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Iranian Rial


VIZIOIRAQI
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17 minutes ago, markb57 said:

even in Euro, I would think CitiBank would be able to exchange and either hold for a period of time or exchange the euro to $. It is a big global bank.

The catch is at this time, Rial can not go through "the channels" via the clearing houses for making the exchange - where the freaking US Dollar dominates this. :facepalm:

The route that I see in my mind, is finding how even using Citibank's resources of making the exchange that doesn't begin or ends via US clearing stages.  

Hey just thinking out loud here - I guess for an example, opening a client "high end" private account in Dubai/Kish Island/Hong Kong because WE KNOW they'll cater to us....they'll figure out (Private Investment Banker) what course of action that would probably be best and quick to meet the compliance measures against the darn sanctions placed, to then help exchange the Rial while they'll take a percentage fee of whatever spread they have to offer into another currency, to then later I guess assist in exchange from whatever currency decided at the time in the first stage, into the US Dollar.  Just my opinion and how I feel as of late, I think I'll just leave it into Euro should this thing pop soon and maybe then maybe wait when the steam blows over to covert into US Dollars.....

I'm gonna have another drink, what do you guys think? :cheesehead::confused:

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seems though if you exchange from rial to euro, not $ at Citi, there shouldn't be an issue. just thinking out loud. 

 

wait and see and checking all avenues. like I said in an earlier post. I wouldnt be safe anywhere in the ME as an american. at least not right now.

Edited by markb57
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3 hours ago, screwball said:

As I said it's not a case of if , or when but where do we Cash in! Dubai or Asia is looking good!

At this time I believe we should start thinking. start getting ready and be prepared in making a trip to either those places.  I just wish Adam would chime in this thread but we have to respect his thoughts as mentioned previously.....I guess we are on our own with this currency :shrug:.  I no longer have confidence to do it state side or anywhere near at all since the US sanctions has gotten more tough.  While Canada looks like the possibility of an option thanks to our fellow DV peer PP checking in, as of now Dubai or Asia does look best indeed. :twothumbs:

2 hours ago, tigergorzow said:

Freedomwish,  Iran is definitely fast tracking to get this done and I do believe Iraq is racing them to the finish line.  Come on git er done!!

Yes indeed Tiger, I don't know about Iraq yet but they wouldn't want to be far behind should Iran does decide to make the first move - I'm sure of it! :twothumbs:

Keeping the faith! :praying:

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6 minutes ago, markb57 said:

seems though if you exchange from rial to euro, not $ at Citi, there shouldn't be an issue. just thinking out loud. 

We're actually HOPING FOR THAT Mark!! :praying: We would need to find out but when we call or investigate, nobody over there or any other bank at this time, wants to deal with Rial or the Dinar.  It's like they are keeping a big super secret of some kind, they know we're coming so what gives? :shrug: 

Edited by Freedomwish
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1 hour ago, Freedomwish said:

The catch is at this time, Rial can not go through "the channels" via the clearing houses for making the exchange - where the freaking US Dollar dominates this. :facepalm:

The route that I see in my mind, is finding how even using Citibank's resources of making the exchange that doesn't begin or ends via US clearing stages.  

Hey just thinking out loud here - I guess for an example, opening a client "high end" private account in Dubai/Kish Island/Hong Kong because WE KNOW they'll cater to us....they'll figure out (Private Investment Banker) what course of action that would probably be best and quick to meet the compliance measures against the darn sanctions placed, to then help exchange the Rial while they'll take a percentage fee of whatever spread they have to offer into another currency, to then later I guess assist in exchange from whatever currency decided at the time in the first stage, into the US Dollar.  Just my opinion and how I feel as of late, I think I'll just leave it into Euro should this thing pop soon and maybe then maybe wait when the steam blows over to covert into US Dollars.....

I'm gonna have another drink, what do you guys think? :cheesehead::confused:

Until it actually RV's and we are made aware of any potential restriction's exchanging, if any, It would would be hard to have a 100% plan in place. I for one will exchange here in Canada if at all possible, which I know I will be able to.

If I hear anything at all, good, bad or otherwise I will post and if needed will chat by phone.

pp

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1 hour ago, Freedomwish said:

We're actually HOPING FOR THAT Mark!! :praying: We would need to find out but when we call or investigate to find out, nobody over there or any other bank at this time, wants to deal with Rial or the Dinar.  It's like they are keeping a big super secret of some kind, they know we're coming so what gives? :shrug: 

When talking with banks in Canada, until they know what any restrictions are for both of these they will not speculate or give advise. Bank policy.

pp

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1 minute ago, pokerplayer said:

Until it actually RV's and we are made aware of any potential restriction's exchanging, if any, It would would be hard to have a 100% plan in place. I for one will exchange here in Canada if at all possible, which I know I will be able to.

If I hear anything at all, good, bad or otherwise I will post and if needed will chat by phone.

pp

PP, you're awesome and we thank you - I want to thank you with drinks all around too lol :cheesehead:

Definitely hope we all can have this thing well figured out when the time comes, keeping the faith! :praying:

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I'm hoping for Canada to cash out in. I'm not a huge fan for flying (bad experience flying through tornados, we'll above them) so I like my feet in the ground, I've flown since then just hate it lol. Plus I'm only a few hrs from Niagara Falls. Worst comes to worse I'll get drunk or take something to relax me to get me to dubai. I just want this to pop! Like NOW!!

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1 hour ago, Freedomwish said:

PP, you're awesome and we thank you - I want to thank you with drinks all around too lol :cheesehead:

Definitely hope we all can have this thing well figured out when the time comes, keeping the faith! :praying:

Just doing what I can from Canada. Anything I find out for cashing out in Canada is one less thing for my friends to figure out

Cheers, pp

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1 minute ago, gixxerfrog said:

Worst comes to worse I'll get drunk or take something to relax me to get me to dubai. I just want this to pop! Like NOW!!

You had me a drunk and relax LMAO :lol: maybe I'll meet ya at the airport in Buffalo and we'll hop on a plane well twisted on the way to Dubai together feeling nice hahahahahaha :cheesehead:

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2 hours ago, markb57 said:

seems though if you exchange from rial to euro, not $ at Citi, there shouldn't be an issue. just thinking out loud. 

 

wait and see and checking all avenues. like I said in an earlier post. I wouldnt be safe anywhere in the ME as an american. at least not right now.

From what and and how I read it transactions can't start or end in usd...

Edited by screwball
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2 hours ago, markb57 said:

seems though if you exchange from rial to euro, not $ at Citi, there shouldn't be an issue. just thinking out loud. 

 

wait and see and checking all avenues. like I said in an earlier post. I wouldnt be safe anywhere in the ME as an american. at least not right now.

Citibank have done previous business with Iran....let's hope they are an option even travellex foreign exchange outlets..

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Following efforts during the current fiscal year (ending March 20) to close the gap between official and unofficial foreign exchange rates, the government will unify forex rates at some point in the next fiscal year when banking relations with the outside world improves further, said a deputy economy minister.

“Two policies were pursued to advance the unification of forex rates. The first one was to gradually increase the official exchange rate for it to come closer to the unofficial [market] rate and the other was to shorten the list of imports eligible to receive foreign currency at official rates,” Mahmoud Mirshojaeian also told IBENA.

Besides the free market exchange rate, Iran uses an official rate, now at 32,367 rials, for some state transactions. The widening gap between the official and free rates has sucked hard currency out of the formal banking system. To counteract this, the government has authorized banks to trade at free market rates.

The currency market volatility in the final months of 2016, which saw the rial hitting record lows against the greenback (reaching 41,500 rials to the dollar in the free market in late December) put the kybosh on the plans of the Central Bank of Iran to scrap the country’s dual exchange rate regime by the yearend. 

The business community and independent observers have made strong demands that the government unify the exchange rates and stop its forex market intervention aimed at propping up the rial. 

The rial was trading at 38,000 to the dollar on Saturday, the Association of Bureaux de Change Operators’ website showed.  

Mirshojaeian added, “Because the gap between official and unofficial rates is not too wide, we can bring these two rates together and on the other hand, not many commodities are imported using the official rate”. 

He added that the government planned to unify the forex rates before the current fiscal year ends in March, but due to the fluctuations in the international exchange market, the goal was postponed to next year.

“The government does not wish to hesitate in going ahead with the rate unification plan but to enact it properly, correspondent relations must be eased in a way that banks are able to transfer money [abroad] without hindrance,” he said.

Mirshojaeian noted that the important issue in forex rate unification is to make it endure.

In other words, single forex rates should not prove short-lived, because of which the government will implement the plan when all the conditions for doing so have been met.

Iran adopted single exchange rates in the past only to return to dual or multiple rates when economic conditions worsened due to sanctions or unstable circumstances. 

Mirshojaeian said the unified rate must be rational, as the government does not aim to revise the decision.

“Before the currency market shock, the estimated unified exchange rate for the US dollar was about 36,000 rials but now the whole situation has changed,” he concluded.  

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  1. Economy
  2. Business And Markets
Sunday, February 05, 2017

No Interest Paid on State Accounts 

 

The accounts of Iranian government entities transferred to the Central Bank of Iran as part of a new plan will receive no interest, announced a deputy economy minister.

In August, the government announced measures to transfer its accounts from agent banks to the Central Bank of Iran in cooperation with the Treasury. 

The measures make up the Electronic Treasury scheme that aims to return the accounts from government and private-owned agent banks to the Treasury.  

A few months passed and on Friday, Treasury director at the Ministry of Economic Affairs and Finance, Mohsen Borzouzadeh, announced that the plan has drastically reduced the number of government accounts from the previous 250,000 accounts to 69,000.

Borzouzadeh promised that the number of accounts will be further reduced to 45,000 by the end of the current fiscal year in March, which number, he said, is at the global standard level and results from the fact that there are 450 executive entities and each entity (which also includes their subsets) can only have 10 accounts.

Deputy Economy Minister Saeed Mirshojaeian elaborated on the plan and told Mehr News Agency that these are current accounts and no interest applies to them.

Mirshojaeian further said that although the process might prove “painful” for the government and banks because the government used to receive interest on its accounts at the banks, “this is a path that must be taken under the strict rule of the law”.

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SUNDAY
February, 05 2017
 
The EDBI is holding negotiations with the Export-Import Bank of India, Eximbank of Russia and another unnamed Russian bank.
The EDBI is holding negotiations with the Export-Import Bank of India, Eximbank of Russia and another unnamed Russian bank.
  1. Economy
  2. Business And Markets
Sunday, February 05, 2017

Iran's Eximbank Opens Credit Lines for 3 Countries 

The Export Development Bank of Iran will grant credit lines to three Asian banks in either euro or the currencies of target countries
Two credit lines collectively worth €175 million will soon be approved for two South Korean and Turkish banks
 

The Export Development Bank of Iran will soon grant credit lines to banks in South Korea, Turkey and Iraq, announced the bank's chief executive.

"Two credit lines collectively worth €175 million will soon be approved for two South Korean and Turkish banks," Ali Salehabadi was quoted as saying by IBENA.

He added that €100 million have been considered for the Export-Import Bank of Korea or Korea Eximbank, while Turk Eximbank will receive €75 million.

The official stressed that the credit lines are not in US dollar and will be issued either "in euro or currencies of the target countries".

Salehabadi also announced that an $18 million credit line will be opened with an Iraqi bank, saying the credit line aims to expand Iran's exports to the neighboring Arab country and "if other Iraqi banks meet the capital adequacy ratio, we are ready to allocate more lines of credit to that country".

"This way, Iranian exporters can cash in their exports through this credit line and the Iraqi bank will repay it over a period of two years," Salehabadi said. "All the best exporters, namely 82% of top-notch exporters in the country, are our clients."

He further noted that EDBI is holding negotiations with Export-Import Bank of India, Eximbank of Russia and another unnamed Russian bank. 

"We are now in the phase of doing the paperwork," he added.

According to the official, the bank has also signed memorandums of understanding with the Indonesia Eximbank and the Eximbank of Hungary.

Loan Performance 

Salehabadi said EDBI's financing of small- and medium-sized enterprises (SME) has been one of the main focuses of the Central Bank of Iran during the current fiscal year.

"During the first 10 months of the year (March 20-Janaury 19), 198 of the ailing SMEs received 3.884 trillion rials ($100.4 million) in capital from the bank," he said.

During the same period, he added, the exim bank allocated 4 trillion rials ($104.6 million) to "various export-oriented manufacturing sectors with a 5% interest subsidy" following an agreement with the Ministry of Industries, Mining and Trade. 

Based on the agreement, the bank will also dole out "loans worth 10 billion rials ($261,500) and 20 billion rials ($523,000) to these industries to meet their working capital needs". 

As reported by Salehabadi, EDBI has allocated 38.433 trillion rials ($1 billion) worth of loans in the 10 months to Jan. 19, which registers a 10% rise in working capital loans. 

"But loans allocated to certain schemes have declined because one of the policies approved in the shareholders' meeting of the bank was to increase working capital loans," he said.

"The remaining foreign exchange deposits of EDBI equal $1.320 billion, which marks a 150% increase when put up against the corresponding period of last year."

Salehabadi noted that the remaining rial deposits of the bank have reached 16.908 trillion rials ($442.1 million), marking a rise of 84%.

According to the official, the bank's letters of credit stood at 2.95 trillion rials ($77.14 million) by the end of the 10th month, registering another considerable rise of 587%.

In conclusion, Salehabadi put the total value of credit lines opened at EDBI at "about $500 million" and payment orders at $2.7 billion.

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4 minutes ago, screwball said:

"Two credit lines collectively worth €175 million will soon be approved for two South Korean and Turkish banks," Ali Salehabadi was quoted as saying by IBENA.

He added that €100 million have been considered for the Export-Import Bank of Korea or Korea Eximbank, while Turk Eximbank will receive €75 million.

 

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ary 2017 - 10:30
TEHRAN, Feb. 04 (MNA) – An NPC official, in response to new US sanctions against Iran, said no foreign firm has left the negotiation table for investments in the Iranian petrochemical industry.

On impact of new US sanctions against Iran, Director for Investment of National Petrochemical Company (NPC) Hossein Alimorad said the new restrictions had exerted no effect on the course Iran’s talks with foreign companies willing to make investment in the country’s petrochemical industries.

The official reiterated that no foreign party had drawn back from negotiations with Iran asserting “for instance, a delegation of France’s Total travelled to Tehran last week to finalize talks on direct investment in petchem arenas.

He pointed to the held talks with several credible international companies stating “Memoranda of Understanding (MoUs) have been so far inked with firms like Britain’s Royal-Dutch Shell, Total of France as well as BASF of Germany among the others.

Alimorad estimated that further negotiations on MoUs will lead to signing final contract for direct investment in Iran’s petrochemical industries by the foreign sides.

Jean-Jacques Mosconi, Head of Strategy at Total, visited Tehran last week aiming to finalize three contracts to construct a 300-thousand-ton petrochemical complex, develop South Pars Phase 11 as well as to expand Azadegan oilfield.

The main axis of ongoing talks is to seal a deal for building a petrochemical complex in southern Iran with a capacity of 300 thousand talks for high-density and linear polyethylene.

In March, 2016, National Petrochemical Company (NPC) and France’s Total signed into a cooperation agreement for elevation of ties in petchem industries.

NPC Managing Director Marzieh Shah-Daei earlier emphasized that Total was after constructing a petrochemical complex for producing various grades of polyethylene in Iran; “in view of the conducted talks, Total is required to exploit a combination of ethane gas and liquid feed like gas condensate or naphtha for the new project.

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28 minutes ago, screwball said:

I think meeting in Dubai is not a bad idea...

I have my Amex card ready and agent practically on speed dial - just let me know what bottle I should bring :cheesehead:

4 minutes ago, screwball said:

So do we think unification (single rate), move to the forex and changing monetary system on march 21 will all be different events? 

I believe so.....not so sure at 1 to 1, but I feel all hell is gonna break loose should the Rial pops first...it's gonna be a frenzy in the making.

I'm all for it!! :twothumbs::praying:

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Old but thought I would repost

  1. Economy
  2. Business And Markets
Wednesday, February 17, 2016

Conditions Suitable for Single Forex Rate

 

The move to unify foreign exchange rates is now plausible if certain conditions are met, Head of Tehran’s Chamber of Commerce said.

In support of the government’s designated six-month time frame for exchange rate unification, Masoud Khansari said “Since the single exchange rate has nothing to do with the government’s forex reserves, the single rate regime can trigger an economic boom, provided that markets determine the rates,” Fars news agency reported.

“Despite the 6,500 rial ($0.2153) difference between the official exchange rate and parallel (free market) rate,” Khansari said,” the release of frozen Iranian assets oversees, expected foreign investments in Iran and the predicted economic growth rates...due to the lifting of sanctions make the prospect of a single rate all the more feasible.”  

Iran has been using a dual exchange rate system since 2012 when international economic and banking restrictions on the country were tightened due to the dispute over the nuclear program.

Airplane Finance

Regarding the issue of paying an estimated $25 billion for purchasing planes from France’s Airbus despite the country’s economic constraints, Khansari said the import bills will be paid from the airlines’ income.

President Hassan during a visit to France last month oversaw the signing of agreements between Iran’s national flag carrier (Iran Air) and Airbus to buy 118 aircraft.

Some political factions inside the country have criticized the deals as “unwanted” and “costly” at a time when other key economic sectors are in dire straits and in need of help and infrastructure investment.

“During the sanctions years, Iran paid almost $5 billion annually in airfare to foreign airlines, a cost that can be done away with,” Khansari said.

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