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screwball last won the day on October 2 2016

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  1. Iranian Rial

    ranian banks are expected to open their first branches in Munich as early as the next few months while the next stop is Austria, the secretary-general of Tehran Chamber of Commerce, Industries, Mines and Agriculture in Vienna announced late Thursday, saying this will resolve many trade issues. "Our specific proposal to remove banking hurdles to facilitate trade ties has been to open branches of Iranian banks in Munich, the capital of Bavaria, and this proposal has been met positively from economic officials, including the head of Bavarian Parliament," Bahman Eshqi also told IRNA. The private sector official was speaking on the sidelines of a joint trade meeting between the commerce chambers of Tehran and Vienna, which was also attended by Iran's Ambassador to Austria Ebadollah Molaei. Eshqi led a 36-strong delegation consisting of Iranian companies' representatives that also travelled to Slovakia on Monday. "The first Iranian bank branch in Bavaria will be established early next year and hopefully with the opening of our next branch in Austria, all our trade issues rooted in banking relations will be resolved," Eshqi added. He was referring to a trio of private banks, namely Middle East Bank, Sina Bank and Parsian Bank, who have been negotiating the launch of a Munich branch following the implementation of the nuclear deal in 2015. The TCCIM official said regardless of what transpires in Iran-US relations in the future, Iran's ties with Austria are very good, as the country is more "trustworthy" than its European peers. During his speech at the joint event, Eshqi said efforts to revive economic ties with Austria have been hailed by TCCIM's experts as a "very successful example of Iran's economic return to the global community". He referred to Austria as Iran's gateway to Central and West Europe, adding that both sides have had constructive cooperation while TCCIM is proud to count itself among the collaborators of Austrian Economic Chambers and to hold various educational courses in Tehran with its help. The Iranian ambassador pointed to the notable headways made in Iran-Austria ties in his remarks at the joint conference, stressing that it is now possible for both sides to prepare the grounds for making more promising joint efforts. "Even though the volume of trade between the two countries is not at a suitable level yet, it has been continuously on the rise and we value our inter-provincial ties very much," Molaei said. The ambassador said that as a metropolis with ample potentials, Tehran considers Vienna an important partner, adding that what is needed now is identifying cooperation opportunities through a correct and efficient economic lens. "Potentials in areas, including environment, auto, telecommunications, agriculture, water management, medicine, energy, petrochemicals, food, mines, steel and other small- and medium-sized industries, can be realized in the future," Molaei said. "Iran's Embassy in Vienna is fully ready to offer any kind of services in line with realizing these goals." A representative with the Oesterreichische Kontrollbank (OeKB), who attended the joint event, said the bank is ready to support Iran's plan to remove the US dollar from its transactions. "In our cooperation with Iran, we will in no way pursue the use of US dollar," Erwin Marchhart, director for export services consulting at the bank, was quoted as saying by Fars News. He added that Iran has been historically committed to its payment deadlines and therefore, the lender is optimistic about working with the country in the future. "Considering the current level and condition of trade ties between Iran and Austria, the bank is ready to increase the cap of its guarantees for businesses with Iran to €50 million," Marchhart reportedly said. "In the case of specific long-term engagements with Iran, we can assist Austrian businessmen who wish to work with the country and provide guarantees, considering the share of their exports to Iran." Marchhar noted that as Iran is among the seven countries prioritized for cooperation by Austria, OeKB is also aiming to expand its services, but faces challenges. When 14 Iranian banks clinched a foreign finance deal worth €1 billion with Austria's Oberbank in late September to mark the first such deal reached after the nuclear accord with European banks, OeKB's representatives also met with Iranian officials to discuss ways of expanding financial, banking and investment relations between the two nations.
  2. Iranian Rial

    Could be some severe doubling dipping if that’s the case.
  3. Iranian Rial

    Iran, Austria to trade in non-dollar currencies News ID: 4146868 - Thu 16 November 2017 - 21:39 Economy TEHRAN, Nov. 16 (MNA) –An Austrian bank official said that to reassure traders and businessmen, Kontrollbank will support non-dollar currencies in trade transactions between Iran and Austria. “Our traders and businesspeople are worried about US new sanctions against Iran and to relieve their stress we are offering non-dollar currencies transaction services,” said an official of Oesterreichische Kontrollbank, better known as Kontrollbank, on Thursday. He made the remarks after the holding a meeting with the members of Commerce Chambers of Tehran and Vienna. “Our bank is a private sector bank and its specific area of activity is exporting to other countries,” he added. The bank offers investment insurance against political risks for all European applicants willing to do business with Iranian partners. After the implementation of the nuclear agreement of 2015 in early 2016, the Austrian Federal Ministry of Finance and OeKB defined conditions for covering Iran transactions, and since then cover for investments, guarantees, and offer of covers are issued again.
  4. 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.",you think their view has changed?
  5. Iranian Rial

    s the government is busy drafting the budget for the upcoming fiscal year (March 2018-19), director general of the Supreme Audit Court of Iran, Adel Azar, has homed in on the deficiencies of Iran's budgeting system. "Over the years, the government and the parliament have focused on committing resources to meet all but 100% of the operating budget rather than the capital budget," Azar was quoted by IRNA as saying. Government Spokesman and President of Planning and Budget Organization Mohammad Baqer Nobakht said the government will submit the budget bill to the parliament on Dec. 5. “One of the features of next year’s budget is the performance-based allocation of budget to each governmental body and not the traditional method of distributing the money according to the treasury inflows,” he said. The parliament-approved budget needs the final endorsement of the Guardians Council—the body in charge of ascertaining the constitutional and Islamic nature of all laws. Addressing an open session of the parliament on Monday, Azar said the current budget approach in Iran has reached an impasse and it needs to undergo extensive alterations. "A total of 87% of the budget is used as operating expenditure of governmental entities against their rapidly shrinking capital budget," he said. According to Azar, capital expenditure accounted for 25% of the budget in the fiscal 2011-12 compared to 13% last year (March 2016-17), while the share of operating budget increased by 87% last year from 74% in 1390. "If the current approach persists, we’ll have to put an end to capital expenditure budget altogether. The government issues bonds, sells oil and shares of public companies only to finance its operational spending,” he said. Referring to indiscipline, lack of transparency and deviation from planned objectives as the main features of the Iranian budget, the official said there are 27 development projects in Iran which will take more than 41 years to complete, 44 projects requiring between 31 and 40 years to finish, 284 projects to take between 21 and 30 years, 658 projects will last for between 11 and 20 years and 755 projects without a timeline across the country. "For these projects to become operational, as much as 5,080 trillion rials ($127 billion) are needed at the national level and 490 trillion rials ($12.25 billion) at the provincial level," he said. About money squandered on development projects, Azar said only about half of the disbursements on development budget turns out to generate favorable outcome while the rest is misspent due to lack of transparency in planning. "About 3% of the budget bill submitted to the parliament for the fiscal 2012-13 underwent changes by the lawmakers, 16% in 2013-14 and 8.7% for the budget bill of 2017-18. Often, the government is on target in its estimation of spending, but not the revenues it will generate over the year," he said. “Unlike any other country, Iranian governments usually keep the information on their debts’ and claims’ records confidential, which is one of the troubles of the audit oversight body,” Azar concluded. Budget Shortfall Iran’s budget deficit came in wider than expected in the five months of the current fiscal year (March 21-Aug. 22) and reached 182.7 trillion rials ($4.56 billion), the latest data released by the Central Bank of Iran showed. The shortfall for the period was higher than forecast, which amounted to 136.5 trillion rials ($3.41 billion). To cover the widening deficit, the government has been issuing bonds. The five-month data show 231.3 trillion rials ($5.78 billion) worth of bonds were issued during the period, 8.2% more than the corresponding period of the year before. Spending stood at 893.9 trillion rials ($22.34 billion) during the period under review, indicating a rise of 15.1% year-on-year. The figure is around 83% of the expenditure predicted by the government in the budget. The government only spent 47.6 trillion rials ($1.19 billion) on development projects, not only 8.2% less than the similar period of last year but also much lower than the projected 303.1 trillion rials ($7.57 billion). The current fiscal year’s budget stood at 11.5 quadrillion rials ($305 billion) as per the law approved by the parliament back in March just before the beginning of the year. It includes 3.98 quadrillion rials ($90.5 billion) earmarked as “general revenues”, in addition to a whopping 8 quadrillion rials ($211 billion) to fund state companies, institutions and banks.
  6. Iranian Rial

    They need to be international..with it comes investment
  7. Iranian Rial

    Larijani calls for promoting foreign investment News ID: 4142156 - Sun 12 November 2017 - 17:15 Politics TEHRAN, Nov. 12 (MNA) – Ali Larijani, the Speaker of Iran’s Parliament urged the Iranian law-makers and officials to realize the potentials provided after the removal of anti-Iran sanctions. “The potentials provided after the removal of sanctions should be exploited for the national interests of the country and attracting foreign investment,” said Ali Larijani, the Speaker of Iran’s Parliament. The top law-maker made the remarks addressing the Mine and Mining Industries Fraction of Parliament which held a meeting with guests like Iranian Minister of Industry, Mine and Trade, Mohammad Shariatmadari on Sunday. “All officials of the country including the Supreme Leader are attaching great importance to the mining section of economy because it paves the view for the country’s path of future,” reiterated the Iranian legislator.
  8. Iranian Rial

    If I had money mate I would buy them off you...but I am tapped..
  9. Iranian Rial

    nd Markets Sunday, November 12, 2017 Gov’t, TM to Build 55,000 Houses in Old Districts The Iranian government and Tehran Municipality are assessing regulations of their joint project to build 55,000 residential units in Tehran’s distressed areas under the moniker “Pishgam Housing Plan”. During a coordination meeting between the officials of Urban Development and Revitalization Company of Iran as the government representative and Urban Renewal Organization of Tehran as the city’s urban management agency, they discussed different aspects of the project such as its legal process in the Cabinet and Money and Credit Council, Tehran Municipality’s official website reported. According to Tehran Municipality’s report, this organization will utilize its full potential to implement the Pishgam Housing Plan that will first focus on Tehran’s old neighborhoods and then expand in other cities. It was determined that the next meeting will be held on UDRC’s premises, in which the officials will undertake the final assessment of the project’s draft to be presented to the Cabinet for approval. However, this is not the first time the government has made a pitch in the country’s housing sector. Back in 2007, the administration of former president, Mahmoud Ahmadinejad, initiated a large-scale construction project named Mehr Housing Project to provide two million low-income people with housing units through free land and cheap credits, but it was not completed by the end of his term in office. The project dragged on during the first tenure of President Hassan Rouhani and caused many headaches for the government that has been continuously pressured to finally see it through the finish line. This was followed by the “Social Housing Plan” that refers to a government scheme to provide homes to low-income families by building thousands of residential units each year. The scheme is to replace Mehr Housing Project as the signature housing policy of the incumbent administration. Loans for Major Builders As per the government’s policy to shift the focus of major builders to distressed urban areas and informal settlements and offer them special incentives to move their activities to those parts of the city, Roads and Urban Development Minister Abbas Akhoundi has offered new options for major builders’ activities. During a meeting with well-known builders and construction companies, the minister assessed the issues of residential units’ pre-sale while he clarified how to start activities in distressed urban areas and informal settlements. Akhoundi referred to the mass builders’ problem of acquiring loans from banks and pre-selling their apartments, as he emphasized the necessity of having clear regulations in this regard. “If a builder intends to pre-sell its building and still get a loan from Bank Maskan, the bank needs to be notified at the start of the contract and the builder also needs to open an account in the bank and deposit all earnings in that account so the bank can be sure that the resources are being used in the project,” he said. The minister believes that this will resolve many issues for banks and builders, as it creates a good and safe system for residential units’ pre-sale. “Pre-selling an apartment is a very transparent process all over the world but it also contains a level of risk for both sides,” he said, stressing that different organizations such as guarantee funds are active in this field in other countries. Akhoundi added that pre-selling an apartment will definitely need some kind of guarantee both for customer and the owner, as it makes their deal credible and favors both sides. The minister noted that the problem in distressed urban areas and informal settlements is not the volume of residential units but their quality. “For instance, we have three million residential units in an informal settlement, which can be considered only as a roof over the head but in terms of quality, they cannot really be considered a residential unit,” he said. Akhoundi presented models whereby the government helps builders to become active in old neighborhoods by offering them land to start their project or by providing them enough resources to buy a piece of land in distressed urban areas.
  10. Iranian Rial

    I am thinking soon but think before jan if not jan...
  11. Iranian Rial

    Says it all... The goal of the central bank is to entrench the rial in the currency basket of other nations, meaning that our major business partners would employ the Iranian national currency for imports as we use their national currencies," Samad Karimi was also quoted as saying by the official website of CBI.
  12. Iranian Rial

    What do you think blue?
  13. Iranian Rial

    Two months...I like it
  14. Iranian Rial

    fter a series of negotiations and follow-ups by Iranian officials and investment companies, the head of Iran-Italy Chamber of Commerce announced that the remaining banking issues between the two countries will be resolved within two months. “Unfortunately, two years after Iran’s nuclear sanctions have been cleared, the volume of trade with Italy has not bounced back to its pre-sanctions’ level. Banking obstacles and lack of insurance coverage are the main reasons behind it,” Ahmad Pour-Fallah was also quoted as saying by IRNA. The volume of Tehran-Rome trade was about €7 billion in 2010, making Italy the largest trading partner of Iran among European nations. But the enforcement of international sanctions on Iran made it hard for Italy to maintain the high level of economic transactions and bilateral trade fell to €1.6 billion in 2014. The head of the joint chamber hoped that after banking issues between the two countries are resolved, bilateral trade would exceed €7 billion. Pour-Fallah is leading an Iranian delegation to attend the joint Business Forum on Banking, Insurance and Legal Issues, which was held on Wednesday in Rome. The delegation consisted of 25 representatives from industrial, mining, banking and insurance sectors. “We have come here to negotiate with Italian bankers and insurance official to solve the problems as soon as possible and this is also an opportunity for Italian businesses to expand their economic relations with Iran,” he added. This is while the co-chair of Iran-Italy Chamber of Commerce believes that things have significantly improved compared to two years ago. “Italian firms are currently determined to work with Iran but due to a complicated banking system influenced by US-based banks, international and Italian major lenders still cannot engage in financial relations with Iran,” Pier Luigi d'Agata added. Significant Ties D'Agata noted that the event has been an important event with an Iranian delegation comprising representatives of banks, insurance and commercial companies coming to Italy to assess different aspects of economic activities and financial relations. The head of Bank Sepah’s Rome branch also attended the forum, in which he said his bank, with the help of Iranian Embassy in Italy managed to acquire the operation license from the Italian monetary authority and now is ready to offer all kinds of financial services. “We have good relations with Italian banks like Banca Monte dei Paschi di Siena. Since Iran’s nuclear accord, we have received more than €1.5 billion worth of credit lines and allocated them to our customers who are mostly Italian and this is while the volume of LOCs are predicted to exceed €3 billion by the end of 2017,” Faramarz Ghamkhar added. He noted that Bank Sepah’s Rome branch has also transferred around €1.5 billion worth of foreign exchange remittances from Iran to Italy, which indicates there is no problem in sending money from Iran to Italy. “Due to the request of our Italian customers, we issued a number of banking guarantees and long-term letters of credit for them, despite the fact that we had some problems in transferring the funds to our Iranian source. So we had to negotiate with a few other Italian banks and managed to find other ways of getting the job done,” Bank Sepah’s official concluded. Ghamkhar noted that with the support of Italian monetary and financial officials, “we are ready to offer all kinds of financial services and we have no problem in complying with international anti-money laundering regulations as they also reduce the risks of our activities”. The representative of Banca Monte dei Paschi di Siena was also present in the forum and noted that before Iran’s nuclear sanctions, their bank was handling more than 60% of financial transactions between Iran and Italy. “Since the sanctions have lightened, we have opened accounts for a number of Iranian banks and traded some SWIFT codes with them. I announce that we are completely ready to offer all kinds of banking services to Iranians,” Marco Fasolo added. Bilateral trade between Iran and Italy in the first three months of 2017 stood at €1.2 billion, making Italy the biggest trading partner of Iran in the European Union over the period.
  15. Iranian Rial

    Which three just happen to want to trade in their own currency Tehran, Baku, Moscow, Minsk ink MoU to develop N-S int'l corridor Baku, Nov 8, IRNA – Iran, Azerbaijan, Russia and Belarus on Wednesday signed an agreement to develop North-South international transport corridor. Tehran, Baku, Moscow, Minsk ink MoU to develop N-S int'l corridor The two-day Iran-Azerbaijan-Russia-Belarus quadrilateral session on completion of North-South International Transportation Corridor opened in Baku, Azerbaijan, on Tuesday. The two-day meeting was headed by member of Iran State Railway Managerial Board Hossein Ashuri as the Russian chair was Pavlovsky Vyacheslav Alfredovich, the vice-president of Russian Railways, Azeri deputy railway Iqbal Hussain and First Deputy Head of Belarusian Railways Igor Shilov. The two-day expert meeting focused on facilities for growing wagon and container transportation via international north-south corridor, using appropriate, coordinated and competitive tariff in the corridor and price coding for use of wagons for transportation. Talking to IRNA, Director General of the International Affairs Department in Iran State Railway Abbass Nazari said on Wednesday that completion of the north-south transportation corridor was the topic figuring prominently in talks between Iranian, Azeri and Russian presidents in Tehran. The specialized session in Baku will also study important issues for activation of the international corridor, he added. Translator: Hamdollah Emadi Heydari Editor: Hamid Shamlou

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