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9 hours ago, screwball said:

 

Transactions cannot start or end in usd...travel,will be required 

 

Ahhhh, definitely ready just in case, either Canada by our pal PP or out in Dubai - wherever!  :twothumbs::cheesehead:

Edited by Freedomwish
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3 minutes ago, Freedomwish said:

 

Ahhhh, definitely ready just in case, either Canada by our pal PP or out in Dubai - wherever!  :twothumbs::cheesehead:

 

No worries FW, I have the entire plan in place to make sure no time is wasted when anyone comes to Canada for cash in.   :bagofmoney:

 

   pp

Edited by pokerplayer
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1 minute ago, pokerplayer said:

 

No worries FW, I have the entire plan in place to make sure no time is wasted when anyone comes to Canada for cash in.   :bagofmoney:

 

   pp

 

Awesome PP, hope to meet up with you to the end of this ride soon!! :praying:  Gracias!!

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31 minutes ago, millionaire in training said:

Don't forget me.......:crossedfingers:

 

Would never do that MIT !! I think when we get together and let our hair down we will then be known as the " party animals !! "

 

   pp

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In what were the first finance deals clinched with cautious European banks after the implementation of the nuclear accord provided sanctions relief in January 2016, Iran signed two agreements worth a total of €1.5 billion ($1.8 billion) with Austria's Oberbank and Denmark's Danske Bank on Thursday.

A delegation headed by Mohammad Khazaei, director of the Organization for Investment, Economic and Technical Assistance, and Ahmad Araqchi, the newly-appointed Central Bank of Iran's deputy for foreign exchange affairs, which also included chief executives and board members of a cohort of Iranian banks, was in Vienna to sign the deals, the official website of CBI reported.

The two deals were signed hours away at the residence of Iran's Ambassador to Austria Ebadollah Molaei in Vienna.     

€1 Billion Austrian Deal

The first deal worth €1 billion ($1.2 billion), hailed as the first finance deal with European banks after the JCPOA, as the nuclear accord is formally known, was signed by 14 Iranian banks and the seventh-biggest bank of Austria that boasts a balance sheet of roughly €20 billion ($24 billion).

The 14 lenders are Karafarin Bank, Bank Saman, Bank Pasargad, Bank Refah Kargaran, Bank Mellat, Tejarat Bank, Bank Melli Iran, Bank of Industry and Mine, EN Bank, Bank Sepah, Export Development Bank of Iran, Middle East Bank, Bank Keshavarzi (Agro Bank) and Bank Parsian.

In early September, Oberbank's CEO Franz Gasselsberger had told Reuters that his bank is to sign a deal with Iran, which enables it to finance new ventures by Austrian companies in Iran lasting more than two years in areas that were previously under sanctions.

“We [already] have very concrete projects in the fields of infrastructure, rail, health, hospital construction, factory building, photovoltaics and hydropower,” he added.

According to the CEO, export credit guarantees covering 99% of a project’s volume will be provided by the Oesterreichische Kontrollbank (OeKB), the main Austrian body that issues them.

“Evidently, some Germans and Italians are also negotiating,” Gasselsberger also said.

€500 Million Danish Deal

The second deal worth €500 million ($600 million) was signed between 10 banks and the longstanding Nordic lender Danske Bank.

The Iranian banks were Bank Keshavarzi, Bank Mellat, Bank Pasargad, Bank Sepah, Bank Parsian, Bank Saman, Tejarat Bank, Bank Melli Iran, Bank of Industry and Mine, and EN Bank.

In early January, a Danske Bank spokesman had confirmed to Reuters that the bank was in talks with CBI on arranging credit to clients with business activities in the country.

Danske Bank, founded in 1871 and headquartered in Copenhagen, is the largest bank in Denmark and a major retail bank in the northern European region with over five million retail customers. It was ranked 454th on the Fortune Global 500 list for 2011.

Further Negotiations

As part of the trip to Vienna, Khazaei, Araqchi and Molaei also met with a number of Austrian and Danish officials to discuss the expansion of financial and banking ties.

They convened with Austria's Federal Minister of Economy Reinhold Mitterlehner, President of Oesterreichische Nationalbank (OeNB) Ewald Nowotny and the president of OeKB and discussed ways of expanding financial, banking and investment relations between the two nations, according to Shada, the official news outlet of the Ministry of Economic Affairs and Finance.

While the Austrian economy minister referred to the Oberbank deal as a positive factor that can work in line with expanding technical, economic and banking ties, the head of the Central European nation's central bank talked about the possibility of Iranian banks opening accounts with their Austrian counterparts and expanding relations with CBI.

On the Danish side, the delegation heads reportedly met with the chief executive of Eksport Kredit Fonden, Anette Eberhard, who said the country's Exim bank is ready to boost bilateral ties.

In the meeting, at the end of which an agreement was signed between the Organization for Investment and EKF, Khazaei also said both Iranian public and private sectors are ready to work with their Danish counterparts in water resources management, renewable energies and environmental technologies.

As has been stressed both by CBI and the Organization for Investment affiliated with the Ministry of Economy, the government is the sole guarantor of any and all foreign finance deals while the private sector faces no limitations whatsoever in employing the funds after providing the documents and obtaining the related permits. 

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16 hours ago, pokerplayer said:

 

No worries FW, I have the entire plan in place to make sure no time is wasted when anyone comes to Canada for cash in.   :bagofmoney:

 

   pp

 

Thanks PP I knew you would have a plan for us...

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Thanks PP. I might need you hospitality and assistance also. Or should all just plan to cash in in Dubai, hope a big ole jet over there, cash in and throw down??

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21 minutes ago, md11fr8dawg said:

Thanks PP. I might need you hospitality and assistance also. Or should all just plan to cash in in Dubai, hope a big ole jet over there, cash in and throw down??

 

My offer will be good to all that want to cash in here in Canada. So party on all !!!

 

   pp

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n its latest directive to the banking system, the Central Bank of Iran has amended regulations related to conditions based on which letters of credit and negotiable instruments are issued in free trade zones. “Sight letters of credit and negotiable instruments to import goods and services to FTZs, which was previously issued strictly after receiving 100% of the foreign exchange value of the L/C or negotiable instrument as guarantee, will now be opened by receiving at least 30% of the value of L/C or negotiable instrument as prepayment in open market rates,” reads the directive as reported by the official website of CBI. However, the policymaker stresses that “credible and sufficient collaterals” must be received from the applicant to ensure the prompt clearance of the balance of payment.

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The export price index snapped its two-month contraction and started to grow in the fifth month of the current fiscal year (July 23-Aug. 22), according to latest statistics released by the Central Bank of Iran.

The growth was mostly driven by increased petrochemical and mineral exports.

EPI is primarily affected by two factors: the foreign exchange rate and global prices. Prices indicated in the CBI’s report are based on the rial’s value in the open forex market.

The index is calculated for the prices of one or any specified group of commodities entering into international trading using, ideally, FOB export prices.

The dollar and euro grew by 0.9% and 3.9% respectively against the rial during the period, while EPI only notched a 0.4% uptick in the period. This indicates that the downturn in global prices, especially in petrochemicals and minerals, prevented the index from rising on par with foreign currency rates.

Exporters can earn more on their shipments, if the gap between the official and market exchange rates closes. This is while CBI’s firm control over exchange rates allowed the greenback to grow by only 1% during the five months of the current fiscal year (March 21-Aug. 22). The limited growth accordingly had its negative effect on EPI during the period.

Economists and market players have long called on the government to close the gap between the official and market foreign exchange rates and put an end to its interventionist practices aimed at propping up the rial. Repeated promises by Central Bank officials to unify the corruptive dual exchange rate system in Iran have yet to be fulfilled.

Iran has been living with the dual system for several years now, much to the chagrin of cross-border trade. Those with ready access to the official rates, that are set lower than market rates, have been able to benefit from relatively cheap hard currency, while other individuals and businesses have had to pay for higher rates in the open market.

EPI started the year at 241 points and has now ended Mordad at 240.5, effectively ending the fifth month where it started despite the positive signals, the Persian economic daily Donya-e-Eqtesad reported.

The downturn during the third and fourth months of the year was mostly due to fluctuations in the index for petrochemical products, the group of goods that accounts for 46% of the index.

The petrochemical index slid by 5% for the first quarter of the year (March 21-June 21). This dragged EPI down just until the fifth month when the slightly improving forex rate canceled out the petrochemicals’ downturn and gave EPI a boost.

Mineral products were another major driving force for the overall EPI with a 31% share in the index. The same holds true for petrochemicals, as the rather lethargic minerals index shows.

Minerals’ EPI started the year at 190.6 and ended the five-month period at 192.1, indicating a less than 1% growth. Although limited, the growth did boost the overall EPI.

And finally the third impactful group was agricultural products, comprising 10.4% of the total EPI. They, too, were hit with reduced global prices of namely fruits, coffee and tea, to post a 1.9% drop by Aug. 22.

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In what were the first finance deals clinched with cautious European banks after the implementation of the nuclear accord provided sanctions relief in January 2016, Iran signed two agreements worth a total of €1.5 billion ($1.8 billion) with Austria's Oberbank and Denmark's Danske Bank on Thursday.

A delegation headed by Mohammad Khazaei, director of the Organization for Investment, Economic and Technical Assistance, and Ahmad Araqchi, the newly-appointed Central Bank of Iran's deputy for foreign exchange affairs, which also included chief executives and board members of a cohort of Iranian banks, was in Vienna to sign the deals, the official website of CBI reported.

The two deals were signed hours away at the residence of Iran's Ambassador to Austria Ebadollah Molaei in Vienna.     

€1 Billion Austrian Deal

The first deal worth €1 billion ($1.2 billion), hailed as the first finance deal with European banks after the JCPOA, as the nuclear accord is formally known, was signed by 14 Iranian banks and the seventh-biggest bank of Austria that boasts a balance sheet of roughly €20 billion ($24 billion).

The 14 lenders are Karafarin Bank, Bank Saman, Bank Pasargad, Bank Refah Kargaran, Bank Mellat, Tejarat Bank, Bank Melli Iran, Bank of Industry and Mine, EN Bank, Bank Sepah, Export Development Bank of Iran, Middle East Bank, Bank Keshavarzi (Agro Bank) and Bank Parsian.

In early September, Oberbank's CEO Franz Gasselsberger had told Reuters that his bank is to sign a deal with Iran, which enables it to finance new ventures by Austrian companies in Iran lasting more than two years in areas that were previously under sanctions.

“We [already] have very concrete projects in the fields of infrastructure, rail, health, hospital construction, factory building, photovoltaics and hydropower,” he added.

According to the CEO, export credit guarantees covering 99% of a project’s volume will be provided by the Oesterreichische Kontrollbank (OeKB), the main Austrian body that issues them.

“Evidently, some Germans and Italians are also negotiating,” Gasselsberger also said.

€500 Million Danish Deal

The second deal worth €500 million ($600 million) was signed between 10 banks and the longstanding Nordic lender Danske Bank.

The Iranian banks were Bank Keshavarzi, Bank Mellat, Bank Pasargad, Bank Sepah, Bank Parsian, Bank Saman, Tejarat Bank, Bank Melli Iran, Bank of Industry and Mine, and EN Bank.

In early January, a Danske Bank spokesman had confirmed to Reuters that the bank was in talks with CBI on arranging credit to clients with business activities in the country.

Danske Bank, founded in 1871 and headquartered in Copenhagen, is the largest bank in Denmark and a major retail bank in the northern European region with over five million retail customers. It was ranked 454th on the Fortune Global 500 list for 2011.

Further Negotiations

As part of the trip to Vienna, Khazaei, Araqchi and Molaei also met with a number of Austrian and Danish officials to discuss the expansion of financial and banking ties.

They convened with Austria's Federal Minister of Economy Reinhold Mitterlehner, President of Oesterreichische Nationalbank (OeNB) Ewald Nowotny and the president of OeKB and discussed ways of expanding financial, banking and investment relations between the two nations, according to Shada, the official news outlet of the Ministry of Economic Affairs and Finance.

While the Austrian economy minister referred to the Oberbank deal as a positive factor that can work in line with expanding technical, economic and banking ties, the head of the Central European nation's central bank talked about the possibility of Iranian banks opening accounts with their Austrian counterparts and expanding relations with CBI.

On the Danish side, the delegation heads reportedly met with the chief executive of Eksport Kredit Fonden, Anette Eberhard, who said the country's Exim bank is ready to boost bilateral ties.

In the meeting, at the end of which an agreement was signed between the Organization for Investment and EKF, Khazaei also said both Iranian public and private sectors are ready to work with their Danish counterparts in water resources management, renewable energies and environmental technologies.

As has been stressed both by CBI and the Organization for Investment affiliated with the Ministry of Economy, the government is the sole guarantor of any and all foreign finance deals while the private sector faces no limitations whatsoever in employing the funds after providing the documents and obtaining the related permits. 

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Roads and Urban Development Minister Abbas Akhoundi has announced that 260,000 people have so far applied for home loans by opening Housing Saving Accounts, which indicates that the scheme has met with good response.  

Akhoundi announced that home loan applicants, whose deposits have reached the one-year maturity period, will gradually receive their credits and enter the market.

“In order to improve and extend home loans, we have suggested a few measures to the government to facilitate the allocation of loans, which are currently under negotiation,” Akhoundi was also quoted as saying by the ministry’s official website.

The Housing Savings Account, launched in June 2015 for the first time, is a government scheme spearheaded by Bank Maskan–the agent bank of the housing sector–that asks applicants, mainly first-time homebuyers, to make a deposit and wait for a year to receive facilities.

The minister encouraged Iranians to benefit from these loans, as the interest rates for residents of distressed urban areas and informal settlements, along with first-time homebuyers, have been set at 8%.When the Housing Saving Account scheme was first launched, interest rate of the loans were set at 14% which in February 2017 was reduced to 9.5% in general cases and 8% for those who wanted to buy a house in distressed areas.

“This scheme is beneficial both for the people and the country’s economy, as families can be sure that they will receive a guaranteed loan with good interest rates six times the amount of their deposits. And it is good for the economy since the bank’s resources will be provided from people’s deposits and its dependency on the government’s budget will significantly drop,” he added. Akhoundi stressed that in order to ensure that the bank will not face any capital shortage in allocating the loans, the ministry aims to add another 50 trillion rials ($1.33 billion) to its capital, which will definitely happen in the foreseeable future.

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the ministry aims to add another 50 trillion rials ($1.33 billion) to its capital, which will definitely happen in the foreseeable future.

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13 hours ago, pokerplayer said:

 

My offer will be good to all that want to cash in here in Canada. So party on all !!!

 

   pp

 

Cash in enough to get us where need to be as quickly as possible.

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News ID: 201082
Published: 1223 GMT September 23, 2017
 
 

Official: Iran to be connected to ‘postal SWIFT’

Official: Iran to be connected to ‘postal SWIFT’
UPU
UPU headquarters in Berne, the capital of Switzerland

Iran will be connected to the financial services system of the Universal Postal Union (UPU), which is similar to global transaction network SWIFT, Chief Executive of Iran Post Co Hossein Mehri said.

The UPU’s International Financial Services (IFS), an electronic network for money transfers plus applications to access it, will be officially launched in Iran by the end of the Persian month of Azar on December 21, he said, Press TV reported.

IFS, Mehri said, is operational in 170 countries and its launch will give Iranians the provision of global financial transactions, including electronic payments.

“Iran has paid $30,000 in network royalties and has coordinated network tests with four countries, while agreements with five other countries will be reached soon,” Fars News Agency quoted him as saying.

“At this point, the ceiling for the financial transaction through this system between two countries is $10,000, but this limit can be raised,” he added.

Mehri said the system will be launched at selected post offices and the list of the representatives will be announced accordingly.

The UPU is the primary international forum for cooperation and rule-setting between post administrations around the globe where some 1.5 billion people are provided access to basic financial services such as payments, money transfers and savings.

Cross-border transactions are still a major problem for Iranians despite the lifting of sanctions in February 2016. The country was cut off from the global transaction network, including SWIFT, for four years over its nuclear program.

The Belgium-based Society for Worldwide Interbank Financial Telecommunication or simply SWIFT reconnected Iranian banks to its system in early 2016 but many international banks eschew handling transactions related to Iran over fears of US punitive action.

While the Iranian government needs viable networks for foreign trade and money transfers for its massive oil and gas sector, ordinary Iranians have faced myriad problems for cross-border money transfers and payments.

Iran Post Company is a subsidiary of the Ministry of Communications and Information Technology which transports more than 3 million parcels a day and connects some 29,000 destinations.

Postal service in Iran has an ancient history, dating back to the Achaemenid era in the sixth century BC when couriers called "chapars" who rode horses were stationed end-to-end within certain distances to forward royal decrees.

         
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Goes nicely with previous post about being connected to 1400 travlex outlets. Just need too issue the go ahead...thunder birds we are go!

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On 13/09/2016 at 7:55 AM, blueskyline said:

This was on F*(&b*^k................What does it mean ???

unification of Exchange rate at the end of this year, 09 September 1395 the gap between the official Exchange rate and the open market and expand space international relations Bank psabrjam, provided that the conditions for the unification of Exchange rate and peace has become the foreign Exchange market.
according to the public relations the Central Bank, doctor ولیاله Saif last night in an interview special news planned primary for paid 16 trillion dollars to firms production noted and said in meetings with Minister respected industry had, was determined to expedite prosperity, 7500 manufacturing unit small and medium need with network Bank financing be. with serious banking system country it was, financing 5700 manufacturing unit carried reached and 60 trillion rial been investigated.  he added: in the four-month first year, banking network 129 trillion dollars facilities granted that compared to the same period last year, 37,8% of grew. 30% of the facility sector production and 88,1% of it to supply working capital production units is paid. also predicted to be this year facilities payment books from 417 trillion dollars 460 trillion dollars reach that the determination network Bank to supporting production units and economy is. return boom transactions housing Saif to increase 30 percent of transactions housing in Tehran of August year 94 noted and said price transactions housing 7,6 percent that growth غیرتورمی is. in this rate facilities fund پساندار housing first in the first 14 percent was to 9,5 per cent to facility normal and eight percent for tissue worn reached. head of the whole Central Bank pointed out that the three years ago interest rate Bank status نامتعادلی was added, then inflation the top 40 percent and time profit Bank 27 percent had. accordingly planning government reduce swelling focused and process lowering inflation rate in the past three years continued interest rate banking the sync with reduced inflation rate fell. head of the Council of money and credit due to freezing 45 percent of assets books accumulation problems during the past 30 years, he said the bulk facilities books to production units for supply working capital granted that short-term and facilities current is. also 15 percent of accommodations granted, to repay the demands of books and معوقات this enterprises production and the rest of the facility is new. pointing to deposit rates 15 percent in books added: rate facilities the 18 percent and now more books respected and if the other than the rate, paid, the Central Bank definitely violators deal will. Saif the determination of the Central Bank to increase the discipline of monetary noted and said in this regard, tried facilities banking system to places assigned to be that the boom, production and employment be. in addition to this is expected inflation also more from this increase not inflation and the current stability of the desired reached. control fluctuations foreign Exchange market Saif crowning government eleventh tarjeta de video restore peace to the economy as the æ said in 1391, the average rate of Exchange 2605 USD that in 1392, 3184 to USD was while since تصدیگری this state up to five months first year 95, developments rate of Exchange process natural and 3493 USD reached. so to speak other, range of Exchange rate fluctuations of 741 USD in the year 91 32 USD in the year 95 reached. he went on to confirm that certainly the end of the current plan یکسانسازی Exchange rate runs, said in order to زمینهسازی to run the plan was required gap rate among the official Exchange and free market be controlled. thus, the gap rate of Exchange gradually 112,6 percent in the year 91 14 percent at the end of August this year fell. condition for the implementation of this project, open and deepen relations Bank international and facilitate it was with برجام, space good created to network communications Bank our international broader be. total this achievements, requirements for the same building Exchange rates provided and peace to market turbulent Exchange دروان Elementary تصدیگری government eleventh returned. head of the Council of money and credit followed status rating of books, said: one of the actions Central Bank of last year set at least the necessary information to adjust the financial statements banks to strength and balance between resources expenditures Bank with full transparency and proportional to the standards day, detectable is. already a plan is review which guarantee fund deposits as trustee is rating of books, price insurance less of banks that the lowest risk are getting will books to improve the situation your credit more encourage. in this field, Saif again warned people should not be fascinated rates profit more than Act Council of money and credit be. he, interest rate high-, represents the status inappropriate and imbalance institutions is not allowed and be sure fellow Dear to inform the رسانیهایی in relation to this thread is considering only institutions under the Central Bank are trust. the use of experiences in transparency international financial رئیسکل the Central Bank in response to the question whether join Iran group special financial action for country risk security in there? said the Supreme Council of anti-money laundering that consists of ministers economic and assets, information, Justice, state, the country and رئیسکل Central Bank as well as the Supreme Council of the National security issue organization بینالدولی gafi examined and absolutely instead of any concerns there. in the organization mentioned over 190 countries for voluntary member and none of the countries of the points certain not enjoy and other information countries do not have access and even join in gafi requires cooperation and disclosure of financial information between the two countries not. as a result not only comments that in relation to gafi done with the fact compliance not but through it, regulatory bodies our experiences other countries to deal with abuses financial have are. he added: in the field of financial information (uif) in the Ministry of economy-based and active been monitor the implementation of criteria specified within the issues such as use the internal, anti-money laundering, anti-terror financing or anti-trafficking the product and drugs are. head of the Council of money and credit process extradition money blocked Iran abroad positive, he said collaboration continuous institutions responsible, Fortunately, much of the property blocked country accounts the Central Bank deposit and it is hoped with continuing گشایشهای resulting in space پسابرجام, the process continues have. payment 150 loan marriage in thousand çé months went on, Saif the facility marriage noted and added: Fortunately, despite the lack of sufficient resources Bank to increase the roof loan marriage Act parliament since communicated executive was. at the beginning of the year 1395, 450 thousand people in the queue expect to get this facilities were the collaboration with banking system of 243 thousand counts of loan marriage pay 350 thousand people to get this facility introduced have been.. in addition to accelerate the process of payments, the Central Bank during communicated بخشنامهای, network Bank required to pay 150 thousand loan marriage çé month has integrity bills dual reform Bank head of the whole Central Bank of the bills dual reform Bank said given that is the laws of the Central Bank and all activities banking country ruling is not in the editor bills it, compatibility and accuracy victim speed and effort was prepared bills the away شتابزدگی and with the use of experiences banking international be done. track plan reform Bank before servant in the Central Bank started and cooperation with the Ministry of economy and the formation of meetings compressed in this especially, our efforts on this is over the coming months plan reform Bank Cabinet provided to pass, as bill dedicated parliament to be. he also on the payment compensation astronomical in books, said: the Central Bank should not be in the payment حقوقها intervene for payments for rights leaders in the Assembly books is determined, علیایحال the Central Bank considerations also in the field of balance of payments has including in February last year instructions disclosure of information to books communicated be which have the highest rights paid financial report books, insert. determine the task accounts نامشخصرئیس total Central Bank at the end of the situation accounts uncertain pointed out æ said following measures the Central Bank of thought and fast track is, 27 million Bank account individuals without number National were identified and blocked and only the number of 8700 account no information number National active remained until the end of September determine the task will be. he added: also 358 thousand account legal entities no ID National and 447 thousand account belongs to foreign persons without number inclusive that the Central Bank are follow-up to determine the task and corrected. so only less than a million of the total number of Bank accounts status unknown are.

 
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 2.605 as mandated by law 

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Monday, September 25, 2017

Iran to Join Postal SWIFT in December

 

Iran will be connected to the financial services system of the Universal Postal Union, which is similar to global transaction network SWIFT, the chief executive of Iran Post Company said.

“The UPU’s International Financial Services, an electronic network for money transfers plus applications to access it, will be officially launched in Iran by December 21,” Hossein Mehri was also quoted as saying by Fars News Agency.

Mehri reiterated that IFS is active in 170 countries and its launch will ease global financial transactions, including electronic payments, for Iranians.

“Iran has paid $30,000 in network royalties and coordinated network tests with four countries, while agreements with five other countries will be reached soon,” he said.

UPU is the primary international forum for cooperation and rule-setting between postal departments around the globe where some 1.5 billion people enjoy access to basic financial services such as payments, money transfers and savings.

Cross-border transactions are still a major problem for Iranians despite the lifting of sanctions in January 2016. The country was cut off from the global transaction network, including SWIFT, for four years over its nuclear program.

The Belgium-based Society for Worldwide Interbank Financial Telecommunications, or simply SWIFT, reconnected Iranian banks to its system in early 2016 but many international banks avoid transactions related to Iran over fears of US punitive action.

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Some 4,200 state-owned companies’ bank accounts have been transferred to the Central Bank of Iran since March 6, 2017, when President Hassan Rouhani issued the landmark directive aimed at enhancing the transparency of government finances and public entities’ expenditures.

“By the end of the previous Iranian year to March 20, 2017, about 2,400 government [companies’] bank accounts had been moved to CBI while the figure reached 4,200 in the past six months,” Masoud Rahimi, the director of CBI’s Office for Banknote Issuance, was quoted as saying by IRNA.

According to Rahimi, the Fifth Five-Year Development Plan (2011-16) had mandated the government to move all of its bank accounts to CBI.

He added that moving this number of accounts during this period indicates that the account-moving process has been more successful than in the past five years.

The government’s decision to move its accounts from agent banks to CBI was announced on August 2016, in line with its policies to promote transparency and avoid dodgy practices related to expenditure.  

The diffusion of government accounts made it pretty difficult to supervise them properly and therefore a number of banks labeled them as private resources and used them for loan allocation. This led to an unhealthy relationship between account holders and the banks.

CBI, as the government’s bank, is legally entitled to provide banking services to all public-sector organizations. As per the law, all state bodies should deposit their money at CBI.

However, due to the lack of proper infrastructure, CBI had been forced to move the government’s accounts to a number of agent banks, both public and private.

Rahimi noted that there are other factors that affect this process and since not all of them are within the ambit of CBI, it is hard to predict when all state bank accounts will be transferred to the central bank.

 Hurdles on the Way

According to the CBI official, the lack of an effective communication platform and a proper network between CBI and state-owned companies and organizations is the biggest problem facing the directive’s implementation.

“Providing a safe communication platform is a hard task that currently rests with the Ministry of Communications and Information Technology,” he added.

Rahimi noted that the ministry was supposed to establish the liaison platform but its absence has posed the biggest obstacle to moving government accounts to CBI, adding that monetary experts can suggest a better solution to resolve this issue.

The director of CBI’s Office for Banknote Issuance explained that lack of transparency is one of the biggest factors keeping government accounts in other banks.

“According to some resources, about 220,000 accounts have been registered by state-owned companies but currently due to CBI actions, the Ministry of Economic Affairs and Finance and the National Treasury, the number has been reduced to 70,000, all of which should be transferred to CBI,” he added.

Rahimi emphasized that through CBI’s new mechanism that uses payment identification, there is no need for multiple accounts held by one organization and according to estimates, the number of government accounts will shrink dramatically after they have all been transferred to CBI.

Aside from moving all state-run companies’ accounts to CBI, the bank has also begun to disburse the salaries of civil servants directly since two years ago.

All of this is a preamble to materializing President Rouhani’s vision of paying the employees of all three branches of government through CBI, which will ease the process, increase supervision and prevent any irregularities.

 

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Europe takes steps to remove banking obstacles with Iran

بانک مرکزی
News ID: 4096490 - Sun 24 September 2017 - 14:35
TEHRAN, Sep. 24 (MNA) – In the past few days, two Danish banks as well as an Austrian one have signed major finance deals with Iran to become the first two European countries in providing loans to Iran after the implementation of nuclear deal.

Denmark's Danske Bank signed a €500 million finance contract with 10 Iranian banks on Thursday, becoming the second European lender to ink such an agreement with Iran, after Austria’s Oberbank signed a major finance deal ceiling of €1 billion with 14 Iranian banks.

The move is significant as European banks are particular wary of doing business with Iran due to US sanctions. Iran is hoping that the measure would lay the groundwork for other European companies to take similar steps in the near future. 

Danske’s contract has been signed with Saman Bank, Bank Mellat, Tejarat Bank, Bank Melli Iran, Bank of Industry and Mine, Bank Sepah, Bank Pasargad Iran, EN Bank, Bank Keshavarzi, and Parsian Bank.

Danske, founded in 1871 and headquartered in Copenhagen, is active in 16 countries in the world and in addition to banking services, it provides insurance and housing services as well.

Karsten Stroyberg, Head of Middle East & North Africa, Danske Bank, told reporters that the contract signed with Iran was an important step in facilitating trade with Iran, especially among the Nordic countries including Denmark, Sweden, Norway and Finland.

According to him, the contract makes financing bigger and long-term projects possible, thus making it a “great opportunity” for development of trade between Iran and the Nordic region.

The second contract signed between Iran and Denmark after months of negotiations is an MoU with EKF (Denmark's Export Credit Agency), which provides credit coverage and can finance Iran’s various projects, particularly projects related to infrastructure.

Speaking to reporters, Jørn Fredsgaard Sørensen, head of EKF’s Country, Bank and Sector Risk department, said the contract issues guarantees covering loans to Iranian companies. Under the contract, EKF will also make efforts to encourage Danish companies to do more business with Iran.

“Doing business with Iran is improving. At the moment, we have made a tunnel through the mountain. Next step will be to place a train on the railroad and keep it going through the tunnel,” he said. 

MS/IRN82675391

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