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ABC-Iran Changes Currency Unit Back to Toman

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Iran's official IRNA news agency says that President Hassan Rouhani's administration is proposing changing the name and denomination of the country's currency.

The report says the Cabinet approved a measure on Wednesday calling for the change from the rial to the toman. One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.

The Iranian currency was known as the toman until the 1930s, when the name was changed to the rial at a rate of 10 rials to a toman. Many Iranians continued to use the old terminology even after the change.

Parliament will have an opportunity to weigh in on the proposed change before it goes to the constitutional watchdog Guardian Council for approval.

 

 

 

Doesn't look like anything is set in stone yet.

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FW....hate to disappoint you but Im not a "brother"        more like a sister ,girl, dudett , millionairess, female,  all of the above .....   

Talked with my banker buddy here in town to see if she was given even an Inkling of anything possible in the works. Nope She said that if or even if ever any country changes rates in a dramatic manne

I think people have misunderstood the March 21st date meaning.   This was not an RV date this was a unification of 2 rates becoming one. This will allow Iran to move forward and therefore go inte

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The Iranian government has decided, Wednesday, December 7 / December, at a meeting to delete the zero from the local currency and the launch Altoman by name instead of the rial.... I'm still re-reading this . These 2 changes seem separate. 1 for the local currency currently the rial . To remove 1 zero . The other change is to revert back to the old name which is the Toman

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Hypothetically speaking . Let's say the rial and the Toman are now equal after removing 1 zero from local currency the rial . 3900 . Let's say the all agree to that . Then by law they remove I believe 3 or 4 zeros like SC said . That would be very nice ????? Hypothetically speaking 

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16 hours ago, pokerplayer said:

Off Shore Investment. It's Adam's pet project for when we RV. I'm seriously considering joining. Hope that helps WmR.

pp

My full decision for joining OSI - a very, very sad and nasty divorce.  I haven't looked back since. :twothumbs:

15 hours ago, millionaire in training said:

Yes like PP said .....Off Shore Investment.  The more you understand it the more you realize that you need it.  We are fortunate that Adam has it in place here for members. Understanding how you will benefit from it is the key.  Before I came on this site it WAS on my agenda. Adam just made it easier for me. We have an OSI group here on this site with a whole lot of information. We're just not suppose to talk about it in open forum. If you are interested in joining Im sure if you PM Adam he'll be more than happy to assist you and answer any questions you might have. OSI has always offered lots of information for like minded people like us.  I would highly recommend it.  For me and my future it's a must have.    :twocents:

Preach sister MIT, preach! :twothumbs:

15 hours ago, millionaire in training said:

Also .....let me add to this by saying that it will also allow you to understand future investments because you will be surrounded by investors like yourself and opportunities if you wish to go forward with them.   

"Like Minded People"  my kind of crowd!

Something to think about.......:bulb:  :soon:

Definitely preparation for this life change to come, with professional guidance all throughout indeed! :twothumbs:

14 hours ago, screwball said:

Yes have been looking it to it and made good contact in Dubai in regards to offshore so I will investigate this fully and diversify. I am too drained of excitement but hard to control it with Iran...and Iraq they will go very close! 

Screwball........we are getting close.  We thank you for all of the scoop you continue to bring to us.  We definitely gotta' celebrate in person over drinks when this thing pops. :cheesehead:

2 hours ago, markb57 said:

Ok, now that everyone's blood pressure just jumped.................

I just hope my liver stays intact when the big day comes LOL :cheesehead:

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1 hour ago, blueskyline said:

Hypothetically speaking . Let's say the rial and the Toman are now equal after removing 1 zero from local currency the rial . 3900 . Let's say the all agree to that . Then by law they remove I believe 3 or 4 zeros like SC said . That would be very nice ????? Hypothetically speaking 

Ok.......ok.....I'm getting dizzy again.....because this can become a possibility......I need some air.......and a drink....:facepalm::cheesehead:

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3 hours ago, blueskyline said:

Pp I don't want to get ahead of myself . I feel it is for the good . I remember Screwball posting that it is in their Constitutional Law to remove 4 zeros . Let's see what Screw ball says . If they follow law and my understanding of the new named local currency the Toman and its zero or zeros is correct. 1 Toman would be worth .39 cents to the Dollar 

:facepalm::rocking-chair::praying::praying::praying::praying:

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http://abcnews.go.com/International/wireStory/iran-moves-change-currency-unit-back-toman-44030455

 

Iran Moves to Change Its Currency Unit Back to the Toman

  • By THE ASSOCIATED PRESS
TEHRAN, Iran — Dec 7, 2016, 7:05 AM ET

Iran's official IRNA news agency says that President Hassan Rouhani's administration is proposing changing the name and denomination of the country's currency.

The report says the Cabinet approved a measure on Wednesday calling for the change from the rial to the toman. One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.

The Iranian currency was known as the toman until the 1930s, when the name was changed to the rial at a rate of 10 rials to a toman. Many Iranians continued to use the old terminology even after the change.

Parliament will have an opportunity to weigh in on the proposed change before it goes to the constitutional watchdog Guardian Council for approval..... I agree . Let's wait and see ............Mark it looks like a terminology change . Just the name and denomination??? Who knows just yet . The change in the denomination may be within the change of the name from rial back to Toman (100,000 rial note is now 100,000 Toman with a Tomans worth ???We wait to see ???

Edited by blueskyline
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Not sure what this means as it's only carried on one news site...

Rial denomination of national currency will no longer exist

Tehran, Dec 7, IRNA – Rial denomination of national currency will no longer exist though it has lost value over the past 37 years the economy has been administered by different governments of the Islamic Republic of Iran.

 
82337215-71229816.jpg

Iranian government, in a cabinet session on Wednesday approved parts of a bill proposed by Central Bank of Iran (CBI) to replace Rial with the denomination of Toman equivalent to 10 Rials.

Dramatic fall of the national currency dates back to the former government during which Rial lost value 300 percent.

When the government of former president Mahmoud Ahmadinejad took office in 2005 the US dollar used to be sold at 10,000 rials at the banks. 

Devaluation of the national currency brought up the US dollar to 30,000 rials when the eight-year term of the government came to an end in 2013.

The government of the deposed shah used to keep value of Rial steady and shah's regime used to sell a US dollar at 70 Rials, the Iranian national currency.  

9341**1416

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 official stresses removal of banking obstacles for businesses

Beijing, Dec 7, IRNA – Foreign Ministry Deputy for Asia and Pacific Affairs Ebrahim Rahimpour stressed the need for removal of banking obstacles for business owners.

 
82336668-71228650.jpg

He made the remarks in Hong Kong where he has traveled to discuss issues of mutual interest with officials of the southern China region.

During his meeting with the President of the Legislative Council of Hong Kong Andrew Leong, he reviewed areas of cooperation between the two sides.

The two officials discussed ways of increasing trade exchanges and investments of Hong Kong-based companies in Iran’s infra-structural plans.

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Marriott is first US hotel group to eye Iran

Wed Dec 7, 2016 9:48AM
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  2. Iran
  3. Economy
The ruined city of Persepolis, which dates from 515 BC, is one the world’s finest examples of ancient history and is a declared World Heritage site.
The ruined city of Persepolis, which dates from 515 BC, is one the world’s finest examples of ancient history and is a declared World Heritage site. 

Marriott International has become the first US hotel group to announce its interest in the Iranian tourism market which is seeing a march by global hospitality companies in search of opportunities.

Alex Kyriakidis, president and managing director for the Middle East and Africa at Marriott, has said the hotel group is “very keen” to enter Iran, calling the country a “substantial market” in terms of demand for hotels.

American hotel and leisure companies such as Hyatt, Hilton, Sheraton and Starwood all operated properties in prime locations in Iran before the Islamic Revolution in 1979.

US firms are currently precluded from doing business under American laws and Marriott International, being a United States publicly-floated company, is not an exception – a fact that Kyriakidis acknowledged.

“Depending on what happens in the future and what agreements are reached between the United States and Iran, if the doors open legally to do business in Iran, we would be very keen to pursue that opportunity,” he was quoted by Dubai-based media as saying.

The announcement, however, put Marriot among a long list of global companies looking to steal a march on their rivals for a foothold in Iran.

32286960-d1e5-49d6-8e7b-b67535ac12cf.jpg The Salar Dareh Hotel next to the Alborz Mountains 

Visitor numbers have soared since Iran reached an international nuclear agreement, rising from 2.2 million annually in 2009 to 5.2 million in 2015.

International leisure groups are heartened by a raft of incentives which the country has put in place, including 100% tax holidays offered to hoteliers.

The government has made tourism a top priority for rebuilding Iran's economy, hoping to attract 20 million visitors a year by 2025. In 2014, the 4.8 million tourists brought around $6.5 billion in revenue to the country despite sanctions.

164a3c03-632b-405b-84ef-5baf7180cd37.jpg Spain's Melia Hotels International plans to open its five-star Gran Meliá Ghoo Hotel on the Caspian Sea next year.

Tourism made up 7.6% of Iran's GDP in 2015, which the country hopes to increase to about nine percent in 2016, according to Minister for Roads and Urban Development Abbas Akhoundi.

Once the seat of great empires, the country sits on the crossroads of civilians and retains lasting allure to visitors in diverse cultural, religious, medical, eco-tourism and adventure segments.

With the removal of sanctions, business tourism is also being given a great deal of consideration by international companies which are wooing the country for big stakes.  

Beside sitting on rich reserves of oil, gas and metals, Iran has a promising consumer sector with a well-educated population of 80 million.

The French group AccorHotels became the first international hotel group to enter the Iran market since the 1979 revolution, opening an Ibis hotel and a Novotel branch near Tehran’s international airport in September 2015.

2abbfc66-add7-4b4c-9019-69789be53fc2.jpg The Ibis and Novotel hotels at Imam Khomeini International Airport in Tehran 

Abu Dhabi-based-Rotana Hotel Management Corp, Spain’s Melia Hotels International and Germany’s Steigenberger Hotel Group are also settled in.

Rotana plans to open two hotels in Tehran in 2018 and two others in Mashhad in 2017. Melia is planning to open a 319-room hotel in 2017 on the Caspian Sea.  

32f963b7-23b4-4a22-9e65-8f20c1bd58a1.jpg A rendering of the Mashhad Rayhaan Hotel by Rotana (Photo by Rotana Hotels)

Iran plans to build 300 new hotels over the next five years. According to Akhoundi, projects are already underway to build some 170 four- and five-star hotels.  

Foreign companies are specially trying tap Iran’s huge religious tourism market in Mashhad and Qom which attract about 25 million pilgrims a year - more than Mecca in Saudi Arabia.

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Cabinet approves currency change bill

جلسه هیات دولت
News ID: 3844064 - Wed 7 December 2016 - 16:39
TEHRAN, Dec. 07 (MNA) – Cabinet headed by President Rouhani has approved change of official currency from current Rial to its superunit Toman, officially designated as Touman.

The bill however will be sent to the Parliament and needs approval before going effective as a law. On Wednesday, Cabinet meeting addressed ‘Central Bank of the Islamic Republic of Iran Bill,’ during which a proposal related to currency change was approved.

In the new system, each Touman will equal 10 Rials (Rls.). Touman had been during the economic history a major currency in Iran, with Rial only dominating the scene after the fall of Qajar period and the modern reforms introduced to the country.

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Iranian cabinet approves currency change

December 7, 2016
 
2297729.jpg

TEHRAN – The administration of President Hassan Rouhani approved a measure on Wednesday calling for the change of the national currency from the rial to the toman.

One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.

However, the approval should be ratified first by the parliament and then endorsed by the Guardian Council to take effect.

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A repost from old

He has, however, stuck with the intention to drop four zeros from the rial, converting 10,000 rials into one rial. He first announced the four-zero drop in April—changing from the three-zero drop that he announced in September 2009 after what he described as a long study by the Central Bank.

The shifting of implementation deadlines and the number of zeros to be dropped telegraphs considerable confusion within the Central Bank on what is really a rather minor policy issue with no impact on monetary policy. It begs the question of whether there is equal confusion on more important matters that could impact the economic health of the state. 

Back in April, Bahmani said the shift from dropping three zeros to dropping four would give the rial parity with the US dollar. Right now, $1 equals about 10,500 rials. By shifting the decimal point four digits to the left, one dollar will cost 1.05 rials.

Bahmani failed to say why Iran would want the rial to have parity with a currency the Islamic Republic says is dying and is rapidly being rejected by the rest of the world. Three years ago, Ahmadi-nejad ordered all government agencies to calculate foreign exchange requirements in terms of the euro. But Ahmadi-nejad’s own budget continues to use dollar conversions and only a handful of government agencies state foreign exchange in terms of the euro.

Ahmadi-nejad started a vocal campaign against the dollar, calling it a weak currency. Perhaps not coincidentally, that was just after the US Treasury started its campaign to limit Iran’s ability to conduct transactions in the dollar. 

The government has been talking about changing the national currency to get rid of the voluminous zeros ever since 2007 without ever actually doing anything about it.

The problem is that one rial will buy nothing. One rial is currently worth a tad more than 1/100th of a US cent. It takes 105 rials to make a single US penny.

The rial has dropped drastically since the Islamic revolution, from 70 to the dollar in 1979, to around 10,500 today.

Back in April, Bahmani said the name of the new currency would not change. He did not say Sunday why he had now changed his mind.

Bahmani said, “Some people think removing the zeros will weaken the national currency … but it will instead cut inflation. Removing four zeros will also facilitate trade.” But lopping off zeros is purely cosmetic and has nothing at all to do with inflation or the value of the currency. The main benefit of such a change is convenience. The public is no longer dealing with immense figures—millions, billions and trillions. A $100,000 house in Tehran is worth 1 billion rials.

If the rial indeed is configured to be close to a dollar, Iran will likely resurrect the dinar. The rial is officially divided into 100 dinars, but the dinar is now a relic recalled only by the very aged. The dinar effectively died with the gross inflation of World War II.

The rial was introduced in 1798 by the new Qajar Dynasty. In 1825, the Qajars changed the name to gheran. In 1932, the Pahlavi Dynasty switched from the gheran back to the rial, with the rial worth about 10 US cents of the day and divided into 100 dinars.

The Pahlavi rial slipped in value from about 10 to the dollar in 1932 to 70 to the dollar by the late 1950s. It then remained very stable—one of the world’s most stable currencies for two decades—until the 1979 revolution when it went into a sharp plunge.

The term rial (in various spellings) is currently used for the currencies of Brazil, Cambodia, Saudi Arabia, Yemen, Oman and Qatar.

Many countries shift the name of their currency when they lop off zeros and present the new currency as the end of inflation. Inflation, however, results from government policies, not the name of a currency.

Brazil, for example, used one new currency after another in the 1980s before creating the “real” in 1994 and simultaneously shifting its financial policies so as to end rampaging inflation.

Other terms that have been used for Iranian currencies over the centuries include the shahi, abbasi, naderi, dozari and toman. Most of those terms have monarchial connotations.

 

****Toman is in common usage, however, to mean 10 rials. It is the normal street term instead of rial. However, one toman is worth but 1/10th of a US cent.

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3 hours ago, blueskyline said:

Hypothetically speaking . Let's say the rial and the Toman are now equal after removing 1 zero from local currency the rial . 3900 . Let's say the all agree to that . Then by law they remove I believe 3 or 4 zeros like SC said . That would be very nice ????? Hypothetically speaking 

Yes and you notice no mention of the zero removal....

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1 hour ago, blueskyline said:

http://abcnews.go.com/International/wireStory/iran-moves-change-currency-unit-back-toman-44030455

 

Iran Moves to Change Its Currency Unit Back to the Toman

  • By THE ASSOCIATED PRESS
TEHRAN, Iran — Dec 7, 2016, 7:05 AM ET

Iran's official IRNA news agency says that President Hassan Rouhani's administration is proposing changing the name and denomination of the country's currency.

The report says the Cabinet approved a measure on Wednesday calling for the change from the rial to the toman. One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.

The Iranian currency was known as the toman until the 1930s, when the name was changed to the rial at a rate of 10 rials to a toman. Many Iranians continued to use the old terminology even after the change.

Parliament will have an opportunity to weigh in on the proposed change before it goes to the constitutional watchdog Guardian Council for approval..... I agree . Let's wait and see ............Mark it looks like a terminology change . Just the name and denomination??? Who knows just yet . The change in the denomination may be within the change of the name from rial back to Toman (100,000 rial note is now 100,000 Toman with a Tomans worth ???We wait to see ???

Agree but we need more information...

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I don't have rial, so this is not my hunt.  Wishing the best for you who do.  Just wanted to say I remember Breitling addressed the concern that a new Iraqi currency would make our dinar worthless.  He said that they could not just eliminate the value of our dinar - they would have to offer exchange to the new currency.  One would hope the same would apply to your rial.

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1 hour ago, Shedagal said:

I don't have rial, so this is not my hunt.  Wishing the best for you who do.  Just wanted to say I remember Breitling addressed the concern that a new Iraqi currency would make our dinar worthless.  He said that they could not just eliminate the value of our dinar - they would have to offer exchange to the new currency.  One would hope the same would apply to your rial.

 

Thanks for your honest opinion and thoughts with out bashing us that do Shedagal. +1 for your polite response.

pp

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I like the sound of that PP......From Screwballs article about " The shifting of implementation deadlines and the number of zeros to be dropped telegraphs (((considerable confusion))) within the Central Bank on what is really a rather minor policy issue with no impact on monetary policy. It begs the question of whether there is equal confusion on more important matters that could impact the economic health of the state.....looks like they are hiding something ???

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2 hours ago, blueskyline said:

I like the sound of that PP......From Screwballs article about " The shifting of implementation deadlines and the number of zeros to be dropped telegraphs (((considerable confusion))) within the Central Bank on what is really a rather minor policy issue with no impact on monetary policy. It begs the question of whether there is equal confusion on more important matters that could impact the economic health of the state.....looks like they are hiding something ???

Oh yeah they are hiding the real value with four zeros removed....this is getting real......

 

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