Looks like great news!!!

[OH_BROTHER]

Found this posted on another site..... I looked for myself and copied the text...

This is posted on the IMF website:

Financial Sector

12. Financial intermediation is at a very low level in Iraq. A functioning banking sector is

essential for the development of a strong private sector. We have begun to embark on our

banking sector reform strategy:

 A critical step will be to complete the financial restructuring of the two largest stateowned

banks, Rafidain and Rasheed, based on their completed financial and

operational audits. In this regard, we formed a Bank Reconciliation Unit that

comprises technical level staff from the banks, the CBI and the Ministry of Finance,

and with the assistance of Ernst and Young (who were the agents of the Ministry of

Finance in the external debt restructuring process) to: (i) deal with all legacy external

liabilities taking into account the government’s actions in the context of Iraq’s external

debt restructuring (ii) indentify and propose to write-off non-performing loans to

defunct state-owned enterprises; (iii) propose a course of action for other remaining

unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue

the remaining foreign currency denominated balance sheet items. The BRU will work

under the supervision of the Restructuring Oversight Committee (ROC), consisting of

the Minister of Finance, the Governor of the CBI, and the Chairman of the BSA. The

BRU will send its recommendations for final approval to the respective boards of the

two banks. Through this process, we aim to complete the restructuring of the balance

sheets of Rafidain and Rasheed by end-June 2011 (a structural benchmark).

HERE IS THE LINK.... http://www.imf.org/external/pubs/ft/scr/2011/cr1175.pdf

ITS ON PAGE 37

Edited June 15, 2011 by OH_BROTHER

[sammyque]

WOW! GREAT FIND OHBROTHER! THANKS FOR POSTING

[Hbomb]

Conjure a picture of Mr. Burns "Excellent...."

[easyrider]

wow!!!!! this is great news we aren't far away from this RV hold on tight everyone!!!!!!!!!!!! so basiccally they have been waiting to restruture before Rving their currency this whole time. Makes perfect sense. July 1st is the beginning if im not mistaken.

Edited June 15, 2011 by easyrider

[Luigi1]

RV may just be right around the corner. Hang in there. All good things come to those that wait.

[The Machine]

hmmm im getting kinda excited lol ...... ****** it not now im on the train!!! lol .....

yeah sounds good alright cheers for posting OB ...... com'on RV

[OH_BROTHER]

Looks like finally we are closing the deal!!!!!! I am ready to help my family, friends, and a lot of others

[JOLLY ROGER]

Great find!

[Goeers]

Seen this a couple weeks back. The only thing that concerns me is it says "revalue the remaining foreign currency'.........

Edited June 15, 2011 by Goeers

[LR Bobert]

Super find. Oh Brother. Falls in line, with Scooter's assesment.

[Shelley]

Thanks for posting ANY kind of good news and this certainly seems good ...... woohoo

[RickOhio]

Looks like REALLY great news to me!!

[krmayo]

Seen this a couple weeks back. The only thing that concerns me is it says "revalue the remaining foreign currency'.........

That is exactly what popped out to me as well. They were not talking about their currency. ;(

[LaGrange]

That is exactly what popped out to me as well. They were not talking about their currency. ;(

It's kind of subjective but imho if you revalue any currency-the base currency is revalued as well.

[easyrider]

It's kind of subjective but imho if you revalue any currency-the base currency is revalued as well.

yes exactly why would they revalue others instead of their own doesnt make sense.

[teresa43]

Found this posted on another site..... I looked for myself and copied the text...

This is posted on the IMF website:

Financial Sector

12. Financial intermediation is at a very low level in Iraq. A functioning banking sector is

essential for the development of a strong private sector. We have begun to embark on our

banking sector reform strategy:

 A critical step will be to complete the financial restructuring of the two largest stateowned

banks, Rafidain and Rasheed, based on their completed financial and

operational audits. In this regard, we formed a Bank Reconciliation Unit that

comprises technical level staff from the banks, the CBI and the Ministry of Finance,

and with the assistance of Ernst and Young (who were the agents of the Ministry of

Finance in the external debt restructuring process) to: (i) deal with all legacy external

liabilities taking into account the government’s actions in the context of Iraq’s external

debt restructuring (ii) indentify and propose to write-off non-performing loans to

defunct state-owned enterprises; (iii) propose a course of action for other remaining

unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue

the remaining foreign currency denominated balance sheet items. The BRU will work

under the supervision of the Restructuring Oversight Committee (ROC), consisting of

the Minister of Finance, the Governor of the CBI, and the Chairman of the BSA. The

BRU will send its recommendations for final approval to the respective boards of the

two banks. Through this process, we aim to complete the restructuring of the balance

sheets of Rafidain and Rasheed by end-June 2011 (a structural benchmark).

HERE IS THE LINK.... http://www.imf.org/external/pubs/ft/scr/2011/cr1175.pdf

ITS ON PAGE 37

this was posted in March

http://www.imf.org/external/pubs/ft/scr/2011/cr1175.pdf

[Longhorns]

Seen this a couple weeks back. The only thing that concerns me is it says "revalue the remaining foreign currency'.........

They would have to revalue the rate of foreign currency to theirs. How could they revalue other countries currencies?

[OH_BROTHER]

They would have to revalue the rate of foreign currency to theirs. How could they revalue other countries currencies?

Exactly.....

[krmayo]

Exactly.....

Makes sense to me. Just hope its soon so I can get off this ride.

[Ateam]

Haven't we seen stuff like this before?

[Luigi1]

They would have to revalue the rate of foreign currency to theirs. How could they revalue other countries currencies?

Some nations in the region are locked into the ID just like some nations are locked into the US Dollar. Thoes currencies would also have to RV.

Many countries are up for RV by the IMF. It is not just Iraq.

[umbertino]

RV may just be right around the corner. Hang in there. All good things come to those that wait.

Yeah..... I keep repeating that to myself like a Mantra... 7 plus years here and waiting......

[LaGrange]

If they have to revalue the currencies on the base sheet it is because their exchange rate has changed in relation to the base(iqd). That is how I interpret that scenario, still think they are talking about IQD-jmho

You don't adjust exchange rates unless your home currency has changed. Awwww bleeble blabble.

[Luigi1]

Found this posted on another site..... I looked for myself and copied the text...

This is posted on the IMF website:

Financial Sector

12. Financial intermediation is at a very low level in Iraq. A functioning banking sector is

essential for the development of a strong private sector. We have begun to embark on our

banking sector reform strategy:

 A critical step will be to complete the financial restructuring of the two largest stateowned

banks, Rafidain and Rasheed, based on their completed financial and

operational audits. In this regard, we formed a Bank Reconciliation Unit that

comprises technical level staff from the banks, the CBI and the Ministry of Finance,

and with the assistance of Ernst and Young (who were the agents of the Ministry of

Finance in the external debt restructuring process) to: (i) deal with all legacy external

liabilities taking into account the government’s actions in the context of Iraq’s external

debt restructuring (ii) indentify and propose to write-off non-performing loans to

defunct state-owned enterprises; (iii) propose a course of action for other remaining

unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue

the remaining foreign currency denominated balance sheet items. The BRU will work

under the supervision of the Restructuring Oversight Committee (ROC), consisting of

the Minister of Finance, the Governor of the CBI, and the Chairman of the BSA. The

BRU will send its recommendations for final approval to the respective boards of the

two banks. Through this process, we aim to complete the restructuring of the balance

sheets of Rafidain and Rasheed by end-June 2011 (a structural benchmark).

HERE IS THE LINK.... http://www.imf.org/external/pubs/ft/scr/2011/cr1175.pdf

ITS ON PAGE 37

[b]Through this process, we aim to complete the restructuring of the balance

sheets of Rafidain and Rasheed by end-June 2011 (a structural benchmark).[/b]

The 1st being a Friday & the 2nd being a Saturday...Sunday the 3nd could be the majic date. Oh what a 4th of July Independance Day celebration that will be. Fireworks for sure.

[magawatt]

Seen this a couple weeks back. The only thing that concerns me is it says "revalue the remaining foreign currency'.........

Yeah, that caught my eye too. Can someone explain that?