Rogue Knight Posted January 5, 2012 Report Share Posted January 5, 2012 Currency Auctions Announcement No. (2050) The latest daily currency auction was held in the Central Bank of Iraq on the 5-JAN-2012. The results were as follows: Details Notes Number of banks 25 Auction price selling dinar / US$ 1170 Auction price buying dinar / US$ ----- Amount sold at auction price (US$) 279,100,000 Amount purchased at Auction price (US$) ----- Total offers for buying (US$) 279,100,000 Total offers for selling (US$) ----- http://www.cbi.iq/index.php?pid=CurrencyAuctions 3 Link to comment Share on other sites More sharing options...
Canuklady Posted January 5, 2012 Report Share Posted January 5, 2012 Thanks for posting! Consistently over 200 now. Link to comment Share on other sites More sharing options...
TFK Posted January 5, 2012 Report Share Posted January 5, 2012 Huge amounts of dinar being bought up by the CBI. That's almost 3 trillion dinar worth of USD now in Iraqi banks hands in just one day. Wow!! Whether they are controlling inflation, shrinking the money supply or both, we can assume big things are going on behind closed doors. 2 Link to comment Share on other sites More sharing options...
easyrider Posted January 5, 2012 Report Share Posted January 5, 2012 (edited) they are rreceiving a commission of 13 dinars for every dollar sold do the math, Hint: this is why they are soo big they are reeling the dinars in through the auctions could it get any clearer? P.s lopsters will be here shortly to try to come up with some way they are having these big auctions for nothing. Edited January 5, 2012 by easyrider 2 1 Link to comment Share on other sites More sharing options...
Patriotic_mess Posted January 5, 2012 Report Share Posted January 5, 2012 I wonder how that audit went? Link to comment Share on other sites More sharing options...
steveflex7 Posted January 5, 2012 Report Share Posted January 5, 2012 (edited) I wonder how that audit went? After listening to Delta, he stated that after audits were completed, the CBI realized there is still more dinar on the streets then they want. So my guess is the next few days we should see record setting auctions to pull in more dinar. Whats your take on this EAsy ? Edited January 5, 2012 by steveflex7 1 Link to comment Share on other sites More sharing options...
gakman Posted January 5, 2012 Report Share Posted January 5, 2012 Isn't the CBI also putting Dinars in circulation? These cannot possibly all be reitired can they? 1 Link to comment Share on other sites More sharing options...
wavggg Posted January 5, 2012 Report Share Posted January 5, 2012 Currency Auctions Announcement No. (2050) The latest daily currency auction was held in the Central Bank of Iraq on the 5-JAN-2012. The results were as follows: Details Notes Number of banks 25 Auction price selling dinar / US$ 1170 Auction price buying dinar / US$ ----- Amount sold at auction price (US$) 279,100,000 Amount purchased at Auction price (US$) ----- Total offers for buying (US$) 279,100,000 Total offers for selling (US$) ----- http://www.cbi.iq/index.php?pid=CurrencyAuctions It only shows them Selling more Dinar out into the world and not Buying any back - WTF? Link to comment Share on other sites More sharing options...
sportfisher Posted January 5, 2012 Report Share Posted January 5, 2012 It only shows them Selling more Dinar out into the world and not Buying any back - WTF? No, you are reading it backwards. 1 Link to comment Share on other sites More sharing options...
Up North Posted January 5, 2012 Report Share Posted January 5, 2012 Huge amounts of dinar being bought up by the CBI. That's almost 3 trillion dinar worth of USD now in Iraqi banks hands in just one day. Wow!! Whether they are controlling inflation, shrinking the money supply or both, we can assume big things are going on behind closed doors. I think th4e math comes out to 300 billion? Still a huge amount for 1 auction. Great news IMO. Link to comment Share on other sites More sharing options...
unirod Posted January 5, 2012 Report Share Posted January 5, 2012 they are rreceiving a commission of 13 dinars for every dollar sold do the math, Hint: this is why they are soo big they are reeling the dinars in through the auctions could it get any clearer? P.s lopsters will be here shortly to try to come up with some way they are having these big auctions for nothing. Easy, Good call! I'm waiting for keepmewalkinfnny to show up with a comment. He has straddled both sides of the lop fence for so long I'm not sure he has any knards left.... 4 Link to comment Share on other sites More sharing options...
sportfisher Posted January 5, 2012 Report Share Posted January 5, 2012 (edited) here is an example of how the foreign currency works. They continue to sqeeze liquidity. http://www.azzaman.com/english/index.asp?fname=news\2012-01-02\kurd.htm Saleh said the bank would not let the dinar fall and in one day in December last year it sold $200 million on the open market to squeeze liquidity. “We withdrew in one single day about one quarter of a trillion dinars, thereby brining stability to the currency,” Saleh said. Edited January 5, 2012 by sportfisher 3 Link to comment Share on other sites More sharing options...
deuce deuce Posted January 5, 2012 Report Share Posted January 5, 2012 I've been a regular reader on this site since about last March. If i'm correct, haven't they been doing currency auctions since at least then? If these currency auctions are drawing down the amount of dinar in circulation from the 27 trillion initially printed, then is there a way we can add up how much has been auctioned? Has there been anyone tracking this? Excuse my ignorance if i'm making any ridiculous assumptions or don't understand something properly. I posted this question over on the "questions" also. keep answered on the other thread. ty Link to comment Share on other sites More sharing options...
RodandStaff Posted January 5, 2012 Report Share Posted January 5, 2012 (edited) they are rreceiving a commission of 13 dinars for every dollar sold do the math, Hint: this is why they are soo big they are reeling the dinars in through the auctions could it get any clearer? P.s lopsters will be here shortly to try to come up with some way they are having these big auctions for nothing. Good analysis easy and thanks Rogue for bringing it over! Don't want it to sound like a broken record.... but I have just one thing to say to them over there.... git-r-dun boyz... git-r-dun!!! GO RV Already Baby!!! Edited January 5, 2012 by RodandStaff 1 Link to comment Share on other sites More sharing options...
sportfisher Posted January 5, 2012 Report Share Posted January 5, 2012 (edited) I've been a regular reader on this site since about last March. If i'm correct, haven't they been doing currency auctions since at least then? If these currency auctions are drawing down the amount of dinar in circulation from the 27 trillion initially printed, then is there a way we can add up how much has been auctioned? Has there been anyone tracking this? Excuse my ignorance if i'm making any ridiculous assumptions or don't understand something properly. I posted this question over on the "questions" also. keep answered on the other thread. ty that is a good question. This has been going on since 2004. http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf they also pay salaries, contracts, government budgets and such which puts IQD back in circulation, I don't know how much. Edited January 5, 2012 by sportfisher 2 Link to comment Share on other sites More sharing options...
deuce deuce Posted January 5, 2012 Report Share Posted January 5, 2012 that is a good question. This has been going on since 2004. http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf they also pay salaries, contracts, government budgets and such which puts IQD back in circulation, I don't know how much. So that's why the smart card payments are so awesome, because it's not putting physical dinar back in circulation? 1 Link to comment Share on other sites More sharing options...
fnbplanet Posted January 5, 2012 Report Share Posted January 5, 2012 Isn't the CBI also putting Dinars in circulation? These cannot possibly all be reitired can they? My belief is that they need the auctions around 140 - 150 m per day to maintain the balances of USD and IQD that they use, to maintain NORMAL value of the dinar. Above that, I think they could be easily removing some from circulation. Remember, these auctions are with BANKS, not everyday Iraqis lined up at bank teller windows. Most, if not all, is electronic. Link to comment Share on other sites More sharing options...
truthful1 Posted January 5, 2012 Report Share Posted January 5, 2012 (edited) they are rreceiving a commission of 13 dinars for every dollar sold do the math, Hint: this is why they are soo big they are reeling the dinars in through the auctions could it get any clearer? P.s lopsters will be here shortly to try to come up with some way they are having these big auctions for nothing. They obviously admitted to withdrawling dinar last week. The main question, which no one knows, is how much is being recirculated back into the economy. the cbi has to issue some back for the goi to operate and pay bills. but, how much is the real question?? Jmo, but what i read a while back, was yhe economy runs on about 150 million a day. so, in speculation, i would think anything above that is being withdrawn. but i could be way off base. just an observation. Edited January 5, 2012 by truthful1 1 Link to comment Share on other sites More sharing options...
quadkidd1 Posted January 5, 2012 Report Share Posted January 5, 2012 So if the dinar rv's then isnt the iqd the cbi holds worth a fortune too. Looks like they have a huge stockpile by now. Our value goes up and so does theirs too! Quad Link to comment Share on other sites More sharing options...
HopefulTxn Posted January 5, 2012 Report Share Posted January 5, 2012 So if the dinar rv's then isnt the iqd the cbi holds worth a fortune too. Looks like they have a huge stockpile by now. Our value goes up and so does theirs too! Quad Domestic currency would be a liability to the CBI, not an asset. Link to comment Share on other sites More sharing options...
seetrader1 Posted January 5, 2012 Report Share Posted January 5, 2012 they are rreceiving a commission of 13 dinars for every dollar sold do the math, Hint: this is why they are soo big they are reeling the dinars in through the auctions could it get any clearer? P.s lopsters will be here shortly to try to come up with some way they are having these big auctions for nothing. Link to comment Share on other sites More sharing options...
HopefulTxn Posted January 5, 2012 Report Share Posted January 5, 2012 They obviously admitted to withdrawling dinar last week. The main question, which no one knows, is how much is being recirculated back into the economy. the cbi has to issue some back for the goi to operate and pay bills. but, how much is the real question?? Jmo, but what i read a while back, was yhe economy runs on about 150 million a day. so, in speculation, i would think anything above that is being withdrawn. but i could be way off base. just an observation. Basically from what I have seen they simply used the funds they make from the auctions to be able to either release more dinar into circulation to maintain the balance between reserves and circulation if the value is stable, or to reduce the amount in circulation if the value of the dinar begins to drop. I have yet to see anything that states dinar is actually being exchanged during the auctions, only that they use the auctions as one means to stabilize the value, which does not mean that dinar has to be part of the exchange in the auctions at all. Link to comment Share on other sites More sharing options...
lotsofdinar Posted January 5, 2012 Report Share Posted January 5, 2012 So what happens when they remove all dinar (or most of it) with these auctions from circulation? How would that help the people when they RV? Link to comment Share on other sites More sharing options...
Darin Posted January 5, 2012 Report Share Posted January 5, 2012 Basically from what I have seen they simply used the funds they make from the auctions to be able to either release more dinar into circulation to maintain the balance between reserves and circulation if the value is stable, or to reduce the amount in circulation if the value of the dinar begins to drop. I have yet to see anything that states dinar is actually being exchanged during the auctions, only that they use the auctions as one means to stabilize the value, which does not mean that dinar has to be part of the exchange in the auctions at all. Very true, its basically a big circulation of domestic & foreign money. Stabilizing the value is used by tools such as withdrawing or depositing more IQD within their local economy. Ultimately, with that statement said, they obviously have the tools to pull IQD from circulation if need be. If they start producing & exporting the 900,000 barrels as projected in February, they're income/revenue is going to shoot up. It gives them more ability to spend, likely on domestic projects such as rebuilding. The frequency is trades & exchanges within banks & the CBI will go up. I wonder if we could see movement on the currency value as well. Link to comment Share on other sites More sharing options...
truthful1 Posted January 5, 2012 Report Share Posted January 5, 2012 Basically from what I have seen they simply used the funds they make from the auctions to be able to either release more dinar into circulation to maintain the balance between reserves and circulation if the value is stable, or to reduce the amount in circulation if the value of the dinar begins to drop. I have yet to see anything that states dinar is actually being exchanged during the auctions, only that they use the auctions as one means to stabilize the value, which does not mean that dinar has to be part of the exchange in the auctions at all. The cash portion is where banks sell dinar to the cbi in exchange for dollars. I know, there is physical movement there. todays cash portion was 13,000 and tuesday wednesday it was over 30,000. The cbi stated they pulled in a trillion dinar in 48 hours, however the cash portion doesnt reflect that level of liquidity. so its my belief, they can also use the trans. side of the auction as a contractionary policy as well. Link to comment Share on other sites More sharing options...
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