CBI Currency Auction - Wednesday, 10 April 2013

[dontlop]

Functional and presentation currency

The financial statements are presented in Iraqi Dinar (IQD), which is the Bank’s functional

currency. All financial information presented in IQD has been rounded to the nearest million.

 

Foreign currency

Transactions in foreign currencies are translated to the functional currency of the Bank at the spot

exchange rate at the date of the transaction.

from markinsa link

[RVPleaseToday]

That would be correct. When a transaction takes place, it is at the exchange rate that exists on the day the transaction takes place.

[greeneyedlady]

Here's my thought...

If they exchange the usd into their money, aren't they LOOSING money because their money is toilet paper?

[RVPleaseToday]

they set the buy and sell rates. the CBI makes money both ways.

[Bunk]

Bottom line,I AM going to be rich because I own some Dinar,s...  Right??? 

 

Good thread to read though.... go rv.

[dontlop]

Functional and presentation currency

The financial statements are presented in Iraqi Dinar (IQD), which is the Bank’s functional

currency. All financial information presented in IQD has been rounded to the nearest million.

 

Foreign currency

Transactions in foreign currencies are translated to the functional currency of the Bank at the spot

exchange rate at the date of the transaction.

from markinsa link

i guess since iraq has a multi currency policy using different currencys they would all need to be converted into a single  currency for  financial statements .. so they use the iqd on their financial statements which to me means those numbers are covering all currencys  at the iqd rate .

 

There is a multi-currency system in place where foreign currency freely circulates in the market.   to me the financial  statements are all the assets foriegn and domestic converted to millions  of iqd . at the market rate  of the day of the transaction  then listed on financial statement ... if foriegn money is deposited  3 days ago its listed at the  exchange rate 3 days ago on the financial statements ..the financial statements  dont flucuate  because of rate changes .. when they are  transated again they go by the new  exchange rate that day.

 

so if i put fifty bucks in the cbi today .. it gets todays rates on the financial  statement .. if i take it out next year i dont get todays rate ,, i get next years rates .

There is a multi-currency system in place where foreign currency freely circulates in the market. As a result checks are officially cleared at the CBI in all major foreign currencies, particularly the US$.

http://www.iraqitic.com/iraqiTIC_policyEnvironment_ar.php

[coxcreeksc]

Hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm..................................