Don961: From Wed Notes:
Frank26: And the thing is….you put Mosul aside and we are dealing with the security of corruption not of terrorism….and in these last three days they are talking to you about the Monetary Reform…but Family….no country does that….and this is what has me and my FRIENDS a little perplexed…..why would they tell you….yeah we are going to start using the Iraqi dinar only in the first part of 2017….
yeah we play to introduce a float in 2017….ok…in 2017 we are going to do this and that….yeah the 50, 100, 200….Family no country does that….are you with me….no country talks like that….no country tells you what they are going to do with their reforms….with their currency reforms….why are they putting it this way….why does it almost sound like the fat lady that was in front of Mosul…..
I think it is to turn our eyes away from the possibility of what they want to do in 2016….that is a powerful statement when you stop and think about what I just told you….they keep saying…..squirrel….squirrel….where….2017…..oh ok….squirrel….2017…..ok….dude…why are you talking like this…..even when the IMF gave you the plan of what you are supposed to be doing back in December of last year….you didn’t even talk about it…you were just brought into the international theater….why are you talking about 2017 so much….and about your Monetary Reform….no country talks about their Monetary Reform.
For instance Family do you remember when the US introduced to you….check this out….what is this….Monopoly money….no this is your new $100 bill….since when….since today….who says so….US Treasury….why….security….why didn’t you tell me about this….we don’t have to….and you were surprised American citizens weren’t you….no country talks about their currency reforms….it is beyond stupidity…but they are….they are….and that is very interesting to us….
For them to point and keep shoving us into 2017 when I think they don’t want you to know what they are doing in 2016….that to me is powerful….it is huge…it is little things that we pick up.
From 1991 :
AFTER THE WAR; No Electricity but Kuwait Reopens Its Banks
By DONATELLA LORCH, Special to The New York Times
Published: March 25, 1991
KUWAIT CITY, March 24— It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency.
Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money.
Without electricity, the banks services were slow, limited to money exchange and withdrawal. There was no telex, no electronic money transfer and no telephones. The computers were unusable, so all transactions had to be entered by hand.
“It’s like going back 20 years,” said Mohammed al-Yahya, the manager of the Commercial Bank of Kuwait, the nation’s second-largest bank. Seized Dinars Canceled
The Central Bank is canceling the value of Kuwaiti dinars that were seized from the Central Bank and put into circulation by the Iraqis. The invalid serial numbers were posted today in front of all banks in the city.
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
Although it is severly handicapped without electricity, the Commercial Bank, like many other major banks, was able to open for business because its records had been saved from the Iraqis. Mr. Yahya hid the bank’s balance sheets in his home and sent its computer records to London via Syria with an Indian employee, who packed the tapes into the back of a trailer.
The banks also face serious personnel shortages. Only 11 of the Commercial Bank’s 35 branches opened today, with 137 out of 1,300 workers.
Before the Iraqi invasion, only 17 percent of the bank’s staff was Kuwaiti. Many of the foreign workers — Jordanians, Palestinians and Indians — fled and now cannot re-enter the country.
For those exchanging money today, there was little they could buy in Kuwait. Many of those in line said they planned to use their money for vacations or for shopping trips to Saudi Arabia to buy generators and food.
“I need to get away from this pressure,” said Abdul Mohammed Hussein, a computer engineer in his early 40’s who said he was withdrawing 1,500 new dinars to take a vacation in the United Arab Emirates. “Everywhere you go you find lines. At the supermarket, you find lines. To get petrol for the car, you find lines.”
Abdul Hamed al-Atar, a 50-year-old retired Interior Ministry official, said this was the first time he had set foot in a bank since September, and he seemed relieved. “Kuwaits always keep a lot of cash with them,” he said as he was handed crisp new piles of money that he stuffed into a small bag. “It’s a comfort to have money in my hands.”
http://www.nytimes.com/1991/03…..banks.html
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Don961: Recall hearing/reading that this also was unexpected … a surprise …. was suppose to happen when things were more “settled” ….
From another article :
NY Times article from 1991 reporting the revaluation of the Kuwaiti dinar
Jul 19, 2013
When Iraq invaded Kuwait in August of 1990, the value of the Kuwaiti dinar dropped to about 5 cents. In other words, it took 20 Kuwaiti dinars to buy one dollar.
In February of 1991 Iraq was expelled from Kuwait, and a month later, the banks revalued their currency to $3.47, the highest valued currency in the world. When this occurred, the New York Times reported the event on March 25, 1991.
http://www.nytimes.com/1991/03…..banks.html
It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency.
Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money….
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
At the same time, the UN put Iraq under trade sanctions, crashing the value of the Iraqi dinar (IQD) from $3.22 to about 4000 to the dollar. Their currency could only be spent in Iraq itself, and people had to carry around wads of 25,000 dinar notes to buy groceries.
Then in 2003 coalition forces invaded Iraq and overthrew Saddam Hussein. By 2004 we gave them a new currency without Saddam’s picture on it. The value soon doubled and went up to 2000 to the dollar. A few years ago the Central Bank of Iraq managed to stabilize the value at 1166 per dollar.
On June 27, 2013 the UN removed Iraq from Chapter VII sanctions, allowing Iraq to regain control of close to $80 Billion in frozen funds that had been sitting in western banks since 1990.
This also allowed Iraq to be reinstated on the world’s banking network, as soon as they are ready. At the same time many expect to see the IQD revalued at or near its former position.
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