Why the Iraqi Dinar Isn’t Widely Accepted Globally
Sandy Ingram explains what she’s learning from North Africa about the Iraqi Dinar (IQD):
“The Iraqi Dinar is an official currency only for Iraq and the Kurdistan region. Few other countries will accept the IQD.”
Key points:
Iran does not officially accept the IQD
Afghanistan, Somalia, and Egypt do not accept it
Until the Central Bank of Iraq releases the currency to float or connects it to forex markets, international banks will not process it
💡 Insight: The IQD is currently local in use, and global transactions remain limited.
Historical Comparison: Zimbabwe
Sandy draws a comparison:
“Who else had this same scenario? Zimbabwe.”
Zimbabwe faced a similar issue: their local currency wasn’t accepted globally
Zimbabwe’s new currency is now backed by gold
While it’s not fully evolved, measurable progress has been made
This suggests a potential roadmap for Iraq.
What This Means for the Iraqi Dinar
Iraq’s currency is not “out the door”
Strategic reforms and adjustments can quickly improve acceptance
Global adoption depends on policy, backing, and market integration
Sandy is optimistic:
“There can be changes that turn it all around in a short period of time.”
Featured Snippet: Why Isn’t the Iraqi Dinar Accepted Internationally?
Answer:
The Iraqi Dinar is officially recognized only in Iraq and the Kurdistan region. Countries like Iran, Afghanistan, Somalia, and Egypt do not accept it. Until the Central Bank of Iraq allows the IQD to float or connects it to forex markets, international banks will not handle it.
Featured Snippet: What Can Iraq Learn from Zimbabwe’s Currency Reform?
Answer:
Zimbabwe faced similar challenges with limited global acceptance. By backing their new currency with gold and implementing reforms, Zimbabwe improved trust and usability. Iraq could potentially follow a similar path to enhance the IQD’s global acceptance.
Q&A: Understanding the IQD Global Status
❓ Is the Iraqi Dinar worthless outside Iraq?
No. It is limited in acceptance, but reforms and market integration could expand its usability.
❓ Why doesn’t Iran accept the IQD?
Iran has its own economic priorities and does not officially recognize the IQD in trade.
❓ Can this change quickly?
According to Sandy Ingram, yes, especially if Iraq implements strategic reforms similar to Zimbabwe.
❓ What role does the Central Bank of Iraq play?
The CBI must allow the IQD to float or connect it to forex markets for banks to begin global transactions.
❓ Are there precedents for quick currency evolution?
Yes, Zimbabwe’s gold-backed currency shows measurable progress is possible in a short period.
Key Takeaways
The IQD is currently local, used only in Iraq and Kurdistan.
International banks will not touch it until CBI reforms happen.
Zimbabwe provides a blueprint for turning a struggling currency into a functioning, globally accepted one.
Strategic policy and market connection can make the IQD viable outside Iraq.
💡 Sandy’s perspective gives investors hope and context, showing that global adoption is possible with proper reform.
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Sandy Ingram
This is what I'm learning in North Africa about the Iraqi dinar...The Iraqi dinar is an official currency only for Iraq and the Kurdistan region....Few other countries will accept the IQD...Iran does not officially accept the IQD either. The IQD is not accepted in Afghanistan, Somalia, and obviously not here in Egypt...Until the Central Bank of Iraq releases the currency to float or to be connected to the forex markets, banks will not touch it.
But wait, who else had this same scenario, the same problem? Zimbabwe. There has been measurable progress with the Zig, Zimbabwe's new currency has is backed by gold. It's not a total complete evolvement yet, but it's working... Zimbabwe has shown us Iraq's currency is not totally out the door. There can be changes that can be made to turn it all around and in a short period of time.
