Entry Submitted by Inwest at 9:19 AM EST on December 6, 2021
The Gurus did not read the press release and have mistakenly written and spoken with the understanding that the payment was the equivalent to the Iraq Dinar valued at $3.67. THAT IS WRONG! The press release below clearly states the amount paid was equal to 0.4 Billion Kuwait Dinar. This calculates to a value of 90 cents US for the Iraq Dinar. This is huge!
Shafaq News/ Iraq paid 1.47 billion dinars in war reparations to Kuwait, the Kuwait National Bank said in a statement on Tuesday.
The statement said that the amount, equivalent to 0.4 billion Kuwaiti dinars, was paid in April, July, and November of the current year.”The remaining amount is 629 million dollars,” the Bank said.
Iraq is still under UN sanctions until the final amount of 629 million is paid. Until the final amount is paid and until the sanctions are removed the Iraq Dinar will not be traded internationally.
Iraq paid 1.47 billion of their Dinars considered to be .4 B Kuwait Dinar (.4 B x $3.30) $1,320,000,000 – the value Kuwait accepted is roughly 90 cents per Iraq Dinar. The value of the Kuwait Dinar is $3.30 US.
The value of what was paid is considered to be $1,320,000,000 US by Kuwait for 1.47 Billion Iraq Dinar or 1.32/1.47 = .8979 or about 90 cents US.
In my opinion Kuwait has publicly said the Iraq Dinar is worth 90 cents US.
I believe the reason the Iraq Dinar is not on Forex is because Iraq still owes money to Kuwait. Not sure why Iraq has not paid the $600+M.
The sanctions on Iraq to repay Kuwait are under international oversight. So the value of 90 cents US per Iraq Dinar accepted by Kuwait was also approved by other countries.
It is just a matter of time until we can exchange and it will be for more than 90 cents once the Iraq Dinar is trading internationally. No one knows when this will happen but it is very encouraging.
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