wmawhite: Here is some information that I believe tells you exactly where we are: Iraq: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding December 22, 2015: 12.
The spread between the official and the parallel foreign exchange market rate receded to around 2 percentage points since August… 19.
The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions.
Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate.
Folks…if you wonder what remains to be done in order for Iraq to move into Article 8…there it is…dated December 22, 2015.
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