Kuwait's Revaluation - A brief History ... What happened to Kuwait's Currency after the Gulf War?

Kuwait's Revaluation - A brief History ... What happened to Kuwait's Currency after the Gulf War? ...

In August 1990 Iraq invaded the Gulf state of Kuwait, setting off a chain of events that led to a war with the West. Look back at the key moments and click on the video links to see the television news reports of the time.

Click here to watch the report

http://news.bbc.co.uk/2/hi/middle_east/861164.stm

Kuwait's Currency

Facts, only the facts remembered ... Since information on the subject of Kuwait's currency have been hidden or scrubbed from the internet, the facts and the steps taken by Kuwait when they revalued their currency after the gulf war, are as follows ... as best remembered.

... as remembered by Phoenix ...

1. Saddam Hussein invaded Kuwait.

2. Saddam attempted to remove all of Kuwait's dinar and send it back to Iraq while replacing the Kuwaiti Dinar with Iraqi Dinar.

3. The whole world freaked out and the street value of the Kuwaiti dinar plunged in value to as low as .05 cents per dinar.

4. The U.S.A. says ... Not no ... But **** NO!

5. The U.S.A. Goes in and kicks butt killing thousands of Iraqi troops as they flee.

6. Things stabilize ... and the National bank of Kuwait opens its doors for business after months of disruption and announces that all Kuwaiti dinar will be accepted and honored at the pre invasion rate. ($3.64 or there about's)

7. People who had bought the Kuwaiti dinar for .05 - .10 cents walked into the banks that very day and exchanged / deposited for $3.64+

8. Shortly after this (3 months or so) Kuwait issued new notes calling the old pre-war notes in.

9. The event was more or less scrubbed and information is sparse at best.
10. Some people became rich over night.

11. And they all lived happily ever after (or we hope).

The end.

Phoenix

http://articlesofinterest-kelley.blogspot.com/2011/01/kuwaits-revaluation-brief-history-what.html