Iranian Rial

screwball · May 17, 2017

17 minutes ago, blueskyline said:

Have not heard..........

Thanks for the quote quick response. Things are certainly hotting up.

Edited May 17, 2017 by screwball

blueskyline · May 17, 2017

Yes ! They Are !

pokerplayer · May 17, 2017

51 minutes ago, screwball said:

So I hear a date is been thrown around as possible Rv date? What are we thinking or what is that date. For Iraq?

Well now you have my attention SB :bagofmoney: :moneybag: :calculator:

And just what date would that be that your hearing ?

pp

screwball · May 17, 2017

he first major step to implement much-needed reforms in the Iranian banking sector is to be taken by the government in summer when it submits the Banking Reform Bill to the Parliament, the governor of the Central Bank of Iran said.

“It is predicted that the Banking Reform Bill will be sent to Majlis by the end of the [third Iranian month of] Khordad [June 21],” Valiollah Seif was also quoted as saying by IBENA.

According to the official, the bill is currently undergoing verifications by President Hassan Rouhani’s Cabinet.

The Banking Reform Bill is the new moniker given to regulations that are to replace the current Usury-Free Banking Law. The last amendments to the Usury-Free Banking Law were made in 1983 while the law itself specifies that reviews are needed every five years.

Many problems of the beleaguered banking system and calls for improving the efficiency of lenders prompted the government to prepare its own Banking Reform Bill after the previous parliament failed to pass a controversial bill criticized by the government and banks.

As outlined by Seif, the Cabinet has decided to send the Banking Reform Bill in fits and starts, and the first part to be sent is a section concerning CBI supervision over the banking system.

The Banking Reform Bill outlines the duties of banks and non-bank credit institutions in obtaining a working license from CBI. It explains all banking operations and services, sets regulations for the establishment of branches pertaining to foreign banks and sets limits to their investments.

It also obliges credit institutions to provide viable information, puts in place a professional set of criteria for choosing new top executives and board members and makes provision for setting up internal risk and auditing committees.

Defining banking contracts and the legal status of the newly-formed Association of Banks, launching credit rating institutions and detailing lending and capital adequacy rules are among other articles of the bill.

Majlis Version

The head of Majlis Economic Commission also announced that the parliament is working on its own version of the bill, saying the updated version of the Usury-Free Banking Law will be ready for review in an open parliamentary session “by the end of the first half of summer”.

According to Mohammad Reza Pour-Ebrahimi, 20 expert meetings have so far taken place to analyze the bill and 40% of it have been reviewed. These reviews will reportedly be finalized “within two months” in the commission.

As the official had previously announced, parts of the bill are concerned with Islamic finance and Sharia compliance, which have been devised to “Islamicize banking affairs and make them conform to Islamic principles”.

Noting that the way banks absorb resources would undergo changes, the lawmaker said “major changes” are in store for a variety of deposits, loans and loan allocation.

According to Pour-Ebrahimi, the bill also includes the formational of a jurisprudential council that will supervise the performance of banks. It was previously announced that the body would comprise the governor of Central Bank of Iran, his deputy for supervisory affairs, five Muslim theologians with expertise in banking and monetary issues and one legal expert.

screwball · May 17, 2017

Now I know this is smoke....remember cabinet presented there plan 10:1 rial for,toman? Now majlis have their own ideas, which is the real plan....four zeros!

screwball · May 17, 2017

2 minutes ago, pokerplayer said:

Well now you have my attention SB

And just what date would that be that your hearing ?

pp

I don't do dates unless articles say so...I just hear mention of the word"date and Rv in same sentence"

screwball · May 17, 2017

ting with Indian Foreign Secretary Subrahmanyam Jaishankar on Tuesday.

Iran’s top diplomat also pointed to historical ties between the two countries in various sectors, especially energy and trade, hoping to boost them both in terms of quality and volume, IRNA reported.

Zarif demanded that Iranian students in India have broader facilities.

India’s foreign secretary deemed the prospect of India’s relations with Iran positive, noting that his recent meeting with Iran’s Oil Minister Bijan Namdar Zanganeh in the energy sector was productive.

Last month, Zanganeh referred to India as one of the “good customers” of Iranian oil, but asserted that “we cannot sign a contract under threat”.

He was referring to the countries’ dispute over Farzad-B (an offshore oilfield in the Persian Gulf) project and unsettled oil dues of private Indian refiners, which are expected to be resolved soon.

Jaishankar also emphasized the necessity of increasing bilateral relations through the “International North-South Transport Corridor”.

India, Russia and Iran jointly envisaged the INSTC in September 2000 as a multimodal transportation corridor that would link the Indian Ocean and Persian Gulf to the Caspian Sea through Iran and onward to North Europe via Russia.

Iran’s relations with India, which had become restricted to the import of non-essential goods from India in return for selling Iran’s crude to Indian oil companies due to anti-Iran sanctions, have now entered a totally different phase.

This follows the endorsement and implementation of Iran’s nuclear deal, known as the Joint Comprehensive Plan of Action, with six world powers.

pokerplayer · May 17, 2017

Good call SB, but I sure was hoping !!

pp

screwball · May 17, 2017

Iran and Russia have integrated their bank card systems, allowing their citizens to use the cards in each other's country from late August, the Central Bank of Iran announced.

"Iranian citizens who have a Shetab [Iran's national payment system] card and those who have Russian [Mir] cards will be able to use ATMs in both countries by the end of [the fifth Iranian month of] Mordad [August 22]. As part of the next phase, they will be also able to jointly use other payment gateways," the statement published on CBI's official news website reads.

In early May, Nasser Hakimi , the head of CBI's Information Technology Department, had announced that Iran is in various stages of integrating its bank card system with five countries, namely Iran, Russia, Japan, Azerbaijan and China.

According to CBI, in light of negotiations during the past few months, an agreement was signed on May 15 to integrate the Iranian payment system with that of Russia based on which "test transactions between the two countries have begun".

Russia has a nationwide payment network as does Iran, and given the geopolitical implications and importance of bilateral ties, the development of mutual banking ties is a crucial requirement.

The Interbank Information Transfer Network, known as Shetab, is the Iranian national interbank network established in 2002 for creating a uniform backbone for the Iranian banking system. All banks have since been connected to it.

The Russian national payment system called Mir, which translates as "World" or "Peace", was created on July 23, 2014 with the goal of reducing risk from further financial sanctions by the West and cut reliance on western systems, such as Visa and MasterCard.

The latter two operators stopped providing services to Russian clients after Washington imposed sanctions over Moscow's role in the Ukraine crisis.

Russia has been largely integrated into the global economy since the 1991 collapse of the Soviet Union. But the Ukraine crisis, the biggest confrontation since the Cold War, led officials to look for ways to reduce reliance on the West.

Common Interests

The Russian national payment system's main objectives are setting up a reliable money transfer service by using national payment instruments, building trust in cashless means of payment, creating Russian sovereign payment areas independent of foreign companies and promoting Mir Russian national payments cards in the international market.

Mir cards were first issued in December 2015 in the framework of a pilot project.

As CBI points out in its statement, integration of Iran-Russia bank cards will help develop tourism facilities throughout Iran for Russian tourists and other countries with "common interests" while easing transfers for Iranian tourists travelling to Russia.

Integrating Iranian bank cards with those of foreign nations was on CBI's agenda as soon as the nuclear accord, dubbed the Joint Comprehensive Plan of Action, was implemented on January 16, 2016.

Expanding this integration will "be a prelude for the standardization and internationalization of the Shetab network across the world".

Tehran, Moscow connect card payment switches

News ID: 3981266 - Thu 18 May 2017 - 14:43

Economy

TEHRAN, May 18 (MNA) – In line with expansion of the country’s banking ties at an international level, banking cards switches of Iran and Russia were linked.

As announced by the Central Bank of Iran (CBI), Iranians who possess Shetab (Interbank Information Transfer Network) cards as well as Russians who own banking cards will be able to jointly use ATMs of the two countries as of late August in the first phase and other electronic banking clearance and automated payments systems in the next.

Given the negotiations held in recent months and the agreement to connect banking card systems of Iran and Russia, credit card holders can use ATMs of both countries as of late August though the trial phase of the project kicked off on May 15 to conduct experimental sending, receiving and processing transactions between Iran and Russia.

Bridging banking card switches between Iran and Russia, in addition to development of tourism in various parts of the country by attracting Russian and CIS tourists, will offer significant facilities to Iranian travelers who intend to visit these states.

The measure is one of the connections which were put on the agenda of CBI immediately after the JCPOA implementation and by its expansion to other countries not only will provide citizens and tourists with payment options but also will lead to standardization and internationalization of Shetab network across the globe.

by august?

screwball · May 19, 2017

On 18/05/2017 at 3:25 PM, millionaire in training said:

Well......this is what they (dinar land) are talking about.

1) Articles came out saying that Abadi is going to announce the liberation of Mosul this coming friday the 19th.

2) Trump arrives in the middle east on the 20th. Apparently this means something.

3) People in Iraq are preparing for a celebration.

They're decorating their cars with flags, flowers,bows and signs as if they were going to be part of a parade of some kind.

So......talk has it that this coming sunday the 21st is looking very suspicious and possible for an RV.

Now.......let's not hold our breath......But....it's gotta happen some day .....so why not this sunday.

All in all ....I've got all my fingers and toes crossed. I suggest you all do the same.

I don't think it will happen this weekend but happy to be proven wrong...I think by 27 th start of Ramadan then maybe 2-4 weeks after that!

Freedomwish · May 19, 2017

7 hours ago, screwball said:

I don't think it will happen this weekend but happy to be proven wrong...I think by 27 th start of Ramadan then maybe 2-4 weeks after that!

I'll have my bottle of scotch ready!! :drunk:

screwball · May 21, 2017

Economy, Business And Markets

Sunday, May 21, 2017

CBI Notifies Sixth Plan’s Banking Measures

The Central Bank of Iran has communicated bank-related regulatory articles of the sixth five-year development plan (2017-22) to the banking system.

In a separate announcement, the bank also notified a series of regulations to help achieve the objectives of the development plan.

According to announcements published on the official news website of the central bank, its first directive is about regulations concerning the monetary system of the country in the sixth plan.

The plan offers a medium-term roadmap designed by the government and the parliament to help achieve sustainable growth, outlining strategies in its budget planning for the following five years.

One of the regulations dictates that the "share of the National Development Fund of Iran from oil, natural gas condensates and gas exports during the first year of the implementation of the plan will be set at 30%" and a minimum of two percentage points will be added annually.

To implement "complete and all-encompassing oversight of CBI over monetary and banking institutions" and to "organize the informal monetary institutions and markets", the central bank has been allowed to engage in a number of activities in addition to its legal mandate in accordance with laws that will be approved by the Money and Credit Council.

These activities will include banning the payment of dividends to bad shareholders of banks, suspending or cancelling working licenses for these entities and disqualifying unscrupulous CEOs among other things.

Furthermore, the CBI has been obligated to work with the judiciary and other related bodies in a way that by "expanding the National Credit Evaluation Databank and other executive and supervisory measures", the ratio of non-performing loans to total loans would drop by 1% a year.

NPLs have been one of the major hurdles facing the banking system and while their rate stood as high as 18% a few years ago, top officials, including CBI Governor Valiollah Seif, have said it has come down to 10%.

Monetary Committee

The monetary regulations of sixth plan also designated members of the Money and Credit Council, which include the economy minister or his deputy, the CBI governor, two ministers chosen by the Cabinet and the head of the Iran Chamber of Commerce, Industries, Mines and Agriculture, among others.

What is more, a jurisprudential council is to be formed in the CBI comprising five clerics, the CBI governor or deputy for supervisory affairs, a lawyer, an economist, a lawmaker and a state-owned bank CEO chosen by the economy minister to ensure the correct implementation of usury-free banking operations throughout the country.

The council will have the authority to "comment on common banking methods, directives, guidelines, agreement frameworks and how they are implemented" by matching them with Islamic laws.

While all things approved by the council will be mandatory, members will be elected for four years and would be eligible for a second term.

The regulations also obligate the central bank to establish an online supervisory system to help prevent any violations and sell the excess assets of the Ministry of Cooperatives, Labor and Social Welfare during the first year of the plan to increase the capital of Cooperative Development Bank.

The directive has now been notified to the banking system and obligates the banks, among other things, to engage in foreign exchange transactions through domestic or foreign banks that have the approval of the central bank. They have also been mandated to disclose all their offshore accounts to CBI.

Setting a cap for the share of foreign collaboration in forming an Iran-based bank, the necessity of transferring state accounts to the central bank and the formation of the CBI General Assembly are other regulations to be implemented as part of the directive.

It also notes that the Iranian dual foreign exchange regime is to be monitored in the form of a "managed floating" system.

screwball · May 21, 2017

Just now, screwball said:

The directive has now been notified to the banking system and obligates the banks, among other things, to engage in foreign exchange transactions through domestic or foreign banks that have the approval of the central bank. They have also been mandated to disclose all their offshore accounts to CBI.

screwball · May 21, 2017

1 minute ago, screwball said:

It also notes that the Iranian dual foreign exchange regime is to be monitored in the form of a "managed floating" system.

screwball · May 21, 2017

Mohammad Affianian

.

Finance Desk

Iranian voters on Friday handed a decisive victory to incumbent President Hassan Rouahni in a race that had become polarized not just along ideological lines but also along economic visions.

Rouhani’s opponents championed support for the lower classes through slogans that were deemed unrealistic by the Rouhani team and a host of other economists and pundits.

Voters, who had witnessed firsthand during the years of former president Mahmoud Ahmadinejad (2005-13) the havoc caused by populist strategies and confrontational foreign policy, chose to reject a repeat of those same policies touted by Ebrahim Raeisi–Rouhani’s main conservative rival.

While the country can heave a sigh of relief–thanks to a high voter turnout–the problems that prompted 38.5% of the electorate to be drawn toward Raeisi’s message of creating millions of jobs overnight and handing out generous cash subsidies to the poor without even outlining a coherent economic blueprint require close scrutiny.

In fact, Rouhani faces a more expectant and demanding public that chose to wait for real and meaningful reforms and rejected slogans that promised quick and easy answers to complicated issues.

If Rouhani wants to cement his legacy by bringing about real reforms and fix the ailing economy, he has to make some hard choices and tackle the economy’s perennial woes. In doing so, he will need to have a more unified economic team and, of course, a younger Cabinet.

As pointed out by most observers, Rouhani should prioritize economic reforms by focusing on growth, generating employment and sustaining the inflation rate, as well as undertaking banking and currency revamping.

To-Do List

Growth and Employment: A high youth unemployment of over 35%, announced by Hamidreza Fouladgar, the head of Majlis Domestic Production support Commission, has become the ugly face of structural problems that bedevil Iran’s economy.

While the country registered a growth rate of 6%-plus in the year that ended on March 20, it was largely due to the added value from increased oil exports that reached its nadir during the sanctions. No such growth can be expected in the coming years–the World Bank expects Iran’s GDP growth to stay above 4% by 2019.

So the only source of bringing more jobs and triggering a more robust growth would be to enhance productivity and attract more foreign investment.

Iran is an appealing destination to foreign investors, but Rouhani and his team have much more to increase investment security and confidence, and boost the ease of doing business–an area in which Iran is still struggling and about which little have been done in the past couple of years.

Private business owners still complain about the burdensome regulations that stand in the way of entrepreneurship and job creation. The heavy role of the state in the economy is choking growth and creativity. Apart from new privatization, the administration needs to address the bungled divestitures of the past.

Banks: Lenders are dealing with a litany of woes; from bad debts to high interest rates to troubled balanced sheets and frozen assets, some lenders are now getting by on life support. By drafting two banking bills, instilling corporate governance into banks, upgrading their financial statements in line with global standards and increasing the capital of public-sector banks, the government’s job of reforming the banking sector has only begun.

It has to reverse the practice of directed lending schemes–easier said than done in the face of recent populist demands–and give the central bank a stronger mandate to either merge or dissolve distressed banks whose continued existence is no longer viable.

The high cost of fund is one big reason why businesses find it next to impossible to expand their business or start a new one. While the Money and Credit Council–a decision-making body– has lowered lending rates to 18%, real interest rates are much higher, with interbank rates now around 21-22%.

While the central bank–after lowering the inflation rate down to single digits–caused the interbank rate to drop to 17% for a while–the bad banks sabotaged that process by fueling a price war over interest rate to defer their own downfall.

Currency Market: As for the foreign exchange market, the biggest failure of CBI has been its inability to honor its pledge of unifying the dual exchange rates. This dual system has led to corruption and rent-seeking by those who have access to cheap, subsidized foreign currency. To fully achieve this, the central bank must also cease its heavy market interventions to keep the rial overvalued.

All of this calls for strong leadership on the part of Rouhani and a strong, clear-headed economic team. By taking this arduous journey, Rouhani can put his name on the small list of reformers who made bold decisions in the face of adverse winds.

screwball · May 21, 2017

Economist: Iran will turn into region's export hub

An Iranian university lecturer says Iran will turn into an export hub in the Middle East due to the economic gains scored by President Hassan Rouhani's administration.

Mehdi Taqavi told IRNA that the Rouhani government has created a conducive atmosphere for business activities and put the national economy on track.

He said the government has overcome recession and steered the national economy toward prosperity. The expert noted that the Rouhani government assumed office at a time when the national economy was on the verge of collapse.

In August 2013, when the incumbent government took office, inflation had exceeded 40 percent and the national economy was grappling with a negative growth rate. Nonetheless, inflation was eased into a single digit last year and the national economy recorded a seven-percent growth.

The main engine behind the growth pattern pertains to a hike in the country's oil exports in the aftermath of the implementation of the Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA).

The post-JCPOA era has also opened the Iranian market to foreign investment.

Taqavi said the accord has halted a 'destructive process' in Iran's economy and changed 'a very dark outlook' seen by economic players.

He noted that a tranquil atmosphere is needed to further boost the economy.

The economist pointed out that Iran's skilled and cheap workforce has turned the country into 'a paradise of investors'.

Taqavi touched upon obstacles to investment noting that such hurdles pertain to macro- rather than micro-economic plans.

He called for adopting a comprehensive program to make foreign exchange rates more realistic.

The Central Bank of Iran has promised to unify Iran's two-tier exchange rate against the US dollar to attract more foreign investment following the removal of anti-Iran sanctions.

The former government (2005-2013) introduced a three-tier exchange rate which later changed into a two-tier system.

Unifying the rates has been one of the key policy goals of the Rouhani government. However, while the gap between the official and the open market rates has narrowed, it remains in effect.

Taqavi said investment security plays a major role in attracting foreign investment.

He said the government has drawn up a strategy to ensure investment security adding that it will result in paving the way for luring large investments.

He underlined that the strategy will not only contribute to economic prosperity but also benefit investors.

screwball · May 21, 2017

Just now, screwball said:

He called for adopting a comprehensive program to make foreign exchange rates more realistic.

The Central Bank of Iran has promised to unify Iran's two-tier exchange rate against the US dollar to attract more foreign investment following the removal of anti-Iran sanctions.

The former government (2005-2013) introduced a three-tier exchange rate which later changed into a two-tier system.

Unifying the rates has been one of the key policy goals of the Rouhani government. However, while the gap between the official and the open market rates has narrowed, it remains in effect.

screwball · May 21, 2017

Tehran, Moscow connect card payment switches

News ID: 3981266 - Thu 18 May 2017 - 14:43

Economy

TEHRAN, May 18 (MNA) – In line with expansion of the country’s banking ties at an international level, banking cards switches of Iran and Russia were linked.

As announced by the Central Bank of Iran (CBI), Iranians who possess Shetab (Interbank Information Transfer Network) cards as well as Russians who own banking cards will be able to jointly use ATMs of the two countries as of late August in the first phase and other electronic banking clearance and automated payments systems in the next.

Given the negotiations held in recent months and the agreement to connect banking card systems of Iran and Russia, credit card holders can use ATMs of both countries as of late August though the trial phase of the project kicked off on May 15 to conduct experimental sending, receiving and processing transactions between Iran and Russia.

Bridging banking card switches between Iran and Russia, in addition to development of tourism in various parts of the country by attracting Russian and CIS tourists, will offer significant facilities to Iranian travelers who intend to visit these states.

The measure is one of the connections which were put on the agenda of CBI immediately after the JCPOA implementation and by its expansion to other countries not only will provide citizens and tourists with payment options but also will lead to standardization and internationalization of Shetab network across the globe.

screwball · May 21, 2017

Just now, screwball said:

h the trial phase of the project kicked off on May 15 to conduct experimental sending, receiving and processing transactions between Iran and Russia.

screwball · May 21, 2017

TEHRAN- Iran’s First Vice-President Es’haq Jahangiri has tasked the Ministry of Finance and Economic Affairs with implementing 14 prioritized programs by the end of the current Iranian calendar year (March 20, 2018).

Improving the country’s business environment index by 10 steps, implementing the value added tax law, developing a comprehensive taxation plan, enhancing the country’s competitiveness rank, empowering the domestic insurance industry, and creating an intelligent system to fight money laundering are some of the projects, Mehr news agency reported.

In January 2017, Jahangiri said that creating an economic opening won’t be viable unless resistance economy guidelines are implemented by all responsible bodies.

“If resistance economy policies are implemented by all, the country’s economy has the potential to flourish and enhance living conditions of people,” Jahangiri said, “Advancing resistance economy is an important task that demands the participation of all governmental, official, and civil organizations.”

The term “resistance economy” was used for the first time in 2013 by Leader of the Islamic Revolution Ayatollah Ali Khamenei to highlight the importance of domestic production as a tool to reduce dependence on foreign resources.

Also, it brings to the fore the need to support the Iranian private sector and workforce.

you would think exchange rate unification would be in there somewhere! Doesn't even warrant a mention! Lol

screwball · May 23, 2017

President Hassan Rouhani says the only way to stimulate the underperforming economy is to promote investment, which in turn requires engagement with the outside world.

The president made the remarks on Monday in his first press conference after his reelection. He won 57% of the vote on Friday. More than 23 million people for him.

The outright victory, mainly handed by pro-reform constituencies who preferred his pragmatic ways and practical pledges over populist promises of his conservative rivals, presented him with a bigger mandate to push ahead with sweeping economic plans to implement structural reforms such as restructuring the banking and tax systems, improving the business environment, fostering foreign trade, removing hurdles to foreign investment and technology and rewriting monetary and fiscal policies to accelerate much-needed economic growth.

"People voted for our plans as they are aware of the fact that generating jobs and bolstering the economy is possible only through investments, which can be achieved by ensuring security, tranquility and freedom," the president said.

Building Better Ties

"[Encouraging] investment needs constructive interaction with the world," he stressed.

Reflecting on Friday's vote, he said it demonstrated "national cohesion" and indicated Iranians' will to forge better relations with the international community.

"The people conveyed to the world that they are ready to cooperate with the international community based on mutual respect and common interests."

On the intensified anti-Iran rhetoric of US officials, the chief executive said Washington has never benefitted from employing a hostile approach toward the Islamic Republic.

"The Americans have used various methods, including sanctions, against Iran, but they have always been unsuccessful… But when they showed respect to the Iranian nation and sat at the negotiating table with their representatives, we could reach a win-win result which was to the benefit of Iran, the US and the world," he said, referring to the 2015 nuclear deal that resolved the lingering dispute over the nuclear energy program.

CRYPTO REWARDS!

Iranian Rial

Recommended Posts

Link to comment

Share on other sites

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Popular Posts

millionaire in training

sandfly

VIZIOIRAQI

Posted Images

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Tehran, Moscow connect card payment switches

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

CBI Notifies Sixth Plan’s Banking Measures

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

An Iranian university lecturer says Iran will turn into an export hub in the Middle East due to the economic gains scored by President Hassan Rouhani's administration.

Link to comment

Share on other sites

Link to comment

Share on other sites

Tehran, Moscow connect card payment switches

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Link to comment

Share on other sites

Join the conversation

Recently Browsing 0 members

Popular Now

Testing the Rocker Badge!

Live Exchange Rate

Important Information