CBI Daily Currency Auction - Thursday, 30 October 2014

[ronscarpa]

Currency Auctions
Announcement No. (2804)

The latest daily currency auction was held in the Central Bank of Iraq on Thursday, the 30-10-2014. 
The results were as follows:

DETAILS ----------------- & ----------------- NOTES

Number of banks                                   16
Auction price selling dinar / US$              1166
Auction price buying dinar / US$              -----
Amount sold at auction price (US$)          196,701,000
Amount purchased at Auction price (US$)  -----
Total offers for buying (US$)                   196,701,000
Total offers for selling (US$)                   -----

[ronscarpa]

----  Indicative Exchange Rates  ----

 

CURRENCY        CODE       SELL            BUY

 

US dollar              USD      1166.000    1164.000

Euro                     EUR      1485.134    1484.392

British pound       GBP      1879.126     1878.186

Canadian dollar   CAD      1047.055     1046.531

Swiss franc          CHF       1231.387    1230.771

Swedish krona     SEK       158.791      158.711

Norwegian krone  NOK      175.391      175.303

Danish krone       DKK       199.494      199.394

Japanese yen      JPY        10.783        10.778

Special

[captl1]

Thanks Ron.

[djgabrielie]

Ron,

 

I'm not sure of what were looking for out of the currency auctions these days.

 

Yes they have been consistently higher for the past several months.

Yes they have more banks participating.

 

But does this really point to a stronger Iraqi economy?

Is this some indicator that they are going to remain with the dollar for trade and infrastructure projects?

Will they ever stop using the dollar and go with the Dinar?

 

Seems that this is just an indicator of how poor the Iraqi economy is. Much like watching the ISX rise and fall.

 

Your thoughts please.

[ronscarpa]

Ron,

 

I'm not sure of what were looking for out of the currency auctions these days.  Neither am I, But I do feel it is a way to control/maintain the exchange rate until the MR.

 

Yes they have been consistently higher for the past several months.

Yes they have more banks participating.

 

But does this really point to a stronger Iraqi economy?  No, I don't think so...to me it's just an indicator of the relationship with the CBI and the Iraqi Banks...JMHO

Is this some indicator that they are going to remain with the dollar for trade and infrastructure projects? I don't believe they will - it's my opinion they want to be rid of the USD as an incountry currency & have pride in the IQD.

Will they ever stop using the dollar and go with the Dinar? I feel they will stop using the USD as soon as they can actually implement the MR, and change the value of the IQD - they want to take pride in their currency.

 

Seems that this is just an indicator of how poor the Iraqi economy is. Much like watching the ISX rise and fall. I agree...it's just how things are done in Iraq. With the ISX people move when they think they can make $$.

 

Your thoughts please. DJG, I'm not sure my opinions really mean anything, but they're all I have ... LOL 

Be Blessed...RON   

[djgabrielie]

Your opinions Ron do have value. You always seem to bring the best of information to this site. Thanks again for all you do.

[gymrat76541]

Seems to me that they make a few pennies from selling dinars and buying dollars........why end that with an RV?