Iranian Rial

[screwball]

The Central Bank of Iran will change the base year for calculating Iran’s economic growth in the third quarter, said Peyman Qorbani, CBI’s deputy for economic affairs on Saturday.

“CBI will shift the base year from 2004-05 to 2011-12 for calculating Iran’s economic growth in the third quarter of the current fiscal year [ending March 20],” Fars News Agency quoted him as saying.

Qorbani noted that the base year is a measure for calculating the growth rate, which should be revised after a couple of years. Changes in the share of business sectors in the growth of domestic production are the main reason for rebasing the growth rate.

The International Monetary Fund recommends updating the base year for calculating GDP at least once every five years. The base year of the Statistical Center of Iran is 1997-98.

[screwball]

The Central Bank of Iran will change the base year for calculating Iran’s economic growth in the third quarter, said Peyman Qorbani, CBI’s deputy for economic affairs on Saturday.

“CBI will shift the base year from 2004-05 to 2011-12 for calculating Iran’s economic growth in the third quarter of the current fiscal year [ending March 20],” Fars News Agency quoted him as saying.

Qorbani noted that the base year is a measure for calculating the growth rate, which should be revised after a couple of years. Changes in the share of business sectors in the growth of domestic production are the main reason for rebasing the growth rate.

The International Monetary Fund recommends updating the base year for calculating GDP at least once every five years. The base year of the Statistical Center of Iran is 1997-98.

[screwball]

Iran to Finalize Deal with Renault in Weeks: Minister 

News ID: 1327095 Service: Economy 

 February, 13, 2017 - 12:39 

TEHRAN (Tasnim) – The Iranian Minister of Trade and Industry Mohammad Reza Nematzadeh said a much-awaited contract with French automaker Renault is going to be signed by March 20. 

The deal with Renault is in the final stages, Nematzadeh told  the Tasnim News Agency on Monday.

“They (Renault officials) have promised that it (the deal) would be signed by the (Iranian) year’s end,” the minister noted.

Iranian automaker Saipa has been holding talks with Renault for months on a major business contract. According to Iran’s economy minister, the terms of the deal would be similar to a contract signed between Peugeot and Iran Khodro.

In January 2016, Iran Khodro, the Middle East’s biggest carmaker, and French carmaker PSA Peugeot Citroen signed an agreement over a joint-venture to produce cars, worth 500 million euros ($545 million).

According to the deal, Peugeot 2008 crossover, 208 supermini and 301 compact cars will be manufactured inside Iran under the 50-50 joint venture.

Resumption of cooperation between Iranian and French automobile companies follow the implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) that took effect in January 2016.

[screwball]

In January 2016, Iran Khodro, the Middle East’s biggest carmaker, and French carmaker PSA Peugeot Citroen signed an agreement over a joint-venture to produce cars, worth 500 million euros ($545 million).

[screwball]

Iran tries to get secure foothold in int'l banking: CBI official

Tehran, Feb 13, IRNA – A banking official said that Iran is seeking to stabilize its position in the international banking system through adapting itself to international banking regulations.

 

Gholam Ali Kamyab, Central Bank of Iran’s Vice Governor for Foreign Exchange Affairs, made the remarks here in a trade meeting with the visiting Swedish economic delegation.

In the meeting, Kamyab referred to the confidence building measures between the banks and business community as an important issue for those who want to be active in Iran's economy. 

He then said the meeting between the Iranian and the Swedish delegations will prepare the ground for further bilateral economic and banking relations.

The CBI official went on to say that the exchange of trade delegations between Iran and other countries aim to make the bilateral ties secure. 

He described Iran as a country with many investment opportunities, adding Iran is among the 20 large world economies and also among the largest in the Middle East region. 

About the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) between Iran and world powers, Kamyab said the international agreement created a positive atmosphere in Iran for foreign companies.

Iran by using Foreign Investment Promotion and Protection Act (FIPPA) assures its trade partners of investment in the country, Kamyab noted.

Talking of Iran’s economic improvement in the world, Kamyab said that the Organization for Economic Cooperation and Development (OECD) has upgraded Iran's rating which is an indication of improvement of the economic conditions in the country.

Iran, as he said, is now a member of the Asian Infrastructure Investment Bank (AIIB) in order to be active in the markets of the members states.

Also, he added, Iran has taken chairmanship of Islamic Financial Services Board (IFSB) for the year 2017.

Swedish Prime Minister Stefan Löfven heading a high ranking delegation arrived in Tehran early on Saturday.

[screwball]

Iran to catch up Qatar in South Pars in a month

News ID: 3905839 - Mon 13 February 2017 - 12:27

Economy

TEHRAN, Feb. 13 (MNA) – POGC head said Iran’s recovery from South Pars joint gas field will equal that of Qatar in a month’s time by realizing a total output of 570 million cubic meters.

Mohammad Meshkinfam, Managing Director of Pars Oil and Gas Company (POGC), recounted the latest status of lifting Iran’s gas production at South Pars field saying “presently, daily gas production from the field has reached about 480 million cubic meters while the figure will climb to nearly 540 million cubic meters with operation of two previously-damaged subsea pipelines in coming days.”

He estimated that the damaged pipelines of phase 16 and 19 will have come back on stream by February 18 and 24 respectively.

“Furthermore, gas production at phases 19, 20 and 21 will reach full capacity by the end of the current Iranian calendar year (to end March 20),” he continued.

The official, while stressing that the last and only remaining platform of Phase 19 has been deployed to Persian Gulf waters in the current week, estimated the offshore facility will be installed and implemented before the ongoing year ends.

Referring to the latest status of Phase 19 refinery complex, Meshkinfam explained that three natural gas declination units had become operational in the onshore refinery of the phase while the fourth and last unit will become activated within months.

He reiterated that main platforms, sea wells and submarine pipelines of Phase 19 had become implemented for maximum gas production; “execution and operation of onshore refinery and sea platforms of phases 20 and 21 are also on the agenda.”

Upon operation of the two newly-repaired subsea pipelines, the overall gas output capacity will rise by about 50 to 56 million cubic meters, said the official adding “Phase 20 operation will lift output by approximately 28 million cubic meters as well as that operation of remaining platforms in phases 17 and 18 will boost production by another 14 million cubic meters.”

At the end of his remarks, Mohammad Meshkinfam underscored that the overall volume of Iran’s gas production at South Pars will hit 570 million cubic meters by the end of the current year; “given that Qatar’s output stands at 600 million cubic meters and in view of recovery restrictions faced by the Arab state, Iran’s gas output level will practically catch up with that of the Persian Gulf south littoral country by mid-March,” he detailed.

[Freedomwish]

8 hours ago, screwball said:

 

ran's membership in Asian Infrastructure Investment Bank has strengthened the country's economic clout in the region, said the head of Economy Ministry's Department of Banking and Insurance Affairs.

"In addition to reviving our international relations, AIIB membership has presented us with a great opportunity to tap a great potential for resources and investment," Alireza Khatounzadeh Abyaneh also told Shada.ir, a news website affiliated with the Economy Ministry. 

Khatounzadeh noted that another significant impact of this cooperation at the global level is that it facilitates foreign investment in Iran.

"Due to our budget limitations and a shortage of funds, benefiting from these resources for our infrastructure projects is of great importance and based on AIIB's statutes, Iran is eligible to use its resources not only in its infrastructure projects but also to undertake similar projects in other member countries and move toward sustainable economic development," he said.

"Aside from investment, the collaboration and interaction spirit created by AIIB grants us the opportunity to experience and utilize the technical capabilities of other countries for the development and progress of our economy."

Asked about Iran's position in the Silk Road project after its membership in AIIB, the official said, "Since China is the founder of AIIB and also the force behind the New Silk Road and as Iran is located on the Silk Road, the northeastern provinces will be able to use the bank's resources for infrastructure [projects]."

One of the most popular terms for China’s diplomatic achievements in 2014 is arguably its strategy of “One Belt, One Road,” i.e., the New Silk Road Economic Belt, which links China with Europe through Central and Western Asia, and the 21st Century Maritime Silk Road, which connects China with Southeast Asian countries, Africa and Europe.

Banking Effects 

Khatounzadeh said AIIB membership can also improve the domestic banking sector and Iran can realize the vision of becoming the hub of banking industry in the region by 2025 following its AIIB membership.

An international financial institution, the AIIB aims to support infrastructure development in the Asia-Pacific region. It was proposed by the government of China and consists of 57 member states, or the “founding members”.

The bank is widely regarded as a strong and emerging rival to western lenders, namely the International Monetary Fund and the World Bank, both headquartered in Washington. 

AIIB operates with a capital of $100 billion, equivalent to two-thirds of the capital of the Asian Development Bank and about half of the World Bank. 

Along with 26 other initial founding member states, Iran signed the the bank's constitution on June 29 in Beijing and currently holds 15,808 shares, or 1.61% of all the shares, granting the country a 1.63% voting rights.

Iranian lawmakers approved the proposal of Iran’s membership in AIIB in late August and President Hassan Rouhani enacted the law in early October. 

Strengthening relations with Asian powers through infrastructure development is Iran’s main objective in joining the bank. 

Abbas Akhoundi, the minister of roads and urban development, requested the bank's Chinese executive to send a delegation from AIIB to Tehran to witness development projects at close range and discuss possible collaboration.

Screwball,

Not to shy away from the Rial - this post screams in my head that the Dong is not that far to pop off soon too............again, just screams I'm hearing in my head lol 

[pokerplayer]

As long as you don't reply FW you should be OK ! 

pp

[screwball]

1 hour ago, Freedomwish said:

Screwball,

Not to shy away from the Rial - this post screams in my head that the Dong is not that far to pop off soon too............again, just screams I'm hearing in my head lol 

Not sure about dong....I have been involved with rial for 10 years following it and know very little about Vietnam, its currency or resources..it's not to say I don't have a small amount just in case;)

[screwball]

017 | Time: 20:19|

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Iran, Iraq agree on construction of industrial townships

Baghdad, Feb 13, IRNA – Tehran and Baghdad agreed on designing and building industrial townships in some Iraqi provinces.

 

The agreement was reached in a meeting between Iranian Industry Minister Mohammad Reza Nematzadeh with his Iraqi counterpart Mohammad Shiya al-Sudani in Baghdad on Monday. 

“Industrial townships will provide the opportunity for the Iraqi investors to invest in these regions,” Nematzadeh said during the meeting with al-Sudani in Baghdad today. 

He said that there a total of 750 industrial townships where over 40,000 industrial and producing units are active, adding, “We are ready to build several sample industrial townships in this regard in Iraq.”

The Iranian industry minister also voiced his country’s willingness to invest in industrial and technological areas as well as supplying of manufacturing machinery in Iraq. 

The Iraqi industry minister, for his part, said that construction of industrial townships is among priorities of the Iraqi industry and mining ministry. 

“Given Iran’s experiences in building in construction of such townships Iraqi is willing to cooperate with Iran in this fields,” al-Sudani added.

[screwball]

te: 13/02/2017 | Time: 23:00|

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Iran, Luxembourg sign agreement on encouraging investment

Tehran, Feb 13, IRNA – Finance Minister Ali Tayyebnia and Luxembourg Foreign Minister Jean Asselborn signed an agreement on Monday for mutual encouragement and supporting investment to guarantee capitals of the economic activists of the two countries working in Iran and Luxembourg.

 

Speaking to reporters after signing the deal in Tehran, Tayyebnia said that Iran’s general policy is to improve ties with European countries, Luxembourg in particular, and signing the agreement is an indication of the two countries’ good intention and interest to promote economic relations. 

“We are not yet satisfied with the level of bilateral banking relations,” said the minister.

He added a visit to Luxembourg by the governor of Central Bank of Iran can help boost the two countries banking relations.


Expressing Iran’s interest to sign an agreement for avoiding double taxation, Tayyebnia said that the accord can contribute to promotion of bilateral ties. 

Iran’s capital market is also willing to establish ties with Luxembourg’s 
financial institutes, he said.


During the meeting, Asselborn voiced his country’s interest to cooperate with Iran in the fields of aerial transportation and investment.

[screwball]

Anyone for a trip to Luxembourg?

[screwball]

 

02/13/17

Iran discovers new oil fields with 30 billion barrels of oil: Official

Source: Press TV

Iran has discovered about a dozen new oil fields with in-place reserves of 30 billion barrels, head of exploration at National Iranian Oil Company (NIOC) says. Some 4.7 billion barrels of these reserves are recoverable, said Seyyed Saleh Hendi who also announced the discovery of 128 trillion cubic feet of gas.

[pokerplayer]

1 hour ago, screwball said:

Anyone for a trip to Luxembourg?

I am pretty well determined to travel anywhere that can cash me in, just certain areas in some of those countries I will shy away from.

pp

[pokerplayer]

1 hour ago, screwball said:

 

02/13/17

Iran discovers new oil fields with 30 billion barrels of oil: Official

Source: Press TV

Iran has discovered about a dozen new oil fields with in-place reserves of 30 billion barrels, head of exploration at National Iranian Oil Company (NIOC) says. Some 4.7 billion barrels of these reserves are recoverable, said Seyyed Saleh Hendi who also announced the discovery of 128 trillion cubic feet of gas.

This may keep the price of a barrel of oil depressed but it is still money in the bank.

pp

[Freedomwish]

1 hour ago, pokerplayer said:

As long as you don't reply FW you should be OK ! 

pp

 I haven't had a drink yet lmao  but not to worry, I'm good for now 

6 minutes ago, screwball said:

Anyone for a trip to Luxembourg?

Yes!!  Right after we party hard in either Canada, Dubai, Kish Island, Singapore, or Hong Kong!! 

Or all of the above, and Luxembourg! 

Edited February 13, 2017 by Freedomwish

[pokerplayer]

I'm in

pp

[screwball]

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News ID:177615

Publish Date: Mon, 13 Feb 2017 19:01:12 GMT

Service: Iran

 

 

Iran tries to get secure foothold in int'l banking: CBI

A banking official said that Iran is seeking to stabilize its position in the international banking system through adapting itself to international banking regulations.

Gholamali Kamyab, Central Bank of Iran’s Vice Governor for Foreign Exchange Affairs, made the remarks here in a trade meeting with the visiting Swedish economic delegation, IRNA reported on Monday.

In the meeting, Kamyab referred to the confidence-building measures between the banks and business community as an important issue for those who want to be active in Iran's economy.

He then said the meeting between the Iranian and the Swedish delegations will prepare the ground for further bilateral economic and banking relations.

The CBI official added the exchange of trade delegations between Iran and other countries aims to make the bilateral ties secure.

He described Iran as a country with many investment opportunities, adding Iran is among the 20 large world economies and also among the largest in the Middle East region.

About the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) between Iran and world powers, Kamyab said the international agreement created a positive atmosphere in Iran for foreign companies.

Iran by using Foreign Investment Promotion and Protection Act (FIPPA) assures its trade partners of investment in the country, Kamyab noted.

Commenting on improvement of Iran’s economic ranking in the world, Kamyab said that the Organization for Economic Cooperation and Development (OECD) has upgraded Iran's rating which is an indication of improvement of the economic conditions in the country.

Iran, as he said, is now a member of the Asian Infrastructure Investment Bank (AIIB) in order to be active in the markets of the member states.

Also, he added, Iran has taken chairmanship of Islamic Financial Services Board (IFSB) for the year 2017.

[screwball]

36 days to go....but whose counting...

[Freedomwish]

13 minutes ago, screwball said:

36 days to go....but whose counting...

HAHAHAHA 

[pokerplayer]

1 hour ago, screwball said:

36 days to go....but whose counting...

Um, I am

pp

[screwball]

Iranian banks are now able to employ all anti-money laundering (AML) measures and the framework for combating the financing of terrorism (CFT), according to the deputy governor for foreign exchange affairs at the Central Bank of Iran.

"In order for our banks to conform to international standards more than ever, Iranian banks have so far been outfitted with all the software, hardware and other instruments related to money laundering regulations, combating financing of terrorism and gathering better information on the clients," Gholamali Kamyab was also quoted as saying by Banker.ir.

Actively opposing money laundering and terrorism financing is the bedrock of the intergovernmental Financial Action Task Force and the membership of Iran in the organization has been one of the hot-button topics of the current year that ends on March 20. 

In June, the international group that monitors money laundering worldwide decided to keep Iran on its blacklist of high-risk countries, but welcomed Iranian promises to improve and called for a one-year suspension of some restrictions on Tehran.

"FATF welcomes Iran's adoption of, and high-level political commitment to, an action plan to address its strategic deficiencies," the task force said in a statement.

"The FATF, therefore, has suspended counter-measures for 12 months in order to monitor Iran's progress in implementing the action plan."

Kamyab pointed to the upgrade in Iran's rating in the country risk classification of the Participants to the Arrangement on Officially Supported Export Credits by the Organization for Economic Cooperation and Development, calling it a sign that economic conditions are improving in the country.

The organization updated its risk classification in last June and improved Iran’s ranking by one notch, moving it from seven to six.

"It is predicted that the rating would further improve in the foreseeable future," he said.

Kamyab's comments echo those of Deputy Economy Minister Mohammad Khazaei who in early February had said "evidence shows that the risk classification of Iran will improve to five and subsequently to four in the next fiscal year".

Pointing to Iran's nuclear accord with world powers implemented in January 2016, the official said the removal of international sanctions has created a positive momentum for foreign companies to return to the country.

"CBI's duty is to strengthen and make flexible the banking system for all kinds of changes," he said, adding that the central bank assures its business partners about investment in Iran and the return of that investment, according to Iran’s Foreign Investment Promotion and Protection Act. 

Based on FIPPA, foreign investors can transfer capital and machinery to Iran and have the protection of the government by giving compensation, for example, in case the investment is nationalized or expropriated. The provision also guarantees non-discrimination of investments and investors. 

Economic Stability 

The CBI official noted that the central bank has embarked on implementing reforms to improve the country's financial stability, the effectiveness of monetary policy and the efficiency of lending in the banking sector.

According to Kamyab, these reforms include amending the balance sheets of banks, removing credit limitations, reducing non-performing loans and expanding the oversight regime of CBI.

Referring to measures undertaken by CBI in the past three years to increase stability in the macroeconomic landscape of the country, the deputy governor for foreign exchange affairs said the bank is working hand-in-hand with President Hassan Rouhani's administration to achieve better economic growth by implementing transparent and disciplined monetary and fiscal policies and taming the inflation.

Kamyab reminded that in October 2012, the inflation rate stood at a whopping 45.1%, which was brought down to single digits. 

"A declining inflation rate has helped stabilize the foreign exchange market," he said.

[screwball]

Just now, screwball said:

Kamyab's comments echo those of Deputy Economy Minister Mohammad Khazaei who in early February had said "evidence shows that the risk classification of Iran will improve to five and subsequently to four in the next fiscal year".

 

Just now, screwball said:

The CBI official noted that the central bank has embarked on implementing reforms to improve the country's financial stability, the effectiveness of monetary policy and the efficiency of lending in the banking sector.

 

1 minute ago, screwball said:

According to Kamyab, these reforms include amending the balance sheets of banks, removing credit limitations, reducing non-performing loans and expanding the oversight regime of CBI.

This we know is march for amending balance sheets..

[screwball]

The ban on online currency trade by exchange shops will be eased and the Money and Credit Council is in charge of following up the matter, the Central Bank of Iran’s head of IT and Communication Department announced. 

“I believe MCC will approve the agenda of easing the restrictions on online currency trade by bureaux de change,” Nasser Hakimi was also quoted as saying by IBENA.

CBI plans to put in place a new set of regulations for online currency trade to prevent further problems and possible violations.  

Online currency trade had been legal in the past but due to a number of issues, following a directive on November 2, CBI banned all online currency transactions.

According to Article 28 of the directive related to the establishment, activities and supervision over the bureaux de change, currently any form of currency trade on cyberspace is prohibited and all the   processes should be done by licensed moneychangers. 

Prior to the ban, huge scams were reported in online currency trade and Iran’s cyber police (known as FATA) issued warnings in this regard.

According to CBI’s website, about 400 exchangers have been registered and received a license.

CBI has taken strict measures against illegal moneychangers. It announced earlier that “many illegal bureaux de change were identified and a number of them have been fined heavily”.

The Central Bank of Iran recently invited businesses to procure their currency requirements from the banking system at market rates. The proposal was received well and is deemed a prelude to the longstanding plan to unify the dual exchange rate regime in the Iranian market.

[screwball]

The Central Bank of Iran has not forced banks to stop lending, but banks can only lend if they have enough credit since the CBI strictly opposes overdrafts from its resources, CBI’s credit manager announced.

“The result of imbalance in resources and costs will show itself in the form of overdrafts from CBI,” Ali Asghar Mirmohammad-Sadeqi was also quoted as saying by Fars News Agency.

According to a report by the central bank, the debts of banks to the central bank reached $35 billion by the end of the Iranian month of Aban [November 20, 2016].

Mirmohammad-Sadeqi noted that lenders’ resources are not sufficient to extend credits at present, which is the result of the increase in demand for cash in the final months of the Iranian year [ending March 20]. 

The Central Bank of Iran’s latest statistics show lenders paid a total of 3,825 billion rials ($99.77 billion) to various business sectors during the nine months to December 20. 

Local media have reported that banks have stopped lending. This is while Iranian banks usually cut back on lending during the final months of the fiscal year.