Iranian Rial

[pokerplayer]

1 minute ago, blueskyline said:

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 ....

 

 

 

 

Well said Blue and oh so very correct.

 

 pp

[screwball]

TEHRAN, Aug. 06 (MNA) – Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said on Tuesday that crossing out four zeros from national currency, Rial, will have no impact on inflation rate adding that the central bank is ready to implement the plan.

He explained that removing four zeros will have no costs for the government since CBI annually prints about 700 million of new bank notes and replacing the old ones with the new ones is a routine procedure.

He said that removal of four zeros from national currency will for sure facilitate daily transactions but to get implemented the government’s ratified plan needs Parliament’s approval, as well.

On July 31, the government approved a plan to take four zeros off the national currency in a bid to curb the tide of liquidity and impede rial depreciation.

The plan to remove four zeros from the rial has been on the government agenda since it was proposed about seven month ago by Central Bank of Iran as part of a broader plan to revisit the monetary system.

According to the government website dolat.ir, 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. 

Despite the fact that rial is the official currency, people use toman in informal transactions (1 toman = 10 rials).

HJ/ 4686654

 

https://en.mehrnews.com/news/148570/Eliminating-4-zero-from-national-currency-not-to-impact-inflation

[screwball]

Trumps requirement they must rejoin th international monetary system...but at what rate? One that will cause an economic Boom...remember trump said they will be a powerhouse in the second presidential debate!

Edited August 9, 2019 by screwball

[pokerplayer]

exciting times. And so we wait.

 

  pp

[screwball]

1 hour ago, blueskyline said:

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 ....

 

 

Very exciting....have to be in it to win it...

[pokerplayer]

Just now, screwball said:

Very exciting....have to be in it to win it...

 

I'm in and want a big RV change. Thxs SB

 

  pp

[Freedomwish]

17 hours ago, screwball said:

Very exciting....have to be in it to win it...

 

17 hours ago, pokerplayer said:

 

I'm in and want a big RV change. Thxs SB

 

  pp

 

Yup and, yup!! 

 

 

 

[WheresmyRV?]

Hoping for a rate change by sunday evening! 

[navira]

WMRV, u n me both....let's go rv...cheers

[screwball]

7 hours ago, WheresmyRV? said:

Hoping for a rate change by sunday evening! 

Man I have been waiting for a rare change for years...for rial 10 years and dinar 15 so how ever long it takes I will be there to the end! 

[pokerplayer]

2 minutes ago, screwball said:

Man I have been waiting for a rare change for years...for rial 10 years and dinar 15 so how ever long it takes I will be there to the end! 

 

I hear ya SB, I am about done with this ride myself !

 

  pp

[navira]

As announced by the governor of the Central Bank of Iran, Abdolnasser Hemmati, the market will be launched on August 12 to coincide with the annual Muslim feast of Eid al-Adha.

Elaborating on the working hours of the market, Shekasteband said trading will begin at 8:30 am and end 3:30 pm local time. 

The CBI has obliged exchange offices that are to operate in the market to open two accounts, one forex-based and the other in rials. 

A monitoring body within the regulated currency market will have access to the accounts and allow transactions for which there is equivalent amount in their account. In other words, trade orders will be based on the balance in the accounts.  

As for pricing, the market is tasked with drafting a trading by-law, approved by the CBI, based on which prices in the closing hours of each trading day will determine the next day’s price with a difference not more than 5-10%.

[navira]

I believe the market is gonna determine the rate...we are about to find out after that trading. exciting week ahead of us...cheers

[screwball]

Iran, Iraq consider killing US dollar in bilateral trades: ambassador

TEHRAN, Aug. 09 (MNA) – In line with the efforts to boost the economic ties between Iran and Iraq, the two neighboring countries are considering ways to include local currencies in their bilateral trades to reduce reliance on US dollar, says the Iraqi ambassador to Tehran.

Sa'd Javad Ghandil said Friday that the two neighbors are holding talks to find the best way to facilitate their financial transactions, including the substitution of the US dollar with Iraqi dinar in bilateral trades.

The Iraqi diplomat once again reiterated his respective government's clear stance against the US' unilateral sanctions against Iran, saying such restrictions are against the international rules and regulations.

Noting that the bilateral trades between Iran and Iraq have not been affected by the sanctions in the past year, Ghandil expressed his country's readiness to increase the level of cooperation with Iran in various economic spheres.

MNA/4688420

[screwball]

Iran to cut budget dependency on oil revenues to zero: Nobakht

TEHRAN, Aug. 11 (MNA) – Head of the Plan and Budget Organization Mohammad-Bagher Nobakht said Sun. that the new reforms in the structure of the country’s budget aim at cutting direct dependency on oil revenues to zero.

He made the announcement at the first session of drawing up the budget structure for the next Iranian fiscal year (starting on March 20, 2020).

“Given the difficult times of sanctions, we will be losing a considerable amount of budget resources; therefore, it is necessary to make sure that the reforms in the budget structure for the next year will be able to cut down  direct dependency on oil revenues to zero,” Nobakht said.

He went on to add that even under normal circumstances, the country still needed to reduce its dependency on oil revenues.

“For the first time, we have taken an important step toward reforming the country’s budget structure,” he stressed.

Following the US’ unilateral withdrawal from the Iran nuclear deal last year, US President Donald Trump's administration went ahead with re-imposing sanction on Iran, targeting the country’s energy and banking sectors, and stepping up efforts to drive Iran’s oil revenues to zero.

In April, the White House announced its decision not to renew waivers that allow eight countries, including China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey, to buy Iranian oil without facing US sanctions.

Meanwhile, Iran says with or without waivers, the country’s oil exports will not fall to zero under any circumstances. At the same time, the country is making efforts to reduce its reliance on oil revenues and instead turn its focus on non-oil production and exports.

MNA/IRN83433295

 

hmmm.i wonder how they will do this with such a worthless currency, low gdp and high Inflation?

 

https://en.mehrnews.com/news/148749/Iran-to-cut-budget-dependency-on-oil-revenues-to-zero-Nobakht

[screwball]

On 9/12/2017 at 1:29 PM, screwball said:

Remember 1932 rate was 2.605. 

Yep...

[screwball]

On 10/19/2017 at 10:20 AM, screwball said:

The Iranian capital market’s first foreign currency exchange-traded fund is expected to come on stream next week, the deputy head of Securities and Exchange Organization, Ali Saeedi, has announced.

“One no longer needs to enter the physical forex market to invest in currencies. All that has to be done is buying shares in a foreign currency ETF, which will track currency fluctuations and provide investors with returns on investments,” Saeedi was quoted as saying by ILNA.

One aim of setting up currency ETFs, among others, may be to prevent shockwaves in the forex market during a supply deficit. That can be done by expanding their portfolio beyond only purchasing currencies by investing in export commodities and export-oriented firms that benefit from forex fluctuations.

“We’ve had many meetings this week and agreements are being made between the Central Bank of Iran and SEO. Regulatory concerns will be addressed by the end of the week and we expect to have the official go-ahead for setting up the ETF,” he said.

Currency ETFs invest in a single currency or a basket of currencies with the aim to replicate movements in currency in the foreign exchange market by holding currencies either directly or through currency-denominated short-term debt instruments.

Currency ETFs are widely used by investors who wish to gain exposure to the foreign exchange market and prefer not to enter the futures or forex market.

With the growing popularity of ETFs, investors have found it very easy and relatively inexpensive to trade currency ETFs to take advantage of fluctuations between currencies. Currency ETFs can be purchased to track most international currencies ,including the US and Canadian dollars, the euro, British pound and Japanese yen.

The two currencies dominating the Iranian forex market are the US dollar and euro. The former is the official currency used for Iranian transactions and the latter is the private sector’s currency of choice due to sanctions-related limitations on using the US currency.

Saeedi did not mention what currency or currencies the Iranian ETF will be denominated in.

The SEO seems to be aiming to attract investors away from the physical forex market, which is seeing a lot of activity these days due to rising political risks, to the capital market that is always in need of fresh supplies of liquidity.

This will relatively diminish forex trading risk and provide capital market investors with new options to put their money in.

The ETF is expected to fare well, considering the rising trajectory in many export-oriented stocks such as base metals on the back of growing commodity prices and a devaluing currency.

 USD, Euro Zoom Past Rial

Euro has gained 16.68% against rial so far this fiscal year (started March 21) to reach 47,980 rials on Wednesday. The currency started soaring as of the end of the first quarter (June 21) and its path forward seems to be unobstructed for the time being.

The US dollar maintained a relatively balanced trend up until last month with slight upticks. However, the greenback started soaring against the rial on Sept. 23 to gain 3.82% and end at 40,410 rials on Oct. 10.

The spike was mostly due to market anxiety over US President Donald Trump’s threats to unravel the nuclear deal, which eventually cooled down and started dropping, as the October 15 deadline for US certification of Iran’s compliance with JCPOA drew closer and leaks showed the deal is here to stay, at least for now. The currency has resumed growth since Sunday.

Overall, the USD has gained a total of 7.2% against rial to reach 40,210 rials since March 21.

 Base Metal Stocks Rising

Base metal stocks have been the hot new thing in Iran since early summer, as global prices showed signs of improvement due to China’s new environmental measures meant to crack down on pollutant industries.

The profit of producers, most of whom are exporters, exceeded forecasts with improving prices aligning with a weakening rial.

Now Tehran Stock Exchange’s Base Metals Index is close to crossing its all-time historic high of 46,975 reached on January 6, 2014. It has come a long way since its January 2016 all-time low of 19,439 by growing more than 138% up to now.

The index closed Wednesday trade at 46,417.40 to record a 0.64% daily growth.

Bump..

[pokerplayer]

Talked with the Iranian neighbor last night and most people seem to think the value will increase due to unrest and fear of a Gov't overthrow. I've mentioned this here coming from him before. While a $1 each is hopeful they don't see it that high, but most think it's a ploy to Increase to placent the population. Right now only the people loyal to the Gov't appear to have all the niceties while the general pop. have next to nothing.

 

A $1 would placent me for sure...  LOL

 

  Well we will see soon enough !!

 

  pp

[screwball]

On 3/6/2017 at 10:58 AM, screwball said:

Economy, Business And Markets

Monday, March 06, 2017

CBI: Smaller Banknotes Coming 

 

The 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

Bump

[screwball]

Weighted against four grams of gold...trying to find article

[screwball]

On 10/20/2015 at 7:06 AM, blueskyline said:

Good article today . Iran

The World Bank in a special report described potential doubling of GDP growth from the 2.5% reported the past year ending in March, and “windfall” living standard gains with future normalization, but stipulated that fiscal and monetary policies must also change.

http://atimes.com/2015/10/irans-stifled-stock-market-sanctions-relief/

 

Bump...on hang on I thought it was -6%....LOL

[screwball]

On 9/13/2016 at 7:55 AM, blueskyline said:

This was on F*(&b*^k................What does it mean ???

unification of Exchange rate at the end of this year, 09 September 1395 the gap between the official Exchange rate and the open market and expand space international relations Bank psabrjam, provided that the conditions for the unification of Exchange rate and peace has become the foreign Exchange market.
according to the public relations the Central Bank, doctor ولیاله Saif last night in an interview special news planned primary for paid 16 trillion dollars to firms production noted and said in meetings with Minister respected industry had, was determined to expedite prosperity, 7500 manufacturing unit small and medium need with network Bank financing be. with serious banking system country it was, financing 5700 manufacturing unit carried reached and 60 trillion rial been investigated.  he added: in the four-month first year, banking network 129 trillion dollars facilities granted that compared to the same period last year, 37,8% of grew. 30% of the facility sector production and 88,1% of it to supply working capital production units is paid. also predicted to be this year facilities payment books from 417 trillion dollars 460 trillion dollars reach that the determination network Bank to supporting production units and economy is. return boom transactions housing Saif to increase 30 percent of transactions housing in Tehran of August year 94 noted and said price transactions housing 7,6 percent that growth غیرتورمی is. in this rate facilities fund پساندار housing first in the first 14 percent was to 9,5 per cent to facility normal and eight percent for tissue worn reached. head of the whole Central Bank pointed out that the three years ago interest rate Bank status نامتعادلی was added, then inflation the top 40 percent and time profit Bank 27 percent had. accordingly planning government reduce swelling focused and process lowering inflation rate in the past three years continued interest rate banking the sync with reduced inflation rate fell. head of the Council of money and credit due to freezing 45 percent of assets books accumulation problems during the past 30 years, he said the bulk facilities books to production units for supply working capital granted that short-term and facilities current is. also 15 percent of accommodations granted, to repay the demands of books and معوقات this enterprises production and the rest of the facility is new. pointing to deposit rates 15 percent in books added: rate facilities the 18 percent and now more books respected and if the other than the rate, paid, the Central Bank definitely violators deal will. Saif the determination of the Central Bank to increase the discipline of monetary noted and said in this regard, tried facilities banking system to places assigned to be that the boom, production and employment be. in addition to this is expected inflation also more from this increase not inflation and the current stability of the desired reached. control fluctuations foreign Exchange market Saif crowning government eleventh tarjeta de video restore peace to the economy as the æ said in 1391, the average rate of Exchange 2605 USD that in 1392, 3184 to USD was while since تصدیگری this state up to five months first year 95, developments rate of Exchange process natural and 3493 USD reached. so to speak other, range of Exchange rate fluctuations of 741 USD in the year 91 32 USD in the year 95 reached. he went on to confirm that certainly the end of the current plan یکسانسازی Exchange rate runs, said in order to زمینهسازی to run the plan was required gap rate among the official Exchange and free market be controlled. thus, the gap rate of Exchange gradually 112,6 percent in the year 91 14 percent at the end of August this year fell. condition for the implementation of this project, open and deepen relations Bank international and facilitate it was with برجام, space good created to network communications Bank our international broader be. total this achievements, requirements for the same building Exchange rates provided and peace to market turbulent Exchange دروان Elementary تصدیگری government eleventh returned. head of the Council of money and credit followed status rating of books, said: one of the actions Central Bank of last year set at least the necessary information to adjust the financial statements banks to strength and balance between resources expenditures Bank with full transparency and proportional to the standards day, detectable is. already a plan is review which guarantee fund deposits as trustee is rating of books, price insurance less of banks that the lowest risk are getting will books to improve the situation your credit more encourage. in this field, Saif again warned people should not be fascinated rates profit more than Act Council of money and credit be. he, interest rate high-, represents the status inappropriate and imbalance institutions is not allowed and be sure fellow Dear to inform the رسانیهایی in relation to this thread is considering only institutions under the Central Bank are trust. the use of experiences in transparency international financial رئیسکل the Central Bank in response to the question whether join Iran group special financial action for country risk security in there? said the Supreme Council of anti-money laundering that consists of ministers economic and assets, information, Justice, state, the country and رئیسکل Central Bank as well as the Supreme Council of the National security issue organization بینالدولی gafi examined and absolutely instead of any concerns there. in the organization mentioned over 190 countries for voluntary member and none of the countries of the points certain not enjoy and other information countries do not have access and even join in gafi requires cooperation and disclosure of financial information between the two countries not. as a result not only comments that in relation to gafi done with the fact compliance not but through it, regulatory bodies our experiences other countries to deal with abuses financial have are. he added: in the field of financial information (uif) in the Ministry of economy-based and active been monitor the implementation of criteria specified within the issues such as use the internal, anti-money laundering, anti-terror financing or anti-trafficking the product and drugs are. head of the Council of money and credit process extradition money blocked Iran abroad positive, he said collaboration continuous institutions responsible, Fortunately, much of the property blocked country accounts the Central Bank deposit and it is hoped with continuing گشایشهای resulting in space پسابرجام, the process continues have. payment 150 loan marriage in thousand çé months went on, Saif the facility marriage noted and added: Fortunately, despite the lack of sufficient resources Bank to increase the roof loan marriage Act parliament since communicated executive was. at the beginning of the year 1395, 450 thousand people in the queue expect to get this facilities were the collaboration with banking system of 243 thousand counts of loan marriage pay 350 thousand people to get this facility introduced have been.. in addition to accelerate the process of payments, the Central Bank during communicated بخشنامهای, network Bank required to pay 150 thousand loan marriage çé month has integrity bills dual reform Bank head of the whole Central Bank of the bills dual reform Bank said given that is the laws of the Central Bank and all activities banking country ruling is not in the editor bills it, compatibility and accuracy victim speed and effort was prepared bills the away شتابزدگی and with the use of experiences banking international be done. track plan reform Bank before servant in the Central Bank started and cooperation with the Ministry of economy and the formation of meetings compressed in this especially, our efforts on this is over the coming months plan reform Bank Cabinet provided to pass, as bill dedicated parliament to be. he also on the payment compensation astronomical in books, said: the Central Bank should not be in the payment حقوقها intervene for payments for rights leaders in the Assembly books is determined, علیایحال the Central Bank considerations also in the field of balance of payments has including in February last year instructions disclosure of information to books communicated be which have the highest rights paid financial report books, insert. determine the task accounts نامشخصرئیس total Central Bank at the end of the situation accounts uncertain pointed out æ said following measures the Central Bank of thought and fast track is, 27 million Bank account individuals without number National were identified and blocked and only the number of 8700 account no information number National active remained until the end of September determine the task will be. he added: also 358 thousand account legal entities no ID National and 447 thousand account belongs to foreign persons without number inclusive that the Central Bank are follow-up to determine the task and corrected. so only less than a million of the total number of Bank accounts status unknown are.

 

LikeShow more reactions

Comment

 

11

Comments

 

Wilfredo Perez

Like · Reply · 19 mins

 

Kathy Keller This makes no sense - what is it??

Like · Reply · 16 mins

Wilfredo Perez replied · 1 Reply

 

Wilfredo Perez Rial boom Rv yeeeessss

Like · Reply · 1 · 14 mins · Edited

 

Wilfredo Perez

Like · Reply · 10 mins

 

Melvin Hayes Jr ?????????

Like · Reply · 5 mins

 

Wilfredo Perez what nobody wants you to know

Like · Reply · 1 · 2 mins

Write a reply...

 

 

Write a comment...

 

 

Bump..$2.605

[pokerplayer]

Works for me !! 

 

  pp

[screwball]

On 9/28/2016 at 10:08 AM, screwball said:

REMEMBER, IRAN SAID THEIR FOREX VALUE WOULD MEET ITS REALITY VALUE or REAL WORTH IN OCTOBER!

Remember this....Anders not forget they said they are going to remove four zeros from the rate!

[screwball]

On 10/1/2016 at 6:11 PM, screwball said:

So many dates!

Iran to introduce single exchange rate for foreign currencies - Trend

en.trend.az › Iran › Business

May 3, 2016 - Iran plans to introduce a single exchange rate for foreign currencies as of late September, following years of maintaining a multi-tiered currency ... No FLNG deals for Iran, but LNG talks move forward.

 

and this is what we wait for! 

   2

•  
•  
• Quote

Bump