Replies to post #20958 on Iraqi Dinar Discussion Board (IQD)

[Chas56789]

If I had 1 mil Dinars in an Iraqi bank , then one day they will reduce my dinars to 1,000 by dropping 3 zeros ? Is that what you are saying is going to happen ?

Some how that doesn't sound right to me .

tia
Chas56789

[ema-266]

Yes! There was an overnight devaluation of the Iraqi Dinar.


The old currency (Saddam Dinar) was valued at $3.53 in September of 2003 before the devaluation.

After the devaluation it was set at an artificial program rate of 0.000466938

September 2004 0.000466938

September 2003 $3.53 USD

The values shown on the IMF site are stated in SDR, values where translated into Dollars based SDR rates at that time.

this exchange rate was honored and accepted by the IMF as per reported on the IMF web site.

IMF historical links for the Iraqi Dinar:

http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2008-08-31&category=EXCHRT