"The Iraqi Central Bank announced a number of improvements on his cash marks a new security feature high protection against counterfeiting with changes in some of the designs of banknotes"
this appears to be the changes to the larger bills for added security...the CBI made "enhancements" to the smaller 250, 500s bills as well a few months ago. It does not mean new notes...other than reprinting of current denominations with some changes and security features. More importantly the CBI would never do this if they expected to "over night" RV...
I cannot say it often enough...this is going to be a gradual appreciation...and it will not start until the laws are passed, the GOI is seated and the violence stops. Then... the CBI will open the capital account, change to Article VIII and new Exchange Regime and the dinar will begin to rise based on the economic conditions...the Balassa-Samuelson effect.
Right now we have 2 things going against an RV - the stalled elections and Ramadan. But on the other hand, we have one thing that is starting to look very positive in the near future - the KRG is in a much stronger position and this will force Maliki to either make concessions or be pushed out. We all know he doesn't want to be pushed out!
When he makes the concessions, or is pushed out, Iraq as a country will be stronger and it will lead into everything we need to see for them to raise the value of their currency...which, by the way, is remaining strong in spite of the political, holiday, and ISIS situations.
We will not see an RV in July..., but I will continue to monitor the situation
The Shia cleric from Najaf al-Sistani never mentioned the removal of PM Nuri Maliki, just that the political groups nominate the three presidents by 1 July. Well, we know what happened and no Speaker, President and Prime Minister were nominated. There is much infighting between the groups to come to an agreement. I fully expect next Tuesday, July 8th to be the same if they even meet at all. If the political parties do not have a name that they all can agree on before the meeting next Tuesday, there will not be an Iraqi parliament meeting.