Pimpy
Once a country re-denominates, they don't just recognize the re-denomination in country. It's recognized throughout the world...Does it make sense that they're going to have a different rate exchange in Iraq instead of out? ...You really believe that's going to happen?
...The poor people in Iraq are going to be like, wait a minute. I'm changing 1,000s and all you give me is one new Iraq dinar note...only worth $3.21? In the meantime if I just...went on a trip to...the United States that they would... exchange my old bank notes with the current exchange rate with the zeros on there giving me millions of dollars?
Does that make sense to you?... No, once the re-denomination takes place it's worldwide. You might still have the old notes...but you're not going to be able to exchange 1,000 dinars times a $3.22 rate.
That's not what happens. They make the conversion to the new Iraqi denomination. So if you bring them a 1,000..it's not 1,000 anymore, it's only 1dinar. Then time the exchange rate of $3.22. Here you go sir/ma'am, here's your $3.22...Just use a little common sense...You would have this huge rush of people coming out of Iraq with their currency with all the zeros...going to the United States...and swapping it and becoming millionaires and then going back in their country and buying the new bank notes with their millions of dollars. Does that make sense?
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