Thoughts from Eagle1 at KTFA Forum Thursday Evening
Good Evening, Family!
I have received countless emails, text messages and phone calls today regarding some story making the rounds about us only having 30 days in which to exchange our IQD.
The quick answer to this rumor is, NO! Whoever is circulating this story has some bad information.
Let me state this as emphatically as possible so that there is no misunderstanding. To place that kind of time limit on exchanging our IQD/IQN for USD, or any other currency, under normal circumstances would be a general violation of international banking rules and regulations.
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I don’t remember the specific time frame when the old Saddam notes were pulled out of circulation (and it may have been something like 30 or 60 days, or even 90 days), but that currency was specifically sanctioned by the US, by the UN, and by the IMF and forbidden to be used in international trade.
Once De La Rue had printed up the new currency we now have in circulation and George Bush signed executive order #13303 permitting us the freedom to purchase and hold that currency toward the day when it would be restored to normal status, the stigma of the Saddam era was removed.
Frank has frequently talked about, and we have discussed, the introduction of the lower denominated notes as well as the coins. Those are not “NEW” currency in the legal sense of the word. They are additional denominations of the IQD — the same IQD that has been in circulation as the “NEW” currency for a decade.
That’s different from having a truly new and different currency, and despite some of the poorly translated articles out of Iraq, the CBI is NOT introducing new currency.
They are adding additional lower denominated notes to their already existing currency.
That said, we’ve all heard about the effort by the CBI to gather in the three-zero notes as much as possible and exchange them for lower denominated notes.
Again, that’s totally different from requiring people to do their exchanges from the IQD to the USD (or whatever other currency) within some narrow time frame such as the 30-days proposed in the erroneous post that has been floating around today.
Let me give you another comparison. I have friends who still have thousand-dollar bills that they hang onto. The UST and the Fed stopped printing those a long time ago (to the best of my knowledge). Nevertheless, they are still good and people who take them to the bank today can still exchange them for other lower-denominated notes.
I’ve even got one friend who says (although I haven’t seen it) that he has a $10,000 note. It is still good even though those notes haven’t been in general circulation for many years.
You get the picture, I’m sure.
We hear that Kuwait is getting ready to introduce a totally new currency which includes similar security features to the IQD. As far as I know, though, it is still the same KWD that’s in circulation today with the same relative value.
For security reasons, I’m sure that Kuwait will want to draw in as much of the old currency as possible in as short a time as possible, but I’ve heard nothing that indicates that they will not honor the currency now in use, even if folks hang onto it for some prolonged length of time.
Again, to restate what I’ve already said, there is no new currency being issued by Iraq — just additional lower-denominated notes in the same currency.
Barring some enormous regime change that would bring a dictator like Saddam back into power in Iraq in such a way as to reimpose sanctions on the country, the IQD/IQN with which we are familiar will be Iraq’s currency for international trade for years to come.
There are no requirements pending that would demand that we do our exchanges within a 30-day, 60-day or 90-day period — or even a two-year period.
On a different note, when the new USD is placed into circulation, the UST will want to gather in the old currency as quickly and as expeditiously as possible. The new currency will be asset-backed as opposed to our current Federal Reserve funny money.
Will the UST place a time limit on gathering in the old dollars? It’s not out of the realm of possibility, but I’d have to say that a 30-day period is unlikely. 90-days? Maybe. 180 days? Maybe. But I’m not going there unless and until I have some specific intel from the UST.
Hope that clears things up for everyone.
Blessings on you.
Eagle1
