Currency Auction CBI 5/3/2011

[graml]

Hey Doc31 if you are out there we need some really knowledgeable insight please. Thanks for the post.

[kinglizzy99]

Doc31 or whoever else,

Would you mind providing a cliff notes version of why this is significant? I know you mentioned to "maintain liquidity" and that "only 6 banks participated" etc., but what are the whys behind this? (even a link to a prior discussion on this - I usually save nuggets of important info I read, but must not have saved anything re: auctions and the significance behind the numbers).

We have 3 pages of people either commenting that this is good news or looking to you for your analysis...but only a very few can deconstruct the information...

Thanks,

[chilli24]

Hey Doc31 if you are out there we need some really knowledgeable insight please. Thanks for the post.

He already posted on here!

[Qman]

Or this song???

[Darin]

So since the cash-portion began being logged in roughly, what? 2006?

Have we ever had a day where the entire auction was cash exchange such as today?

This will be a hot topic today, in my opinion, since last week the lowest we saw was 16m.

Yesterday was 18m.

And today we got as low as 3m.

So the trend of low auctions continues and all we can do is speculate as to the reason(s) why.

[graml]

Did not see Doc's notes on page 2, sorry. Thanks Doc.

[tjfoz]

I think this is significant. Iraqis are probably getting informed over there as we speak to hold their dinars. Banks holdn'. Lovn it !

Edited May 3, 2011 by tjfoz

[Teresa82]

I believe!

[Ore]

Exciting times for sure. I just hope the low number are not due to the fact that the banks may know that the current IQD may be demonetized and redenominated ; hence, they dont want to buy large amounts if the currency is about to change (and hopefully RV as well).

[debratzz]

GO RV :D :D

[Ateam]

RV - NUFF SAID !!!! LOL I hope this means something to!

[mort]

Lower demand for dollar on Tuesday

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) dollar sales dropped on Tuesday to $3.515 million at an exchange rate of 1170 Iraqi dinars per dollar, compared to the previous session’s $20.936 million.

"The demand hit $3.515 million in cash today, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and no foreign transfers have been done outside the country," according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 6 banks that participated in today’s session offered to sell dollars.

The Central Bank of Iraq runs a daily auction from Sunday to Thursday.

http://en.aswataliraq.info/Default1.aspx?page=article_page&id=142333&l=1

[ammo2001]

There has to be a fat lady somewhere on this FOB that wants to sing for me!

Ammo out

[Darin]

Lower demand for dollar on Tuesday

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) dollar sales dropped on Tuesday to $3.515 million at an exchange rate of 1170 Iraqi dinars per dollar, compared to the previous session’s $20.936 million.

"The demand hit $3.515 million in cash today, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and no foreign transfers have been done outside the country," according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 6 banks that participated in today’s session offered to sell dollars.

The Central Bank of Iraq runs a daily auction from Sunday to Thursday.

http://en.aswataliraq.info/Default1.aspx?page=article_page&id=142333&l=1

My favorite part... No foreign transfer have been done outside the country.

And as for the cash portion - if you notice, the 1,183 is a lower value, therefore the bank is making the difference 13 per IQD.

0.000845-0.000854 = 0.000009. What was the average auctions in the past? 150M?

Such a small spread.

What's a normal Central Bank spread...? Anyone able to provide examples?

[sandyf]

Other articles would suggest it is something to do with new exchange regulations the CBI have introduced.

May not be the indication you are looking for. Stay grounded and optimistic.

[Tubbs]

I BELIEVE............. I can fly ...... to BELIZE ......

Come on ......RV !!!!!!

[JohnnyZ]

I agree with you Ammo2001 I am looking for the fat lady warming up!

[mordiaky]

Other articles would suggest it is something to do with new exchange regulations the CBI have introduced.

May not be the indication you are looking for. Stay grounded and optimistic.

POOF you got smoke in your eyes

[Ateam]

Excited but heard that this may not mean much.

[Brisco]

So when do we sing this song???

That's AWESOME. LURV IT!!!! haha

GO RV BABY.

[matt77]

Sounds good to me. Bring on the RV!!!!!!!

[kwg]

Holy crap!!!!!!!!!!!!!!!!!!.....I mean really............ Holy crap!!!!!!!!!!!!!!!!!..........it just fell off a cliff. Something is definitely going on............... this is our sign. Brace yourselves folks this is very very exciting!!!!!!!!!!!!!!!! OK I just wet myself

[Blessed4ever]

QUOTE: "I hope this is significant, but if you look at the currency auctions you will see that they have gone 10 business days or longer with an auction of zero dollars. Not sure what the low amounts are about, but I hope it means good news for us."

THIS IS NOT MINE... found this from another site and just wondered if anyone has any comments or insight on when that was or what that would mean. ??

[OhYeah]

OH YEAH...........this is big!!

[FlyinEagle]

"Doc31, on 03 May 2011 - 06:28 AM, said:

No, but you'd have to go back to Dec 26, 2006 to find something lower. Unfortunately, the cash/wire portions being reported separately doesn't start until what 2009?

Let's see the function of the auction is to maintain liquidity ... yet "minuscule" isn't small enough to cover today's auction ... only 6 banks participating ... oh ... and did I say yet that it is ALL CASH!

I don't know folks, but ordinarily I would advise my friends to "hold onto your skivvies boys and girls" ... while we don't know what is going to happen (although there is enough speculation to fill an aircraft carrier) ... it looks as though SOMETHING is definitely up ... what do you say ... just this once ... that we ALL believe it's the value of the IQD going up!

I know ... I know ... expecting ALL of us to believe a single thing is asking a bit much ... give it a try though, won't you?!

Peace

Doc31

Those are some pretty powerful words there Doc!

Let's all click our heels three times and say, "I believe!, I believe, I believe!"

"

Read more: http://dinarvets.com/forums/index.php?/topic/64880-currency-auction-cbi-532011/page__st__40#ixzz1LIsQbdlF

How about ... "click the heels three timess and say, "This is a GREAT time for an RV, This is a GREAT time for an RV!!!!!!"

Apparently I do not know how to add a quote to a reply ... I apologioze and credit both DOC31 and CKH in the above statement by myself ... Thank you