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Iranian Rial


VIZIOIRAQI
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10 minutes ago, screwball said:

ddressing renewed calls for dropping three zeros from Iran’s national currency, Ali Tayyebnia, the economic minister, supported the move. He, however, was soon to add that the time is not suitable for doing so.

“I think dropping the three zeros from the rial is a necessary measure that should be done in the future,” ISNA quoted him as saying on Sunday.

“We need to fully reduce inflation and make the economy more stable before lopping of the naughts from the national currency,” the minister added.

Earlier this month Hussein Qazavi, a deputy minister of economy, and Gholamreza Mesbahi-Moqaddam, a member of the Expediency Council, called for the parliament and government to create the grounds for revaluing the rial. The move is expected to help lift the efficiency of the currency and ease daily transactions, according to two experts.

Kamran Nadri, deputy director of Monetary and Banking Institute, also welcomes the move, since “it would make calculation easier and make the currency more resilient to inflation.”

Nadri went further by saying that since the revaluation would be costly and time- consuming it is better to drop even more zeros from the rial all at once.  “I think we should remove four zeros from rial.”

He emphasized that enhancing monetary markets is a key prerequisite for revaluating rial.

The policy was successfully initiated by several countries in the past: Turkey, for instance, lopped six zeros from its lira in 2004 as a way to get rid of decades of high inflation.

Although the official currency in Iran is the rial, most people use the term ‘toman’, which deducts one zero. A 10,000 rial bill therefore is generally called 1000 tomans

Not thrilled with him mumerously using the term LOP 

Looks like this might not work out if he's saying "lop off the zeros"

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57 minutes ago, gixxerfrog said:

What i think climber is saying is in the article it talks about turkey removing 6 0s that it worked for them. .... thinking if they l o p off the rial it will have the same affect.

Turkey doesn't have oil....and they have said previously they will remove from rate, removing the notes won't give them parity or greater than the usd, nor will give them purchasing power, nor will it kick start their economy. If you think for a moment iran doesn't want their currency to be greater than 1:1 then your are in the wrong game. you only have to look at other countries that have remove zeros lately and some of them have signed agreementsmwith iran...

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The policy was successfully initiated by several countries in the past: Turkey, for instance, lopped six zeros from its lira in 2004 as a way to get rid of decades of high inflation.

 

remember they have approved for four zeros to be removed! Also remember Turkey had super inflation! Irans is single figures. Here endith the lesson!

Edited by screwball
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2 hours ago, screwball said:

I was hoping to double dip as well....but have a feeling will go same time or within days 

I read something on that the other day. Said that they would go at the same time or within hours of each other. For that main reason. They don't want people double dipping. They say it would be disastrous . VND as well. There have been articles ( a while back ) saying that they made that deal......To go together.  I wasn't invested in the rial at that time but remember reading it .  

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11 hours ago, millionaire in training said:

I read something on that the other day. Said that they would go at the same time or within hours of each other. For that main reason. They don't want people double dipping. They say it would be disastrous . VND as well. There have been articles ( a while back ) saying that they made that deal......To go together.  I wasn't invested in the rial at that time but remember reading it .  

Wow, three currencies you've mentioned said to pop off soon......could you only imagine if all would RV at the single rate of 1 to 1, for each currency?  Wow.....:blink:

I think I'll be daydreaming all day today at my desk, figure out how to write up my last day's notice working at the office......wow...:blink::rocking-chair:

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The joint Majlis commission for reviewing the sixth economic development plan (2016-2021) has passed a measure allowing the Central Bank of Iran to exercise its supervisory and disciplinary authority over banks and non-bank credit institutions, the commission’s speaker said. The move grants the regulator the long-delayed legal instrument to tackle violations in the banking system and operations of lawless financial institutions.  

“Based on the commission’s directive in the first clause of Article 27 of the next economic development plan, to form and implement a complete supervisory and disciplinary capacity for the central bank over the market and monetary, credit and banking institutions and to regularize the informal money market in order to improve transparency and reduce the ratio of non-performing loans to total loans, the CBI is hereby allowed – beyond its legal mandate cited in the monetary and banking laws of the country – to invoke supervisory and disciplinary measures on lawless banks and non-bank credit institutions within the framework of regulations that are approved by the Money and Credit Council,” Mohammad Khodabakhsi told ISNA on Monday.

As part of the commission’s directive, the CBI has acquired a series of supervisory and disciplinary capabilities which include exerting a fine of up to 1% of the bank or non-bank institution’s last registered capital proportional to the level and kind of violation it has committed. The penalty will be provided from the shareholders’ dividends. Other penalties include revoking licenses and disregarding the professional qualifications of executives and board members.

The sixth plan, yet to approved by the Parliament, outlines government strategies in its budgeting for the next five years.

 Judicial Duties

“In chapter 28 of the plan, the judiciary is obliged to take certain measures,” says the lawmaker. “These measures should be in line with increasing accuracy and speed of providing judicial services and dispensing justice, Islamic human rights and civil rights, betterment of quality, reducing the bureaucracy, creating equal opportunities for the general public to have access to judicial services and prevent crime and reduce the number of offenders.”

According to Khodabakhsh, the judiciary is bound to take action to improve indices of judicial and legal development by 2021 as part of the commission’s new directive.

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Anyone want to have a stab at what this says 

“Based on the commission’s directive in the first clause of Article 27 of the next economic development plan, to form and implement a complete supervisory and disciplinary capacity for the central bank over the market and monetary, credit and banking institutions and to regularize the informal money market in order to improve transparency

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12 minutes ago, screwball said:

Anyone want to have a stab at what this says 

“Based on the commission’s directive in the first clause of Article 27 of the next economic development plan, to form and implement a complete supervisory and disciplinary capacity for the central bank over the market and monetary, credit and banking institutions and to regularize the informal money market in order to improve transparency

This doesn't say a thing to me.  :shakehead:  ......Lots of words ....but not much of a point ..... :shrug: maybe its just me  :blink:  What does this say to you ?

Other than improving transparency to what they are doing. ? . ? . ?

Edited by millionaire in training
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18 minutes ago, screwball said:

This is interesting I was looking for this bill and another bill, had a feeling it had been presented to parliament, one of the bills had our monetary reform and rate Unifucation. I like the mention of the budget because the said the new budget has the new rate! 

:twothumbs:

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