Iraq central is in a catch 22 of sorts due to corruption and lack of revenue from the financial. Because they use the currency auctions as a means to maintain exchange rate stability as well as provide dollars for Imports, they cannot keep supplying the dollars…without depleting reserves. With no auction the spread/exchange rate collapes. This really messes with monetary policy and requirements of the IMF. Iraq needs to take action within parliament to stop corruption and at the same time make progress towards reforms.