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***** CBI Currency Auction 21-06-2011 *****


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Announcement No. (1923)

The latest daily currency auction was held in the Central Bank of Iraq on the 21-JUN-2011. The results were as follows:

Details Notes

Number of banks 22

Auction price selling dinar / US$ 1170

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

Amount sold at auction price (US$) 152,557,000

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

Total offers for buying (US$) 152,557,000

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

Currency Code Sell Buy

US dollar USD 1170.000 1168.000

Euro EUR 1665.495 1664.662

British pound GBP 1891.773 1890.827

Canadian dollar CAD ----- -----

Swiss franc CHF 1381.183 1380.492

Swedish krona SEK 181.224 181.133

Norwegian krone NOK 210.118 210.013

Danish krone DKK 223.274 223.162

Japanese yen JPY 14.589 14.581

Special

Drawing Rights SDR 1862.827 1861.896

Indicative rates - 21.06.2011

Edited by The Machine
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These daily auctions are for foreign currencies..mostly USD. Could we safely assume that these banks are buying these currencies from CBI using IQDs..? A lot of IQDs end up in CBI, if you look at the daily auctions. :unsure:

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These daily auctions are for foreign currencies..mostly USD. Could we safely assume that these banks are buying these currencies from CBI using IQDs..? A lot of IQDs end up in CBI, if you look at the daily auctions. :unsure:

I have the same question, that would be really good if that was the case. What if it is the other way tho and they are selling dinar for usd. Is that an option and if so will it hurt our investment.

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The banks purchase dollars using IQD

The CBI has been buying up IQD for months if you check Doc31's past posts I believe the CBI has been doing this since last october. That IS a lot of Dinar taken off the streets

If this is the case then this is excellent news. I have heard different scenarios from multiple sources, I could use a little clarity here.

Does the Central Bank auction off USD?

How do the other banks pay for the USD? Is it with IQD?

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The CBI auctions currency 5 days a week. Mostly they buy Dinar and sell dollars. They get a premium for selling dollars about 15 dinar over the going rate, it is their commission. They used to sell as much dinar as they did dollars but last year about october the sales of dinar dropped significantly and at one point asctually stopped for about 60 days. So the CBI has taken a large amount of Dinar off the street of Iraq. Like I said read Doc31's post about the zero days

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The CBI auctions currency 5 days a week. Mostly they buy Dinar and sell dollars. They get a premium for selling dollars about 15 dinar over the going rate, it is their commission. They used to sell as much dinar as they did dollars but last year about october the sales of dinar dropped significantly and at one point asctually stopped for about 60 days. So the CBI has taken a large amount of Dinar off the street of Iraq. Like I said read Doc31's post about the zero days

Dinarx2, thank you for the clarification. This is actually very good news I would expect. I use to read Doc31's posts all the time, but I got confused because of different people's input on the matter. Thanks again for clearing this up for me once again.

Keep, where are you at? I would like your input on the auctions and the affect it could have on the Dinars in circulation. Do you think the currency auctions are helping reduce the currency in circulation? If the CBI is bringing in the IQD's is it still considered "currency in circulation?" Thanks in advance.

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The banks purchase dollars using IQD

The CBI has been buying up IQD for months if you check Doc31's past posts I believe the CBI has been doing this since last october. That IS a lot of Dinar taken off the streets

That is good news if I understand it right. Thanks for the clarity! Go RV! cool.gif

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