Sandy Ingram
This is only important to us if and when it comes time to exchange our Iraqi dinar bank notes...We don't want to end up like Zimbabwe and not have access to exchange options...When asked whether Iraq has a closed currency system the answer is yes and no.
A closed currency is one that is not freely traded on international markets and is typically restricted to use within its issuing country...As of 2024 over a dozen countries maintain closed currency systems [Including the Indian Rupee, Zimbabwe, ZiG dollar and North Korean, Won]...
The Iraqi dinar is not classified as a closed currency, however it might as well be. Iraq's central bank has implemented specific foreign exchange controls and restrictions to stabilize its currency and prevent illicit financial activities.
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