9-21-2012 Doc: The economic summit came and went without much fanfare. Most have heard by now the currency was not discussed at least in the public realm. This should not be a shock in that there is no way this type of event would be paraded and negotiated in public view. If there were any "deals" to be made they were done behind closed doors. Our opinion was the best we could hope for was an announcement of the RV but cautioned all this was still premature due to lack of closure on Ebril, GOI seating, etc.. Most of the summit was a show case for Iraq to attempt to show investors the progress they have made and direction for the future. In fact much discussion centered around getting the banking system fully secure and trusted by the citizens. While much progress has been made Iraq stated it would be 2-5 years before it was fully matured and trusted by the people.
9-21-2012 Enorrste I was hopeful to see some sort of announcement out of the conference, but I can see there are several important laws that banks & investors are looking to be passed prior to them sticking their feet in the water. I wouldn't be surprised if Shabibi headed home & ran to Parliament & said we need to get these laws passed or they are not going to invest their funds. Laws need to be passed, add to that working licences for private banks needs to be eliminated, probably this is another law & corruption is key. It's unfortunate...but everything is not perfect in Iraq & there are some thing that need to be taken care of to get investors to come to Iraq. Now, this isn't saying these thing have to be done to go to a free float, they probably could go to a free float knowing these thing were going to be done rather quickly.