Iranian Rial

[screwball]

The rial was 37,800 to the dollar on Saturday, marking a 0.08% gain against the US currency compared with the previous day’s close, according to Tehran Gold and Jewelry Union's website. 

The dollar exchange rate has been relatively stable in recent days.

The currency has been exchanged for under 38,000 rials in the past week, following successive gains for the rial in the past two months after it had weakened to 41,500 rials per dollar in late December.  

The Central Bank of Iran fixed the official exchange rate at 32,405 rials, 4 rials higher than on Thursday, the Persian economic daily Donya-e-Eqtesad reported.

The significant drop in demand and the decline in the Emirati dirham’s remittance rate helped lower the rate in recent days.

Emirati dirham was exchanged for 10,360 rials on Saturday, marking a 1.56% drop compared with its average rate in the past 15 days. 

The Central Bank of Iran’s recent decision to restrict moneychangers’ operations in the forex market could also have influenced market stability. 

Earlier in January, First Vice President Es’haq Jahangiri required the central bank to take measures for regulating the operation of bureaux de change operators by the end of the current Iranian year on March 20. 

CBI is determined to revive the role of banks in the forex market, which was halted by exchange shops during the sanctions.

Euro was exchanged for 40,610 rials on Saturday, down 0.54% compared with the previous day’s close. British pound experienced a 0.04% growth, being traded at 48,200 rials. 

Turkish lira was traded at 10,840 rials, down 1.01% compared with Thursday’s close. 

Bahar Azadi Gold Coin was sold at 11,810,000 rials on Saturday, up 90,000 rials. Half Bahar coins were sold at 6,770,000 rials, marking a 2.73% growth compared with Thursday’s price.

The Quarter Bahar coins also experienced a 3.8% growth in price and were traded at 3,810,000 rials.

Topics

Iran Currency News

Share This :

Short URL : https://goo.gl/8uQ7Wv

[screwball]

1 minute ago, screwball said:

Earlier in January, First Vice President Es’haq Jahangiri required the central bank to take measures for regulating the operation of bureaux de change operators by the end of the current Iranian year on March 20. 

Hmmm.march deadline

[screwball]

The Central Securities Depository of Iran issued 12 new trading codes to foreign investors during the Iranian month of Bahman (ended February 18), bringing the total number of foreign investors in Iran’s capital market to over 800. According to the Securities and Exchange News Agency, the sole registration entity and overseer of Iranian securities issued the codes for seven institutional investors from Poland, the Netherlands, South Korea, Armenia, Malaysia and the UAE. It also issued five codes for foreign individual investors from the United Kingdom, Germany and Afghanistan. Apart from the above-mentioned countries, investors from the United States, Spain, Russia, Switzerland, Sweden, Uzbekistan, Azerbaijan, China, Lebanon, South Africa, Japan, Cyprus, Georgia, Turkey, Greece, Iraq, Italy, Norway, Indonesia, Maldives, Hong Kong, Pakistan, Syria, Kuwait, Luxembourg and New Zealand are currently trading in Iran’s equity markets.

[screwball]

CRRC Changchun Railway Vehicles Company will supply 100 subway cars for Metro Line 2 in Mashhad, the second-biggest city in Iran in May, the company told China Daily on Thursday.

As a subsidiary of China Railway Rolling Stock Corp Ltd, the country’s railroad vehicle and equipment maker and exporter, CRRC Changchun, completed trial operations of the Mashhad metro line this month. 

The 100 subway cars will be formatted in five sets, said the media office of CRRC Changchun.

CRRC Changchun said Mashhad’s Metro Line 2 is just one aspect of the company’s business in Iran.  It already started to ship subway cars to Iran in 2016 after it signed a $1.39 billion contract to supply 1,008 subway cars to Tehran over a five-year period.

Iran plans to open 30 urban rail lines in nine cities over the next five years, with a total length of 350 kilometers. 

The demand for rail vehicles is expected to reach 2,000 subway cars.

The 14-km Metro Line 2 is scheduled to become operational in May, shuttling between the north and south of the city. There will be transfer stops between metro lines 1 and 2, expanding the city’s transportation network.

Apart from the first three sets of subway cars shipped from China, the remainder will be manufactured in a joint venture formed by CRRC Changchun and a rail vehicle manufacturing company in Tehran, which was established in 2016.

The joint venture has an annual production capacity of 300 subway cars and 200 double-decker cars. It will also provide maintenance services and staff training.

According to the company, these new trains can be run at a maximum speed of 80 km per hour, with a capacity of 1,300 passengers per set.

At present, there is only one rail transit line: the 19-km Metro Line 1 operated in Mashhad.

CRRC Changchun’s revenue amounted to 358 million yuan ($52 million) in Iran last year. Trainmakers from Japan, South Korea and Europe are the company’s archrivals in the country.

Feng Hao, a rail transportation researcher at the National Development and Reform Commission, said, “Chinese trainmakers could find great opportunities in the surging demand in many developing countries and regions along the Belt and Road Initiative for improved railroad infrastructure, passenger services and regional connectivity, as well as their desire to create jobs and new commercial areas”.

Share This :

Short URL : https://goo.gl/DmMjKQ

[screwball]

Sunday, February 26, 2017

Russia, Iran Ready for Free Trade Talks

 

Russian Deputy Prime Minister Igor Shuvalov visited Iran last week to discuss a trade agreement between Moscow and Tehran.

During talks with Iranian Minister of Communications and Information Technology Mahmoud Vaezi, Shuvalov said Russian President Vladimir Putin ordered to organize negotiations with Iran aimed at reaching a preferential trade agreement.

“I just received an order from Russian President Vladimir Putin to hold talks in Iran and discuss with our Iranian colleagues how we could intensify our bilateral trade and reach a preferential trade agreement,” Shuvalov was quoted as saying by Russia’s Sputnik news agency.

At the same time, he noted, the positive results of trade negotiations will help arrange the final details of Iranian President Hassan Rouhani’s visit to Moscow in March.

A free trade zone within the Eurasian Economic Union is expected to be the first major step in strengthening trade relations and will also put Moscow-Tehran trade cooperation to a new level, according to Mahmoud Shoori, the head of Eurasia Program at the Strategic Research Center.

“Trade between Russia and Iran has been in intense discussions for the recent three years. Both sides are now doing their best to expand and develop bilateral trade ties. A lot has been done on the issue, including important agreements,” Shoori told Sputnik Persian.

According to the analyst, the most important and at the same time problematic matter is the issue of Iran’s integration into the EAEU, i.e. multilateral cooperation.

Functioning since 2015, the EAEU is a Russia-initiated regional political and economic bloc that aims to streamline the flow of goods and services between its member states: Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.

“This issue has long been discussed. Several rounds of talks have already been held between EAEU members and Tehran. Now, we see significant progress on the issue, including considering a major free trade area deal with Iran. In fact, this would be the first serious step to strengthen Russian-Iranian trade ties. Unfortunately, previously, there has been the lack of political will to do that,” Shoori said.

According to the Eurasian Economic Commission, the signing of a full-fledged free trade zone agreement between the EAEU and Iran will contribute to GDP growth in all EAEU member countries. “According to the results of the EEC econometric analysis, conducted within the framework of the joint research with Iran on the expediency of free trade zone establishment, a sufficient potential of GDP growth for all EAEU member states was deduced (plus $27 million for Armenia, $78.6 million for Belarus, $508.6 million for Kazakhstan, $12 million for Kyrgyzstan, $1.3 billion for Russia),” the commission said in a statement in late-December.

[screwball]

•  
•  
•  
•  
•  
•  
•  
•  
•  
•  
•  
•  
•  

 

 

Price of Iran’s heavy crude keeps rising 

News ID: 3917353 - Sun 26 February 2017 - 09:17

Economy

TEHRAN, Feb. 26 (MNA) – The rise in value of Iran’s heavy oil has demonstrated a new record high for the second consecutive week as it was traded at over $53 per barrel.

Following the upward trend in crude oil prices in global markets, all credible indexed of Black Gold went through an upsurge in the transactions leading to February 17.

Accordingly, OPEC oil basket price rose by 30 cents to reach $53.23 per barrel while the figure for America’s sweet gas (West Texas) increased by 32 cents to $53.02 and Brent crude oil was traded at $54.62 following a five-cent increase.

Moreover, Dubai benchmark climbed by 18 cents at $54.23 a barrel, while the Omani benchmark ended the session 45 cents higher at $55.14 a barrel.

Similarly, price of each barrel of Iranian light and heavy crude oil also experienced a rise in the dealings leading to February 10, 2017. With a 46-cent uplift, light crude of Iran was sold at $51.09 in Asian and European markets.

Iranian heavy crude also increased by 29 cents in price to be traded at 53.05 cents.

Since the beginning of 2017, the average sale price per barrel for light and heavy crude oil of Iran has been 52.24 and 52.31 dollars, respectively.

[screwball]

 

Top-level MoUs to be signed during Rouhani’s visit to Russia

News ID: 3916987 - Sat 25 February 2017 - 15:28

Politics

TEHRAN, Feb. 25 (MNA) – More than five top-level contracts on economic, consular, and cultural cooperation will be signed between Iran and Russia during President Rouhani's visit to Moscow in late March, Iran’s deputy FM said Sat.

Speaking to reporters on the sidelines of the commemoration ceremony of martyrs of Ministry of Foreign Affairs, Deputy FM for Asia and Oceania Affairs Ebrahim Rahimpour touched upon the visit of President Hassan Rouhani to Moscow most likely to occur in late March, adding “relations between Tehran and Moscow are currently at their peak and our cooperation extends to all political, economic and regional fields.”

“Visiting Russia has been agreed upon by the presidents of both countries,” he said.

He went on to add, “at the moment we are in talks with the Russian side for drawing up the documents and contracts that we wish to finalize before President Rouhani’s visit.”

Rahimpour declined to go into details about the documents of cooperation, saying “there might be certain considerations about them, and some of the documents may not become finalized even at the last minute.”

He added, however, that more than five MoUs covering various economic, consular, cultural and macro fields will be signed between the two countries.

Elsewhere he talked about the visit of President of Azerbaijan Ilham Aliyev to Tehran, saying “we are currently working on preparation of documents and various programs of the visit.”

[screwball]

Just now, screwball said:

President Rouhani’s visit.”

Rahimpour declined to go into details about the documents of cooperation, saying “there might be certain considerations about them, and some of the documents may not become finalized even at the last minute.”

Interesting wording...

[blueskyline]

http://www.redstatewatcher.com/article.asp?id=65039................Very interesting article here 

[screwball]

Yes very hmmmm...

[screwball]

1. Economy
2. Business And Markets

Sunday, February 26, 2017

Floating Exchange Rate Remains Ideal Choice 

 

When foreign exchange rates are unified, setting a fixed rate for it will be meaningless since foreign exchange rates, like any other commodity, are determined by supply and demand, a member of Iran Chamber of Commerce, Industries, Mines and Agriculture said.

“If the forex rate follows a floating system, the market will set the rates, but fixing a rate for foreign exchange is like pulling a spring: the moment you let go of the pressure, the rates will bounce back,” Ferial Mostofi was also quoted as saying by IBENA.

In line with this, Valiollah Seif, the head of the Central Bank of Iran, said it is not the government’s policy to maintain a fixed forex regime but to make sure that the rates are determined by a balanced market condition and away from volatility. 

CBI has indicated that it will not be able to unify the country’s official and open market exchange rates by March 20, as previously planned.

Iran has been living with two exchange rates for the Iranian rial for several years, which has both helped fuel corruption and hampered cross-border trade. Those with ready access to the official rate have been able to benefit from relatively cheap hard currency, while other individuals and businesses have had to pay a higher price via the open market.

Unifying the rates has been one of the key goals of the Iranian government. However, while the gap between the official and open market rates has narrowed, they remain entrenched. 

The official exchange rate is currently 32,401 rials to the US dollar, while according to the Association of Bureau de Change Operators, the free market rate stands at 38,100 rials to the dollar.

CBI had earlier said it was aiming to have a single exchange rate by the end of the current Iranian year, which ends on March 20. However, Peyman Qorbani, a senior CBI official, told a press conference on February 19 that the continued lack of links between Iranian banks and their foreign counterparts meant it was unlikely to happen by the set date. 

It is not clear when CBI will close the gap between the two forex rates.

[screwball]

A very article serious smoke, until it the Cbi meeting on 1st of march and we hear from president or governor of Cbi, the date for unification is march 21 two weeks either side IMHO

[screwball]

 

Print Version | Send To Friend

 

Rouhani to run for 2017 presidential election in Iran

Tehran, Feb 26, IRNA - President Hassan Rouhani has decided to run for the upcoming presidential elections to be held on 19 May 2017, vice president for legal and parliamentary affairs Hossein-Ali Amiri said on Sunday.

 

The upcoming presidential elections will be the 12th round of presidential elections in Iran.

President Rouhani won the 2013 presidential election and this will be his second term in office if he is reelected as president.

Removal of Iran’s sanctions and improvement of Tehran ties with the world are major achievements made by President Rouhani during his first term in office as president of the Islamic Republic.

[screwball]

e: 26/02/2017 | Time: 09:34|

Print Version | Send To Friend

 

ECO senior officials meeting kicks off in Islamabad

Islamabad, Feb 26, IRNA – Two-day meeting of senior officials from the Economic Cooperation Organization (ECO) member states started in Islamabad on Sunday.

 

The agenda of the meeting is to make final preparations for the 13th Meeting of the ECO Heads of State/Government on 1st March 2017. Iran President Hassan Rouhani will attend the summit.

Majid Bizmark, Director General International Economic Corporation of Iran's Ministry of Foreign Affairs is heading the Iranian delegation in the two-day meeting.

ECO is a ten-member regional organization, which includes Iran, Pakistan, Turkey, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

The ECO Summit has great importance especially for Pakistan and other members of the regional organization. 

The ECO Summit is expected to review the state of affairs of ECO in the light of the new and emerging global and regional circumstances and agree on the course of actions ECO should follow in expanding regional economic cooperation among its member states. The new ECO Vision 2025 is also expected to be adopted in Islamabad meetings.

[screwball]

Paris Agreement to be implemented regardless of US stance: UN official

Tehran, Feb 26, IRNA – The key players such as the European Union, China and India have confirmed Paris Agreement on Climate Change and regardless of US stance the United Nations is determined to implement the mentioned agreement, a UN official said.

 

Head of the UN Environmental Program (UNEP) Erik Solheim made the remarks in a press conference on Sunday.

US new government has not declared its stance toward Paris Agreement and other environmental issues yet, he said.

We are negotiating with US new administration and we are optimistic in this case, but if developments go wrong and the US cannot assume leadership in the climate issue, the United Nations will devise another plan, he said.

Indian officials have announced that not for US but for the sake of themselves, they are eager to implement the agreement, he added.

Walmart Company which is one of the biggest firms in the United States announced that no matter who is taking office in the White House, it will decrease emission of greenhouse gases. And the Google Company also expressed its readiness to support this plan, he said.

Solheim pointed to merits of investing in developing new energies such as solar and wind, saying that investment in these fields has grown compared with oil, gas and coal.

UN is ready to spare no efforts in supporting Iran and its environment, he said.

He referred to Iran’s key role in international communities, saying that Iran played crucial role in Marrakech Climate Change Conference - November 2016.

Despite the fact that dust source areas is beyond the borders of the country, Iran is trying hard within its borders, he added. 

During his trip, Solheim also took a tour to Lake Orumiyeh to follow up the revival of the lake.

According to the UN Information Center in Tehran (UNIC), Solheim who arrived in 
Tehran on Feb 24 is expected to meet senior officials in Tehran and focus on expanding regional cooperation on environmental issues.

The Paris Agreement (Accord de Paris) is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gases emissions mitigation, adaptation and finance starting in the year 2020.

[screwball]

If you are wondering why I say two weeks either side

Later, CBI Chief Valiollah Seif, who had announced plans to adopt a single rate within months following the implementation of a lasting nuclear deal between Tehran and six world powers, said the policy would be in place before the end of the Iranian year in March 2017.

and this

Iran must unify multi-tiered foreign exchange rate and cut lending interest rates as part of post-sanctions plan to prop up the economy, President Hassan Rouhani says. "Forex rate must be unified next [calendar] year (starting March 21) so that stability in the market will be bolstered and corruption will be stopped," Rouhani told a banking forum on Saturday.

so until they say we are good to go!

[sandfly]

Thanks there sb

[WheresmyRV?]

I love the sound of in a few weeks!!

[millionaire in training]

Thanks S B you really work hard for us bring over all these great articles.  

This is going to happen. And just as they say it will.    Im a little shocked..... it's actually close enough that we can almost touch it.  

Get ready folks. It's a coming........     

[Freedomwish]

2 hours ago, millionaire in training said:

Thanks S B you really work hard for us bring over all these great articles.  

This is going to happen. And just as they say it will.    Im a little shocked..... it's actually close enough that we can almost touch it.  

Get ready folks. It's a coming........     

Could this really happen?  Could this be what we all are looking for?  Could it be the beginning of things yet to come like also for the Dinar?  It feels so unreal after all these years...... here's to continuing in keeping the faith!! 

[markb57]

12 hours ago, screwball said:

The Central Securities Depository of Iran issued 12 new trading codes to foreign investors during the Iranian month of Bahman (ended February 18), bringing the total number of foreign investors in Iran’s capital market to over 800. According to the Securities and Exchange News Agency, the sole registration entity and overseer of Iranian securities issued the codes for seven institutional investors from Poland, the Netherlands, South Korea, Armenia, Malaysia and the UAE. It also issued five codes for foreign individual investors from the United Kingdom, Germany and Afghanistan. Apart from the above-mentioned countries, investors from the United States, Spain, Russia, Switzerland, Sweden, Uzbekistan, Azerbaijan, China, Lebanon, South Africa, Japan, Cyprus, Georgia, Turkey, Greece, Iraq, Italy, Norway, Indonesia, Maldives, Hong Kong, Pakistan, Syria, Kuwait, Luxembourg and New Zealand are currently trading in Iran’s equity markets.

This is the one that made me go hmmmm. If there are that many investors from the US, how are they doing this with the secondary sanctions by the US. Their investments would have to originate in USD, right?

[screwball]

9 hours ago, millionaire in training said:

Thanks S B you really work hard for us bring over all these great articles.  

This is going to happen. And just as they say it will.    Im a little shocked..... it's actually close enough that we can almost touch it.  

Get ready folks. It's a coming........     

I have just as much to loose as th next as I am invested, I don't pump just bring the new and set my timeline according to there's, and to say I am excited to see this unfold is a understaement! As I said to my wife last might let's see what the meeting on the 1st brings us look for comments and articles making reference to stuff said by Cbi governor and Presdient, two weeks either side! Yeah baby!

[screwball]

We are ver close...

[screwball]

6 hours ago, markb57 said:

This is the one that made me go hmmmm. If there are that many investors from the US, how are they doing this with the secondary sanctions by the US. Their investments would have to originate in USD, right?

Exactly things can change on a drop of a hat.....we could be euro one day and the usd the next!

[screwball]

The parliament convened early Sunday and passed measures on foreign finance, withdrawals from the National Development Fund of Iran, transfer of funds from the banking network to the treasury, loans to academic institutions and loan penalty waivers.

These were part of the review of the 2017-18 budget law pertaining to government earnings, ICANA reported.

MPs approved Clause 3 of the law previously amended by Majlis Joint Commission, which allows the government to "receive or guarantee loans, credits or assistance from foreign governments or international financial institutions up to $5 billion".              

The administration has been allowed to attract these funds for “infrastructural and developmental plans by prioritizing knowledge-based, scientific and research, agricultural, water and soil, environmental, and cultural and artistic schemes”.

 NDFI Withdrawals

The parliament also approved Clause 4, which authorizes the government to draw from the incoming assets of NDFI in the coming year and transfer them to the treasury.

As approved, the government will be able to draw “$200 million equivalent to  6.6 trillion rials to increase the capital of Innovation and Prosperity Fund, $300 million or  9.9 trillion rials for irrigation”, another $300 million “for rural water supply schemes and their development, $100 million or 3.3 trillion rials for the Islamic Republic of Iran Broadcasting (the state radio and TV body), $1.3 billion equal to 24.9 trillion rials to strengthen defense prowess”, and a further $100 million “to combat dust storms” mainly plaguing the southern province of Khuzestan.

The grand total equals $2.3 billion, “the rial equivalent of which is 75.9 trillion rials”.

Recourse to the assets of the national development fund drew criticism from a number of MPs who argued that the assets belong to future generations and should not be spent, while those in favor noted that the government must be allowed to use the assets to resolve a wide variety of issues, including development of defense and agriculture sectors, which should not be postponed”.

Parliament Speaker Ali Larijani was in favor of tapping into the fund’s reserves, saying the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei has been briefed on the issue and he has approved the measure.

 Treasury and Academic Institutions

MPs then approved an appendant provision to the budget law concerned with how earnings from reduced costs will be moved to the treasury.

The provision states that through the treasury, the government is obligated to take 1% of one-12th of the “expenses of banks, profitable government-affiliated institutions and profitable government-owned companies” stated in the law from their accounts and “deposit them to the public earnings account of the treasury”.

The parliament also approved a number of provisions in Clause 9, which permit universities, educational and research institutions and science and technology parks to apply for loans from banks “up to the annual share of their budget”.

As part of the provisions, Welfare Student Funds of the Ministry of Science, Research and Technology, the Ministry of Health and Medical Education, and Islamic Azad University are legally bound to deposit the funds resulting from the repayment of tuition loans of 2006-14 to the public earnings account of the country.

In another provision of the clause, the parliament decreed that funds resulting from the repayment of the aforementioned loans “and also other assets resulting from the activities of the fund” must be considered in their usual budget as long as they do not exceed 11.3 trillion rials ($29.89 million).

Finally, parliamentarians extended the duration of a previously approved loan penalty waiver scheme, decreeing that the penalties pertaining to loans of under 1 billion rials ($26,500) will also be forgiven during the next fiscal year that begins on March 21.