VIZIOIRAQI

Iranian Rial

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To past the time one I have not posted...

Iran will stop using the US dollar as its currency of choice in its financial and foreign exchange reports from the new fiscal year that begins in March, announced the governor of the Central Bank of Iran late Saturday.  

"Iran's difficulties [in dealing] with the dollar were in place from the time of the primary sanctions and this trend is continuing, but we face no limitations regarding other currencies," Valiollah Seif also said in a televised interview as reported by CBI's official news website.

Seif gave strong hints that the country may opt for euro in releasing its key economic reports. 

Stressing that the US dollar makes up a meager portion of the country's foreign trade, the official said it would not be logical for the US currency to be the base currency for economic reports under the current circumstances.

"In other words, we have to set a currency as the basis of financial reporting that has better stability and greater application in our foreign trade," he said.

According to Seif, who also heads the Money and Credit Council, the central bank has embarked on the process because Iran conducts the lion's share of its trade deals with the EU, China and the UAE. This leaves the country with the two options of "selecting a basket of currencies or choosing the currency that plays the biggest part in foreign trade".

He announced that the choice currency for financial reporting will change within the next one or two months, adding that in line with this plan, the CBI has focused on signing more currency swap agreements.

"That is why agreements have been reached with various countries, namely Azerbaijan, Iraq, Russia and Turkey, but unfortunately these accords cannot be implemented," he said, citing a lack of suitable imports to match the exports of crude oil as the reason. 

This lack of trade balance, he adds, hampers the flow of capital and "it looks as if we cannot expect these currency swap agreements to come to fruition until a trade balance has been reached".

Forex Reserves Intact 

The CBI governor pointed to safeguarding the country's foreign exchange assets held overseas as a vital issue for Iran in international markets, noting that while the country had no problems regarding the matter before the international sanctions, it became increasingly difficult for the country to hold its reserves in certain countries once sanctions on the country's nuclear program intensified.

That is why Iran's foreign exchange reserves were only kept in countries that purchased its oil, "but fortunately things have changed now and we have the liberty to easily keep our reserves in major European banks and even in their central banks".

In a recent report outlining the achievements of the nuclear accord, CBI reported that since the nuclear deal was implemented in January 2016, more than $9.9 billion of the central bank’s frozen oil money were released and repatriated from the UAE, Britain, India, Greece, Italy and Norway.

The bank added that after the adoption of the interim agreement, $12 billion of its blocked assets were freed from Japan, South Korea and India in the form of installments

On concerns regarding the possibility of a repeated freezing of the country's foreign exchange reserves and a lack of transparency by the central bank about repatriating oil revenues, the CBI governor said there is no need to bring the oil income into the country whatsoever.

"If the question is whether or not we own the oil revenues, then the answer is definitely yes," Seif asserted. "But do we need to bring it inside the country? The answer will certainly be in the negative."

He did, however, note that in emergency cases such as the forex needed for travel or in medical cases, the central bank is willing to bring the hard currency home.

The CBI governor then referred to fluctuations in the Iranian foreign exchange market in the past few months, which saw the greenback rise above the 40,000-rial per US dollar threshold. He said the foreign exchange reserves of the country are currently "in a better state than in other periods and I assure my countrymen that there is nothing to worry about regarding currency reserves".

Seif identified the dominant role of moneychangers in the forex market as one of the reasons behind the rise in currency rates, because of which the central bank is encouraging importers to conduct their foreign exchange dealings through the banking system . 

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ran’s President: Cabinet Fully Committed to Resistance Economy Policies 

News ID: 1362359 Service: Economy 
 March, 22, 2017 - 15:09 
روحانی نوشتن

TEHRAN (Tasnim) – Iranian President Hassan Rouhani reiterated his administration’s commitment to implementing the “Resistance Economy” plan in a bid to help stimulate domestic production and combat unemployment. 

The administration will make every effort to carry out the policies of the Resistance Economy, as instructed by Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei, President Rouhani said in a letter to the Leader on Wednesday.

His comments came after Ayatollah Khamenei on Tuesday designated the new Persian year as “Year of Resistance Economy: Employment and Production”.

Rouhani added that devising plans to boost domestic production and create more job opportunities in the country will be top on the agenda at the first cabinet session in the new year.

Back in 2014, Ayatollah Khamenei had sent a proclamation to heads of Iran’s branches of power and outlined general policies to boost the country’s economy and lower its vulnerabilities under a grand plan, dubbed Resistance Economy.

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India Seeking New Payments Mechanism for Trade with Iran 

News ID: 1362397 Service: Economy 
 March, 22, 2017 - 15:46 
ایران هند

TEHRAN (Tasnim) – India is exploring setting up a new payments mechanism for trade with Iran, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo. 

Under previous Western sanctions, India had devised a barter-like scheme acceptable to Washington that allowed it to make some oil payments to Tehran in rupees through a small state bank, UCO Bank (UCBK.NS).

Indian companies were then able to receive payments for goods exported to Iran using the oil money held in non-convertible rupee balances at UCO, maintaining a trade lifeline between two countries with long historical ties.

But since sanctions were partly lifted early last year following a landmark nuclear deal between Tehran and world powers in 2015, the rupee account has been run down by more than 90 percent to just 20 billion rupees ($305 million) because Indian refiners have resumed paying for Iranian oil in euros.

"We are working on a mechanism through euros and looking for a common correspondent bank in Europe to act as an intermediary for India and Iran," said R.K. Takkar, chairman of UCO Bank.

"The euro payment system has not yet crystallized," he said, adding the government was working to find a solution.

The Reserve Bank of India (RBI) said some Iranian banks had applied to open branches in India, but gave no indication when it might approve settlement of trade with Iran in currencies other than the rupee.

"Due to the geopolitical situation around Iran, and international sanctions-related measures, correspondent banking relationships are difficult," the central bank said in a written reply to questions submitted by Reuters.

"The Reserve Bank has facilitated payment for Indian exporters by permitting special arrangements for rupee-based settlements."

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03/22/17

Bank of England reluctant to help facilitate Iran-UK trade

Source: Press TV

While the British government has reaffirmed its commitment to help Iran's reintegration into the global financial system, reports say the country's central bank is still reluctant to facilitate trade between the two countries.

Bank-of-England-building.jpg
Bank of England (BoE)

Reuters in an exclusive report quoted informed sources as saying that the Bank of England (BoE) had recently turned down a request by Tehran to set up special clearing accounts for its banks. 

Such accounts, for Iran's own Central Bank or for the British subsidiaries of Iranian banks, would allow them to make and receive payments in sterling, business so far rejected by commercial banks.

"That would send a huge message to the market. What commercial bank is practically going to stop Bank of England payments? None," Reuters quoted one Western source as saying.

However, the sources said the BoE seems uninterested in resolving the problem for now.

"The Bank of England has proved resistant to intervening in any kind of positive way in order to assist trade between Iran and UK," said the Western source.

Reuters further quoted a senior Iranian banking official in Tehran as saying that the BoE had suspended anything related to Iran. "Everything has been put on hold."

The UK government, eager to boost trade with new markets like Iran after last year's vote to leave the European Union, has struggled to convince British banks to boost trade with Iran, sources have told Reuters.

British trade minister Liam Fox told a parliamentary committee last week he had commissioned work from his department to look at how to normalize "effective payment channels" with Iran to try to open up trading opportunities.

In response to questions from Reuters, the British government said it was still committed to working closely with all parties, including UK banks and industry groups, to help open opportunities for trade between Britain and Iran.

"This will be a vital part of Iran's re-integration into the international community and we will continue to work to strengthen and expand our trading relationship for mutual benefit," said a statement attributed to a government spokesperson, as reported by Reuters.

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AND, these attacks by ISIS, like the one in the UK yesterday, do not bolster confidence to work with any muslim country. Muslim countries are not talking down the ISIS attackers publicly and THAT is what the rest of the world is seeing and why NO ONE will trust a muslim country.

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Pak-Iran to resume banking transactions soon: FPCCI

Islamabad, March 23, IRNA - Central banks of Iran and Pakistan are likely to sign agreement next week for opening banking channels to streamline trading activities between the two countries, a senior official of Pakistan said on Thursday.

 
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The announcement was made by President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair Tufail.

He said that in recent meeting with State Bank of Pakistan (SBP), the governor of the central bank had informed about the signing of the agreement with Iranian authorities for resuming formal banking channels. The SBP governor informed that almost all the formalities had been finalized.

Tufail said that the signing ceremony was scheduled for March 18 but due to New Year (Norouz) celebration in Iran, the ceremony was rescheduled and Iranian authorities would visit next week.

He said after the signing of the agreement the formal trade through opening of Letter of Credit (LC) by banks in each country would be started.

FPCCI president said that the financial transactions were halted due to sanctions imposed on Iran by the international community.

1723**1394

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03/2017 | Time: 16:45|
 

President Rouhani due in Moscow next week

Moscow, March 23, IRNA – President Hassan Rouhani will make an official visit to Russia upon an invitation by his Russian counterpart Vladimir Putin on March 27–28, the Kremlin said on Thursday.

 
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At their meeting on March 28, the presidents of Iran and Russia will examine the full spectrum of bilateral cooperation, with particular focus on expanding trade, economic and investment ties, including in the context of carrying out big joint energy and transport infrastructure projects.

Putin and Rouhani will continue their exchange of views on current issues on the international and regional agendas.

A number of bilateral documents are expected to be signed following the talks.

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New Zealand delays plan to export lambs to Iran

Thu Mar 23, 2017 10:15AM
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New Zealand says it has postponed a plan to export lamb to Iran until December.
New Zealand says it has postponed a plan to export lamb to Iran until December. 

New Zealand says it has postponed a plan to export lamb to Iran – in what it says would be the first step to resume post-sanctions trade with the country – until December.  

A spokesman for Silver Fern Farms, one of two exporters working with import companies in Iran, was quoted by media as saying that the company was still in the very early process of making agreements over lamb exports to Iran.

The spokesman – who has not been identified – emphasized that the plan would be put into practice next season which begins in December.

With the lamb season wrapping up, it was too late for a deal to go through for this season, he was quoted as saying by Stuff.co.nz news website.

While speaking at the Central Districts Fieldays earlier this month, Primary Industries Minister Nathan Guy said he had just returned from a visit to the Middle East country where he had signed a veterinary agreement that would pave the way for exports to Iran.

"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," he said.

New Zealand updated its regulations for doing business with Iran in February last year after the removal of US-led sanctions against the country.   

Stuff.com further quoted Meat Industry Association chief executive Tim Ritchie as saying that the prospect of sheepmeat trade with Iran was positive because any new trade with countries would add to the competitiveness of the industry, hopefully boosting returns for product.

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Code: 82472324 (5895809) | Date: 24/03/2017 | Time: 11:10|
 

Iran gives visas at airports to 180 countries: Deputy FM

Tehran, March 24, IRNA - Deputy Foreign Minister for Consular, Parliamentary and Expatriates' Affairs Hassan Qashqavi said on Friday that Iranian visas will be issued for tourists from 180 countries upon their arrival at the Iranian airports.

 
82472324-71499181.jpg

Qashqavi stressed that Iran has revoked visa requirements for nationals of some countries as part of its plans to boost tourism industry in the country.

He underlined that the Islamic Republic of Iran aspires to host 20 million tourists annually by 2025.

The official reiterated that introducing Iran’s tourist attractions and capacities is on the top of the country’s ambassadors’ agenda.

He also called for expansion of tourism infrastructures aimed at luring more foreign tourists inside the country.

The Islamic Republic of Iran is considered as one of the safest countries in the Middle East.  

In the wake of a landmark nuclear deal with the six world powers in July 2015, the country’s tourism sector has already been flourishing.

As a country that is taking steps to ease visa rules for foreign tourists, Iran has been recommended as a top travel destination for 2017.

9060**1394

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2 minutes ago, screwball said:
 
 
 
 
 
 
Code: 82472324 (5895809) | Date: 24/03/2017 | Time: 11:10|
 

Iran gives visas at airports to 180 countries: Deputy FM

Tehran, March 24, IRNA - Deputy Foreign Minister for Consular, Parliamentary and Expatriates' Affairs Hassan Qashqavi said on Friday that Iranian visas will be issued for tourists from 180 countries upon their arrival at the Iranian airports.

 
82472324-71499181.jpg

Qashqavi stressed that Iran has revoked visa requirements for nationals of some countries as part of its plans to boost tourism industry in the country.

He underlined that the Islamic Republic of Iran aspires to host 20 million tourists annually by 2025.

The official reiterated that introducing Iran’s tourist attractions and capacities is on the top of the country’s ambassadors’ agenda.

He also called for expansion of tourism infrastructures aimed at luring more foreign tourists inside the country.

The Islamic Republic of Iran is considered as one of the safest countries in the Middle East.  

In the wake of a landmark nuclear deal with the six world powers in July 2015, the country’s tourism sector has already been flourishing.

As a country that is taking steps to ease visa rules for foreign tourists, Iran has been recommended as a top travel destination for 2017.

9060**1394

Then give us all a reason to go there !!   $$

pp

 

 

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Rouhani to arrive in Moscow on Mon.: Kremlin

سفر روحانی
News ID: 3937816 - Thu 23 March 2017 - 15:40
TEHRAN, Mar. 23 (MNA) – A statement issued by Kremlin's press service recounted that President Rouhani of Iran will arrive in Moscow late on Monday and will meet his Russsian counterpart early on Tuesday at Kremlin.

Kremlin's press service announced in a statement that President Hassan Rouhani of Iran will arrive in Moscow late on Monday. The two-day visit is carried out upon the formal invitation of Russian President Vladimir Putin.

The same statement affirms that the two Presidents of Iran and Russia will meet on Tuesday while a big delegation of senior officials including a host of ministers will accompany the Iranian president.

This will be the ninth meeting of the two heads of states in the last four years and according to the programs announced more than ten documents of prime importance, among them the road map of development of bilateral relations between Tehran and Moscow, will be signed during the visit.  

Another agreement to be brokered in the visit of President Rouhani to Moscow is a visa wavering agreement for tourist groups of 5 to 50 for the travelers and tourists of the two countries which will ease the way for more tourism cooperation between the two countries.

Foreign Minister Mohammad Javad Zarif and ICT Minister Mahmoud Vaezi are announced to be among the ministers accompanying President Rouhani and are slated to meet their counterparts in Moscow.  

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Belarus receives 1st cargo of Iranian oil

پایانه های نفتی نفتکش جزیره خارگ
News ID: 3937889 - Thu 23 March 2017 - 17:57
TEHRAN, Mar. 23 (MNA) – Belarusian Company of Beloil Polska received a cargo of 600,000 barrels of Iranian crude oil at the port of Odessa in southern Ukraine.

“The oil cargo purchased from Iran was discharged today,” Rossiya Segodnya, a Russian news agency, quoted Sergey Mikhailovich Grib, Deputy General Director for Commercial Affairs of Belarusian Oil Company on Thursday.

According to the news outlet this is the first cargo of Iranian oil sold to Belarus and the load of 80,000 tons (600,000 barrels) was discharged after the oil tanker moored at the port of Odessa in southern Ukraine.

Beloil Polska Company, established in 2010 as a subsidiary of Belorusneft, has signed a contract with Iran’s National Oil Company.  

Rossiya Segodnya quoted Grib saying that the cargo will be dispatched to the JSC Mozyr Oil Refinery of Belarus in the next week.

Belarusian President Alexander Lukashenko had told the parliament of Belarus, in October 2016, that Belarus had been in talks with Iran on supplies of oil and later in mid-February, the National Iranian Oil Company (NIOC) announced that Belarus’s Beloil Polska had purchased 600,000 barrels of oil from Iran.

YNG/IRN82471892

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