Iranian Rial

[screwball]

Conference on India-Iran-Turkey railway opens 

Wed Mar 15, 2017 11:22AM

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3. Economy

The railway would link up with the North-South Transport Corridor, which aims to connect Russia, Iran and India. 

A multi-nation conference on trans-Asia connectivity has opened in New Delhi to explore the possibility of a rail freight service connecting India with Iran and Turkey.

The two-day event brings together railway and custom officials from Afghanistan, Iran, Bangladesh, Bhutan, Kazakhstan, Myanmar, Nepal, Pakistan, Russia, and India along with government officials, policy-makers and experts.

Indian Railway Minister Suresh Prabhu on Wednesday addressed the conference, highlighting the need for rail connectivity for the development of the region.  

While the event is focused on strengthening cross-border railway transport within South and Southwest Asia, it is complementary to a wider effort to develop an intercontinental route which is believed to transform economic patterns between Asia and Europe.

The railway would link up with the North-South Transport Corridor, which aims to connect Russia, Iran and India.

Both projects could loop up with China’s ambitious  Belt and Road Initiative which seeks to revive the ancient Silk Road, making each of the connections even more feasible.

The projects are not merely being driven forward by economic dynamics. Geopolitical considerations have provided added momentum.

For China, these integrated transport networks provide a counterbalance to US “pivot” to Asia, while Russia seeks to expand economic ties with India after blocking food imports from the European Union.

For Iran, the route offers a buffer against future pressures after the country came under the most intensive Western sanctions over its nuclear program between 2011 and 2015.

Iran and Azerbaijan inaugurated a 10 km rail link in March 2017. 

Earlier this month, Iran and Azerbaijan inaugurated a 10 km rail link – one of the missing final pieces of the North-South Transport Corridor which is about to be completed this year after 17 years.

Iran and Azerbaijan are both eager to establish themselves as regional transportation hubs between Asia and Europe, while other countries across Asia are trying to tap into these emerging networks.

China has already run a freight train connecting Europe. Dry runs of the North-South Transport Corridor were conducted in 2014, from Mumbai in India to Baku in Azerbaijan and Astrakhan in Russia via Bandar Abbas in Iran.

[Freedomwish]

14 hours ago, screwball said:

Since Iran is barred from dollar transactions due to US residual sanctions, euro transfers are crucial to the country.

The Central Bank of Iran recently announced that as of the next fiscal year (starting March 21), all official reports will be prepared in euro and not the US dollar.  

According to Fatemi, big banks' fears have cast a heavy shadow on these banks' operations. He traces these restrictions mainly to "extraterritorial" US sanctions that punishes every individual or entity, be it American or non-American, which does business with Iran.

Screwball,

Great that things are looking to shift into the Euro than the USD .....however some of our overall concern to whom is a US citizen, on the cashing out process that it is still not yet ideally clarified due to the current crappy US sanctions .  Besides of simply opening up an account somewhere in either Canada or Dubai in "Euro currency first" to make the cash in/deposit process efficiently, painless and stress-free, this is the believable goal at this time I guess is to show that these currency transactions that are to take place does not start nor ends in USD for the Rial.  

I do not see, how this would be considered act against US sanctions placed for "doing business" with Iran if it's solely an exchange in currency that would be used worldwide, not for actually "doing business" in Iran?  Does this make any sense or am I thinking too out loud here at the moment?

I would hate to had suddenly book a flight out to Dubai, party my butt off on the first night because that will happen , to then go on the next day to "Bank of Dubai" with a bag of Rial loot in attempt make a deposit/exchange and instead, have their door slammed on my face. 

 

Sorry......I haven't had a drink yet to calm my nerves.....I had another rough day at the office, just hoping if there will be a miracle of early retirement soon. 

Let me know your thoughts, anyone else feel free to chime in........I'll be waiting at the bar later tonight.  

 

Edited March 16, 2017 by Freedomwish

[screwball]

25 minutes ago, Freedomwish said:

Screwball,

Great that things are looking to shift into the Euro than the USD .....however some of our overall concern to whom is a US citizen, on the cashing out process that it is still not yet ideally clarified due to the current crappy US sanctions .  Besides of simply opening up an account somewhere in either Canada or Dubai in "Euro currency first" to make the cash in/deposit process efficiently, painless and stress-free, this is the believable goal at this time I guess is to show that these currency transactions that are to take place does not start nor ends in USD for the Rial.  

I do not see, how this would be considered act against US sanctions placed for "doing business" with Iran if it's solely an exchange in currency that would be used worldwide, not for actually "doing business" in Iran?  Does this make any sense or am I thinking too out loud here at the moment?

I would hate to had suddenly book a flight out to Dubai, party my butt off on the first night because that will happen , to then go on the next day to "Bank of Dubai" with a bag of Rial loot in attempt make a deposit/exchange and instead, have their door slammed on my face. 

 

Sorry......I haven't had a drink yet to calm my nerves.....I had another rough day at the office, just hoping if there will be a miracle of early retirement soon. 

Let me know your thoughts, anyone else feel free to chime in........I'll be waiting at the bar later tonight.  

 

To put it simply it needs to be on the forex before we can cash out or they relax the restrictions on non residents and non corporate customers from opening non usd denominated savings accounts. We know they have done same for non citizens opening usd accounts in Iran, they just need to hit the switch for outside...they have said they will let citizens know of their plans and we see from time instructions come out from the Cbi we just have to wait for instructions...

Edited March 16, 2017 by screwball

[markb57]

FW, those are my concerns too. I would prefer to go to Canada, open an acct, exchange to Euro or Canadian dollars and then transfer to acct her in the US. With this sanction, we have already started the transaction in USD because those of us in the US bought our Rial with Dollars. How about that?

[screwball]

New Zealand to Export “Safe” Sheepmeat to Iran Soon: Minister 

News ID: 1359240 Service: Economy 

 March, 16, 2017 - 17:18 

TEHRAN (Tasnim) – New Zealand’s Primary Industries Minister Nathan Guy said New Zealand meat exporters will deliver “safe” sheepmeat to Iran in the near future. 

New Zealand meat exporters could be landing sheepmeat into Iran later this year as efforts are made to revive a trade which was at its height during the boom years of the 1980s, he said. 

"Iran was a very important market for New Zealand in the 1980s. We were selling a quarter of our sheepmeat there before red tape and bureaucracy put a halt to the trade in the 1990s," Guy told a seminar of the Central Districts Field Days in Feilding on Thursday, NZFarmer website reported. 

He added, "Kebabs are part of the staple diet and they want food that is safe from countries like New Zealand”.

The official recently returned from a visit to Iran where he had signed a veterinary agreement that would pave the way for exports.

During his visit, the minister held talks with Iranian Agriculture Minister Mahmoud Hojjati and inked a memorandum of understanding (MoU) with the Islamic Republic paving the way for resumption of meat exports to the second-biggest economy in the Middle East and North Africa region.

[screwball]

1 minute ago, markb57 said:

FW, those are my concerns too. I would prefer to go to Canada, open an acct, exchange to Euro or Canadian dollars and then transfer to acct her in the US. With this sanction, we have already started the transaction in USD because those of us in the US bought our Rial with Dollars. How about that?

Mine started in australian dollars...and will end in euro or Australian dollars

[screwball]

 

Iran, Bulgaria stress development of cultural ties- 10 hours ago

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Third newly-purchased Airbus to land in Iran next week- 11 hours ago

Commander: Iran’s navy conducts escorts for 10,000 cargo ships, oil tankers- 13 hours ago

Iran’s Greco-Roman wrestling team trounces German team- 14 hours ago

Tehran to host next Syria peace talks- 14 hours ago

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Iranian Norouz celebrated in Pakistan- 16 hours ago

All News

March 17, 2017

 

 

 

 

 

Code: 82467166 (5889254) | Date: 16/03/2017 | Time: 19:21|

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Third newly-purchased Airbus to land in Iran next week

Tehran, March 16, IRNA – Minister of Road and Urban Development Abbas Akhoundi said on Thursday that an Airbus A330, the third of the 200 planes Iran has purchased from the French aircraft manufacturer, will land in Iran early next week.

 

The aircraft can carry 238 passengers with 32 business class and 206 economy seats. It will be used for flying long distances. 

Following the lifting of Western-imposed sanctions, the Islamic Republic of Iran signed a contract with Airbus to buy 200 new passenger planes in a bid to renew the country’s air fleet.

The first Airbus A321 landed in Tehran's international airport on January 12.

Based on deals between Iran’s national flag-carrier Iran Air and world big plane manufacturers, Iran is to purchase 200 new planes.

All the aircraft have been purchased under a hire-purchase contract, and Iran Air has supplied 85% of financial resources through foreign finance and 15% through domestic resources as well as the National Development Fund facilities by the Bank of Industry and Mine.

9341**2050

[Freedomwish]

8 hours ago, screwball said:

To put it simply it needs to be on the forex before we can cash out or they relax the restrictions on non residents and non corporate customers from opening non usd denominated savings accounts. We know they have done same for non citizens opening usd accounts in Iran, they just need to hit the switch for outside...they have said they will let citizens know of their plans and we see from time instructions come out from the Cbi we just have to wait for instructions...

Thanks Screwball.....we continue on to hope.  it is indeed a waiting game.....

1 hour ago, markb57 said:

FW, those are my concerns too. I would prefer to go to Canada, open an acct, exchange to Euro or Canadian dollars and then transfer to acct her in the US. With this sanction, we have already started the transaction in USD because those of us in the US bought our Rial with Dollars. How about that?

Mark,

Take a read at this, it is a reason why we're hoping things could change supposedly by next week......but the outlook at this time still remains grim...

https://www.safedinar.com/money-talks/why-cant-i-buy-iranian-rial/  But yet, some currency dealers are now "sold out" or "out of stock" when trying to place an order.

https://www.treasury.gov/resource-center/sanctions/Programs/Documents/jcpoa_faqs.pdf

Pages 12 through 19...specifically sections C1, C2 and C5.  And what got me concerned about this document, it was recently updated by the US Treasury on December 15, 2016.  Perhaps having a "second passport" starting to really make sense after reading this.

Who knows....we'll have to see what the CBI will decide when it's time like Screwball said.  I'm going to take a chance, we just gotta' do more research and weigh out all options that would be available and most safe for us.

Keeping the faith. 

[screwball]

President has said they will keep i citizens informed of the "economy of resistance"  and changes so we wait....that's all we can do, but we know it will happen!

[screwball]

Maybe australia will be acceptable who knows...

OFAC has informed Safedinar.com that the current agreement allows for only foreign, non-U.S. institutions to deal in the rial; as a U.S.-based financial institution, we are by no means allowed to exchange the rial.

[sandfly]

Thanks s b

[screwball]

2 hours ago, sandfly said:

Thanks s b

No worries invested as the next person just waiting for their next move and hoping it's a cracker!

[markb57]

then was the dealer we were using illegally selling?

[Freedomwish]

37 minutes ago, markb57 said:

then was the dealer we were using illegally selling?

We're not sure, consider even ebay are still selling the Rial right now and they're based out of California   after some sanctions that was supposed to had been lifted, matters are still not clear per the JCPOA: https://www.treasury.gov/resource-center/sanctions/Programs/Pages/jpoa_archive.aspx

This is a huge gamble ......I'm willing to keep going until I'm OFFICIALLY told that I can't. 

In the meantime today is Friday....I'm going enjoy my whiskey drinks and cigar smoke more tonight then I did yesterday, keep the faith that things will turnaround next week buddy! 

[Freedomwish]

8 hours ago, screwball said:

No worries invested as the next person just waiting for their next move and hoping it's a cracker!

Much appreciated from us all always Screwball.......I'm willing to go to the very end until the fat lady sings otherwise. 

[markb57]

Absolutely FW. Absolutely!

[Freedomwish]

3 minutes ago, markb57 said:

Absolutely FW. Absolutely!

[Freedomwish]

On 3/6/2017 at 3:57 PM, screwball said:

Americans can now open bank accounts in Iran

Iran says it has been informed by Washington that US nationals can have bank accounts in the Islamic Republic.

The announcement was made by a top official at the Central Bank of Iran (CBI), as reported by the domestic media.

Hamid Qanbari, the deputy director of the CBI for providing foreign currencies, told a seminar in Tehran that the Islamic Republic had realized about the move through a recent announcement by the US Treasury Department.    

Qanbari added that the Treasury’s Office of Foreign Assets Control (OFAC) had recently clarified that Americans residing in Iran can have bank accounts in the country.

He emphasized that this was legally binding and enjoyed the support of the US administration. 

For the past decades, Iran has been subject to a series of primary sanctions imposed by the US that include tough restrictions on banking activities and the Islamic Republic’s access to the dollar.

Those restrictions were intensified as a series of bans were approved against Iran as a result of disputes over its nuclear energy activities.  Those bans were lifted in early 2016 after the country reached a deal with the five permanent members of the Security Council plus Germany.  However, US primary sanctions still remain.  To the same effect, many companies - specifically European enterprises – that are wary of US punitive measures still see Washington’s restrictions against doing business with Iran as serious obstacles.

Details of OFAC’s authorization for US citizens to have bank accounts in Iran are still not known.  Nevertheless, it is expected to be a groundbreaking development that could help facilitate business with Iran specifically if it is expanded to include companies, as well.

From this previous article from Screwball recently (I nearly fainted in shock ) gives somewhat open hope for changes to come next week at their end of fiscal year...

Rial or BUST!! 

Edited March 17, 2017 by Freedomwish

[blueskyline]

2 hours ago, markb57 said:

then was the dealer we were using illegally selling?

eBay sales , PayPal backs the sale ??? Both headquarters are in the US ....

[Freedomwish]

1 hour ago, blueskyline said:

eBay sales , PayPal backs the sale ??? Both headquarters are in the US ....

Yup - both multi-million dollar companies - something's gotta' give hopefully next week! 

Edited March 17, 2017 by Freedomwish

[screwball]

Electricity exports to Iraq to be resumed in coming days: energy minister

1. Economy

March 17, 2017

 

TEHRAN - Iran is set to resume electricity exports to Iraq in the coming days, Energy Minister Hamid Chitchian said on March 16.

Last January, Iran halted electricity supplies to Iraq because of the outstanding arrears, which have piled up to more than $1 billion.

“We had claimed $1.25 billion in dues from Iraq for exporting electricity to the country. This debt forced us to cut exports to Iraq,” Chitchian said in an interview with IRIB.

Iraq has settled some $300 million of the dues, Chitchian said, adding “we have recently come to terms to resume electricity exports in the coming days.”

Meanwhile, the Iraqi Ministry of Electricity revealed in a statement on March 14 that “The Iranian side will restart power lines to work after a hiatus of more than two months because of the accumulation of debt.”

The statement added that the operation of these lines will add 1300 megawatts to the national grid.

The Iranian energy minister also touched on the issue of connecting Iran’s power grid to those of Azerbaijan and Russia, saying that negotiations were held with Russia and it was planned to connect the national power network to Russia via Azerbaijan and Armenia-Georgia routes.

MG

[screwball]

After the 21st I say with payment in euros and or dinar

Edited March 17, 2017 by screwball

[screwball]

Iran’s oil output to reach 4m bpd by April 20: NIOC head

1. Economy

March 17, 2017

 

TEHRAN- Oil production in Iran will reach four million barrels per day (bpd) by the end of the upcoming Iranian calendar year’s first month of Farvardin (March 20), National Iranian Oil Company (NIOC) Managing Director Ali Kardor announced in an interview with Seda weekly.

The official also announced about boosting the country’s oil exports in the next two months, Shana reported.

International Energy Agency (IEA) has predicted that Iran will expand its oil production capacity by 400,000 bpd to reach 4.15 million bpd in 2022.

IEA also said the forecast hinges on whether the accord to lift international sanctions remains in place. Having been released last year from trade restrictions, the country has introduced a new contract model to attract foreign investors.

 

MA

[tigergorzow]

1 hour ago, screwball said:

After the 21st I say with payment in euros and or dinar

SB Thanks,  You are totally correct so we await what currency Iraq will use to pay their BILL since Iran will no longer take $$$$$$$ per their statement in one of the article you posted....

GO RIAL

GO RV / RI IQD

[screwball]

 

ran Khodro Group launched the production line of Peugeot’s 2008 SUV model on Tuesday marking the first new vehicle of a new partnership with the French carmaker.

According to a local automotive website, Persian Khodro, the line is set to produce more than 30,000 units in the fiscal year that begins on March 21.

The car’s body is produced locally by one of the subsidiaries of IKCO, called TAM which makes the vehicle meet the bare minimum of 30% localization need.

The price for the new car is estimated to be 770 million (€18,780), according to an earlier report by the local technology site Zoomit.

 On Time

The announcement of the vehicle comes only two weeks after a picture was released on IKCO’s Telegram account showing the first 2008 model rolling off the line in a test production.

Earlier in 2016, IKCO chief Hashem Yekezare said Peugeot would begin production of the new SUV by March.

In February in a confirmation of the date, Jean Philippe Imparato of Peugeot said that production of the Peugeot 2008 “would start before the coming Persian New Year.” He was speaking at a conference on Iran’s automotive future.

 Family- Friendly

The Peugeot 2008 is a compact SUV that will have to take on strong competition in the form of the Renault Captur, Kia Soul and Nissan Juke. All of these front-wheel drive cars offer an SUV-like stance, urban-appropriate supermini dimensions, and low running and purchase costs.

The 2008 is a family-friendly SUV, a tall, 208 supermini-based, a four-meter-long entrant into an increasingly saturated market.

Like most of its rivals, it is typically a straightforward piece of engineering. While considerably more meat has been added, the platform beneath the taller car is the same as the one that underpins the 208. Overall the 2008 might be a heavier car, but it is more practical than the supermini on which it is based.

Shockingly, the vehicle only has a 1.2 liter engine inside which gets 110 horsepower, however, according to reports from Europe, the car has enough power to pull it through the Tehran traffic with its automatic gearbox.

Accordingly, the car gets a combined fuel cycle of 4.8 liters per 100 km, official statistics state.

Britain’s WhatCar magazine states the car does a good job through the urban sprawl, with its light steering controls.

 Future Models

Other cars to be produced by the company in the next few months include the Peugeot 208 which is  priced at 680 million (€17,000) and the Peugeot 301 which will cost 580 million (€14,500).

The Peugeot 208 model is hotly anticipated to take over from the current 206 model, which has been produced in Iran for over a decade.

During the sanctions years, most Peugeot 206 parts were supplied by Iranian and Chinese automakers and the model is to remain in production for the foreseeable future due to the price difference.