Iranian Rial

[screwball]

http://www.tehrantimes.com/news/405749/Airbus-deal-to-be-finalized-in-few-days-Iranian-transport-min

 

hmmmm...why wait? Lol..

[pokerplayer]

2 hours ago, screwball said:

Are you in Canada...

 

Yes I am .....

pp

[md11fr8dawg]

8 hours ago, pokerplayer said:

You in the States md ? I ordered from a place he suggested, will know in a day or so how good it is. Dont think the pre 2010 is even an issue but just me.

 

Cheers, pp

Yes PP I am in the states. Let me know how your experience went. I will order some on Monday if it has not RV'd

[markb57]

ok, cash in in Canada but, it will have to be in Canadian dollars in a check form to get back across the border. Or, open a Canadian acct, and wire transfer  to your bank here and then convert? Thoughts??

[pokerplayer]

Just now, markb57 said:

ok, cash in in Canada but, it will have to be in Canadian dollars in a check form to get back across the border. Or, open a Canadian acct, and wire transfer  to your bank here and then convert? Thoughts??

Hard to say until it actually happens. I will monitor with my bank and will post any significant developments on this thread for all to decide for themselves which proper, safe and most importantly, Legal options they have.

 

   Cheers, pp

[screwball]

I posted some parts of a lot of articles...

Bahmani said, “Some people think removing the zeros will weaken the national currency … but it will instead cut inflation. Removing four zeros will also facilitate trade.”  But lopping off zeros is purely cosmetic and has nothing at all to do with inflation

 

The new rial … will be equal in value to one (US) dollar,” the state news agency quoted Bahmani as saying, adding that it would take “one to two years” to be implemented.

Bahmani did not indicate whether the authorities would try to maintain a fixed parity between the greenback and the Iranian currency following the zero reduction.

Bahmani failed to say why Iran would want the rial to have parity with a currency the Islamic Republic says is dying and is rapidly being rejected by the rest of the world.  

 

The cabinet has finalized a bill to slash four zeros off the national currency, rial, the vice president for planning affairs announced on Sunday

 

Cabinet votes to whack four zeros off former rial

 

Central Bank Governor Mahmud Bahmani said the decision was made by the cabinet Sunday. He did not announce the new name of the currency, but said it would be published “soon” on the bank’s website. No new name!!! Is to remain as rial!

 

Back in April, Bahmani said the shift from dropping three zeros to dropping four would give the rial parity with the US dollar. Right now, $1 equals about 10,500 rials. By shifting the decimal point four digits to the left, one dollar will cost 1.05 rials.

 

If the rial indeed is configured to be close to a dollar, Iran will likely resurrect the dinar. The rial is officially divided into 100 dinars, but the dinar is now a relic recalled only by the very aged. The dinar effectively died with the gross inflation of World War II.

 

all these articles from 2011-2013/15

 

[screwball]

Why would they want parity with the usd? They don't! They will remove zeros from the rate and be paired against the euro! 

 

What at we know is they have approved the removal of four zeros! -yea

they want to trade in euro NOT usd! Yep

they are testing new payement system with South korea launching August 29 give or take a few days! Yep

they want to reduce inflation, currently sitting at 9% that's by removing zeros from the rate! -yep

and NO talk of new currency! 

[pokerplayer]

Its all exciting, so we shall soon see. Retirement would not hurt at this time in my life.

Cheers, pp

[screwball]

5 minutes ago, pokerplayer said:

Its all exciting, so we shall soon see. Retirement would not hurt at this time in my life.

Cheers, pp

To be honest anywhere between now and March 2017 would be great considering I am not going back to work..so retirement would be good for me as well.

[pokerplayer]

I'm 57 and love fishing !! Retirement would be a very easy decision for me....

pp

[markb57]

I'm about to be 59. retired once and went back to work. would like to retire for good. I'm confused about all this dropping zeros etc... Guess we will wait and see....

[gixxerfrog]

29 minutes ago, screwball said:

Bahmani said, “Some people think removing the zeros will weaken the national currency … but it will instead cut inflation. Removing four zeros will also facilitate trade.”  But lopping off zeros is purely cosmetic and has nothing at all to do with inflation

 

this confuses me - first it says some ppl think removing the zeros will weaken the currency.... but it will instead cut inflation, later it says but lopping off zeros is purely cosmetic and has NOTHING TO DO WITH INFLATION. - if it has nothing to do with inflation then how will it cut inflation. 

and i am also getting confused how all this talk earlier was about the USD.... being 1:1 etc. now they are talking about the euro ????? i am guessing (hoping) they made the change to the euro due to sanctions still being placed on them ??!!!??!?! 

28 minutes ago, screwball said:

they want to reduce inflation, currently sitting at 9% that's by removing zeros from the rate! -yep

 

i thought its sitting at 9% without the removal of the zeros ?!!?!

[pokerplayer]

Confused about dropping zero's ? Some day's I'm confused about what what color socks to wear LOL !! It kind of works the same as some have suggested with the Dinar, the Riel is currently 31180.00 per US $. Moving decimal over by 4 would make it $3.11 per US $. I feel this high but can still dream.

pp

[screwball]

10 minutes ago, gixxerfrog said:

this confuses me - first it says some ppl think removing the zeros will weaken the currency.... but it will instead cut inflation, later it says but lopping off zeros is purely cosmetic and has NOTHING TO DO WITH INFLATION. - if it has nothing to do with inflation then how will it cut inflation. 

and i am also getting confused how all this talk earlier was about the USD.... being 1:1 etc. now they are talking about the euro ????? i am guessing (hoping) they made the change to the euro due to sanctions still being placed on them ??!!!??!?! 

i thought its sitting at 9% without the removal of the zeros ?!!?!

Exactly the euro and trading system that is separate to the usd means their money and accounts cannot be frozen...yes 

[screwball]

The fact is any of the BRICS countires that trade with Iran need to do so with the euro otherwise they risk having usd frozen, remembering the US government has said no restrictions but banks and countires are still weary. This euro based payement system removes any risk. Also remember Boeing said they wouldn't sell them planes but now have said yes through Europe office and in euros! 

[gixxerfrog]

1 minute ago, screwball said:

The fact is any of the BRICS countires that trade with Iran need to do so with the euro otherwise they risk having usd frozen, remembering the US government has said no restrictions but banks and countires are still weary. This euro based payement system removes any risk. Also remember Boeing said they wouldn't sell them planes but now have said yes through Europe office and in euros! 

so what is the rate conversion do they plan to be with the euro  1:1 (1 Iran Rial : 1 Euro) ???

[climber7]

2 minutes ago, gixxerfrog said:

so what is the rate conversion do they plan to be with the euro  1:1 (1 Iran Rial : 1 Euro) ???

My question also....

[pokerplayer]

1 minute ago, gixxerfrog said:

so what is the rate conversion do they plan to be with the euro  1:1 (1 Iran Rial : 1 Euro) ???

If we knew the answer to that we would all be rich. My thought is it will be around .10-.30 , but there has been some very convincing posts it will come out much higher.

pp

[screwball]

1 minute ago, gixxerfrog said:

so what is the rate conversion do they plan to be with the euro  1:1 (1 Iran Rial : 1 Euro) ???

I think it will be slightly higher than 1:1 the bigger question will it be paired with the usd? That no one knows until it changes and this we could know in days or weeks!

[screwball]

If it's $3.11 I will need a defibrillator, Sheez I get chest pains on the running machine!

[markb57]

so Boeing is doing an end run around the feds to do business with Iran? nice.........

[screwball]

http://financialtribune.com/articles/economy-business-and-markets/48554/cbi-moving-adopt-basel-iii

[screwball]

Unification and remove four zeros baby!

[screwball]

http://financialtribune.com/articles/economy-business-and-markets/48552/three-more-banks-open-offices-europe

[screwball]

http://financialtribune.com/articles/economy-domestic-economy/48568/rouhani’s-prize-slipping