Iranian Rial

[screwball]

It doesn't really have to make sense, look at the long of countries to remove zeros, including Iran who for years have agreed to remove four only to discuss the removal of one? I am not sure how they think their Currency on the forex will meet its reality value with only one zero removed? It's definitely a complete financial reboot and re balance of the books that can only occur with all the zeros removed, somfor me it's a wait and see what rate theye enter the international market at? And as I mentioned previously it still needs to be debated with parliament! As I have always said we only know what we know because they want us to know it? But what are. They not telling us and why?

[screwball]

Iran's Cabinet votes to change national currency

President Hassan Rouhani’s Cabinet voted on Dec. 7 to approve a bill that proposes to change Iran’s currency from the rial to the toman, and to remove one zero, the official Islamic Republic News Agency (IRNA) reported. The measure was proposed by the Central Bank of Iran (CBI) and needs parliament and Guardian Council approval to take effect.

Summary⎙ Print Decades after the first plan to slash zeros from the Iranian rial, President Hassan Rouhani’s Cabinet has sent a bill to parliament to change the name of the country's official currency and re-denominate it. 

Author Changiz M. VarziPosted December 8, 2016 

The move came less than a month after Abolfazl Akrami, director general for economic affairs at the CBI, told the semi-official Iranian Student News Agency that the CBI had no plans to slash zeros from Iran’s national currency. On Nov. 14, he stressed, “If inflation rateremains below 10%, if we manage to unify multi-tier exchange rate and if economic growth remains stable, then we can remove [a] zero from the national currency.” Iran currently has two exchange rates; the CBI fixes the official one, and the other is the informal open market rate.

Meanwhile, the deputy governor of the CBI, Akbar Komijani, on Dec. 8 told the IRNA that the move should not be considered as the implementation of “monetary correction” in the country, but to “respect the public and accept the currency that they use on a daily basis.”

The rial has been Iran’s official currency since March 23, 1932. Nevertheless, apart from officials and due to the sharp fall of the rial’s value in recent years, Iranians in their daily lives use the toman, which is equal to 10 rial. Neither "rial" nor "toman" are Persian words, but have Turko-Mongol and Spanish-Portuguese origins, respectively, with "rial" deriving from "real" (royal).

It is not the first time Iranian authorities proposed a program to eliminate zeros from the national currency. In 1993, the CBI worked on a plan to remove three zeros from Iran’s currency, but officials never reached an agreement on the proposal. Then on Jan. 20, 2010, the proposal was in the spotlight again when former President Mahmoud Ahmadinejad announced that his administration would remove three zeros from the national currency — that plan was never implemented either.

Analysts believe that the unknown outcomes of such plans are the main reasons administrations avoid removing several zeros from Iran’s currency. The Reformist Shahrvand newspaper in a Dec. 8 article published the viewpoints of various economists on the recent decision to change the official currency.

The daily quoted Hadi Hagh-Shenas, an economist and former member of parliament, as saying that “nothing will change” in Iran’s economy by slashing one zero from the national currency. “It has been a long time since the public used the toman to trade. The official market has also been working with the toman. Today, the rial has no meaning in our country.”

The daily Etemad also said that removing one zero from the currency will not resolve Iran’s economic issues. “Facilitating daily trade, simplifying accounting operations, and reducing the expenses of issuing banknotes were the main reasons to remove zeros from the currencies in other countries,” wrote the daily. “If we remove only one zero from our currency, none of those goals can be met.”

Meanwhile, the government-run newspaper Iran warmly endorsed the move and led its coverage of the bill with “Toman: The New Currency of Iran.” The daily quoted Mohsen Bahrami Arze Aghdas, a member of the Tehran Chamber of Commerce, as saying, “This will be a good move in favor of our national economy.”

Read more: http://www.al-monitor.com/pulse/originals/2016/12/iran-cabinet-vote-rial-toman-redenomination-name-change.html#ixzz4SJ0xjmfa

[screwball]

This is spot on....

The daily Etemad also said that removing one zero from the currency will not resolve Iran’s economic issues. “Facilitating daily trade, simplifying accounting operations, and reducing the expenses of issuing banknotes were the main reasons to remove zeros from the currencies in other countries,” wrote the daily. “If we remove only one zero from our currency, none of those goals can be met.”

[markb57]

so at a 10-1 rate, 1 million rial = one hundred thousand toman. that about right? if so, then we have already lost quite a bit. or am I all wrong.

[screwball]

This is exact reason why they must remove four....

[screwball]

Just now, markb57 said:

so at a 10-1 rate, 1 million rial = one hundred thousand toman. that about right? if so, then we have already lost quite a bit. or am I all wrong.

As I said I am not concerned with the 10:1 rate...the only rate I will accept,is one where all zeros are removed as per above..

[screwball]

Until they chnaGe rate officially and it's on the forex all smoke and mirrors iMHO

[screwball]

The rial has been Iran’s official currency since March 23, 1932. Nevertheless, apart from officials and due to the sharp fall of the rial’s value in recent years, Iranians in their daily lives use the toman, which is equal to 10 rial. Neither "rial" nor "toman" are Persian words, but have Turko-Mongol and Spanish-Portuguese origins, respectively, with "rial" deriving from "real" (royal). Smoke and mirrors!

[markb57]

but the toman is not a physical currency at this time, right? it's just an assumed currency with a value of 10-1

[screwball]

4 minutes ago, markb57 said:

but the toman is not a physical currency at this time, right? it's just an assumed currency with a value of 10-1

Correct

[blueskyline]

I believe so Mark ... And my thinking is ....1 toman = 10 rial 

                                                                  1 toman = 10 rial (remove 1 zero from local currency )

                                                                   1 toman = 1 rial  ( remove the name rial from currency 

                                                                   1 toman = 1 toman 

Edited December 9, 2016 by blueskyline

[markb57]

Oh!!!!!!! I like the way you think. I hope this is true. I so need to retire....

[blueskyline]

I'm not certain Mark . But I do feel the truth is with in all the articles they have released about the currency . Its confusing by design in my opinion . We wait to see what they do .

 

[screwball]

23 minutes ago, blueskyline said:

I believe so Mark ... And my thinking is ....1 toman = 10 rial 

                                                                  1 toman = 10 rial (remove 1 zero from local currency )

                                                                   1 toman = 1 rial  ( remove the name rial from currency 

                                                                   1 toman = 1 toman 

Well broken down...

[blueskyline]

Thank You Screwball .Thank You for all your work also . Hopefully this is the case . Followed by 

                                                             3900 Tomans = 1 USD

  ( remove more zeros or decimals from) 3900 Tomans = 1 USD

                                          (leaving us ????) Tomans = 1USD

                                              With great hope will be be very nice ???

Edited December 9, 2016 by blueskyline

[screwball]

2 hours ago, blueskyline said:

Thank You Screwball .Thank You for all your work also . Hopefully this is the case . Followed by 

                                                             3900 Tomans = 1 USD

  ( remove more zeros or decimals from) 3900 Tomans = 1 USD

                                          (leaving us ????) Tomans = 1USD

                                              With great hope will be be very nice ???

Considering Iran dev,sued their currency from 12500-32000 overnight anything is possible!

[pokerplayer]

Currency Facts

IRR Stats

Name: Iranian Rial

Symbol: ﷼

Minor Unit:
1/100 = Dinar

Central Bank Rate: 0.00

Top IRR Conversion:
USD/IRR

Top IRR Chart:
USD/IRR Chart

IRR Profile

Inflation: 11.90%

Coins:
Freq Used: ﷼50, ﷼100, ﷼250, ﷼500, ﷼1000

Banknotes:
Freq Used: ﷼100, ﷼200, ﷼500, ﷼1000, ﷼2000, ﷼5000, ﷼10000, ﷼20000, ﷼50000, ﷼100000

Central Bank:
Central Bank of the Islamic Republic of Iran
Website: http://www.cbi.ir

[blueskyline]

Oh well .... looks like 1 Toman = 10 rial after dropping 1 zero. Still an increase . Inflation is high also . Let's see what they do next . Thanks Poker.

Edited December 9, 2016 by blueskyline

[screwball]

1 hour ago, blueskyline said:

Oh well .... looks like 1 Toman = 10 rial after dropping 1 zero. Still an increase . Inflation is high also . Let's see what they do next . Thanks Poker.

Lol....until it's internationally traded and we can cash in all we can do is wait...

[screwball]

Nothing to worry about....yet

Edited December 9, 2016 by screwball

[pokerplayer]

1 hour ago, screwball said:

Nothing I am worried about..

Actually I'm not either. It is not a matter of *if* anymore but *when*.

pp

[screwball]

Zarif: Iran ready for interaction with world

Tokyo, Dec 9, IRNA – Foreign Minister Mohammad Javad Zarif said on Friday that Iran is ready to have interaction and cooperation with the world.

 

Addressing a group of Japanese intellectuals working on international affairs (JLLA), he said nuclear deal is not a bilateral agreement between Iran and the US enabling the US to resume talks or walk it out, but it is a type of agreement that the European Union has been directly involved and the United Nations has approved through a Security Council resolution.

the Joint Comprehensive Plan of Action (JCPOA) is a multilateral treaty and it will be to the benefit of the US and other sides to remain committed to such internationally recognized treaty. 

The best scenario for the Americans is to return the economic sanctions to its previous status since the sanctions will not bear fruits to them. If they could have destroyed our economic system through sanctions, they would not have attended the negotiation table, he said. 

'We have learned how to ensure our security with reliance on our people and seeking interaction with the world, but if such ties are cut, we will not die,' he said.

During economic sanctions, Iran attained significant developments in various fields since the will of Iranians never failed and to the same reason, Iran tries to continue its efforts along with its friends at the international community to continue sound implementation of the JCPOA, Zarif said.

For many years, each party insisted on its own stands, he said, adding that Iran underlined its legitimate nuclear right and the US claimed that Iran should not have even one single centrifuge, but that way of dealing with the issue could not last for ever, he said. 

When President Rouhani took office, Iran redefined the issue and adopted a different approach in handling the problem, the foreign minister said.

[screwball]

 

Minister calls for further Iran-Czech Republic banking cooperation

Tehran, Dec 9, IRAN - Economy Minister Ali Tayebnia conferred on Friday with the Speaker of the Chamber of Deputies of the Parliament of the Czech Republic Jan Hamáček on expansion of economic and banking cooperation between the two countries.

 

In the meeting, Tayebnia welcomed investment of Czech companies in Iran. 

Both sides called for more visits between political and economic delegations of the two countries.

Expressing satisfaction over Iran-Czech Republic Joint Economic Commission meeting, the Czech speaker voiced the readiness of his country's investors for joint investment projects in Iran mainly in the auto industry and rail tracks.

Highlighting Iran's capabilities and the country's significant growth in commerce, energy, industries and mining, Tayebnia said Iran has a remarkable status in the region and welcomes investment of Czech companies in the country. 

He also called for expansion of banking cooperation between the two countries. 

1430**1771

 

 

 

 

• سياسي
• Iran
• Czech Republic
• Tayebnia

Contact Editor-in-chief:  newsroom@irna.ir 

[Freedomwish]

8 hours ago, screwball said:

Nothing to worry about....yet

 

8 hours ago, pokerplayer said:

Actually I'm not either. It is not a matter of *if* anymore but *when*.

pp

I say we're still better here than going nuts in Las Vegas .....ALL OR NOTHING!! 

But of course, praying for something! 

[screwball]

 

Stability and peace in Iran's economy apt ground for developing economic ties

Stockholm, Dec 9, IRNA – Speaking in a meeting with International Council of Swedish Industry (NIR) members, Presidential Chief of Staff Mohammad Nahavandian said that stability and peace prevailing Iran's macroeconomy have prepared the grounds for developing economic interactions and investment.

 

Saying various fields of Iran's economy have especial conditions at the present juncture, he said that now firms, owner's capital and world economic activists will have access to better facilities here and easier cooperation with Iran.  

Referring to the fact that private sector has become more active in Iran's economic activities; he added that private sector plays the biggest role in country's economy now.

He noted that Swedish firms would be able to establish wide cooperation with Iran's private sector.

International Council of Swedish Industry (NIR) is the biggest economic organization of the country consisting of firms and financial administrations which do half of Sweden's exports.

Nahavandian arrived on Thursday evening in Stockholm to confer with the country's top economic officials on expansion of cooperation between the two countries.
9376**1424

 

 

 

 

• سياسي
• Nahavandian
• Iran
• Sweden

Contact Editor-in-chief:  newsroom@irna.ir