***Currency Auction*** 1/22/12, (US$) 200,000,000

[simon8957]

That would make since. Adam said he feels they are printed and waiting to go out. They could have allocated a set amout which would explain such an even number.

[SocalDinar]

As always checked CBI at first light.

200 Million USD auction ??? Exactly. Probably means nothing but puzzling.

200 million + has become the new norm.

Who knows, are we grasping at straws or is this something relevant?

I've always thought 1-1 would seem to be the easiest transition for the Iraqi vendors and people.

I think it was Adam who said that the banks in Iraq have small denoms in USD now and,

If so they could do a 1-1 RV using US small denoms immediately, while distributing new Iraqi small denoms to banks.

Logistical it would seem like the only way to keep a lid on the new smaller notes..

Once a picture is taken of the new notes it would go viral in hours and the Cat would be out of the bag.

Do they use , or have they used our US coins?

GO SHABS

[fnbplanet]

it looks like the are selling dinar...........not buying........just asking a question.......if they are selling dinar..........could it be they are selling the lower denoms to the banks...........GO DINAR

Currency Auctions

Announcement No. (2061)

The latest daily currency auction was held in the Central Bank of Iraq on the 22-JAN-2012. The results were as follows:

Details Notes

Number of banks 24

Auction price selling dinar / US$ 1166

Auction price buying dinar / US$ -----

Amount sold at auction price (US$) 200,000,000

Amount purchased at Auction price (US$) -----

Total offers for buying (US$) 200,000,000

Total offers for selling (US$) -----

Read more:

Anyone seeing a pattern developing here?

1838 15-Jan 1,205 1,170 231,115 24,500 206,615

1839 16-Jan 1,205 1,170 232,516 19,250 213,266

1840 17-Jan 1,205 1,166 201,290 25,500 175,790

1841 18-Jan 1,199 1,166 200,140 10,750 189,390

1842 19-Jan 1,209 1,166 199,905 5,500 194,405

1843 20-Jan NO AUCTION NO AUCTION NO AUCTION NO AUCTION NO AUCTION

1844 21-Jan NO AUCTION NO AUCTION NO AUCTION NO AUCTION NO AUCTION

1845 22-Jan 1,199 1,166 200,000 28,250 171,750

The 15th and the 16th were also similar to each other. Looks like they're becoming "goal oriented", and have targets set for them. I would deduce that they have a very definite plan, and are determined to maintain and/or reach it.

But that's just me. I'm a pattern recognition obsessive.

[trooper]

Central sells $ 200 million in the first sessions this week, the price of 1166 dinars per dollar.

22/01/2012 15:09

Economy

no comments

Baghdad, "Iraq's gate," Mohammed Sharif

Central Bank of Iraq to sell $ 200 million in the first course of the auction this week at a rate of 1166 dinars per dollar.

A statement issued by the Information Office of the Central Bank on Sunday received the "gate of Iraq," a copy of it, he was the opening of bids for the sale and purchase of dollar per day per Sixty-two thousand for buying and selling foreign currency in the Central Bank of Iraq for Sunday day on 22/1/2012 with 24 a bank.

He pointed out that the basic price, which landed him selling 1166 dinars per dollar, and the amount sold by the bank at the price stated (200) million and the total purchase offers (200 dollars).

The Iraqi Central Bank announced earlier, for raising the price of the Iraqi dinar against the dollar by 3.4%, the price of 1166 dinars during the auction, hosted by the day, after it was sold and the purchase price of 1170 dinars to the dollar. Stressing that the decision would affect the exchange rate of the dinar against the dollar in the Iraqi market.

The statement pointed out that the price of the sale of remittances (1179) KD / USD including the commission of the Central Bank of $ (13) dinars per dollar, the price of cash sales (1179) KD / USD including the commission of the Central Bank of $ (13) dinars per dollar.

The quantity sold in the amount of cash (28.250.000) dollars and quantity sold in the amount of remittances (171.570.000) dollars.

And receive a commission of the Central Bank (13) dinars per Dolarma discount (8) JD / dollar amounts purchased any that: - the purchase price of U.S. dollars in cash = (sale price of the dollar cash - 8).

The statement emphasized that the Central Bank of Iraq to continue buying and selling of the dollar and the price of (1166) and receive the same commissions mentioned above.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a press statement, "The Bank worked to raise the prices of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign exchange by four dinars," noting that "the price of the dinar nominal is not commensurate with the purchasing power to him, or the real price for the price exchange of the dinar against the dollar. "

Saleh added that "current account payments to Iraq, where a large surplus relative to GDP, and by 5-8%," stressing that "the surplus is a sign of strength and not the contrary, in addition to the existence of large reserves of the Bank. Saleh pointed out that the dollar exchange rate in the Iraqi markets that recently experienced a slight increase (1200 dinars to the dollar), will be affected by the decision of the Central Bank of Iraq, "adding that" the Iraqi dinar will be attractive in the Iraqi market. "

The Iraqi central bank held five sessions weekly auction from Sunday to Thursday for the sale and purchase of foreign currency.

http://www.albawwaba.net/economic/69778/

[fnbplanet]

"Saleh pointed out that the dollar exchange rate in the Iraqi markets that recently experienced a slight increase (1200 dinars to the dollar), will be affected by the decision of the Central Bank of Iraq, "adding that" the Iraqi dinar will be attractive in the Iraqi market. "

Now what da heck does he mean?

[Carrello]

Another lower than normal auction...hummm!!!~~~

Three weeks ago the norm was about $150 million, or there abouts. So what is normal?

[sourpuss]

Gonna show my age ...but your song reminded me of the old Hee Haw shows and the song Gloom, Dispair and Agoney on me.....well when you grow up in the country with 3 channels what do you expect...haha

OMG, i remember that show! Played every sat night at the grand ole opry right here in nashville, TN!!

[SgtFuryUSCZ]

Gonna show my age ...but your song reminded me of the old Hee Haw shows and the song Gloom, Dispair and Agoney on me.....well when you grow up in the country with 3 channels what do you expect...haha

***///

So, chances is we r kinfolk!

Small world ain't it, cuz...?!

Hee-Hawwww!

[Papster]

***///

So, chances is we r kinfolk!

Small world ain't it, cuz...?!

Hee-Hawwww!

BR549...............GO DINAR

[SgtFuryUSCZ]

i loved me some buck owens and roy clark................thaaaaaaaaaaaaaaaaaaa......and you were gone...............love it............GO DINAR

***///

...searched the world over an' thought I found true love, but you had another n'....... you were gone!

[zigmeister]

Three weeks ago the norm was about $150 million, or there abouts. So what is normal?

abby normal?

[GotSix]

abby normal?

Young Frankenstein

[buffalowade1]

i loved me some buck owens and roy clark................thaaaaaaaaaaaaaaaaaaa......and you were gone...............love it............GO DINAR

Thanks for reminding me of how old I've become. I still can remember watching Leave it to beaver in black & white.

[amhvl]

Another lower than normal auction...hummm!!!~~~

Actually not. Just lower than it has been "lately".

[Striker1]

Almost like they put a cap on it. Can't wait to see what happens tomorrow.

[Stryker365]

Stryker,

Way to stryke! Mr personality doesn't seem to understand that there is no way the CBI is going to take all Dinar OFF the street before an R/V. The CBI must keep some king of circulation on the street so therefore the auctions. The auctions IMO are needed to maintain the dirty float. After an R/V there will be no need for any auctions like this.

I totally agree unirod......

[Doctor Smith]

If I'm not mistaken they will still have auctions even after a substantial RV. That's the way they regulate their currency.

[Stryker365]

it looks like the are selling dinar...........not buying........just asking a question.......if they are selling dinar..........could it be they are selling the lower denoms to the banks...........GO DINAR

Currency Auctions

Announcement No. (2061)

The latest daily currency auction was held in the Central Bank of Iraq on the 22-JAN-2012. The results were as follows:

Details Notes

Number of banks 24

Auction price selling dinar / US$ 1166

Auction price buying dinar / US$ -----

Amount sold at auction price (US$) 200,000,000

Amount purchased at Auction price (US$) -----

Total offers for buying (US$) 200,000,000

Total offers for selling (US$) -----

Read more:

Papster, they would need to distribute the new dinar thru an exchange system with each bank and this could be probable...at least the electronic currency but really don't know enough about banking to know how they distribute the hard currency...but I assume that they can just deliver the hard currency after the auction.....others may have better input then I on this one......

[Alex38]

Cbi still down.

[zigmeister]

Cbi still down.

good.

[Carrello]

abby normal?

Was it Paul or Ringo that sang that?

Thanks for reminding me of how old I've become. I still can remember watching Leave it to beaver in black & white.

Remember the twin beds and pajamas for the folks. Mrs. Cleaver!

Did you ever dance in front of the Hi-Fi to Jail House Rock?

You're not alone.

Edited January 22, 2012 by Carrello

[sportfisher]

it looks like the are selling dinar...........not buying........just asking a question.......if they are selling dinar..........could it be they are selling the lower denoms to the banks...........GO DINAR

These auctions are foreign currency auctions. They are selling foreign currencies (dollars). The IQD is not a foreign currency to them, it is their currency, and it is not dollars.

here is example how the foreign currency auction works.

http://www.azzaman.com/english/index.asp?fname=news\2012-01-02\kurd.htm

“We withdrew in one single day about one quarter of a trillion dinars, thereby brining stability to the currency,” Saleh said.

Read more:

Edited January 22, 2012 by sportfisher

[JustNTime]

Just wondering...What are the chances of an auction ending up as a perfectly even $2000,000,000, The CBI web site seemingly to be off line since the end of their day till now still, all upon the beginning of a 4 day banking summit where Shabibi been quoted as saying "the central bank moved recently to raise the Iraqi dinar exchange rate at the foreign currencies, particularly the U.S. dollar in order to restore confidence in local currency and create the opposite direction from the dollar to the spaces of the Iraqi dinar."

[bamagirl]

Just wondering...What are the chances of an auction ending up as a perfectly even $2000,000,000, The CBI web site seemingly to be off line since the end of their day till now still, all upon the beginning of a 4 day banking summit where Shabibi been quoted as saying "the central bank moved recently to raise the Iraqi dinar exchange rate at the foreign currencies, particularly the U.S. dollar in order to restore confidence in local currency and create the opposite direction from the dollar to the spaces of the Iraqi dinar."

Maybe it will all add up to 1:1!!!

[fnbplanet]

These auctions are foreign currency auctions. They are selling foreign currencies (dollars). The IQD is not a foreign currency to them, it is their currency, and it is not dollars.

here is example how the foreign currency auction works.

http://www.azzaman.com/english/index.asp?fname=news\2012-01-02\kurd.htm

“We withdrew in one single day about one quarter of a trillion dinars, thereby brining stability to the currency,” Saleh said.

Read more:

See post #43. This one says they're selling dinar. This seems different than what we've seen lately.

Just wondering...What are the chances of an auction ending up as a perfectly even $2000,000,000, The CBI web site seemingly to be off line since the end of their day till now still, all upon the beginning of a 4 day banking summit where Shabibi been quoted as saying "the central bank moved recently to raise the Iraqi dinar exchange rate at the foreign currencies, particularly the U.S. dollar in order to restore confidence in local currency and create the opposite direction from the dollar to the spaces of the Iraqi dinar."

The odds get better at hitting an even mark when you are really, really trying to hit it:

Anyone seeing a pattern developing here?

1838 15-Jan 1,205 1,170 231,115 24,500 206,615

1839 16-Jan 1,205 1,170 232,516 19,250 213,266

1840 17-Jan 1,205 1,166 201,290 25,500 175,790

1841 18-Jan 1,199 1,166 200,140 10,750 189,390

1842 19-Jan 1,209 1,166 199,905 5,500 194,405

1843 20-Jan NO AUCTION NO AUCTION NO AUCTION NO AUCTION NO AUCTION

1844 21-Jan NO AUCTION NO AUCTION NO AUCTION NO AUCTION NO AUCTION

1845 22-Jan 1,199 1,166 200,000 28,250 171,750

The 15th and the 16th were also similar to each other. Looks like they're becoming "goal oriented", and have targets set for them. I would deduce that they have a very definite plan, and are determined to maintain and/or reach it.

But that's just me. I'm a pattern recognition obsessive.