What I did say was that they can survive without a rv. But we all know they stated on numerous occasions there intentions to introduce smaller denominations and remove the larger (three zeros). And most importantly…take the dinar on a forward market “in the near future” as stated back in March 2010.
There are many things to consider prior to a rv. And I think seeing the small denominations either in circulation or sold on the street is important. You ask…sold on the street? Yes, I believe we will see them on the street. We all know what kind a country Iraq is. That they will sell there brother if they could. And IMO, if smaller denoms were in banks, someone would be showing them off for a price. The security in that country is not not good enough to prevent it. Coins are not in circulation, but they are for sale on EBay.
Iraq is progressing. But these other guys want you to think everyday the GOI will be seated and the rv will come a day or later. IMO it is simply not true. It is a plan and a process. They simply are not ready yet.
Iraq can make it from day to day…. from the loans to black market oil sales, they find money. Yes, we can all point to the many ways or reasons they need to get this RV done. Tradable currency, investment, WTO, etc. And it will happen. But I don’t see it happening in the next 30 days. I am still a believer in 2010, but we will have to wait and see.