[SWFloridaGuy] We see a lot of reports coming from the CBI referencing "delete the zeros," "raise the zeros" and "remove the zeros." This information campaign is the Central Banks' way educating the public of the upcoming changes and give them reason to believe that soon they will again be able to have confidence in their own currency, and that the goal of their leaders is to eventually de-dollarize the economy.
This is a sensitive balancing act. Furtiveness is imperative to the process. They must delicately educate the public without announcing to the world their plans to raise the exchange rate equal to, or higher than the USD. Removing of the zeros refers to the collection of the larger notes from circulation. It doesn't directly refer to the specific rate change, more to the process of introducing the new currency.
[SWFloridaGuy] When the time comes the CBI will send a new adjusted rate to the BIS (in accordance with the IMF and World Bank's approval and instruction) for release either alone or in a small basket back to all the Central Banks. The new rate will go live all around the world instantaneously.
At that point people holding large notes will be given 2 choices: Trade in for lower denoms they can hold indefinitely or exchange for another currency, in our case USD.
The rate won't have to spend months "working it's way through the system" at our local Wells Fargo branch. This isn't about the US banks. This currency reform project will have global financial implications and the US will witness this the same time as the rest of the world.