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The central bank sells more than $ 174 million in a currency sale auction


yota691
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BAGHDAD / BAGHDADIYA - The Central Bank of Iraq (CBI) sold at a foreign exchange auction today more than $ 170 million. 
"The total amount sold amounted to 170 million, 603 thousand and 708 dollars, with the participation of 32 banks," said a statement by the bank. 
The total sale for the purpose of strengthening the assets abroad / remittances and credits / 129 million and 603 thousand and 708 dollars, while the total sales cash $ 41 million "The  

statement said," The sale of amounts transferred to bank accounts abroad and cash sales was at 1190 dinars per dollar " 

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Today, Central Iraqi sales increased to $ 6.6 million

05:10 - 08/07/2018

 
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BAGHDAD (Reuters) - 
Iraq's central bank said on Sunday its foreign currency sales rose to $ 131.28 million from $ 124.71 million last Thursday, up by $ 6.6 million. 
"Foreign exchange sales rose to 131.28 million dollars against sales of 124.71 million dollars last Thursday, 6.6 million dollars," the bank said in a statement received by Mawazine News. "The exchange rate was 1190 dinars per Dollars, in the auction held with the participation of 32 banks. " 
The statement added that "these sales are the results of an auction tomorrow," noting that "the total sales today amounted to 170.603 million dollars." 
He pointed out that "the volume of funds sold to strengthen the bank balances abroad amounted to 129.603 million dollars, while the total cash sold was estimated at about 41 million dollars."
He explained that "the sale of amounts transferred to the accounts of banks abroad is at the price of 1190 dinars per dollar, while the cash sale will be at the same price." Ended 29/6 n

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  • yota691 changed the title to The central bank sells more than 176 million dollars in currency auction
 
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 Market


Economy News _ Baghdad

 The Central Bank of Iraq sold at a sale auction of foreign currency today more than 176 million dollars. 
A statement of the bank received "Economy News" a copy of it, "The total amount sold amounted to 176 million and 132 thousand and 151 dollars, with the participation of 35 banks."

The total sales for the purpose of strengthening the assets abroad / remittances and credits / 137 million and 452 thousand and 151 dollars, while the total cash sales of 38 million and 680 dollars.

The statement said that "the sale of amounts transferred to bank accounts abroad and cash sales was at 1190 dinars per dollar."


Views 10   Date Added 11/07/2018

 
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  • yota691 changed the title to Today, sales of the Central Bank of Iraq decreased 4 million dollars

Today, sales of the Central Bank of Iraq decreased 4 million dollars

03:57 - 12/07/2018

 
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BAGHDAD (Reuters) - 
The Central Bank of Iraq (CBI) said Thursday its foreign currency sales fell to $ 135.09 million, compared to $ 139.41 million on Wednesday, at $ 4.32 million. 
In a statement received by Mawazine News, the bank said that sales of foreign currency fell to $ 135.09 million, compared to sales of $ 139.41 million on Wednesday, by $ 4.32 million. 1190 dinars per dollar, in the auction held with the participation of 34 banks. " 
The statement added that "these sales are the results of the auction on Sunday," explaining that "the total sales totaled 147.57 million dollars."
He pointed out that "the volume of funds sold to strengthen the bank balances abroad, amounted to 133.97 million dollars, while the total cash sold by about 40.6 million dollars," pointing out that "the sale of amounts transferred to the accounts of banks abroad at the price of 1190 dinars per dollar, The cash will be at the same price. "

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  • yota691 changed the title to The central bank sells more than $ 174 million in a currency sale auction

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The Iraqi Central Bank auctioned the sale of foreign currency more than 174 million dollars.
He said in a statement that "the total amount sold amounted to 174 million and 567 thousand dollars, with the participation of 34 banks, indicating that the total sales for the purpose of strengthening the balances abroad / remittances and credits amounted to / 133 million and 967 thousand dollars, while the total cash sales 40 million and 600 thousand dollars, .
He added that "the sale of amounts transferred to bank accounts abroad and cash sales was at 1190 dinars per dollar."
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Foreign Currency Selling Window for 15/7/2018 that performed on 12/7/2018

 

Announcement No.(3741)

                          Sale Date - 15/7/2018 that performed on 12/7/2018

Details
  Amount
Total sale for the purpose of strengthen outside assets (Transfers and credits)
133,967,000
Total sale cash
40,600,000
Total sale  amount
147,567,000

Note:

  • Selling price of remittance money to bank accounts outside is (1190) ID for each Dollar.
  • Cash selling price is (1190) ID for each Dollar.
 
2 hours ago, yota691 said:

He said in a statement that "the total amount sold amounted to 174 million and 567 thousand dollars, with the participation of 34 banks, indicating that the total sales for the purpose of strengthening the balances abroad / remittances and credits amounted to / 133 million and 967 thousand dollars, while the total cash sales 40 million and 600 thousand dollars,

 

Maybe someone can help me out here.

 

The daily CBI currency auctions occur Sunday through Thursday a day ahead of time (also Thursday for Sunday). Today is Friday. The results shown are for yesterday’s auction for Sunday. The date on the article Yota posted is for TODAY, Friday, July 13. So, the 174,567,000 dollars is for what and what day? Is this a different CBI currency auction mentioned here? I do not recall a daily CBI currency auction ever occurring on a Friday.

 

One thought that came to mind is the CBI daily currency auctions may be aligning with the international Sunday night through Friday night cycle.

 

I like “international” if that really is the case!!!

 

In The Mean Time............................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET ‘ER BUCK!!!)!!!

:rodeo:   :pirateship:

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29 minutes ago, magawatt said:

Do I have this correct? Joe Bagdad gives his dinars to the bank to buy US dollars or other foriegn currency. This takes dinars out of circulation and bolsters the dinar. 

All good for us, right?

 

thats been my understanding and my opinion , years ago cbi stated the goal was moving from 4 billion notes to one billion in circulation ... we just don't know exactly how far along in the plan they have achieved to date also a certain amount of iqd is put back into circulation at any given time as usual there is much we will never know till past tense ,,, heres hoping  

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1 hour ago, magawatt said:

Do I have this correct? Joe Bagdad gives his dinars to the bank to buy US dollars or other foriegn currency. This takes dinars out of circulation and bolsters the dinar. 

All good for us, right?

 

The other thing I am not sure of is where the down payment comes from for the loans the Joe Baghdad types get for housing, cars, etc. Some of it could be taken electronically from their existing bank accounts but I suspect any new loan recipients/bank customers will have to fork out the hard cash notes to get the loan(s). So, getting the Joe Baghdad types to open a bank account for financial inclusion AND hard cash notes are taken out of the CHUNKAE' MONAE' in circulation in Iraq makes EVERYBODY all HAPPAE' I surmise.

 

Well, OK, more of my connect-the-dots here so CAVEAT EMPTOR, Reader, for whatever THAT is worth!!! :o

 

In The Mean Time..............................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

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3 hours ago, 3n1 said:

 

thats been my understanding and my opinion , years ago cbi stated the goal was moving from 4 billion notes to one billion in circulation ... we just don't know exactly how far along in the plan they have achieved to date also a certain amount of iqd is put back into circulation at any given time as usual there is much we will never know till past tense ,,, heres hoping  

 

My understanding is that the goal was to go from 40 Trillion dinar to 40 Billion dinar, by removing the 3 Zeros.

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19 minutes ago, Floridian said:

 

My understanding is that the goal was to go from 40 Trillion dinar to 40 Billion dinar, by removing the 3 Zeros.

So are you saying that when they have 40 trillion dinar in circulation that they will start the exchange of notes at the banks?  For example  trade a 25000 dinar not in for a 25 dinar note.  That's the only way I see of getting the 40 trillion physically  off the street.

 

Looking for other ideas

 

Edited by cranman
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11 minutes ago, cranman said:

So are you saying that when they have 40 trillion dinar in circulation that they will start the exchange of notes at the banks?  For example  trade a 25000 dinar not in for a 25 dinar note.  That's the only way I see of getting the 40 trillion physically  off the street.

 

Looking for other ideas

 

 

No, that's not what I'm saying.  They are trying to collect as many dinars as possible (mattress money) by getting people to open bank accounts, selling bonds, encouraging people to get mortgages (where they need money for down payments) and things like that.

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6 hours ago, magawatt said:

Do I have this correct? Joe Bagdad gives his dinars to the bank to buy US dollars or other foriegn currency. This takes dinars out of circulation and bolsters the dinar. 

All good for us, right?

Every dinar  is a liability for the Central   Electronic or currency. ( M-2 ) A dinar is a dinar. The Central  has to cover all dinars. 

I'm pretty sure that the auctions are primarily for business transactions. When Iraqi businesses  imports items they use USDs to pay for these items. 

 

 

 

Edited by SocalDinar
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1 hour ago, SocalDinar said:

Every dinar  is a liability for the Central   Electronic or currency. ( M-2 ) A dinar is a dinar. The Central  has to cover all dinars. 

I'm pretty sure that the auctions are primarily for business transactions. When Iraqi businesses  imports items they use USDs to pay for these items. 

 

Maybe You could help me understand better.

 

My estimation is the typical Iraqi deals with Iraqi Dinar for purchased from businesses. These businesses do business with larger entities in Iraqi Dinar where eventually a business entity has to convert their Iraqi Dinar to USD to pay for foreign purchases at the CBI (there may be other legally recognized exchanges). There could be electronic Iraqi Dinar that makes its way all the way from the Iraqi Citizen now to the Iraqi International Business to be converted to USD (I assume electronically for electronic USD transfer to foreign accounts). Along the way from the Iraqi Citizen, there is likely a significant volume of Iraqi Dinar notes entering this process that eventually ends up in various banks then eventually at the CBI where the banks are credited by the CBI in electronic Iraqi Dinar for physical Iraqi Dinar received from the banks. As more and more salaries are paid electronically instead of physical Iraqi Dinar notes, the natural amount of Iraqi Dinar notes being circulated (pay to the Iraqi Citizen as wages then used for purchases) for day to day transactions goes down so the Iraqi Dinar notes in circulation also goes down. There may be a significant amount of CHUNKAE' MONAE' held static in Iraqi mattresses, etc whereas the opportunities to acquire loans with a corresponding down payment may be a way to suck more CHUNKAE' MONAE' out of the Iraqi mattresses, etc and into the banks (banks are then credited electronically in Iraqi Dinar for physical Iraqi Dinar notes transferred from the banks to the CBI) so the Iraqi has a higher standard of living now before the revalue. But then a loan payment, too, that may even suck more CHUNKAE' MONAE' out of those feisty Iraq mattresses, etc.

 

All in all, I do think the Iraqi Dinar notes outside of the CBI and in Iraq is going down and the Iraqi Dinar notes at the CBI is going up (or maybe destroyed when converted to electronic Iraqi Dinar). How much (actual) Iraqi Dinar is in circulation may not be accurately noted in the current Iraqi news articles.

 

Does this sound right?

 

The Best Of Your Weekend To You, SocialDinar!!! :tiphat:

 

In The Mean Time...................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

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1 hour ago, Synopsis said:

All in all, I do think the Iraqi Dinar notes outside of the CBI and in Iraq is going down and the Iraqi Dinar notes at the CBI is going up (or maybe destroyed when converted to electronic Iraqi Dinar). How much (actual) Iraqi Dinar is in circulation may not be accurately noted in the current Iraqi news articles.

You're correct my friend.

This is why they have a liquidity problem, because they took a lot of 000 notes out of circulation.

I also agree with you in the actual amount of dinar in circulation...... Is not 40 trillion.....  I believe the CBI have another set of books with the real numbers.

 

Go new monetary 

Go real market value 

Go purchasing power

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15 minutes ago, Laid Back said:

not 40 trillion.....  I believe the CBI have another set of books with the real numbers.

 

Yes!!!! I’ve believed this the entire time! They are not being truthful about their official numbers.....they’re gonna Suddenly surprise the world when the time is right and will explain how they reduced the more count post event not before! IMHO 

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32 minutes ago, Laid Back said:

You're correct my friend.

This is why they have a liquidity problem, because they took a lot of 000 notes out of circulation.

I also agree with you in the actual amount of dinar in circulation...... Is not 40 trillion.....  I believe the CBI have another set of books with the real numbers.

 

Go new monetary 

Go real market value 

Go purchasing power

 

16 minutes ago, NEPatriotsFan1 said:

Yes!!!! I’ve believed this the entire time! They are not being truthful about their official numbers.....they’re gonna Suddenly surprise the world when the time is right and will explain how they reduced the more count post event not before! IMHO 

 

Thank You AND Excellent Comments, Gentlemen, AND The Best Of Your Weekends To You!!! :tiphat:

 

Go Moola Nova!

:pirateship:

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How Much of that dinar recovered in auctions gets recycled to pay for saleries, polititions pockets and such? How much dinars did they distroy or have in reserves? I'm thinking probably using all of it and printing more and more. Barrowing more and more. 

Corruption rules. 

 

Hope I'm wrong.

Edited by jg1
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4 minutes ago, NEPatriotsFan1 said:

and will explain how they reduced the more count post event not before! IMHO 

 

agree.. my belief there is a plan the cbi knows exactly what they are doing many people have tried to figure it all out with the note count the 3 zero project all the monetary currency reform news and articles over the years, the theories and all the speculation is simply just that imo the 50K note possibly could have been part of the plan to reduce the note count also , but in the end it becomes olympic mental gymnastics if one feels they can figure it out ,, The future of Iraq project the feasibility studies and many other documents are real and do in fact point to a Plan for iraq ... cheers dv we wait 

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So do their salaries get paid in a “paycheck” like we do here in the US?   It seems that that would definitely help reduce the note count.  Or did they previously pay employees in cash and are now trying to get people to use a “debit card type situation with direct deposit”.  This is confusing to me because it is so mainstream here.  Is that why the credit card agreements are so monumental? 

Thanks in advance for helping me to understand. 😎

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good questions SM, if u remember back the card payment kinda started as a pilot program for the green zone (goi) then to retirees and the military fast forward to today the debit card system is pushing to become mainstream to all iraqis its all by design to non iraqis looking in it looks like they are flying by the seat of their pants but im confident they are being lead forward into a system ....

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4 hours ago, Laid Back said:

You're correct my friend.

This is why they have a liquidity problem, because they took a lot of 000 notes out of circulation.

I also agree with you in the actual amount of dinar in circulation...... Is not 40 trillion.....  I believe the CBI have another set of books with the real numbers.

 

Go new monetary 

Go real market value 

Go purchasing power

We have discussed this many times. I believe they have a second set of books with a goal to reach. The CBI has been pushing hard to get the money off the street. 

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