Latest topics
Did Kuwait Dinar really RV?
4 posters
Page 1 of 1
Did Kuwait Dinar really RV?
Is it true that Kuwait Dinar revalue in 1991 when Iraq's invasion of Kuwait stops? Before you get the answer, I should explain to you what actually happened during that time.
According to Business Times, 25 September 1990, Page 6, when Iraq invaded Kuwait in August 1990, they order a 12 days currency exchange for the holders of Kuwaiti dinars at one to one exchange with Iraqi dinar, each Kuwaiti dinar worth nearly US$3.5 before Iraq's invasion of Kuwait.
People who loss confidence on Kuwait change their Kuwait Dinar and the Kuwaiti currency soon withdrawn from circulation and has been replaced by Iraqi currency. During that time, Iraq don't just replacing the Kuwait currency, they also seized gold, foreign currency and goods worth between US$3 billion to US$4 billion from the Institute of the financial institutions and trading in Kuwait. The Kuwait Central Bank's vaults of gold and cash has been emptied by Iraqi troops.
On 11 August 1990, The Business Times reported that banks and money changers had suspended the Kuwaiti currency trading, with many of them even shying away from quoting other Middle-east currencies. Most expatriates living in the Middle east during that time exchange their middle east currency with US Dollar.
On 18 January 1991, Reuter reports that The Kuwaiti dinar has soared on Middle East black markets in the run up to a Gulf war in the expectation that a restored government would honour the currency at its former value.
After the invasion was over on February 1991, Kuwait issued new currency on 24 March 1991. On 21 March 1991, Kuwait Central Bank Governor Salem Abdul Aziz al-Sabah said 700 million newly-minted Kuwaiti dinars had already arrived in the vaults from Germany and London.
The New York Times, March 25, 1991 reported the Kuwait Central Bank is canceling the value of Kuwaiti dinars that were seized from the Central Bank and put into circulation by the Iraqis. The invalid serial numbers were posted in front of all banks in the city. All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
In Kuwait Dinar case, the new official exchange rate (US$3.47) is almost the same as the value (US$3.5) before Iraq's invasion. Kuwait government don't borrow money from foreign institution for the Kuwait reconstruction. They have US$100 billion in overseas investments to help them for the Kuwait reconstruction. In the closing hours of the Gulf War in February 1991, the Iraqi occupation forces set ablaze or damaged 749 of Kuwait's oil wells. All of these fires were extinguished within a year. Production has been restored, andrefineries and facilities have been modernized. Oil exports surpassed their pre-invasion levels in 1993 with production levels only constrained by OPEC quotas. The gold looted from Kuwait had been return by Iraq on August 1991.
The United Nations Compensation Commission (U.N.C.C.). also imposed a total of $53 billion in war reparations charges against Iraq. It concluded considering files and imposing charges at its June 2005 meeting. Iraq has paid $19 billion of these imposed reparations charges. The U.N.C.C. awarded Kuwait’s oil sector $21.5 billion and Kuwait’s government $8.2 billion. The U.N.C.C. also awarded Kuwait an additional $3.8 billion for claims arising from environmental damage.
What is happening during Kuwait RV in 1991 and what happened with Iraq is totally a different situation.
Read more: http://www.currencyscam.com/2014/09/did-kuwait-dinar-really-rv.html#ixzz4ocCNbLP6
Under Creative Commons License: Attribution
Follow us: @malaysiacoin on Twitter | malaysiacoin on Facebook
Ponee- Admin
- Posts : 38267
Join date : 2011-08-09
Re: Did Kuwait Dinar really RV?
Kuwaiti dinar never RVd,it was cancelled and after the war it was reprinted then exchanged the old KD for the new KD for a fixed period of time.
shlomo001- VIP Member
- Posts : 141
Join date : 2017-05-22
Re: Did Kuwait Dinar really RV?
well you are saying the Kuwaiti dinar never RVd, really !!! if i remember in 1990- 1991 both currency was worthless doing the war the if it didn't RV that then currency should be still be worthless (some on here don't believe in a reinstatement) wait a minute the kwd on xe.com is 3.31/1 and a RV is just a change of the rate then you lied now you think what i just said
Allenj- VIP Member
- Posts : 357
Join date : 2017-04-24
Re: Did Kuwait Dinar really RV?
Allenj wrote:well you are saying the Kuwaiti dinar never RVd, really !!! if i remember in 1990- 1991 both currency was worthless doing the war the if it didn't RV that then currency should be still be worthless (some on here don't believe in a reinstatement) wait a minute the kwd on xe.com is 3.31/1 and a RV is just a change of the rate then you lied now you think what i just said
https://www.dinardaily.net/t60669-from-the-central-bank-of-kuwait-the-guru-kuwait-rv-is-a-myth
https://www.dinardaily.net/t60670-from-the-central-bank-of-kuwait-the-guru-kuwait-rv-is-a-myth-2
https://www.dinardaily.net/t60675-from-the-central-bank-of-kuwait-the-guru-kuwait-rv-is-a-myth-3
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Yesterday at 6:02 am by Ditartyn
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Mar 23, 2024 9:25 am by swizzlestick
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Sun Jan 28, 2024 3:28 pm by Mission1st
» Tucker talking Canada
Wed Jan 24, 2024 6:50 pm by kenlej
» Almost to the end The goodguys are winning
Mon Jan 22, 2024 9:03 pm by kenlej
» Dinar Daily Facebook Page
Mon Jan 22, 2024 3:34 pm by Ponee
» The Fundamentals of Finance and Pimpy Live
Thu Jan 18, 2024 7:17 am by Dinarhater
» Why Won't the Iraqi Dinar Scam Die?
Wed Jan 17, 2024 5:19 pm by RamblerNash