KTFA, Lynette Zang, X22 and more Thursday Night 10-17-19
KTFA:
Osmosis: Kuwait didnt RV, they did an RI...…..big difference, IMO
HoosierGirl: No actually they did revalue. From one article: "In February of 1991 Iraq was expelled from Kuwait, and a month later, the banks revalued their currency to $3.47, the highest valued currency in the world." And there are several others stating a revalue.
ChrisC: I read an account of a guy that invested with his Dad told by him. He said they had contact with a Kuwaiti vendor and he would call them once a week or so and give them updates. Finally he said they came out at 1.00 and they rode the rise on Forex up to 7.00 and got off. He said it went to 9.00 or so within another week or two and then collapsed almost straight down to 3.47.
FloridaGuy: I was in the first gulf war 1990 - 1991. I was in the Air Force. We were advised that we were unable to purchase any Kuwaiti currency and it would be confiscated if we were caught with any. Therefore when I was advised about the Executive Order giving us the ability to purchase the Iraqi Dinar as a investment I jumped on it. Hope this helps, I don't know of any service members that were able to cash in on Kuwait.
ChrisC: As I have heard the story, only a few upper level officers. But you are right, anybody below a Captain was ordered not to touch it.
Blast From the Past:
NY TIMES(Kuwait RV): Published: March 25, 1991
AFTER THE WAR; No Electricity but Kuwait Reopens Its Banks
By Donatella Lorch
March 25, 1991
It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency.
Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money.
Without electricity, the banks services were slow, limited to money exchange and withdrawal. There was no telex, no electronic money transfer and no telephones. The computers were unusable, so all transactions had to be entered by hand.
"It's like going back 20 years," said Mohammed al-Yahya, the manager of the Commercial Bank of Kuwait, the nation's second-largest bank.
The Central Bank is canceling the value of Kuwaiti dinars that were seized from the Central Bank and put into circulation by the Iraqis. The invalid serial numbers were posted today in front of all banks in the city.
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
From March 18, 1975 to January 4, 2003 the dinar was pegged to a weighted currency basket. From January 5, 2003 until May 20, 2007, the pegging was switched to 1 U.S. dollar = 0.29963 dinar with margins of ±3.5%.[2] The central rate translates to approximately 1 dinar = 3.33745 dollars. From June 16, 2007, the Kuwaiti dinar was re-pegged to a basket of currencies,[3] and is now worth about US$3.609 (€2.686). It is the world's highest-valued currency unit
History of the Iraqi Dinar https://en.wikipedia.org/wiki/Iraqi_dinar
History of the Kuwaiti Dinar: https://en.wikipedia.org/wiki/Kuwaiti_dinar
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Lynette Zang
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