Remember a reinstatement is not a float within the current sole de’facto peg to the US dollar.

It is the going international with their currency and thus letting the markets drive the rate on float. They have plans to re-peg to a basket of 5 currencies as US Dollar, EURO, British Pound, Yuan, Yen. To do this they need to come out with a new rate. I can imagine they will NOT just roll over the 1190 program rate and then let it float as this would not qualify for the basket rate then.

In this regard re-pegging is what is going to raise the rate initially(justify it) and then the FLOAT will drive it accordingly up afterwards as the market of supply and demand dictates. It will then settle down to a nominal rate for long-term market sustainability.