The parliamentary financial attributes the delay to delete zeros to hard currency control

[dontlop]

http://www.unjspf.org/UNJSPF_Web/page.jsp?page=FullExchangeRts&countryCd=213&currencyCd=213

Look at April 1997 for the change

In exchange rates for iraq

[dontlop]

I can't say there's an easy explainations for this scheme

I just hope if there's another scheme going on in Iraq that they are forced to gimmes some of it because I hold the phisical currency

If not I'll just live with the adventure and hopfully get my money back thru citi bank of the state bank of India United States branch in dc

Since India will soon be accepting Iraqi dinar I hope

[Lopster_Stew]

So the condensed version is.

Iraq had an official $3 exchange rate in the early eighties.

During the Iran/Iraq war Saddam basically took all the FX reserves. Inflation kicked in and by the end of the eighties the street rate of the dinar had fallen below $1.

Saddam did not allow the Central Bank to publish any financial information and he by dictate kept the official rate $3. The official rate was irrelevant because no one honored that rate.

Then in the 90s Saddam massively printed the Saddam Dinars causing massive inflation to the point where the Saddam dinars fell to 3000:1 on the streets.

In the North the Swiss dinar was still used and because it was a limited supply of it the value didn’t drop at the same rate the Saddam dinar did.

So when they unified the country and established one currency, the current dinar, they simply used the street rates to come up with a conversion rate, and to establish the new official rate.

No one made any big windfall from the exchange.

So in Iraq the official rate was irrelevant. The Gov was bogus and didn’t back the currency.

Now to your Kuwait argument. Yes you are correct that the street rate RVd a rather large amount. But very few people made any money. The Central Bank of Kuwait and all other Banks in Kuwait shut down when Saddam invaded. So no new Kuwaiti dinars, not even one were issued/sold/distributed at that lowered street rate. You’d have had to been walking around Kuwait and bumped into someone willing to sell you the cash out of his pocket, which would have been a relatively small amount.

Saddam was kicked out, the banks reopened and they issued a new currency and exchanged only valid Kuwaiti dinar. The checked serial numbers of every Kuwaiti dinar exchanged and all that were stolen by Saddam were not honored or exchanged. Kuwait only had 300some million dinar in circulation at the time, so it was a relatively small amount. The official exchange rate was basically the same as before, the street rate returned the same as the official rate, and a few people who had managed to buy some cash at that lower rate made some money. But it’s nowhere close to the legendary amounts that are claimed on internet forums.

Kuwait was able to maintain their official rate, and restore their street rate, because they maintained basically the exact same money supply (m1,m2) through the event.

Iraq is a different story.

[dontlop]

That doesn't make sense if it wasn't demonetized it had the same rate as all the IQD the picture on it doesn't matter IQD is IQD

In Kuwait the Kuwait issue

Those who were selling late in the day at a 80 percent loss before it was shut down on the international exchange lost their asssses

In order for them to sell they had to have a buyer

They made out like bandits

Problem is after it was shut down on the exchange the market value kept falling down to 5 cents

No body wanted it

Those who had it were stuck with it

They were holding worthless paper

Then one day a new value was given to it and those who were stuck with it were dancing in the streets

Now why would they be dancing in the streets if it hadn't just been revalued by decree of the Kuwait govt

Because they made out like bandits some only paying 5 cents for a Kuwait dinar

Some yes paid more on the international exchange

Around 75 cents each before it was shut down

But they still made 400 percent or more off it

Edited January 10, 2014 by dontlop

[zul]

 

 

The Iraqi Swiss dinar lost every bit of its value when the foriegn currency reserves that were backing it were stripped away at the cbi when it was demonetized 

All the reserves value was applied to the saddam dinar so there was no value for them to save it was all gone through the official demonetization

Just like there's nothing backing the saddam dinar today it's worthless on the exchange at the cbi 

 

 

Good point here Dontlop. Swiss dinar has no foreign reserves backing from CBI. 

[dontlop]

I've read all the same crap you read stew

It just doesn't add up

IQD is IQD

It doesn't vary its exchange rates by province

It's all issued by the central bank and it's all pegged to the dollar And it's all backed up equally by the foriegn currency reserves equally

You not any one else can convince me that saddam decided to let those in the Kurdish province have their Swiss dinar backed by a larger percentage of the reserves at the cbi

Phony baloney is covered up somewhere

It just doesn't add up

Good point here Dontlop. Swiss dinar has no foreign reserves backing from CBI.

I'm finding out that only the 25 Swiss dinar bank note was demonetized in 1993

Most likely because of the counterfeits being dropped inside Iraq to screw up his economy were 25 dinar notes

But if the others were not demonetized the exchange rates would not be different than any other IQD note issued by the cbi

IQD is iqd

Just because someone wrote an article saying something doesn't make it true

Media can get involved in cover ups too

They except bribery

Everyone has a price

And it looks like the fiat monetary policy has plenty to go around

They just print it up with non disclosers and death penalties

Ok speculating is fun

There's holes in the story

Some articles say only the 25 note was demonetized

And that goes along with bremmers decree of the exchange process where he said the 25 Swiss notes would not be exchanged during the 2003 exchange

But the digital notes were exchanged for the banks who held them

Each dinar they gave more value for one dinar than the other but they were all registered in the cbi m2 as IQD with 1000 fils

Talk about a hiest

No one will ever be thinking about it let alone investigating it

It was surrounded by to many other things that could explode at any second

Literally

I'm sure they all got their money back from saddams closed border exchange in 2003

What they do for money is unreal

Root to all evil

Revenge isn't pretty

I'm sure the Kuwait govt got there's

As well as the rest of them

[Lopster_Stew]

Saddam had nothing to do with what was going on in the North. The area was technically autonomous from 1970. Saddam continued to war with them until 1991 when the no-fly zones were created and from that point on they were self ruled.

Why is it so hard to believe that an autonomous isolated self ruled area had a different value for their currency?

By the end the rest of Iraq was only using the 250 and 10000 dinar notes. Those notes actually had different rates because people didn’t trust the 10000, so the 250 had a better rate than the 10000.

Remember… this was all street rate. Anything listed as an officail rate at the time meant nothing because it wasn't honored.

Again from the paper I quoted earlier:

"Once the decision to create a new, unified currency had been made, economists

needed to come up with an acceptable conversion rate between the Swiss

dinar in the north and the Saddam dinar in the center and south. The price of a

Swiss dinar in terms of the Saddam dinar hovered at about 100:1 from July 1998 to

January 2002. But the Swiss dinar appreciated steadily throughout 2002, and the

Saddam dinar depreciated in the run-up to the war. By January 2003, the exchange

rate was about 300:1, falling to about 250:1 by mid-2003. A comparison of prices in

the two regions of the country indicated that a 250:1 rate would be far out of line

with purchasing power parity. The PPP rate appeared much closer to the 100:1

exchange rate that had prevailed from 1998 to 2002. After extensive discussions

that included Iraqi leaders in both parts of the country, the Coalition Provisional

Authority decided to set the conversion rate at one Swiss dinar to 150 Saddam

dinars—essentially a compromise between the PPP rate and the market rate."

 

IQD is IQD

It doesn't vary its exchange rates by province

It's all issued by the central bank and it's all pegged to the dollar And it's all backed up equally by the foriegn currency reserves equally

You not any one else can convince me that saddam decided to let those in the Kurdish province have their Swiss dinar backed by a larger percentage of the reserves at the cbi

The north was autonomous. They had their own government and their own reserves and banking system that was separate from the rest of Iraq.

[dontlop]

Because it wasn't their currency

The cbi is the sole authority who can issue currency

Period

Why is it so hard for you to realize that

 The north was autonomous. They had their own government and their own reserves and banking system that was separate from the rest of Iraq.

That is pure bs

Your saying the Kurds had their own central banking system issuing their own currency and backing it up with reserves

You best put up some kind of documentation to support those statements because your starting to sound like keep making Crap up and expecting people to believe it

That is 100 percent bs

I'm caling you out on that one

Don't bother continuing this conversation with out backing up you last statement that they had there own reserves

[dontlop]

Did they turn over the reserves to justify the 150 to one exchange rate too

I'm sure they asked for reserves from

Everyone as they exchanged in their dinar

I know your not going to say they kept their reserves and got the new 150 dinar for free

They got there own reserves

Now I heard it all

The cbi issues currency and the Kurds has to back up their own

Ah ha ha ha ha

Your killin me

[dontlop]

In New York the dollar is weak in Arkansas you get more buying power

How many exchange rates are their for the dollar

How many currency codes did Iraq have ?

IQD ?

And ?

[Lopster_Stew]

I never said they issued their own currency. I simply stated just like ALL the documentation states, they continued to use the Swiss dinar that was already circulating in the area. They could have used yellow post-it-notes for all anyone cares, but they might have been pretty easy to counterfeit.
I think you need to do a simple search on the history and economy of Kurdistan. Also look up the meaning of the word “autonomous”. You remember the oil for food program? A % of that program was designated just for Kurdistan.