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12-02-2007, 07:30 PM #821
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12-02-2007, 07:52 PM #822
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Hello everyone. I agree, this is unusal and trying to respond places me on thin ice. But here goes. All in good faith. "fails to cover bids for the dollar".
My impression is that the CBI only wanted to spend a certain amount (i.e. 1288) for the dinar today. Failing to cover the bids might imply that bids for the dollar were more expensive than the CBI wanted to spend. Maybe some of the banks wanted a better rate and the CBI just wasn't going to pay up. I am sure willing to listen to anyone else who might have a opinion. But keep in mind that several of the iraqi banks are private and therefore might see the auction as more within a free economic view than the state banks. IMHO. Thank You.
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12-02-2007, 08:13 PM #823
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I would like to add an additional thought. Some speculation in an implied question. What if the banks begin to demand a better rate than the CBI is quoting? This adds another "pressure" on the exchange rate, and if true, certainly works for us. Any Comments? Thank You.
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12-02-2007, 08:32 PM #824
(Media-Newswire.com) - Washington -- Days into the implementation of a new security plan, a senior U.S military official said Iraqi forces are meeting their commitments amidst signs of early progress toward breaking the cycle of sectarian violence in Iraq?s capital.
Besides the arrival of a brigade of additional Iraqi troops to reinforce security in Baghdad, Army Lieutenant General Douglas Lute cited other positive evidence like the creation of a single unified chain of command for all Iraq?s army and police forces and the establishment of new Iraqi-U.S. neighborhood security stations that will provide a round-the-clock presence. Speaking to reporters at the Pentagon February 9, he said 10 joint security stations are in place and plans are to triple that number.
Mark Kimmitt, deputy assistant secretary of defense for the Middle East, who briefed with Lute, said additional U.S. military and civilian assets are being dedicated to the mission to quell the violence so the Iraqi government can concentrate on political and economic development. Assets and resources, including boosting the number of provincial reconstruction teams, are focused on ensuring success, he said.
?We are provisioned and resourced sufficiently with both physical resources and support from the Maliki government to move forward with the plan,? Kimmitt said. Once the violence abates, the government can deal with unresolved issues like political reconciliation, amnesty, pressing budget needs and passing hydrocarbon legislation, he added.
Media-Newswire.com - Press Release Distribution - PR AgencyHere's to a very prosperous year in 2007.
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12-02-2007, 08:34 PM #825
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Let me see if I am understanding this...from what I can tell, you are speculating and I can understand the caution....so I will use caution in my question...
Are you saying in your statement that one theory could be that the private banks may be perceiving a different/higher value than what CBI is asking?
I know this would only be a speculative theory.
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12-02-2007, 08:35 PM #826
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12-02-2007, 08:37 PM #827
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here you go:
AlSharqiya TV"There is a paragraph about investment in this year's budget which provides for having the Iraqi dinar as the main currency in the 2007 budget," Sulagh said (Minister of Finance).
The head of the Research and Statistics, Dr. Mohamed Saleh:
The rate of 75% of the real exchange rate of the dollar to improve...
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12-02-2007, 08:41 PM #828
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12-02-2007, 08:47 PM #829
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Yes. It is speculation, but some of the banks may begin to demand a "better deal". A dimension of the problem that we have not thought or discussed before, but an interesting one. If we continue to see "failed to cover bids" in the next auctions, we may build a basis for this. Thank You.
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12-02-2007, 09:30 PM #830
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Here's also an interesting point, If you apply the Frankel theory ie 1/3 USD, 1/3 EURO, 1/100 price of a barrel of oil [Following the 50 dollar oil and fractional percentages rounded down all figures USD]
you end up with:
.43 EURO
.33 USD
.50 OIL
1.260
Things that make you go Hmmmmm....Last edited by wciappetta; 13-02-2007 at 02:54 PM.
It seems that the state insists, or preserve the value of the Iraqi dinar 148 against the dollar ...Monetary value of the Iraqi dinar must revert to the previous level, or at least to acceptable levels as it is in the Iraqi neighboring states [ MOF Sept 2006]
High RV is like Coke; it’s the real thing baby!
Jesus Loves You
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