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Iranian Rial


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On 2/2/2023 at 5:51 PM, screwball said:

hoping for same time as Iraq but with everything thats going on in the world and collapse of the USD could be close..

 Boy you sure do get around screwball, you provide a lot of good information. I agree with you, with everything collapsing s***'s gonna hit the fan.  2023 is going to be an interesting year and I believe it starts in the month of March which is now.

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On 3/5/2023 at 12:54 AM, Gypsygirl11 said:

 Boy you sure do get around screwball, you provide a lot of good information. I agree with you, with everything collapsing s***'s gonna hit the fan.  2023 is going to be an interesting year and I believe it starts in the month of March which is now.

texas will have gold backed digital be september 2023...launch date! trump will be CIC and President by then he is lready serving his second term and soon 3rd term 

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On 8/14/2019 at 10:25 AM, navira said:

Hey Floridian, there was an article not too long ago where they said the deletion of 4 zeroes from the value of the currency...that being 1toman=10rials. 1 rial= .0000238 cents

Notice there are 4 zeroes from the value...That's where they are going to delete the zeroes from...the nominal value of the rate(this is how interpret the article)...I have always emphasized  to concentrate on 1 toman= 10 rials cause this is  where they will base the rate on as far as the gold price in gram...Wikipedia states that new toman will equal 100 rials...now I could play with the numbers n get us back to 1,000,000 rials equal to 238, 000 dollars instead of 23,800 dollars.

nice reminder

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On 8/17/2018 at 8:31 PM, screwball said:

TEHRAN, Aug. 12 (MNA) – Central Bank of Iran (CBI) on Saturday night issued a statement on the recent developments at the Foreign Exchange Market according to the government’s new currency package.

The statement is read as follows, “with the implementation of the government’s currency package, any transaction of foreign currency by importers, exporters and moneychangers has been authorized at the FOREX Market at the negotiable price, so that the Secondary Foreign Exchange Market, which is the wholesale market of currency for the provision of goods required in the country, has been established by the majority of currency activists in the country. In addition, the rate envisioned at the Secondary Market has been obtained without interference of the Central Bank of Iran (CBI), so that discovery of exchange rate will be continued at the Secondary FOREX Market naturally.

“People should be ensured that all demands for the provision of staples, basic commodities and drug will be met with the governmental exchange rate at 42,000 rials. According to the new currency package offered by the government, FOREX and exchange shops can embark on transacting currency within the framework of the directives issued by the Central Bank of Iran (CBI). In addition, the price of currency, obtained from total transactions conducted at the FOREX shops, can be visited on the following website: http:///www.sanarate.ir.

“On the other hand, Central Bank of Iran (CBI) announces that a part of currency demand is related to the natural needs of people for maintaining value of asset.”

MA/IRN82998155

iraq must follow same path with regarding transactions of foreign currency......they are in the process

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On 2/17/2018 at 8:47 AM, screwball said:

The bank is also launching a new electronic system on Saturday to facilitate forex transactions and gradually move all trading to the platform in a bid to promote transparency in the market.

yep remember this, they were pushing the exchnage rate unification and a singe forex rates....

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On 11/16/2017 at 4:02 PM, 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."

 

old...do,you think their view has changed?

iran and iraqs views are same, both under law are priced against gold and silver

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On 11/11/2017 at 9:36 AM, blueskyline said:

In line with plans to eliminate the US dollar in Iran's foreign trade by clinching monetary agreements, the Central Bank of Iran is pursuing the policy of expanding the role of Iranian currency in the basket of its major trade partners, the head of CBI's Exports Department said.

"The goal of the central bank is to entrench the rial in the currency basket of other nations, meaning that our major business partners would employ the Iranian national currency for imports as we use their national currencies," Samad Karimi was also quoted as saying by the official website of CBI.

The official, who was speaking in a late-night television program, added that such a goal would be realized through negotiations with trade partners to open accounts for Iranian commercial banks in local currencies.

things  have NOT changed their plans will soon be reliazed @pokerplayer

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T he Central Bank of Iran’s Exports Department has sought to provide more details on the online gateway recently established for allowing members of the banking system to better trade in foreign currencies, stressing on its importance for unifying the dual foreign exchange rates.

“The establishment of this system facilitates the process of unifying forex rates and is considered a platform for realizing this goal,” Samad Karimi, the head of the department, also told ILNA.

In the system first launched in Sept. 2016 and made operational on Oct. 29, 2017, which is officially referred to as the Electronic Trade System, members of the interbank market can engage in forex deals at higher speeds and with greater efficiency.

According to Karimi, the project is one of the many measures taken in line with establishing a managed floating foreign exchange system.

CBI’s promise of unifying the rates by the end of the previous fiscal year (March 20, 2017) has remained unfulfilled, prompting CBI Governor Valiollah Seif to promise that the goal will be realized soon in the new administration that took office in the summer.

Another important step, the official notes, was CBI’s mid-summer directive that allowed banks to engage in trading foreign currencies at free market rates, as opposed to being limited to the official rates that are considerably lower.

“The ETS is aimed at increasing the depth of cash deals in the interbank market and directing forex transactions to the banking system [and away from moneychangers] to act as one of the major tools of realizing the rate unification goal,” he said.

“Banks can move to make up for their forex resource deficits in the market within the system with a positive open net position and quickly balance their position and manage their forex market risk.”

Referring to another function of ETS as providing better liquidity risk management, he elaborated that exporters, foreign investors and natural and legal persons active in the economy with forex assets will be able to sell their assets in the interbank market at open market rates and convert them into rial.

As to other functions of the system, Karimi said it closely follows forex transactions while supporting the sale and purchase of currency by and from non-oil exporters, investors and foreign companies.

“Although as part of the next phases and if the rate unification plan is implemented, currency forward, currency option and currency swap transactions will be handled by the system, cash transactions must first find their place in the system,” he added.

The central bank official noted that hard currency will be supplied more efficiently to members of the interbank system with the added benefit being the correspondent role it bestows on banks to purchase forex from exporters, foreign investors and companies.

“Banks will introduce their official correspondent accounts to exporters, whereby they deposit their foreign currency to the accounts and banks will sell them in the interbank market,” he elaborated, adding that if the banks do not possess the rial resources to purchase the hard currency, they will be able to sell it to the central bank.

In other words, the system eases the process of getting finance for local businesses and directs forex transactions of exporters to the banking system while incentivizing businesses to conduct their work through the system, as it entails risks lower than those of exchange shops.

“Increasing the presence of banks in the market provided by this system enhances its credibility and will cause the foreign currency resources and expenses of the country to be managed better, clearer and at higher speed,” Karimi concluded.

 

https://financialtribune.com/articles/economy-business-and-markets/76535/forex-ets-to-expedite-irans-plans-for-rate-unification

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Just now, screwball said:

“The ETS is aimed at increasing the depth of cash deals in the interbank market and directing forex transactions to the banking system [and away from moneychangers] to act as one of the major tools of realizing the rate unification goal,” he said.

 

Just now, screwball said:

Although as part of the next phases and if the rate unification plan is implemented, currency forward, currency option and currency swap transactions will be handled by the system, cash transactions must first find their place in the system,” he added.

 

Just now, screwball said:

“Banks will introduce their official correspondent accounts to exporters, whereby they deposit their foreign currency to the accounts and banks will sell them in the interbank market,” he elaborated, adding that if the banks do not possess the rial resources to purchase the hard currency, they will be able to sell it to the central bank.

 

Just now, screwball said:

the system eases the process of getting finance for local businesses and directs forex transactions of exporters to the banking system while incentivizing businesses to conduct their work through the system, as it entails risks lower than those of exchange shops.

 hmmm...sounds to me what iraq is doing

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GCC Willing to Hold ‘Serious’ Talks With Tehran

 
GCC Willing to Hold ‘Serious’ Talks With Tehran
GCC Willing to Hold ‘Serious’ Talks With Tehran
. . . . .

T he Persian Gulf Cooperation Council said the normalization of relations between Iran and Saudi Arabia has contributed to the region’s stability, expressing willingness to engage in serious discussions with the Islamic Republic.

Jasem Mohamed al-Budaiwi, the secretary general of the GCC, made the statement in an interview with Al Jazeera on Wednesday.

Budaiwi said the entire Persian Gulf countries have welcomed the normalization process between Saudi Arabia and Iran as Riyadh-Tehran ties can contribute to the stability of the region.

“We are willing to hold deep talks with Iran within international conventions,” the GCC’s secretary general underlined.

Pointing to the economic woes facing Arab countries in the Persian Gulf region, Budaiwi described the economic issue as the “biggest and most important challenge” for the littoral states.

“We are working on completing some elements to reach economic integration,” he said, adding, “There is a conscious will among Persian Gulf leaders to achieve this goal.”

On March 10, after several days of intensive negotiations hosted by China, Iran and Saudi Arabia agreed to restore diplomatic ties and reopen embassies seven years after their relations were severed.

In a joint statement after signing the agreement, Tehran and Riyadh highlighted the need to respect each other’s national sovereignty and refrain from interfering in the internal affairs of one another.

They agreed to implement a security cooperation agreement signed in April 2001 and another accord reached in May 1998 to boost economic, commercial, investment, technical, scientific, cultural, sports, and youth affairs cooperation.

The meeting between Iranian Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Prince Faisal bin Farhan Al Saud on April 6 marked the first such meeting in seven years and emphasized the need to implement the China-brokered agreement.

Iran appointed Alireza Enayati as the Iranian envoy to Riyadh in May. Enayati had previously served as Iran’s ambassador to Kuwait, assistant to the foreign minister and director-general of Persian Gulf affairs at the Foreign Ministry.

On May 11, Iran’s foreign minister announced that Saudi Arabia had appointed a new ambassador to Tehran, in line with the China-brokered March agreement between the two countries to revive relations.

Diplomatic relations were severed by Saudi Arabia in January 2016, after Iranian protesters, angered by the execution of prominent Shia cleric Sheikh Nimr Baqir al-Nimr by the Saudi government, stormed its embassy in Tehran.

https://financialtribune.com/articles/national/119300/gcc-willing-to-hold-serious-talks-with-tehran

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