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CBI Currency Auction 1/18/2011

Doc31

By Doc31,
in Iraq & Dinar Related News

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Doc31 Newbie

Doc31

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Currency Auctions

Announcement No. (1816)

The latest daily currency auction was held in the Central Bank of Iraq on the 18-JAN-2011.

The results were as follows:

DetailsNotesNumber of banks17

Auction price selling dinar / US$1170

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

Amount sold at auction price (US$)177,912,000

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

Total offers for buying (US$)177,912,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

xpovme.jpg

Here's Bloomberg's for comparison ... you'll have to average the prices ... (NYMEX and WTI are generally pennies apart so double the NYMEX since WTI isn't up yet and add it to the Brent then divide by 3)

20r8apd.jpg

I've been looking for a 5 month graph of oil ... it is interesting viewing ... if someone can help me here please (PM or post it).

Gold started up with the Hong Kong open then spiked up at the London open.

Zeroes ... the cash portion of the 177M auction today is a big gulp compared to pre-Oct 7th at 2.32M or 1.3% ... it's the second largest in that same time span ... the largest was exactly 2 weeks ago (although that is a historically big up day). Just what are you up to Dr. Sinan al-Shabibi?

Yesterday I saw a post that was the reporting of a phone call to a friend reported to be associated with Forex and the IMF in the rumors section. I'm not going to side with it one way or the other ... rather I wanted to point out something. And that is that the post got +161 ... now, I don't know what you think but that is simply off the charts. Conversely, someone disagreed with the post and got a -72 ... again (not unheard of but) off the charts.

We must ask ourselves ... why ... to BOTH? And the conclusion causes us to realize that we've jumped back on the rollercoaster ... we all need to take a deep breath ... exit the ride and watch from the ground. I understand that there are many here who NEED this ... believe me ... if it helped, I'd go get my whole city block to get on the ride with me ... I know ... it doesn't and we shouldn't. Step back and take that breath.

Conclusion: No matter who we are ... what we NEED is some "Good News"!

To get a little perspective, I spoke with a friend yesterday (incidently, one in NEED) who told me that once he applied a question to the Iraqi government as a whole and as individuals ... things became crystal clear. The question? "What's in it for me?" ... I know, it's obvious and under our noses and I've phrased it differently in the past ... but it is good to be reminded of it. "What's in it for me?" ... sounds like 99.9% of American politicians to me ... but I digress ... sorry.

Can you hear that? ... that's the silence from the UN, the UNSC, the WTO, and the IMF ... speaks volumes doesn't it?

Was yesterday the 20th anniversary of our dealings with Iraq? I was told that it was but don't have the time to investigate. It was suggested to me that it would be the perfect day to RI/RV ... I felt like we had about as much chance as December 25th (Muslims giving a Christmas present?)!

I'm looking for Frank26's CC from last night ... an odd night for him to do that ... generally a post followed by CC on Tuesday (or Wednesday). I don't see that it is up yet at this hour . Whoever transcribes that for all of us needs a thank you and a reward. That would drive me nuts. Thank you and I'd be willing to chip in!

If someone sees it either tag it on here or post a link. Thanks in advance.

Let's see:

More Budget Delays

al-Sadr ramping it up

Addressing Constitutional issues (a different Salih here)

al-Maliki and Allawi don't see eye to eye on nominations

Arab trade

A bomb and a protest

Yep, sounds like the normal news from the "puzzle group"!

Gotta' run ... peace to all

Doc31

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Rogue Knight Newbie

Rogue Knight

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As always Doc, I thank you for your tireless efforts in reporting facts and leveling heads. I wish to add a note to something you mentioned-a lot of us really would love an RV, including me. Second if someone needs this so bad, yet they cannot pay their bills or are loosing their home, car, etc... then this investment is not for you. Speculative investment is no guarantee and though I believe that this will happen, I have not invested more than I can afford to lose or keep my from my responsibilities to my basic human needs. IMO if you are suffering past the point of not being able to provide for yourself and your family-they need you to focus your money and efforts in them directly. Third- Think of the people in Iraq. They have suffered more than most of us can imagine. After a tryannical dictatorship and the spilling of too many of their people's innocent blood they still need electricity, running water and other basic needs. Every time you flip on a lightswtich or turn your computer on you are living in luxury in comparison to most Iraqis.This is so much bigger for them than us, these people need the blessing of an RV and all that it will bring their country in the worst way! Please pray for Iraq, remember their plight, and try not to take their needs for granted. It is not my intention to preach, rather point out that this is so much bigger than we see it on our screens. A whole country of people with the drive to live free without oppression and the desire to live just like you and I. Keep your perspectives, be patient and remember to than God and the person that introduced you to dinar investment for even having this opportuntity. I hope I have not offended, but inspired gratitude.

If I am not happy with what I have, I will not be happy with what I will get..... GOD BLESS -RK

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stephen Newbie

stephen

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great post as always doc

As always Doc, I thank you for your tireless efforts in reporting facts and leveling heads. I wish to add a note to something you mentioned-a lot of us really would love an RV, including me. Second if someone needs this so bad, yet they cannot pay their bills or are loosing their home, car, etc... then this investment is not for you. Speculative investment is no guarantee and though I believe that this will happen, I have not invested more than I can afford to lose or keep my from my responsibilities to my basic human needs. IMO if you are suffering past the point of not being able to provide for yourself and your family-they need you to focus your money and efforts in them directly. Third- Think of the people in Iraq. They have suffered more than most of us can imagine. After a tryannical dictatorship and the spilling of too many of their people's innocent blood they still need electricity, running water and other basic needs. Every time you flip on a lightswtich or turn your computer on you are living in luxury in comparison to most Iraqis.This is so much bigger for them than us, these people need the blessing of an RV and all that it will bring their country in the worst way! Please pray for Iraq, remember their plight, and try not to take their needs for granted. It is not my intention to preach, rather point out that this is so much bigger than we see it on our screens. A whole country of people with the drive to live free without oppression and the desire to live just like you and I. Keep your perspectives, be patient and remember to than God and the person that introduced you to dinar investment for even having this opportuntity. I hope I have not offended, but inspired gratitude.

If I am not happy with what I have, I will not be happy with what I will get..... GOD BLESS -RK

this is one of the best post of the day and i couldn't agree with you more on this investment if you go to Iraq and see how the people there have suffered and are still suffering you can see just how good we have it here in the US.

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Rome M Newbie

Rome M

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I am curious to see how the price of oil plays into the value of the IQD as well as their budget. The first draft included oil @ $73 a barrel, but we are sitting $18 a barrel higher than that right now. With the math that comes out another 16 BIL USD unaccounted for. I think this is in the new budget being read right now, or atleast something of the like. Maybe not $91 per barrel, but mosdef higher than $73. Then again if they left it at that rate, then there would be an extra 20% more of the budget, unstated and not allocated to anything, available to do what with ???? Maybe back the RV? Who knows? Let's just wait and see, as usual.

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Darin Newbie

Darin

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Increase value of a barrel of oil and increase of production. Question is, is Iraq increasing their reserves?

Can someone answer this.. Is Iraq using oil reserves to back their currency as to how the U.S. uses gold to back their currency?

They do label crude oil in the ME as black gold, so this is an interesting thought.

And if I am right, and they are bulking up their reserves with a high rate of value per barrel.. Their value of the dinar should be increasing by the day.

And if they have an internationally traded currency at a high value, I bet paying for all those re-construction efforts to rebuild their country would come with ease, huh?

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Rome M Newbie

Rome M

Posted
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Increase value of a barrel of oil and increase of production. Question is, is Iraq increasing their reserves?

Can someone answer this.. Is Iraq using oil reserves to back their currency as to how the U.S. uses gold to back their currency?

They do label crude oil in the ME as black gold, so this is an interesting thought.

And if I am right, and they are bulking up their reserves with a high rate of value per barrel.. Their value of the dinar should be increasing by the day.

And if they have an internationally traded currency at a high value, I bet paying for all those re-construction efforts to rebuild their country would come with ease, huh?

I agree, with something else in mind as well.... They are using the current production amounts and not their reserves (I mean what is unde them still) We all know their potential far exceeds Saudi once they survey the rest of the land. We all know with the coming drilling and exploration contracts these numbers will soar. I wonder if they are stalling even for a bit to finish up some oil surveys or repairs that will increase these numbers for the coming budget. I know I would. With the amount of oil the Kurds have under them it's no wonder why they must be pleased prior to moving forward. They know they will have more to work with and they are making sure it is there to stay. If they can all agree on the oil then they should be using their insane quantity of it to support their currency. That will not be hard, the rest of the world knows they have so much, all the big players will have no problem with them pegging their dinar to their oil.

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Hope Floats.Rates Dont Newbie

Hope Floats.Rates Dont

Posted
Posted

Increase value of a barrel of oil and increase of production. Question is, is Iraq increasing their reserves?

Can someone answer this.. Is Iraq using oil reserves to back their currency as to how the U.S. uses gold to back their currency?

They do label crude oil in the ME as black gold, so this is an interesting thought.

And if I am right, and they are bulking up their reserves with a high rate of value per barrel.. Their value of the dinar should be increasing by the day.

And if they have an internationally traded currency at a high value, I bet paying for all those re-construction efforts to rebuild their country would come with ease, huh?

Darin, I get your reasoning, but the US stopped backing our own currency with gold in the 60's (thanks to Eisenhauser). The currency used here (and all over the world now) is not a true "backed currency" It is a "note" worth it's current determined value. The US dollar floats daily in value based on numerous things (IE;inflation/S&P, Etc...), unfortunately the IQD is not floating and won't until the world markets allow it to (that is truly what we are all waiting for). Regardless of any "announcement" of the RV, it is meaningless unless it is recognized by the remainder of the banking world (our own leverage, so to speak). This is why my "handle" on here is what it is (Hope Floats-Rate Don't)

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Rome M Newbie

Rome M

Posted
Posted

Increase value of a barrel of oil and increase of production. Question is, is Iraq increasing their reserves?

Can someone answer this.. Is Iraq using oil reserves to back their currency as to how the U.S. uses gold to back their currency?

They do label crude oil in the ME as black gold, so this is an interesting thought.

And if I am right, and they are bulking up their reserves with a high rate of value per barrel.. Their value of the dinar should be increasing by the day.

And if they have an internationally traded currency at a high value, I bet paying for all those re-construction efforts to rebuild their country would come with ease, huh?

I agree, with something else in mind as well.... They are using the current production amounts and not their reserves (I mean what is unde them still) We all know their potential far exceeds Saudi once they survey the rest of the land. We all know with the coming drilling and exploration contracts these numbers will soar. I wonder if they are stalling even for a bit to finish up some oil surveys or repairs that will increase these numbers for the coming budget. I know I would. With the amount of oil the Kurds have under them it's no wonder why they must be pleased prior to moving forward. They know they will have more to work with and they are making sure it is there to stay. If they can all agree on the oil then they should be using their insane quantity of it to support their currency. That will not be hard, the rest of the world knows they have so much, all the big players will have no problem with them pegging their dinar to their oil.

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Uncle Barkie Newbie

Uncle Barkie

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I am curious to see how the price of oil plays into the value of the IQD as well as their budget. The first draft included oil @ $73 a barrel, but we are sitting $18 a barrel higher than that right now. With the math that comes out another 16 BIL USD unaccounted for. I think this is in the new budget being read right now, or atleast something of the like. Maybe not $91 per barrel, but mosdef higher than $73. Then again if they left it at that rate, then there would be an extra 20% more of the budget, unstated and not allocated to anything, available to do what with ???? Maybe back the RV? Who knows? Let's just wait and see, as usual.

Typically with any budget , a " cushion " is written in to cover the fluctuations in sales ( in this case with Iraq , their natural resource exports). If they raise the per barrel price written in the budget and it drops below that price then the deficit will rise . So, they write in the cushoin to cover that eventuality and the surplus ( barring any major corruption ) typically goes to fund civic projects and to cover any possible disasters or cost overruns ." Banked " funds remaing can be added to the next years budget as Iraq did with this years.

Hope that helps. :D

Uncle Barkie :)

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sortarius Newbie

sortarius

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I've been looking for a 5 month graph of oil ... it is interesting viewing ... if someone can help me here please (PM or post it).

Doc, I don't have that data, but if you have the data itself then i can make a chart or graph or whatever faily quickly. Just send me a msg with the info and I will work it up...of course now I gotta remember to start checking messages again. I am generally more of a stalker here than a poster, but willing to help if I can.

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