Kuwait RI vs Iraqi RV

*BUMP*

I realize that's an old post but still it is worth discussion because it's DEAD WRONG!!!!!!!

Kuwait never "RVed" or "RIed", at least they didn't RI in the sense that they did not do anything that increased the value of their currency, the ONLY "RI" they did was when they reopened the banks and exchanged the old currency for the new at a ONE TO ONE RATE!!!! The official exchange rate for Kuwaiti currency did NOT fall or change at all during the occupation, the unofficial illegal street or blackmarket rate was what was low due to the fact that those who had Kuwaiti currency could not spend it because it was frozen, officially the rate NEVER CHANGED and was still the same. To say the Kuwaitis "RIed" or "RVed" the rate back to where it was is ridiculous because they did not control the blackmarket and that's the ONLY rate that was low, when the banks reopened and the Kuwaiti Dinar again began legal trading (at exactly the same rate it always officially traded for) the blackmarket, and thus those UNOFFICIAL low prices, simply disappeared and the Kuwaiti Government had to do nothing but reopen the banks and continue doing business as always, THERE WAS NO OFFICIAL ACTION DECREEING A CHANGE IN THE RATE!!!!!!!!!


People are trying to compare an unofficial and illegal blackmarket street rate to Iraq's OFFICIAL exchange rate, it's apples to oranges because the blackmarket rate during the occupation has absolutely nothing to do with the official exchange rate and THAT never changed! Iraq would have to enact laws and take other major steps to change it's official rate of 1166 to 1 while the Kuwaiti's simply had to open for business again because their official rate never dropped in the first place. People, the STREET rate don't mean a thing and you can't compare an illegal blackmarket trade to Iraq's official exchange, it's two completely different things.