you know, it really pains me to say it, but the fact is, back in 2003 the rate was around 1400, and for at least two years now it's been 1170, so they have in fact made better money than if they had put it into a money market fund.
But that only holds if they got the published rate, not what some guru or dealer was selling it for, and most were marking it up by 35% or more. And then they'll pay about as much to convert it back, so technically they only "made a profit" on the 40% or so that was left over after fees and shipping etc....
The real fun is gonna be when they issue the new notes with three zeros dropped, and demonetize the old ones. Even though they've been told by every official source I can think of that this is going to happen, they continue to insist this is all "smoke and mirrors" to keep the common folk from knowing what they know.
Few of them realize as well that when the CBI does de-monetize the old notes, they're going to have to go to Iraq to exchange them, or they'll expire and be pretty paper (actual fact, the "worthless" Saddam era notes are in fact worth more now as collectors items than the genuine NID notes in circulation in some denominations)
I can't wait until they find out, and they might, that the government of Iraq will limit how much most foreigners are permitted to exchange, limit how much they can take back out with them, tax them 30% or more on what they take out, not on any profit, but 30% of what they take across the border....these people are going to be bleeding from every orifice on their bodies, and it couldn't happen to a nicer bunch of fellows.