The Iraqi Dinar is the official national currency of Iraq. It is issued and controlled by the Central Bank of Iraq. While it is the standard currency used for daily life within the country, it holds almost no value or utility outside of Iraq’s borders. This is largely because Iraq’s primary export—crude oil—is priced in US Dollars.
As of early 2026, the official exchange rate is roughly 1,300 to 1,320 IQD to 1 USD. The Central Bank of Iraq heavily controls and pegs this rate. Because it is not a freely traded global currency, the official rate remains relatively static, though parallel or “black market” rates within Iraq can fluctuate.
No. Major banks and established global forex platforms do not trade the Iraqi Dinar. It is essentially a “non-convertible” currency, meaning there is practically no legitimate international market for it.
To buy it, you generally have to use niche online dealers. These dealers often charge massive premiums (sometimes 20% to 30% above the actual exchange rate) to sell the currency to you, and they will only buy it back at a massive discount. This means you lose a significant portion of your money the moment you complete the transaction.
Financial experts universally agree that the Iraqi Dinar is not a viable or safe investment.
Illiquid: Because major banks won’t touch it, it is incredibly difficult to sell once you own it.
High Fees: The predatory buy/sell spreads charged by online dealers will immediately drain your capital.
Counterfeit Risks: The space is riddled with bad actors selling fake notes or running “layaway” scams where they take your money but never actually deliver the currency.
