Currency Auction - 10/30/2011 (# 2010)

[ronscarpa]

CBI - IQD Currency Auctions

Announcement No. (2010)

The latest daily currency auction was held in the Central Bank of Iraq on Sunday, the 30-OCT-2011. The results were as follows:

DETAILS NOTES

Number of banks 20

Auction price selling dinar / US$ 1170

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

Amount sold at auction price (US$) 154,013,000

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

Total offers for buying (US$) 154,013,000

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

[Canuklady]

Thanks for posting this. I am out of plus ones but will return to this thread to plus you. The auction was low today, compared to most auctions. Thanks again.

[AoK]

I got 'em CL! Thanks for the post Ron! +1

[The Machine]

Cheers for posting Ron.

[Carrello]

Thank you Ron, and thanks to oleman too, for bringing the auction over.

[PurpleHeadedYogurtSlinger]

how is this news?

[Sun Devil]

Should we read anything into a lower auction than normal?

Edited October 30, 2011 by Sun Devil

[puckster_guy]

sometimes a cigar is just a cigar....

[vvalley]

how is this news?

Are you serious?

[Carrello]

how is this news?

Perhaps if you had a more serious demeanor, someone would take the time to explain to a Newbie why this information is "news".

Edited October 30, 2011 by Carrello

[Elixirbaby]

how is this news?

Sometimes when your new to something, it's good to experience it for short while before jumping in with your two feet.

Go RV

[nackers]

how is this news?

Fool

[bamagirl]

Thanks for posting Ron.

[amhvl]

Perhaps if you had a more serious demeanor, someone would take the time to explain to a Newbie why this information is "news".

I agree. Plus 1 to even you out. PurpleHeadedYogurtSlinger? Can't imagine why anyone wouldn't take that handle seriously...

[Carrello]

I agree. Plus 1 to even you out. PurpleHeadedYogurtSlinger? Can't imagine why anyone wouldn't take that handle seriously...

thx

[Canuklady]

I got 'em CL! Thanks for the post Ron! +1

Thank you!

[rw.sutton]

how is this news?

Got a question? Do you actually have any dinar? Just curious..

[AoK]

how is this news?

Purple, here is a thread which I think very nicely explains the importance of the currency auctions. I quote Dalite & FnHappy:

Dalite, on 13 October 2011 - 09:28 AM, said:

They are buying and selling USD, which means they are selling and buying Dinar.

If they sell USD, they buy Dinar

If they buy USD, they sell Dinar.

They are the Central Bank, and Iraq is a dual currency country.

There are usually between 20 to 26 banks participating.

If my bank took on a lot of dinar, and my dollar reserves were low, I would wait until the CBI was selling dollars, and would sell my dinar back for dollars untill I had the balance of the two that my bank usually required. The opposite if I took in too many dollars, I would wait until they were selling dinar.

This is the way the CBI acts as a Central Bank, and serves the other banks to keep them in balance and able to operate in a dual currency economy.

It is a very popular forum fact that these auctions are used to take dinar out of circulation. Think about it...

Six days a week, 52 weeks a year, five years, 100 to 200 million per auction; when would Iraq have ceased to have any dinar in circulation?

100 million dollars buys approx 100 billion dinar. Ten days per Trillion Dinar (1000 bililion is 10 x 100 billion, is a Trillion)

Let's be uber conservative and say that it took 2 weeks to take in a trillion Dinar..(10 times 100 billion is a trillion).

That would be 2 trillion dinar off the street in a month. 24 trillion off the street in a year; and these are grossly small auctions of only a hundred million dollars per day, five days a week.

In five years, they would have taken 120 trillion of the current 30 trillion Dinar that the CBI claims responsibility for.

The problem here is that they never had 120 trillion dinar, but if the auctions were used to contract the money supply, that is a very conservative portrayal of how much the cash would have shrunk.

So, if they are buying dollars, they are selling dinar. If they are selling dollars, they are buying dinar.

Wax On, Wax Off...

You've summed it up pretty well. Allow me to add some detail.

The GOI gets paid in USD for oil. The GOI then uses those USD to buy dinar from the CBI. Those dinar then get put into circulation via state employee salaries, govt funded projects etc. Those dinar that were put into circulation by the GOI get back to the banks, who in turn bring them to buy USD that the CBI got from the GOI.

Wax on, wax off.....BUT, apparently (going by the CBI financials), more dinar goes back out than is taken in at auction.

Hope this helps.

Read more: http://dinarvets.com...0#ixzz1cJQhVudX

Shalom

took away one of your negs btw!

Edited October 30, 2011 by AoK

[Jac]

CBI - IQD Currency Auctions

Announcement No. (2010)

The latest daily currency auction was held in the Central Bank of Iraq on Sunday, the 30-OCT-2011. The results were as follows:

DETAILS NOTES

Number of banks 20

Auction price selling dinar / US{:content:}nbsp; 1170

Auction price buying dinar / US{:content:}nbsp; -----

Amount sold at auction price (US$) 154,013,000

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

Total offers for buying (US$) 154,013,000

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

Nice to see this post Ron. Also it is nice to see you and Woody 'keeping the peace.'

Bless you both!

"Because you have so little faith. I tell you the truth, if you have faith as small as a mustard seed, you can say to this mountain, 'Move from here to there' and it will move. Nothing will be impossible for you." (Jesus found in

Matthew 17:20.)

Edited October 31, 2011 by Jac