Historic Info. How it was done
This is how it was done in 1949. The Government of Iraq proposed, and the IMF concurred. Nothing more.
The move did not have to be gradual. Regardless of where they were held, the value of each note changed once there was agreement between the Iraqi Government and the IMF.
http://fraser.stlouisfed.org/docs/hi...1_19490918.pdf
ISIISHHATIOHAL MONETARY JUSD
(International Monetary Fund)
PREESS RELEASE NO. 10
; for Immediate Release September 20, 1949
The International Monetary Fund announced today that the Government of Iraq has proposed and the Fund has concurred in a change in the par value of the Iraqi dinar* The new rate is one Iraqi dinar equals 2.80 U.S. dollars and replaces the initial par value of one Iraqi dinar equals 4.03 US. dollars .
In terms of gold and in terns of the U.S dollar of the weight and fineness in effect on July lf I944 the new parities are now as follows
2.48828 grams of fine gold per Iraqi dinar
12.5000 Iraqi dinars per troy ounce of fine goldj
0.357143 Iraqi dinar per U.S. dollar;
280.000 U*S„ cents per Iraqi dinar
_________________________________________________
In the past, Iraq had considered rebasing the
Iraqi dinar to bring its base value closer to that
of one USD.
from a Special Inspector General for Iraq Reconstruction report to Congress
This is how it was done in 1949. The Government of Iraq proposed, and the IMF concurred. Nothing more.
The move did not have to be gradual. Regardless of where they were held, the value of each note changed once there was agreement between the Iraqi Government and the IMF.
http://fraser.stlouisfed.org/docs/hi...1_19490918.pdf
ISIISHHATIOHAL MONETARY JUSD
(International Monetary Fund)
PREESS RELEASE NO. 10
; for Immediate Release September 20, 1949
The International Monetary Fund announced today that the Government of Iraq has proposed and the Fund has concurred in a change in the par value of the Iraqi dinar* The new rate is one Iraqi dinar equals 2.80 U.S. dollars and replaces the initial par value of one Iraqi dinar equals 4.03 US. dollars .
In terms of gold and in terns of the U.S dollar of the weight and fineness in effect on July lf I944 the new parities are now as follows
2.48828 grams of fine gold per Iraqi dinar
12.5000 Iraqi dinars per troy ounce of fine goldj
0.357143 Iraqi dinar per U.S. dollar;
280.000 U*S„ cents per Iraqi dinar
_________________________________________________
In the past, Iraq had considered rebasing the
Iraqi dinar to bring its base value closer to that
of one USD.
from a Special Inspector General for Iraq Reconstruction report to Congress