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Shares of 3 petchem companies to be offered at stock market 

March 18, 2019
 
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TEHRAN- The shares of three petrochemical companies will be offered at the stock market in the next Iranian calendar year, which starts on March 21, 2019, IRNA reported on Sunday.

Two of the companies i.e. Bandar Imam and Bulai Sina are located in the port city of Mahshahr (in the southwestern province of Khuzestan) and one of them named Nouri is in the port city of Assaluyeh (in the southwestern province of Bushehr).

On January 1, Mohammadreza Pour-Ebrahimi, the chairman of the Parliament Economic Committee, told IRNA that the national budget bill for the next Iranian calendar year 1398 has envisaged transferring 50 trillion rials (about $1.19 billion) worth of state-run shares to the private sector.

As previously reported, in its planned budget for the current Iranian calendar year, the Iranian government expects to earn some 106 trillion rials (about $2.5 billion) of income from divesting shares of sate-run companies to the private sector.

The government envisioned a large privatization program in the Fifth Five-Year National Development Plan (2010-2015), aiming to privatize about 20 percent of the state-owned firms each year. Under the present interpretation of the Article 44, some state-owned companies have been privatized to reduce their financial burden on the country’s budget and also increase their productivity.

The head of Iran Privatization Organization has said that this organization still lags behind its set target due to the number of state-run companies which have been decided to be privatized.

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Iran keeps plowing ahead even with the tight sanctions they are under. I would really like to see them make a currency change, even if only a small one. This would be a hint to us that they may be considering a big boost.

 

The EU still dealing with Iran may give them the confidence to boost the Riel in value to show that they are prepared to do business, even if on a smaller scale.

 

  pp

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Iran registers STFI, mechanism proportionate to INSTEX: CBI governor

TEHRAN, Mar. 20 (MNA) – Governor of the Central Bank of the Islamic Republic of Iran Abdolnaser Hemmati said Wednesday that Iran has registered a mechanism called ‘Special Trade and Finance Institute (STFI)’ in proportionate to EU-established INSTEX.

The registering of this mechanism was done on the last working day of Iranian calendar year 1397, on Tuesday, he said, adding, “it is expected that STFI’s cooperation with INSTEX would play role in facilitating trades between Iran and Europe and be influential in countering limitations caused by US sanctions.”

Iranian people and firms are expecting quick operationalization of INSTEX and the establishment of STFI by the Iranian side is a major step to facilitate the process, he added.

He went on to say that CBI is using different solutions to answer the needs of Iranian firms and traders and that STFI is only one of the means for doing so.

In late January 2018, European signatories of JCPOA (Joint Comprehensive Plan of Action) announced the establishment of a special trade mechanism dubbed as INSTEX (Instrument in support of Trade Exchanges) in a bid to save JCPOA after the withdrawal of the United States from it.

INSTEX is registered in Paris and headed by German banker Per Fischer who visited Iran last week and discussed the status of the mechanism with Iranian officials.

The mechanism is said to initially cover trades of food, medicine and medical devices and to gradually include other areas.

MAH/IRN83249429

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  • 4 weeks later...

https://www.almaalomah.com/2019/04/16/400626/ .....

Iran is considering deleting 4 zeros from its currency and introducing a new currency

17:52 - 16/04/2019
0
    
%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7%D9

Information / Baghdad ..

Iran's central bank has submitted a proposal to amend the country's monetary system, including the deletion of 4 zeros and the introduction of a new currency, after the devaluation of the riyal to record levels due to US sanctions.

According to the agency "Fares", the economic committee in the Iranian cabinet is considering this proposal, which offers "Altuman" a new currency for Iran.

In its proposal, the Iranian central has set a gradual transition from the riyal to the 24-month Toman, with the aim of withdrawing the old banknotes and replacing them with new notes.

By eliminating the four zeros, Iran aims to facilitate and restore the role of payment instruments in local monetary transactions, reduce the cost of printing and publishing paper currency, and maintain the viability of the monetary system over the coming years, in addition to facilitating the exchange of the national currency against other international currencies. Finished 25 s

 
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Went and chatted with my Irainian neighbour. Asked him about it. He said this is the first he has even heard about it.Said the next time he calls home he will ask about it but he said he is sceptical for most people feel the current regime may be suffering and afraid of a revolt to kick the current leader out and this is there way of buying time to getting an iron grip on the people.

 

Who knows anymore ? :shrug: not me.

 

   pp

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7 hours ago, pokerplayer said:

Well won't be long now weather we come out smiling or end up being the goat and lose it all.  :(

 

pp

 

It ain't over yet, till' it's over PP.....we continue to hang in there!! :praying:

 

5 hours ago, blueskyline said:

Most of us are more diversified then some professional investors . If there is indeed a currency change in one of the currencies we hold . There is no losing ......imo..

 

Yup, we all just wish for any of them pop, get off this ride and move on out into the rich sunset.......yes sirrrrrrrr :praying:

 

4 hours ago, pokerplayer said:

 

Went and chatted with my Irainian neighbour. Asked him about it. He said this is the first he has even heard about it.Said the next time he calls home he will ask about it but he said he is sceptical for most people feel the current regime may be suffering and afraid of a revolt to kick the current leader out and this is there way of buying time to getting an iron grip on the people.

 

Who knows anymore ? :shrug: not me.

   pp

 

Thanks PP.......we'll about to find out sure enough. :praying:

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Iran is considering deleting 4 zeros from its currency and introducing a new currency


17:52 - 16/04/2019


Information / Baghdad ..

Iran's central bank has submitted a proposal to amend the country's monetary system, including the deletion of 4 zeros and the introduction of a new currency, after the devaluation of the riyal to record levels due to US sanctions.

According to the agency "Fares", the economic committee in the Iranian cabinet is considering this proposal, which offers "Altuman" a new currency for Iran.

In its proposal, the Iranian central has set a gradual transition from the riyal to the 24-month Toman, with the aim of withdrawing the old banknotes and replacing them with new notes.

By eliminating the four zeros, Iran aims to facilitate and restore the role of payment instruments in local monetary transactions, reduce the cost of printing and publishing paper currency, and maintain the viability of the monetary system over the coming years, in addition to facilitating the exchange of the national currency against other international currencies. Finished 25 s


https://www.almaalomah.com/2019/04/16/400626/

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April 14, 2019 19:09

Central Bank of Iran Reactivates UAE Currency Channel

 

After previously limiting foreign exchange transactions in the United Arab Emirates, the Central Bank of Iran has reportedly reactivated the remaining channels there to help increase hard currency supply inside the country.

According to a report by Fars News Agency, the move comes after the CBI wanted to completely transfer Iran's currency trading hub to Iraq but later had a change of heart. 

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CBI hails FATF suspension of counter-measures on Iran

Tehran, Feb 22, IRNA – Central Bank of Iran (CBI) in a statement welcomed the Financial Action Task Force (FATF) decision to continue suspension of counter-measures on Iran by June 2019.

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In its statement, which was released on Friday, CBI appreciated Iranian bodies, which paved the way for suspension of counter-measures on Iran by ratifying two bills to amend regulations as regards fighting money-laundering and financing terrorism.

Underlining the fact that the Instrument in support of Trade Exchanges (INSTEX) with Iran is less than Europe’s commitments to avoid failure of Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), CBI said the parallel companies are being established in Iran soon to provide interaction.

“The FATF decided at its meeting this week to continue the suspension of counter-measures,” FATF said in its February 20-22 plenary outcomes report.

“While welcoming the passage of the Anti-Money Laundering Act, the FATF expresses its disappointment that the Action Plan remains outstanding and expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items by completing and implementing the necessary AML/CFT reforms,” it added.

FATF went on to say “in August 2018, Iran has enacted amendments to its Counter-Terrorist Financing Act and in January 2019, Iran has also enacted amendments to its Anti-Money Laundering Act.”

“The FATF recognizes the progress of these legislative efforts. The bills to ratify the Palermo and Terrorist Financing Conventions have passed Parliament, but are not yet in force,” it reiterated. 

The Financial Action Task Force is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

In 2001 its mandate expanded to include terrorism financing.

In 2009, FATF blacklisted Iran for the first time.

9376**1420

Follow us on Twitter @IrnaEnglish

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45

Central Bank of Iran allowed to Launch OMO

 
The policy was approved as part of the CBI plan to implement new instruments in its monetary policy, regulate interest rates, curb inflation, and develop a regulated framework for controlling banks’ borrowings from the CBI
Central Bank of Iran allowed to Launch OMO
Central Bank of Iran allowed to Launch OMO

The Central Bank of Iran’s policy to launch Open Market Operation was officially approved by the Money and Credit Council – a major monetary decision-making body – on Tuesday.  

The policy was approved as part of the CBI plan to implement new instruments in its monetary policy, regulate interest rates, curb inflation, and develop a regulated framework for controlling banks’ borrowings from the CBI. 

OMO is a financial instrument through which central banks buy and sell securities in the open market to expand or reduce money supply. 

Within the OMO, the CBI buys government bonds to increase the money base (cash reserves), thereby reducing inter-banking lending rates. Selling government bonds decreases the base money and raises interbank rates. 

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51

Iran Govt’ Wants to Reform the Rial: Deleting Four Zeros 

 
The measure calls for fundamental change to the national currency, including changing the name of the monetary unit from the official rial to the popularly used toman
Iran Govt’ Wants to Reform the Rial: Deleting Four Zeros
Iran Govt’ Wants to Reform the Rial: Deleting Four Zeros 

The plan to remove four zeros from the rial is on the government agenda, again. The oft-mentioned move was proposed in the past by Central Bank of Iran as part of a broader plan to revisit the monetary system.

The measure calls for fundamental change to the national currency, including changing the name of the monetary unit from the official rial to the popularly used ‘toman’. It stipulates change in the nominal value and the face of bank notes and coins, the government website dolat.ir, reported. 

“The new national currency toman will be defined to substitute the rial. Each toman will be equivalent to 10,000 rials,” the website said. 

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Iran plans to reform currency by deleting 4 zeros from monetary unit 

Source: Xinhua| 2019-04-19 02:32:24|Editor: xuxin
 
 
 

TEHRAN, April 18 (Xinhua) -- Iran plans to reform its currency rial by removing four zeros from the monetary unit, the Eghtesadonline news website reported Thursday.

The move has been proposed by Central Bank of Iran (CBI) as part of a broader plan to reform the monetary system.

The measure calls for fundamental changes to the national currency, including changing the name of the monetary unit from the official rial to the popularly used "toman."

Each toman will be equivalent to 10,000 rials if the proposal is passed to become the law by the parliament, said the report. It did not reveal when the vote will be held.

The goal, among other things, is to facilitate transactions, cut the cost of printing banknotes and coins, and enhance the efficiency of the monetary system, according to the report.

Galloping inflation and rapidly declining purchase power, ballooning volume of banknotes in circulation, fading facial value of the rial against other currencies, and hassles of using large digits in financial transactions are seen as other factors pushing for the reform.

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2 hours ago, md11fr8dawg said:

So is this good or bad for current holders of Rial??

 

I am leaning towards a good thing. The Gov't is slowly losing control and if they increase the value as they have said several times, this may pacify a large portion of the population and help them get back in control.

 

   JMHO, pp

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  • 4 weeks later...
  • 2 weeks later...

https://www.numismaticnews.net/article/iranian-currency-reform-is-at-hand......

  •  PDF download.

Iranian currency reform is at hand

Posted on May 28, 2019 by Richard Giedroyc
 

It appears Iran is about to remove four zeroes from each of its bank notes in a proposed currency reform.

On April 16 the Central Bank of the Islamic Republic of Iran requested the economic committee of the cabinet (Iran has a vice president of economic affairs) put the previously proposed plan to eliminate four zeroes from the national rial currency while introducing a new currency.

The change from a system based on the rial to toman-denominate coins and bank notes was ratified by Iran’s Parliament in December 2016 by the Rouhani administration. It was agreed at that time that due to economic conditions, concerns about inflation, and economic instability the proposal should be implemented at some later date.

The central bank’s request is aimed at reducing the expense of minting coins and printing bank notes, while making the monetary system more efficient. The change is also expected to have a positive psychological effect on the nation’s beleaguered public.

The terms rial and toman have been interchangeable unofficially for more than a century in Iran. As of late 2016 the toman was officially valued at 10 rial, but this has changed unofficially due to inflation.

Sources indicate coins in denominations of 500, 1,000, 2,000, and 5,000 rials and bank notes in denominations of between 1,000 and 1 million rials circulate currently. The most current issue of MRI Bankers’ Guide to Foreign Currency only lists bank notes in values of 20,000, 50,000, 100,000, 200,000, and 500,000 rials in circulation. The MRI guide identifies the 1 million rials as being ‘Iran cheques’ and as being ‘outmoded and redeemable.’

At current exchange rates a one-million rial Iran cheques is valued at $23.75 US. Iran’s (at that time called Persia) rial currency was pegged to the British pound until 1945 when it was pegged to the US dollar at an exchange rate of one dollar for 32.25 rial. This was changed to 68.725 rial to the dollar in 1973, the peg to the dollar being dropped two years later.

The value of the rial declined dramatically following the 1979 Islamic Revolution. The domestic economy would not stabilize again for twenty years. Due to the consequences of ‘Dutch disease,’ a loss of competitive pricing, and an increase in imports causing an imbalance in international trade, Iran replaced its multi-tiered system with a unified market driven exchange rate in March 2002.

By November 2011 the gap between the official and the ‘parallel market’ exchange rate had widened to more than 20 percent, indicating rising inflation. The rial lost about 50 percent of its exchange rate value in January 2012 following new international sanctions imposed on the Iranian government by the United States and its allies. This led to a devaluation of the currency to half its previous value in July 2013. The Iranian government reduced its subsidization of the exchange rate against the dollar at that time.

The 2015 Joint Comprehensive Plan of Action nuclear agreement between Iran and P5+1 (China, European Union, France, Germany, Russia, United Kingdom, and the United States) regarding how Iran would manage its nuclear technology contributed to further depreciation of Iran’s currency on the world market.

Iran’s currency had fallen to 42,500 rial to the dollar by October 2017, then to 60,060 rial to the dollar on April 9, 2018. This is the lowest value the rial had been at in about 35 years.

The decision to go with the currency revaluation now being planned was likely triggered by the April 7 U.S. government announcement that the U.S. was placing the Islamic Revolutionary Guard Corps on the U.S. Foreign Terrorist Organizations list. The rial decreased by yet another 7.5 percent based on this announcement.

While the change in bank note denominations will be obvious, it was not immediately known if this action will also result in the resumption of 1-, 5-, 10-, 50-, 100-, 250-, 500-, 1,000-, 2,000-, and 5,000-rial coins once more in circulation.

 

This article was originally printed in World Coin News.

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9 minutes ago, blueskyline said:

https://www.numismaticnews.net/article/iranian-currency-reform-is-at-hand......

  •  
  •  PDF download.

Iranian currency reform is at hand

Posted on May 28, 2019 by Richard Giedroyc
 

It appears Iran is about to remove four zeroes from each of its bank notes in a proposed currency reform.

On April 16 the Central Bank of the Islamic Republic of Iran requested the economic committee of the cabinet (Iran has a vice president of economic affairs) put the previously proposed plan to eliminate four zeroes from the national rial currency while introducing a new currency.

The change from a system based on the rial to toman-denominate coins and bank notes was ratified by Iran’s Parliament in December 2016 by the Rouhani administration. It was agreed at that time that due to economic conditions, concerns about inflation, and economic instability the proposal should be implemented at some later date.

The central bank’s request is aimed at reducing the expense of minting coins and printing bank notes, while making the monetary system more efficient. The change is also expected to have a positive psychological effect on the nation’s beleaguered public.

The terms rial and toman have been interchangeable unofficially for more than a century in Iran. As of late 2016 the toman was officially valued at 10 rial, but this has changed unofficially due to inflation.

Sources indicate coins in denominations of 500, 1,000, 2,000, and 5,000 rials and bank notes in denominations of between 1,000 and 1 million rials circulate currently. The most current issue of MRI Bankers’ Guide to Foreign Currency only lists bank notes in values of 20,000, 50,000, 100,000, 200,000, and 500,000 rials in circulation. The MRI guide identifies the 1 million rials as being ‘Iran cheques’ and as being ‘outmoded and redeemable.’

At current exchange rates a one-million rial Iran cheques is valued at $23.75 US. Iran’s (at that time called Persia) rial currency was pegged to the British pound until 1945 when it was pegged to the US dollar at an exchange rate of one dollar for 32.25 rial. This was changed to 68.725 rial to the dollar in 1973, the peg to the dollar being dropped two years later.

The value of the rial declined dramatically following the 1979 Islamic Revolution. The domestic economy would not stabilize again for twenty years. Due to the consequences of ‘Dutch disease,’ a loss of competitive pricing, and an increase in imports causing an imbalance in international trade, Iran replaced its multi-tiered system with a unified market driven exchange rate in March 2002.

By November 2011 the gap between the official and the ‘parallel market’ exchange rate had widened to more than 20 percent, indicating rising inflation. The rial lost about 50 percent of its exchange rate value in January 2012 following new international sanctions imposed on the Iranian government by the United States and its allies. This led to a devaluation of the currency to half its previous value in July 2013. The Iranian government reduced its subsidization of the exchange rate against the dollar at that time.

The 2015 Joint Comprehensive Plan of Action nuclear agreement between Iran and P5+1 (China, European Union, France, Germany, Russia, United Kingdom, and the United States) regarding how Iran would manage its nuclear technology contributed to further depreciation of Iran’s currency on the world market.

Iran’s currency had fallen to 42,500 rial to the dollar by October 2017, then to 60,060 rial to the dollar on April 9, 2018. This is the lowest value the rial had been at in about 35 years.

The decision to go with the currency revaluation now being planned was likely triggered by the April 7 U.S. government announcement that the U.S. was placing the Islamic Revolutionary Guard Corps on the U.S. Foreign Terrorist Organizations list. The rial decreased by yet another 7.5 percent based on this announcement.

While the change in bank note denominations will be obvious, it was not immediately known if this action will also result in the resumption of 1-, 5-, 10-, 50-, 100-, 250-, 500-, 1,000-, 2,000-, and 5,000-rial coins once more in circulation.

 

This article was originally printed in World Coin News.

 

Thxs BSL for posting this. I am trying to sort out weather this is a LOP or not ? Its says " the change is also expected to have a positive psychological effect on the nation’s beleaguered public." so that is why Im am doing some head scratching over this article.

 

  Any ideas anyone ?

 

  pp

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5 minutes ago, pokerplayer said:

 

Thxs BSL for posting this. I am trying to sort out weather this is a LOP or not ? Its says " the change is also expected to have a positive psychological effect on the nation’s beleaguered public." so that is why Im am doing some head scratching over this article.

 

  Any ideas anyone ?

 

  pp

 

Good question PP--I'm with ya.....🤔

Edited by climber7
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Old but interesting...

 

Page 65

 

"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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