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CBI Currency Auction 3/15/2011

Doc31

By Doc31,
in Iraq & Dinar Related News

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Doc31 Newbie

Doc31

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Currency Auctions

Announcement No. (1855)

The latest daily currency auction was held in the Central Bank of Iraq on the 15-MAR-2011.

The results were as follows:

DetailsNotesNumber of banks23

Auction price selling dinar / US$1170

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

Amount sold at auction price (US$)177,319,000

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

Total offers for buying (US$)177,319,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

30xefwi.jpg

Oil ... after a $2 gain yesterday ... it is off 3.3%

Gold fell out of the sky with almost a $40 drop in about 15 hours

Zeroes ... near ... the cash portion accounted for 1.969M on good volume ... oops ... I lost count of the number of banks again ... did you see that? ... 23 participated. It does seem to be following the low pattern early week followed by a still low but much higher than early week gulp that one of you suggested.

For the last week I have been complaining about the section "F" (of a paper) quality news that the Iraqis are letting out ... yesterday, everyone and their mother called me and I told them that it was outhouse material.

Sooooooooooooooooo ... I went to the dark side. Yep ... I ventured into the rumors section ... no I escaped unscathed. I went there though because I was so bored with what we were calling news (no reflection on our news-hounds ... they are golden ... they can only post what there is) that I was looking for a good rumor ... decided that I'd even settle for a decent rumor. As I perused the rumor section ... there was some flame throwers on full blast as usual ... but mostly I was struck by the desperation of the stuff! Conclusion ... they are in as bad a need for a good rumor as I was ... it was pitiful.

Later in the evening a friend of a friend called and directed me to another site that I infrequently visit ... they were in the same shape, everyone looking for just a piece of good news ... the lead article was that Tony Blair, yes, former PM of Great Britain was the new head of the IMF, WTO, and WB all in one!!!!!!!!!!!!!!!!!!!!! Now folks ... I guess that it's possible ... but it is not at all probable ... probably more likely that you will win the lottery two weeks in a row or something akin ... see my point ... and my brain saw this statistic instantly. Faithfully though ... don't you dare laugh ... I googled every combination of the PM and those organizations ... stop smiling ... I told you I needed a good rumor ... badly ... I was just doing my due diligence! The chat article went on to say that it was all over because now that he is in charge of them he'd wrap it up quickly. Now, I'm not saying that it can't happen ... but I am saying that I'd put this one on the back burner for a while (long while) until we get some corroboration ... stop smiling!

I will tell you that I read the transcript of Frank26 KTFM and was concerned with the way that it was reported Ali responded to WHICH offices would be opened (although let me encourage you to read the chat) ... it came out that IF the IQD reached $10K/1M IQD ... I then re-read it on another chat where Ali appeared last night and it said WHEN the IQD reached $10K/1M IQD he would open up the other offices. I think you'll agree ... a much different story.

Now, I'm not privy to Ali's exact meaning but if you read the KTFM chat you will see that Ali said he felt like he had thrown $200K down the drain regarding Iraqi bank set-up ... didn't want to throw another $200K at it without something coming of it ... said still pursuing but sounded like he was uncertain as to whether he'd hang in there. It's why I've always been suspicious of our rights and Warka ... just sayin'!

Man, I'm Chatty Cathy this morning ... quick check of the coffee cup ... yep, it's empty!

I had a phone call and to reorient myself I re-read Ali's responses ... all of us should read it again ... he says it's all simple but the forums have convinced everyone that it is more complicated than it is. Find the one where "Miss-Ann" is the moderator.

While this one looks promising ... This week will nominate security ministers ... I know, right, like we haven't heard it before ... wait ...

This one reminds us how serious they are about it ... Iraqi Parliament’s session convenes with 255 MPs present ... that's of 325 or 78% ... unbelievable!

We're glad to hear this one ... Repairs in damaged oil pipeline completed ... I told you that I think they have three but 3 of 3 working is better than 2 of 3!

There is a bunch of local news in the news.

Wow ... it's taken more than a week but I have one for you conspiracy theorists ... Allawi meets with Lebanese designate PM ... just makes you want to go hmmmmmmmmmmmmmmm doesn't it?!

That's all the time that I have ... I hope that I've brought at least a small smile to your face.

Peace to all

Doc31

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Darin Newbie

Darin

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Thanks for the post Doc,

I noticed the trend of Sunday auctions being really low. For all those "RV Monday" rumors, this gets many people excited... But, IMO, auctions lately have been under the million mark with roughly 12 banks participating or so. I don't know if banks in the western part of the world are just not open and buying, or what the deal is. I bet you would have better insight. As for the remainder of the week, I would predict around 1.5 million give or take about 0.2 million.

As for Ali chats, some of the thing(s) that concerned me was.... I think when someone questioned him about Reserves, he emphasized this was a long-term investment.. And I also believe he made a few statements about Iraq has a few things yet to do, so it's not likely to see a RV this week, next week, this month, or maybe even next month. I thought to myself, wow, he is totally de-pumping possible sales. Who is going to look forward to buying when they have all the time in the world (nearly) to go out & buy?

Ministry positions.. They'll drag out just like the budget did IMO. -- Remember how they kept pushing that date out?? Couldn't agree on anything, week upon week another delay... I think the pressure is on and we will shortly see something come of this.. Just like how the budget went down.

Crude dropping?? As much as I like seeing high crude oil pricing for sake of the GOI, I also like seeing Crude drop for ease of pain when I fill up my own tank! HA!!

Thx DOC!

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lgraham Newbie

lgraham

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Great post Doc.......Love the comments about going over to the dark side (rumors). I have been avoiding that section for quite awhile. Unfortuneately, the chat section has closed the gap on the rumors section.

Thanks for the laugh!

Peace my friend,

Lgraham

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jericho Newbie

jericho

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Doc, I hear ya on the need for something good and not that far fetched "green zone cash in theory". I know you're a numbers and patterns guy. I too give these much credence. Sometimes we get so locked into making sense of what's in front of us, we forget about what's not. I've been in this thing long enough to know that we don't go very long without some type of newsworthy event, a rumor with a chance, or a prediction that has enough merit that we pay attention. All those are absent now, correct?

I see this as good news. Perhaps the calm before the storm. After living on the coast most of my life, I see it this way. Those not invested are the ones who evacuated. They're way inland without a care. We on the other hand were the locals that took a risk and decided to weather the storm. If you've ever lived on the coast, you know the eerie sireal feeling there is just before a big storm or hurricane blows in. That's the climate this investment seems to be offering right now. Much like the anticipation of the storm to come, our behavior is changing. We're ready to get it over with, but you can't rush mother nature.

...I even filled the bathtubs with water...just in case

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drox Newbie

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Hey Yosemite!

Couple things. First... In order to establish a bank in Iraq you have to have at least $80-$90 million dollars. This has always been an intriguing angle for me regarding Ali. The fact that he would put up $200k adds to my intrigue. Ali knows something because he is privy to the process if he seriously filed papers to open a bank. Not to mention he would have to have MAJOR partners in the know to even flirt with the $90million requirement. I think it is entirely possible that Ali will let go of the idea of owning a bank, primarily, because Shabs and the CBI increased the required reserve deposits for the private banks in Iraq a few months ago. They all have until December 31, 2011 to get this done (I believe). It may have been Dec 31 2010 and then they received a 6 month extension (honestly can't remember). Anyway, It is not likely any of them will be able to meet this date. Interesting stuff... huh?

The CBI's intentions have been to force the banks to merge together and take advantage of economies of scale in order to strengthen them, provide credibility, increase services, and focus on bringing them technologically up to par. In addition, the GOI/CBI have the intentions of privatizing the 2 largest state owned banks some how in this fold. To me... this is one of many reasons why I think the big RV is in a holding pattern and why we will see a series of bump up rate modifications from Shabs until then. A reverse earthquake really. The aftershocks will be come before the quake (RV). So... pre-shocks will equate to being each bump up. If my numbers are correct I believe the first one will settle around the 750 range and will happen simply to aid the citizens purchasing power and act as a small stimulant for the economy (a carrot). It will also be a test the waters approach to see if a larger RV down the line will be necessary or if they can do this another way.

If my prediction is correct... watch for more talk in the coming weeks regarding the $100k note. I am a huge advocate of it because it would signal to me the decision to postpone a lop. As you know... I do not believe in the "Ghost fils" theory at all. (My lingo) So... your post the other day referencing "someone said" sounded remarkably like something I would have wrote. I did also recently mention it costs 7cents to create every new bill. Peculiar.... meant to say something on that thread of yours. Anyway... I think it would be fun to have a back and forth discussion to liven things up around here. See if your intelligent readers and ourselves can't figure out this puzzle together. ;)

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quadraph0nic Newbie

quadraph0nic

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Hey Yosemite!

Couple things. First... In order to establish a bank in Iraq you have to have at least $80-$90 million dollars. This has always been an intriguing angle for me regarding Ali. The fact that he would put up $200k adds to my intrigue. Ali knows something because he is privy to the process if he seriously filed papers to open a bank. Not to mention he would have to have MAJOR partners in the know to even flirt with the $90million requirement. I think it is entirely possible that Ali will let go of the idea of owning a bank, primarily, because Shabs and the CBI increased the required reserve deposits for the private banks in Iraq a few months ago. They all have until December 31, 2011 to get this done (I believe). It may have been Dec 31 2010 and then they received a 6 month extension (honestly can't remember). Anyway, It is not likely any of them will be able to meet this date. Interesting stuff... huh?

The CBI's intentions have been to force the banks to merge together and take advantage of economies of scale in order to strengthen them, provide credibility, increase services, and focus on bringing them technologically up to par. In addition, the GOI/CBI have the intentions of privatizing the 2 largest state owned banks some how in this fold. To me... this is one of many reasons why I think the big RV is in a holding pattern and why we will see a series of bump up rate modifications from Shabs until then. A reverse earthquake really. The aftershocks will be come before the quake (RV). So... pre-shocks will equate to being each bump up. If my numbers are correct I believe the first one will settle around the 750 range and will happen simply to aid the citizens purchasing power and act as a small stimulant for the economy (a carrot). It will also be a test the waters approach to see if a larger RV down the line will be necessary or if they can do this another way.

If my prediction is correct... watch for more talk in the coming weeks regarding the $100k note. I am a huge advocate of it because it would signal to me the decision to postpone a lop. As you know... I do not believe in the "Ghost fils" theory at all. (My lingo) So... your post the other day referencing "someone said" sounded remarkably like something I would have wrote. I did also recently mention it costs 7cents to create every new bill. Peculiar.... meant to say something on that thread of yours. Anyway... I think it would be fun to have a back and forth discussion to liven things up around here. See if your intelligent readers and ourselves can't figure out this puzzle together. ;)

drox, I find it interesting how you still maintain that a 100k note would not signify a LOP. I will have to re-read some of your old posts about that and maybe add it to my list of possible out comes. :D I try to keep an open mind to all possibilities. Thank you for sharing your opinion.

Doc thanks for the update! If the news is not there then its not there although the Tony Blair rumor is amusing. :lol:

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Doc31 Newbie

Doc31

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...I even filled the bathtubs with water...just in case

I do live on the coast ... bathtubs with water ... too funny!

It wasn't you Drox ... I knew who it was ... just wasn't going to put his name on it.

Hi,

I just thought it might be prudent to send an e-mail out to all those people that have started NV Corporations that they need to either have their taxes filed today, or get an extension form 7004 mailed today.

http://www.irs.gov/pub/irs-pdf/f7004 is the website/form they need to use.

Not everyone will think about that corporations file by 3/15, not 4/15.

Just a thought.

Thanks.

K

I just got this from a friend ... some of you may need it ...

Peace

Doc31

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