IMO - Confusion over the in-Iraq exchange rate. EDITED BY LIA

by **Ssmith** on Tue Jul 12, 2016 9:43 pm

R691a is a member of both WSOMN and Wing-It and, I assume, made the same post in both rooms. However..... it was edited at Wing-It by the Mod, Life Is Art.

Why did Life is Art add the following?:

1 USD = 1.18 IQDTherefore 1 IQD = 1/1.18 = $0.8474576 USD

And move this paragraph[size=16]?:

What has happened is that the IQD has had the three zeros removed from the old rate - exactly as they said they would do, so now 1 IQD = about 84 cents US.

From Wing-It:[/size]

R691a

IMO - Confusion over the in-Iraq exchange rate.

There seems to be much confusion re the exchange rate . Official articles say 1 USD = 1 Dinar plus 18 Fils - ie, 1.18 IQD.

http://neniraq.com/%D8%A3%D9%84%D8%A7%D8%B1%D8%AA%D9%82%D8%A7%D8%A1-%D8%A8%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9/

Everyone is automatically assuming that to mean 1 IQD = $1.18 USD - IT DOES NOT!

1 USD = 1.18 IQD

Therefore 1 IQD = 1/1.18 = $0.8474576 USD

What has happened is that the IQD has had the three zeros removed from the old rate - exactly as they said they would do, so now 1 IQD = about 84 cents US.

This conversion value has been done to afford a great benefit on the Iraqi's exchanging their USD to IQD!!!!

That is - they have been given a SHORT time to change their USD at around 3 times the rate they would get if they held it until it became international - and this has been designed to quickly mop up ALL USD inside Iraq.
Then they confuse the international rate of 3.71 - THIS we assume will be 1 IQD - $3.71 USD, ie 1 USD = 0.27 IQD.
WE will be exchanging OUR IQD to USD, which is the OPPOSITE to the way the RV will effect the Iraqis.
Once they turn in their USD for IQD inside Iraq 1 old IQD = 1 new IQD.

-- Edited by LIFE IS ART on Tuesday 12th of July 2016 06:58:47 PM

From WSOMN:

R601a

IMO - Confusion over the in-Iraq exchange rate.

There seems to be much confusion re the exchange rate . Official articles say 1 USD = 1 Dinar plus 18 Fils - ie, 1.18 IQD.
http://neniraq.com/%D8%A3%D9%84%D8%A7%D8%B1%D8%AA%D9%82%D8%A7%D8%A1-%D8%A8%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9/

Everyone is automatically assuming that to mean 1 IQD = $1.18 USD - IT DOES NOT!

This conversion value has been done to afford a great benefit on the Iraqi's exchanging their USD to IQD!!!!
That is - they have been given a SHORT time to change their USD at around 3 times the rate they would get if they held it until it became international - and this has been designed to quickly mop up ALL USD inside Iraq.
What has happened is that the IQD has had the three zeros removed from the old rate - exactly as they said they would do, so now 1 IQD = about 84 cents US.
Then they confuse the international rate of 3.71 - THIS we assume will be 1 IQD - $3.71 USD, ie 1 USD = 0.27 IQD.
WE will be exchanging OUR IQD to USD, which is the OPPOSITE to the way the RV will effect the Iraqis.
Once they turn in their USD for IQD inside Iraq 1 old IQD = 1 new IQD.

by **Ssmith** on Tue Jul 12, 2016 11:30 pm

Here is the translated article from the above post:

https://www.dinardaily.net/t55875-article-posted-at-wsomn-and-wingit-upgrading-of-iraqi-currency

IMO - Confusion over the in-Iraq exchange rate. EDITED BY LIA

IMO - Confusion over the in-Iraq exchange rate. EDITED BY LIA

Re: IMO - Confusion over the in-Iraq exchange rate. EDITED BY LIA