9-7-2012 Austin-Powers-For-PM: There is a belief in some circles that this is totally out of Iraq's hands and that the IMF, and specifically Christine Lagarde has the final say of when this RV will be released.
This very well may be true, but the fact is that a country's currency value is directly influenced by its political stability, and right at this moment Iraq has not established enough stability to justify a currency value commensurate with rates discussed.
It would be foolhardy for the IMF director to authorize a massive currency revaluation event if the main linchpin of this whole process has a chance of catastrophic political failure that would quickly devalue their currency. Geopolitical common sense tells us that once Iraq solidifies its political stability through the implementation of Article 140, the HCL, and the Erbil Agreement with the seating of the security ministers, then the IMF will be comfortable enough to pull the trigger on this event.
IMO, the only exception to this would be if there was a massive meltdown of the global financial system that would force the IMF to act before all the puzzle pieces were in place. In that case Legarde would have to roll the dice and hope to heck that things don't poltically unravel, both in Iraq and in Europe.