Iran expects major breakthrough in hard currency

[yota691]

Iran expects major breakthrough in hard currency

2/25/2012 8:47:00 PM | Gulf News

TEHRAN, Feb 25 (KUNA) -- Iran's First Vice-President Mohammad Reza Rahimi said Saturday the country will see a breakthrough in foreign exchange reserves soon.

The ups and downs in the exchange rates in the country stemmed from the sanctions imposed by the European Union on the Central Bank of Iran (CBI) recently, the Islamic Republic News Agency (IRNA) quoted Rahimi as saying.

However, the strains in this regard will come to an end soon and the anticipated major breakthrough will stun the Europeans, he said without elaborating.

Rahimi only noted that the close cooperation between the Iranian government and the exporters aims to prod the country's exports.

The value of Iran's non-oil exports will top USD 45 billion by the end of the current year (Persian lunar calendar), on March 20, he expected, noting that the projected figure for the next year is USD 60 billion.

Last week CBI Governor Mahmoud Bahmani said Iran has no problem in terms of foreign currencies since the total volume of its imports amounts about USD 70 billion while the oil income stands at USD 90 billion annually.

The CBI set the exchange rate of the Iranian riyal (IRR) against the US dollar at IRR 12,167 in a bid to put a cap on the rising rates of the foreign currencies. (end) ms.gb KUNA 252047 Feb 12NNNN

http://www.kuna.net.kw/ArticleDetails.aspx?id=2223618&Language=en Kinda strange we all waiting on an exchange 2 and the Plot Thickens!!

[Hamels]

Maybe I should pick up some of Irans currency, NOT

[zigmeister]

Iran expects major breakthrough in hard currency

2/25/2012 8:47:00 PM | Gulf News

TEHRAN, Feb 25 (KUNA) -- Iran's First Vice-President Mohammad Reza Rahimi said Saturday the country will see a breakthrough in foreign exchange reserves soon.

The ups and downs in the exchange rates in the country stemmed from the sanctions imposed by the European Union on the Central Bank of Iran (CBI) recently, the Islamic Republic News Agency (IRNA) quoted Rahimi as saying.

However, the strains in this regard will come to an end soon and the anticipated major breakthrough will stun the Europeans, he said without elaborating.

Rahimi only noted that the close cooperation between the Iranian government and the exporters aims to prod the country's exports.

The value of Iran's non-oil exports will top USD 45 billion by the end of the current year (Persian lunar calendar), on March 20, he expected, noting that the projected figure for the next year is USD 60 billion.

Last week CBI Governor Mahmoud Bahmani said Iran has no problem in terms of foreign currencies since the total volume of its imports amounts about USD 70 billion while the oil income stands at USD 90 billion annually.

The CBI set the exchange rate of the Iranian riyal (IRR) against the US dollar at IRR 12,167 in a bid to put a cap on the rising rates of the foreign currencies. (end) ms.gb KUNA 252047 Feb 12NNNN

http://www.kuna.net.kw/ArticleDetails.aspx?id=2223618&Language=en Kinda strange we all waiting on an exchange 2 and the Plot Thickens!!

This is an interesting article Yota. It makes me wonder if they are expecting to RV and not RD as was anticipated. I notice they claim to have approximately the same amount of hard currency as Iraq. Has this become a competition with Iran? It makes me wonder if the counterfeiting of the Iraq 10,000 with the hopes of breaking Iraq economically in anticipation of change of Iraqs exchange rate was coordinated on a government level. It was said the fake dinar was very hard to detect. Just wondering. They suspect it is AlQaeda that was behind the deal.

My link

[fnbplanet]

About 6 months ago, I remember an article stating that Iran was planning a removal of zeroes (four, I think) in April of this year, as a neutral event. With their currency value in a tail spin, maybe they have decided to move up the timetable.

IMO, it still cannot help them, as a neutral event, and you better believe the IMF/World Bank/UN will NOT support an unsanctioned increase in value.

[Butifldrm]

You know Iran Central Bank may have a ton of IQD. Just sayin. Makes me go HMMM ..

[fnbplanet]

You know Iran Central Bank may have a ton of IQD. Just sayin. Makes me go HMMM ..

I think that after Iraq stopped accepting the Iranian Rial for USD, that the Iranians, desperate to put any wealth that they had into something more stable, used up a lot of their dinar holdings. Shabibbi got to suck up some extra dinars out there, and in doing so, kept a bunch of soon-to-be-revalued dinar out of Iran. I'm good with that.

Edited February 25, 2012 by fnbplanet

[waterman13]

Interesting article for sure. I think when this thing happens several currencies around the world will be effected, not just the IQD. The World Bank and the IMF have more control than most people think. (JMHO)

WM13

[yota691]

Interesting article for sure. I think when this thing happens several currencies around the world will be effected, not just the IQD. The World Bank and the IMF have more control than most people think. (JMHO)

WM13

I'm thinking about 150 different currency IMO

Edited February 25, 2012 by yota691

[zigmeister]

Interesting article for sure. I think when this thing happens several currencies around the world will be effected, not just the IQD. The World Bank and the IMF have more control than most people think. (JMHO)

WM13

World Bank and IMF pretty much own the territory.

I think we need to watch this, as I said before there was alot of dinar counterfeited in Iran, the 10k and it was a professional job. The reason was based on a rumor Iraq was going to raise its rate exchange, they wanted to collapse Iraqs economy. Now this article which is hinting at a big surprise....and not a re denomination. Repeating myself again, was this a rumor based on Guru blogs or does a neighbor know more than they should?

[waterman13]

I'm thinking about 150 different currency IMO

I agree Yota, "GLOBAL RESET". Something has to prop up this "bogus" system.

WM13