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Aerospace

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Aerospace

Re: Panhead post# 24399

Tuesday, 04/20/2010 8:28:05 PM

Tuesday, April 20, 2010 8:28:05 PM

Post# of 29692
And those were all real rates. When Saddam took over in the 80's the rate was great. He took them to war with Iran, he spent all the foriegn reserves that were to back the dinar, he then just started printing dinar like crazy. He didn't allow any transparency into the CBI. The IMF simply continued to list the Official rate, the Saddam rate throughout the 90s and early 2000's because they had no other information. The actual rate, the street rate had fallen to 3000:1 by 1995, 15 years ago.

Explained here by the CBI
http://www.cbi.iq/index.php?pid=History

Dow Jones Newswire: A current 25,000 Iraqi dinar banknote will become IQD25, and a dollar will equal only 1.17 dinars.

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