Is the Iraqi Dinar Currency a Closed Currency?
Yes. The Iraqi Dinar is a closed currency, but buying it using our online currency exchange service is still possible.
WARNING: This blog and the YouTube Channel do NOT encourage travel to Iraq or purchasing the Iraqi Dinar unless you are prepared to wait until the currency increases in value.
The blog recommends against traveling to Iraq if you are a U.S. citizen because the U.S. Department has a Level 4—Do Not Travel Alert on Iraq.
The IQD is a spectacular investment.
Iraq has already overprinted its currency, and yes, they are collecting as much of the old currency as possible.
The wait for the currency to increse in value against the U.S. dollar may be longer than expected. Some investors have been waiting for over 15 years.
But yes, the currency is a closed currency, and if you want to travel to Iraq, you should exchange your money before traveling.
Exchanging money before traveling means you’ll have cash for transportation and meals when you arrive. It is reported that you can only use your bank and credit cards in the international Western hotels and luxury shopping areas in Baghdad and Basra.
Although more people are using debit and credit cards in Iraq, the economy is still largely cash-based. All transactions since January 1, 2024, must be in the Iraqi Dinar.
