I have watched the Market Rate for almost 15 years. IMF Article 8 compliance requires no Multi Currency Practice. A Market Rate of greater than 2% constitutes a Multi Currency Practice according to IMF Article 8. Bottom Line, Iraq cannot be compliant with Article 8 requirements if the Market Rate exceeds 2% of the Official Rate. The new verbiage of “Parallel Rate” has made this seem as a new issue …Saleh has now stated this twice recently. The real question is how long must they maintain the 2%…90 days. I never saw this printed in Article 8…. Considering all we are being told, I don’t accept the 90 day theory.
