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Central Bank of Iran: We can not provide hard currency


yota691
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On 9/3/2018 at 9:17 AM, Theseus said:

Bitcoin is the world's most expensive fiat currency, ounce for ounce. (Okay think of your computer as a coin). There very embodiment of a fiat currency is 99% of all cryptocurrency. There is absolutely nothing backing up bitcoin in terms of gold, precious metals, an economy of any sort other than the belief it has worth. People believe cryptocurrency is worth such and such and they will pay such and such. A lot of pundits believe crypto is a fad as their opinion stemmed from it, more specifically - bitcoin, not being truly tested in the open market. And it was recently tested, oh boy, was it ever. It lost over half from its all-time high in a very short period of time, not a very good sign for a currency trying to replace the world's currency. Cryptocurrency is considered a high risk and prone to high volatility, not not worth investing in but at the same time not an investment for low-risk investors. It's the reason JP Morgan Chase dropped it all together. For me, cryptocurrency still needs to be put through the wringer (tested via the market) as it continues in the mainstream. Right now those who are pimping it with "educational classes" for thousands are increasing their wealth not off of the currency but because of the currency. There is a difference. Is there a place for the cryptocurrency, if you believe in a one world order and one world currency there is. I can totally see the reasoning and rationale behind the currency but a currency that loses over half its value in a short time (months not years) is too volatile for the average investor at this juncture. The average investor panics too quickly and any sign of trouble usually drops the investment tout suite (pretty damn fast). Wealth does not happen when you hold onto something, wealth happens at the point of exchange. When bitcoin was hovering around 17K per and let's say you had 100 coins, you could make the argument that you had 1700K in bitcoin, but if you never traded it at that price point your real worth was whatever you paid for it. However, if you held onto it into the next year your stand in bitcoin dropped to nearly half that but again, your worth in bitcoin was what you paid for it. If you bought in at 12K and got out at 17K you made money. However, if you bought in at 12K held onto hoping the stairway to heaven would keep rising only to see it fall and fall you lost if you exchanged below 12K. However, if you still have it, bought in at 12K, and haven't exchanged you are still neutral and haven't lost nor gained any wealth because you haven't exchanged it. The exchange is when wealth creation or depletion happens. Until you exchange it, its just pixels on a screen worth whatever you initially paid for it. This holds true for any investment.

Great explanation Theseus! Thanks for sharing your insight. 

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9 hours ago, Botzwana said:

Think the ole RV will be here this year sir?

 

9 hours ago, screwball said:

 

Well i I was told by someone years ago that Iran was ready, and the person that told my in email was seen in a photo with Donald trump this year and happens to sit in a position of know with a,large bank, so they could go anytime. As for Iraq not sure

You got my vote. Hopefully before the election. 

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The Central Bank of Iran announces the sale of over € 1 billion of export revenues

TEHRAN, July 7 (KUNA) 
- The Central Bank of Iran announced the sale of one billion euros and 82 million euros of export revenues in one month from 7 August to 6 September.

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According to the central bank, the price of the euro was in the system 'Nima' about 89 thousand and 90 riyals, while the price in the system 'Sana' 92 thousand and 820 riyals. 
Nima and NSA are two central bank systems with the difference that Nima is specialized in the foreign exchange market, where transactions are conducted in remittances, while Sena covers the market for selling and buying foreign currency at authorized exchange offices across the country. 
The remittances presented by Nima represent the revenues of the exporters and even the government abroad, which they pay to the money exchangers for placing them at the disposal of the importers to import the necessary goods. 
The internal market for hard currency will be controlled by the 'Sena' system where the sale and purchase within the framework of the acquisition of official title according to the document in which it is registered. 
Finished

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  • yota691 changed the title to Earthquake hits Iranian currency and hits record low

Iran plans to trade with four countries away from the dollar

Iran plans to trade with four countries away from the dollar
 



 Twilight News    
 2 hours ago

Iran is considering trade in national currencies instead of the US dollar with Russia, China, India and Turkey, Ali Akbar Velayati, adviser to the leader of the Islamic Revolution of Iran, said on Monday.

In a speech to the 90th founding anniversary of Melli Bank, Velayati said it was decided to follow up the governor of the Central Bank of Iran on the subject of approving trade with Russia in rubles and riyals.

He added that there are currently ongoing negotiations with Iran, China, Turkey and India to carry out trade exchange across national currencies, adding that this experience is applied in many countries in the world, including Brix Group (Brazil - Russia - India - China - South Africa).

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The Most important part of Carrello post...

Quote

For American investors already buying the Rial, the economic sanctions against Iran are irrelevant. Either nobody has told them that buying IRR or conducting any other financial business with this “enemy nation” is against the law or else they’re so eager to own Iranian currency that they just don’t care.

 

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Economy
Tehran plans to China with the reconstruction of Iraq as "effective"

Tehran plans to rebuild Iraq with "effective"
 
 Twilight News    
 
 2 hours ago
 
 

Iranian Foreign Minister Kamal Kharrazi said Tuesday that cooperation between Tehran and Beijing in the reconstruction of Iraq and Syria would be effective.

According to the agency "Irna," Kharazi described Tehran's relations with the countries of the East as good and friendly, stressing the importance of relations with China.

Kharazi considered the economic relations between the two countries distinctive, pointing out the areas of cooperation that have not yet been activated between these two countries.

Kharrazi called for the continuation of bilateral cooperation between Iran and China in the new Silk Road project.

He stressed that cooperation between Beijing and Tehran in the reconstruction of Iraq and Syria will be effective, he said.

 
Edited by Butifldrm
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Date of release: 2018/9/13 16:38 • 182 times read
The appointment of the former central bank governor as an adviser to the Iranian president
[Ayna-follow-up] 
Iranian President Hassan Rowhani on Thursday appointed former governor of the central bank, Aliullah Saif, as an adviser to the president for monetary and banking affairs.

 
Saif was relieved of his post as governor of the central bank on July 25, and Abdel Nasser Hamati was appointed successor.
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International sanctions and economic immunity

   
 

 
 


16/9/2018 12:00 am 

Dr.. Mustafa Kamel

The economy consists of two aspects, one of which is aggregate demand and the other is the total supply. 

The total demand is the desire of individuals and institutions to acquire various goods and services, but on the condition that the total supply is made specifically, that is to make the goods and services desired by individuals and institutions visible, tangible and negotiable must be produced by the productive apparatus in that  
economy. 
The economic immunity is the ability of the local production system to satisfy the demands of individuals and institutions of goods and services over time, so be keen to provide raw materials for its productive activities locally as 
much as  possible. 
Thus, the productive apparatus is flexible and otherwise inflexible, ie, the economic resilience lies in the degree of flexibility that characterizes the local productive apparatus. Where goods and services can not be produced locally, the policy maker must provide the alternative, often through  
importation. 
Thus, the overall supply is a simple form of production and import of goods and services. The more productive the production is, the greater the degree of economic immunity. The economy is strong, solid and cohesive and can absorb shocks, problems and  
obstacles. 
The lower the level of production, the lower the level of economic immunity, ie, the economy is weak, fragile and vulnerable to shocks and problems. Thus, the flexibility of the productive system becomes the most important factor in assessing the world's economies in terms of its ability to cope with the growing demand over time. Population growth, degree of development, publicity and publicity, degree of economic openness, etc. That is, it is not linked to the overall objective supply factors associated with the formation of institutions and the abundance of raw materials and the type of regional and international partnerships for that  
economy.
When the international community decides to impose economic sanctions, economic sanctions or economic war on an economy, it carefully examines the degree of immunity enjoyed by that economy to deal with such sanctions, that is, the degree of flexibility of the productive apparatus, with the greatest possible paralysis and incapacity to achieve the 
desired effect  . 
 In other words, it does not impose economic sanctions on aggregate demand but on the overall supply through cutting off external supplies and narrowing the potential of the economy while betting on the total demand side (increasing by population increase) to complete the desired impact of economic destruction. Output has become crippled by sanctions. Imports should be stimulated to compensate for the shortfall in overall domestic supply, which creates the problem of depleting hard currency .
 Which would reduce economic immunity more quickly. If an economic blockade is imposed and the economy is isolated from the world, the total demand machine will boil to gradually stimulate the signs of inflationary pressures, which will negatively affect the local currency, economy and society after a period of time. 
The international community has now imposed sanctions on Iran and Turkey and in the past on Iraq, but the Iranian and Turkish production apparatus are flexible, while the Iraqi production apparatus was weak and 
relatively limited  . 
At the same time, the Iranian production apparatus is self-sufficient, its resistance to shocks and international sanctions and its ability to satisfy the Iranian demand 
. The Turkish production system is very flexible and the Turkish economy enjoys a high quality network of regional and international relations.
In spite of the initial impact of sanctions on these two economies, which is the rise in prices, but the great economic immunity allows the necessary adjustment to restore conditions to serve the economy and recovery  
again. 
Assuming that in the short term these sanctions are in line with the direction of adjustment, the long-term impact of those sanctions on these economies will fade. 
This is unlike what happened in Iraq, where the international sanctions and the siege of the Iraqi economy have been destroyed and left their impact to the present time, and the reason is the difference in the degree of economic immunity among the economies of the world.

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Iran announces the cancellation of trade with Iraq in the currency of the dollar

  10096.jpg

 money and business

Economy News _ Baghdad

The secretary of Iran's 40-nation visit committee, Shahriar Haidari, said on Sunday the cost of the visa would be calculated in Iranian riyals according to the Iraqi dinar or the euro. 
"The cost of the visa will be calculated in Iranian riyals according to the Iraqi dinar or the euro in view of the cancellation of the US dollar in the trade exchange between the two countries," Haidari said in statements quoted by Iranian media and read by "Economy News." He ruled out canceling the visa to Iranian visitors . 
"There is no possibility of canceling entry visas to Iraq and all visitors have to obtain it before going to the 40th visit," he said.

Views 2010   Date Added 16/09/2018

http://economy-news.net/content.php?id=13670

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the Iranian currency records a historical level and drops to 170 thousand riyals to the dollar

The Iranian currency records a historical level and drops to 170,000 riyals to the dollar
 
 Twilight News    
 
 one hour ago
 
 

The Iranian currency fell in parallel market transactions Wednesday by about 6%, to record 170 thousand riyals against the dollar, at a historic low new level. 
In a related context, the International Finance Institute said that Iran's oil exports are falling ahead of the second round of sanctions to be imposed by the United States on November 4, and the Iranian economy is likely to shrink 3% this year and 4% next year. 
News of a drop in oil exports and expectations of a contraction of the economy weighed on the Iranian riyal, which hit its lowest level ever. 
The API, which represents banks and major financial institutions around the world, said exports of crude oil and condensates fell by 0.8 million barrels per day from April to September 2018. 
He noted that exports of crude oil and condensates amounted to 2.8 million barrels per day in April and is now estimated at 2 million barrels per day in September.
Oil exports are falling, although Iran sells major raw materials at a significant discount and its tankers are used to ship products to China and India at no extra cost, the institute said in a note on Iran's economy. 
Iran's shipping companies also offer generous repayment terms, and in some cases accept payments in the euro and Chinese yuan instead of the US dollar, the institute said. 
Trade in the barter and cash system could play a bigger role with US sanctions, he said. 
The remaining parties to Iran's nuclear deal in 2015, which imposed restrictions on Tehran's nuclear program in return for sanctions after the US withdrawal from it in May, agreed on Monday to work on continuing trade with Tehran despite doubts about whether this could be achieved, US sanctions will stifle Iranian oil sales.
In a statement after a meeting of Britain, China, France, Germany, Russia and Iran, the group said it was determined to develop payment mechanisms for continued trade with Iran, although many diplomats doubted it could be achieved. 
US Secretary of State Mike Pompeo said on Tuesday EU plans to set up a special mechanism to circumvent US sanctions on Iranian oil exports were not entirely constructive. 
A number of European diplomats pointed out that the idea of this mechanism is to establish a system of exchange similar to that used by the Soviet Union during the Cold War to exchange Iranian oil, for European goods without the use of funds. 
The institute said such a system would likely fail to persuade major European companies to conduct business with Iran for fear of US sanctions.
"Iran may remain committed to the nuclear agreement in 2015, provided that the European Union and others do the same," the institute said. "But failure to renegotiate the agreement with the United States will likely cause greater damage to Iran's economy."

 
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  • yota691 changed the title to The Iranian currency records a historical level and drops to 170,000 riyals to the dollar

The Iranian currency records a historical level and drops to 170,000 riyals to the dollar

The Iranian currency records a historical level and drops to 170,000 riyals to the dollar
 



 Twilight News    
 one hour ago

The Iranian currency fell in parallel market transactions Wednesday by about 6%, to record 170 thousand riyals against the dollar, at a historic low new level. 
In a related context, the International Finance Institute said that Iran's oil exports are falling ahead of the second round of sanctions to be imposed by the United States on November 4, and the Iranian economy is likely to shrink 3% this year and 4% next year. 
News of a drop in oil exports and expectations of a contraction of the economy weighed on the Iranian riyal, which hit its lowest level ever. 
The API, which represents banks and major financial institutions around the world, said exports of crude oil and condensates fell by 0.8 million barrels per day from April to September 2018. 
He noted that exports of crude oil and condensates amounted to 2.8 million barrels per day in April and is now estimated at 2 million barrels per day in September.
Oil exports are falling, although Iran sells major raw materials at a significant discount and its tankers are used to ship products to China and India at no extra cost, the institute said in a note on Iran's economy. 
Iran's shipping companies also offer generous repayment terms, and in some cases accept payments in the euro and Chinese yuan instead of the US dollar, the institute said. 
Trade in the barter and cash system could play a bigger role with US sanctions, he said. 
The remaining parties to Iran's nuclear deal in 2015, which imposed restrictions on Tehran's nuclear program in return for sanctions after the US withdrawal from it in May, agreed on Monday to work on continuing trade with Tehran despite doubts about whether this could be achieved, US sanctions will stifle Iranian oil sales.
In a statement after a meeting of Britain, China, France, Germany, Russia and Iran, the group said it was determined to develop payment mechanisms for continued trade with Iran, although many diplomats doubted it could be achieved. 
US Secretary of State Mike Pompeo said on Tuesday EU plans to set up a special mechanism to circumvent US sanctions on Iranian oil exports were not entirely constructive. 
A number of European diplomats pointed out that the idea of this mechanism is to establish a system of exchange similar to that used by the Soviet Union during the Cold War to exchange Iranian oil, for European goods without the use of funds. 
The institute said such a system would likely fail to persuade major European companies to conduct business with Iran for fear of US sanctions.
"Iran may remain committed to the nuclear agreement in 2015, provided that the European Union and others do the same," the institute said. "But failure to renegotiate the agreement with the United States will likely cause greater damage to Iran's economy."

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Iran's Central Bank Announces Annual Inflation Rate

Iran's Central Bank Announces Annual Inflation Rate



 Twilight News    
 42 minutes ago

The Central Bank of Iran, the album Thursday, said that the inflation rate for the 12 months ended September 22, 2018, recorded 13.5 percent compared to last year.

The index showed a record 141.9 points in the Iranian month of Shahriyur on September 22, up 6.1 percent from the previous month and 31.4 percent year-on-year.

Beverages and food items increased in cities during Shahriyur, 6.4 percent on a monthly basis, the data added.

Keywords: 
 

 
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IRAN: The Iraqi government has reduced the cost of tourism to 40-year-old pilgrims to one dollar

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11:37 - 29/09/2018

0
 
  
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Information / Baghdad ..

The Iraqi government has decided to reduce the tourist amount from 10 to one dollars for visitors to Arbini this year, the secretary of the Iranian Central Committee announced on Saturday.

"The cost of a visa to Iraq to perform the four-year visit of Imam Hussein during this year will be paid in Iranian rials and there is no need to buy the euro or the dollar," Haidari said in a statement.

He added that "the Iraqi government agreed to reduce the amount allocated for tourism from $ 10 to one dollar, according to the announcement of the Iraqi Foreign Ministry, where the Embassy of Iraq was informed in Tehran and should wait for the result."

"The cost of entry visas for Iranian visitors at the Arbaeen ceremony is 377,700 tomans during the current year," he said. "The site of Samah or one of the Hajj and Visit Centers in the country should be registered to register the names of visitors wishing to participate in the ceremony." Ending / 25

http://www.almaalomah.com/2018/09/29/349146/

Edited by Butifldrm
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TEHRAN: The Iraqi government has reduced the cost of tourism to 40-year-old visitors to one dollar

We are the news156  2018-09-29
 

5baf4ba82e04b.jpg

The Iraqi government has decided to reduce the tourist amount from 10 to one dollar for visitors to Al-Arbaeen this year, the secretary of the Central Committee of Iran announced on Saturday. 
Haidari said in a statement Fars reported: The cost of a visa to Iraq for the performance of the visit of the Imam Hussein (peace be upon him) this year will be paid in Iranian rials and need to buy the euro or the dollar. 
He added: The Iraqi government has agreed to reduce the amount allocated for tourism from $ 10 to $ 1, according to the announcement of the Iraqi Foreign Ministry, was informed the Embassy of Iraq in Tehran and should wait for the result.
He pointed out that the cost of entry visa for Iranian visitors at the 40th anniversary ceremony is 377,700 Tumans during the current year. The site of Samah or one of the Hajj and Visit Centers in the country should be registered to register the names of visitors wishing to participate in the visit.

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  • yota691 changed the title to Central Bank of Iran: We can not provide hard currency
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