( Note: This was emailed to us by an anonymous source. We do not confirm whatsoever that Iraq had officially revalued the dinar.)
Iraq officially revalued its currency today, introducing a new international exchange rate.
The rate changed for the first time since the invasion of 2003. Now with the lower denomination notes delivered across the country, banks have introduced a new and international exchange rate for the Iraqi dinar. Thousands of people lined up to exchange their old Iraqi dinars for freshly printed new ones.
All the higher denomination dinars can be exchanged for new lower denomination ones on a one-to-one rate. The new official exchange rate is 1.16 American dollars for one Iraqi dinar.
The country still faces the threat of the Islamic State. But with the new economical reform, the people of the country are more united than ever.
For citizens exchanging money today, there was little they could do in Iraq. Many of those in line said they planned to use their money for vacations or for shopping trips in the UAE.
"I need to get away from Islamic State and their terrorism," said Al-Bishr Farhan, an engineer in his late 30's who said he was withdrawing 2,500 new dinars to take a vacation in the Bahrain.
Imad Hassan al-Jabir, a 40-year-old retired soldier felt relieved as he said, "I feel secure knowing that I have enough cash."