CBI Auction 5/02/2011

[Shulamite]

The latest daily currency auction was held in the Central Bank of Iraq on the 2-MAY-2011. The results were as follows:

DETAILS NOTES

Number of banks 6

Auction price selling dinar / US$ 1170

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

Amount sold at auction price (US$) 20,936,000

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

Total offers for buying (US$) 20,936,000

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

[JRichards]

Nice to see it is still low.

[krmayo]

Nice to see it is still low.

Yep, and it will be better to see they have discontinued auctions because they've RVed!!! It needs to bloody hurry up!

[fox]

Wow, this is really low! Another great sign!

[blonde_minx]

Hi everyone,

New on here, i had just noticed the low daily auction too, not many banks involved lets hope this continues

[fnbplanet]

Welcome Blonde! Only six banks - wow!

[Darin]

6 banks have participated before last week and we saw I believe 16-18M, the following day we had 7 banks and it jumped up slightly.

Last Sunday we had auctions like normal. However, yesterday they had no auctions at all due to a holiday (Labor day).

You would think, with a previous week of lower than normal auctions, and going 3 days without an auction, than the first auction of a week to land on a monday, that the auctions would be near normal as usual. However, that wasn't the case. They were maybe slightly higher than last Mondays auctions. Makes one thing we will continue to see these low value auctions, continue to see less banks participating.

Now, if it is true, that the CBI is buying up IQD.... Either A) the supply of IQD is short on hand to buy or People are learning that they should be holding their IQD due to value changing.

[caz1104]

6 banks have participated before last week and we saw I believe 16-18M, the following day we had 7 banks and it jumped up slightly.

Last Sunday we had auctions like normal. However, yesterday they had no auctions at all due to a holiday (Labor day).

You would think, with a previous week of lower than normal auctions, and going 3 days without an auction, than the first auction of a week to land on a monday, that the auctions would be near normal as usual. However, that wasn't the case. They were maybe slightly higher than last Mondays auctions. Makes one thing we will continue to see these low value auctions, continue to see less banks participating.

Now, if it is true, that the CBI is buying up IQD.... Either A) the supply of IQD is short on hand to buy or People are learning that they should be holding their IQD due to value changing.

DING DING DING!!!! Great response,thank you!!

[gregp]

Two less buyers. British Pound and Japanese Yen

[cw2]

6 banks have participated before last week and we saw I believe 16-18M, the following day we had 7 banks and it jumped up slightly.

Last Sunday we had auctions like normal. However, yesterday they had no auctions at all due to a holiday (Labor day).

You would think, with a previous week of lower than normal auctions, and going 3 days without an auction, than the first auction of a week to land on a monday, that the auctions would be near normal as usual. However, that wasn't the case. They were maybe slightly higher than last Mondays auctions. Makes one thing we will continue to see these low value auctions, continue to see less banks participating.

Now, if it is true, that the CBI is buying up IQD.... Either A) the supply of IQD is short on hand to buy or People are learning that they should be holding their IQD due to value changing.

Doc31 I sure wish u would weigh in on this one!!!!!!!!!!

[4Horsn2]

Indeed nice to see this still low. I believe that makes it a week now of seeing the numbers between 16,000,000 & 21,000,000. It would be nice to hear where some of our friends here at DV weigh in on this!

Have a great week everyone!

[aferriss]

It still looks promising. Here's to hoping. GO RV!!!

[zaborniake]

http://www.cbi.iq/do...GE_AUCTIONS.pdf

Here's the exact historical data on the auctions...

[BW3]

THANKS FOR THE POST! LOOKS PROMISING STILL!!

GO RV!!!!!!!!!!!!!!!

[nepperson]

The latest daily currency auction was held in the Central Bank of Iraq on the 2-MAY-2011. The results were as follows:

DETAILS NOTES

Number of banks 6

Auction price selling dinar / US$ 1170

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

Amount sold at auction price (US$) 20,936,000

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

Total offers for buying (US$) 20,936,000

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

Sorry to bother, could someone please enlighten me as to why the low auctions are a good thing? Not for nothin but it would seem to me that if less banks are participating wouldn't that cause there to be less sold, and pehaps the reason there is less being sold, is the demand for them dropping off, or are banks not selling them for a negitive reason? I guess my question is, are the amounts being sold at auction lowering because the CBI or the GOI is limiting the amount sold, or is it limited because the offers for buying (i.e. Demand) for them is lower? Just questions because I'm not real knowlegable when it comes to these auctions, who sets the amounts to be sold and so on,,, If the CBI or the GOI is setting the amounts and limiting the sales then I can see this as a good thing. Please let me know.

Thanks!