Iranian Rial

[screwball]

The head of Iran-Iraq Chamber of Commerce believes that the establishment of a joint bank could considerably facilitate bilateral trade between the two allies, in view of the significant volume of exports from Iran to its neighboring country.

“The establishment of an Iran-Iraq joint bank is both necessary and feasible, but lack of determination from both sides has been the most important obstacle to the formation of this bank,” Yahya Al-e Es’haq was also quoted as saying by IBENA.

According to the senior member of Iran Chamber of Commerce, Industries, Mines and Agriculture, the resolution of banking issues should be a top priority for Iran’s economy since the volume of Iranian exports to Iraq is at least $8 billion a year.

“Central banks of Iran and Iraq have held several joint meetings with each other and I have been present at many of them. In these meetings, we reached a few agreements but unfortunately there is no real momentum for their implementation,” he added.

Statistics also indicate that Iran’s exports to Iraq are on the decline. Iran exported 4.13 million tons of non-oil commodities worth over $2 billion to Iraq during the four months to July 22, indicating a 13.7% drop in volume and a 6.5% decline in value compared with the previous year’s corresponding period, the Islamic Republic of Iran Customs Administration announced.

 Al-e Es’haq noted that after China, Iraq is the main destination for Iranian commodities.

However, exports to Iraq are different from China since petrochemical products account for the biggest portion of Iran’s exports to China while Iranian traders export various products ranging from food products to construction materials to Iraq, which can create many employment opportunities.

Iran’s rivals in the Iraqi market are mainly China, Turkey and Syria whose governments subsidize their exporters, effectively weakening the competitiveness of Iranian exporters.

According to Ebrahim Rezazadeh, secretary of Iraq’s Desk at Trade Promotion Organization of Iran, the country’s share of Iraqi market stood at 19.7% in March 2016-17 while Turkey’s share reached 21% last year.

“Iran exported a total of 14.2 million tons of commodities worth $6.1 billion to Iran last year, registering a 1.84% and 1.59% decline year-on-year,” he said.

The head of Iran-Iraq Chamber of Commerce also noted that President Hassan Rouhani, his First Vice President Es’haq Jahangiri and his economic deputy, Mohammad Nahavandian, emphasize on resolving banking issues between the two countries but the matter is awaiting action.

“We should benefit from our previous experiences of establishing joint banks with Afghanistan and Venezuela to prevent any of the previous failures,” Al-e Es’haq said.

[pokerplayer]

On ‎10‎/‎19‎/‎2017 at 12:12 AM, sandfly said:

p p i think it is about to bust lose. where are we going to exchange at

 

Any country that will be the quickist, easiest, and doe's not ban alcohol !! 

 

pp

[screwball]

 

Of course it will boom with. Ew found purchasing power...These are the dudes holding up our banking bills!

The research arm of the Iranian Parliament has forecast a positive growth for the construction sector for the fiscal 2017-18 after a longstanding downturn took its toll on a sector deemed vital for the Iranian economy.

According to the analytical report by Majlis Research Center, the Iranian construction sector will register a positive growth for the first time in five years, as the housing sector was mired in recession, the government's construction spending had declined and so did investments in related sectors of the economy.

CBI data show that in the fiscal 2011-12, the construction sector had contracted by 3.2% with the following year proving much worse when the figure reached -9.3%.  

While the fiscal 2013-14 fared relatively better at minus 0.9%, 2014-15 was the worst year for the construction sector in recent memory with the growth rate reaching its nadir at -17%.

According to data published by CBI, last year was not much better as the construction sector registered a -13.1% growth rate.

To better analyze the sector, the Majlis think-tank divides it into state-owned buildings and those belonging to the private sector.

It projects that considering the disappointing realization rate of government construction budgets in the current fiscal year which shows almost zero improvement compared to last year, government-induced growth will be at -10% this year, only bringing the sector down.

However, data shows that the number of issued private construction permits have increased for the first time since fiscal 2012-13, signaling a turn-around.

“Considering all the points above, the growth for the construction sector in the fiscal 2017-18 is projected to equal 2.5%,” MRC reported.

At the beginning of its report published on its website, the center points out that even though the Statistical Center of Iran and the Central Bank of Iran have used the Iranian fiscal year 2011-12 as the base year for the first time, their figures for the current year still vary.

CBI has taken another step toward upgrading its statistical approach and has started using the fiscal 2016-17 as its base year since past two months, but the numbers used for the MRC report have been calculated based on the 2011-12 base year.

 Other Sectors

As the research entity notes, the central bank put last year’s GDP growth at 12.5% with non-oil sectors accounting only for 2.7% of that growth.

A comparison with the base year prices shows that among the four main groups of agriculture, oil, service and industries, only the industrial sector registered a negative added value in the previous year.

While agriculture, oil and services sectors registered the respective growth rates of 27%, 9% and 7% compared to five years ago respectively, the industrial sector shrank by about 63%.

A comparison of national income in the two years shows that Iran’s national income in the previous fiscal year was 80% of the national income achieved five years ago.

“It is projected that the growth in added value of agriculture, oil, industries and services sectors will be at 3.8%, 4.1%, 6% and 2.8% respectively in the current fiscal year [ending March 2018],” the parliamentary think-tank said.

In conclusion, Majlis Research Center makes its own projection of Iranian GDP growth in the current fiscal year, putting it at 3.7%--the same as its previous prediction.

That is while in its latest report on the Iranian economic growth for 2017, the International Monetary Fund and the World Bank have respectively predicted growth rates of 3.3% and 4% respectively.

[screwball]

3 hours ago, pokerplayer said:

 

Any country that will be the quickist, easiest, and doe's not ban alcohol !! 

 

pp

 

Exactly....it will be a mad scramble!

[pokerplayer]

12 minutes ago, screwball said:

 

Exactly....it will be a mad scramble!

 

I seem to remember posting I felt late Oct. early Nov. !! SB I know their are a few of here that would just LOVE to be part of that mad scramble !! 

 

pp

[SnowGlobe7]

[SnowGlobe7]

[SnowGlobe7]

[pokerplayer]

Just now, SnowGlobe7 said:

 

 

That is so cute !! And I'm not much of a cat person.

 

pp

[markb57]

4 hours ago, pokerplayer said:

 

Any country that will be the quickist, easiest, and doe's not ban alcohol !! 

 

pp

Here's my question. And I guess this only affects those in the US. Isn't the rule right now that the exchange process cannot have started with dollars or end in dollars. Well ours, at least mine did start in dollars. Even if I exchanged in Canada with a Canadian acct, could I ever transfer it to an American bank? Or in Dubai or anywhere else? It started with buying here in the US. Thing is I bought it from an American Trader. Wasn't that illegal? Just some questions I've been pondering.

[pokerplayer]

38 minutes ago, markb57 said:

Here's my question. And I guess this only affects those in the US. Isn't the rule right now that the exchange process cannot have started with dollars or end in dollars. Well ours, at least mine did start in dollars. Even if I exchanged in Canada with a Canadian acct, could I ever transfer it to an American bank? Or in Dubai or anywhere else? It started with buying here in the US. Thing is I bought it from an American Trader. Wasn't that illegal? Just some questions I've been pondering.

 

Seems I may of read that as well but being Canadian I don't follow that type of Information closly.

 

  Sorry I was of no help to you with this regards.

 

   pp

[markb57]

Thanks anyway PP. I really am quite perturbed on this matter. If worst comes to worst, put it in a Canadian bank till maybe one day when I can convert it.

[Freedomwish]

17 hours ago, markb57 said:

Here's my question. And I guess this only affects those in the US. Isn't the rule right now that the exchange process cannot have started with dollars or end in dollars. Well ours, at least mine did start in dollars. Even if I exchanged in Canada with a Canadian acct, could I ever transfer it to an American bank? Or in Dubai or anywhere else? It started with buying here in the US. Thing is I bought it from an American Trader. Wasn't that illegal? Just some questions I've been pondering.

 

Here's my current thought/opinion on this matter if I can share brother Markb57....I purchased my rial here in New York City and from California at the time and feel the noise is to keep others out from not getting into the opportunity fairly and justifiably until it's too late when all was/will be ok.  It's a chance, you never know.  So the way I see it, it's either hoping for the best than blowing cash in Vegas like I would normally do lol   I'm planning on leaving the US and opening an account/cashing out in either Canada or in Dubai (or both!), making an exchange deposit in EURO and if possible go bananas in double dipping to buy some more Dinar and maybe, some Viet Dong.  (This transaction will not start in USD nor end in USD my )

 

My point, until some rat bastard government official tells me "NO', I'm game all the way.  I'd love to take care of big brother Adam if he'd be in on this, but he had stated he wants nothing to do with this currency......(for now I believe ) 

Good luck man! 

 

22 hours ago, pokerplayer said:

 

Any country that will be the quickist, easiest, and doe's not ban alcohol !! 

 

pp

 

PP,  

You know you had me already at "quickest, easiest and DOESN'T BAN ALCOHOL!!" LOL 

Edited October 24, 2017 by Freedomwish

[markb57]

I hear ya FW but know this. Never underestimate the investigative power and influence of the IRS to trace money to the origin. It's a chance we all in the US take. 

[pokerplayer]

1 minute ago, markb57 said:

I hear ya FW but know this. Never underestimate the investigative power and influence of the IRS to trace money to the origin. It's a chance we all in the US take. 

 

I should probably touch base with the bank again to see if anything has changed. Last time I checked it was 3 pieces of I.D. but you may be able to open a Canadian account till such time as the "i"'s are dotted and "T"s are crossed. Will do whatever I can from my end for all my American friends as well as those from other countries that may have issues.

 

  pp

[markb57]

Thanks PP

[Freedomwish]

42 minutes ago, markb57 said:

I hear ya FW but know this. Never underestimate the investigative power and influence of the IRS to trace money to the origin. It's a chance we all in the US take. 

 

At this time, I'm not worried about the IRS or any other government agencies until we make it across the finish line.  Nope.  They'll just probably want their cut on whatever it'll be after the fact, I'm not looking to avade any taxes at all.  I'm willing to take the risk. 

 

All in and hope for the best.  Yup. 

[Freedomwish]

47 minutes ago, pokerplayer said:

 

I should probably touch base with the bank again to see if anything has changed. Last time I checked it was 3 pieces of I.D. but you may be able to open a Canadian account till such time as the "i"'s are dotted and "T"s are crossed. Will do whatever I can from my end for all my American friends as well as those from other countries that may have issues.

 

  pp

 

Much appreciated indeed PP!

[markb57]

7 minutes ago, Freedomwish said:

 

At this time, I'm not worried about the IRS or any other government agencies until we make it across the finish line.  Nope.  They'll just probably want their cut on whatever it'll be after the fact, I'm not looking to avade any taxes at all.  I'm willing to take the risk. 

 

All in and hope for the best.  Yup. 

I'm not talking about tax evasion. The Treasury Dept has said no exchanges on the Rial can start or end with dollars. Even though I did buy mine before the treasury  said that, I think. The US is my country. I don't plan on doing something that makes me have to leave and not come back. Even for money. I am willing to pay my share in taxes as long as I can legally do the exchange.

[Freedomwish]

1 minute ago, markb57 said:

I'm not talking about tax evasion. The Treasury Dept has said no exchanges on the Rial can start or end with dollars. Even though I did buy mine before the treasury  said that, I think. The US is my country. I don't plan on doing something that makes me have to leave and not come back. Even for money. I am willing to pay my share in taxes as long as I can legally do the exchange.

 

I don't believe it'll be that extreme to leave and "not come back" bro, but I hear you.  The key to me, is simply making the "exchange" from the Rial not into USD at all (at this time).  I've traveled to other countries making exchanges outside the USD; GDP into Euro as an example, paid a spread rate and went on my way then later, Euro into USD.  

 

Heck, anything could happen who knows.  When the time comes we'll have to decide what's best, until then keep the faith man!  I believe we'll be alright! 

[pokerplayer]

13 minutes ago, markb57 said:

I'm not talking about tax evasion. The Treasury Dept has said no exchanges on the Rial can start or end with dollars. Even though I did buy mine before the treasury  said that, I think. The US is my country. I don't plan on doing something that makes me have to leave and not come back. Even for money. I am willing to pay my share in taxes as long as I can legally do the exchange.

 

Agree 100% with you mark57. Same with me, no looking over my shoulders for the rest of my life.

 

I think that by cashing in for Canadian Dollars, Euro's, pounds, ect: you would be safe, but we should probably wait till is doe's increase in value before second guessing what your Treasury branch will say about it. At that point we can develop a honest plan for Americans to exchange with.

 

  pp

[Freedomwish]

4 minutes ago, pokerplayer said:

 

Agree 100% with you mark57. Same with me, no looking over my shoulders for the rest of my life.

 

I think that by cashing in for Canadian Dollars, Euro's, pounds, ect: you would be safe, but we should probably wait till is doe's increase in value before second guessing what your Treasury branch will say about it. At that point we can develop a honest plan for Americans to exchange with.

 

  pp

Yup, we'll see what happens when the time comes and hope to take action and have wonderful smiles at the end of the day.....leaving from the bank, of course. 

[screwball]

Economy, Domestic Economy

Wednesday, October 25, 2017

Iran Gov’t to Submit Budget Bill on Dec. 5

 

The government will submit the budget bill of the next fiscal year (starting March 21, 2018) to the parliament on December 5, the government spokesman and president of Planning and Budget Organization, Mohammad Baqer Nobakht, said on Tuesday.

“One of the features of next year’s budget is the performance-based allocation of budget to each governmental body and not the traditional method of distributing the money according to the treasury inflows,” IRNA quoted the official as saying.  

The current fiscal year’s budget stood at 11.5 quadrillion rials ($305 billion) as per the law approved by the parliament back in March just before the beginning of the year. It includes 3.98 quadrillion rials ($90.5 billion) earmarked as “general revenues”, in addition to a whopping 8 quadrillion rials ($211 billion) to fund state companies, institutions and banks.

The parliament-approved budget needs the final endorsement of the Guardians Council—the body in charge of ascertaining the constitutional and Islamic nature of all laws.

[screwball]

8quadrillion......four zeros to be removed I would say

[screwball]

On 24/10/2017 at 1:08 PM, markb57 said:

Thanks anyway PP. I really am quite perturbed on this matter. If worst comes to worst, put it in a Canadian bank till maybe one day when I can convert it.

Exactly...put it any account that earns you interest and gives you access to the funds maybe you can re invest in another and then convert who knows but Yu won’t be alone.