Did Saddam resided over a stable currency? What was the $ parity? Was the dinar devalued after the war?If so?

Question

The three oil giants Saudi Arabia, Iran and Iraq have vast differences in the parity of their currencies to the $. They control huge oil deposits, yet their currencies don't appear to reflect this. I would have thought their Dinars and Ryal would =$. Why not so? Can you explain the reason for the apparrent anomally?

Answer 1

The short answer is : No.
Up until about 1990, the exchange rate was 1 Dinar = US$3.20
Beginning shorthly before the first Gulf War, the free market rate of the dinar began dropping and was about 300 to the US dollar by 1996, even though the official rate remained at the pre-war level. Shortly before the start of the second Gulf War, the free market rate was about 900 to the US dollar. The highest denomination Saddam banknote was the 10000 dinar banknote, which was about $11.00 US (Uncut sheets of 15 of this same note are readily available on eBay for about $30).

FYI, Iran's currency isn't especially stable, either. The rate has dropped from 3000 riyals / US$1 to 8000 / US$1 over the last five years.

It all boils down to who is running the printing press in each individual country.