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***** CBI Currency Auction 11-07-2011 *****

The Machine

By The Machine,
in Iraq & Dinar Related News

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The Machine Newbie

The Machine

Posted
Posted (edited)

Announcement No. (1936)

The latest daily currency auction was held in the Central Bank of Iraq on the 11-JUL-2011. The results were as follows:

Details Notes

Number of banks 21

Auction price selling dinar / US$ 1170

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

Amount sold at auction price (US$) 222,584,000

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

Total offers for buying (US$) 222,584,000

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

Edited by The Machine
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FOUNDIT Newbie

FOUNDIT

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/ Aswat al-Iraq: The Central Bank of Iraq (CBI) has announced the selling of US$175 millions, in its auction on Thursday, on the rate of 1,170 dinars per dollar, exceeding its Wednesday sale by 73 million dollars, according to its daily bulletin, copy of which was received by Aswat al-Iraq news agency.

“The total demand on U.S.

dollars has reached 175 millions and 382,000, covered by the Central Bank of Iraq, on an exchange rate of 1,170 Iraqi dinars per dollar,” the bullet reported.

The CBN’s sales in its Wednesday auction had reached 73 millions and 730,000 dollars.

The Bank’s cash dollar sales had reached 12 millions and 192,000 dollars, on an exchange rate of 1,183 dinars per dollar, along with the Bank’s interest of 13 dinars per dollar.

The Bank’s foreign transfers had reached 163 millions and 192,000 dollars, on an exchange rate of 1,183 dinars per dollar, including a 13 dinar interest per dollar.

“None of the 8 banks sharing in the CBN’s auction had presented any offer for the selling of dollars,” the bulletin stressed.

Noteworthy is that the CBN holds 5 auction sessions per week, beginning on Sunday and ending on Thursday, for the selling and buying of foreign currencies, charging a 13 dinar interest per dollar, along with a similar interest for foreign transfers.

You know when you read this carefully one could conclude they are selling usd to the banks. If so are they bringing in more three zeros or is this whole thing a smoke screen....just sayin.

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tommyboy Newbie

tommyboy

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/ Aswat al-Iraq: The Central Bank of Iraq (CBI) has announced the selling of US$175 millions, in its auction on Thursday, on the rate of 1,170 dinars per dollar, exceeding its Wednesday sale by 73 million dollars, according to its daily bulletin, copy of which was received by Aswat al-Iraq news agency.

“The total demand on U.S.

dollars has reached 175 millions and 382,000, covered by the Central Bank of Iraq, on an exchange rate of 1,170 Iraqi dinars per dollar,” the bullet reported.

The CBN’s sales in its Wednesday auction had reached 73 millions and 730,000 dollars.

The Bank’s cash dollar sales had reached 12 millions and 192,000 dollars, on an exchange rate of 1,183 dinars per dollar, along with the Bank’s interest of 13 dinars per dollar.

The Bank’s foreign transfers had reached 163 millions and 192,000 dollars, on an exchange rate of 1,183 dinars per dollar, including a 13 dinar interest per dollar.

“None of the 8 banks sharing in the CBN’s auction had presented any offer for the selling of dollars,” the bulletin stressed.

Noteworthy is that the CBN holds 5 auction sessions per week, beginning on Sunday and ending on Thursday, for the selling and buying of foreign currencies, charging a 13 dinar interest per dollar, along with a similar interest for foreign transfers.

You know when you read this carefully one could conclude they are selling usd to the banks. If so are they bringing in more three zeros or is this whole thing a smoke screen....just sayin.

As you can see by what I emboldened, they're buying dollars as their primary objective, not selling dinar.

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Primma Newbie

Primma

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As you can see by what I emboldened, they're buying dollars as their primary objective, not selling dinar.

Doesn't look good for us if they are hoarding USD. They will just use that to pay for things and keep the dinar worthless. Keep their people in check, while packing their pockets with USD's. I'm begining to think this might not ever happen. Sell all the dinar they can.....Print it as fast as u can sell it......Come out with new dinar.....Our's worth nothing now.....Buy all they can with all the USD they now have....RE-value.....

Thanks America........

Does this look to be impossible....??? I hope so. Just thinking out loud.

Edited by Primma
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tommyboy Newbie

tommyboy

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Doesn't look good for us if they are hoarding USD. They will just use that to pay for things and keep the dinar worthless. Keep their people in check, while packing their pockets with USD's. I'm begining to think this might not ever happen. Sell all the dinar they can.....Print it as fast as u can sell it......Come out with new dinar.....Our's worth nothing now.....Buy all they can with all the USD they now have....RE-value.....

Thanks America........

Does this look to be impossible....??? I hope so. Just thinking out loud.

Shabs buys US$ to keep the dinar at a steady rate around 1170/$. Pretty sure they have to have a stable currency in order to get into the WTO & IMF.

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thatoneguy Newbie

thatoneguy

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Hmmm. Time to invest in the 'ol greenback while this fargon thing plays out? I'm fairly confident that our investment will comfort us all in due time, but i'm no pro, but sounds to me like,(along with the U.S.), we are collectively waiting on this to happen. Any thoughts on working an angle with the Dollar while we wait? Perhaps this investment could end up being a Quantitive Easing type deal. Maybe. Just a guess. Bueller? Yep, i need some sleep.:blink:

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JoeB Newbie

JoeB

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Announcement No. (1936)

The latest daily currency auction was held in the Central Bank of Iraq on the 11-JUL-2011. The results were as follows:

Details Notes

Number of banks 21

Auction price selling dinar / US$ 1170

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

Amount sold at auction price (US$) 222,584,000

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

Total offers for buying (US$) 222,584,000

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

They are selling dinar...

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cooked Newbie

cooked

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This is scary. If they are selling dinar at this rate, what does this do for the rv? If you extrapolate these numbers out they would be out of dinar in a short time. At a 1170/1 rate and selling $100000000 usd per day they would have sold 2340000000000 dinar in just one months time. Thats 2.34 trillion dinar in about just one month. I think our understanding of the auctions is off or we are in a real circle jerk. Can anyone please help me understand this.

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tommyboy Newbie

tommyboy

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They are selling dinar...

Maybe that's the way it appears, but try this: Go to the CBI website, left column, click Monitary Policy; Next screen, click Monitary Policy Instruments; 2nd section, explanation to banks, 2nd paragraph:

"The CBI currently has the following active and passive instruments that affect market liquidity (base money):

• Foreign exchange auctions, in which the CBI buys or sells dollars to the market in light of its policy objectives; "

That's what I base my opinion on.

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Dalite Newbie

Dalite

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Maybe that's the way it appears, but try this: Go to the CBI website, left column, click Monitary Policy; Next screen, click Monitary Policy Instruments; 2nd section, explanation to banks, 2nd paragraph:

"The CBI currently has the following active and passive instruments that affect market liquidity (base money):

• Foreign exchange auctions, in which the CBI buys or sells dollars to the market in light of its policy objectives; "

That's what I base my opinion on.

If they are buying dollars, they are selling dinar.

If they are buying dinar they are selling dollars.

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TQueezy Newbie

TQueezy

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They are selling dinar...

Okay, look at my edit to the original post below this... read it as I'm putting in the edits...

Announcement No. (1936)

The latest daily currency auction was held in the Central Bank of Iraq on the 11-JUL-2011. The results were as follows:

Details Notes

Number of banks 21

Auction price selling dinar / US$ 1170 Auction Price selling at the [dinar per US$ exchange rate 1170]

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

Amount sold at auction price (US$) 222,584,000 Total amount of US Dollars sold at the auction

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

Total offers for buying (US$) 222,584,000 Offers from the banks within Iraq for buying US Dollars from the Central Bank of Iraq

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

Simple as that, they are buying US Dollars from the Central Bank of Iraq in exchange for the Iraqi Dinar they have in their vaults that they likely collect from local business deposits and individual citizens. That means more US Dollars are going into circulation and Iraqi Dinar are being taken out of circulation...

Wonder what happens when they revalue and have been reducing the money supply of Dinar this whole time and introducing more US Dollars? Someone's going to make a killing on the spread when Iraqis turn in their typical US Dollars for the New Currency at the new exchange rate...

Edited by TQueezy
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pro1 Newbie

pro1

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If they keep going on this selling spree, they will have well over 30 trillion dinar in circulation in a months time. Keep that selling spree up for another couple months, they will have soooo much Dinar in circulation that they will have no choice but to RD first and then RV. Please someone tell me Im wrong. I want to feel better about this. Is there a dinar psychologist in the house?

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TQueezy Newbie

TQueezy

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If they keep going on this selling spree, they will have well over 30 trillion dinar in circulation in a months time. Keep that selling spree up for another couple months, they will have soooo much Dinar in circulation that they will have no choice but to RD first and then RV. Please someone tell me Im wrong. I want to feel better about this. Is there a dinar psychologist in the house?

You're wrong.

They're selling US Dollars to the Iraqi banks, not dinar. They are buying dinar back from the banks.

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