Central Bank of Iran: We can not provide hard currency

[ChuckFinley]

Nothing like setting up the fear factor for everyone.  

[ChuckFinley]

49 minutes ago, Pitcher said:

Sweeping protest hit Iran's Kazeroon against Mullahs' corruption

August 05 2018 11:49 PM

Protests in Iran (archive)

 

A sweeping protest hit Iran's Kazeroon city on Sunday, well-informed sources told the Baghdad Post. 

 

The protest witnessed chants against the clerical regime's corruption and tyranny. 

 

For the pat three weeks, Iranian major cities including the capital Tehran have been hit by sweeping demonstrations against the Mullah's regime. 

 

Thousands of Iranian protesters have been arrested. Dozens of them were torture to death. 

 

http://www.thebaghdadpost.com/en/story/30336/Sweeping-protest-hit-Iran-s-Kazeroon-against-Mullahs-corruption

 

 

Civil unrest, sounds like a perfect time for a hostel take over. 

[Officiallytook]

Interesting

[yota691]

Iran eases foreign exchange rules in hopes of supporting its currency before sanctions

 

Iranian capital Tehran

Arab and international Economy News Baghdad TEHRAN (Reuters) - Iran will ease foreign exchange rules in an effort to stem the fall of its riyal, which has lost half of its value since April on fears of US sanctions likely to be imposed this week, state television said on Sunday. US President Donald Trump has withdrawn from an agreement that lifted sanctions against Tehran in return for curbing its nuclear program. His decision sparked a sell-off of riyal as companies and savers scrambled to buy hard currency to protect themselves from economic sanctions that may be imposed on Monday. The fall of the currency and the rise in inflation have sparked sporadic protests against exploitation and corruption, and many protesters chanted slogans against the government. The central bank blamed the fall of the currency on what they described as "enemies." The Iranian judiciary said 29 people had been arrested on capital punishment charges. Judicial authorities said they had arrested seven other people, including a former deputy central bank governor and five currency dealers. A government council led by Iranian President Hassan Rowhani and the heads of the judiciary and parliament decided on Sunday to partially lift a ban on the sale of foreign currency at free prices, allowing exchange offices to sell the currency at informal market prices for purposes such as traveling abroad. This is a reversal of the decision taken in April to ban currency trading at a price of around 42,000 riyals to the dollar. Prior to the announcement of the new measures, the riyal rose slightly in the informal market, trading at 98,500 riyals per dollar, compared to 103,000 on Saturday, according to the specialized currency website Boncast. Iran's central bank governor Abdel Nasser Hamati said the plan reflected Iran's own confidence in the face of impending US sanctions. On the same day that you (the Americans) impose sanctions, we open our economy, we have no problem, and our people are not worried, "he said in an interview broadcast on television. Hamati said the central bank would allow a "floating float" for the riyal exchange rate and would try to avoid using reserve to support the currency. "The central bank will try not to intervene in determining the price of foreign exchange, which is determined by supply and demand, but the bank's control will prevent uncontrollable market volatility and the emergence of a black market," he said. To encourage Iranians to re-pump their liquidity into the economy, the plan allows the central bank to create dollar savings accounts for ordinary citizens, state television reported. Non-oil exporters will also be allowed to sell hard currency to importers, while there will be no ceiling for currency or gold inflows into the country. The new plan is to provide hard currency at a subsidized price for the purchase of basic commodities and medicine, state television quoted a government statement as saying. In July, Iran opened a secondary exchange market for non-core commodity importers who are not eligible for the special rate from the central bank. Starting this week, Washington will re-impose sanctions on Iran's purchases of US dollars and its trade in gold and precious metals and its dealings in metals, coal and software related to industries. The United States has asked states to stop importing Iranian oil from early November or face US financial measures. Views 26   Date Added 08/06/2018

[yota691]

Governor of the Central Bank of Iran: The new package of hard currency will be implemented from Tuesday

TEHRAN, Aug 6 (KUNA) - 
The new hard currency package approved at Sunday's cabinet meeting will be implemented from Tuesday, the central bank governor said.

During its Sunday afternoon meeting, the Iranian government approved a series of new monetary and fiscal policies to regulate the hard currency market. 
In an interview with the second Iranian television channel on Sunday evening, Hamati reviewed details of the government's decision on the new monetary and monetary policies to regulate the foreign exchange market. He said that by implementing this decision, the secondary market will be deepened. Only 20 percent of non-oil exporters are offering their currencies before this time . 
He declared that the large exporters, whether in petrochemicals, steel or colored metals, can also display their export earnings for sale in the secondary market for importers on the basis of supply and demand. 
The liberalization of the hard currency market does not mean launching it, the central bank does not intervene in prices, but it can, if necessary, take advantage of its ability to manage the market in the sense of a disciplined floating market system.
"We hope that we will not intervene in the market in order to balance ourselves," he said. "Our policy depends on maintaining the central bank's resources, and given the great depth of the secondary market, it is expected to have an impact on other markets as well. 
He announced the cancellation of the classification of imports into the second and third groups and said that the identification of imports of goods and the necessity of the country is placed on the Ministry of Industry. 
On the inflationary effects of this decision on production expenses, he said, however, part of these inflationary effects have occurred in the market in recent months and that the hard currency at 4200 tomans (USD) has not reached the producer's hand. 
He expressed his belief that setting a preferential rate in accordance with the decisions of the hard currency will lead to corruption and the acquisition of illegal features by some, adding that the central bank has programs that will be implemented over time to control inflation.
On the return of cashiers to the country's hard currency system, he said that one of the problems of the previous phase was the implementation of new hard currency policies and the sale and purchase of hard currency in the field of money laundering. However, according to the new decision of the government, the traders can resume activities once again in the process of selling hard currency to travelers and other services Such as the need for treatment. 
The range of cashier activities is to provide citizens with foreign currency with up to $ 10,000. He explained that the hard currency for travelers will henceforth be free and not subsidized. 
He also said that the country's exports of non-oil goods reached 15 billion dollars during the first four months of the current Iranian year (which began on March 20) and expected the country's revenues to reach at least 40 billion dollars a year.
On the first phase of US embargoes starting on Monday, Hemeti said the government had enough power to declare the opening of the hard currency market a day before the embargo was imposed because it had sufficient knowledge of economic conditions and markets. 
He explained that in the period of the prohibition of selling and buying hard currency there has been pressure on the gold coins market and affected prices as a result, so it is expected through the liberalization of the price of foreign currency to see the impact of this reduction in prices in the currency market. 
In response to a question about the guarantee that the capital would not come out of the country with the liberalization of the foreign exchange rate, he said that the cashiers helped in the process of getting out the money through remittances, but with the new decision (approved at the cabinet meeting on Sunday) To the country by cashiers and other individuals in coordination with the Central Bank.
He explained that the government's decision includes exempting imports of crude gold from the payment of customs duties and added value. 
He said that in the new phase of the central bank, he intends to link the financial markets, whether banks or Tamils or Caramel market with each other and control the secondary market of hard currency through the financial markets, adding that during the coming weeks, meetings will be held with the officials of the market to reach specific ways. 
The citizens will be assured that the provision of basic commodities and medicines will be made from hard currency sources to the central bank, which is derived from the proceeds of the sale of oil and will not cause any problem in this area. 
He pointed to the government's decision to allow banks on behalf of the central bank to open accounts for foreign currency deposits for citizens and that the central bank guarantees the return of deposits with interest in foreign currency.
The central bank's governor considered the large volume of cash liquidity to be the cause of the recent problems in the foreign exchange market and said that we have specific programs for banks to control the liquidity. 
Finished

[Pitcher]

Khamenei's predicament escalates amid sweeping protests, US sanctions

The Mullah's regime in Iran led by Ali Khamenei faces a real dilemma amid the collapse of the Iranian currency and the deteriorating economy with the Trump Administration preparing for new sanctions against Tehran. 

Experts say that Khamenei's predicament grow bigger amid sweeping protests against his rule. 

Angry demonstrations hit Iran's major cities and the capital Tehran for the past few weeks. Violent clashes erupted between protesters and security forces.

Activists have posted online videos showing thousands shouting "death to the dictator". One of the videos showed security forces attacking protesters while youths burned garbage containers to block the advance of security personnel.

The Iranian authorities shut down the mobile phone service and cut off the Internet in the cities of Qom and Karaj to prevent the circulation of pictures of protests and clashes.

Iranian protesters also burnt a statue of Salman al-Farsi, one of Prophet Mohamed's companions. The statue was established by the regime as a malicious political exploitation of religion.

The sanctions are due to be imposed on August 6.

This coincided with the collapse of the Iranian riyal after US President Donald Trump's withdrawal from the 2015 nuclear deal.

Thousands of Iranian companies and individuals sought to buy hard currency to protect themselves from economic sanctions. 

The fall of the currency and rising inflation have sparked sporadic demonstrations to protest against the Mullahs' corruption. 

Iran's judiciary has arrested more than 30 people for illegal foreign currency transactions, including a former deputy governor of the central bank.

US Secretary of State Mike Pompeo said the US wanted "the Iranian people to have a strong voice in determining their leadership."

Pompio wrote on Twitter that the US is "deeply concerned over reports of Iranian regime violence against defenseless citizens" and urged respect for human rights.

 

http://www.thebaghdadpost.com/en/story/30363/Khamenei-s-predicament-escalates-amid-sweeping-protests-US-sanctions

[Pitcher]

Here's the meaning of US sanctions reimposed on Iran

August 06 2018 06:31 PM

President Donald Trump

 

 

 

When President Donald Trump withdrew the United States from the Iran nuclear deal in May, he also said the US would reimpose strict sanctions on Tehran, VOX reported.
Starting at 12:01 am on Tuesday, financial penalties that former President Barack Obama removed from Iran as part of the nuclear agreement snap back into place.
Sanctions will once again target the following areas with “full effect,” senior administration officials told reporters on Monday, meaning these activities will be restricted or prohibited:
The Iranian government’s ability to purchase or acquire US dollar banknotes
Trade in gold and precious metals
The sale or transfer to or from Iran of graphite and metals, such as aluminum and steel
Unspecified transactions related to the Iranian rial, the country’s currency
In addition to this, administration officials said, tariffs will be placed on Iran’s automotive sectorand the country can no longer purchase US passenger aircraft, while the US can no longer import Iranian carpets or certain foods.
That’s not all: On November 4, even more sanctions that Obama lifted will kick back in. Those will hit Iran’s oil exports and energy sector, a key industry for the country; financial institutions working with the Central Bank of Iran; port operators and shipbuilding sectors; and the provisions of insurance and financial messaging services.
The goal of the sanctions, according to the senior administration officials, is to cripple the Iranian economy to the point that the regime must end its support for terrorism and negotiate an end to its nuclear program with the US.
On July 30, Trump said he would meet with Iranian President Hassan Rouhani without preconditions — an offer the regime quickly and flatly rejected.

 

http://www.thebaghdadpost.com/en/story/30366/Here-s-the-meaning-of-US-sanctions-reimposed-on-Iran

[Pitcher]

Trump's first round of nuclear sanctions on Iran sends a message: This is not a test

• The Trump administration's first deadline for companies to wind down some transactions with Iran begins Monday.
• The sanctions hit Iran's ability to access dollars, engage in some financial activity and attract investment into its auto and aviation industry.
• The penalties pale in comparison to energy sanctions due later this year but send a message that Washington is not backing down.

 

 

https://www.cnbc.com/2018/08/03/trumps-1st-round-of-iran-sanctions-sends-message-this-is-not-a-test.html

[Pitcher]

My apologies to the board that I couldn’t get the entire previous article to post. I just couldn’t get it to download.  

 

In my opinion it is a good article which you can read by clicking the link.  

 

The sanctions on Iran is a huge story that will have major repercussions in the ME, Europe, and our trading partners throughout the world.  Stay tuned to this on going story.  It is going to get very interesting.  

[justchecking123]

The goal of the sanctions, according to the senior administration officials, is to cripple the Iranian economy to the point that the regime must end its support system" rel="">support for terrorism and negotiate an end to its nuclear program with the US.

 

I like it. 

[Pitcher]

And wink wink if the Mullahs get overthrown in the process that’s even better!!!!

[Pitcher]

Bolton: Blocking Strait of Hormuz will be Iran’s ‘worst mistake

August 06 2018 10:39 PM

Iran's navy kicks off annual drill near key Strait of Hormuz

 

Closing the Strait of Hormuz would be the biggest mistake Iran has ever made, the US president’s national security advisor John Bolton said, according to RT English. 
 He urged Tehran to sit down for talks on its nuclear and missile programs with the US.
Dismissing Tehran’s threats to block the strait if its oil exports are stopped, Bolton on Monday said the Iranians were “bluffing.” 
Dismissing Tehran’s threats to block the strait if its oil exports are stopped, Bolton on Monday said the Iranians were “bluffing.” He then quickly changed his tone saying that Iran should actually engage in a dialog with the US instead of issuing threats.

 

http://www.thebaghdadpost.com/en/story/30372/Bolton-Blocking-Strait-of-Hormuz-will-be-Iran-s-worst-mistake

[Pitcher]

White House's Bolton says Iran should give up missiles to avoid sanctions

August 06 2018 10:27 PM

Bolton: Talks with N.Korea modeled on efforts to denuclearize Libya

 

 If Iran wants to avoid the re-imposition of U.S. sanctions it should take up President Donald Trump’s offer to negotiate, White House national security adviser John Bolton said on Monday, according to Reuters.
Asked in an interview on Fox News what the leaders of Iran could do, Bolton said: “They could take up the president’s offer to negotiate with them, to give up their ballistic missile and nuclear weapons programs fully and really verifiably not under the onerous terms of the Iran nuclear deal, which really are not satisfactory.”
“If Iran were really serious they’d come to the table. We’ll find out whether they are or not.”
 

 

http://www.thebaghdadpost.com/en/story/30371/White-House-s-Bolton-says-Iran-should-give-up-missiles-to-avoid-sanctions#section_237

[Pitcher]

The Iranian regime nears the verge of collapse amid tight sanctions

August 07 2018 12:21 AM

Has Iran sold out Arab Shiites?

Mostapha Hassan

 

The Iranian regime is facing a gloomy reality as the state is being hit severely at home and abroad. Protests demanding better situation for the people living in poverty are on the rise. 
Mullahs' also have another choking problem: the deteriorating national currency and the plummeting economic indications. 
Experts, who have repeatedly reiterated this assertion in previous reports, said the Iranian regime is near the verge of collapse, citing the poor performance of the economy, rising popular discontent, increasing isolation and global determination to end the Iranian terror. 
They likened what is happened now to the last days in the Shah era. But they said Mullahs at that time were working actively at home and abroad to stir chaos. 
"Now, there is real anger, real failure and real deterioration," they said, as they spoke to The Baghdad Post. 
 This comes as Washington is stepping up pressure on Iran on Monday, forging ahead with the reimposition of economic sanctions as the Islamic regime faces widespread social unrest.
President Donald Trump confirmed he would reinstate a series of tough sanctions on Tehran that were waived as part of the 2015 Iran nuclear deal, from which he withdrew in May.
The sanctions, which take effect on Tuesday, prohibit Iran from using US currency. They also bar trading in cars and metals and minerals that include gold, steel, coal and aluminium. Iran will also be barred from buying US and European aircraft.
Also, mass protests have continued across Iran for the sixth straight day, with reports one protester had been killed.
Protests were held in the cities of Arak, Isfahan, Karaj and Shiraz, as people — in numbers ranging in the hundreds, perhaps more — took to the streets, chanting slogans like “death to high prices,” but also criticizing top officials. 
A smaller protest was held in Tehran, where some people were arrested, according to videos taken at the scene. In the capital, people took to the streets in other areas such as Daneshjo Park, downtown, Kareger Street, Amirabad Street, and south of Tehran.
As a sign of their anathema to the strict Islamic rule in Tehran, protesters set fire to a statue of one of the Messenger's companions named Salman al-Faresi. It cost about two billion rials and it was the first statue for this Prophet's companion in Iran.
Citing these developments, commentators said the Iranian regime is going through its toughest time ever. They cited the US sanctions that will take effect as of Tuesday. 
This comes after the US president walked away from the nuke deal last May 8. He always branded the deal as 'the worst ever'. He said the regime benefits from it to spread terror regionally and globally. 
Since then, the Iranian economy had been heading downwards, with the currency losing more than half of its value on both markets, the regular and parallel one. 
The Iranian Toman has deteriorated to the extent that a single US dollar is as equal as 100400 Tomans.  
Also, the US State Secretary Mike Pompeo said Washington wants the Iranian people to have the right to choose its leadership. 

 

http://www.thebaghdadpost.com/en/story/30377/The-Iranian-regime-nears-the-verge-of-collapse-amid-tight-sanctions

 

[new york kevin]

Let them do all, and I mean all the things the Iranians know to do to prop up their currency.  Get the best advice they can even, from whoever. Then and only then should the US do all that we know to do, to tank their currency, their economy, and shut down their war and proxy war machine. Then prayerfully they will really shut down and dismantle their nuclear weapons program. Iraq can RV and become the diverse economic power of the M.E. Then we can get on with doing what God told us to do. 

Edited August 7, 2018 by new york kevin

[blueskyline]

https://www.cnn.com/2018/08/06/politics/rouhani-trump-us-iran-talks/index.html.......

Iran's president says he'll talk to Trump "right now"

By Zachary Cohen, CNN

 

Updated 5:36 PM ET, Mon August 6, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Play Video

 

 

Boot: Trump's Iran policy not thought out 02:22

Washington (CNN)Iranian President Hassan Rouhani issued a challenge to President Donald Trump on Monday, saying the Islamic Republic would welcome talks with the US "right now."

"I don't have preconditions. If the US government is willing, let's start right now," Rouhani said during an interview that aired on state television late Monday local time, just hours before the US renewed sanctions on Iran. "If there is sincerity, Iran has always welcomed dialogue and negotiations," Rouhani said.

Trump's national security adviser John Bolton, when asked about the offer by CNN's Jake Tapper, dismissed it as possible "propaganda."

"Let's see what really comes of it or whether it's just more propaganda," Bolton said, adding that Trump has been "consistent" that he would be willing to negotiate with regimes such as North Korea and Iran.

"If the Iranians are really willing to come and talk about all of their malign behavior in the region and around the world, I think they'd find the President willing to do it," Bolton said.

close dialog

Receive Fareed Zakaria's Global Analysis

including insights and must-reads of world news

Activate Fareed's Briefing

By subscribing you agree to our

privacy policy.

 

But the Iranian President expressed concern that Trump is the unreliable one, pointing out that the US President has backed out of previous dialogue with Tehran as well as other international agreements.

'The coming Congress elections'

"The person who is claiming to be willing to negotiate today has withdrawn from all international commitments, from Paris Agreement (on climate change) to its business commitments with other countries," Rouhani said.

He indicated that Iran would want the US to scale back sanctions before any talks could begin. "If somebody puts a knife in its opponent or enemy's arm and says we want to negotiate, the answer is that they must first pull out the knife and then come to the negotiation table," Rouhani said. He added that "these sanctions are targeting Iranian children and people."

Rouhani also suggested that the Trump administration is ramping up sanctions and rhetoric on Iran in part for domestic consumption as November's midterm elections draw near.

"I believe that they want to wage a psychological war and create skepticism in the Iranian people to be able to use it in the coming Congress elections," Rouhani said. "So Trump's remarks are aimed at taking advantage of them in Congress elections."

 

Trump snaps back Iran sanctions aiming to change, not topple Tehran, officials say

Rouhani also sought to downplay the impact of newly reimposed US sanctions announced by the Trump administration on Monday -- reiterating his unspoken theme that it is the US, not Iran, that finds itself increasingly isolated.

"They will exert pressure on us and cause pain, but we will certainly come out of the end of this healthier," he said about the penalties that will go back into effect at 12:01am ET Tuesday.

"I think if in unison, if we work together, we will make America regret this action very quickly. If we work together, the world will understand and America will understand that these sanctions are not effective," Rouhani added.

Specifically, Rouhani said China and Russia have indicated they will not abide by US sanctions despite Trump's threat of "severe consequences" for those who continue to trade with Iran.

"Last month I was in Europe, conducted talks with China," Rouhani said. "Their promise: They will ignore the American sanctions."

"China is our biggest trading partner. China and Russia stated clearly they will stand with the framework of our agreement," he said.

 

What impact will US sanctions on Iran actually have?

 

Monday's announcement by the US covers the first of two rounds of sanctions the US is unilaterally reimposing as a result of leaving the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action.

Rouhani also mentioned that when a French company pulled out of a gas project it had signed on to, China immediately stepped in to fill that void. "Under current conditions, Asian countries (are of) utmost importance to us," he said.

The sanctions that go into effect Tuesday cover the purchase or acquisition of US dollars by the Iranian government; trade in gold or other precious metals; the direct and indirect sale, supply or transfer to or from Iran of graphite, raw or semi-finished metals such as aluminum, steels and coal; as well as significant transactions of the Iranian currency; and on the country's auto sector.

The other signatories to the nuclear deal, including the European Union, Russia and China, are sticking with the accord. In a statement Monday, the EU, the UK, France and Germany said they "deeply regret" the US action. The EU announced it would take legal steps to protect EU companies "doing legitimate business in Iran."

CNN's Nicole Gaouette and Donna Borak contributed to this report

 

• PAID CONT

[blueskyline]

Good Evening DV's . Hmmm .... Rouhani's rug weavers must be running low on rug weave in the cupboards. Hmmmm.

[nannab]

Good evening blueskyline and thank you for the updates. 

[new york kevin]

Typical Iranian double talk, we are willing to negotiate with the US right now without pre-conditions. (Words no one thought would come out of Irans mouth.) But first, what was it, scale back or stop the new unilateral US sanctions placed on Iran. Yeah right. Will we get unfettered inspections of those Iranian nuke sites? The ones our intelligence knows about and not just the ones on their guided tour. This last one being the primary reason we pulled out of the Obama era agreement, which was never an actual treaty. 

[yota691]

 

 Video Expert: Dollar will exceed 250,000 riyals due to sanctions

[chris2028]

Thanks for sharing Yota!

[yota691]

Special Abadi's economic adviser: The decline of the currency in Iran and Turkey is in the interest of Iraq

706 views

07/08/2018

Direction Press - Special

 

The appearance of Mohammed Saleh economic adviser to the outgoing Prime Minister Haider Abadi that the decline of the currency in Iran and Turkey is in the interest of Iraq.

Saleh said in an interview with "Trend Press" said that the economic problems in Turkey are different from what is happening in Iran, there is a big difference between them and the decline is due to a deficit in the calculation of payments in general, indicating that as Iraq is a country imported from Turkey and Iran will be goods The low price is because the economic theory involves the transfer of part of the benefits that are falling out of the country.

He added that the country, which is exposed to a decline in its monetary currency is able to export a larger proportion and as Iraq is an importer, there will be benefits to the Iraqi economy and the amounts of money less than the former and the country is benefiting from the increase in production of goods, noting that the Iraqi demand from those countries Demand from other countries will be offset by lower purchasing power.

He continued: the positive thing will be reflected on the tourism sector where the decline in the currency will lead citizens to travel and try to invest in the deterioration of the currency rates within Iran or Turkey, pointing out that Iran and Turkey are characterized by economic diversification will be trade exchange between Iraq and positive for both parties.

 

The virgin

[yota691]

Iraqis lost half a billion dollars after the fall of the Iranian currency

 

money and business Economy News _ Baghdad Iraqi depositors in Iranian banks have lost more than half a billion dollars after the huge losses suffered by the Iranian currency during the last period as a result of US sanctions on the Iranian economy.  The Iranian banks raised the interest rate on the fixed deposit, to 22% of the deposit in 2016, which attracted Iraqi capital estimated at $ 1 billion, while economists said that Iran resorted to raising interest on the fixed deposit in order to obtain hard currency and raise the value of Tuman to confront The economic siege imposed on it.  Said Haider al-Hasnawi, one of the owners of capital, which had deposited about $ 100 thousand in an Iranian bank, in an interview with a newspaper viewed by "economy News", the fall of the exchange rate of the Tuman against the US dollar, led to the loss of about half of what deposited, The interest he was getting for what he deposited was $ 2,500 monthly. Iran provided facilities to Iraqi investors by depositing their money in some branches of Iranian banks inside Iraq, specifically in the provinces of Najaf and Karbala, and withdrawing interest without going to Iran. One of the conditions was to deposit money in dollars and convert them into Iranian Toman.  He attributed the economic expert, Nabil Mersoumi, the reasons for the use of Iraqis deposit in Iranian banks to the fatwas of the clerics that there is no legitimate forms in obtaining benefits.  "Some religious fatwas issued by clerics have encouraged Iraqis to deposit their money with Iranian banks, which have been infalled by the absence of a legitimate problem in the benefits given by Iranian banks as Iran is an Islamic country that does not deal with usury," he said in an interview with Al-Iktissad News. "Many traders have had to deposit their money in Iranian banks that attract the dollar and turn it into Tumen to finance their large trade with Iran, which is more than $ 6 billion a year," he said.  He pointed out that "the low interest rate in Iraqi banks, which did not exceed 5% while Iranian banks give interest rates higher than 15% and sometimes up to 22%, which encouraged many Iraqis to sell their property and transfer their money to it."  He pointed out that "Iranian banks have set easy conditions through which the depositor can receive the interest rate monthly, quarterly, semi-annual or annual with the survival of the principal amount that can not be withdrawn after one year after depositing." Views 672   Date Added 09/08/2018

[yota691]

In Iran, dollar rises again and threatens to execute traders

 

 Twilight News    
 2 hours ago

The prices of the dollar, other foreign currencies and gold have risen again in Iran as sanctions and the continued volatility of the new foreign exchange policy adopted by the Iranian government have started.

The US dollar on Thursday surpassed the 100,000 riyals (10,000 tomans) threshold again on the informal market.

According to Iranian media, the price of the US dollar rose on Thursday morning to about 106 thousand riyals, and after an hour fell to 105 thousand riyals.

The agency "ISNA" reported in a report, that the dollar exchange rate in the informal market was trading between 88000 riyals and 9,2600 riyals against the dollar.

The price of the gold coin is about 30 million riyals, but in the afternoon the dollar rose to about 97000 riyals while the gold coin reached 30 million and 450 thousand riyals.

New policy

Hassan Rowhani's government announced its new foreign exchange policy this week, aimed at reducing the riyal's collapse and the steady rise in foreign exchange rates.

A package of measures was also taken to limit the impact of sanctions, including the creation of a "secondary market" for currencies, which allowed free circulation of the dollar during the past two days to secure foreign currency for traders.

The government also promised to secure the dollar for Iranian importers of commodities at the official price of 43,000 riyals.

It also identified a list of commodities that will be blocked by the government dollar, which will be provided by the Central Bank, namely 25 commodities, including meat, vegetables, flour, eggs, oil, sugar, medicine and others.

Threat to execute traffickers

The prosecutor in Tehran has threatened traders who manipulate prices with prison terms ranging from 5 to 20 years or even execution if they sell their goods at a free price, even though the government provides them with a government price of 42,000 riyals.

In a statement to Mezan, Abbas Jafari told Agence France-Presse that 53 people had been arrested in connection with currency manipulation and mobile phone imports. Twelve people had been arrested in the car import case and 106 defendants had been prevented from leaving the country.

The arrests come after reports in recent months about corruption files in the import of mobile phones, cars and other goods.

Files corrupt

The head of the Iranian General Inspectorate said that hackers broke into the site to buy cars, and were able to introduce about 5 thousand expensive cars to the country illegally, and about 4,000 cars were officially registered and put into the market.

With regard to the mobile phone deal, Iranian Communications Minister Mohammad Jawad Azeri Jahrami said that "criminals" had been fined more than 43 billion tomans for selling phones at high prices.

For its part, quoted the agency "Tasnim" the head of the Basij organization Gholamhossein Gheb Parvar, that the Basij forces "revealed several warehouses for the monopoly of cars, rice and building materials, and some caches of storage of goods by monopolistic traders."

Gheb Parvar said the Basij was told to move around the country to identify the merchants who stockpiled and monopolized the goods.

Keywords: 

[yota691]

Washington Sanctions Against Iran: Baghdad to Stop Trading with Tehran in US Dollars

 

 

 BasNews

 10/08/2018 - 01:28

 

 

 

ERBIL - Baghdad will have to halt its usage of the US dollar in the financial transactions with Tehran over the western country's sanctions against Iran, Sputnik quoted Iraqi government's spokesperson on Thursday.

"The sanctions will influence, first of all, money transfers and banking operations in the US dollar. The sides will not use the US dollar," al-Hadithi told Sputnik.

The spokesperson noted that the move would affect the trade between the two countries.

The government, in Baghdad, would try to find a new mechanism so as to support trade relations with its neighboring state, the official added.

The US on Tuesday announced a number of sanctions against Iran, which were lifted since the Iran nuclear deal in 2015.