Sandy Ingram [Post 1 of 2…….] The IQD was not convertible to other currencies on global markets before the 2003 invasion…Rates, which were $3.21 IQD to 1 US dollar in July 2003 means little if the currency is not exchangeable on global markets…People with education in economics say the Iraqi currency will be readily available for exchange in US banks…The question then becomes-
Sandy Ingram [Post 2 of 2] How long will it take US banks to recognize the currency after the initial increase in Iraq? Oh, you believe it will all happen on the same day? We would hope so, however this is unlikely… Savvy investors may have to travel for the exchange rate…If Iraq says the IQD is worth 1 USD to Iraqi dinar will you wait for the United States to say the same thing or will you travel to a bank that says the Iraqi dinar value equals $1? …We hope the naysayer are right and we can all walk into our banks in the United States and exchange our IQD bank notes for US dollars.
