Double CBI Daily Currency Auction - Sunday, 22 December 2013

[ronscarpa]

Currency Auctions

Announcement No. (2559)

 

The latest daily currency auction was held in the Central Bank of Iraq on the 21st-Dec-2013 port on 22nd-Dec-2013 results were as follows:

 

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

 

Number of banks ------------------------------ 21

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

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

Amount sold at auction price (US$) ------- 175,777,000

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

Total offers for buying (US$) --------------- 175,777,000

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

 

Exchange rates

Dollar's exchange rates / in Baghdad markets

 

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Announcement No. (2560)

 

The latest daily currency auction was held in the Central Bank of Iraq on Sunday, the 22nd-Dec-2013. 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$) ------- 219,090,000

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

Total offers for buying (US$) --------------- 219,090,000

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

 

Exchange rates

Dollar's exchange rates / in Baghdad markets

 

 

Once again thee CBI has a Double Auction, but their changing the choice of words is a bit confusing. We continue to wait and watch for the CBI to act in coordination with the GOI to release the LDs and increase the value of the IQD.  There are upcoming meetings with World organizations, the supposed implementation of the Tax & Tarriff Laws on 1 Jan 2014, pending meetings to finalize and agree upon the 2014 Budget - so we wait...! Have a wonderful Sunday everyone & may God Bless you all...! RON   

[SgtFuryUSCZ]

***///

 

Thanks, RONSCARPA...!  

[Butifldrm]

Thanks Ron.

Once again thee CBI has a Double Auction, but their changing the choice of words is a bit confusing. We continue to wait and watch for the CBI to act in coordination with the GOI to release the LDs and increase the value of the IQD.  There are upcoming meetings with World organizations, the supposed implementation of the Tax & Tarriff Laws on 1 Jan 2014, pending meetings to finalize and agree upon the 2014 Budget - so we wait...! Have a wonderful Sunday everyone & may God Bless you all...! RON    

 

 

Approving the tables imported goods covered by the application of the customs tariff law

12/22/2013 15:12 
 

She said the General Secretariat of the Council of Ministers decided that the council minutes regular second session held on 17.12.2013 approving the application of the customs tariff law No. 22 of 2010, according to schedules set by law, published in the Gazette of the Iraqi Issue (4170) on 6/12/2010 Starting Date 02/01/2014.

It showed the Department of Cabinet Affairs of the Office of Information and Communication said the government decision was the Ministry of Finance provides a detailed report to the Council of Ministers within three months from the date of application of the law includes a statement of the progress of the application of the above mentioned law and the obstacles to its application. 

The Cabinet has already approved the establishment of the Ministry of Finance to apply the law of the customs tariff in the earlier decision was taken at the first session on 10.12.2013 and that the application of the law on several stages and does not include the first phase of food and construction materials, clothing and agricultural supplies and materials related to the domestic industry. .

 

 

http://www.cabinet.i...ow.aspx?ID=4101

Edited December 22, 2013 by Butifldrm

[djgabrielie]

Ron,

 

Why would the CBI have a double currency auction?

 

What prompts a double currency auction?

[captl1]

Thanks Ron! Each day a little closer. Have great Sunday.

[djgabrielie]

Ron,

 

Why would the CBI have a double currency auction?

 

What prompts a double currency auction?

Ron, do you know why?

[ronscarpa]

Ron,

 

Why would the CBI have a double currency auction?

 

What prompts a double currency auction?

 

 

Ron, do you know why?

 

If we follow the first series of double auctions they had prior to the EID Feast & holiday, and a few weeks after the holiday the CBI held two Auctions on the same day and were posted on either the designated day, or the day after. In this Auction they use slightly different words and use the term 'post". Nevertheless, no Auction was posted yesterday, but was showing both 21st & 22nd auction today. The Pre- EID Auctions were truly two separate auctions held on the same day - one for the actual bidding day, and one for the designated day during the Feast. I can bring the up again if you need them. I hope this gives some clarification.   Be Blessed...RON   

Edited December 22, 2013 by ronscarpa

[arewethereyet777]

Thanks for the info!

[TBomb]

We're still at 1218 for the street/market rate.  Last week at this time, the cbi currency auction exchange rates pdf stated that the street/market sell rate was 1190..which was within the 2% or under spread between the cbi official rate and the market/street rate, which is a requirement stated by the IMF, which they'd like to see the cbi within prior to being allowed to officially enter article 8 (IMF).  I saw the pdf with this 1190 rate, the next day, or so, it was changed to show 1218 (typo or intentional - idk).  To be within the IMF guidelines towards art 8 adherence, we need to see that rate down to under a 2% spread (between official cbi rate of 1166 and the street/market sell rate), so around 1203 or so, and below.

[uncirculd]

2 auctions, one for maliki one for the bank....   

[Markinsa]

Perhaps, they are preparing for the Christmas Holidays and with the Banks in the U.S. & European Countries and other Christian countries closing for the Holidays?

 

-

[sandfly]

THANKS

[djgabrielie]

If we follow the first series of double auctions they had prior to the EID Feast & holiday, and a few weeks after the holiday the CBI held two Auctions on the same day and were posted on either the designated day, or the day after. In this Auction they use slightly different words and use the term 'post". Nevertheless, no Auction was posted yesterday, but was showing both 21st & 22nd auction today. The Pre- EID Auctions were truly two separate auctions held on the same day - one for the actual bidding day, and one for the designated day during the Feast. I can bring the up again if you need them. I hope this gives some clarification.   Be Blessed...RON   

 

Thanks for getting back to me Ron.  They didn't have a holiday yesterday which was the end of their weekend. Therefore I take it that they actually held two auctions on the same day. One with 21 banks and another with 19 banks.  I am still unsure of why they would do this even after your explanation.

 

I'm still having difficulty understanding these auctions. "keepmwlknfny" gave me what I thought was a pretty good explanation a few months ago however; I'm not sure about this aspect of auctions.

 

http://mycalendar.org/Holiday/Iraq/

 

 

Thanks again for your post.