Iranian Rial

[screwball]

The finance minister said KEB Hana Bank, Shinhan Bank and Woori Bank will handle the euro-based payment system, which uses the euro as a medium of trade, which is widely preferred by Iranian companies.

 

good to see we have KEB offices in Sydney, Australia....looks like they might also have US and Canadian Branches...

[gregp]

Screwball you rock! This is amazing news. A single rate. I'm curious what it's going to be. Thanks again for all your posts! 

[gregp]

There's a branch in Los Angeles.

Great find!

[screwball]

25 minutes ago, gregp said:

There's a branch in Los Angeles.

Great find!

Yea mate I had read on their website that they had branches and were opening more in the U.S. and Canada so thought that would make some people happy! The next few days and weeks are going to be very exciting!

[climber7]

7 hours ago, screwball said:

Hmmm..August 29th?

http://en.trend.az/business/economy/2653018.html

 

 

Interesting but how does this affect us positively? 

[climber7]

 I am obviously not a financial wiz so I'm still not sure how an exchange rate between South Korea and I ran affects us positively. Even if they go to a single rate between Iran and South Korea what does that do for our exchange rate? 

Edited August 26, 2016 by climber7

[screwball]

5 minutes ago, climber7 said:

 I am obviously not a financial wiz so I'm still not sure how an exchange rate between South Korea and I ran affects us positively. Even if they go to a single rate between Iran and South Korea what does that do for our exchange rate? 

This to put it simply is a big step to us exchanging our Currency...this is less about Korea and more about the euro and being on the open markets....hy else would they hold off,on Airbus contract signing until end of August? Maybe that's because they won't have access to the euro system and world market until August 29! And considering Korean banks have branches in the usa and Canada you should be excited. This ride is almost over! D this is a big step? If you are not excited thatsnokaymimhave enough for everyone!

 

 

[climber7]

 Oh, I'm getting excited but between not understanding the intricate workings of the financial system and the roller coaster ride of 7 years with the dinar it's hard to expect anything good anytime soon. 

But Im getting hopeful with the rial! 

Thanks for your replies and patience with a novice investor 

[Freedomwish]

8 hours ago, screwball said:

and no comment? Lol...

Sorry......I was hyperventilating and nearly had fainted when I read your latest scoop lol!  A possible "single rate" very soon, I'm just on the floor......what I just don't get, why in the world Iraq and it's dinar are going through their troubles of releasing their currency into the global market......could it possibly be after all, that Iran may take the first lead? 

But wow  keep bringing on the scoop Screwball!!

Thanks!! 

Edited August 26, 2016 by Freedomwish

[millionaire in training]

4 hours ago, Freedomwish said:

Sorry......I was hyperventilating and nearly had fainted when I read your latest scoop lol!  A possible "single rate" very soon, I'm just on the floor......what I just don't get, why in the world Iraq and it's dinar are going through their troubles of releasing their currency into the global market......could it possibly be after all, that Iran may take the first lead? 

But wow  keep bringing on the scoop Screwball!!

Thanks!! 

FW...you're so funny.  Im seeing that people are not realizing how big the rial is really gonna be.  It's cheap to buy , much cheaper than the dinar and will have a good return.  

Im reading so many articles on Iran lately . They're everywhere. It's like a run away train. Things are moving really fast. I think Iraq had more issues to work out than Iran..... thats why it's taken them that much longer.

This is very exciting......can't wait......

[millionaire in training]

11 hours ago, screwball said:

The finance minister said KEB Hana Bank, Shinhan Bank and Woori Bank will handle the euro-based payment system, which uses the euro as a medium of trade, which is widely preferred by Iranian companies.

 

good to see we have KEB offices in Sydney, Australia....looks like they might also have US and Canadian Branches...

I've never heard of this bank before. Something to watch for now. Thanks.

[screwball]

http://tribune.com.pk/story/1170470/iran-south-korea-begin-trade-euros/

[screwball]

http://www.france24.com/en/20160826-iran-south-korea-begin-trade-euros

[climber7]

29 minutes ago, screwball said:

http://tribune.com.pk/story/1170470/iran-south-korea-begin-trade-euros/

 

So, will it be MANDATORY for them to convert to the single currency system before the 29th to do this? 

[screwball]

3 minutes ago, climber7 said:

 

So, will it be MANDATORY for them to convert to the single currency system before the 29th to do this? 

You would think so! I do....

[screwball]

http://financialtribune.com/articles/economy-business-and-markets/48478/tehran-seoul-discard-us-dollar-transactions

[screwball]

http://financialtribune.com/articles/economy-business-and-markets/48466/australian-businesses-held-back-fearing-us-backlash

[screwball]

http://financialtribune.com/articles/economy-business-and-markets/48476/cbi-opens-542-accounts-foreign-banks

[millionaire in training]

Thank You SB ......good articles.

[jaman]

14 hours ago, screwball said:

The finance minister said KEB Hana Bank, Shinhan Bank and Woori Bank will handle the euro-based payment system, which uses the euro as a medium of trade, which is widely preferred by Iranian companies.

 

good to see we have KEB offices in Sydney, Australia....looks like they might also have US and Canadian Branches...

2

they sure like the EAST and WEST part of the USA...Had to do it ScrewBall...bought another 5 mil

[markb57]

thing is though, the KEB branches here in the states still would have to follow US sanctions, wouldnt they?

[climber7]

28 minutes ago, markb57 said:

thing is though, the KEB branches here in the states still would have to follow US sanctions, wouldnt they?

 

Ya, I'm trying to figure out the steps on how we can exchange and cash in.....

[gixxerfrog]

25 minutes ago, climber7 said:

 

Ya, I'm trying to figure out the steps on how we can exchange and cash in.....

go to canada taking your iran rials..... exchange your rials for canada money.... take your canada money into the US and exchange your canada money into USD.

[climber7]

Sweet

Thanks gixxer--that's what I thought but was wondering about how the sanctions might affect that process....

[screwball]

42 minutes ago, gixxerfrog said:

go to canada taking your iran rials..... exchange your rials for canada money.... take your canada money into the US and exchange your canada money into USD.

There you go.....I have posted some questions on their facebook page to see if I get a response...it's all about sharing information. As long as you don't back into usd, there are plenty of ways around it..