7-6-2012 Doc: This week has brought a wealth of articles dealing with the deletion of zeros projects. The vast majority point to the first of the year as the intended time of release of the new currency. Only one article we have seen so far said the Finance Committee had now requested further study.
With the vast majority of the news pointing to Jan 1, 2013 we conclude this is the current plan. This aligns very well with statements from Shabibi concerning the 2013 budget and banking transactions being based on the new currency. The curious question is when does he pull the trigger on the RV piece and we still maintain it will be before the first of the year.
Several statements and articles have indicated a 3 to 6 month time to dedollarize and our opinion is September to October timing would seems to fit this model. Much beyond this time will not allow for significant dedollarization.