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CBI Currency Auction 1/11/2011

Doc31

By Doc31,
in Iraq & Dinar Related News

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Doc31 Newbie

Doc31

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Currency Auctions

Announcement No. (1811)

The latest daily currency auction was held in the Central Bank of Iraq on the 11-JAN-2011.

The results were as follows:

DetailsNotesNumber of banks21

Auction price selling dinar / US$1170

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

Amount sold at auction price (US$)227,896,000

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

Total offers for buying (US$)227,896,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

2cdvbc6.jpg

Oil is up a bit nearing that $90 mark (while Bloomberg shows an average over $91)

Gold is up as well off of a two day channel

Zeroes ... well they aren't updating the pdf file ... last update Jan 5th ... regardless, the cash portion of the auction is 1.66M again on huge volume. Although today's volume is lower than yesterday the cash portion represents slightly higher percentage of the auction at about .73% which again is not significant compared to previous norms. So I'm calling it another near zero day.

Well DT and GID have both raised their prices AGAIN. DT is at $1260 an GID is at $1180. I wonder whether GID has resolved their problems ... they were shipping nearly a week after your wire was RECEIVED (not sent) ... for weeks on end ... my folks aren't the "wait around for it" kind of folks though so we had to go elsewhere.

Things that you'll want to check out ...

House of Representatives postponed the first reading of the draft budget until next Thursday ... I'm guessing that is two days from today

I see that al-Sadr has hit his stride again ... Attacks on US forces still an option, says Muqtada al-Sadr

Here's one everyone is talking about ... first the link: http://www.dohabank....hangeRates.aspx

1z5n9sn.jpg

I couldn't get USD on the list and still have the date for you ... so you can go to the link if you'd like although I've listed the average for you below. It and the EUR rates are about right. Note that there is no spread on the IQD ... I know!

Apparently they are using $3.54/KWD as their basis. So, if the Euro is .364975 (the average of the two numbers) and the USD is .2821 (again the average of the buy and sell numbers) then we see the IQD at .1 (average ... lol) ... we know that the EUR is roughly $1.2977 to the USD at $1 then the IQD is being reported to be what? ... $.35 on this dohabank site

I know it's hocus-pocus math but still ... makes you feel better about that upcharge you had to pay on the last IQD you bought ... right? ... well it did for me!

One more article: Iraqiya ends naming heads of its committees

I don't have a great deal to say this morning ... no coffee for two days ... you have been warned ... my plate is currently grossly overloaded ... so I will leave you with this:

“I believe the single most significant decision I can make on a day-to-day basis is my choice of attitude. It is more important than my past, my education, my bankroll, my successes or failures, fame or pain, what other people think of me or say about me, my circumstances, or my position. Attitude keeps me going or cripples my progress. It alone fuels my fire or assaults my hope. When my attitudes are right, there is no barrier too high, no valley too deep, no dream too extreme, no challenge too great for me.”as2.gif Charles R. Swindoll

Peace

Doc31

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RVDinar4MyFamily Newbie

RVDinar4MyFamily

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Thanks Doc, the USD is there you just have to scroll down to it, but as of now, the IQD has been removed from the exchange list so let the conspiracy theorys begin. It was there just a short while ago even after they had updated to the 11th, but now it is gone.

Budget being pushed back yet again til Thursday, hopefully they will actually get the first reading done.

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Doc31 Newbie

Doc31

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Thanks Doc, ... as of now, the IQD has been removed from the exchange list so let the conspiracy theorys begin. It was there just a short while ago even after they had updated to the 11th, but now it is gone.

Yessssssssssssssssssir ... in between the time that I took the websnap, did the math, and published it ... POOF ... it's gone!

Although I'm chuckling and have a smile on my face ... I don't really think that it is that big of a deal ... while I'm not a guy from Missouri ... I'm not going to go all conspiracy theorist either!

Peace

Doc31

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Carloshz09 Newbie

Carloshz09

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Yessssssssssssssssssir ... in between the time that I took the websnap, did the math, and published it ... POOF ... it's gone!

Although I'm chuckling and have a smile on my face ... I don't really think that it is that big of a deal ... while I'm not a guy from Missouri ... I'm not going to go all conspiracy theorist either!

Peace

Doc31

Nice

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aferriss Newbie

aferriss

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GID now selling 1 mil IQD for 1230 USD.

It's exciting to see that the purchasing price of dinar has gone up. However, I find that when I look at the price that they're buying them back at, it's not as good of a rate as before. For example, when my husband and I purchased dinar, it was $995 per million (gid associates), but the sell back was about a 10 percent difference maybe a little less (around $895.50 to $900.00). Sorry, I can't remember the exact sell back price. I just know it was about a 10 percent difference. Now take for example, the current buy and sell back.....1230 to buy....940 to sell back. If you divide the 940 by 1230 minus 1.00 (because this is the 100 percent you subtract from the rate, for those who are not good math people) = 23.5 percent. That gives you approximately a 10-13 percent increase in profit for the dinar dealer (when you subtract the new percentage, 23.5 percent from the 10 percent originally).

Now before you slam me, I am just trying to figure this out logically or analytically, if you will. (And I know most of it will be speculation....BUT....) :D Would it be safe to say that the reason the dinar dealers are increasing their price is due to the law of supply and demand? Or do you think it's a way for them to get optimum amount of profit before an RV? Or...sorry...is it a product of both? Please, I'm simply asking for your thoughts on the matter. I'm not a date setter or delusional into thinking everything will come to a head right now. I'm genuinely curious. Thanks for your input gentlemen and ladies, it is welcomed. :D

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Jac Newbie

Jac

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Yessssssssssssssssssir ... in between the time that I took the websnap, did the math, and published it ... POOF ... it's gone!

Although I'm chuckling and have a smile on my face ... I don't really think that it is that big of a deal ... while I'm not a guy from Missouri ... I'm not going to go all conspiracy theorist either!

Peace

Doc31

Amazing?

God Bless America!

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