Looks like great news!!!

[coldwarvet]

Great find. Many thanks!

[akahornet]

old news. it was posted once before. thanks for the effort.

[blaineage]

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

I am a newbie and will accept any beatdown that comes my way for this post. Having said that..Could this not be interpretted as, once the balance sheets of Rafidain and Rasheed are 'cleaned up' the line items on the balance sheet that are currently stated in dollars, euro or some other country currency will be restated or revalued in terms of IQD to make everything uniform to meet GAAP standards. It seems that part of the cleaning up will have everything quoted in terms of IQD and not a hodge podge of currencies on the balance sheet. I don't think this refers to the RV we hope for. Just my read, JMHO.

[easyrider]

old news. it was posted once before. thanks for the effort.

So what...... whether you want to believe it or not something is goin down at the end of June. Don't get too overly excited now!!!!!!lol.

[LaGrange]

I am a newbie and will accept any beatdown that comes my way for this post. Having said that..Could this not be interpretted as, once the balance sheets of Rafidain and Rasheed are 'cleaned up' the line items on the balance sheet that are currently stated in dollars, euro or some other country currency will be restated or revalued in terms of IQD to make everything uniform to meet GAAP standards. It seems that part of the cleaning up will have everything quoted in terms of IQD and not a hodge podge of currencies on the balance sheet. I don't think this refers to the RV we hope for. Just my read, JMHO.

Very possible. Only time will tell.

[wildinar]

Great news

[Kooper]

I think it is part of the overall picture and is needed in the grand scheme of things....

but they are talking about revalue of

the remaining foreign currency denominated balance sheet items.

this is talking about items that are listed on their Balance Sheet and reported in another currency. For example....Assets or Liabilities listed in US Dollars or Kuawaiti Dinar or Japense Yen.

This is not specifically calling out a revalue of the Iraqi Dinar.

[LaGrange]

I think it is part of the overall picture and is needed in the grand scheme of things....

but they are talking about revalue of

the remaining foreign currency denominated balance sheet items.

this is talking about items that are listed on their Balance Sheet and reported in another currency. For example....Assets or Liabilities listed in US Dollars or Kuawaiti Dinar or Japense Yen.

This is not specifically calling out a revalue of the Iraqi Dinar.

Yes, but why would they call it a revaluation instead of a conversion??

Edited June 15, 2011 by LaGrange

[Rayzur]

Blainage.... I would agree with you. Can't see a document referring to one's own currency as foreign, and it would seem they would have to reconcile their books to reflect the monentary value of foreign currencies in their own currency to have accuracy..... reconcile what their banks are holding relative to their own currency. It would seem this is indeed another step requiring completion leading the revalue..... though I don't know that this is a critical indicator of its imminence?

Blessings All ~~

[Kooper]

To LaGrange:

Could be subject to interpretation or simply choice of words used. I would imagine these Balance Sheet items have been listed at this same value for some time now. I want to also note that some world currencies have recently revalued. They do not mention which foreign currencies are involved. That would have been helpful.

I am still on the positive side...don't want to be mistaken for a Dumper.

Edited June 15, 2011 by Kooper

[Mongo]

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/e...2011/cr1175.pdf

ITS ON PAGE 37

OH BROTHER.......................WHERE ART THOU!!!!

One thing about Iraq, they talk a good talk but they don't walk what they talk

in our neck of the woods, thats called lip service(no value)

Them:♪ In constant sorrow through his days♪

Him: ♪ I am a man.......of constant sorrow♫

I've seen trouble.......all my day♫

I bid farewell......to old Kentucky

Edited June 15, 2011 by Mongo

[umbertino]

So what...... whether you want to believe it or not something is goin down at the end of June. Don't get too overly excited now!!!!!!lol.

Let's hope it's not us ( going down).

[quadraph0nic]

Its not often do we actually see the term revalue in any document or article that's outside our little dinar forum so i guess that's neat but I don't remember seeing this document or maybe i missed it?

Either way its very nice of this person starting this thread to share it again.

Like easy said, who cares if its old? It appears to be relavant....so rejoice!

Also, I think I understand now why shabibi is always blabbing about keeping inflation low...

"Stable low inflation encourages higher investment which is a determinant of improved productivity and non-price competitiveness"

http://tutor2u.net/blog/index.php/economics/comments/macroeconomic-stability/

Keep in mind, I'm armchair at best when it comes to this nation building we are speculating on...

The thing that is working against all the effort being placed in drawing in big investors is the political/security instability and in my slanted opinion this has to do with Sadr and Iran.

[aliciadogz]

Really Awsome news,one of the best one seen,YET!!!!

[OhYeah]

I feel like this is just one more item (pretty strong coming from the IMF too, btw) that points in the direction of the end of this month. Too many deadlines are looming, and although many of you try to punch holes in EVERY positive post that comes along, I think this is an awesome find. And whoever said old news, apparently it is worth being repeated because I had not seen it and many others apparently had not either.

thanks for the post and all the positive replies-

[Bobbydee]

::: complete the restructuring of the balance

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

The most important thing is that something will take place by the end of June. That's the best part of all said. All we need is a positive outcome. Go RV!!!!!!!!!!! Thanks for the post. God Bless Semper Fi

[Markinsa]

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

This is an old document. When I found it back in January, I realized that we may have to wait on these two banks to finish their audits before they revalued the Dinar. But to answer your question.

Their Financial Statements are using IQD and possibly US Dollars as Units of Measure. Depending on how long ago these two banks were audited, these banks could have Foreign Currencies(FC) in their vaults, valued at the last IDQ=FC, which could be Sadaam Era value, in which case it would be OVER valued based on today's IQD's exchange rate.

If this is the case, they need to reduced the holding value of the FC to the exchange rate effective at the time of the audit and match it with the Financial Statements Unit of Measure.

-

[mayo007]

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

FIREWORKS,HERE COMES 4TH OF JULY

[mkelly]

End of month, one more step in this long march!! Great find!!

[LaGrange]

To LaGrange:

Could be subject to interpretation or simply choice of words used. I would imagine these Balance Sheet items have been listed at this same value for some time now. I want to also note that some world currencies have recently revalued. They do not mention which foreign currencies are involved. That would have been helpful.

I am still on the positive side...don't want to be mistaken for a Dumper.

Yeah, we can only speculate and try to make sense of it looking at all possibilities. Having said that, the rates of those foreign currencies change by the minute so I hope they are using erasable ink. lol This is why electronic is better. Just don't know....lol.......bleeble blabble....But I guess we are used to trying to understand something from google translator, this is an IMF document so English is the primary language....and I still don't understand.

[R Veyron]

Great post . It's a good day for good news and this seems to fit the bill. With the article out from the IMF saying that the growth rate of Iraq could out grow China in two years , it would seem like they would need to have different exchange rate for their currency. If it stayed the same during this growth period it would seem like they would be doing business in quick sand and they would not progress very far.

[RodandStaff]

[quote name='OH_BROTHER' date='15 June 2011

" after the balance sheets have been cleaned up, revalue

the remaining foreign currency denominated balance sheet items."

OH BROTHER, BROTHER, BROTHER..... WHERE ART THOU???.... bringin us good news! Thanks, good find!

complete the restructuring of the balance

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

... ohhh, goodie, you even bring a date.... sweeeeettttttt!!!!

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

I know I am a virtual newbie (if you can call a 51 yr. old "new"... I'll take it! ).... in life, as with this investment, all "journeys" have an end, and yes, for you Rhino's (said with all due respect for all you "old timers" who have had to endure so much!) that will probably come as a bit of a culture shock! Best to all you RHINO's... may the adjustment of not having to wait for this thing any more go smoothly.. I am sure the moola will help "some"!

Edited June 15, 2011 by RodandStaff

[FatMan]

I posted this a couple weeks back. But what I didn't notice when I found this then, was this post ( Iraq country report 28/3/2011 ) Is just like this one ( Iraq country report 20/10/2010 ) On the same Page... ?

I Opened both side by side and just looked at the first page for differences (I'm Not going to read through All of Both of them... TOO Much Input Haha) But just from the First page, Looks like the one posted in March 2011 was updated with new info, but still has the old info from Oct 2010.

Does anyone have the Patience to read through both and see how much was Updated? Maybe it means nothing, Just something I Noticed.

http://cbi.iq/index.php?pid=NewsAnnoucements

Krem

[OH_BROTHER]

I posted this a couple weeks back. But what I didn't notice when I found this then, was this post ( Iraq country report 28/3/2011 ) Is just like this one ( Iraq country report 20/10/2010 ) On the same Page... ?

I Opened both side by side and just looked at the first page for differences (I'm Not going to read through All of Both of them... TOO Much Input Haha) But just from the First page, Looks like the one posted in March 2011 was updated with new info, but still has the old info from Oct 2010.

Does anyone have the Patience to read through both and see how much was Updated? Maybe it means nothing, Just something I Noticed.

http://cbi.iq/index.php?pid=NewsAnnoucements

Krem

Well if thats the case....the updated march 2011 version still shows the deadline date of the end of June 2011, so that must be a good thing!!

Edited June 16, 2011 by OH_BROTHER

[umbertino]

edited

Quote

View PostOH_BROTHER, on 15 June 2011 - 10:18 AM, said:

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

I know I am a virtual newbie (if you can call a 51 yr. old "new"... I'll take it! Posted Image ).... in life, as with this investment, all "journeys" have an end, and yes, for you Rhino's (said with all due respect for all you "old timers" who have had to endure so much!) that will probably come as a bit of a culture shock! Best to all you RHINO's... may the adjustment of not having to wait for this thing any more go smoothly.. I am sure the moola will help "some"! Posted Image

End Quote

You mistook the author of that quote you reported in your post (7plus years and waiting).....It's not OH_BROTHER ..It's me.....Not a problem ... Just pointing it out for sake of clarity.....Best.

Edited June 16, 2011 by umbertino