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Wednesday, June 20, 2012

SCOOTER POST: CRITICAL BENCHMARK BEING MET - "RE-BOOT" OF TWO GOVERNMENT BANKS

Hi folks,


Over the past two years, I have always said that nothing will happen with Iraq's currency without the two Government banks correcting their balance sheets and getting re-capitalized.  Based on some recent information from their law library, posted June 15th, the recapitalization has been approved by the Council of Ministers.  


This becomes exciting for two reasons:


  • This completes a CRITICAL BENCHMARK set forth from the IMF and World Bank back in 2006.  

  • If the balance sheets are corrected and the devaluation of those two banks occur, then the government and the world can re-capitalize those banks to the appropriate levels.  This becomes incredibly important when determining valuations and providing proper transparency to the international community -- international transactions, investments, loans, etc... 

Below I've provided the links and proper data from the IMF and World Bank documents.

CLICK ON IMAGE FOR FULL SIZE VIEWING



Enjoy,



Scooter

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