Iraq is continuing to say they will redenominate and they will eventual.
They will issue a new currency. It will be lower denominations. The new currency, and only the new currency will be worth $.86.
The old currency you hold will not change value, it will still be worth .00086.
1000 of current dinar will equal 1 new dinar. There will be an exchange period where prices are listed in old and new dinar. During that period people will have to exchange old dinar for new dinar. They will receive 1 new dinar for every 1000 old dinar they turn in. After the exchange period is over the old dinar will become worthless.
This is a classic redenomination and has been done n different countries about 70 times in the 30 or so years. It is nothing new. Iraq has even used some of those countries as examples of what they will do.
The dinar RV is a scam.
Dow Jones Newswire: A current 25,000 Iraqi dinar banknote will become IQD25, and a dollar will equal only 1.17 dinars.
