11-18-2013 Tlar: The CBI all along when discussing the deletion of the zeros has stated that both currencies would be in circulation for an expected two years. By this they meant that to pass out the new currency and collect the old currency would take by their estimates about two years.
If they float the currency at 1166 there would be no people removing their hidden currency from under the mattresses ...which means there would be no rush to the banks in Iraq, no infusion of capital for to the banks and no visible amount of new accounts being opened.
All of these were said by Shabibi to be benefits they had hoped to achieve. Most important, Shabibi had decided early in the year in 2010 to pull the trigger by the end of 2010.
This was before all these laws were on the books. The reasons behind why Shabibi switched to a float are up to debate. The reasons why Shabibi did not pull the trigger on the few occasions that we all thought he was going to do it, are also up for debate.
The fact remains...he had intended to do it before the last Article IV consultations and before the laws we put so much importance on today. I think they are ready. I think that they will do this as they have planned it for the last six years as an RV.