Iranian Rial

[markb57]

well, you just go ahead and RV your Rial. That'll show 'em........

[climber7]

 

They better move soon on the RV

Trump's coming for them....

http://news.trust.org/item/20161109162444-vzdxw  

[screwball]

 

Banks in New Zealand Willing to Expand Ties With Iran

 

Representatives from four New Zealand banks have expressed interest in expanding ties with Iran, during a meeting Wednesday with Ebrahim Rahimpour, deputy foreign minister for Asia-Pacific affairs in Wellington.

Rahimpour said that lack of banking relations between the two countries has increased costs of doing trade for New Zealand businesses, leaving them outcompeted by other foreign rivals in the Iranian market, IRNA reported.

Elaborating on improvement in Iran’s relations with international banks, the official invited New Zealand bankers to discuss ties with the Central Bank of Iran.

New Zealand bankers welcomed the invitation, hoping that further talks with the CBI would help build trade and commerce between the two countries.

Along with other western countries, New Zealand lifted sanctions against Iran in February after the country agreed to roll back its nuclear ambitions. The New Zealand government has also asked banks to monitor the issue closely, so that they would find a way to link with Iran.

However, the banks are still cautious about their ties with Iran.

Trade between New Zealand and Iran is reported at $200 million for 2016, whereas the figure was $90 million in 2015.

[screwball]

It is the market rather than the Central Bank of Iran that sets foreign currency rates, says the CBI deputy for economic affairs.

“Stability in the forex exchange market is one of the priorities of the central bank,” Peyman Qorbani told ISNA.

The official says that not only is stability an important factor in relation to the inflation rate, “but economic wisdom has it that the more the currency market fluctuates, the more serious the damage to economic growth and employment.”

The central bank aims to create a stable and floating forex market, which according to Qorbani will soon be realized through increasing correspondent banking relations [with foreign lenders].

“But forex rate stability does not entail the CBI creating superficial and fixed exchange rates,” he said. “It is the market that sets the forex rates and the CBI would only attempt to moderate where it will boost exports and manufacturing and not lead to speculative activities.”

Qorbani’s comments come after accusations were leveled against the government by a former CBI governor who linked the government’s oft-mentioned bid to stabilize the currency market to its plans to win votes in the July presidential election.  

Tahmasb Mazaheri had claimed that the government and the central bank strategize to adopt a single rate regime, meaning that the government will dictate a rate and it will be the only game in town.

“It is the government’s intention to use the [single] rate for election purposes, proving that it has lowered the rate of the greenback to the rial in contrast with the previous administration,” he said.

Mazaheri also referred to the policy of unifying the forex rates adopted by the central bank and often emphasized by its current boss Valiollah Seif. Noting that the president and his government have pledged to unify rates, he had said “that is the direction they are moving towards and although sluggish, efforts are underway.”

“However I must point out that the government should have unified the rates during its first and second years in office and not delay it until now.”

A smooth moderation of rates “based on the discrepancy between the general level of prices inside and outside the country” could be a guarantor of long-lasting stability in the market, Qorbani was quoted as saying.

“Given that, we cannot consider high rates – a legacy of market volatility– as a base for current rates.”

[screwball]

2 minutes ago, screwball said:

The central bank aims to create a stable and floating forex market, which according to Qorbani will soon be realized through increasing correspondent banking relations [with foreign lenders].

 

2 minutes ago, screwball said:

meaning that the government will dictate a rate and it will be the only game in town.

 

3 minutes ago, screwball said:

that is the direction they are moving towards and although sluggish, efforts are underway.”

Yeah baby?k

[screwball]

Foreign exchange rates and gold coin prices surged on Wednesday following Donald Trump’s surprise victory in the US presidential election.

US dollar was traded for 36,580 rials in Tehran at midday, marking a notable growth from the previous day’s close of 36,400. The rial is poised to further depreciate against most major currencies well into the coming days.

Trump’s ascendance to the White House came after a sweep of many hard fought swing states in the midwest, southeast, and rust belt, capping one of the biggest upsets in modern American political history.

As the votes rolled in for the billionaire businessman, US stock markets plunged with futures on the Dow Jones Industrial Average falling 506 points, or roughly 4%, as investors began to brace for Trump’s agenda and his anti-free trade views. Those losses were paired when Trump struck a conciliatory tone in accepting Clinton’s concession.

Reports from Tehran’s Ferdowsi Street said some moneychangers had halted the trade of US dollar altogether, mainly due to the wild swings in the market.

High demand for the greenback on Tuesday night is response to elections news also impacted the market, as some moneychangers had run out of hard currencies, according to ISNA.

Peyman Arghavani, an authorized exchange operator in central Tehran, predicted higher rates for the US dollar and other currencies in the coming days.

"US presidential election is the sole major factor causing the rally in the market," he told the Financial Tribune.

Farid Dehdilani, a businessman and market observer believes that “in the short run [the Trump shock victory] will put pressure on the rial, due to unknown and uncertainty that we have plunged into.”

“But eventually its effects will be mitigated and normalcy will return over the medium to long term,” he told the Tribune.

“The possibility that improvement in banking relations with outside world will be undermined,” is a key concern for markets resulting in the rial's decline, according to Dehdilani.

Later on Wednesday, Iranian officials including President Hassan Rouhani and his Foreign Minister Mohammad Javad Zarif, in separate statements, said the US election results will not have any impact on Iran's nuclear deal, and that the US government has an obligation to uphold its commitments enshrined in the landmark nuclear agreement.  

Other Currencies

The exchange rate rally was not limited to the US dollar. The euro also increased by 1%, reaching 40,900 rials on Wednesday, recording a multi-month high.

 British pound was traded at 45,670 rials, up by 0.7% compared with yesterday’s close. Japanese Yen surprisingly registered a 2.86% surge on Wednesday, registering the highest growth among all foreign currencies.

Scarcity of US dollar in the market could be a key factor impacting the prices of other major currencies.

Addressing the issue, Dehdilani said, “We should also note that pressure will build on the USD compared to other currencies because even the Fed will defer its rate hike program until next year.”

Donald Trump's victory in the US presidential race throws into question the core assumption in global financial markets that the Federal Reserve will raise interest rates soon and follow with further gradual hikes over the coming years.

Gold Coins

Iranian gold coins also recorded a significant surge in prices on Wednesday. According to Tehran Gold and Jewelry Union, Bahar Azadi benchmark Gold Coin traded for 11.28 million rials ($354.3), up by 1.62% or 180,000 rials, compared with previous day’s close.

Emami Gold Coins rose by 190,000 rials, or 1.7% to be sold for 11.36 million rials ($356.8).

Half Bahar Azadi Gold Coins and Quarter Bahar Azadi Gold Coins recorded 1.42% and 1.35% surge in prices, respectively.

Mohammad Keshti Arai, head of TGJU, confirmed that gold trade was halted in the market on Wednesday.

[screwball]

1. Economy
2. Business And Markets

Thursday, November 10, 2016

Banks in New Zealand Willing to Expand Ties With Iran

 

Representatives from four New Zealand banks have expressed interest in expanding ties with Iran, during a meeting Wednesday with Ebrahim Rahimpour, deputy foreign minister for Asia-Pacific affairs in Wellington.

Rahimpour said that lack of banking relations between the two countries has increased costs of doing trade for New Zealand businesses, leaving them outcompeted by other foreign rivals in the Iranian market, IRNA reported.

Elaborating on improvement in Iran’s relations with international banks, the official invited New Zealand bankers to discuss ties with the Central Bank of Iran.

New Zealand bankers welcomed the invitation, hoping that further talks with the CBI would help build trade and commerce between the two countries.

Along with other western countries, New Zealand lifted sanctions against Iran in February after the country agreed to roll back its nuclear ambitions. The New Zealand government has also asked banks to monitor the issue closely, so that they would find a way to link with Iran.

However, the banks are still cautious about their ties with Iran.

Trade between New Zealand and Iran is reported at $200 million for 2016, whereas the figure was $90 million in 2015

[screwball]

Should banks that offer interest rates higher than those officially set by the regulator refrain from heeding warnings by the Central Bank of Iran, they should await serious disciplinary action, says a supervisory official.

“A number of banks offer customers different interest rates. If this trend continues their case will be sent to the disciplinary division of the bank,” the CBI’s Abbas Kamarei said in a talk with Fars News Agency.

Asked about the extent of the central bank’s awareness and knowledge regarding the illegal increase in deposit and lending rates, the director of CBI’s department for supervising banks and credit institutions said the bank is regularly monitoring the implementation process of the rates.

Recalling that the cut in deposit rates was originally proposed by the banks themselves and the CBI only approved it, he said due to preponderance of bank branches, “a number of banks might not adhere to officially approved interest rates. But the CBI is trying to supervise the performance of all banks.”

In a move that was welcomed by public sector banks, CEOs of private banks and credit institutions agreed to offer a maximum 15% interest on one-year deposits, down from the previous 18% in June.

The official said considering the fact that there are 23,000 bank branches across the country and there too many players in the money market, it is “natural” that some banks do not stick to the lower rates.

“We do not claim that 100% of the banks stick to the interest rates. But we can say that the CBI strives for maximum supervision over the lenders.”

Noting that the level of implementation of interest rates in the current period should be compared with previous periods and then gauged, Kamarei said such an assessment would show that most banks adhere to official interest rates more than before and “the CBI has been making progress in this area.”

Topics

Interest RatesCentral Bank of IranIranian Banks

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[screwball]

 

Banks in New Zealand Willing to Expand Ties With Iran

 

Representatives from four New Zealand banks have expressed interest in expanding ties with Iran, during a meeting Wednesday with Ebrahim Rahimpour, deputy foreign minister for Asia-Pacific affairs in Wellington.

Rahimpour said that lack of banking relations between the two countries has increased costs of doing trade for New Zealand businesses, leaving them outcompeted by other foreign rivals in the Iranian market, IRNA reported.

Elaborating on improvement in Iran’s relations with international banks, the official invited New Zealand bankers to discuss ties with the Central Bank of Iran.

New Zealand bankers welcomed the invitation, hoping that further talks with the CBI would help build trade and commerce between the two countries.

Along with other western countries, New Zealand lifted sanctions against Iran in February after the country agreed to roll back its nuclear ambitions. The New Zealand government has also asked banks to monitor the issue closely, so that they would find a way to link with Iran.

However, the banks are still cautious about their ties with Iran.

Trade between New Zealand and Iran is reported at $200 million for 2016, whereas the figure was $90 million in 2015.

[screwball]

Hey PP maybe we will have to go to Canada with all those Clinton supporters to cash in? Dubai would be better I must admit...

[pokerplayer]

All would be more than welcome. I would do all the leg work first and even arrange for a 2-3 Canadian tour for anyone interested.

   Cheers, pp

[millionaire in training]

49 minutes ago, pokerplayer said:

All would be more than welcome. I would do all the leg work first and even arrange for a 2-3 Canadian tour for anyone interested.

   Cheers, pp

Wow...Thanks PP.  

[Freedomwish]

1 hour ago, pokerplayer said:

All would be more than welcome. I would do all the leg work first and even arrange for a 2-3 Canadian tour for anyone interested.

   Cheers, pp

I'm down....or for Dubai at cash in.  Yup.  Thanks! 

Edited November 10, 2016 by Freedomwish

[Freedomwish]

3 hours ago, screwball said:

Hey PP maybe we will have to go to Canada with all those Clinton supporters to cash in? Dubai would be better I must admit...

I'm in for whatever is best and for the safest route at cash in - either via Canada, Dubai or even Kish Island if it's still in the picture....yup. 

[climber7]

8 hours ago, pokerplayer said:

All would be more than welcome. I would do all the leg work first and even arrange for a 2-3 Canadian tour for anyone interested.

   Cheers, pp

PP's being suspiciously a little too accommodating. 

I think he's planning on inviting us all to his place then kill us and take our dinars hahahaha 

[pokerplayer]

1 hour ago, climber7 said:

PP's being suspiciously a little too accommodating. 

I think he's planning on inviting us all to his place then kill us and take our dinars hahahaha 

Curses, Foiled again !!!

pp

[markb57]

Thanks PP for your help!

[markb57]

BTW PP. what part of Canada are you in?

[screwball]

20 hours ago, pokerplayer said:

All would be more than welcome. I would do all the leg work first and even arrange for a 2-3 Canadian tour for anyone interested.

   Cheers, pp

I will take you up on that...

[screwball]

18 hours ago, Freedomwish said:

I'm down....or for Dubai at cash in.  Yup.  Thanks! 

At the moment we are getting a better response from pp's bank manager! Until it is international we won't know what our options are!

[pokerplayer]

12 hours ago, markb57 said:

BTW PP. what part of Canada are you in?

Hello Mark,

 I'm in Southern Saskatchewan. About 3 1/2 hours from Calgary, Alberta.

   pp

[climber7]

14 hours ago, pokerplayer said:

Curses, Foiled again !!!

pp

 

Ha!  Perfect

[climber7]

 

 

So,I'm curious.....

 

I was wondering how folks from other countries--like PP in Canada--found out about the dinar/rial investments?

 

Would like to hear your stories.    EVERYONES  not just folks in other countries.....

Edited November 11, 2016 by climber7

[pokerplayer]

 

Thanks Climber7

Iraqi Dinar- Was working in Iraq in 2004-06 and it was the great buzz at the time. Original scuttlebutt was " get in quick, it's going to RV in like 2-3 months !! " and here I sit.

Iranian Riel- Had thought about it for several months but had no idea were to buy it. I believe it was SB that gave me the help on were to get it ( Richard ) and now have a very comfortable amount.

Also have the VND, but not nearly as heavily invested as with the the other2, but did not want to get left behind if it pulled a surprise sneaky and RV'd suddenly.

  pp

[pokerplayer]

Also Have Icelandic Krona but that was on a hunch that did not pan out.

pp