Iranian Rial

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T he Iranian banking system has established an online gateway that enables members of its interbank foreign exchange market to trade foreign currencies with higher speed and stability.

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he Iranian banking system has established an online gateway that enables members of its interbank foreign exchange market to trade foreign currencies with higher speed and stability.

According to the Central Bank of Iran’s official website, members of the interbank market can engage in forex deals via “Electronic Trade System” or “Internal Reuters” among themselves or with CBI during their working hours.

The project for establishing the online gateway was launched in September 2016 at CBI and after about a year, the system was launched on Oct. 29, in the presence of member banks’ representatives and foreign exchange dealers.

The project is in line with the country’s monetary and banking regulations, as Iran has been trying to establish a managed floating system to unify the rates of foreign currencies.

This is while as per the general policy of conducting foreign exchange transactions through the banking system rather than exchange shops and stabilizing the market, CBI has allowed banks to purchase the hard currency of exporters at open market rates.

In its latest directive, CBI also allowed banks to sell travel currency at open market rates while earlier, banks were offering foreign currency with a cap of $300 to travelers at official rates that were a few hundred rials lower for each dollar compared to the open market rates.

After the online interbank forex trade system went on stream, banks are able to stabilize their net open position by buying and selling foreign currencies via ETS.

Boosting the interbank forex market, raising the speed of deals and their settlement process, improving the management of banking system’s forex assets and liabilities, upgrading forex liquidity management in banks and offering better finance deals to projects and non-oil exporters from the interbank market are other benefits enumerated by CBI.

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Getting ready 

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Iran and Iraq agreed to establish a joint committee between their central banks as soon as possible, during a meeting between Iranian Minister of Industries, Mining and Trade Mohammad Shariatmadari and Chairman of the Central Bank of Iraq Ali Mohsen Al-Allaq. The Iranian minister has deemed the negotiations positive, as both countries agreed to first implement the previous financial agreements, IRNA reported.  During the meeting, the Iraqi official emphasized on the high volume of economic relations between Iran and Iraq, which makes it necessary to reach bilateral agreements to facilitate these relations through consecutive meetings and discussions. Allaq added that they have planned several meetings with CBI to pursue their previous agreements.   

[blueskyline]

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Posted 3 hours ago

he Iranian banking system has established an online gateway that enables members of its interbank foreign exchange market to trade foreign currencies with higher speed and stability.........This article should also be in the World News forum . It looks to be very important...

[WheresmyRV?]

Wouldn't that be incredible if both Iraq and Iran RV'd on the same day?  I got my thumbs crossed for 1/1/18 

[sandfly]

please by the end of the month

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Iran will fully cooperate in Iraq reconstruction: Envoy

Kut, Nov 5, IRNA – Iran’s Ambassador to Iraq Iraj Masjedi said that Tehran will have ultimate cooperation with Baghdad in its reconstruction, as it helped it in the fight against the terrorists and Daesh.

Addressing a press conference held on the occasion of inauguration of Iran’s field treatment center in the Iraqi city of Kut on Saturday, he added, “I am happy that treatment center will offer free services to the people of Kut and pilgrims.” 

He also hailed Iran-Iraq cooperation in various sectors as excellent, hoping that the cooperation will further improve.

Noting that Iran is thankful of hospitability of the people of Kut towards the Iranian pilgrims, he said that the number of Iranian pilgrims is projected to hit three million this year on Arbaeen Day.

“We will respect Iraqi regulations and rules, as nobody will be able to enter the country without visa,” he said, adding that until now, there has been no illegal entry to the Arab state.

People from all walks of life are currently walking toward the holy shrine of Imam Hossein (AS), the third Shia Imam, to attend the glorious ceremony on Arabeen Day. 

Arbaeen marks 40 days since the martyrdom of Imam Hossein (AS) and his loyal companions in the plain of Karbala by the then tyrant ruler Yazid ibn Muavieh.

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 Time: 17:21

Lack of banking channel major hurdle for Iran-Pakistan trade

Islamabad, Nov 3, IRNA – Pakistani businessmen and Iranian foreign ministry officials during a meeting in Teheran have termed lack of banking channel as major obstacle for Iran-Pakistan trade ties.

The delegation comprising of 40 businessmen led by President of Pakistan-Iran Joint Chamber of Commerce and Industry Wali Muhammad is currently on a visit of Iran to participate in Expo 2017 industrial exhibition.

During the meeting both sides discussed ways to enhance bilateral trade ties and agreed to solve all problems hampering the bilateral trade which currently stands at $1.2 billion.

Consul General of Iran in south western Pakistani city of Quetta Mohammad Rafiei was also present on the occasion.

The two sides noted that Pakistan and Iran have tremendous potential to promote bilateral trade in various sectors, but lack of payment mechanism through banking channels was the major hurdle in realizing these goals. They noted that due to lack of banking channel it is difficult to open LCs for the trade. 

They also discussed expansion of Preferential Trade Agreement (PTA) to boost the bilateral trade volume. 

The Iranian officials noted under an agreement for resumption of banking system between the two countries Iran has introduced 24 banks to Pakistan but they are still awaiting the other side to introduce its banks to Iran.  

Pakistani delegation stressed the need for launching of direct flights between Pakistani city of Quetta and Iranian cities of Mashhad and Zahedan. 

The traders added they are ready to export rice and sesame seeds to Iran but there are no storage houses in Zahedan for the products. 

The delegation will leave for Zahedan tonight to have meetings with the officials of Zahedan Chamber of Commerce and Industry. They will also meet governor of Sistan-Baluchestan Province in Zahedan before leaving for Pakistan.

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Iran to upgrade Iraq's electricity facilities: Iranian minister

Baghdad, Nov 2, IRNA – Iran is to improve Iraq's power generation facilities and discuss banking issues, Iranian minister announced on Thursday.

The private sectors of the two countries would become active soon to improve electricity facilities in Iraq, Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari said in a meeting in Baghdad with Iraqi Minister of Electricity Qassim Mohammed Al-Fahdawi.

The two also held talks on the issue of Iran's financial demands from Iraq.

Iraq has to pay 850 million dollars to Iran for exports of electricity, noted the Iranian minister expressing hope that the neighboring country would extend the money soon.

Referring to Iraq's financial debts that are related to its gas imports from Iran, the minister underlined that the question should be solved between the two countries.

For his part, the Iraqi minister called for solving the financial issue through the central banks of the two countries.

Iranian industry minister at the head of a delegation arrived in Baghdad on Wednesday.

His three-day Iraq visit is aimed at discussing the ways to strengthen trade relations with the Iraqi officials.

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15 hours ago, WheresmyRV? said:

Wouldn't that be incredible if both Iraq and Iran RV'd on the same day?  I got my thumbs crossed for 1/1/18 

Nah one need Togo first and give me time to double dip big time 

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15 hours ago, blueskyline said:

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Posted 3 hours ago

he Iranian banking system has established an online gateway that enables members of its interbank foreign exchange market to trade foreign currencies with higher speed and stability.........This article should also be in the World News forum . It looks to be very important...

 

They say postal swift to be connected and operational by dec 23 rd...when’s budget presents 7thh December?

Edited November 5, 2017 by screwball

[gregp]

20 hours ago, screwball said:

Getting ready 

 

I can smell Dubai.  

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TEHRAN- Above $35 billion of investment opportunities will be presented to foreign investors during IRAN Economic & Investment Opportunities Forum (IEIO 2017), which is to be held on November 25-28, IRIB news quoted the event’s executive secretary on Saturday.

“Companies from China, Germany, Denmark, Finland, France, Russia, Japan, Serbia, South Korea, Spain, Switzerland, Sweden, the United Arab Emirates, Hong Kong, India, and Saudi Arabia active in various fields including tourism, clean energy, agriculture, oil, gas, petrochemicals, auto industry, and etc. are to take part in the forum,” Amir-Reza Hassani said.

According to him, the event is to be held in cooperation with World Federation of Free and Special Economic Zones (FEMOZA), United Nations Industrial Development Organization (UNIDO), United Nations Conference on Trade and Development (UNCTAD), the World Bank, European Investment Bank, Asian Development Bank (ADB), and World Association of Investment Promotion Agencies (WAIPA).

HJ/MA

 

 

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1 hour ago, gregp said:

 

I can smell Dubai.  

Yep those cigars and whiskeys are looking better by the day...I can smell the gold an diamonds from here !

[Michymateo2001]

For the Iran Rial which notes are being done and year? I found some on eBay to purchase but idk which ones to buy. 

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13 hours ago, Michymateo2001 said:

For the Iran Rial which notes are being done and year? I found some on eBay to purchase but idk which ones to buy. 

I have 50,000and 100,000 I think 2014 issue...? Just check Cbi site for latest issue that’s in my opinion others can chime in 

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number of Iranian banks have declared their interest in opening branches in Belgium, which goal is expected to materialize with the help of both countries.

This was announced by Gholamhossein Shafei, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture, during a meeting with a Belgian delegation headed by President of the Federation of Belgian Chambers of Commerce Rene Branders in Tehran.

“The most important requirements for both countries’ businesses are banking and insurance ties that have registered slight improvements after Iran’s nuclear deal, but they are still not enough,” Shafei was also quoted as saying by IBENA.

The private sector leader noted that Belgium’s economic, financial and trading strength is significant among European Union member countries and ties with that country is of high importance for Iranian companies and traders.

“The desire for expanding economic relations is obvious in both sides. Therefore, we have made plans for the Belgian delegation during their four-day visit in Tehran and Isfahan, and we hope to achieve beneficial results through negotiations,” he said.

This is while the Belgian ambassador to Tehran noted that there are plenty of opportunities to expand bilateral relations, as the economy of the two countries can be complementary.

“Because of the volatile atmosphere and US actions, banking and insurance ties have not improved at an acceptable pace, which is hoped to be resolved as soon as possible,” Francois Delhaye added.

The Belgian ambassador explained that in this situation of uncertainty, the visit of Belgian delegation has a special message and that Belgian companies are eager to extend their ties with Iran and the Belgian government has been also actively pursuing Iranian issues in EU.

Enforcing Past Agreements

The head of ICCIMA noted that the establishment of Iran-Belgium Economic Commission can considerably boost bilateral relations and urged the Belgian side to speed up the process.

“We have had many agreements with Belgium in the past, but both sides need to be more serious about their implementation, as it is one of the most important priorities to discuss with Belgian delegation,” he added.

This is while a few months ago, a 35-member delegation from ICCIMA led by Shafei wrapped up a visit to Belgium and Luxembourg to discuss expansion of economic cooperation.

The delegation held meetings with officials, including Minister-President of Flanders Geert Albert Bourgeois and Branders, in which both countries' representatives expressed their interest in increasing the level of mutual cooperation.

The Belgian ambassador to Tehran also called for implementing the previous agreements between the two countries, adding that "we're think about signing new ones".

“The bilateral investment agreement is the most important pact between Iran and Belgium, which has been improving slowly since it was agreed but we hope to speed up the process,” he added

Delhaye hoped that the Belgian delegation will finalize the investment agreement and pursue the bilateral tax exemption plan that has been the other objective of this trip.

“In order to absorb finance, I suggest that Iranian high-ranking banking and economic officials take a trip to Belgium to facilitate the establishment of banking and insurance ties,” he said.

As Shafei asked the Belgian official to ease the process of issuing visa for Iranian traders and businesspeople, the Belgian ambassador noted that Iranians have no legal problem in making a business trip to Belgium and in many cases, they face issues in acquiring a visa because there is something amiss with their documents.

Delhaye elaborated that the demand for business visa from Iranian traders have surged dramatically and the embassy is no longer able to handle this volume of applicants, so currently it is increasing the number of its employees and also considering other measures to resolve the issue.

Iran-Belgium trade stood at $723.83 million in 2016, according to figures released by ICCIMA.

Iran exported close to $190.57 million worth of goods to Belgium during the period, registering a 147% rise compared with 2015. Belgium exported nearly $533.27 million worth of products to Iran over the same period, indicating a 20.4% year-on-year increase.

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he Financial Action Task Force has updated its document on engagement with Iran and urged the country to fulfill its commitments by its deadline of Jan. 31, 2018, and has also renewed its recommendation to other nations in dealing with Iran.

On Friday, FATF President Santiago Otamendi and GAFILAT President Eugenio Curia, both from Argentina, chaired the first plenary meeting of FATF in Buenos Aires. As it was a joint meeting with GAFILAT, which is the FATF of Latin America, all members of both organizations, including the 16 countries from South America, Central America and North America, were able to attend.

In the meeting, Iran’s status was updated and FATF announced that as its Action Plan for Iran expires by the end of January 2018, the organization “urges Iran to proceed swiftly in the reform path to ensure full and accurate implementation of the Action Plan, addressing all remaining AML/CFT deficiencies “.

It was also announced that FATF will assess progress made by Iran and take all appropriate action at its meeting in February 2018.

Until Iran implements the measures required to address the deficiencies identified in the Action Plan, the organization “will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system”.

Therefore it has renewed its call on its members to urge all jurisdictions to continue to advise their financial institutions to apply “enhanced due diligence” to business relationships and transactions with natural and legal persons from Iran.

In June 2016, the intergovernmental organization in charge of devising internationally accepted regulations and standards on anti-money laundering and combating financing of terrorism welcomed Iran’s high-level political commitment to addressing its deficiencies and called for a one-year suspension of active countermeasures.

As Iran sought technical assistance in the implementation of the organization’s Action Plan in the year after and “in light of Iran’s demonstration of its political commitment and the relevant steps it took”, FATF decided in June 2017 to continue the suspension of countermeasures.

However, even though the organization continued the suspension of active countermeasures against Iran, it did not altogether remove the country from its blacklist of violating countries as many Iranian officials had said they expected.

This means that by the end of the first month of next year, Iran’s AML/CFT efforts will help its removal from the FATF blacklist, which could prove hugely improve its future economic prospects.   

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Just now, screwball said:

In the meeting, Iran’s status was updated and FATF announced that as its Action Plan for Iran expires by the end of January 2018, the organization “urges Iran to proceed swiftly in the reform path to ensure full and accurate implementation of the Action Plan, addressing all remaining AML/CFT deficiencies “.

 Has to be done if they want to be international 

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Two information systems aimed at implementing standards pertaining to anti-money laundering and combating financing of terrorism required by the Financial Action Task Force have been unveiled at Bank Mellat with the help of the Ministry of Economic and Finance Affairs and the Central Bank of Iran. “Bank Mellat is responsible for 20% of all financial transactions of the country while at least 34% of the non-physical transactions of the banking system go through the bank,” Hadi Akhlaqi, the lender’s chief executive, was quoted as saying at the unveiling ceremony by the official news portal of the bank. The event was also attended by Meysam Ahmadabadi who heads the ministry’s Financial Intelligence Unit, and Farid Kian, the central bank’s head of AML department.

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he Iranian Parliament has now boosted efforts to sideline the US dollar in Iran’s international deals following recent remarks by Leader Ayatollah Seyyed Ali Khamenei who called for the American currency to be eliminated from the country’s foreign trade.

“The implementation of bilateral or multilateral monetary agreements prepare the grounds for eliminating the US dollar from economic deals, as reducing the dependency of deals on one or multiple currencies is one of the economic necessities and priorities of Iran,” Rahim Zare’, rapporteur of Majlis Economic Commission, told ICANA, the parliament’s official news portal.

He called on the Central Bank of Iran to not only make more endeavors to clinch monetary agreements, but to pay the way for their immediate implementation because this will help “strengthen the national currency in the long run”.

The latest bilateral monetary agreement was signed between Iran and Turkey in early October and finalized two weeks ago in Ankara, based on which the central banks of Turkey and Iran allocated a credit of 5 billion lira ($1.4 billion) and its equivalent in rial to their respective agent banks—Bank Melli Iran and Ziraat Bank—to be used as letters of credit with a repayment period of one year for both countries’ traders.

Continuous efforts to decrease the greenback’s dominating role have gained increased momentum in recent days after Iran’s Leader met with Russian President Vladimir Putin in Tehran on Wednesday and said “we can render US sanctions null by using methods such as eliminating the dollar and replacing national currencies in bilateral or multilateral economic deals”.

A member of Majlis Planning and Budget Commission has announced that the parliamentary body will convene in the coming days to review practical and executive solutions for removing the greenback from Iran’s trade deals.

Nabi Hezarjaribi added that the head of Management and Planning Organization Mohammad Baqer Nobakht and his deputies will also be invited to the meeting.

“When the majority of our trade is with East Asia and especially China, it is only appropriate that we have a replacement currency for the US dollar,” he told Fars News website.

Ahmad Anaraki Mohammadi, a member of Majlis Economic Commission, also called for focusing on currency swap and monetary deals to sideline the greenback, ICANA reported.

“Business deals must not be dependent on one or few currencies because based on previous experiences, this would make it possible for the US to try to take advantage of this again,” he said.

Commending the Iran-Turkey currency swap deal, the MP also called for similar deals with China, Russia and Iraq, saying the use of national currencies in trade deals will also play an important role in investments.

Mohammadi referred to the importance of reaching monetary deals with “countries that can be considered target markets for Iranian exports” with the ultimate aim of expanding and bolstering economic relations.

That is while China, Iran’s biggest trade partner, and Russia are reportedly renewing efforts to dilute the role of American currency in their foreign trade.

Moscow and Beijing are looking to extend the three-year $25 billion yuan-ruble swap deal and seek greater use of domestic currencies in trade, which helps cut dependence on the US dollar, reports Russia Today, the nation’s state-owned international television network.

Hence the sanctions...

 

 

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Just now, screwball said:

A member of Majlis Planning and Budget Commission has announced that the parliamentary body will convene in the coming days to review practical and executive solutions for removing the greenback from Iran’s trade deals.

 

Hmmmm.....

 

 

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2 minutes ago, screwball said:

Business deals must not be dependent on one or few currencies because based on previous experiences, this would make it possible for the US to try to take advantage of this again,” he said.

Commending the Iran-Turkey currency swap deal, the MP also called for similar deals with China, Russia and Iraq, saying the use of national currencies in trade deals will also play an important role in investments.

 

Yep...possibly managed float 

[screwball]

A member of Majlis Planning and Budget Commission has announced that the parliamentary body will convene in the coming days to review practical and executive solutions for removing the greenback from Iran’s trade deals.

 

yes sir....this is the body that has previously said and voted they want four zeros removed this is the governing body or parliamanet who has the final say....