Central Bank of Iran: We can not provide hard currency

[blueskyline]

https://financialtribune.com/articles/economy-business-and-markets/84388/breaking-iran-government-unifies-foreign-exchange-rates........

1. Economy
2. Business And Markets

Tuesday, April 10, 2018

Breaking: Iran Government Unifies Foreign Exchange Rates

 

 

 

Iran's government decided to finally put an end to the dual foreign exchange regime, in an attempt to control the bullish foreign exchange and gold markets and promote safety of foreign investments.

The decision was made during an emergency meeting presided by President Hassan Rouhani on late Monday after the US dollar and almost all other foreign currencies hit new record highs against the rial in Tehran's market.

According to Vice President Es'haq Jahangiri who addressed the nation, the US dollar will be offered only at the unified rate of 42,000 rials to everyone as of Tuesday morning and anyone engaging in dealings with any other rate will be violating the law and committing an act of smuggling.

Iran has been operating two exchange rates: a free market rate and an official exchange rate which was set by the Central Bank of Iran on a daily basis and used for state transactions. The government has been working for years to gradually increase the official exchange rate and bring it closer to the free market rate. In order to reach that goal, it has also been shrinking the list of imported items eligible to receive foreign currencies at official rates.

On Monday, the rial's depreciation continued and the currency was quoted at 60,150 to the dollar in the open market, according to Tehran Gold and Jewelry Union's website.

"I assure the people the the government is capable of providing enough foreign exchange resources to the market," Jahangiri added in his address.

He also referred to the government's post-sanctions achievement in attracting billions of dollars in foreign finance resources to the country, and said, "The government is determined to preserve the stability of the economy."

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[navira45]

I have some rials too.

[new york kevin]

We shall see if Iran actually has enough foreign exchange resources to stabilize the markets. Cuz they have not been able to do anything along those lines so far. Dispite the nearly 1 trillon USD infusion of cash they received from Obama about 2 years back. But good luck to those who chose to speculate on the Rial.

[navira45]

I must say these people don't give ....they can raise the value at any time just like what they did today (unified the exchange rates)...

[gregp]

Finally! One rate.  Thanks Blue!

 Now, watch and wait. 

[FROSTYJACK]

7 hours ago, new york kevin said:

But good luck to those who chose to speculate on the Rial.

 Hey Kevin, over the years I've lost most of the money out of my monopoly game. I could either buy replacement money from Milton Bradley. Or buy   $20 million  rial. It was cheaper to buy the Rial. The only problem is now when we play  everyone has towels wrapped around their heads and is heavily armed.  The  utility companies are shut down and a small group keeps  sneaking out of the free parking space to blow up the railroads. And a lot of very bad backroom deals get made when you land on somebody's property.🤓

[yota691]

Iranian restrictions on the circulation of foreign exchange to prevent the collapse of the currency

 

Tuesday, April 24, 1439 - April 10, 2018

•  
•  

Dubai - Arabian.Net

The Central Bank of Iran banned more than € 10,000 from foreign currencies outside banks and threatened to sue those who violated the new rules.

The government has unified the price of the official riyal and its price in the parallel market at 42 thousand riyals to the dollar, while the official price before raising it at 37 thousand riyals to the dollar.

The move comes after the fall of the # Iranian riyal in the parallel market in recent days to its lowest levels ever, exceeding 55 thousand riyals to the dollar.

The sharp fall in the riyal market comes in parallel with growing fears that the United States will emerge from the nuclear deal.

Consolidation of the official price, the subsidized price in government institutions and some priority commodity importers with the parallel market price, will revive the black market of the Iranian riyal as speculators will try to take advantage of the high demand for the dollar under a single price that does not reflect real demand.

[yota691]

April 10,2011 Last Updated

Iran controls exchange rate of riyal to avoid collapse

a. F. B.

 

 

TEHRAN : Iran on Tuesday took drastic steps to control the exchange rate of the Iranian riyal against the dollar in an effort to stop its decline after losing about a third of its value in six months.

The riyal has fallen several times in recent weeks to 58650 against the dollar as financial transactions close on Monday, as uncertainty over the future of a nuclear deal signed by Iran with major powers in 2015 is growing.

After an emergency meeting with the government on Monday night, Vice President Yitzhak Jahangiri announced that the riyal exchange rate would be set at a maximum of 42,000 riyals against the dollar, with foreign exchange offices subject to the control of the central bank.

"Unfortunately during the past few days, there have been incidents in the foreign exchange rate that have caused concern to the citizens," Jahangiri told state radio.

"Uneconomical, unwarranted and unforeseen factors" have caused the riyal to fall, despite the strong performance of Iranian exports.

"We should not see such things in an economy that always has a foreign exchange surplus, some say foreign hands have intervened to stifle the economic climate and some say local plots are being hatched to destabilize the country," he said.

US President Donald Trump has threatened to withdraw from the nuclear deal and impose new sanctions on Iran next month if new restrictions are not put on its missile and nuclear programs.

Analysts say the threat has encouraged Iranians to buy the dollar, hoping to sell it later for gains if the riyal collapses.

Jahangiri warned that the sale of currencies at prices higher than the official exchange rate would be considered "trafficking in prohibited items."

"If they offer another exchange rate in the market, the judiciary and security will deal with it," he said.

The riyal has accelerated since mid-October at a time when the dollar was trading at 40,000 riyals after Trump threatened to withdraw from the agreement on Iran's nuclear program.

If the United States withdraws, it is expected to re-impose the current economic sanctions against Iran, which will affect the country's economy and alienate foreign investors.

The authorities have not set a fixed exchange rate for the euro or the pound, which has made significant gains against the Iranian riyal in recent months.

[yota691]

y date: 2018 Apr / Nissan 's 10 - GMT 10:23

 

 

 

According to the decision to consolidate the price of foreign currency, the Central Bank of Iran gives holders more than 10 thousand euros to be deposited with banks or sold

The Central Bank of the Islamic Republic of Iran granted holders of more than 10,000 euros or its equivalent of hard currency until 20 April 2018 to deposit or sell them to banks.

The Central Bank of Iran (CBE) on Tuesday issued a statement confirming that the bank is currently providing hard currency to meet all legal and commercial needs in the framework of the Import and export laws and foreign currency laws in Iran are based on the exchange rate of 42,000 Iranian riyals per US dollar. 
In accordance with the law against the smuggling of goods and hard currency, any purchase or sale of hard currency outside the banking system or licensed banking shops is considered a smuggling, and the competent authorities will be able to deal with violators in accordance with the prevailing laws, including the law against smuggling of goods and hard currency.
The central bank has determined the amount of hard currency in which people are allowed to acquire, 10,000 euros or the equivalent of hard currency maximum, and if the seizure of more than this size, will deal with the offender in accordance with the law. 
The Central Bank gave all persons holding more than 10,000 euros or the equivalent of hard currency until April 20, 2018 to deposit them with the banks or sell them to the banks. If deposited with the banks, they will be allocated profits according to the laws of the Central Bank. The banks also guarantee payment of hard currency to them when the claim. 
The Central Bank instructed all exporters to sell hard currency from exports through the central system of hard currency (NIMA), except for the hard currency they allocate to import or to pay debts in foreign currency or deposit.

News, gazari, knight

[yota691]

News ID: 212974

Published: 0301 GMT April 09, 2018

 

 

Economists call for floating foreign currency rates

Iran's currency continues to hit fresh lows against the US dollar these days. This has raised serious concern among different people from walks of life, including economic experts.

In an interview with Persian daily Donya-e Eqtesad, Parviz Aqili Kermani, an economist, and Mohammad Fetanat, former head of Iran's Securities and Exchange Organization (SEO), expressed their views on the crisis in the foreign exchange market.

Fetanat said that interest rates on bank deposits affect the forex market. Iranian officials, he added, regard the interest rates as a key factor to contain a drastic fall in the value of the rial.

The economist said high interest rates, which are aimed at driving investors away from the dollar, create conditions for bubbles in the currency market.

Fetanat warned that once these bubbles burst, the entire economy will be adversely impacted.

The ex-official of the SEO said such a phenomenon will push banks to attract more deposits to be able to pay the high interest rates. As a result, he said, banks have to make huge losses.

Fetanat pointed out that the Central Bank of Iran (CBI) uses its discretion and injects more dollars to prevent a decline in the value of the national currency.

He said about $20 billion are needed on a yearly basis to stabilize foreign currency rates.

The former SEO official said the government has only resorted to the two above-mentioned procedures but failed to turn to modern and creative approaches.

Fetanat voiced concern that the continuation of such methods will deal stronger blows to the banking system. He called for a floating foreign currency rate system to prevent fluctuations in the forex market.

Aqili Kermani also called for adopting rational approaches to monetary policies. Iran, he pointed out, has been dependent on oil income for decades and efforts should be made to wean the national economy off such revenues.

He agreed with Fetanat on creating floating foreign exchange rates to encourage exports.

He also voiced opposition to the unification of foreign exchange rates saying 'basic conditions' have not been created for this.

He underlined that the supply-demand system must determine the fate of the forex market.

The economist noted that the government should use the official exchange rate of the dollar to import essential goods such as medicines, corn and wheat and allow traders to use the open market rate for transactions.

Aqili Kermani stressed that the government should press ahead with a two-tier exchange rate system until economic conditions improve and non-oil exports balance imports.

[yota691]

Iran sets rial's exchange rate to the dollar amid record low

By NASSER KARIMIPublished April 10, 2018MarketsAssociated Press

 

Iran moved on Tuesday to enforce a single exchange rate to the dollar, banning all unregulated trading after the country's currency, the rial, hit an all-time low.

 

The country's senior vice president, Eshaq Jahangiri, was quoted by state TV as saying that the official "price of the U.S. dollar will be 42,000 rials as of Tuesday."

He also said that trading at any other price was forbidden and would be considered as "smuggling."

The decision came late Monday after a two-day hike in prices of foreign currencies that saw rial trading at 62,000 to the dollar — an 18 percent drop since Saturday.

Government spokesman Mohammad Bagher Nobakht said Tuesday that Iran brings in some $95 billion a year in foreign currency, mostly from crude oil exports, which resumed after the 2015 nuclear deal. At the same time, $80 billion are spent on imports.

 

However, Iran remains largely cut off from international financial networks because of U.S. sanctions.

Rial's slide is in part seen as stemming from fears the Trump administration will withdraw from the nuclear deal between Iran and world powers and impose new sanctions.

Head of Iran's central bank, Valiollah Seif, appeared before parliament Tuesday to explain the measure, the semi-official Fars news agency reported. He was met with angry objections and interruptions from a group of lawmakers who briefly pushed him around on the podium and demanded his resignation.

Seif blamed price hikes on "lack of certainty" about the future and said "enemies know the issue and try to use any opportunity" to create trouble for Iran. He also referred to "traces of plotting" by regional Arab rivals, including Saudi Arabia and the United Arab Emirates, without elaborating.

"We are in an economic war and enemies seek to create problems for our economy," said Nobakht.

Iran has long had trouble managing its currency market. In 2012, the government tried to set an official, single rate for the currency but the attempt failed.

[Butifldrm]

Iranian agency: Mafiyat in Erbil behind the fluctuations of the foreign currency market in Iran

14:14 - 10/04/2018

 

Information / Baghdad ..

An Iranian news agency reported on Tuesday that the Mafiyats in the Kurdistan region of Iraq and Turkey were behind the recent fluctuations in the foreign exchange market in Iran.

"The mafias in the Kurdistan region of Iraq and Turkey bear responsibility for the recent fluctuations in the foreign exchange market in Iran," the official Fars news agency quoted economic expert Abulhassan Masoumi as saying. "The rise in the US dollar does not return to economic affairs only, It should also be said that it belongs to regional affairs. "

"The price of the US dollar, which has been announced, is aimed at unifying the price, as it has left an impact on its decline in the market," Masoumi said. Ending / 25

http://www.almaalomah.com/2018/04/10/299263/

[yota691]

 

Iranian economist: "Mafiyat" Kurdistan caused fluctuations in the foreign exchange market

 

14:04

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accused the Iranian economic expert Abu Hassan of innocent, on Tuesday, "mafias" in Iraq , Turkey and the Kurdistan region, of being behind the recent volatility in the foreign currency market in Iran. 

"The rise in the price of the US dollar in Iran is not due to economic matters only, according to the statements of the concerned officials, but it should also be said that it belongs to regional affairs," Masoumi told Fars news agency.

He pointed out that "Mafias in the Kurdistan region of Iraq and Turkey, bear the responsibility of foreign currency fluctuations in Iran." 

"The constant price of the US dollar, which was announced, aims to unify the price, leaving an impact on its decline in the market." 

"We have to wait until one month on the issue of the nuclear agreement because some of these restrictions are due to this agreement," he said.

[yota691]

Iran controls the exchange rate of the riyal to avoid its collapse and sets a ceiling for the acquisition of foreign currency outside the banks

11-04-2018 11:04 AM

Readers

 

Baghdad News -

LONDON, Iran (Reuters) - 

Iran's central bank has set a maximum limit on foreign citizens' holdings of foreign currency at 10,000 euros, state media reported yesterday. The bank said in a statement published by the agency, "Tasnim" news that citizens have a deadline until the end of the month to sell any surplus amount or deposit in banks. He added that violators would introduce themselves to legal action.

Iran yesterday took drastic steps to control the exchange rate of the Iranian riyal against the dollar in an effort to stop its decline after losing about a third of its value within six months. The riyal has fallen in recent weeks to 58,650 riyals against the dollar as financial transactions closed yesterday, as uncertainty over the future of a nuclear deal Iran signed with major powers in 2015. After an emergency cabinet meeting on Monday evening, Vice President Yitzhak Jahangiri That the exchange rate of the riyal will be limited to a maximum of 42000 riyals against the dollar with foreign exchange offices subject to the control of the Central Bank. But the new exchange rates published by the official website of the Central Bank of Iran on the Internet, showed that the bank set the official exchange rates for the pound sterling at 59330 riyals and the euro at 51709 riyals.

"Uneconomical, unjustified and unforeseen factors" have caused the riyal to fall, despite the strong performance of Iranian exports. "We should not see such things in an economy that always has a foreign exchange surplus. Some say that foreign hands intervened to stifle the economic climate, while others saw domestic conspiracies being hatched to create instability in the country. " 

US President Donald Trump has threatened to withdraw from the nuclear deal and impose new sanctions on Iran next month if new restrictions are not put on its missile and nuclear programs. Analysts said the threat encouraged Iranians to buy the dollar, hoping to sell it later for gains if the riyal collapsed. 

Jahangiri warned that the sale of currencies at prices higher than the official exchange rate would be considered as a "trade in prohibited materials."

The riyal has accelerated since mid-October at a time when the dollar was trading at 40,000 riyals after Trump threatened to withdraw from the agreement on Iran's nuclear program. If the United States withdraws, it is expected to re-impose the current economic sanctions against Iran, which will affect the country's economy and alienate foreign investors. The authorities have not set a fixed exchange rate for the euro or the pound, which has gained significant gains against the Iranian riyal in recent months. 

The dollar rallied against the yen after Chinese President Xi Jinping pledged to cut import tariffs, easing concerns over a trade row with the United States and re-risking as Asian currencies recovered as well, after being hit hard in recent weeks.

The Chinese yuan, which fell this month, offset some of these losses by gaining a limited rally, as did the Australian dollar, which rose by up to half a percent. 

The Turkish lira was further down against the dollar and the euro on Tuesday as investors worried about inflation and current account expectations as well as geopolitical tensions linked to Syria, while shares fell 2.6 percent. The Turkish currency hit its lowest level ever at 4.0852 lira to the dollar, while it fell to a record level against the single European currency at 5.03 lira per euro.

[yota691]

IRAN / IRAN Date: 2018 Apr / Apr 11 - GMT 06:57

 

 

 

Assistant Iranian president talks about a new plan to manage the foreign exchange market

Iranian Vice President for Economic Affairs Mohammad Nahwandian has announced a new plan to run the country's foreign exchange market.

In a televised interview on Tuesday, Nahwandian warned against the violation of central bank laws and promised a punishable crime, saying that the implementation of the new plan in the management of the foreign currency market will work all the executive and security services and police alongside each other. 

He pointed to the fluctuations witnessed by the foreign exchange market in the country during recent weeks, explaining that these fluctuations did not result from economic reasons, but the volume of exports in the country exceeded imports and we have a large amount of foreign exchange in the commodity market.

Imports in 2017 were higher than in 2016, thanks to the government's anti-smuggling policy, he said.

"With new policies in the foreign exchange market, we are trying to root out smuggling and make everything transparent in this market," he said.

He pointed out that the unified price of foreign exchange in the country is based on the calculation of the difference between local and global inflation rates and was set at 42000 riyals.

He pointed out that the central bank's mission is to maintain relative calm in the market and the government continues to control the rate of inflation, and said on the basis of floating system foreign exchange market according to expert calculations, so the exchange rate of the US dollar was set at 42000 riyals.

The president's aide said that by unifying the US dollar, the foreign exchange market, gold coins and the country's economy would follow the system.

He pointed out that in view of determining the exchange rate of the US dollar at 42000 riyals, the price of the euro has been set at 51700 riyals.

He pointed out that only 15 percent of the foreign exchange of the country is through the US dollar as we move to adopt the euro instead of the dollar in view of the change of our foreign trade partners.

[Butifldrm]

Iranians Panic - "Can't Find Dollars" After Government Enforces Currency Controls

by Tyler Durden

Wed, 04/11/2018 - 02:45

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Yesterday saw the Iranian Rial crash to a record low 60,000 per USDollar on the unregulated markets, according to Tasnim News agency, having lost more than a third of its value in the last six months.

This prompted an angry response from Iran’s First Vice President Eshaq Jahangiri who said in a statement recorded for state TV and published on its website that enemies of the Islamic Republic and of the government were behind the instability.

As Bloomberg reports, Jahangiri said the sudden decline was “unnatural and unprecedented” because tens of billions of dollars worth of foreign currency had flowed into Iran in recent weeks from the country’s export revenues and this showed that a wider political plot sought to discredit the government of President Hassan Rouhani and foment instability.

“It’s natural that our enemies and opponents, especially the Americans, after the nuclear deal was agreed and after Trump took office, have made great efforts to try and present Iran’s economy as turbulent and try to discourage anyone from working with Iran,” Jahangiri said.

And so Iran enforced a rate of 42,000 Rial per USD warning that anyone found selling the dollar at rates higher than 42,000 rials “will be dealt with severely” by judicial authorities and the police, Jahangiri said.

“We do not officially recognize any other rate than this one," he said.

“From tomorrow, any other price that’s offered in the market will be considered contraband, in the same way that illegal drugs are contraband.”

Still, things remain ugly for those holding Rials...

 

 

“We will certainly use all of the state’s strengths and capabilities in order to, God-willing, steady the market,” government spokesman Mohammad Bagher Nobakht said in a statement shown on state TV. “We accept that this situation is not a good one and it’s against what we want.”

As one would expect, this news prompted widespread concern among Iranians who flocked to exchange offices on Tuesday only to find there were none to buy.

As GulfNews reports, on Ferdowsi Street in central Tehran, home to dozens of banks and currency exchanges, many had hoped to find much cheaper dollars than the day before.

But all along Ferdowsi Street, exchangers were turning hundreds of people away or had signs up saying: “We have no dollars to sell”, while rate boards showed blank spaces for US and European currencies.

“Last night on TV I heard it’s 42,000 so I came here to buy some for my son who is overseas. I’ve checked every exchanger but I couldn’t find any dollars,” said Tahmoores Faravahar, a 71-year-old retired oil sector worker.

Many businesses were forced to halt work amid the uncertainty created over prices and the availability of imported materials.

“After speaking to my usual printer, I’ve had to cancel a project because they weren’t selling anything,” said Payam, a 38-year-old in Tehran who owns a small advertising and publishing company. “I was also planning to advertise for new personnel on Saturday -- I’ve also canceled that plan now.”

Some said this had only created fear and confusion.

“People don’t have hope in the political and economic situation in this country. People are confused and just want to keep their money safe by turning it into dollars.”

One exchange office said it was never clear when the central bank would deliver dollars for them to sell.

“I don’t know why they haven’t come yet today,” he said in the early afternoon. “But the new rate is good. The price was not normal these last few days.”

But this seemed to sum things up well...

“The truth is that the people can’t trust the word of the government that their money will be safe,” said a trader who sold currency on the street and asked to remain anonymous.

One street trader said exchangers would find ways to fiddle the system to get round the new fixed rate, even though Vice-President Eshagh Jahangiri warned this would be considered smuggling.

https://www.zerohedge.com/news/2018-04-10/iranians-panic-cant-find-dollars-after-government-tries-enforce-currency-controls

[gregp]

Thanks!

[Butifldrm]

Iran sets single foreign exchange rate to rescue currency

By Amir PaivarBBC Persian business reporter

• 10 April 2018

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Image copyrightGETTY IMAGES Image captionIran relies on money from its oil exports to cover virtually all its expenses

Iran's currency, the rial, lost some 20% against the US dollar in two weeks as Iranians rushed to hedge against depreciation of their assets. Some fear an imminent collapse of the nuclear deal and return of economic sanctions.

"We are sitting idle watching numbers go up. You cannot do business when you start the day with one rate and end with another," Ismail Kazemi, an Iranian coffee importer, said in a phone call from his office in north Tehran.

"Best is to do nothing until the dust settles," he added.

In the foreign exchange market it has been more of a sandstorm for the past few weeks. The Iranian currency, the rial, lost 8% against the dollar in one day this week.

On Monday night the government stepped in, removing the discrepancy between the exchange rate used by traders - 60,000 rials to the dollar - and the official rate - previously 37,000.

The new single rate has been set at 42,000 rials to the dollar.

• Voices from Iran: 'We have the right to protest'

Image copyrightGETTY IMAGES Image captionThe old official rate was costly to the government

"We do not recognise any other rate," Iran's first Vice-President Eshaq Jahangiri said on a late television broadcast.

"Anyone trading at any other rate will be considered a smuggler," he added.

The old official rate was costly to the government, and therefore limited to imports of selected goods that were deemed necessary.

Just this week the government said it could no longer offer it to students studying abroad, and they now have to buy foreign currency from the open market to pay for their tuition.

An old dream

With some $50bn (€40bn; £35bn) in oil exports, Iran's government is the main supplier of hard currency to the economy. But there is also an open market of licensed exchange offices and unlicensed street traders.

When it comes to exchange rate, the two have seldom sung from the same hymn sheet.

Iran uses its petro-dollars for virtually all its expenses, from import of basic staples such as wheat to military adventures in Syria.

But there is a cap on how much of its hard currency it can allocate to expenditure considered "luxury", such as Iranians travelling to Thailand for fun, or those who import cosmetics.

This is where the open market comes in - always at a higher price. Unifying the two rates is a 40-year-old dream. But it is not the first time that Iran has tried to force a single rate.

In January 2012, Iran's central bank set the exchange rate of the US dollar at 12,260 rials while the value the rial on the open market was about half that. The so-called unified rate lasted only a few months.

Iran was then accused of pursuing a nuclear weapons programme and the economy was crumbling under international sanctions that limited its oil exports.

• How sanctions have hit ordinary Iranians
• Iran nuclear deal: Key details

"When you set a government-enforced single rate, you have to be able to support it," says an Iranian economist who works with the government and wishes remain anonymous.

"Iran's government did not have infinite coffers of hard currency then and nor does it have now."

Looming fear of sanctions

Iran's trade balance is actually healthy. Besides oil, it also has some $40bn of so-called non-oil exports. The country imports $50bn worth of goods and services every year.

The main problem is bringing the export proceeds back to Iran.

Although most international sanctions were lifted in 2016 following the nuclear deal, there is still no major international bank that will work with Iran.

Iran's tensions with Israel and Saudi Arabia are increasing over Syria and Yemen. And in Washington, there is a president who thinks that the Iran nuclear deal has "disastrous faults".

President Donald Trump has asked Europeans to either fix the deal or see the US leave the accord next month. If the deal collapses, unilateral US sanctions against Iran's energy and banking sectors could return.

Image copyrightGETTY IMAGES Image captionThe Iranian government remains cautious in spending its hard currency

That is why Iranians have a hunger for hard currency. There are even reports of capital flight with some Iranians buying assets in neighbouring countries, fearing a military confrontation with Saudi Arabia, Israel or the US.

And that is why the government is cautious in spending its money.

It is not clear if the Iranian government will gamble by opening the floodgates of its reserves at the new so-called unified rate, or if it will again be limited to select groups of buyers like students and businesspeople.

"At the end of the day, it's about who you know," Mr Kazemi, the Iranian coffee importer says.

"We know some people in the right places."

http://www.bbc.com/news/world-middle-east-43715971

[yota691]

IRAN / IRAN Date: 2018 Apr / Apr 11 - GMT

 

 

 

Iran's central bank: The latest turmoil in the country's hard currency market will not be repeated

The recent turmoil in the country's hard currency market will not be repeated, the central bank governor said.

In a statement to journalists on the sidelines of the cabinet meeting on Wednesday, Saif referred to the government's recent decisions on hard currency and said it was too early to judge definitively the results of the government's latest draft on the hard currency market. We took it in the economy was very effective and successful and will have long-term and long-term results.

On the long-term results of this measure, he explained that he will fortify our financial sector against the conspiracies aimed at the country and the atmosphere and turmoil in the currency market. "The fact is that our revenues from hard currency are sufficient for the needs of imports of goods and services. It has been said repeatedly that the fluctuations of hard currency do not return to the economic factor, but to non-economic factors often and fortunately things have been controlled through the adoption of this decision.   

He said other non-economic factors could not be so effective, adding that economic officials had the potential to steer the country's economy correctly.

He added that the new model can give full transparency to the anti-money laundering and terrorist financing regulations, especially financial exchanges, and has also provided us in the country as well. This possibility enables us to make the exchanges transparently.

[yota691]

IRAN / IRAN Date: 2018 Apr / Apr 11 - GMT 5:56 pm

 

 

 

Tehran police arrest a number of manipulators in the foreign exchange market

Tehran police chief Brigadier-General Hussein Rahimi announced the arrest of 12 suspects in the foreign currency market on Tuesday and seized their explosives.

He added that all unlicensed exchange shops will be closed in coordination with the central bank, where 16 stores have been closed in this context so far.

He said that the identities of members of an activist group in the virtual environment had been identified and carried out illegal activities that resulted in the disruption of the foreign exchange market and their arrest for investigation in coordination with the judiciary.

[blueskyline]

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

PressTV

PressTeporting currency  

Wed Apr 11, 2018 02:03PM

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Valiollah Seif, the governor of the Central Bank of Iran (CBI), says a plan is on agenda for the government titch  the US dollar to Euro as the official reporting currency.   

Iran has unveiled a plan to switch from the US dollar to Euro as its official reporting foreign currency in an effort which could be meant to reign in the rate of the greenback that hit multiple records against the Rial earlier this week. 

Valiollah Seif, the ntral Bank of IranI), was rted to have said the plan would be implemented immediately after the approval of the government.

“Changing the reporting currency of the country is very serious …. This will be reasonable because it will have a primary effect on the economy,” Seif told reporters after a cabinet meeting. “An approval [to go ahead with changing the reporting currency] will e adopted by the govnounced to the public accordingly.” 

On Monday, Iran’s national currency tal plunged above 6 percent aganshis deteriorated a Rial depreciation streak that started over the past few months.

At the end of trading on Monday, the greenback stood at above 60,000 Rials which was described by media as the highest ever recorded. 

PressTV-Dollar reaches record high against Iran’s Rial

Iran’s national currency the Rial plunged above 6 percent against the US dollar to reach an all-time low record in free market on Sunday.

This moved the government to move to control the hard currency. On Monday evening, First Vice President Es’haq Jahangiri said the US dollar would be sold in currency exchange shops at 42,000 Rials. The move was seen as an emergency action plan by the government to control the spiraling prices of the dollar but was largely met with skepticism.

PressTV-Iran government moves to control Rial drop

Iran announces that it will unify official and open market exchange rates following the Rial's recent plunge against the dollar.

Over the past two days, selling the US dollar has literally stopped at currency exchange shops. Reports in Iran’s media said the shops still had to wait for new supplies of the  injected into the market by the government at a rate announced by Vice President Jahangiri. That, it has been reported, could happen either on Wednesday – the last trading day of the week – or on Saturday – the first trading day of wee

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Iran to switch to Euro as official reporting currency  

Wed Apr 11, 2018 02:03PM

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Valiollah Seif, the governor of the Central Bank of Iran (CBI), says a plan is on agenda for the government to switch from the US dollar to Euro as the official reporting currency.   

Iran has unveiled a plan to switch from the US dollar to Euro as its official reporting foreign currency in an effort which could be meant to reign in the rate of the greenback that hit multiple records against the Rial earlier this week. 

Valiollah Seif, the governor of the Central Bank of Iran (CBI), was reported to have said the plan would be implemented immediately after the approval of the government.

“Changing the reporting currency of the country is very serious …. This will be reasonable because it will have a primary effect on the economy,” Seif told reporters after a cabinet meeting. “An approval [to go ahead with changing the reporting currency] will be adopted by the government soon and will be officially announced to the public accordingly.” 

On Monday, Iran’s national currency the Rial plunged above 6 percent against the US dollar in free market. This deteriorated a Rial depreciation streak that started over the past few months.

At the end of trading on Monday, the greenback stood at above 60,000 Rials which was described by media as the highest ever recorded. 

PressTV-Dollar reaches record high against Iran’s Rial

Iran’s national currency the Rial plunged above 6 percent against the US dollar to reach an all-time low record in free market on Sunday.

This moved the government to move to control the hard currency. On Monday evening, First Vice President Es’haq Jahangiri said the US dollar would be sold in currency exchange shops at 42,000 Rials. The move was seen as an emergency action plan by the government to control the spiraling prices of the dollar but was largely met with skepticism.

PressTV-Iran government moves to control Rial drop

Iran announces that it will unify official and open market exchange rates following the Rial's recent plunge against the dollar.

Over the past two days, selling the US dollar has literally stopped at currency exchange shops. Reports in Iran’s media said the shops still had to wait for new supplies of the greenback to be injected into the market by the government at a rate announced by Vice President Jahangiri. That, it has been reported, could happen either on Wednesday – the last trading day of the week – or on Saturday – the first trading day of the weekPre.

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[pokerplayer]

Thxs Blueskyline. Hopefully we will see some positive movement on this Investment as well.

 

  pp

[NEPatriotsFan1]

Interesting to me that Venezuela, Iran and North Korea all countries without a Rothschild central bank are going through horrible hyperinflation right now and are under some type of sanctions...... interesting to say the least 

[Freedomwish]

12 minutes ago, pokerplayer said:

Thxs Blueskyline. Hopefully we will see some positive movement on this Investment as well.

 

  pp

[ChuckFinley]

4 minutes ago, Freedomwish said: