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
Read more: http://dinarvets.com/forums/index.php?/topic/70720-looks-like-great-news/#ixzz1PLrUHkPc
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
Read more: http://dinarvets.com/forums/index.php?/topic/70720-looks-like-great-news/#ixzz1PLrUHkPc
Last edited by tickybud on Wed Jun 15, 2011 9:47 am; edited 1 time in total (Reason for editing : color)