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Iran is pressing the United States to ease banking obstacles to the reopening of trade under last year’s nuclear deal and hopes for progress on the sidelines of United Nations meetings in New York this week, an Iranian official said as reported by Reuters.

The country’s national airline has provisionally agreed to buy US and European aircraft worth over $50 billion at list prices, marking a high-profile test case for the reopening of its economy under a deal with world powers to ease sanctions.

Nine months after the sanctions deal took effect, foreign banks are reluctant to get involved because of concerns that they could be caught up in restrictions applying to US banks, which are still banned from doing business with Iran.

Under the deal to lift nuclear-related sanctions, Iran can buy passenger planes and other goods but is not allowed to pay for them in dollars or to use the US financial system, due to core US sanctions that remain in force.

The ban on paying in dollars is a particular headache for Boeing and international leasing companies, which usually account for their portfolios in the world’s leading currency.

Paying in other hard currencies could generate fleeting movements in the US financial system known as U-Turn transactions, which are also banned.

“We are negotiating and I hope that during the trip of President (Hassan) Rouhani to the US, we can have some news on the subject,” Deputy Roads and Urban Development Minister Asghar Fakhrieh Kashan told foreign investors at the CAPA Iran Aviation Finance Summit in Tehran.

Iran Air chief Farhad Parvaresh is traveling to New York as part of Rouhani’s delegation for the UN General Assembly.

The United States has said it has no plans to reinstate “U-turn” authorization, which would allow foreign banks to use its financial system to transfer funds for some Iran-related trade.

Iran wants to pay Boeing in dollars but failing such an agreement - which many observers consider unlikely - it wants the US Treasury’s Office of Foreign Assets Control (OFAC) to approve the financing as part of a separate process under which it must also grant licenses before jets can be exported to Iran.

Industry sources say Boeing is talking to third-parties about handling the transactions and paying it in dollars, but is unlikely to proceed without clear guidance from Washington.

http://financialtribune.com/articles/economy-business-and-markets/50167/tehran-expects-progress-easing-banking-restrictions

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Not sure if I posted this!

 
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Published : 2016-08-26 21:45
Updated : 2016-08-26 21:46

TEHRAN (AFP) -- Iran and South Korea are to start trading in euros, legally circumventing US sanctions on dollar transactions with Tehran, a senior official announced Friday.

After months of talks with Washington, at the urging of Iran, Seoul will "with US approval... convert South Korean won to euros without any direct intervention of dollars", Deputy Foreign Minister Hamid Baedinejad said on his Instagram page.

If other countries with "local and limited currencies" also traded in euros, it would "lead to easier commerce between Iranian traders and businesses and those countries", he added.

A landmark deal between Tehran and world powers, signed in July last year and which came into force in January, saw many international sanctions on Iran lifted in exchange for curbs to its nuclear programme.

But non-nuclear-related sanctions have remained in place, preventing Iranian banks and businesses from carrying out global financial transactions in dollars.

Trade between Iran and South Korea in euros will begin on August 29, Baedinejad quoted South Korean Finance Minister Yoo Il-Ho as saying.

KEB Hana Bank, Shinhan Bank and Woori Bank, which in May became the first South Korean lender to open an office in Iran, will support the transactions, he added.

Tehran and Seoul, which buys Iranian oil, agreed to triple their annual trade volume to $18 billion in May when South Korean President Park Geun-Hye visited Iran.

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Goes hand in hand with the article FW posted 

Banks will expand their online foreign currency exchange services to more than 40 different currencies, starting from October. 

According to the Financial Supervisory Service on Wednesday, the financial wachdog will work together with the lenders to increase the variety of foreign currencies available for online exchange and pick-up at the Incheon International Airport. 
 

20160824001129_0.jpg


Currencies that are considered rare to get here, including the Vietnamese dong, Indonesian rupiah, Malaysian ringgit and Russian ruble, will be available at the airport, the FSS said. 

Currently, the number of currencies allowed for online application for exchange and pick-up at the airport is fewer than 20. Shinhan Bank’s airport branch offers 19, and Woori Bank 13. Shinhan plans to expand the currencies to 44. Woori plans on 43. 

“Not only at the airport, but also at ordinary bank branches, the number of exchangeable currencies based on online application will be gradually expanded,” said Ryu Tae-sung, director general at the FSS. 

Identity verification procedures will be waived for customers who apply for exchange of foreign currencies worth less than 1 million won on the banks’ homepages, the FSS said. 

The Korea Federation of Banks will establish a foreign exchange rate comparison page on its homepage early next year to help consumers check currency types available for exchange at each bank and discount benefits at once. 

“Amid the rising number of overseas travelers and growing financial transactions with foreign countries, the demand for a variety of currencies has been high,” Ryu said. “But it has been difficult and inconvenient for consumers to compare discount benefits offered by each bank.”

The watchdog will also have all major four banks -- Shinhan Bank, Woori Bank, Kookmin Bank, KEB Hana Bank -- accept coins of six currencies -- US dollar, Japanese yen, French franc, Canadian dollar, Hong Kong dollar -- that are leftover from traveling and exchange them into the equivalent value of the domestic currency, starting from October. 

At the moment, KEB Hana Bank is the single institution accepting the leftover coins, causing complaints from consumers, the FSS said. 

By Song Su-hyun (song@heraldcorp.com)

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3 hours ago, screwball said:

Iran is pressing the United States to ease banking obstacles to the reopening of trade under last year’s nuclear deal and hopes for progress on the sidelines of United Nations meetings in New York this week, an Iranian official said as reported by Reuters.

The country’s national airline has provisionally agreed to buy US and European aircraft worth over $50 billion at list prices, marking a high-profile test case for the reopening of its economy under a deal with world powers to ease sanctions.

Nine months after the sanctions deal took effect, foreign banks are reluctant to get involved because of concerns that they could be caught up in restrictions applying to US banks, which are still banned from doing business with Iran.

Under the deal to lift nuclear-related sanctions, Iran can buy passenger planes and other goods but is not allowed to pay for them in dollars or to use the US financial system, due to core US sanctions that remain in force.

The ban on paying in dollars is a particular headache for Boeing and international leasing companies, which usually account for their portfolios in the world’s leading currency.

Paying in other hard currencies could generate fleeting movements in the US financial system known as U-Turn transactions, which are also banned.

“We are negotiating and I hope that during the trip of President (Hassan) Rouhani to the US, we can have some news on the subject,” Deputy Roads and Urban Development Minister Asghar Fakhrieh Kashan told foreign investors at the CAPA Iran Aviation Finance Summit in Tehran.

Iran Air chief Farhad Parvaresh is traveling to New York as part of Rouhani’s delegation for the UN General Assembly.

The United States has said it has no plans to reinstate “U-turn” authorization, which would allow foreign banks to use its financial system to transfer funds for some Iran-related trade.

Iran wants to pay Boeing in dollars but failing such an agreement - which many observers consider unlikely - it wants the US Treasury’s Office of Foreign Assets Control (OFAC) to approve the financing as part of a separate process under which it must also grant licenses before jets can be exported to Iran.

Industry sources say Boeing is talking to third-parties about handling the transactions and paying it in dollars, but is unlikely to proceed without clear guidance from Washington.

http://financialtribune.com/articles/economy-business-and-markets/50167/tehran-expects-progress-easing-banking-restrictions

 

"Iran wants to pay Boeing in dollars but failing such an agreement - which many observers consider unlikely - it wants the US Treasury’s Office of Foreign Assets Control (OFAC) to approve the financing as part of a separate process under which it must also grant licenses before jets can be exported to Iran.

Industry sources say Boeing is talking to third-parties about handling the transactions and paying it in dollars, but is unlikely to proceed without clear guidance from Washington."

 

If this is true--then how he heck did they get that 737 delivered Sunday in the previous article?! 

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1 hour ago, screwball said:

Not sure if I posted this!

 
kh_newsstand_banner.png

 

Published : 2016-08-26 21:45
Updated : 2016-08-26 21:46

TEHRAN (AFP) -- Iran and South Korea are to start trading in euros, legally circumventing US sanctions on dollar transactions with Tehran, a senior official announced Friday.

After months of talks with Washington, at the urging of Iran, Seoul will "with US approval... convert South Korean won to euros without any direct intervention of dollars", Deputy Foreign Minister Hamid Baedinejad said on his Instagram page.

If other countries with "local and limited currencies" also traded in euros, it would "lead to easier commerce between Iranian traders and businesses and those countries", he added.

A landmark deal between Tehran and world powers, signed in July last year and which came into force in January, saw many international sanctions on Iran lifted in exchange for curbs to its nuclear programme.

But non-nuclear-related sanctions have remained in place, preventing Iranian banks and businesses from carrying out global financial transactions in dollars.

Trade between Iran and South Korea in euros will begin on August 29, Baedinejad quoted South Korean Finance Minister Yoo Il-Ho as saying.

KEB Hana Bank, Shinhan Bank and Woori Bank, which in May became the first South Korean lender to open an office in Iran, will support the transactions, he added.

Tehran and Seoul, which buys Iranian oil, agreed to triple their annual trade volume to $18 billion in May when South Korean President Park Geun-Hye visited Iran.

 

Any good places to stay in South Korea? 

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24 minutes ago, millionaire in training said:

Lots of interesting articles.   Iran is kicking butt all over the place.  This thing is moving fast.

Excellent  :bravo:

I agree millionaire!  October is fixing up to be a great month I am feeling.  Just bought my last few million Rial off of Ebay so I am ready! :twothumbs:

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https://www.markettamer.com/blog/u-s-gives-airbus-green-light-to-sell-planes-to-iran

Cleared for takeoff!

Airbus has just been given the green light by the U.S. government to sell planes to Iran despite fierce political opposition to the deal. 

The Treasury department has approved the sale of 17 A320 and A330 passenger aircraft, part of a much bigger deal Airbus signed with Iran after economic sanctions were lifted. 

Airbus (EADSF) needs U.S. government approval to sell aircraft to Iran because many parts are made in the U.S. and the American authorities want to ensure the country doesn’t use the planes for military purposes. 

Airbus signed the deal in January, agreeing to provide a total of 118 planes to Iran for about $26 billion. This is among its biggest ever sales, and includes 12 A380 super jumbo jets

Airbus expects the U.S. government to approve the sale of the remaining 101 planes in the next few weeks, Airbus spokesperson Justin Dubon told CNNMoney. 

Iran is working to modernize a fleet that is among the oldest and most dangerous in the world. Years of sanctions left Iran’s airlines with outdated and unsafe aircraft. The sanctions were lifted after Iran agreed to curtail its nuclear program. 

The country also agreed to buy 80 jetliners from Boeing (BA) in June, and lease another 29 Boeing aircraft. 

Boeing has yet to receive U.S. government approval, but told CNNMoney it expected it soon. 

“We believe [the Airbus] license application was submitted prior to our similar request and that the government follows a ‘first in, first out’ policy. We look forward to receiving our license from the government shortly,” the company said in a statement. 

Related: Airbus faces criminal corruption probe in Britain

Many sanctions against Iran still remain. For example, the U.S. continues to block companies from doing business with Iran in U.S. dollars. This has complicated the financing of these huge plane contracts, since many banks are concerned about working with Iran

Several big banks, including HSBC (HSBC) and BNP Paribas, (BNPQF) were fined billions of dollars for dealing with Iran while more extensive U.S. sanctions were in place. 

Airbus said it believed financing wouldn’t be a problem. 

“There are institutions out there that could do it,” said Dubon. “There is liquidity in the market and there are several avenues [we can pursue]. Even if there’s reticence by some banks.” 

U.S. approval could provide welcome relief for the struggling A380 super jumbo, which cost Airbus $25 billion to develop. Sales have been disappointing and the company recently slashed its production outlook for the plane due to a lack of customers.

 

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29 minutes ago, climber7 said:

https://www.markettamer.com/blog/u-s-gives-airbus-green-light-to-sell-planes-to-iran

Cleared for takeoff!

Airbus has just been given the green light by the U.S. government to sell planes to Iran despite fierce political opposition to the deal. 

The Treasury department has approved the sale of 17 A320 and A330 passenger aircraft, part of a much bigger deal Airbus signed with Iran after economic sanctions were lifted. 

Airbus (EADSF) needs U.S. government approval to sell aircraft to Iran because many parts are made in the U.S. and the American authorities want to ensure the country doesn’t use the planes for military purposes. 

Airbus signed the deal in January, agreeing to provide a total of 118 planes to Iran for about $26 billion. This is among its biggest ever sales, and includes 12 A380 super jumbo jets

Airbus expects the U.S. government to approve the sale of the remaining 101 planes in the next few weeks, Airbus spokesperson Justin Dubon told CNNMoney. 

Iran is working to modernize a fleet that is among the oldest and most dangerous in the world. Years of sanctions left Iran’s airlines with outdated and unsafe aircraft. The sanctions were lifted after Iran agreed to curtail its nuclear program. 

The country also agreed to buy 80 jetliners from Boeing (BA) in June, and lease another 29 Boeing aircraft. 

Boeing has yet to receive U.S. government approval, but told CNNMoney it expected it soon. 

“We believe [the Airbus] license application was submitted prior to our similar request and that the government follows a ‘first in, first out’ policy. We look forward to receiving our license from the government shortly,” the company said in a statement. 

Related: Airbus faces criminal corruption probe in Britain

Many sanctions against Iran still remain. For example, the U.S. continues to block companies from doing business with Iran in U.S. dollars. This has complicated the financing of these huge plane contracts, since many banks are concerned about working with Iran

Several big banks, including HSBC (HSBC) and BNP Paribas, (BNPQF) were fined billions of dollars for dealing with Iran while more extensive U.S. sanctions were in place. 

Airbus said it believed financing wouldn’t be a problem. 

“There are institutions out there that could do it,” said Dubon. “There is liquidity in the market and there are several avenues [we can pursue]. Even if there’s reticence by some banks.” 

U.S. approval could provide welcome relief for the struggling A380 super jumbo, which cost Airbus $25 billion to develop. Sales have been disappointing and the company recently slashed its production outlook for the plane due to a lack of customers.

 

Yes !!!!!! It may just be time to put on my dancing shoes and get ready with my happy dance !! :mexican::bravo:

pp

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39 minutes ago, pokerplayer said:

Yes !!!!!! It may just be time to put on my dancing shoes and get ready with my happy dance !! :mexican::bravo:

pp

 

Okay, I realize this is good news but also just one more step toward our goal.

Am I missing something though in the importance of this? It's just another step but doesn't seem to me to be the thing that ushers in the new rate or the RV. 

Help me out here as to why I should be more excited LOL 

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I believe its an additional step towards removing currency sanctions.The planes had more than 10% US parts so the US needed to approve the sale, which they did. It's not like Iraq where they read one law then take a 6 month holiday. Iran is pushing ahead at an Impressive rate and others are racing to do business with them.

I see this as a very good sign. JMHO

pp

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15 hours ago, screwball said:

“Unpicking years of sanctions is a complex task, complicated further in Washington by the fact that US primary sanctions remain in effect,” French Ambassador to Iran Francois Senemaud said.

One person familiar with the process said the US Treasury was moving ahead in its discussions and a license decision, initially on the Airbus side of the deal, could come in weeks.

 

airbus side? Euro?  Boeing side? Usd? 

 

I read here that the Boeing side in Euro was doing the contract and bypassing the USA  Government

all together

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U.S. begins unblocking jetliner sales to Iran

September 21, 2016
 
2216874.jpg

The United States has started issuing licenses unblocking the sale of Western passenger jets to Iran, aviation sources said.

The U.S. Treasury has issued licenses allowing the export of some European Airbus jets to Iran and is expected to start approving sales of Boeing jets within days, the sources said.

A spokesman for Airbus confirmed it had received a U.S. license covering a total of 17 aircraft slated for early delivery. Although based in Europe, Airbus needs U.S. approval because of the high number of U.S. parts in its jets.

Both planemakers have agreed to sell or lease more than 100 aircraft each to flag carrier IranAir as Iran rebuilds its aviation sector following last year's agreement between Tehran and major powers over the lifting of nuclear-related sanctions.

(Source: Reuters)

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JCPOA parties hold 5th Joint Commission in New York 

September 21, 2016
 
2069501.jpg?ts=1474088228434

TEHRAN – Deputy foreign ministers of six world powers and Iran were to convene at New York on Wednesday afternoon for a brainstorming session on the quality of the implementation of the nuclear deal they came up with in July 2015 with Tehran insisting that it is not reaping economic gains as calculated. 

It is the fifth time in nearly 14 months after the conclusion of the deal that the signing countries are coming together, this time on the sidelines of the 71st United Nations General Assembly. 

Under the JCPOA, a Joint Commission of the seven signing countries monitors the implementation of the deal to address issues arising from the enforcement of the pact.

High on the agenda of the fifth commission will be the banking dilemma, which Tehran cites as a major obstacle to the realization of what it expected from the landmark deal.
 
EU Foreign Policy deputy chief Helga Schmid, and Iranian deputy foreign ministers Aabbas Araqchi and Majid takhtravanchi co-presided over the session.

International banks, particularly the European ones, have shown no enthusiasm for re-engaging their Iranian counterparts, citing possible fines by the U.S. 

The two sides have agreed to refer complaints to the Joint Commission for resolution if either side believes the other side has fallen short of meeting its commitments under the deal. 
Ali Akbar Salehi, head of Iran’s Atomic Energy Organization, had attacked, in a recent interview with the Guardian, lack of progress on banking transactions and trade months on since Implementation Day (January 16). 

“As has been stated by the International Atomic Energy Agency (IAEA), Iran has remained committed to its commitments,” Salehi said. “While the other side – it’s very clear now to public opinion and it’s not a secret – has not really delivered on the promises; that the sanctions would be removed and that banking transactions would go back to normal, that trade would speed up and economic relations would be enhanced. These have not been materialized to the extent that we expected.”

In a similar vein, on the sidelines of the Euromoney Iran Conference in London in May, Iran’s central bank governor Valliollah Seif said, “Some movement and Western officials have made some positive pronouncements, but banks need tangible reassurances that they would be immune from baseless allegations [of sanctions breaches].” 

Iran says it is up to the Western side to soothe banking concerns voiced by international banks. 
The banking issue, a major sticking point, has prevented a $50-billion deal to go through between Iran and Airbus and Boeing, awaiting the green light from the U.S. Treasury's Office of Foreign Assets Control (OFAC). 

In addition to the deputy level meeting, foreign ministers of the seven countries will hold a session on Thursday to review and assess progress and to make appropriate decisions by consensus just in case. 

According to the JCPOA, a ministerial level meeting will be held every 2 years for assessment purposes.  

AK/PA 
 

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News ID:169058
Publish Date: Wed, 21 Sep 2016 20:32:54 GMT
Service: Iran
 
 

Airbus says granted US license to sell planes to Iran

Airbus says granted US license to sell planes to Iran

Airbus says it has obtained an initial license from the United States to supply passenger jets to Iran as part of a 25-billion-dollar deal between the aircraft manufacturer and the Islamic Republic signed in January.

Airbus spokesman, Justin Dubon, told The Associated Press on Wednesday that the company received the license from the US Treasury's Office of Foreign Assets Control for the early delivery of 17 A320 or A330 jets to Iran.

He also noted that Airbus hoped to receive a second license allowing it to export the remaining aircraft to Iran within the next few weeks.

Back in January, Tehran signed a major contract with Airbus to buy 118 planes. The accord was inked during Iranian President Hassan Rouhani's visit to Paris.

However, Iran’s Deputy Minister of Road and Urban Development Asghar Fakhrieh Kashan said earlier this week the country had cut the number of planes to be purchased to 112.

The deal was made possible by last year’s nuclear agreement between Tehran and the P5+1 group of countries, including Russia, China, France, Britain, the US and Germany.

The July 2015 nuclear accord, known as the Joint Comprehensive Plan of Action (JCPOA), took effect in January. It ended decades of economic sanctions against Iran in exchange for restrictions on its nuclear program.

However, months into the JCPOA's implementation, Iran says that the promised economic benefits have yet to materialize, and that it still does not have access to global financial markets.

Wednesday’s announcement by Airbus will be closely watched by Chicago-based Boeing Co., which also inked a memorandum of agreement with Iran in June. The deal involves Iran purchasing 80 planes and leasing another 29. 

Aviation sources said the US Treasury was expected within "days" to begin unblocking Boeing's deal to sell or lease the 109 jets to Iran.

         
KeyWords
 
 
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http://money.cnn.com/2016/09/21/news/airbus-iran-planes-us/index.html

Cleared for takeoff!

Boeing and Airbus have been given the green light by the U.S. government to sell planes to Iran despite fierce political opposition to the deal. 

 

The Treasury Department has approved the delivery of more than 100 Boeing (BA) aircraft and 17 Airbus passenger planes, marking a key step for Iran's foreign business dealings now that its economic sanctions are lifted. 

Boeing (BA) is a U.S. company headquartered in Chicago. Airbus (EADSF), a European consortium, needed U.S. government approval to sell aircraft to Iran because many parts are made in the U.S. and the American authorities want to ensure the country doesn't use the planes for military purposes. 

Treasury said in a statement Wednesday that the licenses "contain strict conditions to ensure that the planes will be used exclusively for commercial passenger use and cannot be resold or transferred." 

The Treasury's decision means Boeing has permission to deliver 80 jetliners that Iran agreed to buy in June. The license also covers 29 Boeing aircraft the company will "help Iran Air find" from leasing companies, the manufacturer said. 

Airbus signed a deal in January, agreeing to provide 118 planes to Iran for about $26 billion. This is among its biggest ever sales, and includes 12 A380 super jumbo jets

Airbus expects the U.S. government to approve the sale of the remaining 101 planes in the next few weeks, Airbus spokesperson Justin Dubon told CNNMoney. 

Iran is working to modernize a fleet that is among the oldest and most dangerous in the world. Years of sanctions left Iran's airlines with outdated and unsafe aircraft. The sanctions were lifted after Iran agreed to curtail its nuclear program. 

Related: Airbus faces criminal corruption probe in Britain

Many sanctions against Iran still remain. For example, the U.S. continues to block companies from doing business with Iran in U.S. dollars. This has complicated the financing of these huge plane contracts, since many banks are concerned about working with Iran

Several big banks, including HSBC (HSBC) and BNP Paribas, (BNPQF) were fined billions of dollars for dealing with Iran while more extensive U.S. sanctions were in place. 

Airbus said it believed financing wouldn't be a problem. 

"There are institutions out there that could do it," said Dubon. "There is liquidity in the market and there are several avenues [we can pursue]. Even if there's reticence by some banks." 

U.S. approval could provide welcome relief for the struggling A380 super jumbo, which cost Airbus $25 billion to develop. Sales have been disappointing and the company recently slashed its production outlook for the plane due to a lack of customers.

 

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