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CBI Currency Auction 5/8/2011


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Announcement No. (1891)

The latest daily currency auction was held in the Central Bank of Iraq on the 8-MAY-2011. The results were as follows:

Details Notes

Number of banks 12

Auction price selling dinar / US$ 1170

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

Amount sold at auction price (US$) 88,324,000

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

Total offers for buying (US$) 88,324,000

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

the auction goes up again over 50M..... :(

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Although many of us have tried to find meaning in EVERY change that has occurred in the end the RV is immanent. For me patience is a virtue, one that I myself run very short of I must admit. Anyway's do not read into something that is not there, this IMO does not effect the plans of the Iraqi's for their financial comeback. Peace.

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Although many of us have tried to find meaning in EVERY change that has occurred in the end the RV is immanent. For me patience is a virtue, one that I myself run very short of I must admit. Anyway's do not read into something that is not there, this IMO does not effect the plans of the Iraqi's for their financial comeback. Peace.

that is the second most hated word here, an off- spring to the word Intel. yes bang for 500 dinar what is Immanenttongue.gif

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The total was a little higher than I was hoping for.But I really believe that we are in the week. I'm not trying to be like some of these people that say this every week, but I really believe these next seven days will be the end of this ride. I think a lot of this Intel is intended to throw us off ,,so let's all hope this next week is the week!!!!! GO RV!!!!!!

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OK, as some have been telling us, the information will get blurred and confusing and it has been, so we will see.

OK, as some have been telling us, the information will get blurred and confusing and it has been, so we will see.

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Very true my friends its not good to see them sell this many dinars, but if you look at it this way, the CBI has had no auctions for 2 days and including today it averages out to be only 29,441.33 dinars for 3 days... So that is still pretty low just not low enough for us and how we are trying to interpret their actions. So keep the faith in GOD and man and hope that they get this done... GO RV.....

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I think we need to look at the overall trend during the past two weeks. They have publicly stated that they are sterilyzing the currency. This could be the beginning of an upward trend, or more of an aberration. We do know that they have been suffering from low currency auctions and one day of a higher auction doesn't wipe out the lower auctions if that makes sense. I think we just wait a little longer than we thought.

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A couple of questions on this.

1) Somewhere recently, I read that the CBI was actually selling USD, buying back the dinar large denoms. Is that true?

2) What other possible reasons could there be for this increased auction today?

3) If they are selling dinar, could it now be the lower denoms?

4) Could it be a surge on last minute investors buying?

Just some questions looking for educated answers, that's all.

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Very true my friends its not good to see them sell this many dinars, but if you look at it this way, the CBI has had no auctions for 2 days and including today it averages out to be only 29,441.33 dinars for 3 days... So that is still pretty low just not low enough for us and how we are trying to interpret their actions. So keep the faith in GOD and man and hope that they get this done... GO RV.....

Since there were no auctions during the Holy Day/weekend for Iraq,I do not believe that we should use those days to average it out to manipulate the numbers to mean what we want them to.

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A couple of questions on this.

1) Somewhere recently, I read that the CBI was actually selling USD, buying back the dinar large denoms. Is that true?

2) What other possible reasons could there be for this increased auction today?

3) If they are selling dinar, could it now be the lower denoms?

4) Could it be a surge on last minute investors buying?

Just some questions looking for educated answers, that's all.

I think you are correct. They are still buying back the large denominations. The more of the dinar they can get back before the RV, the less they will have to redeem at the higher rate. Maybe the 12 banks are trying to get enough USD to cash in for some of their customers as well. I am sure there will be some people who will go to Iraq to cash in, and they will want USD. JMO

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IMHO,

It may have already been said but I will say it again... The "spike" in the auction may very well be them recovering from the past lows. While this may not bode well for the short term, it does put us on the horizon. Remember, the 'sterilization' process has begun and the DFI protections are coming to an end and soon. As long as the IQD is not OPENLY traded, they have time. Time I wouldn't count on but some time nonetheless. We can all speculate on WHEN it's going to happen but none of us truly know when... :twocents:

Good luck,Godspeed, and GO RV!!!!

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Since there were no auctions during the Holy Day/weekend for Iraq,I do not believe that we should use those days to average it out to manipulate the numbers to mean what we want them to.

And I could be totally wrong, and I'm not versed in the Iraqi culture when it comes to their Holy Days, but even still just because the GOI offices closes and banks closes doesn't mean that everyone closes shop and shuts down. Public safety (police, fire, emergency services) are still in operation and need a budget, public utilities (electricity, water, sanitation, sewer) need a budget, they have to account for every single day when it comes to these services Holy Day or not. You may have not seen a spike in the auction after the Holy Day simply because there have been plenty of money in reserve and did not need a spike in an auction, and sense the sterilization was announced a week ago this may be the first sign of their need to keep basic services operating. And I'm just grasping at straws just like everybody else and this is IMO.

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Although many of us have tried to find meaning in EVERY change that has occurred in the end the RV is immanent. For me patience is a virtue, one that I myself run very short of I must admit. Anyway's do not read into something that is not there, this IMO does not effect the plans of the Iraqi's for their financial comeback. Peace.

Although I am extremely optimistic about a ' soon rv' (haha), I must disagree about the relevance of the auctions to the financial status of iraq....

Quite the contrary, iraq uses currency auctions to control inflation and the exchange rate....

Imo, the 'true' exchange rate had been changing with these lower auctions (rate haas been increasing). IDQ's rate is a locked rate, they don't currently float their currency rate. 1170 if what we are going to see untill they are ready to tell the public what they have been doing and release lower denoms. How can they do this? Like many have said, a country has every right to set their own exchange rate. Just look at china, their currency is undervalued ALOT. China does it to control their import/export market, making billions more for their country by doing so.

So back to CBI....

This is all just opinion but I think the currency value had been increasing this whole time.....to what 'true' rate or how fast the value increases compared to what low auction values are presented on a daily basis is beyond me. Maybe some mathematical economical genius out there can figure that out? :)

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