Thread: Iraq/Dinar News. before Febuary 2nd 2006

The Finance Minister Baqar Jaber az-Zobaidi has described 2007 budget as ambitious and seeking to solve the country's problems in security investment and unemployment domain, indicating that it is hopeful that this budget will contribute in increasing the economic growth with ration of 8-10%.

In an exclusive meeting with as-Sabah newspaper, az-Zobaidi said that oil sources at the budget forms 93% and the rest of taxes and customs, whereas more than $10 billions were allocated for the investment, $8 billions for security in addition to $7 billions for supporting the oil ministry.

Finance: new budget allocates sufficient sums for salaries | Iraq Updates

Number of banks 11 -----
Auction price selling dinar / US $ 1295 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 65.810.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 65.810.000 -----
Total offers for selling (US $) ----- -----


Gooooooooooooood Morning RolClub


I was kind of hoping that the info about the RV being cancelled was false, just to throw the speculators off track. Kind of like China did just before they revaled their curency. But by the numbers at the CBI it looks like business as usual. Like Oz said, one day we'll wake up then just go back to bed and wait for the banks to open. Unfortunately, today is not that day. We are still in the 60+ million dollar daily average at the CBI. That in itself is some encouragement, the more they pull out the tighter the squeeze on the dinars remaining in circulation. The temporary shortage at the US banks like Chase and others seems to have abated, maybe we have to see two or three more cycles like that before the supply is really dried up. To stay positive I just tell myself, "we are one day closer to the reval than we were yesterday." With that, here are today's numbers


1. A 0 point change in the dinar today. Was 1295, now 1295

2. A (net) worth of dinars, IQD - 85,223,950,000 pulled out of circulation today, 1/24/07

3. 11 banks participating today

4. 68th auction since the beginning of CBI's reval plan

5. 116 days into the CBI's reval plan.

6. 3,880,436,080,000 dinars pulled from circulation !!

7. 0 Dinars back into circulation today !!

8. 182 dinar change since Oct 1st (baseline was 1477) 12.322% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 5 point reduction in the rate so far this week. Was at 1300 at the end of last week, 1295 this week.

10. 30 point drop so far in the month of Jan. Ended at 1325 in Dec, now stands at 1295

Thanks Socata 850,

I don't know if this is coincidence or not but here goes,


1. A 0 point change in the dinar today. This is also the score for the rumor makers.

3. 11 banks participating today The infamous 11

5. 116 days into the CBI's reval plan. 116 is my lucky number, for real.

8. 1+8+2 dinar change since Oct 1st (baseline was 1477) 12.322% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st). There's the 11 again.

Maybe tomorrow?

Support the house buy your dinar today at Iraq dinars Dinar Trade Speak with Ali and ask for the exclusive Rolclub discount.

Originally Posted by ;160973

Number of banks 11 -----
Auction price selling dinar / US $ 1295 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 65.810.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 65.810.000 -----
Total offers for selling (US $) ----- -----


Gooooooooooooood Morning RolClub


I was kind of hoping that the info about the RV being cancelled was false, just to throw the speculators off track. Kind of like China did just before they revaled their curency. But by the numbers at the CBI it looks like business as usual. Like Oz said, one day we'll wake up then just go back to bed and wait for the banks to open. Unfortunately, today is not that day. We are still in the 60+ million dollar daily average at the CBI. That in itself is some encouragement, the more they pull out the tighter the squeeze on the dinars remaining in circulation. The temporary shortage at the US banks like Chase and others seems to have abated, maybe we have to see two or three more cycles like that before the supply is really dried up. To stay positive I just tell myself, "we are one day closer to the reval than we were yesterday." With that, here are today's numbers


1. A 0 point change in the dinar today. Was 1295, now 1295

2. A (net) worth of dinars, IQD - 85,223,950,000 pulled out of circulation today, 1/24/07

3. 11 banks participating today

4. 68th auction since the beginning of CBI's reval plan

5. 116 days into the CBI's reval plan.

6. 3,880,436,080,000 dinars pulled from circulation !!

7. 0 Dinars back into circulation today !!

8. 182 dinar change since Oct 1st (baseline was 1477) 12.322% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 5 point reduction in the rate so far this week. Was at 1300 at the end of last week, 1295 this week.

10. 30 point drop so far in the month of Jan. Ended at 1325 in Dec, now stands at 1295

[QUOTE=Gloribee;160845]

Originally Posted by day dreamer

[B][FONT="Arial"][SIZE="4"]Hi DD, I think this may have been the meeting my "Imaginary Boots on Ground" meeting my friends were doing security for. ( As per Bill knows nothing) They have still not gotten back to me on what the meeting was about they took care of a few days ago, but this doe's ad up somewhat to what I was told. I guess we will have to just wait and see.

Gloribee

I think it's unfortunate that you find it necessary to belittle fellow posters by name. Apparently your 'contacts' still haven't gotten back to you on what the meeting was about.

I will take your valuable information over to the "no real contacts" thread.

Posted by: nadioshka on Wednesday, January 24, 2007 - 02:41 PM

Iraq-Currency
Dollar demand higher, exchange rates steady in Iraqi auction
By Dergham Mohammed Ali
Baghdad, Jan 24, (VOI) – Dollar demand moved higher in the Iraqi central bank daily auction on Wednesday reaching $65.810 million compared to $60.605 million on Tuesday.
In its daily statement, the bank said it covered all bids which were $5.810 million in cash and $60 million in foreign transfers at an exchange rate of 1,295 dinars per dollar unchanged from Tuesday’s rate.
Eleven banks participated in the auction but none offered to sell dollars.


Ali al-Yasseri, a trader, told the independent news agency Voices of Iraq (VOI) traders were comfortable with the stable exchange rates and the balanced move towards slowly raising the dinar rate, unlike the pace seen two months ago when the dollar used to fall by ten dinars in one session, negatively affecting the market.

Originally Posted by Socata 850

Number of banks 11 -----
Auction price selling dinar / US $ 1295 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 65.810.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 65.810.000 -----
Total offers for selling (US $) ----- -----


Gooooooooooooood Morning RolClub


I was kind of hoping that the info about the RV being cancelled was false, just to throw the speculators off track. Kind of like China did just before they revaled their curency. But by the numbers at the CBI it looks like business as usual. Like Oz said, one day we'll wake up then just go back to bed and wait for the banks to open. Unfortunately, today is not that day. We are still in the 60+ million dollar daily average at the CBI. That in itself is some encouragement, the more they pull out the tighter the squeeze on the dinars remaining in circulation. The temporary shortage at the US banks like Chase and others seems to have abated, maybe we have to see two or three more cycles like that before the supply is really dried up. To stay positive I just tell myself, "we are one day closer to the reval than we were yesterday." With that, here are today's numbers


1. A 0 point change in the dinar today. Was 1295, now 1295

2. A (net) worth of dinars, IQD - 85,223,950,000 pulled out of circulation today, 1/24/07

3. 11 banks participating today

4. 68th auction since the beginning of CBI's reval plan

5. 116 days into the CBI's reval plan.

6. 3,880,436,080,000 dinars pulled from circulation !!

7. 0 Dinars back into circulation today !!

8. 182 dinar change since Oct 1st (baseline was 1477) 12.322% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 5 point reduction in the rate so far this week. Was at 1300 at the end of last week, 1295 this week.

10. 30 point drop so far in the month of Jan. Ended at 1325 in Dec, now stands at 1295

Hello everyone. Haven't posted in a while. Been watching the auctions and the other news out there. I would have thought that the CBI was approaching their target level at the end of '06 with having pulled around 3 trillion dinar from the market. But it has surprised me that they apparently found the money to pull another 1 trillion out since the break starting Jan. 9th. What is also interesting is the report that their currency reserves has increased to around 16Billion. This indicates these people have a lot more money than we thought. One explanation for the recent 13 auction removal of the dinar is that they received the 685 billion from the IMF around Dec. 24th. Only speculation and rumor. But if true, that allowed them to take another trillion out of circulation. But in any case, they are removing the money from the economy in a textbook intervention to reduce the base money supply and tackle inflation. Which I think has been their first priorty over and above increasing the exchange rate. How much more can they remove? We don't know. They have surprised us before and they may continue to do the same. But as we have said before, this process can't go on forever. The drying up process is in effect. Although their appears to be remaining pools of dinar out there. This too can't last for much longer if it is true that the large corporations have been buying. The CBI is the ultimate source and they haven't sold any dinar in any appreciable amounts since last Oct. So the supply will continue to dry and the demand will increase as we have seen both here and inside Irag from reports. What is interesting in their (CBI) behavior is that they have pulled so much out in such a short period of time as if they where under a lot of pressure. Somebody is apply the "heat" to get the money out so as to move on the better things. (An RV?). But as we have discussed, the removal of the currency is controled by the CBI and is the very best intervention that they could do at this time. Reduction of the money base is a classic intervention and one we would want them to do prior to any appreciation of the currency. With 5 auctions over 100 million, 2 in Nov. and 3 in Jan. they are not even being subtle about this. Hopefully the goal will be a closely held currency with little in circulation, therefore resulting in an expensive currency similar to Kuwait. Expect a continued decrease in supply and the price of this currency to rise. With over a 12% increase in value, the world knows about this and the feeding frenzy will become more voracious. Everyone be patient. Thank You.

Originally Posted by adm

Posted by: nadioshka on Wednesday, January 24, 2007 - 02:41 PM

Iraq-Currency
Dollar demand higher, exchange rates steady in Iraqi auction
By Dergham Mohammed Ali
Baghdad, Jan 24, (VOI) – Dollar demand moved higher in the Iraqi central bank daily auction on Wednesday reaching $65.810 million compared to $60.605 million on Tuesday.
In its daily statement, the bank said it covered all bids which were $5.810 million in cash and $60 million in foreign transfers at an exchange rate of 1,295 dinars per dollar unchanged from Tuesday’s rate.
Eleven banks participated in the auction but none offered to sell dollars.


Ali al-Yasseri, a trader, told the independent news agency Voices of Iraq (VOI) traders were comfortable with the stable exchange rates and the balanced move towards slowly raising the dinar rate, unlike the pace seen two months ago when the dollar used to fall by ten dinars in one session, negatively affecting the market.

SMOKE?

great post Thanks for your thoughts

Originally Posted by Lunar

I believe Iraq is further ahead then they are revealing...politically and financially.
I don't necessarily agree that we'll be waiting a while as any objections from the Kurds should be resolved quickly....they hold the biggest ace.

I whole heartedly agree! Besides, if my memory serves me correctly, the Kurds were to be on holiday presently. Then, I saw a post from yesterday that mentions they had some kind of special meeting. To me, that indicates, their desire to get this thing done and not drag their feet. If they are working instead of going to their "ski lodge" in the Kurdistan mountains, they're serious about getting this done, which, to me, points to something happening very soon. Just my opinion.

Originally Posted by boomcreek

I whole heartedly agree! Besides, if my memory serves me correctly, the Kurds were to be on holiday presently. Then, I saw a post from yesterday that mentions they had some kind of special meeting. To me, that indicates, their desire to get this thing done and not drag their feet. If they are working instead of going to their "ski lodge" in the Kurdistan mountains, they're serious about getting this done, which, to me, points to something happening very soon. Just my opinion.

I hope you are right.