Iranian Rial

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News ID: 3794260 - Wed 12 October 2016 - 17:15

Economy

TEHRAN, Oct. 12 (MNA) – Iranian Economy Minister Ali Tayebnia while discussing the outcomes of his Washington DC trip said an agreement was reached with the International Monetary Fund on technical cooperation between the two sides.

Ali Tayebnia added that he had held talks on expansion of bilateral economic ties with counterparts from France, Sweden, Norway, Italy, Turkey, China, India and the Netherlands on the sidelines of the annual World Bank summit in Washington DC, during the week of October 3-9.

“During my meetings with European ministers, I pointed to the US’s lack of commitment to its obligations under the nuclear deal and highlighted the need for establishing banking relations,” he said, while referring to his various constructive meetings with senior managers of the World Bank (WB) and the International Monetary Fund (IMF).

IMF President Christine Lagarde in a meeting with Tayebnia promised to launch consultations with US authorities to remove barriers on cooperation between international and Iranian banks.

Vice-President of World Bank (WB), Kyle Peters, also voiced satisfaction towards advancements in Iran’s macro-economy, promising a quick revision of a roadmap for cooperation with Iran in order to achieve practical plans for offering financial facilities.

Tayebnia went on to stress, “we believe that unjust sanctions should not have become a basis for reduced or severed ties of WB and IMF with Iran. Now that the sanctions have been lifted, our natural expectation is to finally see the improvement of relations with these two organizations.”

The Iranian economy minister further maintained that he had underscored the need for boosting cooperation and financing the country’s development plans during the meetings with WB officials. 

 

MS/3794218

[climber7]

 

World Currency Shift Part 2 

 

http://themindunleashed.com/2016/10/part-2-the-global-financial-system-is-about-to-shift.html

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f the government uses its declared plan to unify foreign exchange rates to plug its budget deficit, it would counteract its disinflationary policies, said the chairman of Majlis Economic Commission.

“If the government’s budget deficit is to be compensated in this manner, it would be in stark contrast with its own policies to control inflation,” Mohammad Reza Pour-Ebrahimi was also reported as saying by Exim News.

Central Bank of Iran Governor Valiollah Seif has announced plans to end the country’s dual exchange rate regime by the end of the Iranian year (March 20) and let the rial float against other currencies in a “managed” way.

“We have an informal market in our country where billions of dollars’ worth of unofficial deals take place on a daily basis, but this informal and non-transparent market is set to become more official and clear,” Pour-Ebrahimi said.

The lawmaker called the unification of forex rates “one of the main goals of the country’s economy”, saying even though the government has repeatedly expressed its intentions to unify the rates, it has not materialized yet.

What the Central Bank of Iran has so far done to prepare for the move, he says, is “a step forward” which is in line with the parliament’s goal of unlocking the country’s true economic potentials.

The CBI late last month allowed banks to trade in the foreign exchange market, paving the way for the adoption of a single forex rate.

The lawmaker pointed to any number of things that could go wrong in implementing the single exchange rate policy, saying that any action undertaken for achieving this goal must be done with an eye toward the country’s economic conditions.

“In fact, the plan must be executed slowly so as not to have any negative repercussions on the economy. By undertaking precautionary steps and arrangements, we could have a unified forex rate by the end of the year,” he said.

Pour-Ebrahimi concluded by advising the government bodies to design the system for forex dealings in a way that the CBI would have control over the market.

“Currently, this control is missing and that’s why we continue to witness inflation and corruption,” he said.

 

from August not previously posted!

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http://www.middleeasteye.net/columns/slowly-right-direction-irans-economy-and-152964441

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http://www.verityiran.com/index.php/newsletters/english/

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VerityIran :: English

www.verityiran.com › newsletters › english

The Iranian Foreign Ministry acknowledged that corruption, money-laundering, uncertain regulatory boundaries ... environment, the CBI believes the conditions are right for a unification of Iran's dual exchange rates.

 

that means president has given go ahead, chamber of commerce says time is now, and Cbi have said conditions are right! 

[screwball]

So could we b just waiting for the gap to diminish between the two rates, them to go international and zeros come off? All done quietly - without fanfare in their own words!

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Exchange Rates Unify in Iran

Last Updated: 09 October 2016

 

Created: 06 October 2016

Iran is finally determined to abolish its dual foreign exchange rate which was in place for more than a few years resulting in problems for both domestic and multinational companies doing business in Iran. According to Minister of Economy, the current situation will end within the coming two to three months, as the country adopts floating exchange rate.

Businesses in Iran are facing two exchange rates, an official rate and an open market rate with 10%-15% difference in value. This has long been argued to be creating room for corruption and creating a major obstacle on international trades with Iran.

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https://www.wto.org/english/thewto_e/acc_e/iran_sesssion1_e.pdf

[millionaire in training]

5 hours ago, screwball said:

So could we b just waiting for the gap to diminish between the two rates, them to go international and zeros come off? All done quietly - without fanfare in their own words!

That sounds about right to me........quietly.....no fanfare.       surprise  .......

[screwball]

• 2016/10/10 11:50:26
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MP urges removal of int'l banking transactions barriers with Iran 

 

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EghtesadOnline: An Iranian parliamentarian believes that easing dollar transactions with Iran is not enough, and all the impediments on international transactions with Iranian banks should be removed. 

Ali Akbar Karimi said that the process of easing dollar transactions with Iran is incomplete and in accordance with JCPOA, all sanctions against Iran should be removed.

He added that facilitating transactions with Iran by US Department of the Treasury is an ordinary issue which was achieved by Iranian government's efforts and international pressures, according to IRNA. 

Karimi noted that easing dollar transactions with Iran affects facilitating economic ties and banking transactions with Europe and other countries as well.

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• News | Politics |
• 2016/10/10 10:13:49
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French minister: Paris loyal to JCPOA 

 

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EghtesadOnline: French Finance Minister Michel Sapin said on Sunday that no problem will leave the least effect on the French commitment to Joint Comprehensive Plan of Action. 

Sapin made the remarks in a meeting with Iran's Minister of Economy and Finance Ali Tayyebnia on the sidelines of the Annual World Bank confab in Washington.

'We consider ourselves committed to the JCPOA implementation. Though there are difficulties on the way, but they will not affect our willingness to fulfill our commitments.' 

He said that promotion of ties and growing flow of capital between the two countries are crucial to expansion of mutual cooperation, according to IRNA.

He called for Iran-France cooperation in auto, oil, gas, and air transportation as well as banking.

'In banking, we are in regular consultation with the partners to force the US in order for expansion of cooperation. We and other European countries are very decided to settle the issue. We hope that as coordination was made for Boeing sale to Iran by the US, in connection with European big banks with Iran such a condition will be met.'

Tayyebnia for his part said Iran is serious for cooperation with Europe.

'The European parties should act on commitments within framework of the JCPOA and brokerage ties with big banks should be operational soon because expansion of trade and economic cooperation will not be possible without such a facility.'

He said there are vast grounds for Iran-France cooperation. 

He said that Iranian government has made great achievements to lessen reliance on petrodollars, investment in various fields, economic stabilization and positive economic growth rate. Regarding restrictions made by the US in the way, big countries including France can be effective to eliminate the difficulty which would entail interests of all countries.'

He said that Iran is forerunner in campaign against terrorism in the region.

'All are in consensus that one of the main ways for campaign against violence and terrorism is expansion of economic cooperation in international system and elimination of poverty.'

JCPOA  Ali Tayyebnia  Michel Sapin 

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French minister: Paris loyal to JCPOA 

 

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EghtesadOnline: French Finance Minister Michel Sapin said on Sunday that no problem will leave the least effect on the French commitment to Joint Comprehensive Plan of Action. 

Sapin made the remarks in a meeting with Iran's Minister of Economy and Finance Ali Tayyebnia on the sidelines of the Annual World Bank confab in Washington.

'We consider ourselves committed to the JCPOA implementation. Though there are difficulties on the way, but they will not affect our willingness to fulfill our commitments.' 

He said that promotion of ties and growing flow of capital between the two countries are crucial to expansion of mutual cooperation, according to IRNA.

He called for Iran-France cooperation in auto, oil, gas, and air transportation as well as banking.

'In banking, we are in regular consultation with the partners to force the US in order for expansion of cooperation. We and other European countries are very decided to settle the issue. We hope that as coordination was made for Boeing sale to Iran by the US, in connection with European big banks with Iran such a condition will be met.'

Tayyebnia for his part said Iran is serious for cooperation with Europe.

'The European parties should act on commitments within framework of the JCPOA and brokerage ties with big banks should be operational soon because expansion of trade and economic cooperation will not be possible without such a facility.'

He said there are vast grounds for Iran-France cooperation. 

He said that Iranian government has made great achievements to lessen reliance on petrodollars, investment in various fields, economic stabilization and positive economic growth rate. Regarding restrictions made by the US in the way, big countries including France can be effective to eliminate the difficulty which would entail interests of all countries.'

He said that Iran is forerunner in campaign against terrorism in the region.

'All are in consensus that one of the main ways for campaign against violence and terrorism is expansion of economic cooperation in international system and elimination of poverty.'

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• News | Economy |
• 2016/10/13 13:53:50
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Economy minister: Iran wants enhanced ties with WB, IMF 

 

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EghtesadOnline: Minister of Finance and Economic Affairs Ali Tayyebnia said on Wednesday that after the nuclear deal reached between Iran and world powers last year, Tehran expects further relations with the World Bank and International Monetary Fund. 

Tayyebnia made the remarks speaking IRNA at the end of his Washington D.C. visit to attend the annual meetings of the WB and IMF. 

Tayyebnia said that on the sidelines of his stay in Washington D.C., he had met with his counterparts from France, Sweden, Italy, Turkey, China, India and the Netherland to explore ways of expansion of cooperation. 

'Particularly in the meetings with European ministers, I referred to the disloyalty of the US in implementation of Iran nuclear deal and underlined the need for establishment of banking relations,' the minister said. 

Tayyebnia said that he had also had different constructive meetings with senior officials from the World Bank and the IMF. 

The minister also noted that in his meetings with World Bank officials he had called for promotion of cooperation and providing Iran with the required finance for its developmental projects.

Moreover, in the meeting with the World Bank vice-President, the two sides agreed on completion of a technical and advisory cooperation road map based on mutually agreed cases as well as expedition of its execution.

Turkey  JCPOA  China  Ali Tayyebnia  Iran-IMF  Iran-World Bank  he had met with his counterparts from France  Sweden  Italy  India and the Netherland to explore ways of expansion of coopera  I referred to the disloyalty of the US in implementation of Iran  in the meeting with the World Bank vice-President 

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Iran, IMF discuss bilateral ties 

 

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EghtesadOnline: Economy Minister Ali Tayyebnia conferred with President of the International Monetary Fund (IMF) Christine Lagarde in Washington on the sidelines of the annual World Bank summit. 

“We have started infrastructural and structural reforms within the framework of resistance economy as economic roadmap,” Tayyebnia said. 

He reiterated that the results of these reforms are slowly showing themselves and the successes of the 11th government in reducing and controlling inflation rate as well as crisis management of sharp decline in oil prices are the outcome of proceeding with this policy, according to IRNA. 

Tayyebnia pointed to the recent report by the IMF on Iran’s economy, and said, “The recent IMF report has appositive approach towards Iran’s economy and it has managed to help the government succeed in implementing some of its programs. 

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• News | Economy |
• 2016/07/31 15:59:44
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Tayyebnia: Market Performance Positive 

 

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EghtesadOnline: Iran’s Economy Minister Ali Tayyebnia said economic statistics in the first four months of the current Iranian year [started March 20] have been promising.

Referred to the nuclear deal between Iran and the six world powers, formally known as the Joint Comprehensive Plan of Action, Tayyebnia noted that although Iran has still not seen all the results of JCPOA, it has brought about good openings that have caused the gradual signs of improvement to appear, Al-Monitor reported.
“In the past few years, volatility in the stock market had created concerns, but now these worries have been addressed and the performance of this segment has a positive evaluation,” he said.
Tayyebnia added that after decades of sanctions and slow economic growth, serious economic transformations are set to begin.
According to the latest report by the Islamic Republic of Iran Customs Administration, non-oil exports during the period earned $16.3 billion, which indicates a 21.11% rise compared with the corresponding period of last year (March 2015-16), according to Financial Tribune.
Imports stood at $12.86 billion during the same period, indicating a 7.12% drop.
According to IRICA, figures show that the country has registered the biggest surplus of $4 billion in non-oil trade in recent years.
The economy minister stressed that investment is key to Iran’s economic growth.

JCPOA  Ali Tayyebnia  Iranian Markets Performance

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serious economic transformations are set to begin.

 

love these words!

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• News | Politics |
• 2016/07/31 14:46:06
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World Bank: Iran gains access to $30B in frozen assets 

 

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EghtesadOnline: Iran has gained access to its $30 billion in frozen assets following the implementation of the Joint Comprehensive Plan of Action (JCPOA) January 16, World Bank announced. 

“As part of the JCPOA, some $30 billion of Iran's frozen assets have been released, allowing the government to access funds and assets abroad,” The World Bank’s latest MENA Quarterly Economic Brief, “Whither Oil Prices?” report said.

According to ILNA, the report further added that the slump in oil prices has hurt the Iranian economy but less than other oil producers in the region.

The reason is that compared to other oil producers, the Iranian economy is more diversified, and therefore less dependent on oil revenues. Oil accounts for about 30 % of government revenues, the report added.

To maintain market share, Iran’s oil production has increased since January 16, 2016 when implementation of the Joint Comprehensive Plan of Action (JCPOA) and lifting of sanctions began. Some 600,000 barrels per day (b/d) has been added so far and the government plans to raise it up to 800,000 b/d by the summer of 2016, reaching pre-sanction levels (prior to 2014).

The government has taken some actions to mitigate the impact of low oil prices on its budget including raising taxes on parastatal organizations which were previously exempt from taxes, the report said.

JCPOA  World Bank  Iran's frozen assets

 

this old but didn't realise that got access to these funds!

[pokerplayer]

1 hour ago, millionaire in training said:

That sounds about right to me........quietly.....no fanfare.       surprise  .......

I love surprises !! Especially ones that have lots of zero's in them !!!

pp

[screwball]

Set to go anytime between now and December....if not 1st quarter news year before March 21st..me I hope for october! 

[pokerplayer]

6 hours ago, screwball said:

Set to go anytime between now and December....if not 1st quarter news year before March 21st..me I hope for october! 

 

I will share a secret with all my buddies here on this thread. I have my traveling suitcase already packed. Suntan lotion- Check, Swimsuits- Check, Flipflops- Check, Sundresses for elegant restaurants- Check.

I'm good to go ! Don't want to forget anything in my excitement at cash out time !!

pp

Edited October 14, 2016 by pokerplayer

[pokerplayer]

20 hours ago, climber7 said:

 

World Currency Shift Part 2 

 

http://themindunleashed.com/2016/10/part-2-the-global-financial-system-is-about-to-shift.html

 

Another great post climber7 ! Your on a roll. 

pp

[screwball]

8 hours ago, pokerplayer said:

 

I will share a secret with all my buddies here on this thread. I have my traveling suitcase already packed. Suntan lotion- Check, Swimsuits- Check, Flipflops- Check, Sundresses for elegant restaurants- Check.

I'm good to go ! Don't want to forget anything in my excitement at cash out time !!

pp

Lol..I was only just myself going through and checking where all my dinar is, bank accounts, shares and cash and recounting all my rial and dinar cash holdings! 

[screwball]

Passports ready , accomodation picked...ready to roll!

[pokerplayer]

Never hates to be ready SB !!

pp