Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Iranian Rial


VIZIOIRAQI
 Share

Recommended Posts

4 hours ago, screwball said:

The big question is if they remove zeros where do we cash in? Only time will tell if they expand their currency exchange outlets to the full 1600 bureaux de change outlets world wide which means wellsfargo and Travelex outlets 

 

I have always felt Iran would be the Trojan Horse in this long ride.   

 

Thanks SB.  Looking forward to Dubai.  👍

  • Thanks 2
Link to comment
Share on other sites

2 minutes ago, screwball said:

I have also emailed my contact which unlike the other gurus mine is legit! Lol...I have asked them about rial, I have not asked them about dinar but will if I get a response...

 

Awesome. I found a bank in Austria that exchanges Rial, but received no email response.  

  • Like 1
  • Thanks 2
Link to comment
Share on other sites

Where can you get the rial in the UAE? 

None of the largest currency houses facilitate rial exchanges or transfers from the UAE. This has been the case historically, as under the previous sanctions regime most exchange houses deemed it too risky to deal in the rial. Iranian expatriates typically send remittances via the two Iranian banks operating in the UAE, Bank Melli Iran and Bank Saderat Iran.

A small number of Iranian exchange houses offer services in the UAE. A spokesman for the Central Bank of the UAE told The National that the bank has placed “no restrictions on the Iranian rial”. In the longer term, alternative networks are likely to develop in countries with friendlier ties to Tehran, says Ms Skjelland.

  • Upvote 1
Link to comment
Share on other sites

21 hours ago, screwball said:

The big thing is if they remove four zeros tomorrow from their rate where do you cash in or exchange?

 

17 hours ago, gregp said:

 

I have always felt Iran would be the Trojan Horse in this long ride.   

 

Thanks SB.  Looking forward to Dubai.  👍

 

Cashing out in Canada drinking and celebrating with PP, or out in Dubai with you guys - don't care, I just wanna celebrate hard to make up for years of waiting FOR ANYTHING TO HAPPEN!!!

 

tenor.gif?itemid=5292331

  • Thanks 2
  • Haha 1
Link to comment
Share on other sites

Members of the economic commission of Iran’s Parliament on Tuesday concluded the review of reform measures concerning the Central Bank of Iran, which is part of wider reforms aimed at overhauling the country’s ailing banking system.

According to Zahra Saeidi Mobarakeh, spokeswoman of Majlis Economic Commission, the parliamentary entity finalized CBI reforms that constituted about one-third of the banking reforms.

“Subjects reviewed during today’s MEC meeting included the mode of calculating revenues and losses in the central bank balance sheet, increasing the capital of central bank and regulating the revaluation of central bank foreign assets,” she told ICANA, the official news outlet of the parliament.

On Monday, she had announced that MEC members further discussed the central bank’s monetary and foreign currency policies.

 
  • Thanks 3
Link to comment
Share on other sites

Wednesday, September 12, 2018

Iranian Banks Urged to Help Control Liquidity

 
 
 

Governor of the Central Bank of Iran Abdolnasser Hemmati late Monday met with chief executives of banks and credit institutions to evaluate the country’s monetary and banking developments and discuss the reformative role of banks in creating market stability.

According to the official news website of the central bank, the head of the monetary regulator mostly wished to secure the cooperation of banking system to curb the rampant rise of liquidity and support private businesses. 

Banks were also called upon to assist the central bank in handling the ongoing currency crisis that has seen Iran’s rial lose more than two-thirds of its value in the past six months.

  • Upvote 1
Link to comment
Share on other sites

  • 3 weeks later...
https://www.google.com/amp/s/www.voanews.com/amp/4596366.html......

Iran's Rial Unexpectedly Rallies After Weeks of Steep Falls

October 02, 2018 4:35 PM
  • Associated Press
An exchange center displays rates for various currencies, in downtown Tehran, Iran, Oct. 2, 2018.

An exchange center displays rates for various currencies, in downtown Tehran, Iran, Oct. 2, 2018.

Iran's currency unexpectedly rallied Tuesday after weeks of depreciation linked to renewed American sanctions, sending Iranians rushing to exchange shops to cash in.

In the Iranian capital, money exchange shops offered 135,000 rials for one U.S. dollar at one point, drawing crowds of onlookers and those wanting to trade. Only the day before, the rial was selling at 170,000 to the dollar, with prices recently going as high as 190,000 to the dollar.

The currency plunged after President Donald Trump moved to restore tough U.S. sanctions after withdrawing from Tehran's nuclear accord with world powers in May. U.S. sanctions targeting the country's vital oil industry are set to take effect in early November, which will likely ramp up pressure on the economy.

Prices edged up to over 140,000 to the dollar later Tuesday, fueling suspicions among some Iranians.

“It does not make any sense at all that from four o'clock in the afternoon until the day after suddenly the price of the dollar plummets by 30 to 40 percent. It is not natural,” said Ruhollah Nikravesh, a dollar seller on the streets of Tehran. “It can be either the trick of the government or dealers who seek to collect the people's dollar savings. There is no management in this.”

Analysts offered various explanations for the rally, including a new policy allowing the Central Bank to intervene more strongly to support the rial and providing for the import of more foreign currency from abroad.

There is also hope in Iran that Europe will be able to shield the country from further U.S. sanctions, including those targeting the oil industry.

Rising oil prices also have some more hopeful about the Iranian economy. Benchmark Brent crude now trades near $85 a barrel, and some analysts believe it could reach $100 a barrel by the end of the year.

Iranian state TV showed people gathering late Monday in the market to sell their dollars. Many had sought hard currencies like the U.S. dollar and the euro amid the rial's slide, sending its value even lower. A year ago, the rial traded around 39,000 to $1.

Police also have cracked down on some illegal money changers in the streets and online.

“Managers of more than 15 websites that were announcing prices and caused irregularity in the economic situation were summoned or detained,” Tehran police chief Hossein Rahimi told state TV on Tuesday.

Seeking outside investors

In another effort to shore up the currency, the president's office said Tuesday that Iran will offer five-year residency permits to foreigners if they invest $250,000 in the country.

A prominent Iranian entrepreneur, Pedaram Soltani, saw the Central Bank's hand in the sudden rally.

“We should wait to see increase in prices of foreign currencies again, the Central Bank should allow that supply and demand decide the price,” he wrote on Twitter.

Iran's hardline Kayhan newspaper said court cases targeting corrupt traders also helped strengthen the country's economy. Meanwhile, Iran's parliament is considering a law to counter money laundering and terror financing that may encourage foreign investment and ease some international sanctions.

Iran's financial trouble has been fanned by Trump's decision to pull America from the nuclear deal in May. Under the accord, which the United Nations says Iran still complies with, Tehran limit its enrichment of uranium in exchange for the lifting of some economic sanctions.

The rial's rally could also partially be due to speculators realizing “the bubble has burst a little bit,” said Esfandyar Batmanghelidj, the founder of the Iranian economic website Bourse & Bazaar.

Others who sought the safety of the U.S. dollar likely want to cash in before the rial strengthens too much, he said.

“It's possible that in a week or two weeks, some other bit of news will come out and restart the whole process, but it's certainly a reprieve for the government right now,” Batmanghelidj said.

The restoration of sanctions on the oil industry next month could spark another exodus from the rial.

“It's largely sort of a herd mentality, kind of an emotional response,” Batmanghelidj said. “That will continue to be a risk because people are susceptible to bad news.”

 

 

  • Upvote 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.