CBI down on Tuesday

[Sara Johnson]

CBI down on Tuesday

8/9/2011 2:36 PM

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) has sold 135 million US dollars in its auction to sell and buy foreign currencies on Tuesday, on basis of 1,170 dinars per dollar, down from Monday sales that reached 179 million dollars, according to the CBI’s daily bulletin.

“The total size of the demand on the US dollar on Tuesday had reached 135 millions and 525,000 dollars, covered by the CBI on basis of 1,170 dinars per dollar,” the bulletin reported.

The CBI sales during Monday session had reached 179 millions and 110,000 dollars, the bulletin stressed.

“The CBI’s cash sales for the day had reached 4 millions and 30,000 dollars, on basis of 1,183 dinars per dollar,” the bulletin added, whilst the foreign transfers had reached 131 millions and 495,000 dollars, on the rate of 13 dinars per dollar.”

The bulletin repeated its daily comment that none of the 16 banks that shared in the day’s auction did not share in offering any dollar for sale.

The Central Bank of Iraq holds 5 sessions per week, beginning on Sunday and ending on Thursday, to sell and buy foreign currencies, scoring a commission of 13 dinars per dollar on its cash sales, whilst it charges another 13 dinars on every dollar, transferred abroad.

SKH (TI)/SR

http://en.aswataliraq.info/Default1.aspx?page=article_page&id=144204&l=1

[DAME1]

Keeping my fingers crossed....

[Jac]

“The CBI’s cash sales for the day had reached 4 millions and 30,000 dollars, on basis of 1,183 dinars per dollar,” the bulletin added, whilst the foreign transfers had reached 131 millions and 495,000 dollars, on the rate of 13 dinars per dollar.”

Does this mean what I think it could mean? It sounds rather odd. Is this an unusual statement from CBI?

God Bless America!

Edited August 9, 2011 by Jac

[wpsmit]

RV,RV,RV!

[easyrider]

ok this is just weird

my god i hope this is it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[davis411]

what is weird please explain

[jimmielee333]

ok this is just weird

my god i hope this is it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

hope the question is not that stupid, but what does that add to in the rate amount? Just asking take it easy

Edited August 9, 2011 by jimmielee333

[easyrider]

what is weird please explain

The CBI rarely goes down and if it does it usually for a damn good reason. What we have been told to watch out for is when the CBI goes down and when they comeback the new exchange rate will be there. Now im not sure this is it but i dunno im hoping like heck it is for all of our insanity.

Edited August 9, 2011 by easyrider

[Carrello]

it is weird. Also, this is written in English, and what I mean by that, this is not a translation from Arabic, but comes from Baghdad and an Arabic news agency.

[chris2028]

Go RV!!

[davis411]

i took it the sales for the day were down

just went to their site it is up

[NWGUY]

Not to be a downer, because I am normally upbeat, but probably just a computer issue.

On the upside, maybe they are loading the new rate!!!

Eitherway, be ready for either case. Don't get too high or too low, on this investment, because you never know what is going to happen, and you need to come out of this investment with your sanity, so you can enjoy your rewards!!!

Go RV!!!

[Alex38]

This is exciting!!!

[a1911handler]

Take the RV colored glasses off people.

Sales are down.

The article states the sales are down from Monday.

Monday 179

Tuesday 135

Where the heck is it saying the website is down?????

[OregonHopeful]

[/b]

Does this mean what I think it could mean? It sounds rather odd. Is this an unusual statement from CBI?

God Bless America!

This means an exchange rate of 1,183 dinars per dollar and the bank’s interest of 13 dinars per dollar (= exchange rate 1170 + 13 dinar fee) = Normal

Nothing new.

The CBI meant that the total dollars auctioned off were down, not that the site was down.

Sorry folks.... no "sign" here.

Keep on Keepin' on though

[Alex38]

[/b]

Does this mean what I think it could mean? It sounds rather odd. Is this an unusual statement from CBI?

God Bless America!

What would 13 Dinar to the dollar be????

[pluMmet]

the article is saying that they are getting a commission of 13 dinar per dollar sold...

CBI down is that the sales are lower today..hence down.

From the title i also expected that CBI web site was down...

[pastorbigal]

CBI down on Tuesday

8/9/2011 2:36 PM

“The total size of the demand on the US dollar on Tuesday had reached 135 millions and 525,000 dollars, covered by the CBI on basis of 1,170 dinars per dollar,” the bulletin reported.

The CBI sales during Monday session had reached 179 millions and 110,000 dollars, the bulletin stressed.

SKH (TI)/SR

http://en.aswataliraq.info/Default1.aspx?page=article_page&id=144204&l=1

What is interesting to me, is that the demand for the dinar was down by 44million, but the demand for the dollar was up by 415,000.

How is that possible?

[zigmeister]

From looking at my forex screen, the dollar has been very strong against most currencies since the market falling last week and today. It appears someone is buying the dollar. don't know for sure.

[nointel]

everyone take a valium and relax. nothing to get all worked up over. no RV yet unless you listen to the gurus who have claimed we are there and it has been signed off on.

Edited August 9, 2011 by nointel

[Papster]

From looking at my forex screen, the dollar has been very strong against most currencies since the market falling last week and today. It appears someone is buying the dollar. don't know for sure.

The USD was up yesterday.......you would think with the market going down.......our AAA rating going down.......and the gold going up.......you would think the dollar would be going down.......unless you are right and someone is buying up dollars......maybe they know something.......GO DINAR

[20MillionDinar]

Sorry for the repeat as I literally just posted this as a response in another thread but maybe this will help break it down for you all.

OK. So this tells us that:

1) The CBI sold 135,000,000 USD to the participating banks and in turn received IQD's. This auction was on Tuesday.

2) The CBI sold 179,000,000 USD to the participating banks and in turn received IQD's. This auction was on Monday.

3) This part was a little unclear to me. It says “The CBI’s cash sales for the day had reached 4 millions and 30,000 dollars, on basis of 1,183 dinars per dollar,” the bulletin added, whilst the foreign transfers had reached 131 millions and 495,000 dollars, on the rate of 13 dinars per dollar.” Does this mean that they sold $4 million dollars worth of dinars? It looks this way because it was at a rate of 1,183 dinars per dollar, hence the 13 dinar spread. If this is correct, then they auctioned off roughly 4 billion dinar...

There were 16 participating banks in the auctions and none of them offered to sell USD. They only offered to sell IQD back to the CBI in return for USD.

"The Central Bank of Iraq holds 5 sessions per week, beginning on Sunday and ending on Thursday, to sell and buy foreign currencies, scoring a commission of 13 dinars per dollar on its cash sales, whilst it charges another 13 dinars on every dollar, transferred abroad."

This tells me that the roughly 4 billion dinars that were sold were actually sold to financial institutions "outside of Iraq" due to the fact that they say "...whilst it charges another 13 dinars on every dollar, transferred abroad."

So they technically pulled in about 300 billion dinars in the Monday and Tuesday currency auctions and sold about 4 billion dinars.

Now the real questions are:

1) What are they doing with the IQD that they pull in?

2) Do they remove it from circulation?

3) Do they keep it in their reserves and keep it in circulation?

[WildCatFM]

Go RV

[nostradamus]

Sorry for the repeat as I literally just posted this as a response in another thread but maybe this will help break it down for you all.

OK. So this tells us that:

1) The CBI sold 135,000,000 USD to the participating banks and in turn received IQD's. This auction was on Tuesday.

2) The CBI sold 179,000,000 USD to the participating banks and in turn received IQD's. This auction was on Monday.

3) This part was a little unclear to me. It says “The CBI’s cash sales for the day had reached 4 millions and 30,000 dollars, on basis of 1,183 dinars per dollar,” the bulletin added, whilst the foreign transfers had reached 131 millions and 495,000 dollars, on the rate of 13 dinars per dollar.” Does this mean that they sold $4 million dollars worth of dinars? It looks this way because it was at a rate of 1,183 dinars per dollar, hence the 13 dinar spread. If this is correct, then they auctioned off roughly 4 billion dinar...

There were 16 participating banks in the auctions and none of them offered to sell USD. They only offered to sell IQD back to the CBI in return for USD.

"The Central Bank of Iraq holds 5 sessions per week, beginning on Sunday and ending on Thursday, to sell and buy foreign currencies, scoring a commission of 13 dinars per dollar on its cash sales, whilst it charges another 13 dinars on every dollar, transferred abroad."

This tells me that the roughly 4 billion dinars that were sold were actually sold to financial institutions "outside of Iraq" due to the fact that they say "...whilst it charges another 13 dinars on every dollar, transferred abroad."

So they technically pulled in about 300 billion dinars in the Monday and Tuesday currency auctions and sold about 4 billion dinars.

Now the real questions are:

1) What are they doing with the IQD that they pull in?

2) Do they remove it from circulation?

3) Do they keep it in their reserves and keep it in circulation?

They destroy it with a special money shredder.....

[TQueezy]

Sorry for the repeat as I literally just posted this as a response in another thread but maybe this will help break it down for you all.

OK. So this tells us that:

1) The CBI sold 135,000,000 USD to the participating banks and in turn received IQD's. This auction was on Tuesday.

2) The CBI sold 179,000,000 USD to the participating banks and in turn received IQD's. This auction was on Monday.

3) This part was a little unclear to me. It says “The CBI’s cash sales for the day had reached 4 millions and 30,000 dollars, on basis of 1,183 dinars per dollar,” the bulletin added, whilst the foreign transfers had reached 131 millions and 495,000 dollars, on the rate of 13 dinars per dollar.” Does this mean that they sold $4 million dollars worth of dinars? It looks this way because it was at a rate of 1,183 dinars per dollar, hence the 13 dinar spread. If this is correct, then they auctioned off roughly 4 billion dinar...

There were 16 participating banks in the auctions and none of them offered to sell USD. They only offered to sell IQD back to the CBI in return for USD.

"The Central Bank of Iraq holds 5 sessions per week, beginning on Sunday and ending on Thursday, to sell and buy foreign currencies, scoring a commission of 13 dinars per dollar on its cash sales, whilst it charges another 13 dinars on every dollar, transferred abroad."

This tells me that the roughly 4 billion dinars that were sold were actually sold to financial institutions "outside of Iraq" due to the fact that they say "...whilst it charges another 13 dinars on every dollar, transferred abroad."

So they technically pulled in about 300 billion dinars in the Monday and Tuesday currency auctions and sold about 4 billion dinars.

Now the real questions are:

1) What are they doing with the IQD that they pull in?

2) Do they remove it from circulation?

3) Do they keep it in their reserves and keep it in circulation?

20 Mill

I hate to be a downer, but this is typical stuff. Banks within Iraq buy US Dollars from the CBI's foreign currency reserve auctions (which they use to control the artificial program rate and inflation within the country). The CBI buys the dinar from local banks and sells them their US dollars. They take a 13 dollar rake on the sales, so 1183, instead of 1170 base rate. That way they make money on the sales. There are two types of transactions in these auctions, CASH and ELECTRONIC.

Here are the figures for today...

1679 09-Aug 1,198 1,170 135,525 4,030 131,495

That would be in order from left to right:

CBI exchange rate dinar per US dollar, bank rate dinar per US dollar,

and then the in the middle is the total for the day in thousands (135,525) which would be $135,525,000 (US DOLLARS) sold to banks.

Then the last two are the CASH and then ELECTRONIC portions of that total.

So the CASH portion is 4,030 thousand, or $4,030,000 (US DOLLARS) which is 2.97% of the total auction in CASH sales

Then the last figure is the ELECTRONIC portion, or 131,495 thousand, which is $131,495,000 (US DOLLARS), 97% of the total auction to local banks.