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CBI Currency Auction - Thursday, 19 September 2013


ronscarpa
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Currency Auctions

Announcement No. (2482)

 

The latest daily currency auction was held in the Central Bank of Iraq on Thursday, the 19th-Sep-2013 . The results were as follows:

 

DETAILS --------------------- & ------------------- NOTES

 

Number of banks ------------------------------ 19

Auction price selling dinar / US$ ----------- 1166 

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

Amount sold at auction price (US$) ------- 133,890,000 

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

Total offers for buying (US$) --------------- 133,890,000 

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

 

Exchange rates

Dollar's exchange rates / in Baghdad markets

 



This is a relatively low Auction for 19 Banks purchasing USD...Plus, it's the day of the National Meeting - hoping good things will come from it..!  :tiphat: 

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Iraqi Dinar Exchange Rate Linked

To Oil Exports, Federal Reserves Iraq%20bank.jpg?t=thumbnail_578

A client counts his money at Al-Rafidain Bank in Baghdad, June 21, 2009. (photo by REUTERS/Bassim Shati)
               

According to an Iraqi financial expert, the value of Iraq’s federal reserves currently amounts to about $80 billion, following the recent increase in the country’s oil exports. Nevertheless, no information was made available by the Central Bank of Iraq (CBI) to this effect.

 

Speaking to Al-Monitor, Iraqi financial expert Hussein al-Asadi said, “According to my information, the value of Iraq’s federal reserves currently amounts to about $80 billion. This includes funds, precious metals and other items.”

Nevertheless, the spokesman for the CBI, which is charged with managing the federal reserves of Iraq, has yet to issue a statement in this regard. Meanwhile, Al-Monitor’s correspondent in Baghdad failed to obtain comment from the bank’s governor, Abdul Basit Turki, to this effect, or determine the identity of those authorized to speak to the media. The bank has only issued statements to comment on the developments of its work.

 

THE DAILY ENERGY AUCTIONS ARE NOT CURRENCY SALES, BUT SALES OF OIL TO LOCAL REGIONAL COUNTRIES...  DO NOT BE FOOLED BY GURUS PUMPING THAT THE CURRENCY IS BEING PULLED OR ADDED TO THE IRAQI ECONOMY.

 

Also, the reason there are 19 banks is to spread the deposit to multiple locations to reduce risk.

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