(Moroni post cXc)
kaperoni: Before I get started, as usual, I am instructed to mention our RV notification products…SMS Text Notification or Voice Call direct to your home or business landline!
kaperoni: Now is the time, before it is too late, to get this service. Knowing as soon as possible when the RV occurs is the first step in activating your cash-in plan.
kaperoni: Bob (the site owner and Administrator) monitors many sources and once the actual RV takes place, he will send out the SMS or Voice Call notifications. This service is for our members. Is there a better way to find out you're wealthy?
kaperoni: Please no typing…the timeout is set to 30 minutes so you should not have to worry about dropping out.
kaperoni: Sit on your hands and no typing during chat. If you do, the mods will remove/kick you from the room.
kaperoni: Tonight’s is a going to tie last nights chat with tonight World Bank report….
kaperoni: All quotes tonight are from the following…
kaperoni: World Bank Republic Of Iraq - Financial Sector Review
kaperoni: I mentioned last night that I believe the RV is managed by the World Bank in conjunction with the IMF. I believe this as the World Bank is financing the banking reforms in Iraq, therefore they are supervising this entire project.
kaperoni: Let me lay this out for you…
kaperoni: First, the World Bank is a project-oriented bank. They help countries with specific projects; in return they supervise them to their completion. That being said...let’s create a timeline for the actual RV itself…
Read More Link on Right
kaperoni: Here is a quote from his article pertaining to the overall project…this is good to see as they are expediting all of the reforms….
kaperoni: “there was strong agreement between participants in the discussions that the restructuring process has taken much more time than anticipated, and needed to be brought to a speedy conclusion.”
kaperoni: Yes they do!…business in Iraq is no good….look at this quote…
kaperoni: “Iraq also scores poorly in the World Bank’s “ease of Doing Business” Survey – 166 out of 183 globally”
kaperoni: That is crap!
kaperoni: And as stated when the World Bank was in Washington just a few weeks ago, they want these reforms to go forward without GOI interference…here is a quote…
kaperoni: “three conditions must be stressed. First, it is essential that the political will is confirmed to let the Cbi exercise banking supervision using its full powers under the laws and regulations, and its professional judgment without any interference.”
kaperoni: Now, I have stated that I feel the ISX (Iraqi Stock Exchange) is a key to this RV. Why?
kaperoni: Let me explain…
kaperoni: The ISX is the stock market for Iraq…and there are very well companies in this at the present time. I think there are about 60 companies or less on the ISX at the present time. That is not very good and going to be difficult to transition to a Free Market Economy unless they can get more..
kaperoni: Now this is how there going to do that…
kaperoni: Here is a quote…
kaperoni: “plans are also well advanced for the creation of custodian banks which will make it easier for foreigners (and large domestic investors) to trade while keeping the restrictions.”
kaperoni: “ISX is in an advanced stage of introducing the custodian bank system to its market. According to the Chairman, a major international bank is ready and is waiting for the necessary licenses to be granted. Others have also expressed interest in offering the service.”
kaperoni: We saw an article last night on this…they expect to implement this with a new law in November, 2011
kaperoni: Once they do, they can sell off some state owned companies to private investment and let them issue stock through the market building as the base.
kaperoni: This is how slow the market is….
kaperoni: “only one company listed on ISX in 2010 and five delisted. New admissions to listing are the lifeblood of any stock exchange. On that basis ISX is at a critical stage of its development. It is not clear why growth in listings has come to a halt.”
kaperoni: Once they get the Custodian bank going in Nov, they can auction these….
kaperoni: “similarly, while the privatization of 296 state owned companies potentially opens up great opportunities”
kaperoni: You all see where I am going? This is the transition to the free market economy in which will support the dinar value.
kaperoni: Now we also know the ISX needs to get some laws updated. We discussed that a few weeks ago in a chat…here is a quote…
kaperoni: “A permanent Securities Law has been under discussion for several years. The government needs to urgently conclude these discussions, after also considering the recommendations contained in this report. The Law should then be presented to Parliament for speedy passage. Early passage of the Law is required to allow the Isc to enhance its role in developing capital markets.”
kaperoni: Ok, so when is all this going to be done and when is the RV?
kaperoni: Lets look at the WB charts….
kaperoni: “CBI: Implement public information campaign, on role of banking system, banking supervision and depositor protection; building confidence of public at large in the banking system, also the private banks start immediately, complete end 2011, including discussion with the industry and in parliament.”
kaperoni: That looks pretty clear to me that is what we have been reading and seeing for the past several months..and do you see the date? complete end 2011
kaperoni: Here is another interesting one…. No time frame…
kaperoni: “The CBI currently has staff of around 1600, down from approximately 2650. The governor intends to decrease the number of staff further, to around 500.”
kaperoni: Gee, looks to me they better get the show on the road?
kaperoni: Here is some more Dec deadlines….
kaperoni: By Dec 31st 2011
kaperoni: "level the playing field to create a vibrant competitive banking sector"
kaperoni: "allow private banks to deal with government departments and state-owned enterprises."
kaperoni: "implement the planned gradual increase in capital requirements for all banks, under the regulations issued by Cbi"
kaperoni: "update legislation and associated regulations"
kaperoni: "enact the permanent Securities Law including amendments proposed in this review including reinforcing the independence of the ISC."
kaperoni: Here is the best....
kaperoni: "accelerate the transit to a market economy"
kaperoni: "resolve the legal and practical issues around transferring ownership of companies from the state to private shareholders and move to the decision phase"
kaperoni: So Jan 2012 they are like a bullet out of a gun.