Was the 1 IQD=$0.31 rate ever official?

[wing]

I've read many times on this board about 1 IQD=$0.31 being the rate just before the US invasion, but in looking through the exchange rate history at various websites,Ii can't find a reference for this rate. For example,
http://finance.yahoo.com/currency/convert?from=IQD&to=USD&amt=1000000&t=2y

Of course, this chart shows the official rate. So, the 1 IQD=$0.31 rate couldn't have been official. It couldn't have been the blackmarket rate either as it was around $1=2000 IQD just before invasion.

So, where is this 1 IQD=$0.31 rate coming from?

[SeattleDinaraholicv2.0]

I am probably wrong, but I do believe that the .31/.33 quote is based on the idea that when it goes live (is approved by the world bank I think to be traded on the world market) it 'resets' to the lowest value it was traded at during a certain spanse of time.

I believe the lowest value the old Dinar ever saw was .31 to the American dollar.

Like I said, I am sure I have something wrong in that logic, but I'm still a dinar n00b. :p

[highrollr19]

Right before the US invasion the dinar was not at .31. It was closer to 2000 dinar per dollar because of the possibility of a US invasion. That is actually where it left the market, but was at a very high rate just prior to that. Don't use yahoo or xe for that, because for some reason, a jump that large is not shown by their graphs!

[Dinars2Dollars]

http://www.photius.com/wfb1999/iraq/iraq_economy.html

The above Web site kind of shows what the IQD was at. This information is towards the bottom of the site. This was also the same that I have seen on other web sites.

The article says the "fixed" exchange rate was .3109, but that black market exchange rates varied widely from 1500-2000 -- most of this is due to the enormous debt ($120 billion) and war torn infrustructure damage. Assume first that stability and/or security rules the day at some point --- if the debt is largely removed (90%-100%?), and that in turn spurs investors to pour money (millions/billions) into Iraq, should we not expect .31 at the minimum as Iraq chases the standard of living that Kuwait has today? I think 3-5 years is a conservative estimate, with 7-10 being more realistic. But hey what a retirement plan!

[highrollr19]

Not a retirement plan for me!!! I am still in college earning my Master's and am only 22. I can wait 10 years!!! Yipeee!!

[wing]

I am probably wrong, but I do believe that the .31/.33 quote is based on the idea that when it goes live (is approved by the world bank I think to be traded on the world market) it 'resets' to the lowest value it was traded at during a certain spanse of time.

I believe the lowest value the old Dinar ever saw was .31 to the American dollar.

Do you have any reference for this? The 1 IQD=$0.31 rate was neither official nor the blackmarket rate. So, it would be worthwhile to know when and where exactly the dinar was traded at this rate.

http://www.photius.com/wfb1999/iraq/iraq_economy.html

The above Web site kind of shows what the IQD was at. This information is towards the bottom of the site. This was also the same that I have seen on other web sites.

That article says 1$=0.3109 IQD which would mean 1 IQD=$3.22 and NOT 1 IQD=$0.31

Don't use yahoo or xe for that, because for some reason, a jump that large is not shown by their graphs!

Actually, if you look at the yahoo chart in my post, you'll see that a large jump from the dinar's official rate under saddam to the current rate is indeed shown but there is no indication of the 1 IQD=$0.31 rate.

Again, it would be nice to see a reference for the 1 IQD=$0.31 rate.

[Psycho for Dinar]

http://www.photius.com/wfb1999/iraq/iraq_economy.html

The above Web site kind of shows what the IQD was at. This information is towards the bottom of the site. This was also the same that I have seen on other web sites.

This is what I have read also. When Iraq left the exchange they were at a rate of $3.21 USD/ 1IQD. Rates shown after this time were considered "Black Market Rates". This also states that their currency was at a "fixed rate" from 1982. Not saying that it'll return at that, but it sure would be nice!!! :D

[Beakydrew]

Further to the point that the last Official Rate was $1.00 = .31 Dinar - does any one know of any info of if an official rate will be listed again will it have anything to do with the 60 days after the handover of power date that is due to take place this week - will there be another official listing at this time ?