I have several thoughts for today…
First, I vigorously disagree with the “anti-guru’s” on Iraq’s recent gold purchases. Of course it doesn’t point to an immediate RV – but to make this your “guru straw man” to beat up on is foolish. If Iraq is buying gold as a “financial mattress” (a buffer or hedge would be the proper terms) for their currency, then my point is – they are building the DINAR a SERIOUS MATTRESS and I would submit this DOES POINT OUT SOME SERIOUS SHIFT in monetary policy. It is obvious.
Second, if there is such a glut of Dinar and big notes as implied by some “naysayers” – then where in the heck are they?? Has anyone not thought about this in it’s simplest terms?? Private banks are screaming for liquidity – THEY NEED NOTES!! If there is so much stinking Dinar in circulation – it should be a simple matter to obtain what the market (in Iraq) needs. THIS IS NOT THE CASE.
Third, if the CBI truly intended to keep the value at 1166 – would it not be a reasonable conclusion they would regularly replace the worn and damaged currency?? This has been a source of major complaint for some time now. Ask yourself why the complaints? Simple – any normal economy has a plan in place for removal and replacement of worn and damaged currency. The US replaces significant amounts of our currency on a regular basis. This is a common practice. Not in Iraq (currently) – Why?
Read More: http://www.dinarupdates.com/blog/
" Evict Maliki " Countdown is 24 Days until the SCHEDULED Election
NOTE: that the countdown notice has been amended to qualify the Election as " Scheduled " to give emphasis to the tenuous state of political / constitutional affairs in Iraq in recent days and specifically the mention in the news of a possible delay in the election due to the Anbar diaspora. Add to the foregoing the " threat" of the election occurring under martial law with Maliki as the chief executive officer.
Announcement No. (2644)
The latest daily currency auction was held in the Central Bank of Iraq on the 6-Apr-2014 results were as follows:
Number of banks 16
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ -----
Amount sold at auction price (US$) 153,207,000
Amount purchased at Auction price (US$) -----
Total offers for buying (US$) 153,207,000
Total offers for selling (US$) -----
Exchange rates ( 1,218 Market Rate ) * The Market Rate changed on April 3, 2014 from 1,222 where it had been since January 19, 2014, to 1,218 and has been the same for the past three (3) auctions. The CBI has posted auction results for yesterday which I either overlooked or is now reported only on the Pdf file. * # 2643 * 05-Apr *1,218 *1,166 *153,643 * 48,969 * 104,674 *