CBI Currency Auction 2/28/2011

[Doc31]

Currency Auctions

Announcement No. (1844)

The latest daily currency auction was held in the Central Bank of Iraq on the 28-FEB-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$)137,609,000

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

Total offers for buying (US$)137,609,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

Oil off a bit this morning although Dated Brent Crude is over $111

Gold is running in a $5 channel presently after a dive Friday and recovery over a very long day

Zeroes ... after yesterday's minuscule cash portion, todays is almost 9X greater than yesterday on a differential volume of about 8% (greater) ... it is still only 1.75% ... 21 of 22(?) banks participating.

Here we go ... The prime minister, Mr. nouri kamel Al-Maliki declares, in press conference, the resolutions of the special session of the Council of Ministers ... oh sure, let's form a group to do a study and investigate corruption in Iraq ... read that as "let me be in charge of seeing who stole the money so I can control where, whom, and what they investigate ... then since I control the press I will give you the results filtered through my own self-interest ... after all I've already asked governors to resign for appearance sake ... a few threats against their families and a pay-off here and there ... politicians just fold". The problem with this strategy is that it is as transparent as I've just laid it out and oh yes ... corruption only flourishes when it starts at the top ... hmmmmmmmmm

And just to give a whiff of commitment al-Maliki declares ... 2/27 Maliki: 100 days before the officials to improve basic services

Now this is more like the al-Sadr that we know ... Moqtada al-Sadr to Al-Maliki: Everything that is happening in Iraq ... this is where al-Sadr says, "take responsibility ... all this corruption took place on your watch ... put on your big-boy pants"!

al-Sadr apparently is doing what he said that he would do pre-protest and that is The sadrist movement starts a questionnaire in all parts of Iraq on services ... he said that he would ... well, translated he said that he would hold a "referendum" ... this a promise kept though ... yep, I know ... unusual for a politician ... yes, I understand that his influence is where his clout is not his position ... but still. No ... I still think that his pro-Iranian agenda is dangerous and his end-game is to attempt to annex Iraq.

Here's one you don't see every day ... Staff of the three presidencies are threatening to resign ... apparently rocket attacks and assassination attempts aren't what they signed on for ... who would have guessed?!

Like we didn't know this was coming ... right? ... Parliamentary hints to amend the security agreement to extend the staying of the US forces ... you do remember that the US built the largest embassy in the world in Iraq ... right? A demonstration or two and you suddenly figure out that free security that you can bad-mouth 364 days a year might come in really handy! Especially if your PM is out of control with his secret jails and secret police! Uh huh.

There's a Mohammed Saleh article to ignore until corroborated elsewhere ... News reports: Central Bank: The average Iraqi income will reach 9 thousand dollars

There is one thing that has been just of the fringe of my thoughts ... bothering me just a bit ... and that is that several countries stepped up to HELP ... asking Iraqis to either not protest or offering something that would help the Iraqi GOI appease Iraqis ... not the least of which is Iran asking for Iraqis to be calm ... that they would provide enough electricity for them until the Iraqi power-plants are finished so that they will have power for A/C and refrigeration this summer. I'm going to do a little more research before I step out on that one though.

Peace to all

Doc31

[kox]

Thanks

Doc, I look forward daily to your updates.

[PrinceAbubu]

Great coverage as always. The one thing I didn't see was anything about an RV. In the last week or two, I saw a lot of different articles commenting that if the RV didn't happen last week before the 'day of rage' that it wouldn't be happening anytime soon. So, it didn't happen yet.. Does that mean that the Iraqi Ground Hog saw its shadow and we have months more before an RV ??? I'm not asking for an exact date because I know that nobody really knows, but I'm looking for a range here? Weeks, Months, Years ?? I'm all ears..

Thanks for keeping it real Doc !!!

GO RV, PLEASE !!!!!!

[rsskelton]

Thanks Doc. Great job as always.

[slcjarhead]

Thanks for the great post and for just saying it how it is!

[roxyredhead]

Doc, It brought a lot of thoughts to my head when Iran stepped up to help the Iraqi citizens in their time of need, seeing how they treat their own. What are their motives???? I doubt it is just brotherly love.....

Thanks for all that you do!!!

[wildinar]

Great job Doc, as ussual

[Darin]

Crude at a consistent level of near 100 per barrel. Not bad when a budget is set in taking into consideration of $76 or so per barrel. Should clear that deficit up quickly if they continue to keep production high.

We are also coming into the time of the year that the demand for crude is higher due to more people driving.. I don't see crude coming down anytime real soon.... With that said, I hope the GOI continues to push for high amounts of production & exportation.

If the GOI was smart in my mind, they'd setup a fund for the excessive cash they'll make... Have the money divided 3 ways.. 33% paid toward the deficit, 33% paid toward the Iraqi citizens and services needed, and 33% paid toward foreign debt such as Kuwait.

All while trying to push exporting of crude as fast as possible.. Why not? The price of barrel is high and I am sure they want to sell their crude while the market is hot for it versus selling it at an all-year low, right?

DOC, I always appreciate reading your posts... Considering it seems the news is rather slow.

Auction #s seem low considering 21 banks participating. Lower than the previous day if I recall correctly...

[Linda]

Another good post Doc...thank you...God Bless...

[dinarokie]

thanks doc ... great article

[mlay901]

As always, great perspective. Thanks for your time Doc!

[steveo]

iran is being nice because they dont want the corrupt money to stop flowing between iraq and iran......this has to be the worse money adventure ive been on....frustrating is a under statement....im am so tired of all the bullshit comming from that goi....i hope what goes around comes around for mr miliki cos he is the most corrupt out of all....lets hope this is over soon...

[lechesuerte]

Good job Doc and thanks.

[Doc31]

Oil at this hour

Thank you

&

You are welcome!

[rsskelton]

Oil at this hour

Thank you

&

You are welcome!

Thanks for the update Doc! By the way, do you know a good place to purchase a moped?

[bagdaddy]

Thanks for the update Doc! By the way, do you know a good place to purchase a moped?

Thanks DOC!

I'm going to just walk.. . .I can't afford gas any more. A scooter is a good idea.

High oil prices will drive consumption to a lower level offsetting gains due to increase price. High pricing does just the opposite of what suppliers intend. . . that is to gain revenue by keeping consumption the same while increasing price. Just the opposite is true. . . .high pricing discourages consumption---low pricing increases consumption. Just because something has a high price does not guarantee a sale. The supply of that product with its price is necessary for a sale. There will always be a base line of consumption for oil. To increase oil revenue one must balance price with supply. We in America have screwed up simple oil economics by artificial restricting supply through wildly ridiculous environmental policy. When oil price is too high we should be free to pump our own oil. Just remember.. if we spill a little oil on the ground there is oil eating bacteria that turns oil into biomass (read -fish food). Whoa did this get off topic. Scooters to fish food that's what we talk about when we are waiting for the RV. What else are we going to talk about? M can't tell the truth and is a thief?

[bagdaddy]

I just realized after my childish rant that I punched a hole in the kitchen wall. After I checked the CBI and fininshed my post I went to turn on the kitchen light and punched a hole above the light switch. I don't remember doing this. This is getting to me.

[codeman]

Thank You

[rope]

Thanks Doc!!! Always look for your posts, very informative.

[Tom 777]

Thanks for the update Doc! By the way, do you know a good place to purchase a moped?

Make it two!

[Soldiering4U]

Doc, you are amazing, why haven't they put you on as STAFF yet LOL.... and to "bigdaddy" you are right we go to the store once a week now instead of a couple times and I buy gas on post where it is still 2.95 a gal

[jack]

Sorry Doc but it would appear that you are clueless.

But thanks anyway.

uh huh.

[Slappy]

Thanks Doc...

[Hope Floats.Rates Dont]

Sorry Doc but it would appear that you are clueless.

But thanks anyway.

uh huh.

You a mooorrrrooonnn boy!!! Have you actually read his posts? NEVER once has he pointed toward a date or rate like the other supposed guru's. Doc has never proclaimed his own intelligence, quite the opposite. We have made him a guru out of respect for his insight....you moron...

[onerighthand]

Sorry Doc but it would appear that you are clueless.

But thanks anyway.

uh huh.

Well obviously you don't know Jack Chit!

Can't believe you said that. Boooooooooo on you! Booooooo!