There is no dispute that promoting other resources apart from oil will improve the GDP, and possibly put pressure on the CBI. In 2012 the CBI came under pressure and raised the value of the dinar from 1170 to 1166. There are around 37 countries worldwide that carry out currency “auctions”, why should Iraq not be one of them? The term is a misnomer, it is a mechanism to providing banks with foreign currency for their customers, that will never go away, possibly a change to the format.

Since the 1980’s the IMF has been trying to get every country in the world under Art 8, last count I think about 17 still under Art 14. The IMF are not happy with countries using Art 14 on a permanent basis. Article 14 currencies are non convertible and subject to restrictions, and making a currency “Free” of restrictions has nothing to do with changing the rate.