Printable View
Number of banks 15 -----
Auction price selling dinar / US $ 1277 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 56.600.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 56.600.000 -----
Total offers for selling (US $) ----- -----
Am i to take from this, 15 banks selling 56,600,000@1277 to the CBI ??
Quote:
Originally Posted by tpiddy
The CBI sold 56,600,000 USD to the 15 banks in exchange for dinars at the rate of 1277 dinar = 1 USD.
Then how is it considered taken out of circulation
sorry for being ignorant on this, but everyday i see:
1. 1 Dinar rate change today, it was 1278, it is now 1277
2. A (net) worth of dinars, IQD - 72,278,200,000 pulled out of circulation on today. (3/14/07)
3. 15 banks participating today
4. 102nd auction since the beginning of CBI's reval plan
5. 165 days into the CBI's reval plan.
6. 6,674,924,120,000 dinars pulled from circulation !!
7. "0" Dinars back into circulation today
and i guess im confused :new:
$56,600,000 US Dollars
Times 1277 Dinars to the dollar
Equals 72,278,200,000 Dinars taken out of circulation.
The CBI is buying back Dinars from the 15 banks who attended the auction.
No banks made offers to buy Dinars.
Hope this helps...
it is not taken completely out of circulation-it is being recycled back in. there is no proof-regardless of popular belief that the daily auctions completely remove the dinar from circulation.
If you are tallying the Dinars "bought" by the CB in daily auctions, then you assume that they have therefore been pulled out of circulation by the CBI, you are seriously mistaken. The Iraqi "federal reserve" is as bogus as is that of the US. It is ALL about deception. There is another componant you are overlooking - their T-bills and T-notes. These are ,I believe, CBI committments wherein IOU's at varying interest rates are "auctioned" off. Among other things, these auctions reduce the amount of Dinar in circulation, and have not been considered in any of the tallys I have seen posted here.Quote:
Originally Posted by tpiddy
When these "notes" come due, and are paid off, more Dinar is introduced into circulation. No one has cited this. It is important. Thanks,
Scott
With the last question anwered, can somebody tell me what the CBI's affiliation is. Shiit, Kurd, Sunni?
Maybe the CBI is waiting for that salvation government to make their play....just think, how bad would Maliki look if someone took over and instant VALUE (I wouldn't call it a re-value that would assume that dinar has value).
Just a thought.
I have been saying this for about 6 months! Thank you!! The Government of Iraq buys dinars from the CBI to pay for government expenses. Including all payroll, and all projects including rebuilding of the country, which we all know is a never ending project.Quote:
Originally Posted by lglwzrd
Yes and there is no proof just how much is going BACK into circulation either. It may just be enough to cover necessities. Unless of course you have some proof that major amounts of these dinars in the auction are going BACK into circulation. Wheres your proof? :wink:Quote:
Originally Posted by lglwzrd
So this info is saying the oposite, right?
ISX-Data.com / The Unique Situation of the Iraqi Dinar
"
The Central Bank of Iraq (CBI)
The Central Bank of Iraq (CBI) was set up as an auction system, with the CBI sitting on the newly printed currency, auctioning older outdated dinars and other foreign currencies with Iraqi banks for new dinars. Now that the currency exchange has been completed, the CBI also sends nearly half of it's daily auction of dinars to foreign banks in Kuwait, Jordan and beyond.
If you go to the CBI official website you will see the daily auction, the currency is now primarily sold in exchange for US dollars. The CBI is slowly but surely acquiring US dollars to help back the worth of the dinar. Everyday the amount of dollars in it's vaults increases.
The exact number of dinars in print, in circulation or on hold at the CBI is exactly known. By doing some very simple steps, full control is achieved through:
Once you know the amount of dinars out there, viola, you have complete control over it's fate. The CBI simply sells more or less to hold the dinar in a position exactly where they want it to be.
- Limit the amount a person can bring with him if he is leaving Iraq, to a very small amount (in this case, 100,000 dinar);
- Knowing the exact amount sold to banks outside of Iraq.
Given this situation, the dinar will not strictly be pegged. It has been called 'pegged' by some, but in reality you will have some small fluctuations on the dinar value, which you have likely noticed if you have followed it over time. These fluctuations are a balancing act by the CBI.
Simply put, truly pegged currencies don't move from the currency it is pegged to."
i keep beating this dead horse, as i have 2 buddies that fight with me everyday about the cbi auctions....
:fryingpan
That article is dated September, 2006. A lot has changed since then.Quote:
Originally Posted by tpiddy
Yes, in the earlier auctions the CBI was doing both buying and selling of dinars. However, since last fall they have been primarily selling USD in exchange for NID. There has been very little (in comparison) NID sold for USD.