Currency Auctions $21 OR $221 - YOU Decide!

[fnbplanet]

So which is it, 221million or 21million? Also, they had sales yesterday?

Rise in CBI sales to $221 million

Baghdad, February 6 (Rn) – The Central Bank of Iraq that the sales of the dollar rose on Monday to $ 221 million versus $209 million in yesterday’s trading session.

The deputy governor of the Central Bank of the appearance of favor, told the Kurdish news agency (Rn) that “the central bank sales of dollar today reached to 221 million dollars.”

He added that “the problem of selling the difficult process owners need to adapt banking libraries with new mechanisms established by the Bank to prevent the smuggling of currency.”

And arrived in central bank sales in the January 11 last to $ 300 million for the first time in years.

And the development of a new mechanism requires the bank to withdraw hard currency on the basis of the importance of development projects in the country, after it has spread in recent times the phenomenon of smuggling hard currency to Iran, facing international sanctions.

Iraq refused to take part in the international community to impose economic sanctions on Iran.

Saleh said that “the increasing demand for the sale of hard currency these days comes because of the circumstances that prevailed in the neighboring countries of the major political problems.”

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

My link

The latest daily currency auction was held in the Central Bank of Iraq on the 6-FEB-2012. The results were as follows:

DETAILS NOTES

Number of banks 3

Auction price selling dinar / US$ 1166

Auction price buying dinar / US$

Amount sold at auction price (US$) 21,871,000

Amount purchased at Auction price (US$)

Total offers for buying (US$) 21,871,000

Total offers for selling (US$)

My link

We need help figuring out which of these Auction articles is true. The answer is not "both".

[one2one]

why are they selling U.S.D.---instead of their own currency ?

[trooper]

banking libraries? does that = banking reserves?

[tamiflyer]

3 banks and all buying through a window? I'll stick with the CBI's website number. Thank you for your post. GLTA and Go RV.

[Dinarduo]

Could the higher volume be from transactions outside of the auctions? Like the window transactions? The article doesn't seem to specify that it is from the auction, they refer to "sales".

[NYer]

So which is it, 221million or 21million? Also, they had sales yesterday?

Read more:

So glad you posted this question. i was just reading articles that claimed 2 different auction amounts and was confused!

[fnbplanet]

I started this thread because I just can't figure out why the CBI site, that we all hold in such high regard, is stating that their sales of USD were 90% less than what there Deputy Governor (Saleh?) is saying to the press. As of late, we've all been fascinated at anything that is out of the ordinary, hence, our focus on the wild swings of the auctions over the last couple of months. Today, we see this contradiction. $221 and $209 are pretty specific numbers to be throwing around, not just guesses. It's not a recycled article, I've checked back a whole year.

[Royce]

Always check the CBI web site: These are the only numbers that matter!

Announcement No. (2071)

The latest daily currency auction was held in the Central Bank of Iraq on the 6-FEB-2012. The results were as follows:

Details Notes Number of banks 3

Auction price selling dinar / US$ 1166

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

Amount sold at auction price (US$) 21,871,000

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

Total offers for buying (US$) 21,871,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

[bodeen]

It says trading session not currency auctions.. Are they the same?? I'm confused again... Where'd I put that beer??

[rockhound60]

IT'S LIES ALL LIES , WHAT LIES NEXT?

[tamiflyer]

The disclaimer @ the CBI specifially says that the only messages that are official are in Arabic and are not responsible for other links or even translations. Here is the one in Arabic. It is still 21 million.

عدد المصارف المساهمة في المزاد 3 السعر الاساس الذي رسا عليه المزاد بيعا دينار /دولار 1166 السعر الذي رسا عليه المزاد شراءاً دينار / دولار ----- المبلغ المباع من قبل البنك بسعر المزاد - دولار 21,871,000 المبلغ المشترى من قبل البنك بسعر المزاد - دولار ----- مجموع عروض الشراء - دولار 21,871,000 مجموع عروض البيع - دولار ----

[429]

Good find, fnbplanet!

Also, thanks to tamiflyer for the input.

Go RV

[Butifldrm]

Can someone please pull up the PDF under currency auctions. For some reason using two different search engines, the last update on the PDF I see is January 22, 2012. I know that can't be right. I was just wondering if anyone else could get an updated PDF with today's entry?

[sportfisher]

why are they selling U.S.D.---instead of their own currency ?

Uhmm.......................It's a 'Foreign Currency Auction", they are selling foreign currency, not their own currency at these auctions.

[zigmeister]

It is very possible the auction and the sales are two different animals. The sales may be the "new tool" of Shabibi to bring in the cash. But as I stated before, but it looks to me like they are still doing business with the other 20 banks. You know the ones of concern.

[mcuman]

You may want to bookmark this for future reference. It's the PDF published by the CBI on a daily basis for the auctions. The latest is at the bottom of the list.

My link

[Danneedsrvnow]

It is very possible the auction and the sales are two different animals. The sales may be the "new tool" of Shabibi to bring in the cash. But as I stated before, but it looks to me like they are still doing business with the other 20 banks. You know the ones of concern.

I agree with your 20 banks theory.....furthermore, I think the currency volume has been the same as always.

It would seem that the auctions are still happening, only difference is most of the currency sales are through other stated means (through windows/banks/whatever).

[zigmeister]

I agree with your 20 banks theory.....furthermore, I think the currency volume has been the same as always.

It would seem that the auctions are still happening, only difference is most of the currency sales are through other stated means (through windows/banks/whatever).

I agree. But now I have to question the concern of money laundering. It appears to me Iraq is doing business as usual but in a different form, the auctions being phased out.

[Butifldrm]

You may want to bookmark this for future reference. It's the PDF published by the CBI on a daily basis for the auctions. The latest is at the bottom of the list.

My link

mcuman, even when I use your link, I still see only january 22nd as the last entry on the PDF. I know that sound wierd, but true.

[fnbplanet]

My link

Yota just posted the above article confirming the $21 million.

So, what the heck was the other article?

[FlyHi]

mcuman, even when I use your link, I still see only january 22nd as the last entry on the PDF. I know that sound wierd, but true.

When I use it there are 57 pages to scroll through and the last entry is 6th Feb

[Danneedsrvnow]

I agree. But now I have to question the concern of money laundering. It appears to me Iraq is doing business as usual but in a different form, the auctions being phased out.

They have stated that the money laundering was through the CBI auctions. The main system they are using now is more personal....through windows as they have stated in articles. Face to face trading....with proof of who you are doing business with/for. This is preventing the smuggling. It will be interesting to actually see if the CBI auctions are phased out completely, or if the small auctions will continue. My personal guess is they continue auctioning face to face, instead of through CBI, (to prevent smuggling) until the new rate is released....then CBI will continue it's normal function. Once the new rate is released, I would think the smuggling would end. After all, the reason the smuggling is even happening, is because the Dinar is so devalued & others are aware of it becoming very valuable.

[zigmeister]

I understand what you are saying, and agree for the most part, but it seems to me they are dealing with the same banks in a different format. For the most part the "sales" are the equivalent or close to of what the auctions were with the 24 or less banks. I think they are dealing with the same people/banks. I could be wrong, not unusual, but somehow this seems like a facade.

[TQueezy]

So, earlier they lost 6 Billion dollars worth of their money or something... or our money, I forget. Point being, they lost A LOT of money. I don't think it was purposeful, like a lot of people think. I think they legitimately suck at accounting, regardless of the prestige and education Shabibi has. He's just a desk pen/pencil-pusher and document signer. He makes money to put his name on the bank's status. Yeah yeah... yell at me. The lower employees do all the work. And I think they do it badly. I think they just can't keep track of anything over there, let alone post accurate and timely information to their website. Don't believe ANYTHING the CBI says anymore, whatsoever. That's what I say.

[redsand]

So, earlier they lost 6 Billion dollars worth of their money or something... or our money, I forget. Point being, they lost A LOT of money. I don't think it was purposeful, like a lot of people think. I think they legitimately suck at accounting, regardless of the prestige and education Shabibi has. He's just a desk pen/pencil-pusher and document signer. He makes money to put his name on the bank's status. Yeah yeah... yell at me. The lower employees do all the work. And I think they do it badly. I think they just can't keep track of anything over there, let alone post accurate and timely information to their website. Don't believe ANYTHING the CBI says anymore, whatsoever. That's what I say.

That is definitly what you say and your opinion. You know 99% of the people in DV believe in the CBI...