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Did an Iraqi Bank Account Go From $1000.00 to $1.00 overnight!!


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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.. 

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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

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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....

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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.

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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.

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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.....

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:peace: 

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  ? } :shrug:  ,   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 }  

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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 !!!

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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!!

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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....

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