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Iranian Rial


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47 minutes ago, pokerplayer said:

The only thing that is concerning me is with all this Info coming out there could be a flood of people buying the Riel as in the dinar and there may be a back room plan ? Just don't want a bucket of cold water dampening my enthusiasm in this investment.

Not a doubting Tomas, just trying to stay grounded if you were wondering about all the rocks in my pocket.  :D

pp

Well considering there are still usd transaction sanctions, and They are stitching up trading and banking deals with Asian and European countries, and we know that you can trade now in euro with South korean banks if your a corporate customer I am no sure what else they could do? They need banks large and small to carry rials as forex reserves, they need to float and they need it on international markets asap... They have to do it sooner rather than later, if they are not international that alone will scare off big companies and banks...

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We also know they have mentioned within 2-3 months, october and by March? The question for me is before elections or after, there seems to be urgency in the reports out of the presidents Asian tour in establishing ties and setting up payment mechanisms, so I think before elections and late October! That's what I think!

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In the wake of new opportunities and positive developments between Iran and Malaysia, the governor of the Central Bank of Iran has called for expansion of joint banking measures by the two Muslim states.

"Malaysia is one of the leading countries in Islamic banking and its banks have made tangible progress in devising new instruments in line with Islamic values," Valiollah Seif was quoted as saying by the official website of the CBI.

"We hope collaboration between the two countries can expand by drawing on mutual experience," he added, saying that positive opportunities have arisen to improve economic ties between the two sides.

Seif, who is accompanying President Hassan Rouhani on his tour of South East Asia, said Iran and Malaysia have had cordial ties in the past and the level of economic interaction was higher than what it is today.

"Regrettably due to the conditions that emerged after the sanctions, relations were halted for years. We hope that with President Rouhani's visit and his talks with Malaysian leaders, a new chapter will open and a turning point will emerge in ties between the two nations."

Stressing the role and importance of the banking industry, the CBI chief called the establishment of two-way banking relations one of the most fundamental factors in developing economic ties. He also said progress has been made regarding the development of economic relations.

Matters pertaining to the collaboration of commercial banks, "including connecting by way of a joint bank account to ease the process of handling trade" were among other subjects discussed between Seif and his Malaysian hosts.

Furthermore, as a result of the high number of Iranian and Malaysian tourists who visit each other's countries, both sides discussed the issue of bank cards. If an agreement is reached, residents and tourists of both countries will be able to use their cards to make payments in the host country.

Another issue during the talks was the formation of a joint committee that will "identify and alleviate banking hurdles."

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Heading a large trade delegation, Germany’s Vice Chancellor and Minister for Economic Affairs and Energy Sigmar Gabriel recently paid a two-day visit to Tehran, hoping to give a timely boost to the post-sanctions German-Iran relations.

But, a German newspaper, Die Welt, has called it a “mission impossible” in light of the existing US sanctions that deter the German banks and other corporations from engaging with Iran, reads an Op-Ed recently published by US-based think tank Eurasia Review.

“The German banks are still restrained and the issue of funding is, therefore, unfortunately still unresolved. This is a lengthy process and that this leads to disillusionment,” Rene Harum, the head of Iran-Germany Chamber of Industry and Commerce, told the press.

This does not mean, however, that the situation is completely hopeless. Last month, Ilse Agner, the minister for the economic affairs of Bavaria, was in Tehran and signed an agreement for three Iranian banks to open branches in Munich.

While Germany’s two biggest banks, Commerzbank AG and Deutsche Bank AG, continue to avoid doing business with Iran, smaller banks such as the Europaeische-Iranische Handelsbank AG in Hamburg offer letters of credit, thus expediting business transactions between Iranian and German firms.

Harum says trade between the two countries is expected to reach €5 billion in 2017 and €10 billion in the coming years.

Speaking at the first meeting of the joint chamber held late-September in Tehran, he said bilateral trade stood at €2.5 billion in 2015.  

Harum added that Germany is willing to become Iran’s top trading partner, replacing China whose trade with Iran topped $22 billion in the last Iranian year (March 2015-16).

According to the Islamic Republic of Iran Customs Administration, trade between Iran and Germany stood at $2.13 billion in the last Iranian year, down 25% over the previous year.

The German trade delegation included both large, medium and small companies, seeking a share of the Iranian market opened up by the nuclear agreement, which went into effect nearly nine months ago.

So far, Germany has lagged behind France, Italy, China and South Korea, in terms of taking advantage of the new Iran business environment and, indeed, it may be impossible for Germany at this point to regain its privileged past status as Iran’s number one trade partner.

Since 2012, Germany’s trade with Iran has suffered due to the nuclear-related sanctions and it would take a rather herculean effort by the German government to normalize trade and non-trade relations with Iran, in light of the acidic combination of both US sanctions-related inhibitions and a host of political obstacles.

Nevertheless, the prospects of easing restrictions on German-Iranian trade appear to be bright and German giants such as Siemens, Daimler, Volkswagen and a number of energy, environmental and petrochemical companies have seemingly set aside their hesitations in favor of new investments in Iran.

Accordingly, IRICA’s latest stats show bilateral trade is already witnessing a rebound.

Iran exported 10,400 tons of non-oil goods worth $87 million to Germany in the first four months of the current Iranian year, registering a 1.4% increase compared with last year’s corresponding period. Pistachios, carpet, caviar, saffron and dates were among the main exports.

More than 419,000 tons of goods valued at $671.3 million were imported from the European country during the same period, indicating an 18% rise year-on-year. Imports mainly included industrial machinery, grain, pharmaceuticals and steel products.

Gabriel’s trip, even if mildly successful, may even pave the way for an official German visit by Iran’s President Hassan Rouhani, assuming that Tehran and Berlin can make some headway in smoothing their differences on human rights and the conflict in Syria.

This is first and foremost an economy-oriented visit and Germany and Iran can well expand their trade relations despite lingering geopolitical differences.

On the whole, the cynicism of the German newspaper cited above may be exaggerated and the logic of German capitalism will likely dictate a timely breakthrough in Iran-German ties that is entirely in the realm of realistic possibilities.

 

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The Central Bank of Iran is working on a plan to raise the daily withdrawal limit at ATM devices, from 2 million rials (55$) to 4-5 million rials ($ 112-138), said the head of CBI’s IT department Nasser Hakimi. The official noted that the total volume of bank notes, ATM locations, and other security issues are key points to be considered before finalizing the decision, ebinews.com reported on Saturday. The current limit has remained unchanged for the past few years, even though the need for cash has increased. Customers usually have more than one bank card so that they can withdraw higher amounts of cash by transferring the money to their other bank accounts.

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  1. National
Sunday, October 09, 2016

Canadian PM Slams Predecessor for Cutting Iran Relations

 

Canadian Prime Minister Justin Trudeau criticized the former conservative government for its decision four years ago to cut diplomatic ties with Iran, which he said was made on "political and ideological" grounds.

Trudeau was speaking with reporters in a media session in Toronto on Friday, CBC reported. In September 2012, the administration of the former Canadian prime minister, Stephen Harper, severed diplomatic contacts with the Islamic Republic, citing, among other pretexts, "continued threats from Iran to Israel".

Canada shut its embassy in Tehran and ordered Iranian diplomats to leave the North American country within five days.

The Italian Embassy has been handling Canada's interests in Iran since then. However, Trudeau came to office in the 2015 election on a promise of change, including changes in foreign policy.

He has expressed willingness on several occasions to see Canada's Embassy reopen in Tehran and in February, his liberal government announced it was lifting some sanctions against Iran.

  Right Signal

"I think Canada is sending the right signal" by deciding to partially remove the sanctions, Trudeau said in March, adding that Canada needs to engage with nations that it believes pose a security challenge to the world.

"You need to have opportunities to put pressure, to tell them where they're going wrong, to tell them how to start going right ... You don't get to do that by crossing your arms and shouting indiscriminately and hoping they hear," he said.

In April, Canadian Foreign Minister Stephane Dion acknowledged that the break in relations "had no positive consequences for anyone: not for Canadians, not for the people of Iran, not for Israel and not for global security".

"Canada's Embassy in Iran has been closed for over three years. With which results? Is it right to need to count on Italy to protect our interests in this country?" Dion asked. "Today, Canada must return to Iran to play a useful role in that region of the world … We are being asked by all sides to reengage and we are doing so."

Later on June 10, he confirmed to CBC News that official-level talks with Iranians aimed at normalizing relations had started.

Iranian expatriates living in Canada have filed a petition containing more than 5,600 names to push for the resumption of Tehran-Ottawa ties.

 

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Furthermore, as a result of the high number of Iranian and Malaysian tourists who visit each other's countries, both sides discussed the issue of bank cards. If an agreement is reached, residents and tourists of both countries will be able to use their cards to make payments in the host country.

 

 

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5 hours ago, screwball said:

The United States is further easing sanctions on Iran.

 

I told you guy's that it would be a matter of time before the USA played nice with Iran. You guys were talking about back room deals. Im sure Obama has made plenty of them behind our backs and we will soon be finding out about them. 

Give it time.........:rocking-chair:

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1 hour ago, pokerplayer said:

The only thing that is concerning me is with all this Info coming out there could be a flood of people buying the Riel as in the dinar and there may be a back room plan ? Just don't want a bucket of cold water dampening my enthusiasm in this investment.

Not a doubting Tomas, just trying to stay grounded if you were wondering about all the rocks in my pocket.  :D

pp

PP, I wouldn't worry about that if I were you . The % is very low. Not everyone is interested in investing in the Rial.  You'd be surprised. Not a lot of people are aware of whats going on. 

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18 minutes ago, millionaire in training said:

PP, I wouldn't worry about that if I were you . The % is very low. Not everyone is interested in investing in the Rial.  You'd be surprised. Not a lot of people are aware of whats going on. 

WOW this is so funny  :lol:  :o  Did you guys see how many views this thread has .....over 29 thousand.  :o PP , I think more people are catching on to this concept than I thought. :lol:  :facepalm2:  :P

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5 minutes ago, millionaire in training said:

WOW this is so funny  :lol:  :o  Did you guys see how many views this thread has .....over 29 thousand.  :o PP , I think more people are catching on to this concept than I thought. :lol:  :facepalm2:  :P

Yep been watching the stats for awhile....in the grand scheme things we are only a very very small invested...compared to those that bought dinar!

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President Hassan Rouhani said Tehran is ready for stronger ties with the Malaysian government and parliament, as increased cooperation can help advance the interests of the two nations and Asia.

"Expansion of economic, cultural, scientific and parliamentary relations will benefit the two nations and the region," he said in a meeting with Malaysian Parliament Speaker Pandikar Amin in Kuala Lumpur on Saturday, according to the president's official website.

Pointing to his Friday talks with Malaysian premier, Najib Razak, Rouhani said the two governments are determined to exploit potential to further bilateral collaboration. The president said the two parliaments can work to support the trend and help increase bilateral trade twofold, compared with its level before the tightening of anti-Iran nuclear-related sanctions in 2011 and 2012.

The sanctions were lifted this January, when a pact between Iran and world powers went into effect to put temporary restrictions on Tehran's nuclear program.

Rouhani said the two countries can also coordinate efforts to help settle differences and promote unity among Muslims.

"We have a heavy religious, moral and humanitarian responsibility to promote unity in the Muslim world," he said.  The president said Tehran-Kuala Lumpur cooperation can also promote peaceful coexistence among followers of various faiths across the globe, as "there is no other way than to preach tolerance to support stability and security of countries".

Amin said the Malaysian Parliament backs wide-ranging relations with Iran.

"There are no obstacles to fostering Tehran-Kuala Lumpur ties," he said. "Banking cooperation between the two states can accelerate the process."

Rouhani arrived in Malaysia on Friday, accompanied by Foreign Minister Mohammad Javad Zarif, Cabinet members and other government officials.

It was the second leg of a three-nation tour of Southeast Asia he had embarked on Wednesday, where he signed an extradition treaty between Iran and Malaysia. Earlier in the trip, he had a two-day stay in Vietnam where he discussed expansion of bilateral cooperation with his Vietnamese counterpart, Tran Dai Quang.

Rouhani left Malaysia and entered Thailand on Saturday, the last stop on the presidential tour.

He was to meet Thai Prime Minister Prayut Chan-o-cha to explore ways of strengthening bonds of friendship between the two governments.

While in Thailand, Rouhani will also attend the Second Asia Cooperation Dialogue Summit and address the event, which takes place from Oct. 8-10.

The 34-member ACD, which was launched in June 2002 in Thailand in the presence of 18 Asian foreign ministers, is the first continent-wide forum in Asia.

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Auto & Tech Desk

Volkswagen is on the verge of signing a deal with a new Iranian auto manufacturer, according to reports from Tehran.

In the past few months, the German automaker has been in discussion with Iranian companies: Kerman Motor and Mammut Group—the latter being a family-owned operation.

Many industry watchers assumed that since VW had cooperated with Kerman Motor in the past, it would be preferred over Mammut Khodro, an affiliate of Mammut group.

However, on October 5, the local automotive website, Machin3, reported that Mammut Khodro is to become VW’s official representative in Iran.

Prior to the imposition of sanctions, Kerman Motor produced VW’s hatchback model, the Brazilian-designed Gol, but production was halted in 2003.

After the imposition of western sanctions on Iran, Mammut and Volkswagen bypassed the blockade and imported a large number of the New Beetle, Golf and Passat models.

According to an informed source, although the new deal has not been announced yet, Mammut Khodro has already imported a large number of pre-assembled VWs that are to be introduced in the market soon.

Financial Tribune reached out to Mammut Khodro, the group in charge of the VW operation, it confirmed that the deal is going ahead.

“We are going to produce new VWs in Iran and also importing them,” it confirmed.

Further investigations confirm that Mammut Khodro will also be the designated name of the new joint venture products, however their .com website is still under construction.

The soon-to-be JV follows the recent visit of German Economy Minister Sigmar Gabriel who was accompanied by VW officials.

 VW Plans

Volkswagen is giving the impression that it is following the example of its French rivals, namely Renault and PSA Group that signed JVs with local companies.

The news of VW coming to Iran also follows recent news of its subsidiary Skoda Auto preparing to enter the domestic market.

In July, Tomas Kubik, the spokesman of Skoda Auto, announced that the Prague-based company has explored the Iranian market and believes that its vehicles will suit the budget of Iran’s middle-class consumers.

Volkswagen’s plan for Iran may follow the well-tried model of its other emerging market operations, which has several subsidiaries and strategies catering for different consumer demands in those regions.

From China and India to Brazil and Argentina, VW has numerous production plants manufacturing parts and vehicles.

Brazil could also be the new model for Iran, as the GDP of both countries remains in the same bracket. The company might use the same industrial and economical template for the Islamic Republic.

Vehicles produced by Volkswagen in Brasil include Golf, Voyage, Fox, New Savario and Jetta.

The Chinese version of Volkswagen, which caters to that market (like making longer rear passenger doors for Chinese preference) could also be a possible contender for Iranian wallets.

Considering the strong financial ties between Iran and China and the profitability of the Chinese approach to the industry, Volkswagen might find the Chinese template more appealing.

 Private Vs. State-Owned

The VW deal comes in stark contrast to other recently signed auto contracts, including those with Renault and PSA Group.

While Renault has signed a deal with state-owned Industrial Development and Renovation Organization of Iran and Peugeot forged a joint venture with IKCO, the unprecedented approach of the VW can be a real game changer in Iran’s auto industry.

At present, Iran is exporting vehicles and parts to other emerging markets like Iraq, Afghanistan and Azerbaijan.

The VW-Mammut Khodro deal will enable Iran to target the regional market, too, as the foreign partner is obliged to export 30% of cars produced in joint ventures with Iran.

 

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Malaysian firms invited to Iran’s energy, industrial projects 

October 8, 2016
 
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TEHRAN – Malaysian firms are invited to participate in Iran’s energy and industrial projects, Iranian President Hassan Rouhani said.

In a meeting with Malaysian Prime Minister Datuk Seri Najib Razak, Rouhani stated that the post-sanctions era is a great opportunity for Malaysian companies to boost presence in Iran, Shana news agency reported.

During the meeting which was held in Kuala Lumpur on Friday, the Iranian president stressed the need to revive banking relations as the stimulus for enhancing economic collaboration between the two countries.

He also underscored the potentials and capabilities of Iranian companies in various sectors including construction, energy, and modern technologies, and said the two countries can cooperate in such areas.

Najib Razak for his part expressed his country’s interest in cooperation with Iran in all areas and said the two governments should try to increase the bilateral trade to the pre-sanctions level. 

“Since banking relations are the key element in trade cooperation we hope for the hurdles in this regard to be removed very soon,” he noted.

‘Iran-Malaysia trade anticipated to quintuple in 2 years’

Meanwhile, in an interview with IRNA on Friday, Iranian Communications and Information Technology Minister Mahmoud Vaezi, who is also the co-chairman of Iran-Malaysia Joint Economic Committee, said that with oil and petrochemical products added to the equation, it is expected that the value of trade between the two sides will increase five-fold over the next two years.

Referring to his talks with Mustapa Mohamed, Malaysia’s minister of international trade and industry who is also Iran-Malaysia Joint Economic Committee's new co-chairman, Vaezi said bilateral trade relations were very good but fell short due to the unjust sanctions over the past years.

He went on saying “The two countries’ joint economic committee meeting has not been held since 2008 and it has caused bilateral trade value of $1.5 billion in 2013 to fall to $500 million in 2016.”

Further in his remarks the official noted that Malaysia’s minister of international trade and industry is due to visit Iran within the next two weeks and he will be accompanied by a high-ranking trade delegation.

“30 Malaysian representatives and managers of large companies in various sectors will be accompanying the minister and this could be a new beginning to the further development of bilateral cooperation,” he said.

EF/MA/MG

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Italian minister to visit Iran for finalizing finance, banking deals

October 9, 2016
 
2235860.jpg

TEHRAN - Italy's Minister of Economy and Finance Pier Carlo Padoan has expressed readiness to pay a visit to Iran in near future to finalize pre-accorded financial and banking agreements with the Islamic country, Tasnim news agency reported on Saturday.

During his meeting with his Iranian counterpart Ali Tayyebnia in Washington, Padoan also admitted that Italian banks and companies are decided to bolster bilateral ties with Iranians. 

“We are committed to expansion of relations with Iran and keeping our made commitments to the country and will do our best to remove the obstacles on the way to expand bilateral ties,” he said.

The Iranian minister, for his part, underlined the Islamic Republic’s post-sanctions general attitude for cooperating with foreign countries, which relies on transferring knowledge and technology into the country, saying that Iran investigates the proposed suggestions from other countries including Italy and expects them to try their best to remove barriers for development of common ties.

Tayyebnia, heading a delegation, left Tehran for Washington DC on Friday to attend the World Bank Group (WBG)’s autumn meeting and International Monetary Fund (IMF)’s annual meeting.

HJ/MA

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Iran’s current account balance positive: IMF 

October 9, 2016
 
2235864.jpg

TEHRAN- Iran is among a few countries in Middle East, North Africa, Afghanistan, and Pakistan region with the positive current account balance, according to the World Economic Outlook October 2016 of the International Monetary Fund (IMF).

According to the IMF’s report, Iran’s account balance is forecasted to be 4.2 percent of gross domestic product (GDP) in 2016. The figure was 2.1 percent in 2015 and is anticipated to be 3.3 percent of GDP in 2017.
The report also put the country’s real GDP growth at 0.4 percent in 2015 which is anticipated to be 4.5 percent in 2016 and 4.1 percent in 2017.
The IMF released a statement on October 3 saying that economic conditions are improving substantially in Iran in 2016/2017 and real GDP rebounded strongly over the first half of the year as sanctions eased after the implementation of Joint Comprehensive Plan of Action (JCPOA).
The concluding statement described the preliminary findings of IMF staff at the end of an official visit (mission) to Iran. 

MA/MG

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The Central Bank Bill is set to improve the regulator's independence in various aspects, said the CBI vice-governor, Ali Akbar Komijani, elaborating on details of the Central Bank Bill and the Banking Reform Bill awaiting parliamentary approval,

“The bill calls for legal independence for the central bank in various aspects, namely organization and structure, budgeting and regulatory affairs,” the CBI website quoted him as saying on Sunday.

The senior official was of the opinion that "The CBI is recognized as an independent legal entity in the bill, which means that the bank will not be governed by the regulations applied to ministries, government enterprises and other bodies.”

The Central Bank Law – first passed in 1972 – was crafted to upgrade and modernize banking regulations. Improving the independence of the CBI, enhancing monetary policy-making and the CBI’s supervision over the money market are among its key goals.

As part of the bill, the CBI would have more authority for setting policies and supervising banks and credit institutions, according to Komijani. “Two separate bodies will be formed: one for setting monetary and banking policies, the other for supervising credit and the functions of financial institutions.”

The new entities will replace the Money and Credit Council, he said, adding that policymaking and supervision need to be separated.”

“The bill demands that members of the two bodies be experts in their own fields.”

Moreover, the CBI is barred from providing financial aid to ministries and other state-owned bodies, he added.

“The CBI will be given more authority in monetary management,” he said, “It would be allowed to introduce a new currency, albeit based on the CBI governor’s proposal and approval of the Economy Ministry."

Credit Ratings

The proposed bill also contains regulations for devising a database for verifying the creditworthiness of bank customers. “International credit rating agencies will be permitted to have access to the database, in line with the national five-year development plans.”

Following successive measure for enhancing transparency of financial operations, the central bank will be obliged to uphold superior financial reporting standards and publish monthly financial statements, Komijani added.

Further on the banking reform bill, the CBI deputy governor said the bill is aimed to meet all the requirements of shariah in banking affairs."

A fiqh council is set to be formed as stipulated in the bill, “in order to make sure all the policies are shariah-compliant,” Komijani said.

“Much effort has been put into eliminating legal loopholes which prevent the CBI from efficient supervision of the banking industry,” he said," like conducting banking operations without CBI license is considered as a criminal act.”

The need for promoting corporate governance has also been urged by  experts and officials in recent years. The bill includes guidelines to clearly distinguish the role of shareholders and executives in the banking system in order to address public concerns and meet international transparency norms, according to Komijani.

The official noted that modifications have been envisaged for improving credit institutions’ legal framework. “We needed more efficient regulations for the operation of credit institutions and the laws concerning their bankruptcy and dysfunction.

Governor’s Role

Based on the bill, the governor of the CBI will be treated as an expert with enough authority for making and implementing monetary and banking policies.

“Decisions made by the central bank have a lasting impact on the society, affecting socio-economic conditions of the country for years to come,” Komijani said. “Therefore central banks should have sufficient authority to make independent decisions based on vision and expertise, as is the case across the world.”

Komijani noted that the CBI would keep using reserve requirement for banks as a tool for implementing policies, “because other common tools are not available for now.”

“However, the minimum reserve requirement has been lowered from 10% to 6% in the proposed bill.”

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