Harlequinc3
Over the years, there's been many articles about the old currency retaining its 'nominal value' -- the denomination remains the same, a 25,000 dinar note remains 25,000 one dinars. And the new 25 denomination remains 25 one dinars.
1 dinar = 1 dinar. Denomination value just means 'name' not exchange rate. The confusion arises from people thinking 'value' means exchange rate, when it's just talking about the nominal value -- the 'named' value of the dinar, which in this example is a '25,000 dinar' note -- that's its name, not its exchange rate.
To an Iraqi, an exchange rate of pounds sterling to dinar is meaningless. 1 dinar is just 1 dinar. But what does that 1 dinar buy? That's what matters to an Iraqi...IMO, the latest article is explaining, the named value of both notes don't change (it doesn't affect the 'nominal value.')
It answers the question about a lop of the old dinar, explaining you will exchange 25,000 old dinar for 25,000 new dinar (electronically) at a 1:1 value -- the named value remains the same. Of course, for people outside Iraq they will be exchanging 25,000 dinar for their home country's national currency of 25,000 dinar at an approved exchange rate.
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