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Iranian Rial


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conomy Minister Ali Tayyebnia is safe from impeachment for now.

A motion to impeach the minister in the parliament failed after a majority of lawmakers requesting the impeachment withdrew their bid on Tuesday.

MPs wanted the minister to account for the slow economic growth and the poor condition of financial system.

“The impeachment is cancelled,” MP Ali Akbar Karimi was quoted as saying by IRNA.

“Of the 29 parliamentarians requesting impeachment of the economy minister, 22 withdrew their signatures,” the representative of the city of Arak added.

Parliamentary regulation requires 10 lawmakers to sign on for an impeachment of a minister to roll. Yet, Majlis Economic Commission summoned Tayyebnia for questioning in the presence of those who called for impeachment, which led to the majority of impeachment seekers to retract their decision.

Lack of transparency in the banking system, high interest and tax rates, shrinking purchasing power and the poor condition of manufacturers were among the reasons parliamentarians cited to push for Tayyebnia’s impeachment.

The lifting of economic sanctions against Iran’s nuclear program came with expectations of a rapid economic recovery. Almost a year from their lifting and no miracles are in sight.

The expected flood of investment has turned into a trickle due to US sanctions that were not part of the negotiations. The economy is returning to growth but slowly.

“Iran’s economy is finally taking off; boosted by sanctions relief, GDP is set to grow about 4.5% this year, up from 0.4% in 2015. Yet few ordinary Iranians have felt the benefits,” reads an article recently published by The Economist.

Chronic ailments, mostly the legacy of the previous administration led by former president, Mahmoud Ahmadinejad, continue to plague the Iranian economy. MPs say the government could have done more.

  Questioning Impeachment Logic

Some experts, on the other hand, question the logic of blaming Tayyebnia’s economic performance.

“We cannot say that the economy minister alone is responsible for the poor state of the economy and the business environment,” parliamentarian Rahim Zare’, who is a member of Majlis Economic Commission, was quoted as saying by ILNA, referring to the roles of the Central Bank of Iran, Labor Ministry and the Ministry of Industries, as well as other entities.

“I don’t believe in the impeachment of the economy minister. Conditions are set to improve; the country will emerge from recession or our growth rate will increase,” Zare’ added.

Latest data on economic growth pertain to the first quarter of the current Iranian year (started March 20). Central Bank of Iran Governor Valiollah Seif put it at 5.4%, while the Statistical Center of Iran says GDP grew by 4.4% in the first quarter.

The economy emerged from recession two years ago and grew 3%. The rebound followed two years of deep recession when the economy contracted 5.8% and 1.9% back to back.

Growth slowed down, however, as the legacy of the crisis hampered businesses and the Iranian economy grew 0.9% in the last fiscal year, according to SCI.

  Mainly Focused on Taming Inflation

Tayyebnia’s policies have been mainly focused on taming inflation. Since President Hassan Rouhani took office in 2013, the administration’s economic team reduced average annual inflation from 34.7% in 2013 to below 10%.  

In its latest data on inflation, the CBI reported that the average goods and services Consumer Price Index for urban areas in the 12 months ending November 20, which marks the end of the Iranian calendar month of Aban, increased 8.6% compared with last year’s corresponding period, according to the latest CBI report.

Supporters of Tayyebnia refer to reduction of inflation to single digit as “the most valuable and important” achievement of his ministry, besides restoring stability to the markets.

Urban consumer price index fell to 9.5% for the rolling year ending June 20 for the first time in 25 years. The last time was in 1990, when Iran was emerging from the carnage of the Iraq-imposed war.      

The International Monetary Fund forecasts that the inflation rate in Iran will drop to 7.2% in 2017 from 7.4% in the current year. The forecast comes amid fears of an inflation surge that recently resurfaced in the wake of growth in money supply.

However, statistics show the government has failed to create jobs. The Statistical Center of Iran put the country’s unemployment rate in summer at 12.7%. The figure registers a 1.8% increase compared with last summer and a 0.5% rise compared with the previous quarter (March 20-June 20, 2016).

The new data show 3.33 million Iranians were unemployed in Q2. It also shows 10.4% of men and 21.8% of women of ages 10 and above were jobless during the period.

Youth unemployment rate, i.e. the proportion of the population between the ages of 15 and 29, stood at 26.7% in summer, registering a 3.3% rise compared with the same period of last year and a 1.8% increase over last quarter.

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3 hours ago, climber7 said:

What are your figures pp?

Hi Climber7

I used the original worth of .000032. I subtract one 0 and get .00032 per Riel. Multiply that new amount by 1 million ( 1000000 ) and that gives me a new rate of $320 US per million. Does not matter if calculated on Riel or Toman value.

If you were talking the value of a US $100.00 its  value is the same if you calculate by $5 or $20. So it works the same way with the Riel. Not worth a ton but in my opinion it's heading in the right direction.

Not saying my calculation is right, that's just how I see it. I guess we will know better in a day or so.

Hope that helps,

Cheers pp

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3 hours ago, markb57 said:

well, I guess that leaves out a Dec RV. Just by the current numbers they are saying, 1 million Rial is worth $25.00, when converting to Toman etc...

It's been the Toman unofficially in Iran for over 20 years...not thing knew here. The four zeros on the other hand....

Edited by screwball
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Iran presidential chief of staff in Switzerland for banking talks

Bern, Dec 8, IRNA – Iran's Presidential Chief of Staff Mohammad Nahavandian arrived in Zurich, Switzerland, late on Wednesday to discuss banking relations with senior Swiss officials.

 
82337659-71230654.jpg

While in the country, Nahavandian is to hold talks with President Johann Schneider-Ammann and Swiss bankers on ways to promote Tehran-Bern banking relations and financial cooperation.

Nahavandian's visit to Switzerland also aims at finalizing issues discussed in previous talks held between presidents of the two countries in New York for on expansion of banking cooperation between Iran and Switzerland. The talks were held on the sidelines of the UN General Assembly meeting in September.

1483**1394

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Rial no longer Iran's national currency

Tehran, Dec 7, IRNA – Rial denomination of national currency will no longer exist though it has lost value over the past 37 years the economy has been administered by different governments of the Islamic Republic of Iran.

 
82337215-71230984.jpg

Iranian government, in a cabinet session on Wednesday approved parts of a bill proposed by Central Bank of Iran (CBI) to replace Rial with the denomination of Toman equivalent to 10 Rials.

Dramatic fall of the national currency dates back to the former government during which Rial lost value 300 percent.

When the government of former president Mahmoud Ahmadinejad took office in 2005 the US dollar used to be sold at 10,000 rials at the banks. 

Devaluation of the national currency brought up the US dollar to 30,000 rials when the eight-year term of the former Iranian government came to an end in 2013.

9341**1416

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Indonesian official calls for strengthening economic ties with Iran

Isfahan, Dec 7, IRNA – Speaker of Indonesian People's Consultative Assembly Zulkifli Hasan on Wednesday called for strengthening economic, commercial and cultural cooperation with Iran.

 
82337334-71230019.jpg

He made the remarks in a luncheon hosted by Isfahan Governor General Rasoul Zargarpour in honor of Indonesian delegation.

Zulkifli Hasan said that there are different fields for Indonesian economic cooperation with Iran and that the two states have a great deal of advantages to develop trade ties.

He said that Indonesia needs oil and Iran can be a credible supplier of oil to Indonesia. 

Hasan said that cultural affinities serve as common ground for developing relations and that Islam invited the Muslims for unity, so the two governments should work for bolstering cooperation.

The Indonesian official and accompanying delegation arrived in Isfahan on Tuesday evening to pay a visit to historical and cultural sites of the ancient Iranian city.

Zulkifli Hasan met with President Hassan Rouhani, Majlis Speaker Ali Larijani and senior religious leader Ayatollah Nasser Makarem Shirazi on Tuesday.

Indonesia with 238 million population is the fourth most populous country in the world.
1391**1416

 

 
 
Contact Editor-in-chief: mail32.png newsroom@irna.ir 
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TEHRAN, Dec. 07 (MNA) – Cabinet headed by President Rouhani has approved change of official currency from current Rial to its superunit Toman, officially designated as Touman.

The bill however will be sent to the Parliament and needs approval before going effective as a law. On Wednesday, Cabinet meeting addressed ‘Central Bank of the Islamic Republic of Iran Bill,’ during which a proposal related to currency change was approved.

In the new system, each Touman will equal 10 Rials (Rls.). Touman had been during the economic history a major currency in Iran, with Rial only dominating the scene after the fall of Qajar period and the modern reforms introduced to the country.

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13 minutes ago, pokerplayer said:

They talk of removing one to start. That is how I came up with my number.

pp

I suppose at the end of the day anything is possible all I know is what they write, and after 1497 posts and countless articles they have never said remove one zero! The debate earlier on was three and that was put to be bed with approval to remove four! Regardless I will be hanging on for a higher rate! One where fours Zeros are removed!:)<_<

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1 hour ago, screwball said:

I suppose at the end of the day anything is possible all I know is what they write, and after 1497 posts and countless articles they have never said remove one zero! The debate earlier on was three and that was put to be bed with approval to remove four! Regardless I will be hanging on for a higher rate! One where fours Zeros are removed!:)<_<

10-4 SB, I'm all in anyways !

Cheers, and thxs.

pp

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All I will say if they have approved parts of the bill which parts haven't they approved and why arent they talking about them? Then there's the question how can the cabinet approved part of the bill and then they talk about sending the whole bill to the majlis?

Edited by screwball
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Old but history lesson..

Parsi KhabarParsis: The Zoroastrians of India
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Iran’s New Currency May be named Parsi

Edited by: arZan on July 31, 2011 

FinanceIran

Preliminary results show name of currency will change and four zeros will be removed from value 

On Saturday, the Central Bank of the Islamic Republic of Iran launched a website allowing the public to vote on key decisions relating to the future of the Iranian currency.

Original article source: Risk.net

The central bank sought public opinion on what the name of the currency should be: the choices being for it to remain the ‘rial’ as it is currently known, or to become either the ‘toman’, ‘parsi’ or ‘derik’.

"We have had about 100,000 visits to the site so far, and 10,000 votes," said Payman Ghorbani, director of the economic research and policy department. "The results so far show that 46% of the voters prefer the name parsi."

The rial has just 2%, the derik has 13% and the toman 33%.

The central bank is as yet undecided on when they will call a halt to the vote, so there is time for this outcome to change.

In the online survey, the central bank also asked respondents how many zeros should be removed from the currency. The government has proposed cutting four zeros, and so far the public agrees, with 61% of votes.

"We are pleased to see our programme for reform is in accordance with public expectation," said Ghorbani.

Currently, the biggest Iranian banknote is 100,000 rials, which is worth $9.4.

The poll also asked the public about any anxiety regarding inflation if zeros were to be removed from the currency’s value. Generally, the public seemed minimally concerned, with 28% saying they believed the change would have no effect, 29% saying there would be a slight effect and 24% said there would be an impact on inflation. Only 8% expressed any real apprehension about a big effect.

"Most people have a clear and right idea about there being no inflationary impact," said Ghorbani.

The central bank also quizzed people on their payment method preferences. A convincing 74% of votes so far show the public preferred e-payment methods, with 64% of respondents saying they carry out more than 30% of money transactions using electronic banking. Just 1% of participants preferred using personal cheques and 24% liked using cash.

In terms of the appearance of the new banknotes, Imam Khomeini, the first supreme leader of Iran, will continue to appear on the front of the notes. The public has been voting on what they would like to see featured on the reverse side and so far, 40% of voters have said they would like to see pictures of Iranian scientists, writers and poets on the notes.

The poll results will be taken into account when changes to the currency are finalised. "We believe that for the reform to be successful, the public should be a part of it," said Ghorbani. "We want to understand the public’s concerns and give clear answers. On our website people can download information about the good experiences in other countries with redenomination and there are direct messages from the governor to the public."

If common questions arise out of the survey, the central bank will post the question and answer on the website, Ghorbani said.

In making final decisions about the reform, Ghorbani explained that different institutions will make decisions on the various elements. "The name will ultimately be decided at the highest level," he said. "The central bank will decide on the size of the banknotes and the materials used in the coins, the denominations and how much of each will be produced."

The central bank will also lead the process of transition, offering advice on adjustments to electronic payment systems. Voters have also been consulted on this topic, with the majority wanting to see a one-year period when the two currencies run alongside each other.

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Iranian Public Votes on Currency Reform
Source: risk.net
Source Date: Thursday, July 21, 2011
Focus: Electronic and Mobile Government
Country: Iran (Islamic Republic of)
Created: Jul 21, 2011
 

Preliminary results show name of currency will change and four zeros will be removed from value

On Saturday, the Central Bank of the Islamic Republic of Iran launched a website allowing the public to vote on key decisions relating to the future of the Iranian currency.

The central bank sought public opinion on what the name of the currency should be: the choices being for it to remain the 'rial' as it is currently known, or to become either the 'toman', 'parsi' or 'derik'.

"We have had about 100,000 visits to the site so far, and 10,000 votes," said Payman Ghorbani, director of the economic research and policy department. "The results so far show that 46% of the voters prefer the name parsi."

The rial has just 2%, the derik has 13% and the toman 33%.

The central bank is as yet undecided on when they will call a halt to the vote, so there is time for this outcome to change.

In the online survey, the central bank also asked respondents how many zeros should be removed from the currency. The government has proposed cutting four zeros, and so far the public agrees, with 61% of votes.

"We are pleased to see our programme for reform is in accordance with public expectation," said Ghorbani.

Currently, the biggest Iranian banknote is 100,000 rials, which is worth $9.4.

The poll also asked the public about any anxiety regarding inflation if zeros were to be removed from the currency's value. Generally, the public seemed minimally concerned, with 28% saying they believed the change would have no effect, 29% saying there would be a slight effect and 24% said there would be an impact on inflation. Only 8% expressed any real apprehension about a big effect.

"Most people have a clear and right idea about there being no inflationary impact," said Ghorbani.

The central bank also quizzed people on their payment method preferences. A convincing 74% of votes so far show the public preferred e-payment methods, with 64% of respondents saying they carry out more than 30% of money transactions using electronic banking. Just 1% of participants preferred using personal cheques and 24% liked using cash.

In terms of the appearance of the new banknotes, Imam Khomeini, the first supreme leader of Iran, will continue to appear on the front of the notes. The public has been voting on what they would like to see featured on the reverse side and so far, 40% of voters have said they would like to see pictures of Iranian scientists, writers and poets on the notes.

The poll results will be taken into account when changes to the currency are finalised. "We believe that for the reform to be successful, the public should be a part of it," said Ghorbani. "We want to understand the public's concerns and give clear answers. On our website people can download information about the good experiences in other countries with redenomination and there are direct messages from the governor to the public."

If common questions arise out of the survey, the central bank will post the question and answer on the website, Ghorbani said.

In making final decisions about the reform, Ghorbani explained that different institutions will make decisions on the various elements. "The name will ultimately be decided at the highest level," he said. "The central bank will decide on the size of the banknotes and the materials used in the coins, the denominations and how much of each will be produced."

The central bank will also lead the process of transition, offering advice on adjustments to electronic payment systems. Voters have also been consulted on this topic, with the majority wanting to see a one-year period when the two currencies run alongside each other.

http://unpan.org/Regions/AsiaPacific/PublicAdministrationNews/tabid/115/mctl/ArticleView/ModuleId/1467/articleId/27151/Iranian-Public-Votes-on-Currency-Reform.aspx

 

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TEHRAN, Iran — President Mahmoud Ahmadinejad said Wednesday his government is planning to lop off zeros from its currency in an apparent fight against Iran's double-digit inflation. 

Ahmadinejad's government is preparing to enact a law in April that would sharply slash energy and food subsidies. The move could provoke more unrest in a country already struggling under international sanctions, high inflation and a government crackdown on the opposition. 

"It is planned to remove zeros off currency and make the rial value real," Iran's government website quoted Ahmadinejad as saying. "The value of rial, under the law, is calculated on the basis of the price of gold. For some reason, the rial has been devaluated and we have to return its value to the one existing in the law." 

The Iranian rial is now traded at 10,000 rials to one U.S. dollar. That compares to 70 rials against the dollar in 1979, the year an Islamic revolution toppled the pro-Western Shah Mohammad Reza Pahlavi. 

The governor of Iran's Central Bank, Mahmoud Bahmani, last month said three or four zeros will be removed from the currency, depending on the results of the government's subsidy cuts. 

The law to slash fuel and food subsidies was formally approved by Iran's constitutional watchdog Guardian Council last week. The law would gradually cut energy subsidies, bringing heavily discounted fuel prices closer in line with international prices. 

Officials say the step is needed to recoup some of the roughly $100 billion spent yearly on subsidies by OPEC's second largest oil exporter. Subsidies currently consume about 30 percent of the government budget at a time when high spending and last year's collapse of oil prices have hammered Iran's economy. 

The aim is to channel the funds directly at the poorer segments of the population and building projects. 

Of the estimated $100 billion savings, the government promises to spend half on cash payments to families it considers vulnerable. That money would be give to families over a five-year period. 

Another $30 billion would be earmarked for industries and economic infrastructure projects, and the remaining $20 billion will be put in the government's treasury for future plans and projects. 

Critics say that providing that much money to the government will spread corruption amid concerns that some of the cash will be spent to undermine political opponents instead of improving the economy. 

Ahmadinejad said Iranians should not fear the subsidy cuts. 

"There is nothing to be worried about ... Living conditions will get better if subsidies are paid (in cash) to the people," he said. 

Ahmadinejad said 70 percent of Iran's 70 million population will get initial cash payments. The rest of the nation will get it at some point in the future, he said. 

Experts have warned that a monthly cash payment of up to $20 per person won't be enough to balance the 60 percent inflation rate Iranians will face in April. 

Iran's economic woes have been one of Ahmadinejad's biggest challenges.

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