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CBI Sells 197 million US dollars


Sara Johnson
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Announcement No. (1991)

The latest daily currency auction was held in the Central Bank of Iraq on the 3-OCT-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$) 192,789,000

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

Total offers for buying (US$) 192,789,000

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

Read more:

Attention to all those wearing rose colored sunglasses this morning....This auction specifically states they are selling dinar and buying USD......the amount sold at auction price is the USD equivalent.....look above auction price for selling dinar....1170....at the bottom...total offers for buying USD.....192,789,000....selling dinar and buying USD...so basically they sold over 225 billion dinar for 192 million USD....

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Yes, but those dinar are put into the economy, thats how the m2 is now over 30 trillion. they are using the auction for expanding not contracting the money supply. big misconception

So help me out, you are saying that they are buying dinar out of circulation and then putting the dinar right back into circulation. That makes no sence at all.

That would only work of they were printing more dinar right? :mellow:

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Jgreene

Look at what it says 21 banks bought dollars at a rate of 1170. If it was the cbi that bought usd it would not matter how many banks were involved.but it showed the 21 banks bought 192,789,000 dollars with dinars.so what we need to find out is who is doing the purchasing the cbi or the 21 banks,and if it is cbi that is buying dollars then there would be no point in telling how many banks were involved.that is where the confusion is coming from.

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Jgreene

Look at what it says 21 banks bought dollars at a rate of 1170. If it was the cbi that bought usd it would not matter how many banks were involved.but it showed the 21 banks bought 192,789,000 dollars with dinars.so what we need to find out is who is doing the purchasing the cbi or the 21 banks,and if it is cbi that is buying dollars then there would be no point in telling how many banks were involved.that is where the confusion is coming from.

but still buying USD and selling IQD.....why would anyone including banks be selling iqd at 1170???? CBI and private banks that are long on dinar are selling dinar and bringing in USD....the notion that they are buying dinar to remove it from circulation for the upcoming RV is rediculous....The Iraq system at the moment wants all the USD they can get their hands on....is it new circulation or just stockpiled IQD previously printed is the question to me...

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What? The M2 only grows when new bills are distributed, if in fact they are rolling dinars back into the economy these bills do not make the M2 grow and I highly doubt they are printing new old bills when they are stating they are replacing the currency. In fact they have been pulling larger denoms. for quite some time. We will not see the true "in circulation" bill count until Iraq is Internationally recognized and I.M.F. transparency rules apply

Actually you can find the date on your bills you hold....I made a post about it and there were people on this site and another that had 2010 bills.....

The sanctions placed on them required them to be transparent financially....I believe that part of the sanctions were lifted but they have been pretty transparent with their finances up until about july or august of this year...

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Jgreene

Ok most people in Iraq are using the dollar not the dinar because it has more buying power and they carry less cash,so why would the banks in Iraq sell all their dollars to the cbi and buy the dinar when the majority of the country don't use the dinar.I am not saying they are collecting it for the RV.I am saying their buying the dollars so they can assist their customers.now it makes perfect sense for the cbi to collect the dinar,because the more they get back they would be less responsible for when they do revalue.I don't understand why this so difficult to except.if majority of the people are using the dollar and the banks are using dinar to buy the dollar what is cbi doing with the dinar they collect?I can tell you they are not just throwing it out the window when they know they are getting ready to revalue or putting it back in circulation especially when people don't care to use it.

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So help me out, you are saying that they are buying dinar out of circulation and then putting the dinar right back into circulation. That makes no sence at all.

That would only work of they were printing more dinar right? :mellow:

Yep, didn't think anyone could answer this one.

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Here's why...the CBI is dumping Dollars & putting more ID into their local economies so that the Iraqis can also benefit from any RV. It wouldn't be pleasant in Iraq if only foreigners benefited & the Iraqis were excluded. There would be riots in the streets or even back to the days of chaos. The RV is imminent. Any day now.

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Luigi1

No they are not dumping dinar back into their economy right now,this is the point of the law they are going to pass when they rd that you have to trade in your dollars for the new lower dinars with the four languages on it.it is dedollarization.I don't know how many times I have to explain this but here we go again.Iraq has 2 choices in order to raise the value of the dinar.

1 lop three zeros of the currency now they just took their 30 trillion and made it 30 billion and then raise the exchange rate after moving the decimal point over three places (.00086 to .86) now your 30 billion becomes 3 trillion.and now you have a bunch of un educated Iraqis confused and upset because they don't understand what is going on with their dinar. when turkey which Iraq is always comparing themselves to Lopped or Rd whatever you want to call it they straight printed new currency and everyone trade it in right away it didn't take years like Iraq is talking about doing.so now you have a mess on your hands because you have u.s dollars in circulation you also have a old currency with the value lopped three zero's and you also are putting out smaller denoms with the Kurdish language on it and all this is going on at the same time it's to confusing for the Iraqi people.if this is the way Iraq was going to go it could have been done in a matter of months not years.

2 you could use the money auctions to pull in the dinar,now why would this work? Because everyone is using the dollar it is the preferred currency for the majority of the country because it has a greater purchasing power and they don't have to carry as much cash on them,so when people go into banks wether it's a merchant or a citizen they are trying to get the dollar not the dinar.this is why the banks in the currency auctions are buying dollars because it is what the people prefer to use.their would be no point in getting dinar when the people don't want it.so the c.b.I takes in dinar and give the local banks dollars and the banks delivers that to it's customers because once again it is what they want.you see how that works supply and demand.ok now you with me,now all c.b.I has to do is collect in dinar which is about 4 to 5 trillion a month and recirculate some back into the economy but the lions share is put away to later be destroyed when they revalue,now once they got that money supply where they want it they can just RV,now sinse everyone in Iraq is use to the dollar they come out 1 to 1 print the new currency and trade equally across for the new dinar with the Kurdish language on it, and once they dedollarize the country they can start raising it back to the 3 to 1 over a period of time.

now I am not saying that I know for a fact that number 2 is for sure what Iraq is going to do,but it definitely accomplish their goal a lot better than # 1

and the goal was to give the dinar the purchasing power it had pre war and do it in a way it would be less confusing to the people and that's what shabbs wanted so you tell me what's easier.

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