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Timing is everything they say...all of a sudden

 

The Cabinet announced the details of foreign exchange hedging directive proposed by the Export Guarantee Fund of Iran and approved in the 17th meeting of the Cabinet members on Sunday.

Forex hedging is like an insurance policy covering currency fluctuations for exporters. The maximum duration of the policy is six months while it covers foreign exchange depreciation of 3-35% for export commodities, Banker.ir reported.

The coverage fees depend on the timing of the hedging. For one month, the fee is equal to 0.11% of the total value of the foreign exchange while the rates for two-month and three- to six-month coverage are 0.17% and 0.25%, respectively.

The directive has been notified by Vice President Es’haq Jahangiri for implementation.

A foreign exchange hedge transfers the foreign exchange risk from the trading or investing company to a business that carries the risk, such as a bank.

By setting up a hedge, the company also forgoes any profit if the movement in exchange rate is favorable.

EGFI Director Kamal Seyyed Ali had earlier said that the Central Bank of Iran would allow the banking system to cover the risk of fluctuations in foreign exchange rates, when it manages to unify the forex rates.

The currency market volatility in the final months of 2016, which saw the rial hit record lows against the greenback (reaching 41,500 rials to the dollar in the free market in late December), put the kibosh on CBI plans to scrap the country’s dual exchange rate regime by the yearend.

The business community and independent observers have made strong demands that the government unify the exchange rates and stop its forex market intervention for propping up the rial.

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EconomyBusiness And Markets
Tuesday, May 16, 2017

CBI Governor Downplays Gov't Debts

 

The Central Bank of Iran's governor has fended off criticism over government payment arrears to the banking sector, stressing that Iran is doing better than a number of other countries in this regard.

"The government's arrears to the banking system are included in the frozen assets of banks. Mainly because of the budget deficit facing the government, the repayment of debts to the banks has been of secondary importance," Valiollah Seif also told ISNA.

Pointing to the arrears of other countries to their banks, the official added that compared with the rest of the world, Iran's state debts to the banking system are not very high.

That is while, he added, "many countries have a higher ratio of GDP to debts" compared to Iran.

Seif was responding to recent media criticism about government payment arrears to banks snowballing.

The government reportedly owes more than 2 quadrillion rials ($53.3 billion) to the banking system, which have constantly been on the rise in the past decade.

According to statistics, government arrears to the banking system increased from 230 trillion rials ($6.1 billion) in 2004 to 360 trillion rials ($9.6 billion) in 2008. While the volume of debts stood at more than 1.1 quadrillion rials ($29.3 billion) in 2013, it exceeded 2 quadrillion rials by the end of the previous fiscal year in March.

At the Eighth Conference on Development of Investment and Financing System in Iran in mid-February, Government Spokesman Mohammad Baqer Nobakht claimed that "the reported astronomical figures are not the real numbers".

According to Nobakht, who also heads the Planning and Budget Organization, the figure stood at 380 trillion rials four years ago while it has now reached 420 trillion rials ($11.2 billion).

He also announced that the government will issue 700 trillion rials ($18.6 billion) worth of bonds to repay its debt to banks and private sector, and will use articles 35 and 36 of the budget amendment law, which allows recapitalization of public-sector banks from revaluation of foreign exchange assets.

As outlined by Seif, the problem of government debts to the banks in Iran has mainly been a direct result of a lack of discipline.

Although in line with reforming the banking system, which has been a major agenda of CBI, "we decided to move in line with clearing this debt" by forming the debts market and publishing the bonds.

 

quite then bam! 

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New Zealand to resume meat exports to Iran

Sun May 14, 2017 5:31PM
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New Zealand will soon to resume exports of lamb to Iran after a hiatus of almost two decades.
New Zealand will soon to resume exports of lamb to Iran after a hiatus of almost two decades. 

New Zealand is set to resume exports of lamb to Iran after a hiatus of almost two decades.  

A report by the country’s Stuff news website said that Wellington-based meat processing company Taylor Preston would ship 60 tons of frozen cuts to Iran on May 22 in what it said would mark the resumption of trade with the Islamic Republic.

The report quoted Taylor Preston chief executive Simon Gatenby as saying that the company was looking to do more business with Iran.

"The reason we're doing this is to develop the trade, it's a nice easy order to start with, it allows us to get a bit of volume into the market and allow it to be tested," said Gatenby. 

Farmers supplying the late season lambs were being paid a premium of $6.10 per kilogram, added the report.

Gatenby further added that the lamb would be sold for retail and domestic consumption.

"We've sold the Iranians essentially a full carcass but we've broken it into six main primal cuts - two legs, two loins and two shoulders," he said.

The Stuff elsewhere wrote that New Zealand's largest meat processing company Silver Fern Farms was also in talks with Iranian officials, but shipments were not likely to take place until the new season.

Exports of lamb from New Zealand to Iran were the highest in the 1980s when Iran took more than 100,000 tons of frozen carcasses a year.

The renewed exports follow a February visit by New Zealand’s Primary Industries Minister Nathan Guy who signed a veterinary agreement to enable chilled and frozen lamb and beef exports to the Islamic Republic.

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Iran says 9 firms ready to fund plane purchases

Mon May 15, 2017 10:13AM
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Iran says nine major Asian and European credit companies have announced readiness to fund the country’s purchases of planes from global aviation giants Airbus and Boeing.
Iran says nine major Asian and European credit companies have announced readiness to fund the country’s purchases of planes from global aviation giants Airbus and Boeing. 

Iran says several major European and Asian financers have announced readiness to fund the country’s purchases of planes from global aviation giants Airbus and Boeing. 

Iran’s Deputy Minister of Road and Urban Development for International Affairs Asghar Fakhrieh Kashan was quoted by the domestic media as saying that nine financial institutions from Norway, Denmark, Ireland, Britain, China and Japan had already approached Iran to fund the purchases.  

Fakhrieh Kashan did not reveal the names of the interested financers.

Nevertheless, he emphasized that proceedings to hold a tender to choose the financer for the purchases were underway, adding that tender documents would be sent out to potential bidders within a month. 

Last week, he was quoted by media as saying that Britain’s key export credit agency – UK Export Finance (UKEF) – had informed Iran’s Ministry of Roads and Urban Development that it was ready to provide funding for all of Iran’s purchases from Boeing and Airbus.

He emphasized that Iran wanted to have an open hand in choosing the best financers and that a tender to the same effect would be held soon.

“Iran Air is preparing the tender documents so that they would be sent to all credible financers across the world,” Fakhrieh Kashan told the state news agency IRNA.

“We are in conditions that allow us to choose our desired financers in a competitive atmosphere that a tender creates.”

Also, Iran’s media last October quoted an unidentified governmental official as saying that Boeing had sealed a deal with an American bank to provide financing for Iran’s purchase of airliners in cooperation with a Japanese bank. No names were provided at the time.

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Iran’s Deputy Minister of Road and Urban Development for International Affairs Asghar Fakhrieh Kashan.
Iran’s Deputy Minister of Road and Urban Development for International Affairs Asghar Fakhrieh Kashan. 

Iran says it expects to receive the first batch of planes from European aviation player ATR within the next few days. 

Iran’s Deputy Minister of Road and Urban Development for International Affairs Asghar Fakhrieh Kashan told the domestic media that four ATR planes would arrive in the country before Friday.

Fakhrieh Kashan told the country’s state news agency IRNA that five more planes would be handed over to Iran until the end of 2017.  However, he did not provide a clear timetable for the deliveries.

All the planes would be delivered to Iran’s national flag-carrier airline Iran Air, IRNA added.

In April, Iran Air finalized an agreement with ATR to buy 20 planes from the company at an estimated cost of above $500 million.

The planes – all ATR 72-600 – would be twin-propeller aircraft that can carry 70 passengers.

Iran Air Managing Director Farhad Parvaresh told reporters in Tehran last month that his company had an option to purchase another 20 planes from the French-Italian company. 

On the same front, Iran’s Minister of Roads and Urban Development Abbas Akhoundi was quoted by the domestic media as saying in April that ATR planes would be mostly used for flights to Iran’s small airports. 

Akhoundi emphasized that providing small- to medium-range planes like those produced by ATR played a central role in the government’s plan to rejuvenate Iran’s air transportation fleet.

Iran’s plans to purchase planes from the France-based company comes after Iran struck deals with European aviation giant Airbus and the US aviation company Boeing in 2016 to purchase about 180 jets.

The agreements came after the restrictions imposed on Iran’s aviation industry were lifted following a nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

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Leaders from 29 countries will gather in Beijing for a two-day summit starting May 14, 2017 to discus details of the Silk Road initiative.
Leaders from 29 countries will gather in Beijing for a two-day summit starting May 14, 2017 to discus details of the Silk Road initiative. 

Iran says it is fully on board to help revive Silk Road, an ancient trade route for a thousand years which China plans to expand between Asia, Africa and Europe. 

Leaders from 29 countries and ministers and top officials from many others will gather in Beijing for a two-day summit starting on Sunday to map out development of the "Belt and Road" initiative.

Delegates are about to discuss the plan which involves hundreds of billions of dollars over the coming decades, underpinned by building ports, railways and power links across Asia and on to Europe.

Iranian Minister of Economic Affairs and Finance Ali Tayebnia arrived in the Chinese capital on Saturday to represent the country at the forum, IRNA news agency reported.

935d3519-7e23-42ef-8c0d-554a86fd0a7d.jpg Iranian Minister of Economic Affairs and Finance Ali Tayebnia 

“Iran will employ all its power, cooperation and effort for better implementation and completion of this initiative because it believes that the plan will play an important role in the global development and relations among countries,” he said.

Chinese government officials say more than 50 memorandums of understanding, plans, cooperation letters and cooperation projects in transportation, energy and communications will be signed during the meeting.

64ee59b7-cd0f-4f16-9ac1-b251bdd630f9.jpg Officials walk outside the China National Convention Center, the venue for the upcoming Belt and Road Forum for International Cooperation, in Beijing. (Photo by AFP)

The Asian economic giant says its businesses signed projects worth $304.9 billion in Belt and Road countries between 2014 and 2016, but more is in the pipeline and investments of almost $1 trillion have already been announced.

The initiative is expected to funnel investments worth up to $502 billion into 62 host countries over the next five years. Analysts say most funds may flow into India, Russia, Indonesia, Iran, Egypt, the Philippines and Pakistan.

The web of trade would span over countries representing more than 40 percent of the world’s GDP, that are home to 4.4 billion people -- more than half of the world’s population -- giving it a potential to affect global trade patterns. 

e288fe35-09b8-4a55-b48f-3112f054c56a.jpg

The biggest beneficiaries of the plan could be midsize domestic construction and machinery companies and Asian infrastructure firms, with China likely to give certain countries preferential treatment, according to Bloomberg.

However, a crucial mechanism that Beijing is considering for the success of the Belt and Road Initiative is using local currencies instead of dollars, which has sent shockwaves across the West.

Western governments and media have gone into great lengths to project the initiative as part of China's grand scheme for influence in Asia.

Reuters quoted a Chinese expert as saying that politics was being put ahead of economic factors.

"I believe that the national strategy is the top priority; economic considerations are secondary," it quoted the unnamed economist at the China Center for International Economic Exchanges, a Beijing-based think-tank, as saying.

af1b29d0-9744-4f9c-bbed-af7be2d98463.jpg The Silk Road is an ancient network of trade routes dating back to 220 BCE, connecting China to the Mediterranean Sea. 

China's state-run Xinhua news agency said the new Silk Road would be a boon for developing countries that had been largely neglected by the West.

"As some Western countries move backwards by erecting 'walls,' China is contriving to build bridges, both literal and metaphorical. These bridges are China's important offering to the world, and a key route to improving global governance," it said in an English-language commentary on Saturday.

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The government’s remarkable achievement of bringing down the inflation rate to below 10% may be at stake, if banking reforms are not implemented urgently, an economist warned.

Praising President Hasaan Rouhani’s successful monetary policy to rein in the runaway inflation bestowed by the previous administration, Seyyed Ali Madanizadeh also told the Persian weekly Tejarat-e Farda that the inflation rate is expected to gradually bounce back up, “if the Central Bank of Iran does not adopt preventive measures”.

According to Madanizadeh, who is also a professor at Tehran University’s School of Economy, a steep fall in inflation often leads to a deep recession, but due to reduced inflationary expectations, the issue of recession was largely contained by the government and the economy recorded two consecutive years of positive growth.

Rouhani’s economic team halved the inflation rate one year into office, pulling it below 20% in September 2014 and then to around 15% in March 2015.

Iran’s inflation rate went below 10% for the rolling year ending June 20, 2016. This was the first time the country was experiencing single-digit inflation in about a quarter century.

The inflation rate recorded a record low of 8.57% late fall, after which it made a slow upward move.

CBI’s latest figures show the average goods and services Consumer Price Index for urban areas in the 12 months ending April 20, which marks the end of the first Iranian month of Farvardin, increased by 9.5% compared with last year’s corresponding period.

Masoud Nili, a senior economist and top advisor to Rouhani, said last month that a bounce-back of inflation to above 10% will hamper the outstanding growth figures the government has achieved and seeks to preserve.

Economy Minister Ali Tayyebnia has estimated that GDP growth in the last fiscal 2016-17 stood at 8%.

Official statistics on the whole year’s growth rate have yet to be published. CBI’s latest report shows the Iranian economy grew 11.9% in the three quarters of last year (March 20-December 20, 2016).

Nonetheless, Madanizadeh believes these achievements are at risk in the shadow of Iran’s troubled banking sector.

“The government’s plan has been to carry out structural reforms [in the monetary sector]. It even issued preliminary regulations to fix the banking system,” he said.

However, he noted that these plans failed in the face of a soaring budget deficit.

The Iranian banking sector’s ratio of non-performing loans stood at 11% by September 20, 2016, down from 13.6% in September 20, 2014, CBI Governor Valiollah Seif announced back in January.

Interest rates have traditionally been illogically high in Iran, distancing from the general inflationary downtrend in recent years. Piling NPLs force banks to compete to absorb capital from other banks as well as CBI with sky-high interbank lending rate to be able to fulfill their liabilities.

Last June, Money and Credit Council allowed the banking sector to offer approximately 15% interest on long-term deposits, lowering the rate by 3%. Banks were also asked to charge borrowers approximately 18%, though bank loans are reportedly offered at higher rates.

However, this is still far from the 3-5% targeted gap between inflation and interest rates.

For lenders to be able to lower interest rates, banks need the government’s support to get rid of their non-performing assets, borrowers need a better market to fulfill their commitments and regulations need to improve.

But a nosedive in the price of oil has clipped the government’s wings in performing the monetary surgery.

“The government has been issuing a huge amount of bonds to finance its deficit. This has influenced the interest rates to a large extent,” Madanizadeh said.

The latest CBI data show that Iran issued 314 trillion rials ($8.4 billion) worth of bonds in the 11 months to February 18, which added to banks’ liabilities.

“Postponing banking reforms means the CBI will have to finance the banks … leading to a rise in liquidity, which has been the case in the past two years. This has given rise to an uptrend in inflation,” he said.

The economist believes said the first step the government should take is to propose an amendment to the budget for the current Iranian year (March 2017-18), which was ratified in the parliament in the closing days of the last fiscal year.

Madanizadeh predicts the government will not be able to balance income and expenditures approved in this year’s budget.

“The government should pay back all its debt securities, particularly those pertaining to the banking system,” he said.

At the end, Madanizadeh stressed that reforms are only possible through consensus between all branches of power—the executive, judiciary and legislature—and this is not a task the administration can accomplish on its own.

 

hmmmm.maybe zeros removed, single rate and international is the key...just saying.resteting financial reporting systems is just part!

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Report: US May Waive Iran Sanctions in Coming Days
 
 
National
Tuesday, May 16, 2017

Report: US May Waive Iran Sanctions in Coming Days

 

The administration of US President Donald Trump may issue waivers of some Iran nuclear-related sanctions in the coming days as it adheres, for now, to its commitments under the Iran nuclear deal, while carrying out a comprehensive review of its Iran policy.

The notification of the waivers might be issued as early as May 17, a day before Donald Trump is due to depart for Saudi Arabia, Israel, Italy and Brussels on his first foreign trip as president, sources told Al-Monitor, while cautioning that the anticipated action and timing could change. That is also two days before Iran holds the presidential election.

Iranian President Hassan Rouhani has made reaching the Iran nuclear deal with six world powers a centerpiece of his reelection bid, but has come under criticism from political rivals that Iranians have not received the economic benefits from sanctions relief that the deal promised.

The Trump administration is conducting a National Security Council-led inter-agency review of its broader Iran policy. US officials said that until the review is completed, the administration will continue to adhere to terms of the Iran nuclear deal, known as the Joint Comprehensive Plan of Action.

"We are continuing to review the JCPOA," a State Department official, speaking not for attribution, told Al-Monitor. "While that review in underway, we continue to implement our commitments."

Waivers of one set of US sanctions on Iran, under the Iran Freedom Counterproliferation Act, are set to expire 120 days after they were last issued by the Obama administration, and would need to be reissued the week of May 15 for the United States not to be in breach of the JCPOA. Waivers of some other US nuclear-related sanctions on Iran are not set to expire until after 180 days, so would not need to be reissued until a few weeks later.

"The Trump administration has made clear that at least until this review is completed, we will adhere to the JCPOA and will ensure that Iran is held strictly accountable to its requirements," the State Department official said.

"Once we have finalized our conclusions, we will meet the challenges Iran poses with clarity and conviction."

US officials have declined to offer a timeline for when the inter-agency review of US policy on Iran and the JCPOA will be completed.

Secretary of State Rex Tillerson certified in an April 18 letter to Congress that Iran was adhering to the nuclear deal, which went into effect in January 2016, after years of negotiations.

***Foot-Stomping

But addressing reporters a day later, Tillerson harshly denounced Iran's alleged support for terrorism and its backing for the Bashar al-Assad government in Syria and resistance groups in the region.

The Trump administration intends to pursue a comprehensive policy toward Iran that addresses those "malign behaviors", he said.

"A comprehensive Iran policy requires that we address all of the threats posed by Iran, and it is clear there are many," Tillerson said April 19.

The JCPOA "completely ignored all of the other serious threats that Iran poses", Tillerson asserted.

But asked whether the United States should then break out of the deal, Tillerson said he did not think that would be constructive.

"We just don't see that that's a prudent way to be dealing with Iran, certainly not in the context of all of their other disruptive activities," he replied.

Trump himself took another swipe at the deal the next day.

"It was a terrible agreement; it shouldn't have been signed; it shouldn't have been negotiated the way it was negotiated," Trump, meeting at the White House with Italian Prime Minister Paolo Gentiloni, said on April 20.

And though his administration had just two days earlier formally certified Iran's compliance with the deal, Trump claimed Iran was not living up to the deal's "spirit".

"They are not living up to the spirit of the agreement, I can tell you that. And we are analyzing it very carefully, and we will have something to say about it in the not-too-distant future," he said.

It was anticipated that any US sanctions waiver issued by the Trump administration this month would likely be accompanied by a similarly harsh "foot-stomping" such as those from Trump and Tillerson that followed the certification of Iranian compliance with the deal last month.

US officials are at least keeping in mind the May 19 Iranian elections, although it is unclear how much that vote might restrain the officials' comments on Iran.

Notably, Iran's Rouhani has recently hinted in the final days of the campaign that if he wins a second term, he might be willing to pursue negotiations with the United States on issues beyond the Iran nuclear deal, to try to get non-nuclear sanctions on Iran removed.

"I will engage myself in lifting all the non-nuclear sanctions during the coming four years and bring back the grandeur of Iran and the Iranian people," Rouhani, speaking at the third and final presidential debate, said.

The Trump administration is aware of the Iranian political calendar, a former US-Iran nuclear negotiator, Richard Nephew, said. But it is still likely to accompany any nod to Iran's compliance with the deal with harsh rhetoric about Iran's regional behavior.

"I think they [US officials] are sensitive to the fact that this is not a random week in May; that this is sensitive time for the Iranians politically," Nephew, now with Columbia University, said.

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I've always known deep in my gut that the USA would come around and make the right deals with Iran.

Im telling ya people......."It's all about the MONEY". 

Iran is doing business with the world and the USA can't stop them.

Let's play nice and we'll all win.

 

You'll see we'll be able to cash out here in the USA. It's just a matter of time... but we will.  :twocents:

IT'S HAPPENING......;)

Edited by millionaire in training
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5 hours ago, millionaire in training said:

I've always known deep in my gut that the USA would come around and make the right deals with Iran.

Im telling ya people......."It's all about the MONEY". 

Iran is doing business with the world and the USA can't stop them.

Let's play nice and we'll all win.

 

You'll see we'll be able to cash out here in the USA. It's just a matter of time... but we will.  :twocents:

IT'S HAPPENING......;)

 

That's how I see it, the USA doesn't want to be left behind now! :twothumbs:

 

3 hours ago, gregp said:

My palms are getting itchy

 

:bagofmoney::moneybag::calculator::praying:

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17 hours ago, screwball said:

Was march 20 now may 21!

 

 

It's happening way faster than anything Iraq has done so far. Or at least it appears to be the case. Can't happen soon enough for me. I want to retire and collect used Umbrellas from drink's some place warm.  :)   :drunk:

 

pp

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4 hours ago, WheresmyRV? said:

Cashing out here is a lot better than cashing out in the Middle East!

 

 

It would not bother me to go to a few different ME countries. They are like anyplace, you will find trouble if you go to trouble areas. I myself have been to several and never had a problem ever. As a matter of fact if I could afford it I would live in Dubai or Qatar. They are awesome !!

 

   pp

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1 hour ago, pokerplayer said:

 

 

It's happening way faster than anything Iraq has done so far. Or at least it appears to be the case. Can't happen soon enough for me. I want to retire and collect used Umbrellas from drink's some place warm.  :)   :drunk:

 

pp

Here ya go PP....https://www.overwaterbungalows.net/best-all-inclusive-maldives-water-villa-resorts.html

 

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What Iran has done so far to conform to international standards concerning anti-money-laundering and combating terrorism financing initiatives will be sufficient for the Financial Action Task Force to permanently terminate all countermeasures against the country, said a deputy economy minister.

"Iran expects that the decision made last June, based on which countermeasures against the country were suspended, would become permanent and that is what Iran asks for," Hossein Qazavi also told IBENA.

The intergovernmental FATF, which is the global standard-setting body for AML/CFT, kept Iran on its blacklist but welcomed Tehran's initiative to conform to international standards and called for a one-year suspension of restrictions.             

Noting that Iran has made considerable headways in embracing international standards, Qazavi said a full report of all regulations, policies and executive measures in Iran has been submitted to the member countries of FATF.

“Considering the strong arguments we made, FATF would likely be persuaded to remove countermeasures against Iran permanently,” he added.

Qazavi noted that the only thing standing in the way of such a decision would be “political issues and sabotage by a number of countries, namely the US”.

In March 2016, the Iranian Parliament adopted an AML/CFT law and declared its high-level political commitment to implementing an action plan.

Iranian authorities have requested an assessment by the International Monetary Fund on Iran’s compliance with the AML/CFT regime against the FATF standards, which will take place late 2018.

Qazavi, who hopes political agendas would not hinder the technical progression of affairs, said countermeasures against Iran “must surely be removed on the basis of technical facts” because the country has had the level of progress required by FATF standards within the framework devised by the organization.

Share This :
Short URL : https://goo.gl/d926Ph

And this for good measure

 

 

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Forty-eight foreign airlines are currently operating flights to and from Iran, said Iran Civil Aviation Organization’s Spokesman Reza Jafarzadeh, adding that 18 of these companies have resumed operations with Iran over the past two years.

Noting that restoration of Iran’s relations with other countries after the conclusion of the Joint Comprehensive Plan of Action, the formal name of the nuclear deal Iran signed with world powers in 2015, has paved the way for Iran’s reconnection to major world destinations.

“Iran’s geostrategic location and ever-increasing market demand has always been a fertile ground for the establishment of new flights,” Jafarzadeh was quoted as saying by CAO’s news portal.

KLM resumed flights between Amsterdam and Tehran in October 2016, after a three-year hiatus. The resumption, part of a planned Air France-KLM comeback, includes four return flights from the Dutch capital per week.

Paris-Tehran flights also were resumed by Air France earlier than the previously scheduled date in January 2016.

British Airways resumed direct flights to and from the Iranian capital on September 1, 2016, after four years.

Lufthansa has been flying non-stop once again between Munich and Tehran as of July. With this new connection, Lufthansa Group is expanding its daily offer with a Boeing B747-400 from Frankfurt after the removal of anti-Iran sanctions.

A Thai Airways’ plane landed in Tehran early October. The flag carrier’s launch of four flights per week substantially increased the number of Iranian arrivals to Thailand and likewise Thai visitors to the Islamic Republic.

Kazakhstan’s Air Astana launched a new non-stop flight from Almaty to Tehran late June. Flights operate three times a week on Tuesday, Thursday and Saturday, and will be served by Embraer 190 aircraft.

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Rial Gains Against 3 Currencies 
Wednesday, May 17, 2017

Rial Gains Against 3 Currencies 

 
 
 

The greenback was traded at 37,570 rials in the open market and 32,447 rials in the official market with a respective increase of 136 rials and a decrease of 2 rials. On the other hand, the British pound exchanged hands at 48,680 rials, down less than a percentage point and the euro experienced a 1.5% drop fetching 42,070 rials in Tehran market. The Azadi gold coin sold for 11,780,000 rials ($313.5) up slightly from the previous day, which was 11,770,000 ($313.2) rials. The Emami gold coin, Azadi’s sister coin fetched 12,137,000 rials ($323) climbing by 15,000 rials ($0.4) compared to the day before. Furthermore, half Azadi and quarter Azadi gold coins were priced at 6,530,000 rials ($173.8) and 3,710,000 rials ($98.7) respectively, witnessing an almost 0.5% fall for both compared to the previous day.

 

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22 hours ago, millionaire in training said:

I've always known deep in my gut that the USA would come around and make the right deals with Iran.

Im telling ya people......."It's all about the MONEY". 

Iran is doing business with the world and the USA can't stop them.

Let's play nice and we'll all win.

 

You'll see we'll be able to cash out here in the USA. It's just a matter of time... but we will.  :twocents:

IT'S HAPPENING......;)

 

Oil and money and trade...

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