Which of these must be significantly eliminated if interest rate parity is to exist?

Question

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Interest rate parity is the equilibrium state in which the difference in interest rates between two countries is equal to the expected depreciation or appreciation of their currencies over time. Covered interest arbitrage opportunities refer to situations where an investor can borrow in one currency, exchange it for another currency with a higher interest rate, invest it in that country, and then convert it back at a forward rate that guarantees a profit. If covered interest arbitrage opportunities exist, then interest rate parity cannot hold because it suggests that the forward rate is not correctly priced to compensate for the interest rate differential. Therefore, eliminating covered interest arbitrage opportunities is necessary for interest rate parity to exist.

Which of These Must Be Significantly Eliminated If Interest Rate