Iranian Rial

[millionaire in training]

14 hours ago, climber7 said:

Just wondering what he meant by buying at official rate you'll be rich. Is that NOW or later? 

Climber I read that as NOW because later it will be to expensive to afford to buy. 

[millionaire in training]

18 hours ago, Freedomwish said:

Many thanks brother MIT, you are right and indeed we appreciate how you're preaching .

FW....hate to disappoint you but Im not a "brother"        more like a sister ,girl, dudett , millionairess, female,  all of the above .....   

[SnowGlobe7]

[millionaire in training]

          Thats right Snowy you tell them         

                                               

 

Pay Attention Boyyyyyzzzzzzzzzz.............

[WheresmyRV?]

Does most of you here feel that this will definitely go down way before the dinar?

[screwball]

3 hours ago, millionaire in training said:

RW.Sutton.......We are still unclear as to how we will be able to cash out. There are several possibilities Canada being one of them as a last resort. But I said that we will most probably be able to cash out here in the states. Time will tell.

Agree...

[screwball]

There could be less possibilities....maybe convert to yen? Theybare restructuring their currency according to Bloomberg!

[screwball]

22 minutes ago, WheresmyRV? said:

Does most of you here feel that this will definitely go down way before the dinar?

Yeah I do....for me I am going to take 50% and roll it straight into yen account....

Edited September 3, 2016 by screwball

[millionaire in training]

35 minutes ago, WheresmyRV? said:

Does most of you here feel that this will definitely go down way before the dinar?

Im studying both currencies and to be perfectly honest with you " THEY'R BOTH HOT" right now.    I think its a matter of political protocol and governmental insider agreements among countries.  . We will never have access to this type of information until it happens.  A lot of changes will be taking place in this month of September / October for several currencies. My advice to you is be invested in the right ones just to be safe.   Please remember that at this very moment in time we are in a "waiting game". What's going to happen will happen the day you least expect it to.... So.....be ok with whatever you've been able to invest and just sit tight. It's on it's way.

[millionaire in training]

35 minutes ago, screwball said:

Yeah I do....for me I am going to take 50% and roll it straight into yen account....

Very interesting......something to think about.   

[climber7]

1 hour ago, WheresmyRV? said:

Does most of you here feel that this will definitely go down way before the dinar?

 

After nearly SEVEN years of waiting and watching the dinar.......ABSOLUTELY yes. 

The Iraqi's just can't get their shiite together and seem to prefer arguing, holidays, and various other distractions to helping their own people and country. 

[screwball]

http://financialtribune.com/articles/economy-business-and-markets/49076/forex-bourse-yearend

The Central Bank of Iran is planning to launch a foreign currency bourse in the banking system, probably after the unification of foreign exchange rates by the end of the current Iranian year (March 20, 2017).

Samad Karimi, director of CBI’s office for exportation, announced that CBI will allow bankers to conduct forex futures operations after the implementation of a single foreign exchange rate system, Banker.ir reported on Saturday.

“Forex futures deals would be conducted by banks,” he said.

However, no official announcement has been made yet.  

Futures deals were initially supposed to take place in the stock market, which would have also made secondary deals possible, but currency forwards are basically conducted between two parties at a specific rate and time, hence CBI has stipulated that such deals should be conducted by banks.

Officials in Iran Mercantile Exchange announced earlier that CBI has approved the establishment of a currency futures market, although it had set two prerequisites for the plan.

The unification of foreign exchange rates and establishment of an interbank forex market are prerequisites set by the Central Bank of Iran for launching a foreign currency futures market, according to the head of Iran Mercantile Exchange.

The Central Bank of Iran is planning to unify forex rates by the end of the current Iranian year. In line with the plan, the CBI has officially permitted banks to start trading in the forex open market in line with its declared aim of unifying foreign exchange rates.

The directive allows banks and customers to negotiate the rates. Before the CBI decision, forex trade in the parallel market was dominated by powerful bureaux de change and street money changers.  

The previous administration had planned to launch a forex bourse four years ago when the exchange rates hiked considerably. However, the central bank announced that it would not shoulder any responsibility over exchange rates, if the bourse is established, which put an end to the plan.

Instead, CBI proposed the establishment of a trade center for selling foreign exchange at a subsidized rate.

Rate Unification

Deputy Economy Minister Hossein Mirshojaian also said that the government is planning to unify exchange rates in winter.  

“However, the process of foreign exchange transactions with the country should first be eased and foreign exchange resources of the country should be increased to make this possible,” he said.

Mirshojaian noted that any move for materializing the plan should be taken cautiously, otherwise it might result in the plans’ failure.

“The unification of foreign exchange rates would affect the rate of inflation, but the exact amount of surge in inflation rate depends on the set forex rates,” he said.

“CBI and the Ministry of Economy have proposed a rate, which is close to the official and market rates at present.”

According to the official, foreign currencies are currently traded 16% higher than subsidized rates in the open market and “the difference is promising”.

Iran was forced to revert to the controversial double exchange rate regime after nuclear-related sanctions caused turmoil in the forex market in 2011-12, during which the national currency lost almost 70% of its value within days.

[jaman]

2 hours ago, millionaire in training said:

Im studying both currencies and to be perfectly honest with you " THEY'R BOTH HOT" right now.    I think its a matter of political protocol and governmental insider agreements among countries.  . We will never have access to this type of information until it happens.  A lot of changes will be taking place in this month of September / October for several currencies. My advice to you is be invested in the right ones just to be safe.   Please remember that at this very moment in time we are in a "waiting game". What's going to happen will happen the day you least expect it to.... So.....be ok with whatever you've been able to invest and just sit tight. It's on it's way.

 

why the yen....because all the gold the bought?

 

[screwball]

4 minutes ago, jaman said:

why the yen....because all the gold the bought?

 

Yep...

[screwball]

According to the official, foreign currencies are currently traded 16% higher than subsidized rates in the open market and “the difference is promising”.

[screwball]

The unification of foreign exchange rates and establishment of an interbank forex market are prerequisites set by the Central Bank of Iran for launching a foreign currency futures market, according to the head of Iran Mercantile Exchange.

“We have held five meetings with CBI officials to address their concerns about the establishment of currency futures. IME is prepared to launch a forex bourse when the central bank unifies the foreign exchange rates and establishes the interbank forex market,” Hamed Soltani-Nejad was quoted as saying by Mehr News Agency on Saturday.

Elaborating on other measures for launching a forex bourse, he said, “We have developed the needed platforms and a rulebook for market operations, and the US dollar and euro have been selected as the base assets. We have also held talks with bureaux de change operators to persuade them to participate in the market.”

Soltani-Nejad considered CBI’s decision allowing banks to enter the forex market to be a positive move, saying it was “one step toward the unification of foreign exchange rates”.

The Central Bank of Iran is planning to unify forex rates by the end of the fiscal year (March 20, 2017). In line with the plan, the CBI has officially permitted banks to start trading in the forex open market in line with its declared aim of unifying foreign exchange rates.

The directive allows banks and customers to negotiate the rates. Before the CBI decision, forex trade in the parallel market was dominated by powerful bureaux de change and street money changers.  

Iran was forced to revert to the controversial double exchange rate regime after nuclear-related sanctions unleashed turmoil in the forex market in 2011-12 in which the national currency lost almost 70% of its value within days.

Soltani-Nejad noted that an interbank forex market could also be used when customers of various banks want to trade with each other.

“Forex dealings of banks would also take place in the interbank market,” he said.

 

this was article back from April, so it likes a interbank forex market and unification of their multi tiered exchange rates needs to be done before the forex exchnage bourse! What does everyone think?

[screwball]

Elaborating on other measures for launching a forex bourse, he said, “We have developed the needed platforms and a rulebook for market operations, and the US dollar and euro have been selected as the base assets. 

From above and april

[screwball]

Japan has agreed to boost investment in Iran following a visit by a senior Japanese official to Tehran, the Kyodo news agency has reported. 

Iran's Deputy Foreign Minister Abbas Araqchi on Saturday met his Japanese counterpart Kentaro Sonoura in Tehran where they discussed how to ensure that transactions between the two countries do not fall foul of US laws.

“We had a very good meeting today and mainly we talked about how to expand mutual relation and cooperation in order to prepare needed infrastructures to reach goals in financial and economic issues in the post-sanctions era,” Kyodo quoted Araqchi as saying.

The two officials also discussed a planned visit by Japanese Prime Minister Shinzo Abe to Tehran among other issues, the report added.

Abe would be the first Japanese prime minister to visit the Islamic Republic in 38 years since Takeo Fukuda traveled to Iran in September 1978.

“Iran is grateful to Japan for the allocation of the $10 billion credit line and we are sure that this action by Japan will lead to the blossoming of the two countries’ financial ties,” Araqchi said, according to Kyodo.

The credit line was pledged by Japan Bank for International Cooperation and Nippon Export and Investment Insurance in February in order to help Japanese companies do business amid intensifying foreign competition to access the Iranian market.

Iranian officials have called on Japan to move faster on rolling out a credit package. Petroleum and other energy sectors are viewed as a key target of the Japanese investment, with the debt guarantee allowing its companies to invest without significant risk.

Tokyo lifted sanctions against Tehran in February to allow Japanese companies to invest in Iran's oil and gas sector after a nuclear agreement was reached between Iran and world countries.

 

why the hurry?

[climber7]

2 hours ago, screwball said:

The unification of foreign exchange rates and establishment of an interbank forex market are prerequisites set by the Central Bank of Iran for launching a foreign currency futures market, according to the head of Iran Mercantile Exchange.

“We have held five meetings with CBI officials to address their concerns about the establishment of currency futures. IME is prepared to launch a forex bourse when the central bank unifies the foreign exchange rates and establishes the interbank forex market,” Hamed Soltani-Nejad was quoted as saying by Mehr News Agency on Saturday.

Elaborating on other measures for launching a forex bourse, he said, “We have developed the needed platforms and a rulebook for market operations, and the US dollar and euro have been selected as the base assets. We have also held talks with bureaux de change operators to persuade them to participate in the market.”

Soltani-Nejad considered CBI’s decision allowing banks to enter the forex market to be a positive move, saying it was “one step toward the unification of foreign exchange rates”.

The Central Bank of Iran is planning to unify forex rates by the end of the fiscal year (March 20, 2017). In line with the plan, the CBI has officially permitted banks to start trading in the forex open market in line with its declared aim of unifying foreign exchange rates.

The directive allows banks and customers to negotiate the rates. Before the CBI decision, forex trade in the parallel market was dominated by powerful bureaux de change and street money changers.  

Iran was forced to revert to the controversial double exchange rate regime after nuclear-related sanctions unleashed turmoil in the forex market in 2011-12 in which the national currency lost almost 70% of its value within days.

Soltani-Nejad noted that an interbank forex market could also be used when customers of various banks want to trade with each other.

“Forex dealings of banks would also take place in the interbank market,” he said.

 

this was article back from April, so it likes a interbank forex market and unification of their multi tiered exchange rates needs to be done before the forex exchnage bourse! What does everyone think?

I don't want to wait till March 😭

[screwball]

They have given us two dates, september and March! Remember us elections, yuan enters basket on October 1 st and we are waiting on the announcement regarding South Korea/rial/euro payment system! So if you have been in the dinar investment for as long as we have you know dates are just that, dates! They come and go! Patience we must have!

[screwball]

The process has started, it's old but posted it again FYI

1. Economy
2. Business And Markets

Monday, August 01, 2016

Banks in the Spotlight as Forex Rules change

 

 

Banks in the Spotlight as Forex Rules Change 

The Central Bank of Iran on Sunday officially allowed banks to start trading in the open hard currency market in line with its declared aim to unify the forex rates. Given the history of similar moves in the past, the move attracted mixed reactions with many commentators reiterating the fact that a single forex rate is central to attracting foreign investment.

Multiple forex rates have always been a challenge for the country. In two similar measures in the past three decades the CBI had unified forex rates but all that proved to be rather short-lived.

However, the CBI this time apparently seems to be treading with more caution in adopting what it calls a "controlled yet floating" foreign exchange regime by laying a strong foundation.

Kamal Seyyed Ali, director of Export Guarantee Fund of Iran, believes that allowing banks to operate in the parallel forex market will pave the way for the unification of foreign exchange rates.   

Formerly banks were barred from conducting direct operations at market rates. “Once the decision is implemented, banks would be able to attract forex resources,” FNA quoted him as saying.

Iranian banks offer higher interests on forex deposits compared to other countries, which according to Seyyed Ali is in the interest of lenders and helps in attracting export revenues in foreign currency.

Iranian lenders offer 4-6% interest on forex deposits. For instance, Bank Saderat Iran, Bank Mellat and Bank Melli Iran pay 6% interest on US dollar deposits.   

According to the CBI, exporters will also be allowed to sell their hard currency to banks or keep it in their bank accounts.

 Key Players

Besides, foreign exchange deals would mostly take place in the banking system, rather than the black market, he said. “Banks will be the key players in the market following the implementation of the new policy.”

 This can and should help promote stability in forex markets, says the former central bank official.

“Banks’ entry into the forex market would not lead to a surge in rates because it will bolster the supply side of the market,” he said. “Iranian businesses are expected to move their forex resources in foreign banks to their accounts in banks inside the country.”

However, he called on the CBI to have an eye on banks’ performance in attracting forex resources as “sufficient forex resources are also crucial for a single rate regime.”

According to available data, the foreign exchange deposits of Iranian banks stood at $57.4 billion as of May.

Davoud Soori, an economist at Sharif University of Technology, believes that the new policy indicates a shift in government and CBI approach to the market rates. “It shows that the government is firm in its decision to unify the exchange rates,” Eximnews.ir quoted him as saying.

“CBI has a closer supervision on the banking system compared with foreign exchange shops,” he said. “As a result, banks are less likely to get entangled in illegal operations in the forex market.”

 Early Impact

Following the CBI decision, the US dollar on Sunday was traded at 35,450 rials, up by 0.17% from Thursday’s close. The markets were closed on Friday and Saturday.

A currency trader in downtown Tehran said that the decision might initially have a shocking effect on the market “though in the long-term “the greenback should take comfort in 33,000-34,000 rials.”

“I think the government is determined to unify exchange rates,” he told the Financial Tribune.

Another currency trader said that the decision should enable banks to conduct transactions at lower fees. “For sure, it would have a negative effect on the business of the bureau de exchanges, but it would help the economy in general.”

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[rw.sutton]

Question from a beginner in the rial, How will you exchange, rial to yen? I have stepped in and bought some rial, looking for a little guidance, Thanks my friend.

Millionaire in Training thank you for your response. on my first question,,Thanks

[gregp]

Screwball,

I can't thank you enough!

10 billion!

Why would Japan be dumping huge amounts of money in Iraq and Iran? Hang in there folks, the ride is about to get good! 

 

[screwball]

http://en.mehrnews.com/news/119448/Iran-Russia-to-boost-Ruble-Rial-swap

[screwball]

http://www.presstv.com/Detail/2016/09/04/483167/Iranian-banks-to-open-branches-in-Munich