Show me where that ever happened. You have been scammed to believe that Iraq is similar to Kuwait.
Here is the truth. The Kuwait dinar never changed in value one bit. Kuwait had less than 400 million dinars in circulation when Saddam invaded. Again... less than 400 MILLION!!! Saddam broke into the central bank and stole billions. So with that much out there, some people panicked and sold their currency for what has been reported as little as 10 cents, but remember, there was only 400 million total, so just how many got sold. The invasion lasted about seven months, one month later, that's a total of 8 months after the start, Iraq issued a new currency. They checked the serial numbers of every dinar people tried to exchange and they did not honor any of the stolen currency. So they had less than 400 MILLION dinars to start and after it was all over they still had less than 400 MILLION dinars. The official rate of the Kuwaiti dinar NEVER changed.
On the other hand... Iraq had a decent rate back around 1980, they at that time had a money supply of about 30 BILLION.
It is now 28 years later. The Iraq-Iran war destroyed the value of the Iraqi dinar, the first gulf war then destroyed it further, sanctions then added to the decline. All the while this was happening Saddam was running the printing presses and increasing the money supply into the TRILLIONS and it now stands at close to 40 TRILLION. Saddam dictated that the official rate remain 3:1 but nobody got that rate.
The Iraqi dinar started plunging in value in the early eighties.
So... to sum it up...
Kuwait, starts with 400 million and eight months later still has 400 million and that explains why they had the same rate.
Iraq starts with 30 billion and 28 years later has 40 TRILLION. That's over 1000 times more currency and explains perfectly why their exchange rate is now over 1000:1.
So yes, you have fallen for a scam to believe that Iraq is somehow like Kuwait.
