Iranian Rial

[Freedomwish]

12 hours ago, millionaire in training said:

This is all coming to an end sooner than you think.......We're all tired and ready to get off this ride.  Hang tight we're almost there.

Indeed sister MIT - we're hanging tight, holding on and keeping the faith!!  

[pokerplayer]

19 minutes ago, Freedomwish said:

Indeed sister MIT - we're hanging tight, holding on and keeping the faith!!  

 

I sure hope so my friends. Been out of work awhile and would love an RV "cushion" to make being off work more enjoyable.

   Cheers, pp

[millionaire in training]

PP, Iraq will be RVing this year and Iran most likely a little bit after .  So hang on tight cause the ground is about to start shaking.

I just read that  ISIS has surrendered to the iraqi army.    They were cornered and had the choice to die or surrender and "they surrendered" !   Liberation of Mosul . Now the next step will be monetary reform.   Raise that value !    Come on Iraq..... we've been waiting a long time for this      (sorry for that 4 letter word)....lol

THEN ON TO THE RIAL.................

[pokerplayer]

48 minutes ago, millionaire in training said:

PP, Iraq will be RVing this year and Iran most likely a little bit after .  So hang on tight cause the ground is about to start shaking.

I just read that  ISIS has surrendered to the iraqi army.    They were cornered and had the choice to die or surrender and "they surrendered" !   Liberation of Mosul . Now the next step will be monetary reform.   Raise that value !    Come on Iraq..... we've been waiting a long time for this      (sorry for that 4 letter word)....lol

THEN ON TO THE RIAL.................

 

Love your enthusiasm MIT.  Let's hope it happens as planned for us all.

pp

[Freedomwish]

2 hours ago, millionaire in training said:

PP, Iraq will be RVing this year and Iran most likely a little bit after .  So hang on tight cause the ground is about to start shaking.

I just read that  ISIS has surrendered to the iraqi army.    They were cornered and had the choice to die or surrender and "they surrendered" !   Liberation of Mosul . Now the next step will be monetary reform.   Raise that value !    Come on Iraq..... we've been waiting a long time for this      (sorry for that 4 letter word)....lol

THEN ON TO THE RIAL.................

I didn't know that they've surrendered already!!!  WOW!!  I don't want to be a downer suddenly, but I find it difficult to accept the possibility that the Dinar coming into the light this year at all - we're already in November and for it to come out within the last remaining two months of the year?  I believe at this point it's wishful thinking....January 2017 to me looks like the possibility and Iran had long said their date at around March 20th 2017 the latest.  This is just my sad opinion of course (rough day at the office), but we'll be hanging in there indeed MIT.  

Maybe I'll get happy later when I pass by my favorite bar for happy hour........you already know what I'll be drinking. 

1 hour ago, pokerplayer said:

 

Love your enthusiasm MIT.  Let's hope it happens as planned for us all.

pp

I'll be joining in her enthusiasm in a couple hours when the drinks settles in LOL  definitely hope all does happen for sure! 

[millionaire in training]

4 hours ago, Freedomwish said:

I didn't know that they've surrendered already!!!  WOW!!  I don't want to be a downer suddenly, but I find it difficult to accept the possibility that the Dinar coming into the light this year at all - we're already in November and for it to come out within the last remaining two months of the year?  I believe at this point it's wishful thinking....January 2017 to me looks like the possibility and Iran had long said their date at around March 20th 2017 the latest.  This is just my sad opinion of course (rough day at the office), but we'll be hanging in there indeed MIT.  

Maybe I'll get happy later when I pass by my favorite bar for happy hour........you already know what I'll be drinking. 

I'll be joining in her enthusiasm in a couple hours when the drinks settles in LOL  definitely hope all does happen for sure! 

Go to our section here on DV Iraqi News. Dinar Thug posted an article that reads  "Dasesh Acknowledges Defeat and GAVE UP".  Ok now we can toast    to this good news.

[screwball]

The 2016 edition of Kish Invex exhibition kicked off its first two days with a special focus on Iran's reintegration into the world economy with a number of high-ranking Iranian officials addressing the key event.

This year's edition, which commenced on Monday and runs through Thursday, consists of two exhibitions: Eighth Exhibition on Investment Opportunities in Iran and Third International Exhibition on Exchange, Banking, Insurance and Privatization.

The chief organizer of the event pointed to the strong presence of foreign companies this year, which he ascribed to the positive mood created in the aftermath of Iran's nuclear accord with world powers clinched last January.    

"With opportunities created in post-sanctions conditions, we are now witnessing the presence of 30 foreign companies and firms from Germany, Italy, France, Britain, India, Malaysia, Turkey and the United Arab Emirates," Aria Hamidian was also quoted as saying by IRNA.

"This marks a twofold increase compared to last year's event."

Hamidian noted that 170 local companies and firms have turned up at the event, rounding up the number of total participants to 200 companies.

As cited on its official website, Kish Invex pursues a number of key objectives, including introducing the capabilities of local and foreign financial institutions, the achievements of the country’s capital and insurance markets, the potentials of companies listed on Tehran Stock Exchange, modern banking and insurance services and competition in money and capital markets on par with regional countries.

At the event, Ali Ashraf Abdullah Pouri-Hosseini, the head of Iranian Privatization Organization, referred to the rate at which privatization has taken place in Iran, describing it as "less than satisfactory".

"We are not satisfied with the progress made thus far in privatization because the path that is yet to be taken is considerably long and its deeply-rooted hurdles are increasingly becoming evident," he said.

"The government must now dispense with subsidies and price controls in order to think clearly about fostering privatization in the country."

Pouri-Hosseini, who is also a deputy economy minister, noted that there is unfair criticism regarding privatization with some blaming the initiative for a hike in unemployment.

"According to statistics, by the end of the previous fiscal year, more than 30% of the growth in job creation was registered in privatized units, which shows that these claims are not true," he said.

Robust Markets

Kish Invex organizers maintain that the exhibition will be useful for financial institutions, banks, insurance companies, owners of profitable projects and the executives of investment projects in capital, energy, mining, tourism and construction markets.

It would also "help them to pursue their objectives in an environment with an easy access to a large number of managers and officials in the areas mentioned above".

On the banking front, Peyman Qorbani, the Central Bank of Iran's deputy for economic affairs, was on hand to advocate efforts with a goal of alleviating restrictions of financial markets and forming a potent monetary system.

"The general approach of the government and CBI's economic team is to establish stability in the economy and create economic transparency," he said.

"To achieve consistently high economic growth rates, limitations of the financial system must be rectified and we must shape strong and efficient systems."

The official reminded that in previous years, 90% of financing were handled by the money market and only 10% were provided by the capital market and through foreign financing.

"In view of this, Iran's financial system is in dire need of structural reforms and a rise in the share of foreign investment," he said.

"In the current fiscal year, 79.1% of financing have come from the money market, 19.5% from the capital market and 1.4% from foreign investment." Qorbani pointed to a variety of efforts that are currently underway to reorganize the banking system, saying President Hassan Rouhani is looking to expand the capital market and repay the government's debts, which are his most important plans to reform the financial regime.

On Monday, the president officially ordered the implementation of amendments to the Budget Law of 2016-17 to pave the way for the clearance of government debts to public-sector banks.

Amendments to the annual budget, which were passed by lawmakers in late August, allow the government to settle its debts to the banking sector by using CBI's foreign exchange resources. They permit the Rouhani administration to repay up to 450 trillion rials ($14.1 billion) of its debts to the lenders.

[screwball]

awmakers will back the promotion of financial technologies and innovations, as they bolster the economy, said Majlis First Deputy Speaker Masoud Pezeshkian.

“Financial technologies allow us to trace abnormal operations in the banking and payment networks. This feature will help us take suitable measures against illegal activities before they turn into major obstacles,” he said during the inaugural ceremony of Iran Transaction Exhibition on Tuesday in Tehran.

“We need to start using data for enhancing financial markets,” he said, adding that the parliament fully backs innovators and bankers in this area.

Iran Transaction Exhibition is being held for the second time. The event aims to provide the private sector and fintech firms with opportunity to showcase their services.

ITE is also set to promote Iranian financial technology firms in line with the country’s 2025 vision, which projects Iran as the regional hub for financial and banking services.

There has been much dispute over the operation of non-bank fintech firms in recent months. Fintech-related bodies are reportedly planning to come together in the coming days to make the final decision about the state of aggregators, probably shutting them down.

Shaparak, an affiliate of the Central Bank of Iran, which is in charge of regulating payment network, announced earlier that it only authorizes fintech firms affiliated with banks or PSPs.

 Nat’l Currency Reforms

Hossein Qazavi, deputy economy minister for banking and insurance affairs, also said bankers should embrace innovative technologies, as “traditional banking is not dynamic enough for today’s world”.

The deputy minister called on lawmakers to take suitable measures for reforming the national currency.

“We need to cut some of the zeros from the national currency,” he said.

“I hope the government and the parliament will revalue Iran’s national currency. It would make daily transactions way too easier.”

Gholamreza Mesbahi-Moqaddam, a member of Expediency Council, also called for the removal of three or four zeros from the rial, to lift the efficiency of Iran’s currency.

Pundits in Iran have welcomed the plan to revalue the currency, saying the measure is imperative under the current circumstances. They mention the expensive conditions of the economy as well as the exorbitant cost of printing money as reasons for removing at least three zeros from the currency.

The Expediency Council member also pointed to the plans for introducing Iran as the financial services hub of the region and said, “The planned framework requires the banking sector to establish links with banks in neighboring countries, mainly through launching joint banks or linking payment networks.”

Mesbahi-Moqaddam noted that enhancing capital adequacy of banks requires fundamental modifications in the banking system, calling for the merger of underperforming banks.

Basel II standards require the minimum acceptable CAR for banks to be 12%, but that ratio is about 4.5% in Iran.

The Central Bank of Iran and the government has been pushing banks to meet the standard capital adequacy ratio (CAR) to make them eligible for reintegration into the global banking system.

The CBI reportedly has merger plans for banks that cannot meet the minimum requirements.

Kourosh Parvizian, the chief executive of Parsian Bank and head of the Association of Private Banks, also welcomed the proposal by saying, “Private lenders welcome acquisition of military-affiliated banks by public-sector banks.”

Parvizian also said his bank has been holding talks with Iraqi banks to link payment networks of the two countries.

“However, the unification of foreign exchange rates is a prerequisite for long-term plans,” he added.

In early October, the CBI said talks are underway with Azerbaijan, Russia, Pakistan and Iraq, and the grounds will soon be prepared for connecting payment networks with the four countries.

 

[screwball]

[screwball]

Four will do just nicely! Where is everyone just about to get party started! 

[screwball]

The new, more government-friendly parliament gave the go-ahead to President Hassan Rouhani’s nominees for three ministries on Tuesday.

In a confirmation session broadcast live by state TV, Seyyed Reza Salehi Amiri, the candidate proposed for the Ministry of Culture and Islamic Guidance, was confirmed with 180 lawmakers in favor, 89 against and six abstentions.

A total of 193 lawmakers gave their approval to Masoud Soltanifar, the nominee for the Ministry of Sports and Youth Affairs. Some 72 lawmakers opposed him and nine abstained.     

Fakhreddin Ahmadi Danesh-Ashtiani also won a yes from 157 legislators, while 111 were opposed to him and six abstained, to become the new minister of education.

Before the voting, each of the proposed candidates had the floor for half an hour, defending their credentials and demonstrating their competence.

After each nominee spoke, a debate was held in which lawmakers for and against took turns to address the legislature.

The proposed replacements needed a simple majority of votes in the 289-member assembly to take office.

In the past week, the nominees had held various meetings with lawmakers in specialized commissions and factions to elaborate on their plans and rally support.

The ministerial appointments came after the president on October 21 accepted the resignations of the ministers of sports, culture and education, Mahmoud Goudarzi, Ali Jannati and Ali Asghar Fani respectively, who had tendered their resignations after serving for over three years.

The move, which was described as a partial reshuffle of the Cabinet to improve its efficiency, surprised political circles, as only eight months are left for the incumbent administration.

  Rouhani Defends Choices

This was the second appearance of nominees in parliament, since all three had failed to secure the approval of the previous principlist-dominated parliament in 2013.

Salehi Amiri, 55, the head of the National Library and Archives Organization, was first proposed for the Sports and Youth Ministry but was not confirmed, just like another nominee for the same ministry, Soltanifar.

Soltanifar, 57, was later assigned by the president to head the Cultural Heritage, Handcrafts and Tourism Organization.

Ahmadi Danesh-Ashtiani, 61, a university professor, was rejected by the Majlis for the Science Ministry.

President Rouhani attended the Majlis session and gave a speech in defense of his nominees for the three ministerial posts at the beginning of the session.

Rouhani described Salehi Amiri as a "motivated and hardworking" friend, who has a deep knowledge of the country's cultural concerns and problems, and can gather together Iranian intellectuals, thinkers and artists and lead their efforts to promote cultural values.

The president said Soltanifar's successful record in managing the cultural heritage organization promises that he can satisfy the expectations of youth and sports community.

Rouhani introduced Danesh-Ashtiani as an eminent academic with a long experience of working in the education system, saying an Education Ministry under his watch will definitely bring positive transformations for teachers, students and their families.

On October 19, the president issued a decree appointing Mohammad Bothaei, Abbas Salehi and Nasrollah Sajjadi as caretakers for the ministries of education, culture and sports respectively.

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[screwball]

[pokerplayer]

4 minutes ago, screwball said:

awmakers will back the promotion of financial technologies and innovations, as they bolster the economy, said Majlis First Deputy Speaker Masoud Pezeshkian.

“Financial technologies allow us to trace abnormal operations in the banking and payment networks. This feature will help us take suitable measures against illegal activities before they turn into major obstacles,” he said during the inaugural ceremony of Iran Transaction Exhibition on Tuesday in Tehran.

“We need to start using data for enhancing financial markets,” he said, adding that the parliament fully backs innovators and bankers in this area.

Iran Transaction Exhibition is being held for the second time. The event aims to provide the private sector and fintech firms with opportunity to showcase their services.

ITE is also set to promote Iranian financial technology firms in line with the country’s 2025 vision, which projects Iran as the regional hub for financial and banking services.

There has been much dispute over the operation of non-bank fintech firms in recent months. Fintech-related bodies are reportedly planning to come together in the coming days to make the final decision about the state of aggregators, probably shutting them down.

Shaparak, an affiliate of the Central Bank of Iran, which is in charge of regulating payment network, announced earlier that it only authorizes fintech firms affiliated with banks or PSPs.

 Nat’l Currency Reforms

Hossein Qazavi, deputy economy minister for banking and insurance affairs, also said bankers should embrace innovative technologies, as “traditional banking is not dynamic enough for today’s world”.

The deputy minister called on lawmakers to take suitable measures for reforming the national currency.

“We need to cut some of the zeros from the national currency,” he said.

“I hope the government and the parliament will revalue Iran’s national currency. It would make daily transactions way too easier.”

Gholamreza Mesbahi-Moqaddam, a member of Expediency Council, also called for the removal of three or four zeros from the rial, to lift the efficiency of Iran’s currency.

Pundits in Iran have welcomed the plan to revalue the currency, saying the measure is imperative under the current circumstances. They mention the expensive conditions of the economy as well as the exorbitant cost of printing money as reasons for removing at least three zeros from the currency.

The Expediency Council member also pointed to the plans for introducing Iran as the financial services hub of the region and said, “The planned framework requires the banking sector to establish links with banks in neighboring countries, mainly through launching joint banks or linking payment networks.”

Mesbahi-Moqaddam noted that enhancing capital adequacy of banks requires fundamental modifications in the banking system, calling for the merger of underperforming banks.

Basel II standards require the minimum acceptable CAR for banks to be 12%, but that ratio is about 4.5% in Iran.

The Central Bank of Iran and the government has been pushing banks to meet the standard capital adequacy ratio (CAR) to make them eligible for reintegration into the global banking system.

The CBI reportedly has merger plans for banks that cannot meet the minimum requirements.

Kourosh Parvizian, the chief executive of Parsian Bank and head of the Association of Private Banks, also welcomed the proposal by saying, “Private lenders welcome acquisition of military-affiliated banks by public-sector banks.”

Parvizian also said his bank has been holding talks with Iraqi banks to link payment networks of the two countries.

“However, the unification of foreign exchange rates is a prerequisite for long-term plans,” he added.

In early October, the CBI said talks are underway with Azerbaijan, Russia, Pakistan and Iraq, and the grounds will soon be prepared for connecting payment networks with the four countries.

 

 

Not much of a dancer but going to practice my happy dance !! Love the part in Red !! Thxs for finding all these great articles SB ! You rock !

pp

[screwball]

First time, unification and delete zeros used in same article, this is the article I have been looking for! Single rate, zeros removed, integration into global banking! So things to like about this article! Way too excited right now!

[pokerplayer]

1 minute ago, screwball said:

First time, unification and delete zeros used in same article, this is the article I have been looking for! Single rate, zeros removed, integration into global banking! So things to like about this article! Way too excited right now!

 

Not me I'm as cool as a cucumber ! LOL who am I trying to fool ? I am pumped and know that we may see something real quick !! !!

pp

[screwball]

Could iran go under the cover of the U.S. elcections?

[screwball]

Economy

TEHRAN, Nov. 01 (MNA) – An official announced that the UAE, Britain’s Shell and India have respectively paid off five, two and six billion dollars of their debts to Iran.

Managing Director of Kish Free Zone Organization Ali Asghar Mounesan also noted that a total of four thousand Lines of Credit (LCs) have been opened for Iran since the Joint Comprehensive Plan of Action (JCPOA) was implemented.

“The United Arab Emirates (UAE), Shell oil company of the United Kingdom (UK) as well as India have cleared a sum of 13 billion dollars of their debts to Iran,” stressed the official stating that “a total of three billion dollars of foreign investment has also been attracted to the country.”

Mounesan stressed that Iran’s economy is now following the path of growth and development; “in a year when the global economic growth suffered a decline due to certain political tensions, Iran is experiencing a growth of almost five per cent though the figure is expected to hit eight per cent.”

“Over the recent years, sanctions against Iran’s oil exports reduced arrival of foreign revenues for 30 per cent by the end of the year 2012 as oil exports fell from 2.5 million barrels per day to less than one million barrels,” underlined the official adding “when the incumbent government took office, the country’s economy was revitalized and the inflation rate was cut from 45 per cent to 16.3 per cent not to mention the steep rise in crude exports.”

Ali Asghar Mounesan went on to recall that Iran attracted 22 cases of foreign investment worth 4.5 billion dollars in the first quarter of 2016 though the figure is estimated to reach eight billion dollars; “these developments improved Iran’s ranking from 14th to 3rd in the Middle East as regards attraction of foreign investment.”

“On the other hand, these investments enjoy the feature of continuity since several projects have been in the form of finance or Build–Operate–Transfer (BOT) contracts and will be expired after three or four year,” underlined the official.

The official went on to maintain that the country’s political stability and investment incentives in oil and gas areas seem to guarantee a continuous economic growth while other sectors also need to take advantage of the positive trade and business atmosphere and create and motivate foreign investors.

“Given that the county’s banking system has been founded upon Islamic banking regulations, venues for market prosperity through financial resources need to be in line with similar structures.”

The number of Islamic banks rose from 176 in 1997 to 267 in 2004 indicating that Islamic regulation are would not hinder development of Islamic banks or expansion of the market; “reforming the banking system of the country by correct approaches could lead to higher efficiency of the banking system which in turn will bring about economic growth,” he continued.

“Free Trade Zones (FTZs) can turn into excellent paragons for international relations,” asserted the managing director of Kish Free Zone Organization concluding “in line with policies of Resistance Economy defined by the Leader, priorities of Iranian FTZs in the long run include technology transfer, development and facilitation of production, exports of goods and services as well as supplying of financial resources.”

HA/3811593

[screwball]

Belgian banks ready to finance Iran projects

Despite some problems remaining in financial cooperation and investment in Iran, two Belgian banks expressed readiness to undertake activities in the field, announced minister-president of Belgium's Flanders Region.

Geert Bourgeois further said that no contract has yet been inked between the two countries but it is hoped that trade ties will be sustainable and long-term, IRNA reported.

He added that most of Belgian firms are experiencing their first attendance in Iran and after getting information from Flanders Investment and Trade, they came to Iran to become familiar with cooperation opportunities and investment.

Earlier, Bourgeois had said that Belgian trade office could be opened in Iran.

Addressing the Iran-Belgium Trade Conference, Iran's Deputy Minister of Industry, Mine and Trade Mojtaba Khosrotaj said that trade exchanges between Iran and Belgium currently stand at $300-$400 million per year and attempts should be made to boost the figure to over $1 billion.

Iran-Belgium Trade conference was attended by 200 representatives of 140 Belgian firms on October 30 in Tehran.

[screwball]

 

 

 

 

 

November 02, 2016 0538 GMT

 

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News ID:171359

Publish Date: Tue, 01 Nov 2016 18:21:38 GMT

Service: Iran

 

 

CBI: Three foreign banks to open in Iran

Three foreign banks are opening up representative offices in Iran as the country seeks to boost investment after reaching an international sanctions deal last year, a senior official with the Central Bank of Iran (CBI) said.

Oman’s Bank Muscat SAOG, Woori Bank of South Korea and India’s UCO Bank Ltd. are all in the process of establishing a presence in Tehran, CBI Vice Governor Peyman Qorbani said Tuesday in an interview. He declined to give further details, Bloomberg wrote.

Major European banks have kept their distance from Iran, despite its nuclear deal with world powers, for fear of running foul of remaining US sanctions.

Central Bank of Iran Governor Valiollah Seif said progress with foreign banks has been “slow,” IRNA reported in September.

Austrian and Iranian bankers met in Vienna in September to discuss the resumption of trade financing, people with knowledge of the plans said at the time.

Austria’s top three banks, Erste Group Bank AG, UniCredit Bank Austria AG and Raiffeisen Bank International AG would be among the participants, according to the people, who asked not to be identified.

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CBI

banks

Iran

 

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[screwball]

 

 

 

 

 

November 02, 2016 0539 GMT

 

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News ID:171366

Publish Date: Tue, 01 Nov 2016 18:58:27 GMT

Service: Iran

 

 

Rouhani outlines economic achievements

Iranian President Hassan Rouhani said on Tuesday that the country’s export of crude oil in the past month surpassed two million barrels per day (mbd), pointing to a range of options Iran has today for choosing the customers or the foreign currency for selling its oil.

One of the major achievements of nuclear agreement between Iran and the P5+1group of countries – Russia, China, the US, Britain, France and Germany – has been a hike in the export of crude as well as Iran’s liberty to pick its customers and choose the currency for oil trade, President Rouhani said at an open session of the parliament on Tuesday, Tasnim News Agency reported.

He was addressing the lawmakers to defend the proposed nominees to lead the ministries of culture and Islamic guidance, sports and youth affairs, and education.

The president further highlighted his administration’s ability to reduce the inflation rate and achieve economic progress despite a slump in global oil prices that has hit oil-rich countries, including Saudi Arabia.

The fact that Iran’s exports outstrip the imports signifies the country’s right economic path, he added.

The country’s oil exports were around 1mbd before the nuclear deal came into force in January.

The sanctions had barred foreign investments in the Iranian oil industry and imposed a ceiling on the country’s oil exports.

Rouhani said his government primarily focused on economic and foreign policies at the beginning of his tenure in a bid to overcome certain critical situations, IRNA reported.

The president said his government is eying five percent growth rate by the end of current Iranian year (mid-March 20, 2017).

He said statistics confirm that the government's transparent policies have promoted the negative growth rate from the minus 6.8 percent in the first quarter of the current Iranian year to the present 4.4 percent.

 

 

 

 

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[WheresmyRV?]

SB do you think that this still might happen before the end of the year? 

[gixxerfrog]

so if they remove 3 or 4 zeros.........

 

1,000,000 rials = $30,000 (3 zeros removed)

1,000,000 rials = $300,000 (4 zeros removed)

[pokerplayer]

1 hour ago, gixxerfrog said:

so if they remove 3 or 4 zeros.........

 

1,000,000 rials = $30,000 (3 zeros removed)

1,000,000 rials = $300,000 (4 zeros removed)

 

Love seeing numbers in a post frog !! Those are both numbers I can definitely work with !!

pp

[markb57]

ok,getting excited. so much so, I just called our buddy Richard.

[pokerplayer]

16 minutes ago, markb57 said:

ok,getting excited. so much so, I just called our buddy Richard.

I ordered some last week and it was back ordered. Said this AM in an email that it just cleared customs and he should get it sometime tomorrow.

Just an FYI, Cheers, pp