Pimpy

Question:  “Can Iraq get into the World Trade Organization with the currency exchange rate of 1310 to 1 US dollar?”  One of the key requirements for joining the WTO is establishing a convertible currency at a “realistic exchange rate”…the exchange rate of 1310 to 1 USD raises concerns about the convertibility and stability of Iraq’s currency… There is no specific threshold for what constitutes a “realistic” exchange rate…It has to be a stable currency which means…Iraq must have a stable economy…When 95% of your budget is totally relied on oil sales that is not a stable economy.  Iraq is going to have to build their private and public sectors…Can Iraq go into the World Trade Organization with an exchange rate of 1310 dinar?  Yes…if the dinar is stable.