bluejay Posted September 10, 2013 Report Share Posted September 10, 2013 Curious if anyone knows factually how the average Iraqi person lost there value of there currency. Is it possible that an average person, had $5000.00 in there bank account that overnight it lost all it's value...I don't know why after being involved in this venture for so long that I'm asking this question and maybe no one knows the truth, but if it's true could you imagine if from one day to the next your money was worthless overnight... Or did I just miss something that explained this already, sorry for being the slow one.. 1 Link to comment Share on other sites More sharing options...
George Hayduke Posted September 10, 2013 Report Share Posted September 10, 2013 Good question. I don't have an answer but you bring up a worthy thought; where did all the Iraqi wealth go? Link to comment Share on other sites More sharing options...
Happy Man Posted September 10, 2013 Report Share Posted September 10, 2013 did you forgot what happened in cyprus already? Link to comment Share on other sites More sharing options...
keepmwlknfny Posted September 10, 2013 Report Share Posted September 10, 2013 Curious if anyone knows factually how the average Iraqi person lost there value of there currency. Is it possible that an average person, had $5000.00 in there bank account that overnight it lost all it's value...I don't know why after being involved in this venture for so long that I'm asking this question and maybe no one knows the truth, but if it's true could you imagine if from one day to the next your money was worthless overnight... Or did I just miss something that explained this already, sorry for being the slow one.. No the dinar lost its value over a period of decades. They didnt lose it all in one night 1 4 Link to comment Share on other sites More sharing options...
bigwave Posted September 10, 2013 Report Share Posted September 10, 2013 I am not sure how the dinar lost it's value however an article the other day reported that the dollar will continue to decline 33% over the next 20 years. Link to comment Share on other sites More sharing options...
skeetdog Posted September 10, 2013 Report Share Posted September 10, 2013 I read several articals that stated there was really no wealth of the people but for the upper few that Saddam favored. I've got to deagree with keep'mwalkinfunny, there was an overnight reduction of sizable manner involved, although the Saddam Dinar was not on the international market because of santions imposed at the time. There was a reduction over a period of time, from the time they were taken off the exchange market to when all hail broke lose. That's kind of a safe statement as most currencies have all devalued with the exception of a very few currencies in the last few decades. Look at what the G-meetings came up with for the USD, 2% reduction a year for the next 20 years, devalvueing the USD 33% at the end of the period. There's someone that can answer your question better than this comment...reply back to keepmwlknfny and do as he does and ask him for his source.... 1 1 Link to comment Share on other sites More sharing options...
jomans Posted September 10, 2013 Report Share Posted September 10, 2013 Well, here is some history: http://www.edinarfinancial.net/history.php Link to comment Share on other sites More sharing options...
skrappyone Posted September 10, 2013 Report Share Posted September 10, 2013 Keep is right about losing the value, but the value has been slowly coming back and is now pegged at 1166. As for the thread. The answer could be that the dreaded L0p, which we all do not want happened. Either way, I wouldn't put to much into what was said until more confirmation is done. Could just be a nasty rumor to get people to sell out. i will keep mine till the end or I'm dead, whichever comes first. Link to comment Share on other sites More sharing options...
FlintNPebbles Posted September 10, 2013 Report Share Posted September 10, 2013 Wouldn't they still have the same amount in their accounts but have less purchaing power. What used to cost 1 dinar now costs 1160 dinars. So their bank accounts would not have been affected but the amount they could purchase would have. The same thing will apply when it rv's...they will simply have more purchasing power, not go from 1000 dinars to 10000 or whatever the revalue is. Link to comment Share on other sites More sharing options...
keepmwlknfny Posted September 10, 2013 Report Share Posted September 10, 2013 I read several articals that stated there was really no wealth of the people but for the upper few that Saddam favored. I've got to deagree with keep'mwalkinfunny, there was an overnight reduction of sizable manner involved, although the Saddam Dinar was not on the international market because of santions imposed at the time. There was a reduction over a period of time, from the time they were taken off the exchange market to when all hail broke lose. That's kind of a safe statement as most currencies have all devalued with the exception of a very few currencies in the last few decades. Look at what the G-meetings came up with for the USD, 2% reduction a year for the next 20 years, devalvueing the USD 33% at the end of the period. There's someone that can answer your question better than this comment...reply back to keepmwlknfny and do as he does and ask him for his source.... My source? History books, currency graphs from currency sites. Check the value of the dinar from the late 80s till today...... It took over 10 years to lose all its value....... http://www.oanda.com/currency/historical-rates/ Over that period of time Saddam spent all the remaining wealth....spent the reserves and just over printed the dinar like a mad man with nothing to back its value...... It wasnt an overnight event..... 3 4 Link to comment Share on other sites More sharing options...
jeepguy Posted September 10, 2013 Report Share Posted September 10, 2013 My source? History books, currency graphs from currency sites. Check the value of the dinar from the late 80s till today...... It took over 10 years to lose all its value....... http://www.oanda.com/currency/historical-rates/ Over that period of time Saddam spent all the remaining wealth....spent the reserves and just over printed the dinar like a mad man with nothing to back its value...... It wasnt an overnight event..... thanks for the imput , keep , I read a lot of these stories, about Iraqi wealth, they now have the biggest deposit of cash in the c.b.i. they have ever had in it `s history , at least from the story, that was at the time the oil , and the funds that were frozen were released back to Iraq , { at least I think they have all control of their frozen funds } but now we are seeing the large accounts of gold, large amounts of phosperious { phos pher ious ? } , now I wonder , why they could not go with the re-value of the dinar , back too an even 1 too 1 , ? that is over nite re-value , I was worried over the Syrian deal , about too go globial , but that seems to be a little on the down side if all parties would , let the u.n. take the lead here ! now with keep-um`s tell of how the dinar lost value over time , this would surely be an out of the ordinary with Iraq , to go back too a strength equal too the dollar , with all the wealth they now are in control of . { well if any thing I made it more confusing } Link to comment Share on other sites More sharing options...
sadman Posted September 11, 2013 Report Share Posted September 11, 2013 No the dinar lost its value over a period of decades. They didnt lose it all in one night 1980 1982 It remained at this level until the outbreak of the Iran-Iraq War in 1980. appreciated to US$3.39. In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt. 1988 In early 1988, the official dinar-dollar exchange rate was still Iraqi dinar (ID)1 to US$3.22; however, with estimates of the nation´s inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar´s real transaction value, or black market exchange rate, was far lower-only about half the 1986 official rate. 1986-2003 1986–2003 between .33 cents to 1.32 to a dollar. 2001 Oil-production: 2.452 million bbl/day (2001 est.); note — production was disrupted as a result of the March-April 2003 war (2001 est.) 2002 GDP: purchasing power parity — $58 billion (2002 est.) 2002 Exports–partners:US 40.9%, Canada 8.2%, France 8.2%, Jordan 7.5%, Netherlands 6.4%, Italy 5.4%, Morocco 4.7%, Spain 4.4% (2002) 2003 In october 2003, the official Dinar-dollar exchange rate was ID1 to US$0.00027. 2004-2005 August 2004 till 2005, the official dinar-dollar exchange rate is ID1 to US$0.00068. Population: 25,374,691 (July 2004 est.) 2006 As of Jan 1st 2006, the official Iraqi dinar-US dollar exchange rate is ID1 to US$$0.00067. Not sure that is decades Keepm !!! Link to comment Share on other sites More sharing options...
hoosier1470 Posted September 11, 2013 Report Share Posted September 11, 2013 I read several articals that stated there was really no wealth of the people but for the upper few that Saddam favored. I've got to deagree with keep'mwalkinfunny, there was an overnight reduction of sizable manner involved, although the Saddam Dinar was not on the international market because of santions imposed at the time. There was a reduction over a period of time, from the time they were taken off the exchange market to when all hail broke lose. That's kind of a safe statement as most currencies have all devalued with the exception of a very few currencies in the last few decades. Look at what the G-meetings came up with for the USD, 2% reduction a year for the next 20 years, devalvueing the USD 33% at the end of the period. There's someone that can answer your question better than this comment...reply back to keepmwlknfny and do as he does and ask him for his source.... If we go to the pre-Saddam era...Iraq had a lot of wealth. Many seem to forget that before that era...Iraq was a very well to do country! And...they will be again...very, very soon!! And the value of the dinar did take an overnight drastic drop when the US invasion took place and the artificial rate was put in place. Prior to that...Saddam set his own rate that didn't really matter outside of the country. But, as I stated...if you look past that point in time...they did pretty well for themselves!!! God Bless!! Link to comment Share on other sites More sharing options...
sandfly Posted September 11, 2013 Report Share Posted September 11, 2013 THANKS Link to comment Share on other sites More sharing options...
keepmwlknfny Posted September 11, 2013 Report Share Posted September 11, 2013 1980 1982 It remained at this level until the outbreak of the Iran-Iraq War in 1980. appreciated to US$3.39. In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt. 1988 In early 1988, the official dinar-dollar exchange rate was still Iraqi dinar (ID)1 to US$3.22; however, with estimates of the nation´s inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar´s real transaction value, or black market exchange rate, was far lower-only about half the 1986 official rate. 1986-2003 1986–2003 between .33 cents to 1.32 to a dollar. 2001 Oil-production: 2.452 million bbl/day (2001 est.); note — production was disrupted as a result of the March-April 2003 war (2001 est.) 2002 GDP: purchasing power parity — $58 billion (2002 est.) 2002 Exports–partners:US 40.9%, Canada 8.2%, France 8.2%, Jordan 7.5%, Netherlands 6.4%, Italy 5.4%, Morocco 4.7%, Spain 4.4% (2002) 2003 In october 2003, the official Dinar-dollar exchange rate was ID1 to US$0.00027. 2004-2005 August 2004 till 2005, the official dinar-dollar exchange rate is ID1 to US$0.00068. Population: 25,374,691 (July 2004 est.) 2006 As of Jan 1st 2006, the official Iraqi dinar-US dollar exchange rate is ID1 to US$$0.00067. Not sure that is decades Keepm !!! What you just showed was that it started dropping in 1982....and in about 2003 or so it was at its lowest point....so that would in fact be a couple decades correct for it to get to its lowest point? Hoosier have you looked at historical graphs for the value of the dinar? The value didnt drop overnight when we invaded....and just so you know, the artificial rate wasnt put in place until 2008 or 09 I think it was.....it was not put in place right after we invaded.... 3 Link to comment Share on other sites More sharing options...
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