About the second week in November they began ramping up the news with a series of articles on the process to delete the zeros and have not stopped since. – they told us of intentions to gradually wean off the currency auctions and FLOAT the dinar – they introduced the project to delete the zeros to us again and explained it in detail – they then told us they were ready to begin the process thus launch the 50k notes.
So we are now witnessing the end to this project. The final steps. They are even telling us they are going to launch the $500 dinar. A 500 dinars note was issued in October 2004 so I think they are just issuing a new edition with more security features and maybe Kurdistan symbols on it.
The Next Step after launching these lower denoms is the raising the value and putting the dinar on the FLOAT currency regime. This they tell us will complete the process, it is the completion of their currency reform.
Article quote: “…(the central bank next year will present another new currency worth 100 000 dinars and then followed the process of deleting the zeros currency in circulation is to be one dinar and 5 dinars and 10 dinars and 25 dinars and 100 dinars).”
This article also confirms the specifics of the plan, the introduction of the 50k, possible 100k which will consolidate the physical note count prior to beginning of the deletion of zeros project…which will raise the value (and bring out the smaller denominations). I continue to stick with the timeline the CBI announced last summer (50,100, 200 by the beginning of 2017).
I also believe the float has to start within the next 6 months in order to meet that CBI timeline. The next 6 -12 months will be very exciting times as we watch this progress.