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Iranian Rial


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2 hours ago, millionaire in training said:

Mark......The switch of the Rial to the Toman isn't gonna happen overnight. I remember an article that I believe Screwball brought over or I read somewhere else that said we would have time to turn in our Rials. I don't remember the exact time frame right now but I think it was something like 2 years. It'll take time for them to print out the new bills (Toman's) and it'll take time for them to collect all the Rials that out there.  

I don't think we'll have a problem on our hands at all.   I also think they will rv close to Iraq's rv . It's been said that it's part of "THE PLAN" their plan. I also think that their rate has to be somewhat competitive with the other countries around them (for trade). I would think they would come out at 1-1 but strive to float higher. This part is just IMO.

But thats what I think.  :twocents:

 

I read it was 12 months..only the other day..

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2 hours ago, millionaire in training said:

Our biggest dilemmas will be .......1) how long to hold out for (rate wise)  (cause it will continue to go up) ?

                                                       2) where to cash out?

 

I am fairly confident cashing out won't be a problem, theybare connected to swift, target 2(euro) and chips (china) payment systems and also connected to over 400 Beauru de change outlets, only 400 issued licenses at this stage but they have 1400 outlets world wide so when time is right. They are also connected to banks via swift....anyone with a currency exchange desk. I also remember they were listed as sub category under travellex so they will be ready....and we will be ready to exchange...

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As their deadline looms, banks and credit institutions are signing agreements that legally bind them to hand over information about the bank accounts of taxpayers to Iran National Tax Administration, an official with INTA announced.

"The banks [and credit institutions] have been notified that the tax returns for the previous fiscal year must be matched and compared with bank accounts and therefore they have until the end of the current [Iranian] month [August 22] to grant INTA access to their accounts," Ali Rostampour also told Fars News Agency.

"From a total of 40 banks and credit institutions, nine banks have signed the related agreement and the rest are on the verge of doing so," added the official, who heads INTA's Office of Tax Information.

Rostampour elaborated on the scheme by saying the executive directive of Article 169 was sent to top-tier executives of banks and credit institutions, and they were invited to provide the information.

The aforementioned article decrees that in line with promoting the transparency of economic endeavors and establishing an integrated tax information system, all natural and legal entities, i.e. individuals and businesses/organizations, must provide INTA with information.

The data is to be stored in the Integrated Platform for Exchange of Economic Information, which is a databank established and developed by the Ministry of Economic Affairs and Finance requiring a wide variety of government organizations to join in.

In February, Rostampour had announced the issuance of the directive, saying it will allow INTA to "access taxpayers' turnover and the annual balance of their bank accounts, deposits and interests".

As to how the scheme will progress, he said INTA will receive the information of the previous fiscal year from the banks and credit institutions, and check their veracity from the second half of the current year that starts in late September.

According to the official, bank executives, who have not yet signed the agreement, fear that turning over the information of clients would prompt them to take their deposits out of the banks, which would exacerbate the already serious dilemma of credit crunch facing the lenders.

While a number of them still deem this measure risky, "they have promised to hand over the data in one package and through the channel of the Central Bank of Iran".

Rostampour said negotiations are underway with CBI's Technical Department and when the scheme is implemented, all the concerns of lenders will be alleviated since each and every bank and credit institution will hand over the data at once.

As to the setbacks to the scheme devised over a number of years, the official admitted that lenders and the CBI itself resisted the scheme at first because no executive bylaw existed for it at the time.

However, when the regulations were devised with the collaboration of CBI and were subsequently signed by the Cabinet, "resistance broke and the legal department of the central bank confirmed that there is no confidentiality principle on giving bank account information to INTA".  

As Rostampour says, the tax administration currently has access to data concerning rial and currency loans but is waiting for information regarding sight and non-sight deposits that include the total turnover and latest balance of each account.

"There are 420 million bank accounts," he announced.

According to the official, bank executives are now on the same page and have expressed readiness to hand over the data, but a number of fringe issues persist.

As per the law, INTA must receive the information for any fiscal year within a maximum of 45 days after the year is through, but it has yet to receive all the data "because CBI believed that it is not in possession of all the accounts and so we held meetings with the banks".

Rostampour elaborated on the information that will be given to INTA.

The tax outfit will reportedly be in the loop about all the loans allocated and information concerning legal persons, but will be limited to accounts of over 500 million rials ($13,300) for natural persons.

With regard to deposits, all the information on the turnover and balance of sight and non-sight deposits of all accounts will be disclosed while for individuals, only information concerning accounts of over 5 billion rials ($133,300) will be handed over to INTA.

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Tehran Stock Exchange’s main index gained 70.90 points or 0.09% to end Sunday trade at 80,933.9.

About 558 million shares valued at $52.71 million changed hands for the day.

Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.

Negin Tabas Coal Company was the biggest riser, going up 18.46% to 2,932 rials per share.

Pardis Petrochemical Company incurred the biggest loss among all TSE-listed companies, as it went down 4.46% to 5,933 rials per share.

Golgohar Mining and Industrial Complex gave the biggest boost to the benchmark, followed by Mobarakeh Steel Company and Civil Pension Fund Investment Company.

Pardis Petrochemical Company weighed the most on TEDPIX, followed by Iran Transfo and Informatics Services Company.

The Price Index gained 23 points or 0.09% to close at 26,318.2. The First Market Index was up 82.70 points or 0.15% to post 56,422.4. The Second Market Index was down 26.10 points or 0.01% to reach 177,974.9. The Industry Index gathered 76.90 points or 0.11% to register 69,764.0. The Free Float Index rose by 97.50 points or 0.11% to hit 89,217.80. The TSE 30 won 4 points or 0.13% to settle at 3,200.3 while the TSE 50 Index scored 1.40 points or 0.04% to finish at 3,141.

  IFX Loses 0.51 Points

Iran Fara Bourse’s main index IFX lost 0.51 points or 0.06% to end Sunday trade at 923.7.

Close to 167 million securities valued at $25.7 million were traded at the over-the-counter exchange for the day.

Iran Cultural Heritage and Tourism Investment Group Company witnessed the highest number of traded shares, as 10.19 million of its stocks were traded.

Mavad Vizhe Lia witnessed the highest trade value, with the trading of shares worth $937,608.

Kharazmi Information Technology, Sabzevar Cement Company and Tabas Parvadeh Coal Company registered the highest value increase.

Afranet, Ballast Company and Mavad Vizhe Lia suffered the biggest decline.

Middle East Mines and Mining Industries Development Holding Company, Afranet, and Damavand Power Generation Company had the most negative impact on the IFB benchmark.

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Jubouri to an Iranian official: the activation of economic development after the elimination of «Dahesh»




25/7/2017 12:00 am 

Baghdad / Al-Sabah
The speaker of the House of Representatives Salim al-Jubouri, said that the post-organization «Da'ash» requires joint efforts to activate economic and investment development, while the Undersecretary of the Iranian Foreign Minister Hussein Jabri expressed his country's readiness to cooperate with Iraq in all areas in order to achieve the «aspirations of the two peoples» .
"During the meeting, they discussed ways to develop relations between the two neighboring countries, prospects for bilateral cooperation at the parliamentary level and coordination of efforts to combat terrorism among the countries of the region," a statement from the office of the parliament speaker said. 
Jubouri said: "Iraq has made great sacrifices for the security and stability of the region and has achieved important victories on the gangs of terror, led to the liberation of its territory almost completely and limited the growing danger of these gangs and threats to the countries and peoples of the region. 
He pointed out that "a post-urgent phase requires joint efforts to activate economic and investment development and provide opportunities for economic development and the establishment of factors of stability and prosperity in a way that achieves security and preserves the sovereignty of all countries." For his part, the Undersecretary of the Iranian Foreign Minister expressed "Iran's readiness to cooperate with Iraq in all fields in order to achieve the aspirations of the two neighboring peoples and support him in his war against terrorism." 
In another context, Jubouri discussed with a number of deputies of Kirkuk, the conditions of the province and its political and service reality and ways of supporting it in order to consolidate stability and overcome all problems, and the importance of accelerating the liberation of the rest of its areas from the grip of calling the terrorist and the return of all displaced. 
The speaker also discussed the upcoming elections. The speaker confirmed that he supports the elections in Kirkuk in a manner that guarantees the rights of all components and leads to the success of the electoral process. He pointed out that solving the political problems is worthy of arranging the situation and ending all the crises.

http://www.alsabaah.iq/ArticleShow.aspx?ID=141334

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As I said majlis needs to approve 

 

The Central Bank of Iran on Tuesday announced that the government’s proposal for changing the currency unit needs to be passed by the parliament. In a meeting on Sunday, Iranian President Hassan Rouhani’s Cabinet approved the final version of a banking and monetary reform bill  Several media outlets wrongly reported that the measure is finalized. While rial has been used as Iran’s monetary unit in official documents and budget statements, toman was being used more commonly in daily transactions by citizens.  Prices of goods are mostly marked in rials, 10 of which equal one toman. The government and CBI aim to ease financial operations, as the duality of monetary units has caused confusion among traders and people alike. The move would also reduce the cost of money printing and maintenance.

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14 minutes ago, screwball said:

As I said majlis needs to approve 

 

The Central Bank of Iran on Tuesday announced that the government’s proposal for changing the currency unit needs to be passed by the parliament. In a meeting on Sunday, Iranian President Hassan Rouhani’s Cabinet approved the final version of a banking and monetary reform bill  Several media outlets wrongly reported that the measure is finalized. While rial has been used as Iran’s monetary unit in official documents and budget statements, toman was being used more commonly in daily transactions by citizens.  Prices of goods are mostly marked in rials, 10 of which equal one toman. The government and CBI aim to ease financial operations, as the duality of monetary units has caused confusion among traders and people alike. The move would also reduce the cost of money printing and maintenance.

 

Well I guess the next few days will tell the tale,  ether we win, lose or draw, we will at least know a lot quicker than we did with the dinar.

 

pp

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Now this could be it...

 

bill is under consideration by the parliament as a "proportionate" response to the US Congress' push for a new set of sanctions against Iran, the Majlis speaker said.

"The Majlis has prepared a bill in proportion to the new US sanctions," Ali Larijani told reporters on Tuesday, the same day the US House of Representatives was to take up the sanctions legislation, ICANA reported.

"The Islamic Republic of Iran will take appropriate decisions in response to the US moves," he said.

Iranian lawmakers agreed last week to fast-track the anti-American bill to confront "adventurist and terrorist" US actions in the region.

They are working out the details of the bill before sending it to the Guardians Council for final approval, like all laws in Iran.

The US measure would impose fresh sanctions against the Islamic Republic over its missile activities and alleged terrorism sponsorship and human rights violations.

The Countering Iran's Destabilizing Activities Act, which was passed by the US Senate a month ago, was held up in the House of Representatives after Republicans proposed including North Korea sanctions in the bill.

US Republicans and Democrats reached agreement over that proposal on Saturday and the house was supposed to vote on the legislation on Tuesday.

If the bill clears the House, it would be sent back to the senate.

***Uncertain Fate

But Reuters said the measure's fate in the senate is uncertain after a key senator said the deal announced over the weekend may not be final.

Republican Senator Bob Corker, chairman of the Senate Foreign Relations Committee, told reporters that deal negotiators had a "very good weekend" but the announcement "seemed somewhat premature."

"We're about there; there's still some procedural issues we're discussing but, you know, I think it worked out very, very well, we still got a couple of things to talk about on North Korea," Corker said.

If the Republican-led senate passes the measure, US President Donald Trump will need to decide whether to sign the bill or veto it.

Rejecting it would carry a risk that his veto could be overridden by lawmakers if they can muster enough support.

The Trump administration has objected to a provision in the sanctions bill that the president should obtain congressional approval before easing any sanctions on Moscow.

"He's going to study that legislation and see what the final product looks like," White House Spokeswoman Sarah Sanders told reporters on Monday when asked whether Trump would support it.

An earlier version of the bill, including sanctions on Russia and Iran, passed the senate 98-2 on June 15.

A North Korea sanctions bill passed the house by 419-1 in May and house lawmakers were becoming increasingly impatient with the senate's failure to take up that legislation.

 

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Just now, screwball said:

"The Majlis has prepared a bill in proportion to the new US sanctions," Ali Larijani told reporters on Tuesday, the same day the US House of Representatives was to take up the sanctions legislation, ICANA reported.

"The Islamic Republic of Iran will take appropriate decisions in response to the US moves," he said.

 

If we rewind to Jan..they reported dumping usd in trade for euro...we know they have already switched over reporting statements to euro..

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2 minutes ago, screwball said:

 

If we rewind to Jan..they reported dumping usd in trade for euro...we know they have already switched over reporting statements to euro..

 

 

  That's right !! Thanks for the reminder SB. I had forgotten about that. That alone is a move to trigger a rate change !!

 

   pp

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"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.

 

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1 minute ago, screwball said:
 

"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.

 

 

Come to momma baby, you know what I like !!!

 

   pp

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TEHRAN - The administration of President Hassan Rouhani approved on Monday a bill to drop a zero from the national currency, revaluing its rial tenfold and revert to the currency’s old name, the toman.

The move aims to make the monetary and banking system more stabilized and facilitate transactions by the public.


However, the measure requires approval from the parliament and the Guardian Council before taking effect.


Currently, the U.S dollar is 32,678 rials at the official rate and 37,630 rials in the open market. 


Bank officials argue that the move will not affect the inflation rate or any other macroeconomic indices. 


The currency was called the toman until the 1930s and most Iranians still refer to it by that name.

 

MG
 

We already know....

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8 hours ago, gixxerfrog said:

I'm confused they said earlier to remove 3 or 4 zeros.... now its only 1 and change the name back

As I said it hasn't been approved by parliamanet only the plan to remove four. The parliament has before them a bill, with a plan put forward by the cabinet to remove one...this in my view will not be approved by parliament, both them and the chamber of commerce want four...

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2 hours ago, screwball said:

As I said it hasn't been approved by parliamanet only the plan to remove four. The parliament has before them a bill, with a plan put forward by the cabinet to remove one...this in my view will not be approved by parliament, both them and the chamber of commerce want four...

:praying::praying::praying:

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https://financialtribune.com/articles/economy-business-and-markets/69016/us-dept-promoting-iran-trade-despite-trump-opposition.....

USDA is the United States federal executive department responsible for developing and executing federal laws related to farming, agriculture, forestry and food.
USDA is the United States federal executive department responsible for developing and executing federal laws related to farming, agriculture, forestry and food.
Wednesday, July 26, 2017

US Dept. Promoting Iran Trade Despite Trump Opposition

 

The US Department of Agriculture is promoting increased trade with Iran, despite the clear opposition of the Trump White House, American news website The Washington Free Beacon reported.

A July report released by USDA praises the Obama administration's efforts to open trade with Iran following the landmark nuclear agreement that dropped major sanctions on the Islamic Republic.

The report is being viewed by administration insiders and regional experts as the product of efforts by the former Obama administration to promote positive propaganda about Iran to boost support for the Iran deal.

These sources viewed the report as a sign that Trump administration agencies, including USDA and even the State Department, are taking increasingly rogue action contradicting official White House policy on a range of key issues.

The USDA report, which touts renewed prospects for trade between the United States and Iran in light of the Iran deal, outlines "the potential for new opportunities for US producers in the long run".

The report further states that the nuclear deal is an opportunity to help Iran engage with international markets, including those in the United States, to sell products such as pistachios and caviar.

"The lifting of the US import ban on Iranian agricultural products, including pistachios and caviar, [represents] a large new market for Iran's most valuable export crops," according to the USDA report. "Arguably as important, however, was the removal of certain US ‘secondary sanctions', penalties levied on foreign persons and companies seeking to do business in Iran, particularly in its finance, banking, insurance, and energy sectors."

The report noted that this significant change allows Iran to attract foreign investment, import equipment and adopt new technologies, all of which bear on Iran's agricultural production and consumption.

The report further claims that the United States could face competition from Iran with regard to the pistachio market and urges the American market to brace for such a scenario.

"One example of the JCPOA's [Joint Comprehensive Plan of Action] possible effect on US producers relates to pistachios," the report states. "With relaxed import restrictions from Iran, US producers potentially face new competition from the world's largest pistachio producer and second largest pistachio exporter. Decades of sanctions and trade restrictions have pushed Iran out of the large US and European markets, but news reports have suggested that Iranian pistachio imports could resurge."

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Iran will sign new finance contracts worth $12 billion with three Asian and European banks within a month, deputy governor for foreign exchange affairs at the Central Bank of Iran announced. Gholamali Kamyab made the statement on the sidelines of a ceremony for signing a contract to finance the electrification of a railroad linking Tehran to the northeastern city of Mashhad. Kamyab did not name the banks nor did he elaborate on the nature of the contracts. The implementation of Iran’s nuclear accord with world powers in early 2016 has led to an influx of foreign capital for Iranian projects formerly closed to foreign cash, as sanctions cut off the country from global financial markets. Kamyab also elaborated on problems related to the transfer of foreign exchange belonging to Iranian petrochemical companies from China. He said the money is being received gradually and talks regarding the issue are underway.

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Thursday, July 27, 2017

EDBI Post-Sanctions Correspondent Ties Hit 120

 

The Export Development Bank of Iran, the country’s exim bank, established a total of 120 correspondent relations with foreign banks in the previous fiscal year to March 20, 2017, the bank’s chief executive said.

“In Europe, we are now in contact with 70 banks from 24 countries while such relations were non-existent when sanctions were in place,” Ali Salehabadi was also quoted as saying by the official news website of EDBI.

The Joint Comprehensive Plan of Action, as Iran’s nuclear deal with world powers is officially known, came into effect in January 2016 and allowed Iranian lenders to come out of the cold and resume ties with their international counterparts.

In Asia, 41 banks from 19 countries have resumed correspondent relations with EDBI while in Africa, 10 banks from nine countries have restored such ties.

“The export development bank has the largest number of correspondent relations with banks of Italy, Russia and Germany,” Salehabadi said.

According to the chief executive, during the fiscal 2015-16, the bank had issued 450 counts of guarantees while the number rose to 803 in the previous fiscal year.

The bank had issued a total of 22 foreign exchange guarantees in the same year, which more than doubled to reach 46 last year.

However, foreign exchange guarantees grew much more in terms of value. In 2015-16, the total worth of foreign exchange guarantees stood at $6 million while it experienced a 542% increase to reach $38.50 million.

“In the case of rial guarantees, we registered a 76% rise in terms of value and a 78% increase in terms of numbers,” Salehabadi added, noting that by the end of the fiscal 2015-16, the bank had issued 1.074 trillion rials ($28.6 million) worth of rials guarantees but managed to boost it to 2.253 trillion rials ($60 million) in the year after that.

The CEO also provided statistics on the letters of credit issued by EDBI, putting their total worth two years ago at 860 billion rials ($23 million) and at 3.061 trillion rials ($81.6 million) during the previous fiscal year, indicating a 255% increase.

However, in the case of import LCs, the export development bank has experienced a decline, as the value of LCs stood at $2.160 billion while it has now shrunk to $858 million.

Salehabadi said the reason for this decrease is that in 2015-16, EDBI was handling a portion of LCs for projects in the Bushehr Province, which entailed high volumes.

“We witnessed the same situation in the exports sector where our LCs plummeted from $618 million to $84 million,” he added.

He then pointed to the release of blocked Iranian assets in 32 international banks and the lower cost of foreign operations as other benefits of the nuclear accord, but pointed out that major banks are still not working with their Iranian counterparts.

For instance, he added, Deutsche Bank has very limited ties with EDBI, but the situation indicates an improvement compared with the time when the sanctions were in place.

 Absence of Resources

Salehabadi announced that in the previous fiscal year, his bank has absorbed a total of 8 trillion rials ($213.3 million) from the resources of the National Development Fund of Iran.

In a meeting held on Tuesday in the Kermanshah Chamber of Commerce, the official noted that EDBI has one of the lowest number of branches among all Iranian lenders with just 40 branches in provincial centers and free trade zones.

The CEO further said, “We are the only bank whose deposit rates do not exceed 15% and therefore we do not have much power to absorb people’s deposits.”

The bank can only get capital from three other sources. It can rely on the government to raise its capital, look to the Central Bank of Iran for a line of credit and expect support from the national development fund.

According to Salehabadi, it has been nearly a decade since an administration increased the capital of EDBI while the bank has paid out 1.7 trillion rials ($45.3 million) in loans last year and is looking for new ways of boosting its finances.

The EDBI chief said facilitating export is the foremost goal of his bank but also has to pursue profitability in some small capacity because it does not wish to suffer losses.

In conclusion, he said an €18 million line of credit is to be opened with the Iraqi Al Bilad Islamic Bank for Investment and Finance.

Salehabadi had previously talked about the credit line without naming the Iraqi lender, saying the credit line will expand Iran’s exports to the neighboring Arab country and that EDBI is ready to allocate more lines of credit to that country if other Iraqi banks meet the capital adequacy ratio.  

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Majlis to hold extraordinary session on US terrorist acts in region

Tehran, July 26, IRNA – Iran Majlis (parliament) is scheduled to hold an extraordinary session this weekend on Saturday to review a single-urgency bill to confront the adventurous and terrorist actions by the United States in the region, a parliamentary official says.

 
82610776-71767003.jpg

With regard to the US recent decision to impose sanctions on Iran, Majlis has decided to hold a session to review all aspects of Washington's adventurous measures, Majlis National Security and Foreign Policy Commission Speaker Hossein Naqavi Hosseini told the Islamic Republic News Agency (IRNA) on Wednesday.

The single-urgency bill was ratified in the July 18 open session of the parliament.

The US House of Representatives overwhelmingly voted for a bill of new sanctions against Russia, Iran and North Korea on Tuesday, according to Western media.

The part of the bill concerning Iran is partially based on the US claims on Iran's ballistic missiles program.

Washington claims that the missile program is against a UN resolution which endorsed the nuclear agreement signed by Iran and the major world powers.

Tehran, however, says its missile program does not breach UN resolutions because they are solely for defensive purposes and not designed to carry nuclear warheads.

9376**2044

 

 
 
Contact Editor-in-chief: mail32.png newsroom@irna.ir 
 
 
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