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Iranian Rial


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6 hours ago, Michymateo2001 said:

Ok I do get it better now. Thanks for explanation but I dont see how if they are saying no USD to us or Iran and only 10000 is the maximum how the heck are u cashing in? Their sanctions will not be lifted from what I gather. No international banking with them. Not for nothing but isnt that jail time?? Idk how they can have people sit on the currency it changes and not be able to cash in is basically what they are saying? Or am I totally totally off?

 

Mich, go back and read through SB's posting for the last month or so. That should help alot. If you reread my last post you will see the $10,000.00 is the threash hold where you must declare, not the maximum amount.

 

  Hope this helps, when the time comes we will be here to help you with some of them worries.

 

   pp

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he Central Bank of Iran has amended its executive directive for regulations overseeing foreign exchange, banking instruments and bonds carried by travelling individuals in line with better adherence to international regulations on anti-money laundering and combating financing of terrorism.

The measures are announced days after the Financial Action Task Force, the intergovernmental body in charge of devising AML/CFT regulations, urged Iran on Friday to fully implement is commitments in its Action Plan by Jan. 31, 2018.

CBI's original directive issued almost one year ago mainly decreed that individuals entering or exiting the country, who possess more than €10,000 in foreign currency, banking instruments or bonds, will be subject to an official probe to decide the origin of the assets.

Holding more than the aforementioned amount or its equivalent in other currencies would only be possible if the holder would: a) obtain a bank receipt or any other document indicating that the amount has been reimbursed by a bank, B) an authorized receipt from an exchange house registered in CBI's SANA system or c) a printed receipt containing the tracking code that indicates the currency was declared when entering the country.

Drivers and truckers working in international transit, pilots, ship captains and their crew are also subject to the directive.

The original directive noted that keeping foreign exchange, banking instruments and bonds worth up to €10,000 or its equivalent in other currencies faces no legal barriers.

In its amended form, however, the directive contains an article asserting that "if related officials suspect money laundering, terrorism financing or other crimes for sums lower than €10,000 or its equivalent in other currencies, the same due diligence process will be employed".  

The amendment has been put in place "for implementing anti-money laundering and combating financing of terrorism rules and regulations", as reported on the official website of the central bank.

Details of the Directive

In case of bringing in foreign currency and/or banking instruments, including bank checks, guarantee checks, travel checks and other transferable financial instruments plus bonds, after the holder has declared them and received a tracking code, the Islamic Republic of Iran Customs Administration would refer the information to a Bank Melli Iran system and direct the traveler to a branch.

After receiving and registering the information, BMI will give its confirmation to IRICA, which will file an inquiry with the Financial Intelligence Unit affiliated to the Ministry of Economic and Finance Affairs, during which time BMI will safeguard the funds.

In case of a confirmation by FIU, the holder or their legal representative will be able to bring the foreign exchange into the country by receiving the actual amount or selling it in another currency at market rates. If the sum is in the form of banking instruments or bonds, they will be fully restored.

When a traveler wishes to send foreign currency, banking instruments or bonds outside the country, they themselves–and not their legal representative–must get a receipt containing a tracking code from BMI and IRICA and declare the sum.

"If the source of the foreign currency, banking instruments and anonymous bonds is not confirmed, FIU will inform the customs administration and register a complaint with the judiciary," the CBI directive reads.

FIU will inform IRICA and BMI, should the judiciary not issue a certain validation, during which time BMI will hold the asset.

If the judiciary delivers a guilty verdict, the sums will find their way to CBI's Office for Banknote Issuance and Treasury that will purchase the confiscated foreign currency at open market rates and wire the rial equivalent to the account determined by the country's Treasury.

The central bank has also included an article in its directive, saying "bringing in and taking out foreign currency, banking instruments and bonds by mailing and shipping higher than €10,000 or its equivalent in other currencies is prohibited"

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The Central Bank of Iran has issued a new directive in line with anti-smuggling laws, based on which individuals holding more that €10,000 would be subject to an official probe.

According to the directive announced on the official website of the bank, keeping foreign exchange up to €10,000 (or its equivalent in other currencies) faces no legal barriers.  

Retaining an amount of foreign currency higher than the set limit is allowed only if the applicant obtains one of the following documents:

* A bank's receipt or any other document indicating that the amount has been reimbursed by a bank.

* An authorized receipt from an exchange house registered in CBI's SANA system.

* A printed receipt containing the tracking code that indicates the currency was declared when entering the country.

The directive noted that if someone is in possession of a larger amount of hard currency than the set limit and does not have one of the aforementioned documents, they need to open a foreign currency account in one of the banks or sell the currency to a bank or licensed exchange within three months.

Banks and bureaux de change's receipts that show the currency has been paid by them is only valid for six months and owners need to open a currency account or sell the sum within the allowed period.

The directive emphasized that any conversion, purchase and sale of currency outside the banking system or authorized bureaux de change is prohibited.

Last year, Iran authorized banks to undertake foreign exchange trading at a free-market rate, as authorities plan to unify exchange rates.

Iran operates two exchange rates: a free market rate, which was at 37,062 rials to the US dollar on Monday, and an official rate used for state transactions, set by the central bank at 32,439 rials.

In recent months, the central bank has raised the official rate gradually to shrink the gap between the two. It has said it wants to unify the exchange rate, to make the economy more efficient and create a level field for private firms competing with state institutions with access to cheaper foreign exchange.

In November, the CBI also issued a directive requiring travelers and truckers in  transit entering the country to declare currency valued over $10,000 to the Ministry of Economy’s Financial Intelligence Unit, in line with international anti-money laundering statutes.

 

from April 2017....

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The directive noted that if someone is in possession of a larger amount of hard currency than the set limit and does not have one of the aforementioned documents, they need to open a foreign currency account in one of the banks or sell the currency to a bank or licensed exchange within three months.

Banks and bureaux de change's receipts that show the currency has been paid by them is only valid for six months and owners need to open a currency account or sell the sum within the allowed period.

 

things can change people..it’s coming down the wire...Iran needs aml/ctf in play by jan 2018

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ccording to Iranian banking system’s projections for the fiscal year to March 20, 2018, small- and medium-sized enterprises will receive up to 500 trillion rials ($) worth of loans, which account for 7.5% of the value of all loans earmarked for economic sectors during the year.

Governor of the Central Bank of Iran Valiollah Seif made the announcement during a coordination meeting for implementing the banking system’s plan to boost production, which was also attended by the Minister of Industries, Mining and Trade Mohammad Shariatmadari and CEOs of major banks, CBI’s official website reported.

“The highest priority for our banking system in the current fiscal year is to provide working capital for 10,000 businesses, finance 6,000 unfinished projects with a physical progress of at least 60% and support the renovation of 5,000 economic enterprises by allocating 300 trillion rials ($7.4 billion) worth of loans from the internal resources of the banks,” he added.

The loans are part of a government plan to help SMEs deal with the deep recession they have been grappling with for the past few years.

During the meeting, the CBI chief noted that according to the current annual budget, 200 trillion rials ($4.93 billion) worth of loans have been earmarked by the banking system to create jobs, especially in rural and distressed areas.

“Fortunately, as the Ministry of Industries, Mining and Trade has a good understanding of the situation of banks and economy, the resources are mostly going to target sectors that will directly boost production,” he said.

However, Seif noted that the banking system will not ignore any risks in allotting credits to SMEs during the plan and loans will only be allocated to projects that are economically feasible.

Some 96% of all licensed Iranian businesses are considered small- and medium-sized. About 88,000 manufacturing units are active in 992 industrial parks across Iran, accounting for 42% of all employment in the industrial sector.

Minister of Industries, Mining and Trade Mohammad Shariatmadari praised the banking system for boosting production and supporting small- and medium-sized enterprises.

“If it was not for banking support, many production units would have shut down and their workers would have been unemployed,” he added.

Shariatmadari noted that providing working capital to production units is a challenging issue successfully managed by banks while there are special plans to resolve other issues pertaining to industries and production. 

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Just now, screwball said:

The highest priority for our banking system in the current fiscal year is to provide working capital for 10,000 businesses, finance 6,000 unfinished projects with a physical progress of at least 60% and support system" rel="">support the renovation of 5,000 economic enterprises by allocating 300 trillion rials ($7.4 billion) worth of loans from the internal resources of the banks,” he added.

 

Hmmmm.lots

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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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https://financialtribune.com/articles/national/75918/republicans-pull-back-on-iran-legislation.........

Saturday, November 11, 2017

Republicans Pull Back on Iran Legislation

 

Atop US Senate Republican is shelving draft legislation that would have triggered nuclear-related sanctions back on Iran over its ballistic missile activity, acknowledging it cannot garner the 50 votes required for passage and would ostracize foreign allies.

Sen. Bob Corker, chairman of the Senate Foreign Relations Committee, continues to work with members of his own party, Democrats, European envoys and the US administration hoping to construct legislation that will send a message of toughness to Tehran while keeping the nuclear accord intact, the Jerusalem Post reported on Thursday.

But the amendment he initially previewed one month ago with Sen. Tom Cotton, alongside US President Donald Trump’s national address on Iran policy, will not advance as planned.

It is a setback for the Trump administration, which in its rollout of a comprehensive policy approach to Iran characterized Corker and Cotton’s bill as a “legislative remedy” to its concerns with the Iran nuclear deal.

The legislation would have amended the Iran Nuclear Agreement Review Act to effectively extend provisions of the Iran nuclear deal indefinitely in the eyes of US law.

 

 
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https://financialtribune.com/articles/economy-business-and-markets/75920/irans-central-bank-expanding-use-of-rial-in-foreign........

Saturday, November 11, 2017

Iran's Central Bank Expanding Use of Rial in Foreign Trade

The Central Bank of Iran is working to expand the role of Iranian currency in the basket of its major trade partners as it is sidelining the US dollar
 
 

In line with plans to eliminate the US dollar in Iran's foreign trade by clinching monetary agreements, the Central Bank of Iran is pursuing the policy of expanding the role of Iranian currency in the basket of its major trade partners, the head of CBI's Exports Department said.

"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.

The official, who was speaking in a late-night television program, added that such a goal would be realized through negotiations with trade partners to open accounts for Iranian commercial banks in local currencies.

"CBI has defined the regulations so that Iranian banks can open rial accounts for their foreign peers, which also paves the way for foreign banks to open accounts for their Iranian counterparts as part of multilateral monetary agreements," Karimi added.

According to the CBI official, realizing such agreements has been the fruit of concerted efforts among government entities such as the Ministry of Economy, Ministry of Industries, Ministry of Agriculture and Ministry of Foreign Affairs, which have also been joined by Iran's Chamber of Commerce, Industries, Mines and Agriculture.

Karimi stressed that the US dollar "is in no way used" in the foreign exchange interbank system of the country.

While noting that central banks and banks essentially endeavor to create a portfolio of global currencies in proportion to their value and risk, he said it was only natural for CBI to create a stable flow for the import of services and goods.

"To this end, CBI must move toward national currencies and that is what it did," the official added.

Pointing to the two monetary agreements reached with Turkey and Pakistan so far, he underscored the role of politics, and not sheer economics, in such deals.

Iran and Turkey's strong political will led to the currency swap agreement that was finalized some weeks ago, Karimi said, adding that "such a will and tendency currently exists between Iran and Russia as well and that is why negotiations have gotten close to suitable results".

Mohammad Reza Pour-Ebrahimi, the head of Majlis Economic Commission, has also spoken about the necessity of "eliminating the domination of the US dollar in the country's economic transactions".

Emphasizing that the administration must pursue the removal of greenback, he said the fact that reaching bilateral and multilateral monetary agreements has been specifically considered in the Sixth Five-Year Development Plan (2017-22) shows that the parliament is adamant in sidelining the US currency.

A slew of MPs have called for the greenback to be removed from Iran's international dealings, including members of both Majlis Economic Commission and Majlis Planning and Budget Commission.

The intensified calls follow recent remarks by Leader Ayatollah Seyyed Ali Khamenei who called for the US currency to be eliminated from the country’s foreign trade during his meeting with Russian President Vladimir Putin in Tehran.

No Dollar Needed for Iraq Visa

As part of an agreement between the governments of Iran and Iraq, the US dollar has not been required for receiving Iraq visas by Iranians undertaking the annual Arbaeen pilgrimage this year, with the national currencies of both countries bring used instead, according to the director general of border affairs at the Interior Ministry.

"This facilitated the process of Arbaeen pilgrimage, but we also call for the dollar to be removed throughout the year and not specifically for the pilgrimage season," Majid Aqababaei added in a meeting with Iraq's ambassador to Iran, Rajeh Saber Abboud al-Mousavi as reported by IRNA.

"I will announce Iran's request to remove the dollar throughout the year to Baghdad," the ambassador said.

 
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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.

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7 hours ago, blueskyline said:

https://financialtribune.com/articles/economy-business-and-markets/75920/irans-central-bank-expanding-use-of-rial-in-foreign........

Saturday, November 11, 2017

Iran's Central Bank Expanding Use of Rial in Foreign Trade

The Central Bank of Iran is working to expand the role of Iranian currency in the basket of its major trade partners as it is sidelining the US dollar
 
 

In line with plans to eliminate the US dollar in Iran's foreign trade by clinching monetary agreements, the Central Bank of Iran is pursuing the policy of expanding the role of Iranian currency in the basket of its major trade partners, the head of CBI's Exports Department said.

"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.

The official, who was speaking in a late-night television program, added that such a goal would be realized through negotiations with trade partners to open accounts for Iranian commercial banks in local currencies.

"CBI has defined the regulations so that Iranian banks can open rial accounts for their foreign peers, which also paves the way for foreign banks to open accounts for their Iranian counterparts as part of multilateral monetary agreements," Karimi added.

According to the CBI official, realizing such agreements has been the fruit of concerted efforts among government entities such as the Ministry of Economy, Ministry of Industries, Ministry of Agriculture and Ministry of Foreign Affairs, which have also been joined by Iran's Chamber of Commerce, Industries, Mines and Agriculture.

Karimi stressed that the US dollar "is in no way used" in the foreign exchange interbank system of the country.

While noting that central banks and banks essentially endeavor to create a portfolio of global currencies in proportion to their value and risk, he said it was only natural for CBI to create a stable flow for the import of services and goods.

"To this end, CBI must move toward national currencies and that is what it did," the official added.

Pointing to the two monetary agreements reached with Turkey and Pakistan so far, he underscored the role of politics, and not sheer economics, in such deals.

Iran and Turkey's strong political will led to the currency swap agreement that was finalized some weeks ago, Karimi said, adding that "such a will and tendency currently exists between Iran and Russia as well and that is why negotiations have gotten close to suitable results".

Mohammad Reza Pour-Ebrahimi, the head of Majlis Economic Commission, has also spoken about the necessity of "eliminating the domination of the US dollar in the country's economic transactions".

Emphasizing that the administration must pursue the removal of greenback, he said the fact that reaching bilateral and multilateral monetary agreements has been specifically considered in the Sixth Five-Year Development Plan (2017-22) shows that the parliament is adamant in sidelining the US currency.

A slew of MPs have called for the greenback to be removed from Iran's international dealings, including members of both Majlis Economic Commission and Majlis Planning and Budget Commission.

The intensified calls follow recent remarks by Leader Ayatollah Seyyed Ali Khamenei who called for the US currency to be eliminated from the country’s foreign trade during his meeting with Russian President Vladimir Putin in Tehran.

No Dollar Needed for Iraq Visa

As part of an agreement between the governments of Iran and Iraq, the US dollar has not been required for receiving Iraq visas by Iranians undertaking the annual Arbaeen pilgrimage this year, with the national currencies of both countries bring used instead, according to the director general of border affairs at the Interior Ministry.

"This facilitated the process of Arbaeen pilgrimage, but we also call for the dollar to be removed throughout the year and not specifically for the pilgrimage season," Majid Aqababaei added in a meeting with Iraq's ambassador to Iran, Rajeh Saber Abboud al-Mousavi as reported by IRNA.

"I will announce Iran's request to remove the dollar throughout the year to Baghdad," the ambassador said.

 

What do you think blue?

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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.

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