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Monday Night Opinions @ 8:45 PM CST - 11/22/2021


ronscarpa
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Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... :twothumbs:RON 

 

 

*** Mnt Goat ...The “White Paper” reforms clearly states to take the Iraq dinar to international and trade it on a global trading platform like for instance FOREX...We know also in the White Paper there is plans to harvest the revenues to the GOI from the customs and tariffs. They told us already they are using the most modern software for collection of these taxes and fees. This software ties into global currency exchanges. The IQD must be on the exchange to use the software appropriately.


*** Frank26   [Firefly boots-on-the-ground Iraqi TV update]  Firefly: They are talking to us about the gradual increase in our rate.  He says it will help monitor our currency so no one can do corruption on the dollar exchange rate.  They're saying this will help monitor the exchange rate closely. Frank: I understand what they are telling you but they're not explaining it correctly.  When we came into Iraq back in 2003 it was something like 4500 to 1.  Now what is it?  1190 [1450?] to 1.  That is the gradual increase in your exchange rate.  It is correct what they are saying to you, they're just not explaining it to you.  The goal now is to take your exchange rate to 1000 to 1 and then 1 to 1 internationally with a float...this is exciting.
 

 

 

:tiphat:

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20 minutes ago, ronscarpa said:

When we came into Iraq back in 2003 it was something like 4500 to 1.  Now what is it?

 

 

I have trouble believing this. I thought Iraq was one of the "wealthy" countries in the middle east, before the war.  They lost the value of their money because of the war. They were being punished by the USA, and our allies? This 4500 to 1 is BS in my opinion.   

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17 minutes ago, Smokey Mtn. Dinar said:

I have trouble believing this. I thought Iraq was one of the "wealthy" countries in the middle east, before the war.  They lost the value of their money because of the war. They were being punished by the USA, and our allies? This 4500 to 1 is BS in my opinion.   

 

History of the Iraqi Dinar (Partial)

 

Iraqi dinar was introduced in 1931, the Iraqi dinar has replaced by British pounds into being pegged to the US dollar. The Iraqi dinar was equaled to US$4.86 between 1932 and 1949 and equaled to US$2.80 between 1949 and 1971, after being devalued in 1949.

As a gesture of independence in 1959, Iraq uncoupled the Iraqi Dinar officially from the Pound. But Iraqi dinar remained at equality with the pound till the currency unit of Britain was devalued in 1967for second time. Until December 1971, 1 Iraqi Dinar equated to the value of US$ 2.80.

Soon after the inflation of the United States dollar in 1973, the Iraqi Dinar valued to US$3.39. The value of Dinar remained same till the war of Iran - Iraq. Iraq in 1982 devalued the Dinar by 5%, equating it to US $ 3.22. In the earlier of 1988, the standard exchange rates Iraqi Dinar – Dollar continued to equate the Iraqi dinar (ID )1 to US$3.22. But, with levels of the nation´s cost of living rate varying from 25 % to 50 % a year in 1985 and 1986, the real exchange rate Dinar value, was much lower-only relating to half the 1986 official rate.

After the Gulf War in 1991, because of UN sanctions, the formerly used Swiss printing was no more offered. A fresh, lower quality notes issue was created. Because of the issues such as sanctions against Iraq by the United States and the extreme government publishing of the new notes matters, the dinar devalued rapidly to 2000, and in late 1995, 3,000 dinars equated to US$1.

In October 2003, the official Dinar value was 1 ID = US$ 0.00027. (3,703.70 IQD = $1USD). In 2005 august, the official value of dinar - dollar exchange rates became 1 ID to US$ 0.00068. On January 1st, the rates fluctuated to the value of 1 ID = US$ 0.00068. The values further changed and become 1ID = US$ 0.00067 on January 1st 2006. 

Under the rule of Saddam Hussein, Iraq experienced big political and economical changes. The new government however encourages foreign investments and aims to build its new monetary system. Thus, the value of exchange rate Dinar is expected to get increased rapidly.

Prepared with many safety features making the currency incredibly hard to counterfeit, each new note was created in the U.S. Empire by De La Rue, the biggest professional protection and anti-forgery papermaker on the globe.

The new currency was released in volumes of 50, 250, 500, 1,000, 5,000, 10,000 and 25,000 dinars and is portrayed with pictures of Iraq's lifestyle and pre-Saddam record. Many economists say that the Iraqi Dinar has the potential to increase its value in the future. (End) .... We know that in 2009 it was 1067 IQD=$1US, later $1070, and the rest is current news.

 

Smokey ... there were recorded stories that the IQD dipped into the mid -4000 due to black market activities, and the chaos in Iraq immediately after the official release of the New IQD in Oct 2003. Ron

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2 hours ago, ronscarpa said:

In 2005 august, the official value of dinar - dollar exchange rates became 1 ID to US$ 0.00068. On January 1st, the rates fluctuated to the value of 1 ID = US$ 0.00068. The values further changed and become 1ID = US$ 0.00067 on January 1st 2006. 

Thank Ronscarpa. i never thought in my mind that in August 2005, the rate was 0.00068 USD and that means that rate is the same as the current rate right now 1 IQD=0.00068 USD ( 1 USD=1,460 IQD ).

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