Iraqi Dinar Discussion Board

[Top Penny]

All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.

Notice that they are changing out an old currency for a new currency. This is a redenomination it is not a revalue. Revalues are slight adjustments in the value of currency and they only happen to pegged currencies to combat inflation. Now notice these two paragraphs from the New York Times article.

The Central Bank is canceling the value of Kuwaiti dinars that were seized from the Central Bank and put into circulation by the Iraqis. The invalid serial numbers were posted today in front of all banks in the city.

All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.

So all the dinar was exchanged with no change in value! One old Kuwaiti dinar was equal to one new Kuwaiti dinar!