Iranian Rial

[screwball]

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."

[screwball]

Monday, March 06, 2017

CBI: Smaller Banknotes Coming 

 

T

he Central Bank of Iran plans to print banknotes in smaller sizes, the director of CBI’s Office for Banknote Issuance said.

“CBI is also working on new designs for 50,000-rial and 100,000-rial banknotes,” Fars News Agency also quoted Masoud Rahimi as saying on Saturday.

The central bank last week unveiled a new version of 10,000-rial banknotes, which is smaller than the current notes, during President Hassan Rouhani’s visit to the bank.

The central banker also said that printing expenses has declined by 50% during the current Iranian year (ends March 20), due to CBI’s measures to promote electronic banking services in recent years.

Majlis on Saturday permitted CBI to issue new traveler checks for the next Iranian year.

smaller? Yeah baby

[screwball]

In the meeting, Seif expressed hope that the country would witness an economic boom without inflation. 

[screwball]

Since the single exchange rate has nothing to do with the government’s forex reserves, the single rate regime can trigger an economic boom, provided that markets determine the rates,” Fars news agency reported.

The interest on loans will be reimbursed to lenders from the revaluation of foreign exchange resources of the Central Bank of Iran and the fines will be forgiven,” Mohammad Mehdi Mofatteh added.

[screwball]

New banknotes must be printed, if the parliament approves the plan,” he added, stressing that more zeros need to be dropped.

Valiollah Seif however took to the instant messaging telegram app later in the day, announcing that the plan should not be considered as currency revaluation proper, “It is set to help ease money transactions for the public.”

“Currency revaluation has been fully studied by the Monetary and Banking Institute,” he said, “We have identified all the prerequisites needed for implementing reforms in the national currency, stable single-digit  inflation being one of them.”

[screwball]

Plans to unify foreign exchange rates are moving ahead. A flexible forex regime is needed, which hopefully will be implemented by the end of the current fiscal year in March 2017,” he was quoted as saying by the khabaronline.ir website, during a meeting with the presiding board of Tehran Chamber of Commerce, Industries and Mines and Agriculture.

Unification of forex rates is considered a crucial requirement for the reintegration of Iran into the global banking system and payment networks. Iran was forced to revert to the controversial double exchange rate regime after nuclear-related sanctions unleashed turmoil in the forex market in 2011-12 in which the national currency lost almost 70% of its value within days.

The Central Bank of Iran has already started plans for launching a single foreign exchange rate regime.

[screwball]

These are all in this thread with links to original articles I thought I would just highlight some stuff 

[screwball]

Seif noted that normalization of banking relations with foreign countries is the prerequisite for adopting a single foreign exchange regime.

[screwball]

On 10/12/2016 at 1:34 PM, screwball said:

The Iranian Economy during the Second World War - JStor

https://www.jstor.org › stable

by KM Dadkhah - ‎2001 - ‎Cited by 3 - ‎Related articles

foreign exchange control and set the official rate of exchange for the pound and dollar. There were an ... law regulating the Iranian currency defines one rial to be equal to 4.14 gram of silver. Therefore, the price of ...

 

like me to know what the rest of this? Remember my previous post from the former president saying it should as per law? Unfortunately this book costs $45.00 maybe I will keep searching!

Gold or silver

[screwball]

Opinion piece

 

Iran’s rial is supposedly pegged to the dollar, so the mullahs can’t quite figure out why they would experience inflation.  No matter.  Just behead the zeroes from the currency itself.  That will solve it.  Here’s the news from AP, via MSNBC:

TEHRAN, Iran – President Mahmoud Ahmadinejad said Wednesday his government is planning to lop off zeros from its currency in an apparent fight against Iran’s double-digit inflation.

Ahmadinejad’s government is preparing to enact a law in April that would sharply slash energy and food subsidies. The move could provoke more unrest in a country already struggling under international sanctions, high inflation and a government crackdown on the opposition.

“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.”

The Iranian rial is now traded at 10,000 rials to one U.S. dollar. That compares to 70 rials against the dollar in 1979, the year an Islamic revolution toppled the pro-Western Shah Mohammad Reza Pahlavi.

The governor of Iran’s Central Bank, Mahmoud Bahmani, last month said three or four zeros will be removed from the currency, depending on the results of the government’s subsidy cuts.

But don’t worry.  Sharia finance and Islamic economics are more ethical, equitable, and sustainable than Western capitalism.  That’s what we’re told, anyway.

[screwball]

On 6/27/2017 at 2:55 PM, screwball said:

Link down but nice reminder...

Remember this 

[screwball]

Hey PP try this..in Canada 

 

https://www.moneymex.com/

[pokerplayer]

4 hours ago, screwball said:

Hey PP try this..in Canada 

 

https://www.moneymex.com/

 

 

Thxs SB !! Looks promising.

 

  pp

[screwball]

33 minutes ago, pokerplayer said:

 

 

Thxs SB !! Looks promising.

 

  pp

Ignore the noise and let’s wait for them to do it 

[jaman]

8 hours ago, screwball said:

These are all in this thread with links to original articles I thought I would just highlight some stuff 

thank you for the cliff notes....lol

 

[markb57]

2 hours ago, screwball said:

Ignore the noise and let’s wait for them to do it 

 

yeah, besides. I'm ready to see how many we get around PP's table.....what a blast!!

[WheresmyRV?]

4 hours ago, markb57 said:

 

yeah, besides. I'm ready to see how many we get around PP's table.....what a blast!!

Get the bro's in there and it will be one whale of a party! 

[navira]

New riyal for export to Iraq

[climber7]

4 hours ago, navira said:

New riyal for export to Iraq

 

What article is that from? 

Please post link 

[screwball]

4 hours ago, navira said:

New riyal for export to Iraq

Can you provide more information? 

[screwball]

Iran’s plans to cut zeros from rial would cost nearly $160m: Report

Wed Aug 7, 2019 01:22PM [Updated: Wed Aug 7, 2019 06:08PM ]

1. Home
2. Iran
3. Economy

File photo shows wads of various Iranian banknotes. 

A report shows that Iran should spend around $160 million to implement a plan for overhaul of the national currency rial.

The report published by official IRNA news agency on Wednesday estimated that plans for redenomination of Iran’s rial by slashing four zeros from the currency and renaming it to toman would cost the government some 19.16 trillion rials ($159.7 million).

The projections were based on estimates about the total number of banknotes currently in circulation in the Iranian economy which the IRNA said was about 8.8 billion, including the legal tenders issued and stamped by the banks to facilitate transactions.

The report said the government would have to spend 2,240 rials ($0.018) for the destruction and replacement of each current banknote.

The government announced its plan for overhaul of the rial last month, more than a year after the currency hit historic lows against major international currencies and following US decision to re-impose a series of economic sanctions on Iran.

PressTV-Iran govt. approves to drop four zeros, revert to toman

The Iranian government has approved to revalue its rial tenfold and revert to the currency’s old name, the toman, the Fars news agency reported on Wednesday.

The plan has sparked a real controversy in the economic circles inside Iran as some believe it would further deepen the current economic woes of the government by causing more inflation and creating unnecessary administrative expenditure.

Others have supported the scheme, saying it would simplify transactions and would help the government save more by stopping to issue billions of devalued notes and coins each year.

The IRNA report estimated that the rial overhaul plan would save the government some $11.5 million each year.

Based on the scheme, which should be ratified by the Iranian parliament before coming into effect, Iran’s new currency toman, equal to 100 new rials, will be worth 10,000 old rials.

 

https://www.presstv.com/Detail/2019/08/07/602915/Iran-rial-overhaul-slashing-zeros-costs-report

 

 

[Freedomwish]

On 8/7/2019 at 2:17 PM, navira said:

New riyal for export to Iraq

 

[pokerplayer]

19 hours ago, screwball said:

Iran’s plans to cut zeros from rial would cost nearly $160m: Report

Wed Aug 7, 2019 01:22PM [Updated: Wed Aug 7, 2019 06:08PM ]

1. Home
2. Iran
3. Economy

File photo shows wads of various Iranian banknotes. 

A report shows that Iran should spend around $160 million to implement a plan for overhaul of the national currency rial.

The report published by official IRNA news agency on Wednesday estimated that plans for redenomination of Iran’s rial by slashing four zeros from the currency and renaming it to toman would cost the government some 19.16 trillion rials ($159.7 million).

The projections were based on estimates about the total number of banknotes currently in circulation in the Iranian economy which the IRNA said was about 8.8 billion, including the legal tenders issued and stamped by the banks to facilitate transactions.

The report said the government would have to spend 2,240 rials ($0.018) for the destruction and replacement of each current banknote.

The government announced its plan for overhaul of the rial last month, more than a year after the currency hit historic lows against major international currencies and following US decision to re-impose a series of economic sanctions on Iran.

PressTV-Iran govt. approves to drop four zeros, revert to toman

The Iranian government has approved to revalue its rial tenfold and revert to the currency’s old name, the toman, the Fars news agency reported on Wednesday.

The plan has sparked a real controversy in the economic circles inside Iran as some believe it would further deepen the current economic woes of the government by causing more inflation and creating unnecessary administrative expenditure.

Others have supported the scheme, saying it would simplify transactions and would help the government save more by stopping to issue billions of devalued notes and coins each year.

The IRNA report estimated that the rial overhaul plan would save the government some $11.5 million each year.

Based on the scheme, which should be ratified by the Iranian parliament before coming into effect, Iran’s new currency toman, equal to 100 new rials, will be worth 10,000 old rials.

 

https://www.presstv.com/Detail/2019/08/07/602915/Iran-rial-overhaul-slashing-zeros-costs-report

 

 

 

 

Well my neighbor is home from camping. He did talk with relatives back in Iran and they all say the same thing. Its a" lifeline" for the current Gov't to stay in power ( he has said this for awhile ). They seem to think it will be an increase in value in the country { not sure what that means and he was not sure either ). Currently being in possession of USD is considered a crime. So the preferred currency is the Euro

 

There has not been any actual change yet in the value, either up or down, so I guess we wait and see.

 

Thanks to the few die-hard's that are keeping this thread alive. You know who you are.   

 

  Cheers, pp

[pokerplayer]

@VIZIOIRAQI Whats your take on the current developments with the Reil ?

 

  Cheers, pp

[blueskyline]

Thanks PP .........Iran and Iraq are different countries . But I cant think of two countries that influence each other more . What happens in either country greatly affects the other . Times are exciting regardless of how things are unfolding ....