So for the CBI to RV, there are issues that need to be resolved, these issues are long standing and the GOI has been trying to resolve them all along.
Yes, I do believe the part of the “project to delete the zeros” is completed because they told us it was. But this does not automatically tell us the RV is imminent.
They even told us there are still issues they need to work on and that these issues are unrelated to the project to delete the zeros. So they came out recently and gave us an update last week, they go on to say in the article just where they are today in the “project to delete the zeros”
Quote: “The Governor of The Central Bank Ali Al-Alaq ‘The subject of deleting zeros from the currency is ready, but it needs an environment suitable to apply, noting that to prevent manipulation and fraud.”
This article just came out on April 4th so give them time to resolve what issues they need to resolve to prevent this manipulation and fraud they make reference.
So now what is the manipulation and fraud the CBI is referencing?
The CBI still feels they do not have the level of control over the banking system that is necessary to “pull the trigger”. I am not saying they haven’t completed the banking reforms. We are talking about the implementation of these reforms.
On top of all this they also feel that the election cycle is a highly risky time period to be doing the reinstatement unless these issues are corrected first.
So at this moment we should not be waiting on the revaluation but instead more news from the CBI on more details of this manipulation and fraud, how they are dealing with it’s to.