Author: Dominick Giammarino
April 8, 2014
For this article on the Iraqi Dinar Revaluation, we must first discuss the history of the Iraqi dinar. We must discuss the past, the present, and the future. Up until October of 2003, the notes used in Iraq had Saddam Hussein’s picture. The real nice note was the 25 Dinar Iraqi Swiss Dinars, which were exchanged at a premium following Saddam’s capture. The current Iraqi dinar revaluation exchange rate has been said to be $3.71 per dinar.
After the first gulf war, new “Saddam dinars” were printed. These remained in circulation until October 15, 2003, when those notes were replaced with the current dinars, the ones without Saddam’s picture. The current Iraqi dinar notes being used are the following denominations: 250, 500, 1,000, 5,000, 10,000 and finally 25,000. Coins have been developed in the 25 and 100 dinar denominations. Pictures can be obtained from the Central Bank of Iraq http://www.cbi.iq/index.php?pid=Banknotes Contrary to popular belief, there are no new lower denom Iraqi dinar notes being developed, these are the current notes being used in country and if you plan on investing in Iraq, these are the notes you want to purchase. If we have a sudden Iraqi dinar revaluation, new notes will need to be developed quickly.
I have traveled to more than 16 countries during my service in the United States Navy, and as with most foreign currency, the larger the dinar value, the larger the size of the banknote. The link below this article links to a PDF I made with the images from the video that I recently posted on YouTube. The YouTube video about the Iraqi Dinar Revaluation Date is located here: https://www.youtube.com/watch?v=tWa1nbZkrug Many of those holding Iraqi Dinar have speculated that the Iraqi dinar will revert to the 1990 exchange rate of $3.71 per dinar. If this were to happen the value would increase 431,370.605% it’s current value. If the dinar appreciated to 1 dinar = 1 US Dollar it would appreciate 116,199.354% it’s current value. My figures are as follows, $0.000859850 per dinar (current dinar) to $3.71 (expected rate).
In the new short video below, I show that the Iraqi Dinars that were printed in 2003 are still being used. No new lower denom notes with different images are being printed, the same ones established in October 2003 are still being used. The Iraqi Dinar could be traded at certain banks in the USA and abroad. If you call your bank up you should ask them if they have the MRI Bankers’ Guide to Foreign Currency 79th edition. That is the one being shown in this video. They will allow you to view this book.
Iraqi Dinar Revaluation and How To Buy Iraqi Dinar OnlineWhenever the global currency reset is discussed, you have three primary currencies mentioned. Some banks are carrying the big three currencies which are Iraqi Dinar, Vietnamese Dong, and Indonesia Rupiah. Wells Fargo carries all but the dinar, for now, soon they will carry it. I called a Wells Fargo today (April 8th 2014) and they said they are using the 2011 edition of the MRI Bankers’ Guide To Foreign Currency, which is fine as any edition from January 2004 to 2014 will look the same on the Iraq pages. In the old pre 2003 October book you will find the Saddam dinar, which are no longer being used. You can still buy them off of eBay. Even Amazon is selling Iraqi Dinar, see this: http://tinyurl.com/amazondinar
One of my new contacts stated to me that the next edition of the MRI bankers’ guide is due around May 7, 2014. At that time, unless we hear otherwise, the pages for Iraq, which have not changed since 2004, will remain the same. Again, both the video AND THIS PDF contain pages from the January 2014 79th Edition of the guide.
Per my contact, who has served overseas for many many years, they are currently using the United States Dollar in Iraq because due to inflation, it has become somewhat impractical to carry dinars for daily use. Think back to the hyperinflation in Weimar Republic of Germany during June 1921 and January 1924. During that hyperinflation, people carried wheelbarrows of money around. There is no new official information coming out of Iraq regarding a $3.71 per dinar exchange rate. According to the Iraq Ministry of Planning, I quote: “Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.” If in fact, $3.71 were expected, you would have evidence of people cashing out. The currency exchanges that people in Iraq go through at this time is a currency exchange of these lower notes into US Dollars, Euros, or British Pounds. Larger Iraqi Dinar notes are preferred for large transactions, and US Dollars are preferred for small transactions. Any statement that Iraq is not using the US Dollar should only be in reference to Iraqi businesses. When a business has to pay quarterly taxes in Iraq, the dinar is still being used, the dollar is for black market trading. You can call the Central Bank of Iraq if you would like to speak to them regarding taxes. The 2014 tax rate in Iraq is 27.8%, which includes a corporate tax of 14.2% and a social security tax of 13.5%. Iraqi dinar revaluation current news available shows that the date expected for the reval has come and gone.