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Letter of intent to IMF from Iraq to RV

DRV1804

By DRV1804,
in Iraq & Dinar Related News

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DRV1804 Newbie

DRV1804

Posted
Posted

Sorry if this has been posted!!

Iraq: Letter of Intent, Memorandum of Economic and Financial

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).

 Meanwhile, the Ministry of Finance will continue to work closely with the World

Bank under its banking sector project to modernize these banks by moving ahead with

the plans for their operational restructuring. These banks will operate on a fully

commercial basis, on market terms, and the government will refrain from directing

any lending. Decisions on the recapitalization of Rafidain and Rasheed will not be

made until the restructuring of their balance sheets has been completed and adequate

progress has been made in their operational restructuring, especially by establishing an

appropriate governance structure and strengthening risk management and control

functions. More generally, given the vulnerabilities these (and other) banks face due to

operational risks, the CBI will continue to improve its oversight systems and monitor

closely the activities of the banks, particularly during the transition process.

 The new set of prudential regulations for commercial banks, including those related to minimum capital requirements, liquidity risk, and anti-money laundering, are being

implemented. Work on the relevant reporting tables for the banks will be completed

soon in consultation with the IMF and other technical assistance providers. Under the

auspices of the World Bank banking sector project, we have conducted a full

assessment of the banking supervision department, and this report will form the basis

of improving this department.

http://www.imf.org/external/np/loi/2011/irq/030311.pdf

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1xtradinar Newbie

1xtradinar

Posted
Posted

I believe that this is an encapsulated.....................remark....................that has nothing to do with..............................any intention to imply

the kind of.......................RV we are looking for. I see this as.....................an examination of the bank's holdings.......................which could be in dollars................

and would require....................a transition to GOI funds..............................before either of these two banking units will go forward.

Would one of the Mods clarify this a bit.

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Don & Rocio Newbie

Don & Rocio

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Posted

I believe that this is an encapsulated.....................remark....................that has nothing to do with..............................any intention to imply

the kind of.......................RV we are looking for. I see this as.....................an examination of the bank's holdings.......................which could be in dollars................

and would require....................a transition to GOI funds..............................before either of these two banking units will go forward.

Would one of the Mods clarify this a bit.

When I read this I was picturing James T Kirk with all the pauses.

Great post DRV!

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Prophecy Newbie

Prophecy

Posted
Posted

I believe that this is an encapsulated.....................remark....................that has nothing to do with..............................any intention to imply

the kind of.......................RV we are looking for. I see this as.....................an examination of the bank's holdings.......................which could be in dollars................

and would require....................a transition to GOI funds..............................before either of these two banking units will go forward.

Would one of the Mods clarify this a bit.

JMO but these are 2 of Iraq's largest banks. Seems to me that, while perhaps not directly tied to an Rv, it would be an important accomplish needed prior to an Rv.

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DRV1804 Newbie

DRV1804

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Seriously?! You are posting this from March and asking id it's already been posted? Ummm yea, couple times.

I didnt mean back in March...I MEANT RECENTLY BECAUSE IF YOU NOTICE IT GAVE A TIMELINE OF JUNE 30TH, 2011. Maybe your not aware but some of us archive certain articles and will reference back to them when a deadline has passed or is approaching!! Maybe try posting something intellectual or newsworthy before you attack my intelligence.

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RodandStaff Rookie

RodandStaff

Posted
Posted

I didnt mean back in March...I MEANT RECENTLY BECAUSE IF YOU NOTICE IT GAVE A TIMELINE OF JUNE 30TH, 2011. Maybe your not aware but some of us archive certain articles and will reference back to them when a deadline has passed or is approaching!! Maybe try posting something intellectual or newsworthy before you attack my intelligence.

I guess he read your post 2fast4u2c, so he probably missed that part! blink.gifwink.gif Good information, thanks for the post! GO RV Already Baby!cool.gif

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DRV1804 Newbie

DRV1804

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DRV....When I see the intelligence I will let you know. June 30 is 2 weeks past.

by end-June 2011 (a structural benchmark).

THE END OF JUNE WAS A BENCHMARK NOT A DATE SET IN STONE, and trust me i dont need to sit around waiting for you to tell me when im intelligent

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zaborniake Newbie

zaborniake

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by end-June 2011 (a structural benchmark).

THE END OF JUNE WAS A BENCHMARK NOT A DATE SET IN STONE, and trust me i dont need to sit around waiting for you to tell me when im intelligent

Don't bother with that guy. Yes, this was an important date, and IMHO, this was completed per the article that was posted around last week some time (9th?).

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YourIntelSux Newbie

YourIntelSux

Posted
Posted

I believe that this is an encapsulated.....................remark....................that has nothing to do with..............................any intention to imply

the kind of.......................RV we are looking for. I see this as.....................an examination of the bank's holdings.......................which could be in dollars................

and would require....................a transition to GOI funds..............................before either of these two banking units will go forward.

Would one of the Mods clarify this a bit.

Is this Christopher Walken or captain Kirk typing?....haha

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RodandStaff Rookie

RodandStaff

Posted
Posted (edited)

by end-June 2011 (a structural benchmark).

THE END OF JUNE WAS A BENCHMARK NOT A DATE SET IN STONE, and trust me i dont need to sit around waiting for you to tell me when im intelligent

Nobody has to tell you... you are intelligent... but then you already knew that! wink.gif Thanks for the post! GO RV Already Baby!!! cool.gif

Edited by RodandStaff
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