Iranian Rial

[screwball]

As I said until it's on the Cbi and rate changes....everything is on track

[screwball]

Keep climbing...

The US dollar broke the 40,000-rial threshold in Tehran's market on Wednesday, recording an all-time high for the currency.

While the American currency had begun to rally in November, the 40,000-rial threshold had been considered impenetrable by economic officials.

The currency was sold for 40,200 rials at the close of trade on Wednesday, according to the website of the Association of Bureaux de Change Operators of Iran.

A survey by Financial Tribune indicated, however, that the greenback changed hands for 40,300 rials in exchangers located in Tehran’s Ferdowsi Street–the currency market's hub.

Kamal Seyyed Ali, the head of Export Guarantee Fund of Iran and Central Bank of Iran’s former deputy for foreign exchange affairs, believes that the recent surge in forex rates–notably the US dollar–is fueled by market speculation and not real.

“Higher forex rates are needed for reducing imports and boosting exports. However, any surge in forex rates should take place with the central bank's direction,” he was quoted as saying by Eximnews.

The official noted that the central bank’s interference in forex markets is only for managing the market, dismissing recent allegations that CBI had intentionally raised forex rates to plug the government's budget holes.

“Central bankers are fully aware of higher forex rates’ impact on the country’s economy,” he said.

While the government and the central bank have come under fire for recent currency market swings, officials have sought to allay fears by saying that these fluctuations are only temporary and will abate as demand for the currency subsides.

 Masoud Khansari, the head of Tehran Chamber of Commerce, Industries, Mines and Agriculture, recently expressed concern about the government's policy to keep foreign exchange rates low, saying that was to blame for sudden market volatility in times of upheaval.

“The next concern is that the government tries to insist on lowering currency rates again and moves to inject cheap dollar into the market,” Khansari said on Tuesday.

Khansari said the previous administration eventually failed and in doing so, triggered a massive hike in currency rates.

Back in December, the governor of Central Bank of Iran, Valiollah Seif, said the forex rally is temporary and will by the end of the current fiscal year that ends next March, which is aimed at assuaging concerns about the recent surprise rally in currency markets.  

Seif also rejected that the government is in favor of increasing forex rates to make up for the budget deficit.

The central bank chief concluded by saying that the pattern of change in the market in the past three years has shown that foreign exchange rates "move on a downward trajectory during the final months of the year".

Causes

Seyyed Ali believes the US dollars’ growth in international markets and Donald Trump’s victory in the US presidential election has had the highest impact on forex rates in Iran.

“The OPEC's deal [to cut production levels] resulted in a slowdown in the forex rates' rally, but the impact did not last for more than a week,” he said.

"Allocating subsidized dollars for importing a larger volume of goods also contributed to the growth of forex rates in recent years."

Referring to the stability of foreign exchange rates in recent years, Seyyed Ali said, “The drop in inflation rate, oil price recovery and growth in the country’s non-oil exports were key factors that helped keep forex rates stable.”

Seyyed Ali also discussed the government’s decision to set the US dollar’s rate at 33,000 rials in the next budget and said “the budget plan does not force CBI to sell its forex resources at 33,000 rials, but rather it marks the lowest possible rate for the currency”.

“We cannot expect the dollar to be exchanged for lower than 37,000 rials,” he said, stressing that the government should have set the US dollar's rate in the 2017-18 budget higher.

[screwball]

Wonder who's driving it up....?

[md11fr8dawg]

Don't know. Any ideas Screw?

[gregp]

3 hours ago, screwball said:

 

3 hours ago, screwball said:

Wonder who's driving it up....?

My take on this it's good news. I would say the dual exchange rates have now been Unified with the high exchange rate. 

[Freedomwish]

Again, ready to make the trip to cash out whenever you guys say we're ready to!  Keeping the faith!! 

[climber7]

6 hours ago, screwball said:

ith the impending implementation of the plan to switch the Iranian monetary unit from rial to toman, the Central Bank of Iran may issue banknotes with higher denominations, the chief executive of a major private bank said.

“The change in the monetary unit has been in the making for a long time  and is still ongoing,” Hadi Akhlaqi, CEO of Bank Mellat, said in reference to the government’s recent decision to approve changing Iran’s monetary unit from rial to toman, which will lop off one zero from the current national currency.

The decision was made when ratifying the Central Bank of Iran’s bill during a Cabinet meeting in early December and awaits parliamentary approval.

“People usually use toman in their dealings and rial is practically eliminated, therefore the advent of toman has already occurred and now the government only seeks to make it official,” Akhlaqi was quoted as saying by IBENA, a news website close to CBI.  

While rial has been used as Iran’s monetary unit in official documents and budget statements, toman was being used more commonly in daily transactions by citizens, as growing inflation over the decades had made the use of rial inconvenient.

Officials have insisted that the proposed shift to toman should not be considered currency revaluation, as it is set to help ease money transactions for the public and respect societal norms.  

On the potential repercussions of a currency switch for the Iranian economy, the bank chief assured that the measure will be implemented in a way to have the least impact on economic stability. He added that the new notes must be issued gradually and “the costs will not be significant”.

“The change in the monetary unit paves the way for the issuance of banknotes with higher denominations. The central bank has been looking to issue larger denomination banknotes and as far as I know, the new and big denomination bills have already been designed,” he said.

  Currency Revaluation

Akhlaqi pointed out that the currency change proposal has seemingly had no significant impact on the country’s monetary variables, but it may exert a psychological effect that will not be negative.

The chief executive voiced support for proposals calling for the monetary switch alongside a proper currency revaluation.

This, he says, will reduce costs and save the people the hassle of dealing with multiple changes.

“I believe in this because the monetary unit change will entail costs for the country and if we are to have currency revaluation, it can be done at the same time as the monetary unit change,” he said.

Noting that the monetary change will see one zero dropped from the national currency, Akhlaqi added that the possible ensuing revaluation will lop off more zeroes, but a decision must be made regarding the exact number of zeroes that could be removed.

In recent years, many officials and pundits have stressed the benefits of dropping three to four zeroes from the Iranian currency. 

Opinion piece!....but I like it...

 

Okay,

I've been out of the loop for several days due to long work days,but this absolutely screams bad news to me.

All those years--especially in dinarland--where they belittle anyone who sneezes the word 'LOP' gets their heads lopped off.......and now they're actually using the term "lop" here regarding the rial and everyone thinks this is ok??!!

What am I missing? 

This just says to me we've lost  our investment here if they do what they say in this article and........LOP 

[screwball]

 

Airbus, Iran Air sign final deal: 100 passenger planes on plate

Tehran, Dec 22, IRNA – The Airbus company and Iran's civil aviation carrier Iran Air signed on Thursday the final contract for the purchase of 100 passenger planes, Airbus announced on its website on Thursday.

 

Calling the hefty contract as historical, the Europe-based multinational passenger plane producer said that according to the agreement between the company and the Iran Air, Iran can securely purchase 46 planes from the A320 family class, 38 planes from the A330 family class and 16 A350 XWBs. 

The first batch of the passenger aircrafts are expected to be delivered to the Islamic Republic of Iran in early 2017.

Iran Air Managing Director Farhad Parvaresh and Airbus Managing Director Fabrice Bregier signed the new contract, the report said. 

In the signing ceremony, Airbus managing director said that the general contract between the Airbus and the Iran Air encompasses issues like pilot trainings and the air traffic management.

exchange rates in recent years, Seyyed Ali said, “The drop in inflation rate, oil price recovery and growth in the country’s non-oil exports were key factors that helped keep forex rates stable.”

Seyyed Ali also discussed the government’s decision to set the US dollar’s rate at 33,000 rials in the next budget and said “the budget plan does not force CBI to sell its forex resources at 33,000 rials, but rather it marks the lowest possible rate for the currency”.

“We cannot expect the dollar to be exchanged for lower than 37,000 rials,” he said, stressing that the government should have set the US dollar's rate in the 2017-18 budget higher.

[screwball]

: 22/12/2016 | Time: 19:35|

Print Version |Send To Friend

 

Positive news soon on Iran-Pakistan banking ties: Envoy

Islamabad, Dec 22, IRNA – Positive news is expected within a month’s time regarding resumption of Iran-Pakistan banking ties, says Asif Khan Durrani Pakistan’s Ambassador to Iran.

 

The Pakistani ambassador in Tehran is in Pakistan these days to explain huge trade potentials in Iran for Pakistani businessmen.

Addressing Pakistani businessmen at the Chamber of Commerce and Industry of the city of Faisalabad in the eastern province of Punjab, Durrani urged the need for establishing enhanced connectivity and banking channels between Pakistan and Iran.

He said that in order to fully exploit the post-sanction opportunities, Tehran and Islamabad should embark on such imperative measures.

Pakistan and Iran enjoy good diplomatic relations but for different reasons they have not fully exploited yet their economic potentials to strengthen ties, he said.

Iran has a surplus of energy while Pakistan remains to be an energy-starved country, he said.

In a similar way, Durrani added, Pakistan can export to Iran different commodities including textile, agricultural products, etc. 

The Pakistani envoy said that unavailability of banking channels is a major obstacle to the promotion of trade between the two neighboring nations. 

[screwball]

Iran, Kazakhstan presidents vow to commence new round of banking cooperation

Astana, Dec 22, IRNA – President Hassan Rouhani and his Kazakh counterpart Nursultan Nazarbayev agreed on Thursday to start new round of banking cooperation through opening of new bank branches in both countries.

 

In the meeting between the two presidents, officials from both sides central banks were also present. 

Congratulating the 25th independence anniversary of the Republic of Kazakhstan, President Rouhani said that Iran immediately recognized Kazakhstan's independence and underlined that it would welcome continued expansion and bolstering of all-out relations and cooperation between the two neighboring states.

Iran is determined to expand all out cooperation with Kazakhstan, President Rouhani stressed.

In the latest meeting of Iran-Kazakhstan joint economic commission, the two sides took significant strides that should be continued through expansion of banking cooperation and issuance of visas, President Rouhani said.

Lauding the efforts made by Kazakhstan and its positive role during the landmark nuclear talks between Iran and G5+1, President Rouhani said Iran and Kazakhstan have always supported each other at international gatherings and should spare no efforts to increase such cooperation in regional and international developments. 

Iranian private sectors are to play active role in energy, agriculture, road construction, technical and engineering services in Kazakhstan and issuance of collective visas for tourist and businessmen will help boost relations between the two sides, President Rouhani said.

The Kazakh president, for his part, described Iran as the most important country in the region and also a good friend for Kazakhstan in the Islamic world. 

There exists huge untapped economic potentials between the two countries which all should be explored, he said while highlighting the significant role of Iran in the region and in Caspian Sea region in particular.

Kazakhstan welcomes expansion of cooperation in various fields such as energy, agriculture, oil and gas and mines, Kazakh president said. 

He also backed launching of direct flight between Tehran and Astana to help expand tourism industry.

A number of Iranian companies have signed long term lease contract for cultivation of agricultural products in about 700,000 acres in difference provinces of Kazakhstan. 

[screwball]

No lop....only revalue...wait for official from Cbi and rate change...also look for majlis to pass

[tigergorzow]

SB Thanks,   Iran is moving at lightning speed making Bank deals & Agreements in all aspects for economic reasons, etc. The Big purchase of Airplanes from the big names Airbus, Boeing is a done deal.  Either they are moving to get all agreements & deals done before Trump takes office or dead set on spending all that frozen funds in excess of possibly 100B or more.  BTW,  It looks like the revalue of their currency is coming down the pike as well IMHO.   

[screwball]

Iran Air inks deal with Airbus to buy 100 planes 

Thu Dec 22, 2016 4:7PM

1. Home
2. Iran
3. Economy

The file photo shows an Airbus A320 plane operating for Iran Air.

The European aviation giant, Airbus, has sealed a contract with the Iranian flag carrier, Iran Air, for the sale of 100 aircraft, worth over $18 billion dollars at list prices, to the Islamic Republic.

On Thursday, Iran Air Chairman and CEO Farhad Parvaresh and Airbus President and CEO Fabrice Bregier finalized the accord, which was initially signed in Paris back in January 2016, the France-based plane maker announced in a press release.

The agreement covered 46 Airbus A320 planes, 38 A330 planes and 16 A350 XWB aircraft, with deliveries due to begin in early 2017.

Airbus is the world’s Number 2 jet maker after Boeing, a US-based multinational plane manufacturer.

Bregier described the deal as “a significant first step in the overall modernization of Iran’s commercial aviation sector,” saying it also includes pilot training, airport operations and air traffic management.

Parvaresh, for his part, expressed delight at cooperation with Airbus, stressing it has paved the way “for more practical steps to follow for Iran Air’s fleet renewal.”

“Iran Air considers this agreement an important step towards a stronger international presence in civil aviation. We hope this success signals to the world that the commercial goals of Iran and its counterparts are better achieved with international cooperation and collaboration,” he added.

The deal with Airbus received the go-ahead from the US Treasury Department in November.

Earlier this month, Iran Air finalized a deal for 80 jetliners from US plane maker Boeing Co., with the planes scheduled to start arriving in 2018.

The deals were made possible after the US removed a ban on selling Iran passenger aircraft and spare parts following the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

Tehran and the P5+1 group of world powers, namely Russia, China, France, Britain, and the US plus Germany hammered out the nuclear accord in July 2015.

It went into effect in January and resolved a long-running dispute over Iran’s peaceful nuclear program.

[screwball]

Negin Khodro has announced the price for the new Renault Koleos large SUV in the local market at 2 billion rials ($50,000), according to Asre Khodro. The updated Koleos model, which replaces the much smaller older MPV car with the same name is targeting the latest vehicle at buyers interested in higher chassis vehicles. This large SUV will rival the likes of the Kia Sorento, Haima S7 and the Hyundai Santa Fe. The vehicle is expected to be arriving in Iran in “55 days” according to the company which sells the car in Iran. The new SUV will sit above Renault’s two other SUVs – the Captur and the Kadjar - and will focus on practicality and rear-seat space, making it sure to appeal to family buyers.

[screwball]

The Islamic Republic of Iran Customs Administration has fined a South Korean home appliance manufacturer about 30 trillion rials ($750 million at market exchange rate) for violating Iran’s import regulations and evading tariffs.

An inter-office IRICA letter published by Iran’s semi-official Tasnim News Agency on Wednesday said a South Korean company, whose was not disclosed, has dodged the payment of 18.2 trillion rials (over $450 million) in tariffs by shipping disassembled products through separate customs bureaus.

Home appliances are subject to import tariffs of more than 50%, if shipped as final products to Iran. However, the government imposes considerably less for parts used in appliance manufacturing in a bid to support domestic industries.

South Korean electronics giants, Samsung and LG Electronics, lead Iran’s home appliance market. While foreign products account for 65% of Iran’s home appliance market, the two South Korean companies hold a 55% share. 

Home appliances also account for 13% of all the goods smuggled into Iran.

[screwball]

12/21/16

Iran Floating Oil Storage Builds Up: Report

Source: Press TV

Iran currently has 28.95 million barrels of oil and condensate in floating storage, a rise of 2.1 percent over the past week, the Fars news agency says. 

Iran Najm Oil Tanker

Citing shipping data and sources which track tanker movements, the news agency said on Wednesday that 38 tankers with stored oil were parked in sea lanes close to terminals in four Iranian ports.

"Figures show 61 percent of the existing space for storage has been filled up," Fars added.

Another report said India's oil imports from Iran fell 19 percent in November from a record high the previous month.

Shipments from Tehran were about 620,000 barrels per day (bpd) oil in November, down from 765,500 bpd in October, but well above 138,100 bpd in November 2016, Reuters said.

According to the report, Saudi Arabia and Iraq raised sales to the world's third biggest oil consumer, regaining their positions as the top two suppliers.

OPEC members and other global producers agreed at the end of last month to cut output in a bid to bolster weak oil prices, with Saudi Arabia pledging to bear the lion's share of reductions.

The rise in the kingdom's exports to India is raising fresh questions about Riyadh's commitment to its pledge to cut output.

Supplies from Iran to India more than doubled in January-November to 468,900 bpd from 205,900 bpd in the same period last year, the data showed.

India's average Iranian oil imports in April-November rose 126 percent to 532,100 bpd and Tehran's share in overall purchases jumped to 12.5 percent from 5.9 percent, according to Reuters.

Since the lifting of sanctions in January, Iran has doubled oil exports as prices have recovered. Last month, the country was allowed by OPEC to raise output further while other members were obliged to slash. 

Europe represents Iran's biggest post-sanctions recapture of the lost market, where the continent currently receives more than 700,000 barrels per day of Iranian crude oil.

'Eni clinches Italy's biggest oil deal in Iran'

On Wednesday, the Mehr news agency said Italy's Eni had signed a contract to buy between 60,000 and 100,000 barrels per day of oil from Iran for one year.

The deal is the biggest sale of Iranian oil to Italy after Saras signed to take in 35,000-60,000 barrels per day of crude oil from the Middle Eastern producer earlier this year, the report said.

"Starting from January, 60,000 barrels at a minimum and a maximum of 100,000 barrels of oil is expected to be sold daily by the National Iranian Oil Company to Eni," the news agency said. 

"According to the terms of the agreement, 14.5 percent of the value of the exported oil will go to clearing the Italian company's investment in phase 1 and 2 of the Darkhovin oil field," Mehr added.

[screwball]

 

Iran sends first condensate cargo to Europe

Source: Press TV

Iran says it has sent its first cargo of gas condensate to Europe in a sign that shows the country is already expanding the market for its ultra light oil.

Processing of Natural Gas Condensate 
 

Managing Director of South Pars Gas Complex Masoud Hassani was quoted by the domestic media as saying that the cargo comprises one million barrels of condensate which can be used to make both fuel and plastic. 

Hassani added that South Pars Gas Complex has produced over 125 million barrels of gas condensate over a period of eight months starting 20 March 2016.

The figure, he added, is higher by 18 million barrels compared to the same period last year. 

The official further emphasized that most of the condensate produced in South Pars Gas Complex has been exported to Asia. 

Iran sells the bulk of its condensate to South Korea. In mid-July, the foreign media reported a major rise of 115 percent in South Korea's combined imports of crude oil and condensate from Iran. The jump was mainly associated with the country's interest in cheap Iranian condensate. 

Iranian officials have already emphasized that the country will be given more room for maneuver in the global energy market by converting condensate to products such as naphtha, aviation fuel and diesel. 

To the same effect, Iranian officials have already announced ambitious plans to build at least eight new condensate refineries in Pars Special Economic Energy Zone. This is meant to prevent further sales of raw material in favor of selling the end products.

Once fully operational, the eight refineries will have a daily production capacity of 24,800 barrels of condensate. Other key products include 128,000 barrels of light naphtha, 148,000 barrels of heavy naphtha, 29,600 barrels of aviation fuel and 149,600 barrels of diesel.

[screwball]

12/22/16

Iran inks deals as President Rouhani visits Kazakhstan

Source: Press TV

Iran and Kazakhstan have signed five agreements for cooperation on the second leg of Iranian President Hassan Rouhani's tour of the Central Asia. Rouhani and his Kazakh counterpart Nursultan Nazarbayev oversaw the signing of the accords in the capital Astana on Thursday, aimed at expanding economic relations.

Iranian President Hassan Rouhani (L) and his Kazakh counterpart in Astana
December 22, 2016 photo by Islamic Republic News Agency
 

The agreements cover such areas as livestock quarantine, shipping in the Caspian Sea, tourism, social welfare and cooperation between the central banks of the two countries to facilitate mutual business. 

Heading a high-ranking political and economic delegation, Rouhani began his tour in Armenia on Wednesday and is about to visit Kyrgyzstan next at the invitation of the respective countries' heads of state.

Iran- Kazakhstan high-level meeting in Astana
December 22, 2016 photo by Islamic Republic News Agency

Together with Russia and Belarus, Armenia, Kazakhstan and Kyrgyzstan form the Eurasian Economic Union (EAEU).

Ahead of his departure, Rouhani said ties with the three countries are highly important to Iran in the light of mutually-beneficial economic potentials.

He also underlined the importance of cooperation with the three countries for the Islamic Republic's national security.

"Over the past years, we have established closer ties with this group (EAEU)," said Rouhani, adding, "We are pursuing economic relations featuring preferential tariffs and ultimately free trade with these countries."
The ongoing talks, he said, also focused on the issues of terrorism and insecurity as well as unity among the nations to confront common threats.

... Payvand News - 12/22/16 ... --

[screwball]

US unveils regulations for easing trade with Iran

News ID: 3857561 - Fri 23 December 2016 - 12:51

Economy

TEHRAN, Dec. 23 (MNA) – The Office of Foreign Assets Control (OFAC) has issued new regulations Thu. allowing US experts to train their Iranian counterparts with their operation and maintenance.

According to Al-Monitor, Barack Obama administration is allowing relevant companies to send Americans to Iran to help with their operation and maintenance as a final move to facilitate trade bonds between the two countries before Donald Trump takes over as president.

Under the new regulations unveiled by the Treasury Department on Dec. 22, American companies will have an easier access to the 80-million-strong Iranian market for selling their drugs, medical devices and agricultural commodities. Meanwhile, the Office of Foreign Assets Control (OFAC) is also “allowing relevant companies to send Americans to Iran to help with their operation and maintenance.”

Tyler Cullis of the pro-engagement National Iranian American Council deemed the Obama administration move “breaking a taboo” and a “pretty big deal moving forward”.

Back in September, the US Treasury Department had issued the necessary licenses for Boeing and Airbus to go ahead with aircraft sale to Iran and presumably offer services such as pilot training, maintenance and repairs.

The new OFAC regulations will also provide training in various fields and expand the scope of US exports activities on medical devices and agricultural products to Iran. 

[screwball]

US allows export of new goods to Iran

Tehran, Dec 23, IRNA – The US Treasury announced on Friday that it will issue a fresh list of the medical and agricultural goods allowed for export to Iran.

 

The US Treasury Department website announced the US Treasury Office of Foreign Assets Control had annexed a note to regulations on Iran sanctions to expand the list of medical and agricultural goods exportable to Iran. 
'The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Iranian Transactions and Sanctions Regulations…to expand the scope of medical devices and agricultural commodities generally authorized for export or reexport to Iran,' the release stated.
The website also includes new items subject to elimination of sanctions, including training, replacement parts, software and services needed for maintenance of medical devices.
The new regulation has also clarified the meaning of legal terms.
According to the US treasury announcement the new list will be published on Friday and will be enforce since publication.
1420

[screwball]

Just curious anyone tried Citibank if they buy and sell rials? Buy:sell rate!

[screwball]

Non us banks....doesn't mean wellsfargo or Citibank won't exchange soon..

[screwball]

 

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Your money faster with Azer Turk Bank

23 December 2016 14:08 (UTC+04:00)

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Baku, Azerbaijan, Dec. 23

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[screwball]

22 hours ago, md11fr8dawg said:

Don't know. Any ideas Screw?

Irans Cbi is driving it up....it has been on a rapid rise for the past 12 months 

[screwball]

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