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Iranian Rial


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25 minutes ago, screwball said:

From the exchange rate? 

That's what it will be if they follow through with removing 3 or 4 zeros off their currency. 

 

1 rial = 0.0000314481 USD

So remove 3 or 4 zeros 

1 rial = 0.0314481 or 0.314481

1,000,000 rials x  .0314481 = $31,488 

OR 

1,000,000 rials x .314481 = $314,481 

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he Central Bank of Iran has updated its regulations regarding the operation of bureaux de change, banning currency forward deals by individuals and companies. CBI requires forex operations to be cleared immediately after the deal is closed. According to a press release published on CBI’s website on Wednesday, money changers are obliged to record all real-time deals in CBI’s “forex supervision system” (Sana). Deals worth over $10,000 should be recorded between 10:00 a.m. to 6:00 p.m., the central bank said. The body also noted that conducting online forex operations is illegal. “No individual is allowed to announce exchange rates, except the authorized money changers,” the press release reads.

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3 hours ago, gixxerfrog said:

That's what it will be if they follow through with removing 3 or 4 zeros off their currency. 

 

1 rial = 0.0000314481 USD

So remove 3 or 4 zeros 

1 rial = 0.0314481 or 0.314481

1,000,000 rials x  .0314481 = $31,488 

OR 

1,000,000 rials x .314481 = $314,481 

Works for me frog. Where do I sign up ? :twothumbs::eyebrows::undocumented:

pp

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60 deals signed with foreigners after JCPOA: Industrial official

Mashad, Khorasan Razavi Prov, Nov 2, IRNA – Deputy minister of industry, mine and trade announced that 60 deals have been signed between Iran and the foreign countries after the Joint Comprehensive Plan of Action (JCPOA) in July, 2015.

 
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Half of those 60 deals on the fields of industry, mine and trade have been finalized, Ali Yazdani told IRNA Tuesday after a local meeting here in this northeastern Iranian province. 

Iran and the six world powers: US, UK, France, Russia, China and Germany, reached a landmark nuclear agreement known as the JCPOA on July 15, 2015.

'Implementation Day' of the deal was announced in January, 2016, as the anti-Iran sanctions were lifted after Iran's peaceful nuclear program was verified by the International Atomic Energy Agency (IAEA).

1483**1771

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Belgian banks ready to finance Iran's projects

Tehran, Nov 1, IRNA - Minister-President of Flanders Geert Bourgeois announced that despite some problems remaining in financial cooperation and investment in Iran, two Belgian banks expressed readiness in this regard.

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

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

Bourgeois had earlier said on October 30 that Belgian trade office could be opened in Iran.

Speaking in Iran-Belgium Trade Conference, the Deputy Minister of Industry, Mine and trade Mojtaba Khosro Taj said that the trade exchange volume of Iran and Belgium is 300-400 million dollars per year and attempts should be made to boost the figure to over $1b.  

Iran-Belgium Trade conference was held in the presence of 200 representatives of 140 Belgian firms on October 30 in Tehran.  

9376**1771

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Iran, China seal New Silk Road deal

Mon Oct 31, 2016 7:28PM
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Iran and China have finalized an agreement which allows Chinese traders to use the Iranian territory for exports to Europe as envisaged in an ambitious plan by Beijing named the New Silk Road initiative.
Iran and China have finalized an agreement which allows Chinese traders to use the Iranian territory for exports to Europe as envisaged in an ambitious plan by Beijing named the New Silk Road initiative. 

Iran says it has finalized a cooperation agreement with China that would allow Chinese traders to use the Iranian territory for exports to Europe.  

The agreement was signed between customs officials of Iran and China. It is expected to take an ambitious plan by China to revive the ancient Silk Road one step closer to reality, Iran’s IRNA news agency reported.

Preparations are currently being made to implement the agreement in the near future, the news agency added.  Accordingly, Chinese goods will be shipped to Iran’s southern ports and will be thereon transited to Europe by land.  The route that has been envisaged for the scheme will be much shorter that the ancient Silk Road, IRNA added.

The preliminaries for the project were agreed on during a state visit to Tehran by China’s President Xi Jinping in January. 

In 2013, Chinese President Xi Jinping introduced the new "Silk Road Economic Belt and the 21st Maritime Silk Road" initiative to connect stronger logistics networks with Asia, Africa and Europe by building more roads, railways and airports.

Beijing has launched the Asian Infrastructure Investment Bank (AIIB) with $100 billion in capital and the New Silk Road Fund with a capital of $40 billion to fund major infrastructure projects in the region, including those pertaining to the development of the New Silk Road.

Iran is strategically-located in the Middle East, sharing land borders with 15 nations, and sea channels on its northern and southwestern coasts. China has already made it clear that it sees Iran as a country that can play a crucial role in its New Silk Road initiative given its access to extensive delivery routes connecting to the Middle East and Eurasia.

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Iran has refreshed criticisms against the US for failing to facilitate international trade with the country as required by a nuclear deal sealed last year. It says efforts by countries to expand post-sanctions trade ties with it are being hampered by the United States because Washington does not see itself as a beneficiary of the reopening of the Iranian business environment.

Valiollah Seif, the governor of the Central Bank of Iran (CBI), said this has made the US behave differently from other parties involved in a nuclear deal they signed with the Islamic Republic last year.    

The deal between Iran and the five permanent members of the Security Council plus Germany – the so-called P5+1- came into effect in January. It envisages certain steps by Iran to limit its nuclear energy activities in return for moves by the P5+1 to lift certain economic sanctions against the country. 

“The P5+1 want to increase the level of their trade activities with Iran after the implementation of the deal,” Seif told a top Chinese banking delegation.

“They are interested in using the opportunities that investing in Iran provides them so as to have a stronger access to regional markets.” 

This is while, he said, the US is not interested in the prospects for the expansion of trade ties between Iran and other countries, particularly its own partners in the P5+1.

The US maintains a series of primary sanctions against Iran which are effectively discouraging businesses from approaching Iran over fears that they may face hefty fines by Washington.

At the heart of punitive measures still in place by the US are strong restrictions against dollar-based transactions involving the Islamic Republic.  This has already prompted complaints from Tehran as a manifestation of how America is failing to properly implement its share of the nuclear deal with Iran.  

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