CBI Currency Auction - Monday, 18 Feb 2013

[ronscarpa]

Currency Auctions - Announcement No. (2317)

The latest daily currency auction was held in the Central Bank of Iraq on Monday, the 18-Feb-2013. The results were as follows:

DETAILS .......... & .......... NOTES

Number of banks 22

Auction price selling dinar / US$ 1166

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

Amount sold at auction price (US$) 104,183,000

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

Total offers for buying (US$) 104,183,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

The CBI Auctions continue, and the Dollar amount continues to decrease for the 6th session....very interesting....RON

[RVandGolf]

Thanks Ron! Just checked this out myself... Interesting... Does it mean something?

[dontlop]

to me it means people are hanging on to their dinars .. thats good for de-dolarization .. when your govt tells you they are gong to increase the value of the dinar ..would you buy dolars with your dinars ?

an increase on the dinar is stregthining the dinars monetary unit structure . .. with in the imf all money is valued at a starting point of one monetary unit .. the standard had to be something .. something to base values of all curencys .. the imf uses the dollar as that standard .. one dollar equals one monetary unit .. the dinar equals .00086 monetary units right now

[yusofsabri]

to me it means people are hanging on to their dinars .. thats good for de-dolarization .. when your govt tells you they are gong to increase the value of the dinar ..would you buy dolars with your dinars ?

No

[blueskies]

Look at the trend over the last week. Hasn't the sale of dollars been going down every single day?

[dontlop]

the auctions have been going down ever since the govt said it was going to increase the value of the dinar from 1166 to 1000 to a dollar

[staunch]

No

yes

[rockfl9]

Since the budget is being held up the GOI does not need to buy as many dinar. It cannot pay out any fund except government salaries ,and welfare. .. It prefers to hold onto dollars instead .... Just good business. When the budget is passed look for the auctions to catch up.

[joekooltrips]

yes

Maybe

[yusofsabri]

Maybe :)/>

Y?

[SocalDinar]

Look at the trend over the last week. Hasn't the sale of dollars been going down every single day?

The trend I've noticed is that since Shabs has left the amount of cash transactions has gone up.

About 120 million cash a week lately. Shabs was averaging about 100 million a week. It went up a bit during his last two weeks.

Todays cash portion was 25,400 million. Almost 25 % of the total auction.

Market price is at 1230 today

[staunch]

The trend I've noticed is that since Shabs has left the amount of cash transactions has gone up.

About 120 million cash a week lately. Shabs was averaging about 100 million a week. It went up a bit during his last two weeks.

Todays cash portion was 25,400 million. Almost 25 % of the total auction.

Market price is at 1230 today

What could this mean???

[TQueezy]

Higher cash portion means more people are buying US cash but not as much trading is going on with the US dollar in recent auctions. Likely explanation is that people are using the USD more in cash instead of spending dinar so these banks need more US cash to restock.

[endeavor1]

It might have something to do with security at the borders....imo...go RV!!!

[jcfrag]

the auctions have been going down ever since the govt said it was going to increase the value of the dinar from 1166 to 1000 to a dollar

So what does 1166 to 1000 factor out to be anyway?

[dontlop]

So what does 1166 to 1000 factor out to be anyway?

in my wierd way of thinking .. its 1000 to one dollar ..or 1/1000% of one monetary unit .. which to me is nothing but a pre announcement of a small rv of 11.66%  as a bounty to sell your dollars for dinars in iraq  for a good start on de-dollarization of iraq local markets.. so they can put those dollars in the cbi foriegn reserves .

Edited February 21, 2013 by dontlop

[jcfrag]

Think I'll sit on mine till it gets better than that........   yet would be a really great push for sure!!!  (better than what I've seen so far!!!!)   Come on baby...let luck be a lady!!