You may not be aware, but Kuwait has invalidated significant amounts of stolen currency. Many individuals who possessed these stolen notes found themselves unable to exchange them. Just picture smuggling millions or even billions of dinars, only to discover that when you attempt to cash them in, they are deemed null and void. The Kuwaiti government denied reimbursement for specific serial number ranges associated with the theft. There is much discussion regarding the large money supply in Iraq as a counterargument to a potential revaluation of the Iraqi dinar. However, I would contend that the volume of Iraqi dinars that have been smuggled and stolen from the central bank over the past 23 years far exceeds the amount currently held by international investors. Will Iraq implement a measure similar to what Kuwait enacted in the early ’90s to render a significant portion of that stolen currency invalid? Such a move would drastically decrease the money supply almost instantaneously.
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