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This was posted in the Foreign Currency Section by Screwball


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Thanks Screwball.............

 

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Finance Desk

Empowering the Iranian banking system in terms of lending, capital buffer and bad debt recovery took center-stage at the latest major economic conference focused on investment and financing, which was attended by the country's top officials.

Government Spokesman Mohammad Baqer Nobakht announced at the Eighth Conference on Development of Investment and Financing System in Iran on Sunday that in order to increase the lending power of the banking system, public-sector banks in particular, President Hassan Rouhani's administration will take action using two sources.

"[The government] will issue 700 trillion rials ($18.2 billion) worth of bonds to repay its debt to banks and the private sector," he said. 

((((((((((Nobakht pointed to articles 35 and 36 of the budget amendment law, which allows recapitalization of public-sector banks from revaluation of foreign exchange assets as the secondary source))))))))))))))))).

There have been many contradictory figures regarding the amount of government debts to the banking sector, but according to the official who also heads the Planning and Budget Organization, the amount stood at 380 trillion rials ($9.9 billion) four years ago while it has now reached 420 trillion rials ($10.9 billion) to 45 trillion rials ($1.17 billion).

"The astronomical figures that are being reported are not the real numbers," Nobakht said, stressing that the government will abide by and act on figures approved by the Audit Organization of Iran.

The government spokesman further announced that 700 trillion rials will be spent to clear the government's dues to eight public-sector banks.

"Up to 150 trillion rials ($ 3.9 billion) will be allocated in the form of bonds to repay government debts to private contractors," he added.

Nobakht said small- and medium-sized enterprises have so far received 148 trillion rials ($3.85 billion) of the 160 trillion rials ($ 4.17 billion) earmarked for them.

According to the official, when the administration took office nearly four years ago, 2,047 major construction projects, along with subsidiary projects, were incomplete.

"A portion of these projects are being finalized," he said, noting that the government also welcomes outsourcing the projects as it has already done in the case of 2,532 projects. 

Nobakht said the aforementioned articles of the budget amendment allow the Securities and Exchange Organization to issue 1 quadrillion rials ($26 billion) worth of bonds, which will not be employed until it can prove effective.

Less Bureaucracy to Benefit Investments  

Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh also spoke of steps that must be taken to see projects through successfully while stressing the importance of profitable financing.

"The first step consists of studying the projects thoroughly and from all aspects before their implementation, which will save money and reduce the completion time of projects," he said, pointing to regulations as the second step.

"In this part, we must ease the legal regime over investments by reducing bureaucracy and regulations."

The minister cited equity, banking loans, foreign finance, foreign investment, bond issuance, individual investments in manufacturing and employing a combination of methods as suitable ways of financing.

He also warned corporate shareholders that they should not engage in executing a project if they do not have at least 30% of the total funds required for the project.

Emphasizing the importance of foreign investment in bankrolling major projects, Nematzadeh announced that $8 billion of foreign investment have so far been officially approved by the Ministry of Economic Affairs and Finance.

For each point garnered through foreign investment, he said, two points are added to the country's economy. 

Focus on Life Insurance

Abdolnasser Hemmati, the head of Central Insurance of Iran, began his speech by comparing the penetration rate of life and other insurance categories in Iran and the world.

"The average penetration rate of insurance throughout the world is about 6," Hemmati said, adding that the penetration rate of non-life insurance in the world is 2.7 while in Iran, it stands at 1.8% "which shows that in the category of non-life insurance, we are not far behind from the rest of the world".

In contrast, he said life insurance registers the highest penetration ratios with an average of 3.8% globally while the same figure is a dismal 0.25% for Iran.

Hemmati noted that the High Council of Insurance Industry has been obligated as part of the sixth five-year development plan (2017-22) to increase the share of life insurance from premium incomes to 50%, "a move which is deemed impossible by some".

That is while, he adds, life insurance grew by 40% during the initial 10 months of the current fiscal year (March 20-Jan. 19) and other categories grew by "about 20%".

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On 2/2/2017 at 1:20 PM, utah rock said:

Hey SgtFuryUSCZ, what's this slick President looking for? Maybe they want to send some spies over here, try and set up a puppet government in there interest and undermine our!!! Oh, I forgot, that's what we got caught doing, damn. I wonder if we'll ever own up to that or is that weakness? I mean to try and make amends for past transgressions. Don't worry I know the answer.

Sure do miss logic and intelligence, aka Obama

 

Go RV!!!! before WW III so I can get ready! 

:lmao::lmao::lmao: FINALLY !!!!!!!!!!!!!!!! Someone to take the heat off of me for some of the past stupid comments that I've made. With your brilliant mind they'll forget about my follies in no time. Oh and yes you got all 5 of my rubies today. :lmao::lmao::lmao:

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1 hour ago, SgtFuryUSCZ said:

LGD --- nothing you've ever posted has sunk to the depths of satan's own hades as much as this Utah rockhead's have....

Seems he's set the bar here for a whole new kinda low.

Agreed.  I have never sunk to his level and I admit some of my posts have been controversial. Setting a new low ?? H**L ya !

pp

Edited by pokerplayer
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On ‎2‎/‎9‎/‎2017 at 0:14 PM, SgtFuryUSCZ said:

We'd be mighty interested in hearing that as well, GOLFNSR !

ho'bummer's resume on his accomplishments FOR We The People is about as lengthy as

KILLary's is as Secretary of State -- BLANK ! :facepalm1:

ho'bummer's legacy is like the inside of a ping-pong ball.

I 2nd that +1

101

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On February 13, 2017 at 1:46 AM, ladyGrace'sDaddy said:

:lmao::lmao::lmao: FINALLY !!!!!!!!!!!!!!!! Someone to take the heat off of me for some of the past stupid comments that I've made. With your brilliant mind they'll forget about my follies in no time. Oh and yes you got all 5 of my rubies today. :lmao::lmao::lmao:

Well there is a first for everything and I guess today is my 5 ruby day. I never ever hit any ruby limited and did not even know there was one, first time for everything.  :lol:

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On 2/18/2017 at 2:22 PM, Theseus said:

So let's see here, a guy (or gal) named Utah Rock suddenly shows up on this site, knows the majority of people and pulls to the left? Someone is making fake names to manipulate people into an argument where there should be none. C'mon lefties can do better than that.

I've been on this site for a while and every once and awhile I chime in when I can't stand the rhetoric any more. I always regret having an opinion here, though I do not feel bad for stating it. It is silly to scream into the wind. 

As for  Obama and what he did, I'm a simple person, during his time in office I was encouraged by Americas stance on the environment, getting ground troops out of Iraq and Aghfganistan along with multiple social issues here at home. Was he perfect, no, but he did quit a bit while fighting a unrational opistion here at home. 

As for what I believe in, it's called freedom. If that's so wrong than I am happy to be so. 

GO RV!!!!

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On 2/9/2017 at 7:58 AM, TiaChelli said:

As adults, I really don't think we need to resort to name calling to make your point. I am about as conservative as they come but I haven't read anywhere that this site is solely for the "right". I may be going out on a limb here but I'm going to guess some Democrats saw an opportunity like the rest of us here and are hoping for an RV just the same. At least that is something we can all agree on. I think this feed escalated out of control. At the least, move the "discussion" to a different forum.

Geez, I come to the Rumors Section for comic relief from the latest supposed RV dates from Luigi and the likes, not a *** for tat political sparring that has nothing to do with the dinar. 

Let's return to the business at hand and hear the "guaranteed rate & date" the gurus have to offer today.

The so-called gurus have spoken and now the country is amidst a heat wave from all the hot air they have blown out their orifices that they do not use for eating. See I did not name call one bit in that last line. I merely used "colorful language". Freedom of speech doncha knuw? 

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  • 2 weeks later...
On 2/8/2017 at 8:06 PM, utah rock said:

What's your point? All I have hear so far is how the Democratic Party is winning over the new cabinet. 

Yet I have not insulted the new President once. If your interested in reading winning and complaining just go back and read what is written on this site about our past president. 

As for passive aggressive, I suppose you are correct in a manner, though again I am willing to debate this just not in the rumor section for this has nothing to do with the Dinar and more to do with you feeling good about the deal you just made for the ENTIRE country. By the way I am apart of that country and so are millions of other people like me. It's not just about you and like minded people of your political beliefs. Not sure how anything you have put forth addresses what I have written and I really didn't say to much, just that I don't feel like the Republican Party ever gave him a chance and I still fell he (Obama) did a great job. 

If you want to cuntinue this debate let start a new three in a more appropriate location. 

No one wants to argue with your brainwashed logic. It just is not worth the effort!

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On 2/5/2017 at 5:25 PM, utah rock said:

Wishing trump the best like the country did for WHO ever is in office, no worries the left has always been and will continue to be the adult in the room.

?????? I forgive you ,we are all Americans! If you believe the lies spewed out of the MSM and the DemocRATS  I feel sorry for you, you would be considered to be what I call one of the sheeple,  you will wake up one day! :)

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