CBI making a commission of 13 dinars per $1

[wingsofhope]

AS I asked earlier, What is the incentive for Iraq to RV?????

28/02/2011 28/02/2011

بغداد – الصباح BAGHDAD - morning

افتتح البنك المركزي العراقي اسبوعه، امس، ببيع 127 مليون دولار في مزاده لبيع وشراء العملات الاجنبية، وهو رقم متراجع مقارنة بمبيعات الجلسة السابقة التي بلغت 154 مليونا.وأوضحت النشرة التي صدرت عن البنك المركزي وتلقت (الصباح) نسخة منها أن “ الحجم الكلي للطلب على الدولار بلغ 127 مليونا و960 الف دولار، غطاها البنك المركزي بسعر صرف اساس بلغ 1170 دينارا مقابل كل دولار”.وكانت مبيعات البنك المركزي خلال الجلسة السابقة بلغت 154 مليونا و496 الف دولار، بسعر صرف اساس بلغ 1170 دينارا لكل دولار.وتوزعت مبيعات المزاد على “البيع النقدي بمبلغ 270 الف دولار، بسعر صرف بلغ 1183 دينارا لكل دولار”، بضمنه “عمولة البنك المركزي البالغة 13 دينارا لكل دولار”. Opened the CBI week its, yesterday, to sell $ 127 million in the auction for the sale and purchase of foreign currencies, a figure that retarded compared to sales of the previous meeting, which amounted to 154 million. The bulletin issued by the Central Bank has received the (morning) a copy of that "the total volume of demand for dollar stood at 127 million and 960 thousand dollars, covered by the central bank at an exchange rate basis was 1170 dinars to the dollar. "The central bank sales during the previous meeting of $ 154 million and 496 thousand dollars at an exchange rate based on total of 1170 dinars per dollar. and distributed auction sales on" Sell Cash $ 270 thousand dollars at the exchange rate was 1183 dinars per dollar, "inclusive" commission the Central Bank of 13 dinars per dollar. " فيما سجلت المبيعات عن طريق الحوالات “مبلغا مقداره 127 مليونا و690 الف دولار، بسعر صرف 1183 دينارا لكل دولار بضمنه 13 دينارا عمولة عن كل دولار”.وبينت النشرة أنه “لم تتقدم أي من المصارف الـ12 المشاركة في المزاد بعروض لبيع الدولار”.ويعقد البنك المركزي خمس جلسات مزاد اسبوعية بدءا من يوم الاحد الى يوم الخميس لبيع وشراء العملات الأجنبية، ويتقاضى عمولة عن البيع النقدي مقدارها 13 دينارا لكل دولار، فيما يتقاضى عمولة قدرها 13 دينارا لكل دولار عن البيع للحوالات خارج البلد. With recorded sales by remittances, "the amount of $ 127 million and 690 thousand dollars at the exchange rate 1183 dinars per dollar inclusive of 13 dinars a commission for every dollar." The bulletin indicated that it "did not make any of the banks of the 12 participating in the auction, offers to sell dollars." Bank held Central auction of five meetings a week starting from Sunday to Thursday for the sale and purchase of foreign currency, and receive a cash commission on the sale of about 13 dinars per dollar, and receive a commission of 13 dinars per dollar on the sale of remittances outside the country.

[allinxpress]

Exactly why people need to stop buying it.. In fact.. I think we should start selling thier worthless crap back to em!

[Doc31]

You do realize that 13 dinars is $0.011111111111111111111111111111111 ... right!? It's the spread.

As I recall 8 went to the CBI and the balance (it changes ... as high as 1195? without looking ... pdf file off of CBI Currency Auction ... pages 50 and 51) goes to the in-country-vendors.

Peace

Doc31

[allinxpress]

Yea DOC but that .01 is from EACH dinar sold... That adds up...

[Sweet Feed]

Do you really think the banks are in it for us... Damb man... they got to make money too... don't like it stop buying.. Peope don't work for free in this world..

This whole thing is an investment.... one would think hmmmmmmmmmmmmmmmmmmmmmmm.... supply and demand...they are making money selling this crap dirt cheap... the only way they can do this is print more money... that i should add is not really backed well. unless you want to invest in glass as soon as the oil runs out. There is so much dinar out now that i don't think its going up anytime soon.

[Darin]

You do realize that 13 dinars is $0.011111111111111111111111111111111 ... right!? It's the spread.

As I recall 8 went to the CBI and the balance (it changes ... as high as 1195? without looking ... pdf file off of CBI Currency Auction ... pages 50 and 51) goes to the in-country-vendors.

Peace

Doc31

For those "Pondering" why bother RVing....??

Considering the spread(PIPs) -- I suppose it would likely change upon a RV, but the end result is... They'd likely gain more revenue in the spread if the value was higher.

Remember, trading currencies, the currency department would make a revenue whether the value is rising or declining.. The money is made for them upon the spread.

[bluejay]

Chalk one up for the higher rate RV club.....Good point, I'm curious if someone will crush it, It make total sense I just don't know the fact...Also isn't there an opportunity from country to country that they make a profit.....Anyway thanks for the info...

[lancer22]

Cannot pay contractors with money they cannot take home & spend. How will they build a market economy without a recognized currency? Right, they cannot and must RV the NID to be able to build their countries economy & infrastructure.

[allinxpress]

LAncer---- WHEN? WHEN must they RV by?

[In Iraq]

Cannot pay contractors with money they cannot take home & spend. How will they build a market economy without a recognized currency? Right, they cannot and must RV the NID to be able to build their countries economy & infrastructure.

Petrol dollars, U.S. currency?

LAncer---- WHEN? WHEN must they RV by?

They don't have to RV ever.

[Nitrobuzz]

The Iraqi's have to RV. No way to make up the budget deficit without it, among other things. Remember, Maliki said himself that he would make up the difference with an improved currency rate! But, once again, they are on Iraqi time in the "Twilight Zone". So, what makes perfect sense to us is not the Iraqi way.

We are reaching the end so stay patient and all will be well. When is the only question and I hope it's soon for all of us!

[jooced]

Nitro - be aware they DO NOT "have to" RV, period.

Right now they are mirroring the Korean peninsula rate of exchange AND contracting. It works for the Koreans, has been for a long, long time.

There is absolutely NO "reason" for the Iraqi's to RV - non-what-so-ever...........

[allinxpress]

Korea isnt sitting on a sea of oil, natural gas and sulfur, not to mention trillions in gold. Korea's currency was NEVER worth more than the USD, And lastly.. We didnt "liberate" Korea...

[gotfetus]

Korea isnt sitting on a sea of oil, natural gas and sulfur, not to mention trillions in gold. Korea's currency was NEVER worth more than the USD, And lastly.. We didnt "liberate" Korea...

touche.

[sol37]

And just wait till they find Lithium in Iraq... they will be the riches for sure!!!

[jooced]

Korea isnt sitting on a sea of oil, natural gas and sulfur, not to mention trillions in gold. Korea's currency was NEVER worth more than the USD, And lastly.. We didnt "liberate" Korea...

Correct! They are sitting on everything else that Iraq will never produce! Like the machinery needed to pump oil. The machinery needed to drill for oil. Automobiles and heavy trucks so the Iraqi's can go to work and produce work. Electronics that the Iraqi's need to run their operations and TV stations. And the cheap labor pool which will work in Iraq and pump all that luscious black gold. Come to think of it, Iraq doies not produce one solitary thing in any amount which comes close to the dollar amounts the Koreans produce. Hmmmmmm, And more to the point, if you think because we engaged in an illegal war, and overthrew the government of Iraq, that Iraq is going to say it's thanks by RV'ing to make US rich you are on another planet.........satiracal of course.........

[sol37]

Correct! They are sitting on everything else that Iraq will never produce! Like the machinery needed to pump oil. The machinery needed to drill for oil. Automobiles and heavy trucks so the Iraqi's can go to work and produce work. Electronics that the Iraqi's need to run their operations and TV stations. And the cheap labor pool which will work in Iraq and pump all that luscious black gold. Come to think of it, Iraq doies not produce one solitary thing in any amount which comes close to the dollar amounts the Koreans produce. Hmmmmmm, And more to the point, if you think because we engaged in an illegal war, and overthrew the government of Iraq, that Iraq is going to say it's thanks by RV'ing to make US rich you are on another planet.........satiracal of course.........

Doughnut make you think, huh?

[allinxpress]

Ok, and if YOU think that the US Gov will go Liberate a country out of the "goodness of our hearts" then youre in another galaxy. "Thier resources will finance the rebuilding" - Duyba said that and I believe him.

If the Dinar isnt going to RV.. then why does the US Gov have 3 1/2 Trillion of them???

[Caducues]

I'm talking with out knowing the big picture here but why would they rv at this point? They have multiple countries pouring billions of dollars into this investment. We (America) are giving them handouts to the point that we are becoming more and more impoverished. Right about now the people callin the shots in iraq are wiping their backsides with our currency and taking this easy ride as long as it goes IMO it would be ridiculous for them to cease the free ride. And to top it after all this assistance from american and other countries the politicians there find it distastful to have any admiration for these countries and are to this day demanding that america needs to get the hell out of iraq. Quite frankly iraq you still can't hold your **** together as was prooven by the casualties on Friday. Have a little humility.

[wingsofhope]

WOW!!!!! GREAT DEBATES, THANKS GUYS

[pourit]

Yea DOC but that .01 is from EACH dinar sold... That adds up...

Either you don't work or you work for nothing...right. Obviously they make something....you know...like the banks here, or coke, or the stock market. Do you think they work for free. I bought a bottle of water yesterday...it was $2.00 and later went to costco and bought a case of water. (each bottle was 14 cents each. ) and THEY made money. The spread I paid to the high school I got the bottle from is.............what I agreed to pay. Way higher than the dinar spread. Get it.

[lancer22]

Yes oil is traded in USD. Iraq is barely pumping 2 mill BPD. They need funds now, not in October. A recognized currency can be used NOW instead of waiting for the oil to trickle out. They can accelerate the infra-structure rebuilding right away with a recognized currency. They have to borrow right now to make up for the fiscal short fall. Dropping the zeroes can cure that. As to when this will happen, ask M he has been stalling for over a year now. IMHO. Pretty good thread going though.

[Old Constipate]

If the Dinar isnt going to RV.. then why does the US Gov have 3 1/2 Trillion of them???

You know, today started out pretty good and you had to throw that out there. I had good hopes for this investment. Now I am wondering...The U.S. Govt has how much? And how many good decisions have they made on average?

Please someone help me get back on track...

[wingsofhope]

Good Point Constipate.....How do we know the US is holding 3.5 trillion dinar and the big question is why?

[markb57]

Now this is a great debate thread. Good responses. My thinking is that as long as all these other countries keep forgiving Iraqi debt and the US is supporting through handouts, and the fact that oil is purchased with USD, the country of IRAQ is on easy street. No need to RV.

Now I'm not referring to the people of IRAQ. It is obvious that the government of IRAQ doesn't care about its people. Nothing what so ever. Over there, you are either filthy rich or dirt poor. How could any government official sleep at night knowing their people are suffering. The government of IRAQ's biggest project on their calender agenda is when their next holiday(s) are. Craziest thing I ever saw.