tag:blogger.com,1999:blog-5596379580203915255.post9044949456958097803..comments2023-05-16T02:24:23.898-07:00Comments on Dinar Douchebags: More Drama at DVUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5596379580203915255.post-70978489647651194452011-10-28T15:02:55.076-07:002011-10-28T15:02:55.076-07:00The "Special Drawing Right" or SDR, is t...The "Special Drawing Right" or SDR, is the globally recognized currency of the International Monetary Fund. As such, it functions as the "lowest common denominator" when calculating the proper exchange rates of differing currencies between global trading partners. Any payments made TO, loans FROM, or exchanges THROUGH the IMF will be expressed in value terms of SDRs ... therefore a SDR most certainly functions as a currency in the international trading community. The national economy of its member countries is reviewed by the IMF on an annual basis, with the subsequent posting of that currency's determined exchange rate in terms of SDRs. Iraq's annual review typically happens on or about 30 April of each year, with extremely few exceptions in the past 25 years. As of 30 April 1995, the IQD was determined to have an international exchange rate of SDR2.04504. On 1 May 1995 the SDR was valued at $1.57050, which leads to an exchange rate of IQD1 to $3.21 ... admittedly the lowest exchange rate on record for the period 1985 to 2004. In 2004, the Coalition Provisional Authority (the provisional government of Iraq) arbitrarily and forcibly DE-valued the IQD. Historical data from Oanda through the link posted above, shows a constant "bid" price of $1.6667 for the period of May 1995. Using the figures supplied by the IMF, it's apparent that since 1985, the IQD was ALWAYS exchanged at a rate of $3 PLUS ... at least as pertains to international trade ... until Operation Desert Storm and the advent of the CPA in 2004. As to the purported CBI historical exchange rate of "3000 to 1" it's important to keep in mind that a bank, even a CENTRAL bank, offers only those exchange rates to its customers that it wishes to. Many banks around the world are not as regulated as we in the United States. Using data from 1995 (the middle of Saddam Hussein's reign) might be suspect because of the sheer totalianism of his rule. It's entirely possible (even probable) that he mandated the internal exchange rate for the IQD while reaping vast profit by then exchanging that recovered IQD via international trade at the rate of $3.21.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5596379580203915255.post-41914995882980830992011-10-28T12:28:53.314-07:002011-10-28T12:28:53.314-07:00That's a chart of SDR's which are not the ...That's a chart of SDR's which are not the same as currency. Comparing the most recent entry from April to the CBI rate you can see they're not the same thing. http://en.wikipedia.org/wiki/Special_Drawing_RightsSam I Amhttps://www.blogger.com/profile/11609519627791409673noreply@blogger.comtag:blogger.com,1999:blog-5596379580203915255.post-21090816330338493072011-10-28T07:30:11.100-07:002011-10-28T07:30:11.100-07:00Dimes? Pennies? Could you then explain the table...Dimes? Pennies? Could you then explain the table of historical IQD exchange rates as posted by the IMF? http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2011-09-30&category=EXCHRTAnonymousnoreply@blogger.com