In sandyf

I read the IMF publications…The IMF started a concerted effort in the mid 90’s to get countries into Art 8, but to date Iraq and about 16 others have resisted the pressure. If Iraq wanted to be in Art 8, it could do so very quickly. At the end of the day the so called auctions are related to Iraqi revenue and as long as the revenue is foreign currency based the auctions will remain.  Floating the currency is always an option to any country, when the currency is in trouble it is often seen as preferable to multiple devaluations. Iraq is being pushed along the same road as Egypt and that currency lost 50% of it’s value overnight.