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Posted by TRB -- The $3.20 rate was one that was not recognized by the world market, it was Saddams rate. And when they changed it, they gave the Iraqi's a higher exchange rate for the Swiss notes compared to Saddams notes. And they also only had several billion in circ, not trillions at the time. Keep in mind when the RD talk started in 2006 is when they started ramping up the amount of IQD in circ.... food for thought....
they gave 1:1 for the saddam notes and 150:1 for the swiss. If memory serves me right lol
Notes on the Iraqi Dinar
The new Iraqi Dinar was released on October 15, 2003. It replaced all "old" Dinar and "Swiss" Dinar banknotes, which as of January 15th 2004 were no longer legal tender.
The conversion rates for the new Iraqi dinars were as follows:
- one "old" Dinar was exchanged for one new Iraqi Dinar
- one unit of the "Swiss" Dinar (used throughout Iraq until the early 1990's, and still used in some northern areas of Iraq) was exchanged for 150 new Iraqi Dinars.
|The new Iraqi Dinar banknotes look similar to the former national ("Swiss") Dinar notes, but have more security features to guard against counterfeiting, are more durable so will suffer less "wear and tear," and have many more denominations.|
The new currency is convertible into non-Iraqi currencies, including the US dollar, at the prevailing market rate.
|OANDA does not exchange Iraqi Dinars (including physical banknotes) to any other currency.|
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