Thread: The $7 debit card dilemma.

Originally Posted by "GK"

So regarding the IQD. Right now, almost all official sites (including the CIA fact book) and documents are still breaking down Iraq's currency into 1000 fils. Yet, we know no fils have been issued. Just to go give you guys the possibilities here. At 100 fils, Iraq's 1470:1 exchange rate will automatically has to be adjusted to 14.70:1. At 1000 fils, it has to be adjusted to 1.47:1.
If not, then sad to say, Iraq's currency is truly the lowest in the world, worthy of being added to the Guiness Book of Pathetic Currencies. Which, to me is an impossibility, no ifs or buts about it.

Agreed it is far undervalued. It was held there purposely for 3 years a show to the IMF that CBI has the ability to maintain a stable exchange rate. That 3 years has passed and CBI can now re-val within the CB guidelines and bylaws. To add to your statment above the Islamicbanknotes.com notes that the IQD prefix allows for lower denominations to be issued in Iraq. This is great news for potential additiona denominations. As far as the $1.48 theory I'm not saying it will not eventually get there. But right now IMF/CBI have a plan of gradual increase with a target rate at the Egypt, Saudi Arabia, UAE, and Qatar level. We'll see how it pans out and I can't wait to see what the CBI posts TONIGHT!!!

Originally Posted by MunnyBaggs

Agreed it is far undervalued. It was held there purposely for 3 years a show to the IMF that CBI has the ability to maintain a stable exchange rate. That 3 years has passed and CBI can now re-val within the CB guidelines and bylaws. To add to your statment above the Islamicbanknotes.com notes that the IQD prefix allows for lower denominations to be issued in Iraq. This is great news for potential additiona denominations. As far as the $1.48 theory I'm not saying it will not eventually get there. But right now IMF/CBI have a plan of gradual increase with a target rate at the Egypt, Saudi Arabia, UAE, and Qatar level. We'll see how it pans out and I can't wait to see what the CBI posts TONIGHT!!!

Now will have to see what happens Sunday in Iraq, what the CBI posts.