Exchange Rate July 9th 2008

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Exchange Rate July 9th 2008

Post by WHEELZ on Wed Jul 09, 2008 5:08 am

Announcement No.(1205)
D.G. of Foreign Exchange Control



The 1205 daily currency auction was held in the Central Bank of Iraq day Wednesday 2008/7/9 so the results were as follows :
Details Notes
Number of banks16-----
Auction price selling dinar / US $1194-----
Auction price buying dinar / US $-----------
Amount sold at auction price (US $)161.375.000-----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $)161.375.000-----
Total offers for selling (US $)-----------

Big Auction Numbers again ?

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Re: Exchange Rate July 9th 2008

Post by Adster on Wed Jul 09, 2008 5:17 am

A friend of mine is so bored with this investment that he now buys a 25k note every time there is a pip drop to keep him interested. Laughing

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Re: Exchange Rate July 9th 2008

Post by tomrossi1 on Wed Jul 09, 2008 6:33 am

Adster,

I guess your friend will have several million more dollars when this gets to 1 to 1 because 1194 x 25,000 = $29,850.000. affraid

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Re: Exchange Rate July 9th 2008

Post by Adster on Wed Jul 09, 2008 6:40 am

What he's hoping for, like the rest of us!! Laughing

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Re: Exchange Rate July 9th 2008

Post by tomrossi1 on Wed Jul 09, 2008 6:45 am

You can say that again. This is just insane with all of that $ and resources in Iraq!

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Re: Exchange Rate July 9th 2008

Post by Sponson on Wed Jul 09, 2008 3:54 pm

FWIW, today's results were the 7th highest amount of dollars ever sold.

alien

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Re: Exchange Rate July 9th 2008

Post by BIGDADDY009 on Wed Jul 09, 2008 7:12 pm

TIC TOC TIC TOC RV YAHOOOOO 1 PIP cheers

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Re: Exchange Rate July 9th 2008

Post by soeharto on Wed Jul 09, 2008 7:24 pm

boring.................. Sleep

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Re: Exchange Rate July 9th 2008

Post by bigpoppapump on Wed Jul 09, 2008 8:19 pm

Sponson you been good in past questions i've brought up, Just wondering the signifgance of the high number youve mentioned?

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Re: Exchange Rate July 9th 2008

Post by Sponson on Wed Jul 09, 2008 8:34 pm

bigpoppapump wrote:Sponson you been good in past questions i've brought up, Just wondering the signifgance of the high number youve mentioned?

Yaseri's explanation of today's auction results haven't been posted yet, but given past history, I think all we can say is that the high numbers were to pay for "foreign transfers". I believe it's an indication of increased economic activity to pay for USD denominated imports.

Some have said that maybe the auctions indicate that the GoI has been paying off debt, but since they collect oil revenues in USDs then I see no reason for them to go to the CBI auctions.

Bamba used to post a detailed explanation of the auction results but I don't recall where she got them from, and last I heard they'd stop posting these detailed reports anyway.

Hope this helps. Perhaps other could chime in...

Thanks.

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Re: Exchange Rate July 9th 2008

Post by bigpoppapump on Wed Jul 09, 2008 8:45 pm

thanks again cheers prime

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Re: Exchange Rate July 9th 2008

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