HoosierGirl: No actually they did revalue. From one article: “In February of 1991 Iraq was expelled from Kuwait, and a month later, the banks revalued their currency to $3.47, the highest valued currency in the world.” And there are several others stating a revalue.
ChrisC: I read an account of a guy that invested with his Dad told by him. He said they had contact with a Kuwaiti vendor and he would call them once a week or so and give them updates. Finally he said they came out at 1.00 and they rode the rise on Forex up to 7.00 and got off. He said it went to 9.00 or so within another week or two and then collapsed almost straight down to 3.47.
FloridaGuy: I was in the first gulf war 1990 – 1991. I was in the Air Force. We were advised that we were unable to purchase any Kuwaiti currency and it would be confiscated if we were caught with any. Therefore when I was advised about the Executive Order giving us the ability to purchase the Iraqi Dinar as an investment I jumped on it. Hope this helps, I don’t know of any service members that were able to cash in on Kuwait.
ChrisC: As I have heard the story, only a few upper level officers. But you are right, anybody below a Captain was ordered not to touch it.