Central Bank of Iran: We can not provide hard currency

[dinarham]

  So if you want to buy a wheelbarrow in Iraq , you would only need one wheelbarrow of cash , but in Iran you would need ten wheelbarrow of bulky cash to buy one wheelbarrow ? 

[yota691]

IRAN / IRAN Date: 2018 Jul. 10 - GMT

 

 

 

Officially .. The secondary market for foreign currencies begins its work in Iran

The secondary foreign exchange market began its official operation in Iran on Tuesday morning, which operates according to a consensus mechanism between exporters and importers.

The governor of the Central Bank of Iran and Crown Prince of God, said earlier in this regard, that the secondary market will work according to the mechanism of the agreement source and importer to exchange foreign currency, and the registration of this agreement in the comprehensive trading system.

Saif said that the exchange rate in the secondary market will be determined according to supply and demand.

Iran set a single foreign exchange rate ($ 42,000) in March and banned foreign currency trading in the free market.

[yota691]

2 hours ago

Iran's central bank "surrenders" to the continued collapse of the currency

2018-07-10T17: 13: 27Z

One dollar is worth 80,000 Iranian riyals  
ABU DHABI -The central bank of Iran has found no alternative to the collapse of the local currency except to open a secondary hard currency market on Tuesday, retreating from a three-month effort to impose a single exchange rate against the dollar after falling to record highs.
The new market will meet the need for small importers and exporters from the private sector, according to the Iranian news agencies Tasnim and Fars.

A central bank official said the secondary market "will allow exchange rates to rise and fall freely."

"The price of foreign exchange will be determined based on supply and demand," the official IRNA news agency quoted Mehdi Kasraibor, director of the foreign exchange rules and policies department of the central bank, as saying on Tuesday.

The authorities announced in early April that they are working to unify the official market prices and the free market for the riyal in order to reach a price set by the Central Bank, and warned that those who will trade the dollar at different prices "will face arrest."

The Iranian action was aimed at stopping the fall of the riyal, which has fallen to record lows against the dollar. The fall in the riyal was boosted by US President Donald Trump's decision to withdraw from an agreement signed by Iran with international powers in 2015 over its nuclear program.

Some US sanctions on the Iranian economy are expected to be re-imposed in August, as well as another set of sanctions in November. This has led Iranians to turn their savings into dollars.

The common price system failed to stabilize the riyal. In late June, the Iranian currency plunged to a record high of about 90,000 rials to the dollar on the black market. The currency was around 80,000 riyals on Tuesday, compared to 43,000 at the end of 2017.

The secondary market was launched Tuesday, but Kasraibor did not elaborate on how it would work, or whether the government would intervene if the riyal fell sharply.

 

[navira]

Hmmm...what is this secondary hard currency?

[Floridian]

7 minutes ago, navira said:

Hmmm...what is this secondary hard currency?

 

Unfortunately, I think they mean Turkish Lira, not IQD.

[navira]

Floridian, site me where it says turkish lira

[Floridian]

4 minutes ago, navira said:

Floridian, site me where it says turkish lira

 

I remember reading where Iran made some kind of deal with Turkey and Iraq to use local currencies instead of the dollar in trading.

I'll see if I can find it.

[Floridian]

21 minutes ago, navira said:

Floridian, site me where it says turkish lira

 

This article says Iran is going to stop dealing in the dollar and use Euros instead:

 

http://www.presstv.com/Detail/2018/04/11/558175/Iran-to-switch-to-Euro-as-official-reporting-currency-........

 

Here's another article about Russia, Turkey and Iraq:

 

Tehran agrees with Baghdad to exclude the dollar from bilateral trade

Updated 07/07/2018 12:24 pm     (Watan News) - Follow-up The governor of the Central Bank of Iran and Crown Prince Ali, said that his country has concluded monetary agreements with Iraq, Russia and Azerbaijan to deal with national currencies.   The governor added that the monetary agreement between Iran and Turkey has been activated to deal in riyal and lira. In this context, several bank credits (LC) have been opened.   He pointed out that the Central Bank of Iran knows the possibilities of bilateral and multilateral monetary agreement and has been holding this type of agreements with several countries. C

 

 

 

[Pitcher]

Iran is going to have a bigger problem in the near future, like a revolution and a sacking of the Mullahs.  I know some people in Iran and the conditions are deteriorating daily.  People are very fearful, angry, and ready for CHANGE!!!!  

[navira]

Floridian, thanks. That article tells us diff. countries(including Iraq)..

[3n1]

thanks floridian , Iran did leave out a small tid bid of info that for the most part they are not able to laundry iqd thru the iraqi banks to get usd anymore ... all the best

[Pitcher]

Iran's Mullahs on the verge of bankruptcy: observers

July 10 2018 05:41 PM

Iran's Mullahs on the verge of bankruptcy: observers

 

 

Iran's official request to withdraw € 300 million ($350 million) in cash from Germany proves that Iran's Mullahs are on the verge of bankruptcy, according to observers. 

 

The Iranian request, which proves Iran is experiencing a severe  domestic economic crisis, raised many questions about the extent to which the mullahs' economy will survive during the coming period.
 

It also uncovers the Iranian fear of imposing sanctions on Iranian funds in European banks, the observers added.

 

Recently, Chancellor Angela Merkel announced that Germany remains committed to the nuclear non-proliferation agreement with Iran that was rejected by US President Donald Trump, adding that but it was for individual firms to decide if they wanted to invest there.

US Sanctions

 

Merkel said that companies, which could risk punitive sanctions from the U.S. if they do business with Iran, must decide for themselves if they wanted to take that risk.

“We remain committed to the nuclear agreement. We think it was well negotiated,” Merkel said. “There is more that needs to be negotiated with Iran, but we think it is better to stay in the agreement.”

In the same vein, the German Bild newspaper pointed out to the Iranian government's intention to withdraw 353 million dollars from Europaeisch-Iranische Handelsbank AG, a bank based in the German city of Hamburg, where Tehran keeps some of its assets.

Managed by the German Federal Bank, Europaeisch-Iranische Handelsbank AG will hand the sum in cash to representatives of Iran if the transaction is approved, according to Bild.

The money would be loaded into an Iranian aircraft and sent to the Islamic Republic. The German Financial Supervisory Authority is reportedly reviewing the request under the "Banking and Money Laundering Act."

 

Iran withdraws its money 

According to the German newspaper, Tehran, in turn, claimed that it needs the money in order to provide Iranian individuals with cash for overseas trips after they were denied access to the recognized credit cards amid the re-imposition of sanctions. 

 

The paper added that the US and Israel intelligence services are concerned that the money will be used to finance terrorism in the middle east.

 

The United States has given companies operating in Iran, including European ones, an ultimatum until November 2018, to withdraw from the Iranian market. 

Washington has also called on countries to halt their imports of the Iranian oil by November 2018, especially after President Donald Trump announced US withdrawal from the Iranian nuclear deal signed in 2015.

 

The US ambassador to Germany Richard Grenell has called on Berlin to block an Iranian bid to withdraw large sums of cash from bank accounts in Germany to offset the effect of new US financial sanctions imposed after Washington withdrew from a 2015 nuclear deal.

There are about 10,000 small and medium-sized German companies operating in Iran since the nuclear deal signed in 2015,  such as Siemens and Daimler. 

The German government is trying to provide guarantees to these companies so as not to withdraw from the Iranian market due to the US pressures.

 

Some economists expect that the bulk of German companies will withdraw from the Iranian market, especially those companies that have large openness to the US market.

In the same vein, Germany will put itself in a defiant situation against the US, which has a clear position anti the Iranian regime.

 

According to a report published by Al-Arab newspaper, Some observers said that the uproar surrounding the Iranian request will uncover the difficulties that would be faced by Tehran during the coming months.

 

They ruled out Iran's ability to break the US sanctions in case of the occurrence of  a European-American dispute

 

Iranian's concern

 

Tehran is greatly concerned about the continued withdrawal of European companies from the Iranian market, despite some optimistic statements by western officials during their meetings with Iranian counterparts.

 

French shipping group CMA CGM has recently decided to pull out of Iran following the Trump administration’s decision to renew sanctions on companies operating in the country

Observers told The Baghdad Post that the Mullahs' request to withdraw € 300 million ($350 million) in cash from Germany confirms the existence of a crisis looming in Iran.

 

They also see that the Iranian regime is trying to preempt US sanctions through reclaiming its huge money in Europe, although all expectations indicate that Berlin will not respond to its request.

 

http://www.thebaghdadpost.com/en/story/29296/Iran-s-Mullahs-on-the-verge-of-bankruptcy-observers

[Butifldrm]

the Central Bank of Iran "surrenders" to the collapse of the currency

 

 Twilight News    

 

 5 hours ago

 

 

(Reuters) - Iran's central bank found no choice but to open a secondary hard currency market on Tuesday, retreating from a three-month effort to impose a single exchange rate against the dollar after falling to record highs.

The new market will meet the need for small importers and exporters from the private sector, according to the Iranian news agencies Tasnim and Fars.

A central bank official said the secondary market "will allow exchange rates to rise and fall freely."

"The price of foreign exchange will be determined based on supply and demand," the official IRNA news agency quoted Mehdi Kasraibor, director of the foreign exchange rules and policies department of the central bank, as saying on Tuesday.

The authorities announced in early April that they are working to unify the official market prices and the free market for the riyal in order to reach a price set by the Central Bank, and warned that those who will trade the dollar at different prices "will face arrest."

The Iranian action was aimed at stopping the fall of the riyal, which has fallen to record lows against the dollar. The fall in the riyal was boosted by US President Donald Trump's decision to withdraw from an agreement signed by Iran with international powers in 2015 over its nuclear program.

Some US sanctions on the Iranian economy are expected to be re-imposed in August, as well as another set of sanctions in November. This has led Iranians to turn their savings into dollars.

The common price system failed to stabilize the riyal. In late June, the Iranian currency plunged to a record high of about 90,000 rials to the dollar on the black market. The currency was around 80,000 riyals on Tuesday, compared to 43,000 at the end of 2017.

The secondary market was launched Tuesday, but Kasraibor did not elaborate on how it would work, or whether the government would intervene if the riyal fell sharply.

 

Keywords: 

http://www.shafaaq.com/ar/Ar_NewsReader/9d122e0a-c87e-4278-a043-51a8a385b280

[nannab]

Those poor citizens will suffer the most.  

Thanks Butifldrm  

[Butifldrm]

5 minutes ago, nannab said:

Those poor citizens will suffer the most.  

Thanks Butifldrm  

 

There are protest all over Iran for lack of water and the economy, just like Iraq nannab.  The sad part is that none of this should be happening in any country, IMO, corruption is the culprit.

[yota691]

Iran abandons the imposition of a single currency for its currency and opens up a secondary market for hard currency

- 6 Hours Ago

Iran officially opened a secondary market for hard currency on Tuesday, abandoning a three-month effort to impose a single riyal against the dollar as the Iranian currency was pressured by the threat of US sanctions.

The new market will meet the need for small importers and exporters from the private sector, according to the Tasnim and Fars news agencies.

A central bank official said the secondary market would allow exchange rates to rise and fall freely. "The price of foreign exchange will be determined on the basis of supply and demand," the central bank's director of foreign exchange rules and policies, Mehdi Kasraibor, .

The authorities announced in early April that they were working to unify official market prices and the free market for the riyal to reach a single price set by the central bank, and warned that those who will trade the dollar at different prices will face arrest.

The move was aimed at stopping the fall of the riyal, which has fallen to record lows against the dollar. The fall of the riyal strengthened US President Donald Trump's decision to withdraw from an agreement Iran signed with international powers in 2015 on its nuclear program.

Some US sanctions are expected to be re-imposed on the Iranian economy in August, as well as another set of sanctions in November. This has led Iranians to turn their savings into dollars.

The common price system failed to stabilize the riyal. In late June, the Iranian currency plunged to a record high of around 90,000 rials to the dollar on the black market. The currency was around 80,000 riyals on Tuesday, compared to 43,000 at the end of 2017.

The secondary market was launched today to ease the shortage of foreign currency. But Kasraibor did not elaborate on how that market worked or whether there was a possibility of government intervention if the riyal fell sharply.

Al Jazeera

[normala rashid]

 

My country has been block to trade with iran . I hope iran dont stay in illusion . Nobody can support . I hope iran will change their mind in last minute before august . 

Edited July 12, 2018 by normala rashid

[blueskyline]

https://www.voanews.com/a/us-uae-iran-money-laundering/4479465.html.....

US, UAE Break Up Iran Money-Laundering Network

July 12, 2018 5:21 AM

• Reuters

Sigal P. Mandelker, the undersecretary for terrorism and financial intelligence at the U.S. Treasury, talks to journalists at a press briefing in Dubai, United Arab Emirates, July 12, 2018.

Share

•  
•  
•  
•  
•  

See comments

DUBAI, UNITED ARAB EMIRATES — 

The United States and the United Arab Emirates have broken up a network funneling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard currency in the region, a senior U.S. official said on Thursday.

“We jointly disrupted a currency exchange network that was transferring millions of dollars to Iran’s Islamic Revolutionary Guards Corps’ Quds Force,” said Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence at the U.S. Treasury.

She said the network was dismantled in May. Currency exchanges had used the UAE financial system to transfer cash out of Iran and convert it into U.S. dollars for use by Iranian-supported proxy groups in the region, she said.

The network, directed by senior officials of Iran’s central bank, forged documents and disguised its dealings behind front and shell companies, Mandelker told reporters.

She did not give further details of the operation.

In early June, the UAE central bank announced it had restricted the operations of seven currency exchange houses for unspecified violations of anti-money laundering and other regulations.

US sanctions

Iran has denounced the U.S. campaign to hurt its economy as unjustified interference in its affairs.

The UAE central bank and the UAE government media office did not immediately respond to questions Thursday on the crackdown described by Mandelker and about whether the seven exchange houses sanctioned by the central bank were involved.

Mandelker was visiting the UAE after making similar trips to Saudi Arabia and Kuwait to win support for the U.S. effort to squeeze Iran, which comes after President Donald Trump decided to pull out of an international deal on Iran’s nuclear program and re-impose sanctions on Tehran.

She said governments and financial institutions in the Gulf were cooperating closely with the United States because they agreed on Tehran’s malign influence in the region.

Iran trade

Mandelker said Washington was trying to constrict Iran’s trade in general, not just its oil and gas sales, which provide for more than half of its export receipts.

But Washington may struggle to achieve a sharp reduction of Iranian business with the UAE. Dubai has traditionally served as a hub for exports to Iran and received Iranian investment in its businesses and real estate market.

UAE exports to Iran totaled $19.9 billion in 2017, or about 5 percent of the UAE’s gross domestic product, according to International Monetary Fund data.

Asked about this, Mandelker said Washington had an “excellent partnership” with the UAE. “There’s no question in my mind that working together, we can take significant action (against Iran) to disrupt their ability to fund themselves,” she said.

[justchecking123]

59 minutes ago, blueskyline said:

https://www.voanews.com/a/us-uae-iran-money-laundering/4479465.html.....

US, UAE Break Up Iran Money-Laundering Network

July 12, 2018 5:21 AM

• Reuters

Sigal P. Mandelker, the undersecretary for terrorism and financial intelligence at the U.S. Treasury, talks to journalists at a press briefing in Dubai, United Arab Emirates, July 12, 2018.

Share

•  
•  
•  
•  
•  

See comments

DUBAI, UNITED ARAB EMIRATES — 

The United States and the United Arab Emirates have broken up a network funneling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard currency in the region, a senior U.S. official said on Thursday.

“We jointly disrupted a currency exchange network that was transferring millions of dollars to Iran’s Islamic Revolutionary Guards Corps’ Quds Force,” said Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence at the U.S. Treasury.

She said the network was dismantled in May. Currency exchanges had used the UAE financial system to transfer cash out of Iran and convert it into U.S. dollars for use by Iranian-supported proxy groups in the region, she said.

The network, directed by senior officials of Iran’s central bank, forged documents and disguised its dealings behind front and shell companies, Mandelker told reporters.

She did not give further details of the operation.

In early June, the UAE central bank announced it had restricted the operations of seven currency exchange houses for unspecified violations of anti-money laundering and other regulations.

US sanctions

Iran has denounced the U.S. campaign to hurt its economy as unjustified interference in its affairs.

The UAE central bank and the UAE government media office did not immediately respond to questions Thursday on the crackdown described by Mandelker and about whether the seven exchange houses sanctioned by the central bank were involved.

Mandelker was visiting the UAE after making similar trips to Saudi Arabia and Kuwait to win support system" rel="">support for the U.S. effort to squeeze Iran, which comes after President Donald Trump decided to pull out of an international deal on Iran’s nuclear program and re-impose sanctions on Tehran.

She said governments and financial institutions in the Gulf were cooperating closely with the United States because they agreed on Tehran’s malign influence in the region.

Iran trade

Mandelker said Washington was trying to constrict Iran’s trade in general, not just its oil and gas sales, which provide for more than half of its export receipts.

But Washington may struggle to achieve a sharp reduction of Iranian business with the UAE. Dubai has traditionally served as a hub for exports to Iran and received Iranian investment in its businesses and real estate market.

UAE exports to Iran totaled $19.9 billion in 2017, or about 5 percent of the UAE’s gross domestic product, according to International Monetary Fund data.

Asked about this, Mandelker said Washington had an “excellent partnership” with the UAE. “There’s no question in my mind that working together, we can take significant action (against Iran) to disrupt their ability to fund themselves,” she said.

Good news here...

[Pitcher]

Thanks Yota. That is great news

[gregp]

I’ve always wondered what country you live in. You always have some good news. Thanks!

[gregp]

Just now, gregp said:

I’ve always wondered what country you live in. You always have some good news. Thanks!

 

13 hours ago, normala rashid said:

 

My country has been block to trade with iran . I hope iran dont stay in illusion . Nobody can support system" rel="">support . I hope iran will change their mind in last minute before august . 

 

[jmartin1145]

2 hours ago, gregp said:

 

 

If I had to take a stab at it. I would say UAE.

[gregp]

49 minutes ago, jmartin1145 said:

If I had to take a stab at it. I would say UAE.

Agreed.  

[NEPatriotsFan1]

I think she said Malaysia in previous posts