Currency Auctions
Announcement No. (1845)
The latest daily currency auction was held in the Central Bank of Iraq on the 1-MAR-2011. The results were as follows:
| DETAILS | NOTES |
| Number of banks | 14 |
| Auction price selling dinar / US$ | 1170 |
| Auction price buying dinar / US$ | ----- |
| Amount sold at auction price (US$) | 132,883,000 |
| Amount purchased at Auction price (US$) | ----- |
| Total offers for buying (US$) | 132,883,000 |
| Total offers for selling (US$) | ----- |
Why do they keep selling Dinars when the RV is near. Seems stupid to me unless it is going to RV at 1170 or more.
ReplyDeleteThe Banks and the Dealers keep selling Dinar because they are in business to sell Dinar and they make money selling Dinar. (On the buy/sell spread). Why would they stop. And no one knows when the RV will occur and at what rate. We can only speculate.
ReplyDelete