Iranian Rial

screwball · December 23, 2016

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climber7 · December 23, 2016

21 hours ago, climber7 said:

which will lop off one zero from the current national currency.

21 hours ago, climber7 said:

the possible ensuing revaluation will lop off more zeroes,

SB,

While I respect your courage and conviction,and your opinion, this clearly says LOP

How does the word LOP not translate into a LOP which it says they will do?

Not trying to be difficult--just realistic and reading what's in front of our eyes.

screwball · December 24, 2016

10 hours ago, climber7 said:

SB,

While I respect your courage and conviction,and your opinion, this clearly says LOP

How does the word LOP not translate into a LOP which it says they will do?

Not trying to be difficult--just realistic and reading what's in front of our eyes.

Seriously if you think they are going to lop then sell.....go back and re read all the previous articles...

screwball · December 24, 2016

Clearly this investment and the Dinar is not for you...

screwball · December 24, 2016

It comes with risk....

screwball · December 24, 2016

This screams exchange rate...and revaluation ...believe what you read and will

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.

screwball · December 24, 2016

US allows more Iran exports, training Iranians

Fri Dec 23, 2016 10:8AM

The US Treasury Department has loosened exports of authorized medical devices as well as agricultural goods to Iran as well as the training of Iranian health professionals by Americans.

The US Treasury Department says it has amended transactions restrictions on Iran to allow the exports of authorized medical devices and agricultural commodities to the country.

A statement by the Treasury’s Office of Foreign Assets Control (OFAC) said the changes to the Iranian Transactions and Sanctions Regulations (ITSR) would be effective as of Friday, 23 December 2016.

“OFAC is adopting a final rule to amend the licensing provisions of the ITSR to expand the scope of medical devices and agricultural commodities generally authorized for export or reexport to Iran,” read part of the statement.

The Treasury’s new Iran regulations also include new or expanded authorizations for training Iranian healthcare professionals to use and maintain medical devices.

It further added that the changes would be implemented “in response to feedback from the regulated public regarding improving patient safety, provide new or expanded authorizations relating to training, replacement parts, software and services related to the operation, maintenance, and repair of medical devices, and items that are broken or connected to product recalls or other safety concerns”.

The move as explained above could allow Americans to train Iranians and is already drawing praise as a sign that the administration of US President Barack Obama was “breaking a taboo” toward Tehran.

“It’s a pretty big deal moving forward,” Tyler Cullis of the National Iranian American Council told Al-Monitor.

“It allows Iran to reach the full benefit of the medical devices that OFAC, up until this point, has allowed to be exported there,” Erich Ferrari, a sanctions lawyer who represents medical device makers’ interests before OFAC, also told Al-Monitor.

“A lot of these devices are more complicated, and there’s just a dearth of non-US personnel available to provide that type of training.”

He predicted that the Trump administration would have little incentive to overturn the new OFAC regulations on Iran.

“It’s all in furtherance of humanitarian trade,” he said. “And there’s congressional will for this type of trade to be unimpeded.”

Comments (20)

mac6 hours ago

it has nothing with humanity,usa need iranian doctors and seargents,and they cant get them grown in side,or its allies.

Reply

+1

-0

You know what?6 hours ago

If any Americans comes in Iran to train, be very careful that they are CIA agent they come to export their fake democracy.

Reply

+1

-0

Very Perplexed6 hours ago

What type of equipment and skill is this that the Iranians cannot produce indigenously or with India's help or Russia's help or Eastern European help, or Cuba's help? I would like to know.

Reply

+1

-0

Latest News

CBI Expects Forex Rate to Drop on Jan. 1

The US dollar exchange rate is expected to drop after the New Year Eve, the Central Bank of Iran’s head of Exports Department.

The currency registered a big recent rally in Tehran market, reaching an all-time high against the rial on Wednesday.

“The recent surge in dollar’s exchange rate is mainly caused by growth in demand and shortage of the currency in the market. Demand will decrease after the turn of New Year,” IRNA quoted Samad Karimi as saying on Thursday.

The official warned the public to refrain from exchanging their assets for foreign currency and dabbling in speculative activities.

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

The greenback was slightly down on Thursday and exchanged for 40,150 rials at the close of the day.

Earlier, the central bank had repeatedly announced that the forex rally is temporary and will abate by the end of the current fiscal year (March 20), rejecting claims that the government is in favor of increasing forex rates to make up for its budget deficit.

“The CBI is prepared to control rates in the market during the final months of the Iranian fiscal year, by using revenues from non-oil exports,” Karimi said.

According to the secretary-general of the Association of Petrochemical Industry Corporations, petrochemical companies have reached an agreement with CBI to inject currency into the market in an orderly weekly basis.

At the same time, Karimi admitted that speculation, forex futures deals and smuggling of foreign currencies are making it difficult for CBI to regulate the market.

The central bank has been taking measures to limit unhealthy operations in the forex market, including a crackdown on unauthorized moneychangers and allowing banks to conduct forex operations in the open market.

screwball · December 24, 2016

Members of the Iranian Parliament approved last week a ban on introducing “new” tax exemptions and discounts for the next five years.

The measure was proposed by the government as part of the sixth five-year development plan (2016-21) and aims to reduce reliance on oil by boosting tax revenues.

The move, though the wording “new” would cast doubts and create ambiguities over its consequent implementation–and perhaps gives rise to misinterpretation, infringement and abuse–has had mixed reactions on the part of economists and experts ever since it was passed on Tuesday.

According to the Iranian National Tax Administration, about 60% of Iran’s economic institutions pay no taxes at all while tax evasion amounts to 300 trillion rials ($7.5 billion at market exchange rate).

The budget bill proposed by the government for the 2017-18 fiscal year projects larger revenues from taxes than oil exports–up to 70% of the overall revenues.

According to economist Mehdi Pazouki, by rolling back tax breaks, the government could cut its budget deficit, which stood at about 370 trillion rials ($9.25 billion) in the first half of the current Iranian year (started March 20).

“Unfortunately, Iran is one of the most profligate providers of tax breaks. The country’s tax-to-gross domestic product ratio is around 7.3% whereas the ratio stands at 25% for Turkey, 23% for Malaysia and 50% for Scandinavian countries,” the Persian daily Shahrvand quoted Pazouki as saying.

“Government officials need to come to terms with the fact that any institution that generates income must pay tax, since it is enjoying public services and it should help improve such services by paying its share.”

Seyyed Bahador Ahramian of Tehran Chamber of Commerce, Industries, Mines and Agriculture believes the ban on all tax breaks would help improve economic transparency and business environment.

“Most such tax breaks are granted to public and semi-private companies. The government ban on new tax exemptions can level the playing field for all economic entities,” he said.

Yet, according to Pazouki, the move could hurt producers in deprived areas and increase unemployment.

“A significant fraction of tax discounts are granted to producers in deprived areas,” said Mohammad Moravej Hosseini, a member of Employers Guild Association.

“Autonomous institutions, which have not been paying their taxes, might continue to defy the law even after the complete unraveling of tax reductions. Small businesses in provincial towns will bear the brunt of the ban on tax exemptions.”

In 2013, the parliament passed a bill for promoting “educational justice” based on Article 30 of the Iranian Constitution by improving public school facilities located in deprived and rural areas. The resources were to be gained through taxation of exempt institutions.

The plan didn’t quite pan out and the law was communicated with its main part being left out. With such a record, the parliament motion to claw back the country’s lost tax money seems like a long shot.

screwball · December 24, 2016

morteza%20mirmohamadi%201.jpg?itok=f03a0

Morteza Mirmohammadi

.

Business & Markets Desk

When a country’s currency weakens, its imports go up in price but its exports gain competitiveness. This is an exhaustive cycle, however.

As exports rise, the country’s currency regains value, canceling the initial benefits. Uncertainty, future expectations, inflation and cross border investment all nudge currency values.

However, these points seem lost with many in Iran, most alarmingly to policymakers and their critics.

“All post-revolution [1979] governments, have equated the dollar’s increase in price [in rial terms] with the concept of weakening of the national currency,” wrote Masoud Khansari in the Persian daily Donya-e-Eqtesad.

“Insistence on this policy has given rise to the same view in public,” he added.

This means that instead of looking at currency value in relative terms and its changes as manifestations of economic conditions, exchange rates have become a matter of national pride and are looked at in absolute terms. As a result, frantic efforts are made to avoid devaluation at all cost to uphold national pride and consumer purchasing power, even if it means losing export potential and jobs.

This misconception was again thrust to the fore this past month. The greenback shot up in Azar (the Iranian month ending December 20), bolstered by its rise to 14-year highs in international markets, and uncertainty over US-Iran relations following Donald Trump’s election as the 45th US president.

The US dollar soared nearly 10% during the month, breaking above 40,000 rials per dollar for the first time since the height of Iran’s currency crisis four years ago. The exchange rate had hovered around the 33,000-rial mark for over two years, as low domestic demand and the government’s successful battle against inflation held exchange rates stable.

State officials are keeping with the usual narrative, evident in their response.

“In the government’s opinion, the dollar’s current exchange rate is not real and this pseudo-price will be broken in markets,” Mohammad Baqer Nobakht, the head of Budget and Planning Organization and government spokesperson, told reporters on Thursday.

Such efforts on the part of policymakers usually precede their wasteful efforts to battle market fundamentals and enforce controls. Similar comments have been made by MPs.

Iran has a multiple exchange rate regime. So, part of this reaction is because Nobakht has signed a 33,000-rial exchange rate in next year’s budget for the central bank’s official rate, which the bank has promised to abolish countless times in the past two years. And a 40,000-rial dollar throws government calculations into disarray and makes carrying out the bank’s pledge tougher.

Now, any central bank should defend its currency’s stability. Large swings in exchange rates and shocks are damaging, like what happened to Iran following the intensification of nuclear sanctions in 2012-13. But uphill battles against market fundamentals, and in this case the erosion of rial’s value by inflation, are hardly prudent.

Instead, the government should accept and advertise reality, and dispel myths about currency valuation. Unifying the foreign exchange rate regime should top its agenda; without it, businesses will continue to lose domestic and foreign markets, as inflation drives their costs up while imports get cheaper from rial’s hollow stability.

A more transparent forex regime would help businesses, curb corruption and add depth to Iran’s markets.

screwball · December 24, 2016

Enhanced connectivity and banking channels between Iran and Pakistan are imperative to fully exploit the post-sanctions' opportunities and negotiations in this regard are at an advanced stage and positive news is expected within a month, said Pakistan's ambassador in Tehran.

Addressing the business community in Faisalabad Chamber of Commerce and Industry, Asif Khan Durrani added that Iran and Pakistan are brotherly neighboring countries.

"Both are enjoying good diplomatic relations but due to different reasons we could not fully exploit the economic potential," he was quoted as saying by Pakistantribe.com.

"Iran has surplus energy while Pakistan is an energy-starved country. Similarly, Iran is facing food shortage while Pakistan can export rice and other food commodities."

Commenting on the lack of banking channels, Durrani said it is a major obstacle to the promotion of trade between the two countries.

"Being neighboring countries, we are always involved in cross-border trade but it was through informal channels," he said.

The Pakistani ambassador said the two countries are focusing on promotion of formal trade and hopefully a positive breakthrough is expected very soon.

"The State Bank of Pakistan has allowed commercial banks to open their branches in Iran, but they are reluctant to do business in dollars with Iran. Pakistan and Iran trade could transact their business deals in euro or Chinese yuan as an alternate currency," he said.

Durrani further said Trade Development Authority of Pakistan is organizing “Aali Shaan” Pakistan Exhibition in Tehran from March 4 to7, 2017, which is aimed at playing a major role in opening new avenues of bilateral trade.

Earlier in his address of welcome, acting president Rana Sikandar Azam said Iran is a neighbor and brotherly Islamic country. He said that after the lifting of sanctions, Iran is making serious efforts to promote its trade and Pakistan being its neighbor will definitely be its first choice.

Azam noted that Pakistan and Iran have agreed to increase bilateral trade to $5 billion in the next five years and in this connection commerce minister, Khurram Dastghir, will visit Tehran on December 28-29.

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 · December 24, 2016

Code: 82357579 (5735461) | Date: 23/12/2016 | Time: 14:08|

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President: Tehran, Bishkek reached important economic, political agreements

Tehran, Dec 23, IRNA – President Hassan Rouhani said on Friday that Tehran and Bishkek have reached important agreements in the economic and political domains and a new chapter has opened in bilateral relations.

President Rouhani told reporters after a meeting with his Kyrgyz counterpart that the last year visit of Kyrgyz president to Iran served as a turning point in bilateral relations and a very important step was taken today for expansion of bilateral relations.
He said, 'Independent policy of the government of Kyrgyzstan globally is of hig significance for us globally. We attach extreme respect for the independent policy and also the culture of moderation and anti-extremism dominating bouth officials and people of the country.'
He added that in private and joint sessions with Iranian and Kyrgyz senior officials, there was special attention to expansion of economic relations. 'Elimination of barriers and preparation of facilities to grant visas is an issue which can help expansion of Iran-Kyrgyzstan relations.'
The two countries consider lifting visa issuance as a principled policy in bilateral relations and 'we hope the visa lifting will be in three phases: Firstly, visa lifting for traders, merchants and the industrial figures, entrepreneurs and manufacturers. The next phase of visa lifting will cover the tourists and the third total lifting of visas by the two countries.'
Rouhani said lifting of visa issuance will promote exchange of visits by Iranian and Kyrgyz tourists, traders and entrepreneurs, while preparing a ground for dirct links between the two sides to further facilitate relations.
In the next phase, Iran and Kyrgyzstan should facilitate their banking relations. 'Without easy transfer in banking relations and gurantees, at times when banking credits and LCs are needed, such economic and financial moves will not be possible and we hope that the visit will prepare a very good ground for expansion and facilitation of banking relations between the two countries.'
The president said, 'As Kyrgyz president also emphasized, we fully welcome linking ties beween China and Kyrgyzstan and then through Uzbekistan, Turkmenistan and Iran to the Oman Sea, Persian Gulf and the Indian Ocean. We take this to the benefit of Iran and Kyrgyzstan and the entire region. It can be highly influential fr economic as well as cultural issues in the entire region.'
During their talks Iranian and Kyrgyz senior officials decided to put the goods, produced either in Iran or Kyrgyzstan and needed by both sides, at the disposal of the other party without a middle man and this will be to the benefit of the two countries, added President Rouhani.
Rouhani said as for preferential tariffs by the two countries, the two sides studied the items for exchange of which they an use preferential tariffs. Extension of customs facilities and linking of the free zones of the two countries can be highly influential in facilitation of trade and economic exchanges between the two sides, he added.
The president said since Kyrgyzstan is member of the Eurasian Union, 'our relations with Kyrgyzstan and the entire Eurasian Union can be effective in our economic relations and we hope that in the December 26 meeting of the Union, good decisions will be made in this regard.'
He thanked Kyrgyz government for being a sincere and good friend to Iran in votings in the regional and international fora and said the Islamic Republic of Iran also appreciates the friendship and sincerity.
Saying that Iran is interested that cultural and academic relations between the two countries and research centers will expand, the president said as a country being among the world's top states in many hitech fields and occasionally in certain other fields of advanced sciences, Iran is among at least the first top 20 states and is keen on cooperating with Muslim cou ntries, especially Kyrgyzstan in the field.
As a country advanced in pharmaceuticals, Iran wants to cooperate with Kyrgyzstan in pharmaceuticals and addressing needs of the Kyrgyz people to medicine, said President Rouhani, adding that Iran is also interested in establishing ties and close cooperation with Kyrgyzstan in agriculture and foodstuff supply, exchanging technical and engineering services.
He underlined that the Islamic Republic of Iran is ready to offer technical and engineering services, build hydraulic power plants, dams, roads, railways, food processing plants and other needed services in Kyrgyzstan as government of the republic will provide necessary facilities. He added that helpful talks had been held with the cou ntry's president in that connection.
Elsewhere in his remarks, President Rouhani said there had also been talks on terrorism, drugs and organized crimes and the two sides can exchange information and experience in the fields.
'To settle the issues, which are today the intricacies of our region, especially terrorism and the problems which are in other regional states, including Iraq and Syria, all countries should help each other to fight terrorism in the entire region. The regional steps are hoped to witness peace and stability in the entire region. This will be to the benefit of all the regional countries.'
Kyrgyz President Almazbek Atambayev for his part told the reporters that during talks with the Iranian counterpart, close and friendly relations between Iran and Kyrgyzstan was cited as the basis for bilateral relations.
He said soon, the two countries will celebrate the 25th anniversary of establishment of diplomatic ties in Iran as the event is of high significance.
He referred to the documents of cooperation signed in the Friday meeting and said it is the result of talks in his last year Tehran visit. 'Today, we discussed with Iranian president the 10-year cooperation plan whose implementation will upgrade exchanges to a new level.'
In diplomatic field the two sides have no serious difference of opinion, said the official, adding that as far as major issues are concerned, the two countries' stances are very close to each other.
'Facilitation of visa issuance by Iran and Kyrgyzstan was one of the most important measures taken to upgrade ties and to this end, foreign ministers of the two countries have the mission to offer their proposals within a month in that connection.'
Also referring to Kyrgyzstan's membership in the Euroasian union and said it will provide Iran with the chance to sell easily in Eurasian Union the goods it had produced in Kyrgyzstan by investment. Also Kyrgyzstan has received preferences from the European Union for export of goods without tax and duties and this will provide the Iranian producers of good in Kyrgyzstan with a chance. We decided to prepare a ground for logistic exchanges between the two countries for exchange of the technical and engineering services. To this end, a direct link between Bishkek and Tehran will soon be open and facilitation of visa issuance can expedite establishment of the air link.'
Both sides condemned all forms of terrorism and believed no one will be allowed to attribute terrorism to a religion and nation and cause Islamophobia under the pretext.
Referring to his country's preparedness for cooperation with Iran in security and exchange of security information, the president said Iran and Kyrgyzstan will cooperation both regionally and internationally.
'Kygyzstan is positively regarding Iran's intension for all-out membership in the Shanghai Cooperation Organization (SCO) and welcomes Iran's will. We believe that regarding Iran's potential, membership of the country can lift the standing of the organization globally.'
As for establishment of a railway among China, Kyrgyzstan, Uzbekistan, Turkemnistan and Iran, he said necessary measures should be adopted and that's a subject he was to raise and follow up during his future visits to Uzbekistan and China.
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Politic

screwball · December 24, 2016

onstruction on Iran’s largest ski resort in Zardkouh, Chaharmahal-Bakhtiari Province, will commence next year, according to a provincial tourism official.

A sub-range in the central Zagros Mountain Range, Zardkouh (literally ‘Yellow Mountain’), is home to a wide range of ecotourism attractions, such as spring sources, glaciers and Chama ice cave.

Now, local authorities are looking for ways to develop the region’s potential to attract tourists in the low travel season and construction of the country’s largest ski resort and gondola lift complex may do just that.

Speaking to ISNA, Heydar Sadeqi, tourism deputy at the provincial office of Iran’s Cultural Heritage, Handicrafts and Tourism Organization, said the region already owns Iran’s second oldest ski resort, Chelgard.

“However, the resort has not been given the attention it deserves and investment has been scarce,” he said. “Despite attracting a respectable number of skiers, the resort is outdated and below the global standards.”

Due to the lifting of western-backed economic sanctions in January, Iran has been able to import modern equipment, such as chairlift technology, which has motivated the backers of the scheme to go ahead with plans to build the resort.

“Once feasibility studies are conducted, we’ll begin construction,” Sadeqi said.

The official added that if the weather permits (i.e. no heavy snowfall/rainfall), the project would be completed in less than two years.

Dizin Ski Resort in Alborz Province is the first and largest in the country. At 2,700 meters above sea level, Dizin provides a long ski season, starting in late November and ending in late May.

The resort is also an important grass-ski center in summer and has numerous lodging and sports facilities.

screwball · December 24, 2016

Warning: Big numbers ahead. You might also need a pen and a notebook to keep track of the baffling yet surprisingly huge figures that officials of the Ministry of Roads and Urban Development have provided on the number and value of the government’s incomplete infrastructural projects.

According to deputy minister of roads and urban development, Amir Amini, the ministry needs 1.63 quadrillion rials (more than $40 billion at market exchange rate) to complete 258 major unfinished transportation projects.

These projects include more than $21 billion worth of rail projects at different stages of progress, as well as $19 billion worth of projects related to roads.

Kheirollah Khademi, CEO of the Construction and Development of Transportation Infrastructures Company, estimated that the company needs 1.4 quadrillion rials (over $35 billion) to finish its underway projects.

Affiliated to the Ministry of Roads and Urban Development, the CDTI is tasked with devising policies and managing projects regarding transportation infrastructures.

“If 40-50 trillion rials ($1-1.2 billion) are allocated annually, it will take more than 35 years to complete all the projects,” he said, highlighting the burden imposed by these projects on the government in terms of finance and planning.

The budget bill for the upcoming fiscal year (starting March 2017) submitted by the government to parliament earlier this month is around $90 billion, of which $15 billion are earmarked for investment in the "feasible government projects", according to President Hassan Rouhani.

These projects will be funded by the government, the National Development Fund of Iran—a sovereign wealth fund that receives a fraction of the country's oil revenues—commercial banks and private contractors.

In addition to the large number of unfinished projects, the Rouhani administration has also inherited from the previous administrations a huge debt to contractors of these projects. The total value of overdue payments to contractors by ministries, including the Ministry of Energy and Ministry of Roads and Urban Development, has been unofficially estimated at up to $35 billion.

The parliament has approved the repayment of 400 trillion rials (more than $10 billion) of government debt in the current fiscal year (March 2016-17).

Officials have said on various occasions that the government plans to delegate all incomplete projects to the private sector in view of its tight fiscal budget.

First Vice President Es'haq Jahangiri said the administration is working to attract private sector investments.

In view of the lifting of economic sanctions imposed on Iran over its nuclear program, the government is planning to entice foreign inventors to push ahead with its rail, road and air infrastructure projects.

Plans are underway to have international companies invest in major construction projects, including an airport city near Tehran’s Imam Khomeini International Airport as well as a 180-km freeway from Tehran to the northern Mazandaran Province, the construction of which started 20 years ago.

The question remains as to why so many projects should have been initiated in the first place without going through proper feasibility assessments.

Often, every new administration upon taking office abandons a number of projects initiated by the former government and launches new ones based on its own politico-economic agenda.

blueskyline · December 24, 2016

3 hours ago, screwball said:

CBI Expects Forex Rate to Drop on Jan. 1

Economy

Business And Markets

Saturday, December 24, 2016

CBI Expects Forex Rate to Drop on Jan. 1

The US dollar exchange rate is expected to drop after the New Year Eve, the Central Bank of Iran’s head of Exports Department.

The currency registered a big recent rally in Tehran market, reaching an all-time high against the rial on Wednesday.

“The recent surge in dollar’s exchange rate is mainly caused by growth in demand and shortage of the currency in the market. Demand will decrease after the turn of New Year,” IRNA quoted Samad Karimi as saying on Thursday.

The official warned the public to refrain from exchanging their assets for foreign currency and dabbling in speculative activities.

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

The greenback was slightly down on Thursday and exchanged for 40,150 rials at the close of the day.

Earlier, the central bank had repeatedly announced that the forex rally is temporary and will abate by the end of the current fiscal year (March 20), rejecting claims that the government is in favor of increasing forex rates to make up for its budget deficit.

“The CBI is prepared to control rates in the market during the final months of the Iranian fiscal year, by using revenues from non-oil exports,” Karimi said.

According to the secretary-general of the Association of Petrochemical Industry Corporations, petrochemical companies have reached an agreement with CBI to inject currency into the market in an orderly weekly basis.

At the same time, Karimi admitted that speculation, forex futures deals and smuggling of foreign currencies are making it difficult for CBI to regulate the market.

The central bank has been taking measures to limit unhealthy operations in the forex market, including a crackdown on unauthorized moneychangers and allowing banks to conduct forex operations in the open market.

This article here has been on my mind since you first posted it Screwball . This sees to be a Big Event .....

screwball · December 24, 2016

Yes Jans going to be interesting....I like March for credit cards internatinal...d day is approaching...good luck to us all and Merry Christmas..

blueskyline · December 24, 2016

Same to you Screwball

screwball · December 24, 2016

Iranian and Kyrgyz delegations meet in Bishkek on Dec. 23.

National

Saturday, December 24, 2016

Iran Determined to Expand EEU Relations

Iran and Kyrgyzstan published a 10-year roadmap for expansion of cooperation, which includes politics, trade, energy, industries, transport, telecommunications and agriculture

President Hassan Rouhani said Iran is determined to expand relations with the Eurasian Economic Union and engage in preferential trade with its member states.

The president made the announcement in a meeting between high-ranking Iranian and Kyrgyz delegations in Bishkek, which was also attended by his Kyrgyz counterpart, Almazbek Atambayev, President.ir reported.

Rouhani returned to Tehran on Friday evening from the Kyrgyz capital Bishkek, which was the final leg of a three-nation tour that also took him to two other EEU members, Armenia and Kazakhstan. Russia and Belarus are other members of the union.

The Iranian president said the two countries have decided to remove all obstacles to closer cooperation and prepare the ground for increased contacts between the two countries’ businessmen.

Stressing the need for strengthening banking connections, Rouhani said “increased investment and trade depends on good banking relations”.

Rouhani said Tehran is ready to share its anti-terror experience with the Central Asian country and work with it to propagate “real Islam”, as the spread of terrorism and extremism has created major problems for the region.

Atambayev said Bishkek will make efforts to pave the way for closer economic interactions with Tehran and that it supports increased Iran-EEU trade, as it will help enhance the strength of the union.

The Kyrgyz president called for increased bilateral cooperation against terrorism, extremism, organized crime and drug trafficking.

Later in the day, the two leaders oversaw the signing of five agreements for cooperation in various sectors.

The two sides also published a 10-year roadmap for expansion of cooperation, which includes politics, trade, energy, industries, transport, telecommunications and agriculture.

Rouhani-Nazarbayev Meeting

Rouhani earlier visited Kazakhstan’s capital Astana and met with his Kazakh counterpart, Nursultan Nazarbayev, on Thursday.

During a meeting of high-ranking delegations from the two sides, Rouhani said Iranian private firms are eager to implement projects in Kazakhstan, particularly in the fields of energy, agriculture, construction and engineering.

Nazarbayev hailed Iran as Kazakhstan’s “most important friend in the Muslim world”, adding that Astana supports increased collaboration between the private sectors of the two countries.

During the visit, Rouhani announced that the two sides have decided to eliminate visa requirements for businesspeople by February 2017.

The two countries also signed five memoranda of understanding and cooperation agreements on shipping, tourism, labor and social welfare.

On Wednesday morning, the president arrived at the first destination, Armenia’s capital Yerevan, where he sat down for talks with Armenian President Serzh Sargsyan. Tehran and Yerevan signed five cooperation documents in different fields, including trade, tourism, sports and culture.

screwball · December 24, 2016

It's called the euro...

screwball · December 24, 2016