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Aerospace

04/20/10 8:28 PM

#24400 RE: Panhead #24399

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