperoni: that is good for us! kaperoni: and the last bit kaperoni: "We have not resolved all the issues relating to state intervention in the economy. There's been a lot of discussion going on and there's been decision taken, but yet, it has not come to fruition and there's some things to be done to fully implement that." kaperoni: They are saying...we see the GOI trying to screw with us...and we told them to butt out! kaperoni: "a decision taken" kaperoni: love that kaperoni: but they say...so far they have not...and we see that still in articles kaperoni: and some things are being done to make sure..great! remove Maliki lol kaperoni: ok done 32 Link to comment Share on other sites More sharing options...
mauser Posted September 29, 2011 Report Share Posted September 29, 2011 Very nice post and excellent analysis... tks... semper fi Link to comment Share on other sites More sharing options...
bamagirl Posted September 29, 2011 Report Share Posted September 29, 2011 WE. ARE. SO. CLOSE!!! Link to comment Share on other sites More sharing options...
pastorbigal Posted September 29, 2011 Report Share Posted September 29, 2011 good read, thank Link to comment Share on other sites More sharing options...
krome2ez Posted September 29, 2011 Report Share Posted September 29, 2011 (edited) kaperoni: The technical name for the RV is the "banking sector reform project" Link to Banking Sector Reform Project: http://siteresources.worldbank.org/IRFFI/Resources/BankingAugust2011.pdf Edited September 29, 2011 by krome2ez 4 1 Link to comment Share on other sites More sharing options...
cavebruce Posted September 29, 2011 Report Share Posted September 29, 2011 Great breakdown....GO RV!!!! :D :D Link to comment Share on other sites More sharing options...
The Personal Coach Posted September 29, 2011 Report Share Posted September 29, 2011 This is excellent! Any word on the Securities Law? 1 Link to comment Share on other sites More sharing options...
Shelley Posted September 29, 2011 Report Share Posted September 29, 2011 Love it !!!! revived hope for this to happen sooner than later Thanks for the post Gotyour back Link to comment Share on other sites More sharing options...
Carrello Posted September 29, 2011 Report Share Posted September 29, 2011 This is excellent! Any word on the Securities Law? I would think that the experts, the WB and IMF, had a template of the security law in Shabibi's hand immediately. I would not think that they would waste the time and energy to wait on Iraq to write the required laws when they already know what is needed, considering time is of the essence. I know my essence is hankering for an RV! Great post! Thank you and thank you Kaperoni. Link to comment Share on other sites More sharing options...
army03 Posted September 29, 2011 Report Share Posted September 29, 2011 Nice read. +1 Link to comment Share on other sites More sharing options...
Caye98 Posted September 29, 2011 Report Share Posted September 29, 2011 Nice post. TY kaperoni: The technical name for the RV is the "banking sector reform project" Link to Banking Sector Reform Project: http://siteresources...gAugust2011.pdf Thanks for the link. Link to comment Share on other sites More sharing options...
lov Posted September 29, 2011 Report Share Posted September 29, 2011 thanks KAPERONI SOUNDS PROMISING. Link to comment Share on other sites More sharing options...
ddyal Posted September 29, 2011 Report Share Posted September 29, 2011 It sounds like they were saying the law they need passed is already in parliament as a draft law, just not passed as permanent law. Maybe by now it is passed. Just hoping! Link to comment Share on other sites More sharing options...
easyrider Posted September 29, 2011 Report Share Posted September 29, 2011 Now this is a post that i Like. Honestly Kap does a great job as well as bondlady. thanks for the post. Lets get er done. 2 Link to comment Share on other sites More sharing options...
SINGH Posted September 29, 2011 Report Share Posted September 29, 2011 This really was a good post. Gives a good insight of what is pending. Link to comment Share on other sites More sharing options...
librapeace Posted September 29, 2011 Report Share Posted September 29, 2011 kaperoni: The technical name for the RV is the "banking sector reform project" Link to Banking Sector Reform Project: http://siteresources.worldbank.org/IRFFI/Resources/BankingAugust2011.pdf Thanks for this link krome. After reading this document, although it is not a negative document, I must admit, I'm not feeling the "it's close". What I believe is close is they are getting their act together regarding the financial system(s) and institutions and have things submitted to Parliament. RV? We can hope...but I dont see the closeness of exchange rate change. Just my take. Peace 2 Link to comment Share on other sites More sharing options...
Elixirbaby Posted September 29, 2011 Report Share Posted September 29, 2011 Today I feel better. Its a good way to start the day. Go RV Link to comment Share on other sites More sharing options...
Captjohn Posted September 29, 2011 Report Share Posted September 29, 2011 (edited) Thanks Kap for an insightful, substantiated, and reasoned analysis of this most-important meeting between Shabibi and the WB and IMF. Seems like this is indicating that an RV/RI could be imminent, based on whatever "soon" means to the CBI. However, surely, the pressures of inflation and a sinking economy will likely propel this move forward - sooner rather than later. Edited September 29, 2011 by Captjohn Link to comment Share on other sites More sharing options...
MikeRite Posted September 29, 2011 Report Share Posted September 29, 2011 kaperoni: now...here is what we are waiting on..... kaperoni: sec kaperoni: This is what the CBI needs parliament to do kaperoni: ..first kaperoni: i need to explain something kaperoni: everyone knows that the CBI has daily auctions kaperoni: correct? kaperoni: that will end kaperoni: once the RV happens kaperoni: cause that is a substitute sort of speak for the forex kaperoni: its how the CBI makes money, and controls kaperoni: inflation kaperoni: and once the currency is international kaperoni: all that changes and is controlled through the world markets kaperoni: forex, torfx,etc kaperoni: k? kaperoni: so kaperoni: they cannot RV the currency and move to this next phase kaperoni: or step kaperoni: until the kaperoni: regulatory measures are in place kaperoni: makes sense? kaperoni: k kaperoni: here is a quote.. kaperoni: "To do so, there are some legal and regulatory framework issues that must be addressed. And supervision of the market must also be enhanced. For example, the Iraqi Securities Commission still work under a temporary law. It is a draft law, but that needs to be adopted quickly, also to allow then the operation and more detailed regulations." kaperoni: And the bombshell quote... kaperoni: "So we're still waiting for that. It is going to happen soon, we believe." kaperoni: Wow! kaperoni: So we need this law passed through parliament kaperoni: once the law is passed, shabs can rv and move forward with his plan kaperoni: "We need the adoption of the permanent securities law to permit the public relations and securities markets. " kaperoni: I talked to Bob, kaperoni: securities market is all ecompassing kaperoni: stocks, bond sales, currency kaperoni: without this new law, they cannot have the dinar on the forex or torex kaperoni: which is key Here's what we need to be focusing on now folks! Kaperoni and Bondlady are a real talent when it comes to translating coded documents into english. Maybe one day we will actualy learn who these aces are and what their backgrounds are that make them the stand out analysts that they are with these articles. 1 Link to comment Share on other sites More sharing options...
kjwayne Posted September 29, 2011 Report Share Posted September 29, 2011 Me--Likey!!!! ! Link to comment Share on other sites More sharing options...
Deltori Posted September 29, 2011 Report Share Posted September 29, 2011 Love Kaperoni Stuff!! Link to comment Share on other sites More sharing options...
dhardage Posted September 29, 2011 Report Share Posted September 29, 2011 kaperoni: The technical name for the RV is the "banking sector reform project" Link to Banking Sector Reform Project: http://siteresources.worldbank.org/IRFFI/Resources/BankingAugust2011.pdf I'm sorry, but I saw nothing where someone WITH credibility said specifically that the banking sector reform project is the same as the RV. PLEASE feel free to prove me wrong. 2 2 Link to comment Share on other sites More sharing options...
Grandmamine Posted September 29, 2011 Report Share Posted September 29, 2011 I'm sorry, but I saw nothing where someone WITH credibility said specifically that the banking sector reform project is the same as the RV. PLEASE feel free to prove me wrong. I agree with Dhardage. What makes everyone believe banking sector reform project mean is RV? Here is the project deatils; http://www.devex.com/en/projects/emergency-banking-sector-reform-project-in-iraq-training-services-for-the-branch-managers-of-the-two-state-owned-commercial-banks-rafidain-and-rasheed PEACE, Link to comment Share on other sites More sharing options...
Aqua Dude Posted September 29, 2011 Report Share Posted September 29, 2011 I agree with Dhardage. What makes everyone believe banking sector reform project mean is RV? Here is the project deatils; http://www.devex.com/en/projects/emergency-banking-sector-reform-project-in-iraq-training-services-for-the-branch-managers-of-the-two-state-owned-commercial-banks-rafidain-and-rasheed PEACE, no thats not the project details....try again 1 Link to comment Share on other sites More sharing options...
sheepdog Posted September 29, 2011 Report Share Posted September 29, 2011 In the DC Meeting, Shabbibi reported they needed to develop a financial priviate sector that would take 2 to 3 years. How could an RV occur soon when Iraq's Banking system is not ready for all the exchanging that would be going on? I thik this goes hand in hand with the Kaperonic info we just read. It sounds all related to me. Link to comment Share on other sites More sharing options...
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