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American Banks Convert Iraqi Dinars

American Banks Convert Iraqi Dinars

- When will it happen and why is it important? -

The banking system in Iraq has been consistently improving. The Central Bank of Iraq is now being reconstructed to reflect more of a modern Western style monetary system including management of the currency, holding of foreign exchange reserves, liberalizing of interest rates, and higher price stability. With the banking system improving in Iraq it is likely that more banks will open in Iraq.

Many in the dinar market are waiting for large international banks to begin dealing in Iraqi dinars. Since 2004 six Western Banks in Iraq and six Iraqi Banks outside Iraq have started operations. In March 2004, three banks were given license to operate in Iraq, National Bank of Kuwait, HSBC Bank and Charter bank of England.

Once these International Banks become more established in Iraq, the dinar should become widely available on the international market. How these banks offer dinar exchange, however, depends on their individual policies and procedures. We expect the dinar to be treated like all other foreign currencies, enabling investors to exchange dinars at their local currency exchange location or large bank.

Until then, investors should contact local Iraqi banks about exchanging their dinars. Find a list of local banks at the Central Bank of Iraq's website. Other options for exchanging dinars are detailed in s this article. Investors can also sell their dinars back to our approved seller, here.

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American Banks Convert Iraqi Dinars

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The 25,000 Iraqi Dinar
The 5,000 Iraqi Dinar
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