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screwball

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screwball last won the day on October 2 2016

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  1. Iranian Rial

    blueprint of Islamic banking has been devised by the Monetary and Banking Research Institute at the request of the Central Bank of Iran Governor Valiollah Seif. The blueprint has been drafted “with the aim of extending the banking system’s compliance with Sharia [Islamic law]”, Ali Divandari, the institute’s head, who announced the news at a meeting with the chief executive of Qarzol-Hasaneh Mehr Iran Bank, MBRI’s official news portal reported. The bank signed three agreements with the research institute for boosting Islamic banking efforts. The qarzol-hasaneh bank was founded 10 years ago with the aim of becoming the first Iranian bank specializing in interest-free, Sharia-compliant micro-banking, capital management and lending.
  2. Iranian Rial

    Yep.... ran will need to build more than five million new homes in the next decade to fulfill its household requirements, the deputy for housing at the Ministry of Roads and Urban Development said. Hamed Mazaherian made the statement in his speech at the two-day Fifth National Conference on Applied Research in Civil Engineering, Architecture and Urban Management that commenced on Wednesday at Milad Tower in Tehran. "For the next 10 years, we must create homes for 29 million people … Research and data currently tell us that we will need about 5.3 million homes for the newlyweds in the next 10 years," he was quoted as saying by the MRUD news portal. As Mazaherian noted at the event, the latest census showed 24 million households are residing in the country, while Iran has 27 million homes, although 2.6 million of them are vacant and 2.1 million are second homes used occasionally during the year. The fact that 19 million people are living in poor housing conditions even as millions of homes are empty is indicative of an acute "lack of balance" in the housing market, the deputy minister added. In addition to the new homes, Mazaherian said about 3.8 million residential units must be reinforced which, presuming a 5.4% economic growth rate and a 2% population growth rate, will bring the grand total of homes needed to more than nine million by the end of the fiscal 2026-27. He predicted that about half –1.3 million–of all the empty homes that are mostly luxurious units beyond the purchasing power of a majority of people will also be occupied by that time, proving helpful to the total housing requirements of the country. The official said Iran has a whopping 140,000 hectares in distressed urban areas, which is twice the size of the capital Tehran and presents a threat, as it plays host to about 30% of the country's total population and also indicates an opportunity for investment. "The target set by the parliament for the ministry is to renovate half of all distressed areas by the end of the Sixth Five-Year Development Plan in 2022, which is a significant number and requires a budget of 1.23 quadrillion rials ($28.27 billion)," he added. Mazaherian hailed the private sector's investment of about 600 trillion rials ($13.7 billion) in the housing sector, but said major builders strictly engage in housing construction while the ministry envisions the improvement of the overall housing quality in neighborhoods. Improving Standards Abbas Akhoundi, the two-term minister of roads and urban development, also addressed the event and mostly focused on ways of improving the professional standing of the civil engineering system. He called for stronger supervision over civil engineers, which will lead to better quality buildings, and proposed that insurance companies take charge of guaranteeing the work and responsibility of engineers. At present, civil engineers are required to gather dozens of signatures from peers that will act as the seal of approval on their work, a process which Akhoundi referred to as a "faulty cycle" that will certainly "fail to yield high-quality products". Ahmad Khorram, the head of Tehran Association of Builders, was the other major figure addressing the audience at the landmark Milad Tower. Referring to the current condition of Iranian housing market, the official said data show that home prices increased by about 10% for two consecutive months, which also created a momentum in the number of home sales, but the market has turned stagnant yet again. "The liquidity in the country stands at around 14 quadrillion rials ($321.8 billion) while only 300 trillion rials ($6.89 billion) have been allocated to the housing sector," he said, stressing that the housing sector cannot be stimulated with this figure. Khorram, therefore, called on the government to take care of dilapidated buildings and housing sector by allocating more suitable facilities with lower rates. Majlis Research Center, the in-house think tank of the parliament, has found that the 2018-19 budget bill showcases the same yearly weaknesses as its predicted measures and sources of credit cannot meet the needs of the sector and will be unable to resolve its challenges.
  3. Iranian Rial

    Yeo...hence the riots....hit the button send the fax and let’s get this party started
  4. Iranian Rial

    eputy Economy Minister Hossein Mirshojaiyan has underplayed the gap between the official and open market foreign exchange rates, saying that a 17% difference between the two would not deter the Central Bank of Iran from moving ahead with rate unification. The longstanding pledge to unify the two rates has been floated by CBI several times only to be postponed once again. Mirshojaiyan, however, ascribed the current foot-dragging to CBI’s lack of effective correspondent relations with other international peers. “The forex rate unification only hinges upon the establishment of foreign correspondent ties between the central bank and other international lenders so that forex transactions could take place easily which has not yet materialized,” Mirshojaiyan was quoted as saying by IBENA. Private sector figures and analysts had pinned their hope on the administration of Hassan Rouhani to finally end the country’s dual exchange rate regime and thereby float the rial, which they consider a big step toward transparency and for strengthening exports that have been weakened in the past. However, recent volatility in the currency and gold markets, which has seen the rial tumble to a historic low against the US dollar has dampened those hopes. Uncertainty around the fate of the 2015 nuclear pact reached between Iran and world powers after US President Donald Trump entered the White House has also further soured the mood, as the impulsive leader has repeatedly threatened to scrap the deal unilaterally and reinstate sanctions. The official added that more important than forex rate unification would be market stability because appropriate correspondent ties have not materialized yet. “As long as rate unification has not happened, all the criticism is directed at it, but if it is implemented and we fail, then the results would be far worse,” he said. Mirshojaiyan also weighed in on fears of a double-digit inflation, saying that a a two-digit figure would not matter because “that would incorporate an inflation of both 99% and 10%”. However, he predicted that inflation would remain in the single digit until the end of the current fiscal year in March. Iran’s inflation rate eased into single digits for the first time in a quarter century in the summer of 2016. According to the International Monetary Fund, Iran’s inflation is projected to pick up temporarily in 2018-19 from 9.9% in 2017-18, if a fuel price increase is approved, and return to single digits in the medium-term aided by prudent policies.
  5. Iranian Rial

    What does you friend say are the real reasons for the riots? Monetary policy?
  6. Iranian Rial

    head of lawmakers’ vote on the government’s proposed budget for the fiscal 2018-19, the parliamentary research center has analyzed the housing and urban development portions of the budget, deeming it a highly faulty roadmap that will fail to alleviate deep-rooted issues in the ailing sector, which accounts for over 5% of the country’s GDP. “A review of policies and programs undertaken and their compliance with the legal mandates in the housing and urban development section of the budget bill indicate that the predicted measures and sources of credit will be unable to resolve the challenges and problems of this sector and lack the necessary regulations and credits to meet the needs of the sector,” Majlis Research Center writes in its analytical report published on its website. The budget bill “showcases the same yearly weaknesses and even lack of behavioral organization in drafting the budgetary articles and measures [concerning the housing sector]”. According to the think tank, the budget bill does not fully adhere to the qualitative and quantitative goals set in the Sixth Five-Year Development Project (2017-22) and therefore if it is approved as it is, it will surely fall short of fulfilling its commitments to the country’s housing vision. Renovating and revitalizing at least 10% of distressed urban areas, organizing population demographics, committing to building various kinds of housing projects (e.g. Mehr Housing, Social Housing) and drafting and implementing schemes in line with the current and future needs of urban and rural areas for promoting sustainable development were the main points highlighted by the research center. As MRC outlines, the fiscal 2018-19 budget is “completely bereft of any fundamental approaches to bring about a housing market recovery, address demographic changes and make concerted renovation of distressed areas” among other things, and as evidence, points to a variety of articles injected into the budget without due consideration. For instance, a budget clause decrees that agent banks are allowed to allocate foreign exchange loans to investors in the private sector, cooperatives and municipalities for development projects from resources allocated from the National Development Fund of Iran. The clause, however, fails to mention the volume of foreign exchange loans in addition to their interest rates. It designates municipalities and local governments as the entities in charge of guaranteeing projects without bestowing them any other authority that MRC says could have adverse affects and proposes the government’s Economy Council as a suitable replacement. Proposed Measures The parliamentary think tank then lists a number of measures that could be added to the budget law. It calls for the Ministry of Roads and Urban Development to be bound by law to attract local and foreign investments for renovating at least 10% of all distressed areas by the end of the next fiscal year (March 2019) and employ the latest in construction technologies. It also proposes that at least 50% of all major home construction plans are implemented in distressed areas and calls on Roads Ministry, Interior Ministry and municipalities to be obliged to stick to all standards of urban development based on current and future living needs, especially as the country is vulnerable to earthquakes. In another section of the report, MRC reviews credits allocated to the housing and urban development sector and enumerates entities that have had their budgets increased or decreased. The Roads Ministry has been awarded a 2.12% budget increase to bump up its credits for the fiscal 2018-19 to 86.43 trillion rials ($1.9 billion) while a couple of urban development companies affiliated with it are set to receive a helping hand as well. On the other hand, the ministry’s research center in tandem with a slew of municipalities of major cities, including those of Tehran, Mashhad and Isfahan, are to experience budget cuts. In the concluding section of its report, the think tank points out that similar to previous years, the housing and urban development sector is impacted by a variety of factors, namely the rising foreign exchange rate in the budget law, which will prepare the ground for increasing the finished cost of building homes, weakening the purchasing power of households and continuing the recession in this sector. Therefore, with an eye toward other influential factors mentioned in the report, MRC proposes other reform measures in the fiscal 2018-19 budget law. It stresses on the importance of correcting the system of pricing housing units, boosting productivity in various stages of construction and allowing the government’s debts to municipalities to be swapped with the debts of municipalities to the Social Security Organization and the Iran National Tax Administration.
  7. Iranian Rial

    It is planned to remove zeros off currency and make the rial value real," Iran's government website quoted Ahmadinejad as saying. "The value of rial, under the law, is calculated on the basis of the price of gold. For some reason, the rial has been devaluated and we have to return its value to the one existing in the law." i then hunted news or arti les and official documents and found the grams of gold reference and four grams...
  8. Iranian Rial

    Yes PP there was an article that said the rial was going back long time ago that it was weighted against four grams of gold as per what’s in law...I then read once that said four grams of silver.....either way I put it $2....appt the end of the day we will be winners no matter what...let’s hope..lol
  9. Iranian Rial

    Economy, Domestic Economy Thursday, December 28, 2017 Iran Gov’t Says 40m Eligible for Cash Subsidy Minister of Cooperatives, Labor and Social Welfare Ali Rabiei says nearly 40 million people have been identified as eligible for the government’s Cash Subsidy Program. Assuring the public that no one will be removed from the list of monthly cash recipients, he said: “Monthly minimum wage of about 9 million rials ($214) will be the criterion in assisting those in need,” IRIB news portal reported. “There are close to 4.7 million Iranians supported by the Imam Khomeini Relief Foundation, 3.6 million by the State Welfare Organization, and three million female householders. In addition to these, close to 8 million people in rural areas are grappling with economic challenges. These are only a part of the population who need to be supported financially,” he added. The government is planning to save 88 trillion rials ($4.47 billion) in the upcoming fiscal (starts in March 2018) by removing 34 million people from the cash subsidy list. “The government does not intend to channel a rial from these resources (money saved from the shorter cash subsidy list) to the treasury,” government spokesman Mohammad Baqer Nobakht said last week, stressing that all the freed-up money will be spent on improving the lives of the destitute.
  10. Iranian Rial

    The Central Bank of Iran has parliamentary approval to receive 50 trillion rials ($1.19 billion) to start the next phases of the scheme to write-off fines on non-performing loans with the aim of reviving the principal amount, according to a member of the board of directors of the Planning and Budget Commission of the parliament. “One hundred trillion rials ($2.39 billion) had been allocated to Bank Maskan [the agent bank of the housing sector], but it used 50 trillion rials of that amount,” Hadi Qavami was quoted as saying by ICANA, the official news portal of the parliament. The MP said the remainder of the money will now be given to the central bank for implementing the loan fine forgiveness scheme.
  11. Iranian Rial

    Padidar also backed the unification of the dual foreign exchange rates, saying allotting official rates to some while others have to deal with more expensive market rates is in itself a transparency disrupting factor. “Transparency must be created in the fiscal 2018-19 annual budget and the way to that transparency is moving toward rate unification,” he said.
  12. Iranian Rial

    majority of goods are imported into Iran using foreign currencies at official rates, meaning that those able to engage in imports through this channel rack up significant gains, the deputy head of Energy Commission at the Iran Chamber of Commerce, Industries, Mines and Agriculture said. “We have two rates for the US dollar, one official rate and one free market rate. Data show that 60% of all imports are done with the official rate while only 40% are done using the market rate,” Reza Padidar also told ISNA. “Considering the discrepancy between the official and market rates [of USD] that currently stand around 6,000 rials, it is projected that about 160 trillion rials ($3.87 billion) go to those using official rates,” adds the official who is also a member of the board of representatives of ICCIMA. At the time of going to print, the US dollar was exchanged for 41,860 rials in the free market while the official rate devised by the Central Bank of Iran was 35,909 rials. This is while in the budget bill of the fiscal 2018-19, which was recently submitted to the parliament by President Hassan Rouhani, the greenback was proposed at 35,000 rials, prompting an uproar of criticism mainly from pundits and private sector figures. Masoud Khansari, the head of Tehran Chamber of Commerce, Industries, Mines and Agriculture, was among the critics, saying the discrepancy will create a variety of problems for traders and exporters, and called for faster rate unification. Padidar also backed the unification of the dual foreign exchange rates, saying allotting official rates to some while others have to deal with more expensive market rates is in itself a transparency disrupting factor. “Transparency must be created in the fiscal 2018-19 annual budget and the way to that transparency is moving toward rate unification,” he said.
  13. Iranian Rial

    Interesting timeline
  14. Iranian Rial

    o finalize the process of transferring the bank accounts of state-owned enterprises to the Central Bank of Iran to boost transparency, the regulator has issued a directive setting a deadline of three months for all the accounts to be moved. “All the entities subject to the law [of transferring state-owned accounts to the central bank] who have not integrated their accounts in the central bank are hereby obliged to do so within a maximum three months based on a directive approved by the Money and Credit Council at the joint proposal of the Ministry of Economic Affairs and Finance, the Planning and Budget Organization and the Central Bank of Iran,” reads CBI’s latest statement published on its official website. “All banks and non-bank credit institutions in coordination with the Economy Ministry are obligated to cooperate with the central bank in implementing this directive,” the policymaker emphasized. The government’s decision to move its accounts from agent banks to CBI was announced on August 2016 at the behest of President Hassan Rouhani, in line with its policies to promote transparency and avoid dodgy practices related to expenditure. In late September, Masoud Rahimi, director of CBI’s Office for Banknote Issuance, announced that a total of 4,200 state accounts have so far been moved to the central bank. However, even after the number of accounts registered by state-owned companies was drastically reduced to 70,000 from its previous 220,000, it means that a meager percentage of the accounts have been moved so far and that is why the central bank is upping the ante. Rules and Exceptions The three-month deadline, which lasts until the end of the current Iranian fiscal year on March 20, has been notified to the banking system as part of an article of the Sixth Five-Year Development Plan (2017-22), which also includes other details. For one, it stresses that “all bank accounts–including rial and foreign exchange accounts–belonging to ministries, government institutions, companies, organizations, universities and public non-government entities that employ funds from the annual budget” must be opened strictly through the Treasury i.e. the Economy Ministry’s Department of Financial Supervision and Treasury Affairs and with the central bank. This is aimed at increasing the speed and efficiency of the flow of revenues and expenses of the government, boosting transparency by creating the ability to exert online supervision over the accounts and reduce the adverse effects of the government’s financial operations on the banking system. “Credit institutions” i.e. banks, non-bank credit institutions, Qarzol-Hassaneh (interest-free) funds and credit cooperatives under the direct supervision of the central bank, in addition to state-owned insurance companies, are currently exempt from transferring their accounts until further notice. “Other public non-government entities” i.e. municipalities and their affiliated institutions and companies whose majority (+50%) shares are owned by municipalities are also obligated to open their accounts through the Treasury and CBI, while banks have been strictly prohibited from opening any more accounts for any of the state-related entities mentioned in the directive. The central bank has been considered as the sole entity in charge of providing the infrastructure for transferring the accounts and exerting active online supervision over them while all state-related entities have been legally bound to conduct their banking transactions through accounts opened with the central bank and Nasim–CBI’s core banking system. The aforementioned entities are allowed to conduct banking services not offered by the central bank without opening any account and through regulations such as those dealing with the rates and fees approved only by the Money and Credit Council. The country’s Armed Forces, including the army, the Islamic Revolutionary Guards Corps and the police are not obliged to move their accounts to the central bank and are allowed to keep their accounts with “agent banks” i.e. banks that have clinched agency deals with the central bank. CBI has been designated as the supervisory entity for banks and credit institutions while the Treasury does the same for all state-related entities mentioned in the directive. As part of an earlier directive notified by the central bank about three months ago, any and all similar directives communicated by the policymaker are to be implemented within a maximum of seven days, unless a different timeline is mentioned in the directive.
  15. Iranian Rial

    Thank you and Merry Christmas to you and family..
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