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screwball

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screwball last won the day on October 2 2016

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About screwball

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  1. screwball

    Warka Bank Interest

    Thank goodness just manage to reset my warka online password and check my balance much to my surprise it has grown by 4 million....LOL...
  2. screwball

    Zimbabwe currency

    Zimbabwe Promises New Currency as Dollar Shortage Bites January 12, 2019 10:30 PM Reuters A motorcyclist with two jerry cans attached to his motorbike counts his bond notes at a fuel station, Jan. 11, 2019, in Harare. Share HARARE, ZIMBABWE — Zimbabwe will introduce a new currency in the next 12 months, the finance minister said, as a shortage of U.S. dollars has plunged the financial system into disarray and forced businesses to close. In the past two months, the southern African nation has suffered acute shortages of imported goods, including fuel whose price was increased by 150 percent Saturday. Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand. But there is not enough hard currency in the country to back up the $10 billion of electronic funds trapped in local bank accounts, prompting demands from businesses and civil servants for cash that can be deposited and used to make payments. Minister of Finance Mthuli Ncube presents his budget statement in the Parliament of Zimbabwe, Nov. 22, 2018, in Harare. Two weeks of reserves Finance Minister Mthuli Ncube told a townhall meeting Friday a new local currency would be introduced in less than 12 months. “On the issue of raising enough foreign currency to introduce the new currency, we are on our way already, give us months, not years,” he said. Zimbabwe’s foreign reserves now provide less than two weeks cover for imports, central bank data show. The government has previously said it would only consider launching a new currency if it had at least six months of reserves. Bad memories of Zimbabwean dollar Locals are haunted by memories of the Zimbabwean dollar, which became worthless as inflation spiraled to reach 500 billion percent in 2008, the highest rate in the world for a country not at war, wiping out pensions and savings. A surrogate bond note currency introduced in 2016 to stem dollar shortages has also collapsed in value. President Emmerson Mnangagwa is under pressure to revive the economy but dollar shortages are undermining efforts to win back foreign investors sidelined under his predecessor Robert Mugabe. Mnangagwa told reporters Saturday that the price of petrol had increased to $3.31 per liter from $1.32 since midnight but there would be no increase for foreign embassies and tourists paying in cash U.S. dollars. Locals can pay via local debit cards, mobile phone payments and a surrogate bond note currency. Public transport drivers complain about having to pay for fuel in U.S. dollars at a fuel station, Jan. 11, 2019, in Harare. Motorists are spending nights waiting in long queues for petrol and diesel as the country is experiencing crippling fuel shortages. With less than $400 million in actual cash in Zimbabwe, according to central bank figures, fuel shortages have worsened and companies are struggling to import raw materials and equipment, forcing them to buy greenback notes on the black market at a premium of up to 370 percent. The Confederation of Zimbabwe Industries has warned some of its members could stop operating at the end of the month because of the dollar crunch. Cooking oil and soap maker Olivine Industries said Saturday it had suspended production and put workers on indefinite leave because it owed foreign suppliers $11 million. A local associate of global brewing giant Anheuser-Busch Inbev said this week it would invest more than $120 million of dividends and fees trapped in Zimbabwe into the central bank’s savings bonds.
  3. screwball

    Iranian Rial

    With sanctions in place they can do what they want....
  4. screwball

    Iranian Rial

    52 Iran's CB Governor: Banking Reform First, Redenomination Afterwards Banking Reform First, Redenomination Afterwards ..... The governor of Central Bank of Iran says the initiative to remove four zeros from the national currency will take up two years because first the legal and technical infrastructure must be in place. Outlining details about his proposal on the CBI website, Abdolnasser Hemmati said Monday that the measure is part of a comprehensive reform of the bloated banking industry with efficient monetary and supervisory tools. He emphasized that the much-awaited reforms will come first and lopping off zeros from the rial afterwards. “After going through legal formalities, the new money will be introduced gradually replacing the old banknotes ”, he said, adding that the printing costs would be much cheaper than the current notes. cant reform and then remove must be done same time...
  5. screwball

    Iranian Rial

    Currency reconversion not a turning point in economic reformation Economy January 8, 2019 One of Iran’s main economic policies, under the framework of the sixth five-year development plan, is modification of banking system and reformation of monetary policies, moving forward toward which the Rouhani administration put forward the plan to shift the national currency from Rial to Toman earlier in December 2016 by eliminating specific number of zeroes. However, the administration decided to postpone implementation of currency reconversion policy in 2016 due to some reasons including the expressed concerns about the time unfitting economic conditions which would ignite inflation and economic instability. The policy basically seeks to facilitate monetary transactions among the Iranians and match the currency being transcribed in official documents and banking bills (rial) with the one utilized in real daily lives of Iranians (toman). Rial has practically been replaced by Toman in daily transactions as the result of the cumulative inflation over the recent years. On Saturday, the Central Bank of Iran (CBI) submitted the bill on lopping off four zeroes of the national currency to the cabinet, the act which drew public attention to the issue again, forming a chorus of criticism and speculations. Through its proposed bill, the CBI seems primarily able to re-empower the depreciated national currency, tangibly decrease the ever-increasing liquidity volume, and make a nominal reduction in prices of goods and services in the country. The most remarkable achievements of implementing the bill, however, would be a psychological one among the society. Shifting from rial, the free market exchange rate of which is presently about 110,000 against the U.S. dollar, by cutting four zeroes to toman may cover the psychological aspects of the inflationary impacts of rial devaluation, which has unprecedentedly increased prices in Iran. It is said to be able to recover national currency’s value against U.S. dollar to some extent and cool down the inflated prices, as well. Omitting zeroes from the national currency would surely facilitate calculations and money transfers in daily transactions and would seemingly retaliate for the sharp recent rial devaluation but it should not be expected to improve Iranians purchasing power at all. It would not have any specific impact on economic indices, inflation, investments, job creation or demand and supply, either. As a matter of fact, economic stability and single-digit inflation rate are the most significant prerequisites of implementing currency reconversion while Iran is experiencing none of the named factors. Currency reconversion per se would have an inflationary effect. To curb its inflationary impact, it must be done simultaneous with taking contractionary measures and modifications in monetary policies. In addition, printing new banknotes and injecting them to the market would impose an amount of costs on the shoulder of the central bank. Addressing the issue in an interview with the Tehran Times, the Iranian economist and President of Iran World Trade Center Mohammad Reza Sabzalipour said that “the government aims to hit several targets with one shot.” “It seeks to control money and liquidity volume in the society i.e. cutting four zeroes would change the present 17 quadrillion rials (about $404 billion) of liquidity down to 1.7 trillion rials (about $40.4 million) overnight,” he explained, “but the zeroes will incrementally come back and liquidity will be increased over time, in case CBI continues printing fiat money.” “The act would appease the public opinion just for a short time when they see the price numbers of the goods and services are decreased but after a while when their income also comes with lower zeroes, they will find out that what has happened has not improved their commonwealth,” he added. “There is no reason for us to consider a national currency with less zeroes a more valuable one,” Sabzalipour said, “having a strong economy is not necessary related to having a national currency with low number of zeroes but to positive trade balance and high quality of the nation’s livelihood.” “The decided monetary reconversion is mere a political and a psychological move,” he underscored. What the government is getting prepared to do should not be expected as a revolutionary step in Iran’s economic and banking reformations, that would bring the nation a better livelihood and a more prosperous economy. It is a postponed measure that has not been implemented in previous years due to lack of proper economic conditions and it is being done under the circumstances that the country is experiencing the toughest economic conditions in its history thanks to the U.S.-led draconian sanctions and when a rampant inflation rate is expected for the upcoming Iranian year. The costly currency reconversion would, for sure, facilitate money transfer and calculations in daily transactions and also reduce the volume of exchanged paper money and etc., but its effect would be neutralized and the omitted zeroes would snap back one after the other in the long-run, in case of monetary mismanagement or any other unpredicted international, political or economic event which would threaten the economy. HJ/MA
  6. screwball

    Iranian Rial

    Draft bill prepared to cut zeroes from national currency Economy January 6, 2019 TEHRAN – The Central Bank of Iran (CBI) submitted the draft of a bill to slash four zeroes from the national currency, rial, to the cabinet, Tasnim news agency quoted the governor of the CBI as saying on Sunday. “The government submitted the bill on crossing out four zeroes of the national currency to the parliament on Saturday and we hope to reach a good result as soon as possible,” Abdolnasser Hemmati said answering the parliament members' questions. Underlying CBI’s full control on domestic foreign currency exchange market, the banking official predicted that regarding the conducted measures, injection of foreign currency to domestic market by Iranian non-oil exporters would be accelerated in future. Hemmati, elsewhere, named the taken measures for modification of banking system and bringing stability to monetary market among the most major CBI acts in recent months. As Hemmati announced few days ago, since his appointment as the CBI governor, all the required programs to amend banking system have been planned relying on ratifications of the Supreme Council for Economic Coordination and formation of Liquidity and Money Market Committee consisting of economy, monetary and banking experts besides central bank officials. HJ/MA
  7. screwball

    Iranian Rial

    Dropping zeros from bills to stabilize Iran economy: Agency According to a Friday report by EFE, the idea to delete zeros from the bills in Iran was suggested a long time ago, but the depreciation of Iran's currency and galloping inflation have once again turn the spotlight on the issue. Last week Head of Iran's Central Bank Abdul Nasser Hemmati proposed the removal of four zeros from the country's currency, i.e. rial. On Sunday, Hemmati announced a bill would soon be presented to the parliament to slash four zeros from the national currency. 'The move is in many countries ushering in serious economic reforms,' Hemmati said. Based on the report by EFE, Iran's economy requires major reforms, including in the banking system. Zero elimination from national currency that has taken place in many countries and most recently in Venezuela can help curb inflation, facilitate foreign currency exchanges, save costs of printing notes and increase its face value, the Spanish news agency wrote. 9477**2044 Follow us on Twitter @IrnaEnglish
  8. They have the proposal they just need to vote on it...good to see it back in the nurse any rate will do and time is now...
  9. screwball

    Iranian Rial

    Interesting photo in back ground....don’t think they have 500000 note? Or is it a bank cheque either way they have photoshopped the image
  10. screwball

    Iranian Rial

    10 Iran: Idea of Lopping Off Zeroes From Rial Reemerges Iran: Idea of Lopping Off Zeroes From Rial Reemerges ..... Governor of the Central Bank of Iran Abdolnaser Hemmati said Sunday the regulator has proposed to the government lopping off four zeros from the rial. In a meeting with a group of lawmakers, Hemmati said if endorsed by the government the proposal will be sent to the parliament to become law. Head of the Majlis Economic Commission said the decision to drop four zeros from national currency is on the parliament agenda and studies about the CBI proposition are underway. Mohammad Reza Pour-Ebrahimi said it was proposed initially to lop one zero off the rial but as dropping zeros incur high costs, dropping four zeros instead of one seemed more reasonable. note: as I said majlis want four, cabinet proposed one back in dec 2017....shirts getting interesting
  11. screwball

    Iranian Rial

    Iran's central bank plans to delete 4 zeroes from the currency Editorial date: 2019/1/6 10:04 • 782 times read  (International: Al Furat News) A deputy in the Islamic Shura Council in Iran, (parliament) revealed the intention of the central bank in the country to delete four thousand of the Iranian currency. "The governor of the Central Bank of Iran Abdul-Assad Hamati, announced that the liquidity of 1700 thousand billion Tuman lost 30 percent of its capacity due to inflation." He added that the governor of the bank confirmed that the bank plans to delete four zeros from the national currency and that he should take the initiative quickly and the banking system should be reformed. " Papai said to the meeting of the bloc held on Sunday in the presence of Central Bank Governor Abdul Nasser Hamti to discuss the status of the country's reserves Of hard currency and inflation in society. " He said that the governor of the bank pointed out at the meeting that the central bank in front of two important challenges are the hard currency and the national currency and at a time when the people suffer from the size of inflation, we find that the value of foreign currency tended to stability. He said that Hamati also pointed out that the US president is forced to retreat daily after he claimed the collapse of the Iranian economy says today that the Iranian national currency is now besieged. "" The central bank governor announced that the government never plans to revalue the hard currency and we have to achieve better, " The governor said that the reason for the non-decline in the value of hard currency is due to the perception that the value of hard currency will increase again, noting that the road is open with China and South Korea on his way to deal with India while talking with Turkey in this area. " Haji Babai announced that Hemmati said he could not hold hopes too much on the European channel, but it should work on the claim ".anthy ..http://alforatnews.com/modules/news/article.php?storytopic=43&storyid=184274...
  12. screwball

    Iranian Rial

    Good see another thread carry’s all the new delete zeros articles..be nice to bring some over...let’s hope Dubai trip is coming soon, or where ever we have to go..
  13. It will be interesting to watch I can tell you that Iran’s parliament has approved a plan to remove four zeros but if you remember correctly the put forward a plan for one zero. Majlis response was if you are going to approve one you might as well do four. In their words they want their currency to have true worth and real value...
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