Iranian Rial

[Freedomwish]

9 minutes ago, screwball said:

Yes mate it was a long time ago...I spent all night going through every post...man exhausted.

 

Yeeeeeah man lmaooo  glad to had found it and appreciate all that you and everyone bringing the scoop here.....can't believe I'm still typing while on my fourth shot of Glenfiddich hahahahaha 

Edited August 14, 2019 by Freedomwish
nEEd mORE whiSKEy

[screwball]

5 hours ago, Floridian said:

 

WOW!  wouldn't that be something?

We'll know soon, hopefully.

Hopefully Floridian but I have been hoping for 3 years now so now I just wait...it is good to see them talk abut 

[Freedomwish]

7 minutes ago, screwball said:

Trust me if this pops at 2.$plus I will shout the first 20 rounds...

 

If I make it past the 13th round without passing out, the following 10 will be on me....just help pick me up from the floor every now and then when we celebrate lmaooo

 

Edited August 14, 2019 by Freedomwish
nEEd mORE whiSKEy

[screwball]

On 6/6/2016 at 3:53 PM, Freedomwish said:

Hiya folks,

For those who are still keeping track on this Iranian Rial behind the scenes for a while would know things in the news for what we are looking for have been somewhat.....sloooooow....

Check out what I had stumbled upon while I was having my late night whiskey drink  : http://www.forbes.com/sites/dominicdudley/2016/06/05/iran-offshore-bank/#7409cdb973e2

JUN 5, 2016 @ 07:58 AM 3,003 VIEWSThe Little Black Book of Billionaire Secrets

Iran To Launch Offshore Bank To Process International Payments

 

Opinions expressed by Forbes Contributors are their own.

 

A US 100-dollar bill next to Iranian rial banknotes, photographed in Tehran on January 18, 2012 (Photo: ATTA KENARE/AFP/Getty Images)

Iran is to launch an offshore bank on one of its Gulf islands “within a month”, according to a report by the official IRNA news agency, as it continues to seeks ways around restrictions on international payments.

The bank will be set up on Kish Island, which has been developed as a tourism destination and a free trade zone over the past few decades. The aim is to tap into rising demand for cross-border banking transactions, according to comments by Ali Jirofti, deputy head of the Kish Free Zone Organization. He told IRNA on June 5 that the new, unnamed offshore bank will be able to transfer money and facilitate domestic and foreign investment activities.

As yet there has been no confirmation from the Central Bank of Iran about a new institution being licensed, but Jirofti says it will be established in July. If that does indeed happen, it could play a useful role for a country which is still searching for ways to tap into the international financial system.

 

Iran’s banks have struggled under punitive sanctions in recent years and the banking system overall is weak and in urgent need of being recapitalized. Although sanctions have been lifted on many banks, they still struggle to find counter-parties willing to work with them. Most major international banks remain reluctant do business with Iran, for fear of contravening the remaining US sanctions on the country, including a bar on using dollars when dealing with Iran.

Perhaps coincidentally, a recent news report suggested that the US government is considering altering its rules to allow Iran to transact in dollars using offshore financial institutions.

 

Despite the lingering problems, the Iranian economy has been showing signs of improvement of late, partly because of the lifting of sanctions and partly because of more sensible economic policies being pursued by the government of President Hassan Rouhani. Oil production is returning to pre-sanctions levels, inflation has fallen to below 10% and the gap between the official and market exchange rates is narrowing.

And the country is attracting large amounts of foreign direct investment. A recent report by FDI Markets showed that there were 22 FDI projects worth a total of $3.5bn in the first quarter of this year, the highest level of investment in a single quarter since it began tracking the Iranian market in 2003.

Iran has been the third largest recipient of foreign investment in the region so far this year, behind the UAE and Saudi Arabia. The main sources of that investment into Iran were South Korea and Germany, which together accounted for $2.2bn of the total.

________________________________________

Something may give just right after the Ramadan holidays?  Who knows 

Hope you guys are still hanging in there!

Best regards,

Freedomwish 

Bump...

[navira]

This the latest.....

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WEDNESDAY

August, 14 2019

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Business And Markets

August 13, 2019 20:04

Structural Reforms First, Rial Revaluation Later

 

Structural Reforms First, Rial Revaluation Later

.....

Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture says lopping off zeros from the national currency will not produce the desired results unless the initiative is intertwined with structural reforms. 

Addressing the TCCIM  board of representatives Tuesday, Masoud Khansari noted that restructuring macroeconomic variables is a prerequisite if the measure is to deliver.    

The government last week approved a central bank proposal based on which four zeros would be shaved off the rial and the legal tender will be changed to the commonly used ‘toman’.

To become law the bill must be endorsed by the parliament.

Khansari pointed to the galloping inflation as one of the key economic variable, which if not harnessed will render the whole plan futile. 

If chronic inflation continuesd, more zeros will be added to the currency over time. 

 

[screwball]

Thanks I did check a few sites and didn’t find anything 

[screwball]

October 1st start of the financial year I believe FYI

[navira]

fter a 2-day delay, the first phase of using fuel cards at the filling stations commenced on Tuesday (August 13) in four mega cities, namely Tehran, Karaj, Isfahan and Tabriz. 

Fatemeh Kahi, head of National Iranian Oil Refining and Distribution Company (NIORDC) PR Office, was quoted by news outlets as saying.

"Car and motorcycle owners who either do not have or have yet not received their fuel cards can fill up using the special cards of gas station attendants. However, they cannot buy fuel over a certain limit in one day.

The limit to buy gasoline using the attendants’ cards is 40 liters per day for cars and will be reduced gradually to compel all motorists wanting to fill up to have their own cards.

The NIORDC has often said that the scheme has nothing to do with fuel rationing [at least not until March 2020].

[WheresmyRV?]

I thought parliament already voted this through. Screwball you might be right, looks like October now.

[southbeach]

Screwball and Navira:  Be of good courage.  Stay the course and keep me informed.  I'm invested.

Edited August 15, 2019 by southbeach

[screwball]

18 hours ago, WheresmyRV? said:

I thought parliament already voted this through. Screwball you might be right, looks like October now.

This issue Parliament which is majlis voted four and then the cabinet wanted a plan for one, never going to happen. They have the bill just needs to be voted on and approved by guardian council...

[screwball]

Can happen in a heart beat 

[screwball]

Business And Markets

July 30, 2019 19:05

CBI’s Vice-Governor, Australia Envoy Confer 

 

.....

Adeputy governor of the Central Bank of Iran met the Australian ambassador to Iran, Ian Biggs, on Tuesday to discuss monetary and banking issues. The two sides agreed to expand banking cooperation. 

Ajbar Komijani described good banking and monetary relations as the first step toward expanding commercial ties, noting that there are enough economic and banking capacities between Iran and Australia that can be tapped into to improve two-way trade.

“Given the good capacities, we can hope to expand relations in all fields,” he was quoted as saying by the CBI  website. 

[screwball]

Iran, Russia to boost banking coop.

TEHRAN, Aug. 15 (MNA) –Russian Ambassador to Iran Levan Dzhagaryan said banking cooperation between Iran and Russia will increase in near future.

He made the remarks at “Khazar National Day” conference in Babolsar, Iran on Thursday.

Russian ambassador said, “Increasing banking transactions will result in increasing of trade between the two countries.”

Dzhagaryan added, “I hope that increasing in banking transactions will pave the way for further elimination of dollar from the two countries’ trade.”

He said that the level of cooperation between Iran and Russia is high due to political will of the two sides.

Russian diplomat added, " A Russian economic delegation will visit Iran's northern provinces in near future in order to increase economic and trade cooperation between two countries."

[navira]

SCI Named Sole Authority to Publish Economic Statistics

 

.....

The Statistical High Council, affiliated to the Plan and Budget Organization of Iran, reaffirmed on Tuesday that the Statistical Center of Iran is the sole authority for producing and publishing the country’s official statistics, including figures on inflation and economic growth rates.  

The council also called on the Central Bank of Iran to put national accounts at the disposal of SCI, IRNA reported.

A long-running dispute over which authority, the Central Bank of Iran or the Statistical Center of Iran, should be responsible for producing the official monetary statistics and macroeconomic indicators reemerged in January when CBI announced it would not publish its data, until further notice, on the Consumer Price Index for the Iranian month ending Dec. 21.

There have often been marked discrepancies between data published by the CBI and those by SCI.

A week later, the Specialized Commission of the Statistical High Council, affiliated to the Plan and Budget Organization of Iran (to which the SCI is a subsidiary), announced that CBI does not have the mandate to produce and disclose statistics on price indexes and national accounts, and must cease their publication to avoid duplicative and overlapping governmental assignments. 

At that time, CBI’s senior statistician, Mahmoud Cheloyan, strongly opposed the SCI announcement, saying that the central regulator will continue to fulfill its constitutional duties to prepare and publish statistics of its own. 

[screwball]

https://rasanah-iiis.org/english/multimedia/infographics/why-did-iran-remove-four-zeros-from-its-national-currency/

[WheresmyRV?]

9 minutes ago, screwball said:

https://rasanah-iiis.org/english/multimedia/infographics/why-did-iran-remove-four-zeros-from-its-national-currency/

Great article,  thanks SB

[markb57]

so, by this article, 1 million Rial would be worth 100 rial or toman. SB, isn't this just a LOP? What am I missing?

[navira]

 

45 minutes ago, markb57 said:

so, by this article, 1 million Rial would be worth 100 rial or toman. SB, isn't this just a LOP? What am I missing?

M57, they are talking about TOMAN, not the rial....4 zeroes are taken from the rate of the toman in the parallel market...the actual rate, by the way, is somewhere around 4200tomans to a dollar

[navira]

Hey all, this article's talks about toman...removing of 4 zeroes from its rate value(make sense cause if it were removed from the rate on rial then basically 1toman =10 rials which doesnt really change anything).Ex. 13000 tomans is the parallel market rate...the actual rate is around 4200tomans to a dollar. Now, the info from Wikipedia is about 1 New toman to 100 rials. Here, the article describes that after removing 4 zeroes, the rate becomes 1.3 tomans to a dollar...go back to where Wikipedia says that for every one new toman, U get 100 rials instead of 1toman for every 10 rials...the value of toman increases in relation to rials...in fact, it has increased tenfolds just like they said they would. Now we know that they are removing the zeroes from the value of toman and not the rial....we can go by what the Wikipedia says...1new toman=100 rials. My previous calculation...if u have 100,000 rials divide that by 100 rials...u get 1000 new tomans divide it by 1.3...and that's what u get in dollars for ur 100,000 rials. Cheers

[markb57]

😲   wait...what?????????  ok, if I have 1 million rial, that will translate to what in toman. I guess we really don't know what all this will translate to if and when the currency RV's. Since we all have the rial, we really don't know. Do we?????

 

This is very confusing....

[navira]

7 minutes ago, markb57 said:

😲   wait...what?????????  ok, if I have 1 million rial, that will translate to what in toman. I guess we really don't know what all this will translate to if and when the currency RV's. Since we all have the rial, we really don't know. Do we?????

 

This is very confusing....

Nothing will change in values of meat n other things in iran...the only  thing that will change is the face value of the currency...that my friend is translated into purchasing power...Iranian will enjoy that power outside country...cheers

[navira]

Those who hold rials will be glad they did...cheers

[navira]

25 minutes ago, markb57 said:

😲   wait...what?????????  ok, if I have 1 million rial, that will translate to what in toman. I guess we really don't know what all this will translate to if and when the currency RV's. Since we all have the rial, we really don't know. Do we?????

 

This is very confusing....

Yes, the bill has to be approved by the Guardian council...the president then signs...CBI will then carry out the plan

[pacmen]

So I guess we are Waiting on the Official Exchange Rate in Rial after the 4 zero remove from the Toman.....2.38 or .238 Times ???? Rial....Correct