Iranian Rial

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According to a directive issued by the Cabinet, Economy Minister Ali Tayyebnia has been authorized, on behalf of the government, to guarantee the repayment of the principal amount plus the interest of finance taken from foreign banks, export insurance firms and international development institutions, Banker.ir reported.

The guarantees will only be issued for projects that are in line with current regulations and approved by the government’s Economic Council.

The projects should be deemed eligible by the Planning and Budget Organization of Iran in the case of public projects while private projects should comply with Public Audit Law as well.

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Warnings of severe deterioration of the dinar after the appetite for dollar

BAGHDAD / JD / .. Despite the reassurances launched by the Iraqi government and the central bank about the threats to the country as a result of lower oil prices, the economic crisis, but concerns about the local operation deterioration continues after severe turnout by the citizens and the owners of capital to buy the dollar and Tknezh in their homes, rather than banks.

And see a number of experts and specialists in the financial and banking affairs that this process will confuse the economic situation in the country, considering that the offer will be reduced for the dollar with an increase in demand and thus will lead to a rise in price significantly and this is what will lead to the deterioration of the national process.

He says banking expert Abdul Mohsen Ali, that there is huge demand to buy the dollar, whether by citizens or merchants and owners of capital, prompting the central bank to sell larger amounts in the auction to achieve a balance in supply and demand in the market, but this process may be temporary and processors in if it continues harm the economy certainly, in terms of decline in monetary reserves and the decline of the dinar exchange rate.

He said the agency / KD / This turnout comes for several reasons, including the development of the country unstable security and political and statements by some officials on the financial crisis and much talk about the inability of the government to pay salaries and that may lead to the bankruptcy of the country all these things have created a kind of fear among the citizens not to retain dinar replaced the currency of the dollar, in addition to that some of the citizens and the owners of the money prefer the dollar for the dinar for easy transfer and retention of the fact that the money supply will be less, and that's what we confirm it previously necessity currency project to delete the zeros of the three of the currency, which he can solve a lot of problems.

He noted that the dollar continued to withdraw from the market will lead to significant economic problems in terms of its high price levels and significant contrast will lead to a decline in the dinar exchange rate and dramatically and this means the deterioration of the national currency and the lack of value.

He called banking expert government and central bank to launch awareness programs and assurances for citizens and encourage them to bid farewell to their money in banks rather than turn it into a dollar and this will refund the benefit of the citizen and the country in general.

And saw the US dollar exchange rate in the recent significant rise in front of the Iraqi dinar even reached more than 131,000 dinars per $ 100, but after the measures taken by the central bank sold the largest dollar amounts in the auction led to a portion of the balance to the principle of supply and demand until it reached the market price of the dollar to 126,000 thousand dinars per 100 Dolar.anthy / 8 /

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Luxembourg court rejects US bid to freeze Iran assets, Washington appeals: CBI chief

Wed Mar 8, 2017 6:33PM

1. Home
2. Iran
3. Economy

File photo shows a view of the Central Bank of Iran in northern Tehran. 

The governor of the Central Bank of Iran (CBI) says a Luxembourg court has rejected the US efforts to freeze $1.6 billion of Iranian assets in the European country, adding that Washington has appealed the ruling.

“A Luxembourg court dismissed the US request for the freeze of $1.6 billion of Iranian assets in its first verdict, and the decision has been appealed and will be considered soon,” Valiollah Seif told reporters on the sidelines of a cabinet session on Wednesday.

Seif said that the office of Iran’s legal services and CBI lawyers are following up on the case until the final verdict is issued. 

He added that the request to seize Iran’s dollar bonds in Luxembourg was made by the victims of the September 11, 2001 attacks in the US.

Seif’s remarks came in reaction to a report by The New York Times that, citing people familiar with the case, said a judge in Luxembourg had quietly put a freeze on $1.6 billion in assets belonging to the CBI.

The report said that the freeze on the Iranian assets in Luxembourg was as compensation for the victims of the September 11 attacks. 

On Tuesday, CBI Legal Chief Executive Ardeshir Fereydouni said that the US move to seize Iranian oversees assets ran counter to international law.

Read more:

• 'US bid to seize Iran assets in Luxembourg 

Iranian Deputy Foreign Minister for Legal and International Affairs Majid Takht-e-Ravanchi has also rejected the US bid as “completely unlawful and baseless.”

The US claims that Iran helped the al-Qaeda terrorist group in conducting the September 11, 2001 attacks. Iran has repeatedly rejected the allegation.

The September 11, 2001 attacks were a series of hijacked-plane strikes in New York, the Washington D.C. area and Pennsylvania, which killed nearly 3,000 people.

None of the 19 hijackers that carried out the attacks were Iranian citizens. Fifteen were from Saudi Arabia while the others were from the United Arab Emirates, Egypt and Lebanon.

 

sorry about above post maybe some can delete the Iraqi Dinar post! 

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Iran’s Zarif holds talks with Qatari emir on bilateral ties, Mideast issues

Wed Mar 8, 2017 3:55PM

1. Home
2. Iran
3. Politics

Iranian Foreign Minister Mohammad Javad Zarif (L) meets with Qatari Emir Sheikh Tamim bin Hamad al-Thani in Doha on March 8, 2017. 

Iranian Foreign Minister Mohammad Javad Zarif has met and held talks with the Qatari emir on bilateral relations as well as regional developments. 

Zarif, who is in Doha for a one-day visit, and Sheikh Tamim bin Hamad al-Thani discussed the promotion of trade and economic ties. They also exchanged views on regional conflicts and common concerns.

The Iranian top diplomat also met his Qatari counterpart Mohammed bin Abdulrahman bin Jassim Al-Thani.

During the meeting, Zarif underlined the need for further promotion of Tehran-Doha ties, especially in the sectors of economy, banking and joint investment.

The Qatari official, for his part, described his country’s relations with Iran as amicable.

We have always believed that Iran and the Persian Gulf Arab countries can have good ties, al-Thani said, adding that his country favors such a policy.

Zarif’s visit to Qatar comes amid efforts to improve ties between Persian Gulf Arab countries and Iran after relations between Tehran and some of the Arab countries of the strategic region became tense when Saudi Arabia unilaterally severed its diplomatic ties with Iran.

On January 25, Kuwaiti Foreign Minister Sheikh Sabah al-Khalid al-Hamad al-Sabah paid a visit to Iran to deliver Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah's message to Iranian President Hassan Rouhani.

Read more:

• Kuwait FM in Iran as PG Arabs seek to mend ties
• Persian Gulf Arabs 'looking for' Iran dialogue

Last month, Rouhani paid a visit to Oman and Kuwait to hold talks on bilateral and regional developments.

Read more: 

• Iran president due in Oman, Kuwait
• Iranophobia plot by Arabs' foes: Rouhani

In Muscat, he met with Oman’s Sultan Qaboos bin Said Al Said and discussed the promotion of ties.  

During a meeting with Kuwait's emir in Kuwait City, Rouhani stressed that the two countries have close political ties and that their economic relations must follow suit.

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US effort to seize Iran's assets in Luxembourg illegal: Official

- A senior official with the Central Bank of Iran (CBI) says US efforts to seize $1.6 billion of Iran's assets in Luxembourg run counter to the international laws and will bear no fruit. CBI Legal Chief Executive Ardeshir Fereydouni made the remarks on Tuesday in reaction to a Monday report by the New York Times about a confidential court ruling by a Luxembourg court to freeze $1.6 of CBI assets in a financial institution in the European country. - 3/8/1

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Iran to receive ATR planes later than accorded

1. Economy

March 8, 2017

 

TEHRAN- Regarding the ongoing talks with officials of the world's leading turboprop manufacturer ATR, the first ATR planes will be delivered to Iran after Norouz holidays (March 21 to April 2), a bit later than what was accorded, Deputy Transport Minister Asghar Fakhrieh Kashan told IRNA on Tuesday.

As previously announced, ATR was to deliver some of Iran’s 20 ordered passenger planes by the end of the current Iranian year (March 20, 2017) simultaneous with deliverance of the country’s ordered two Airbus A330 jets.

According to Fakhrieh Kashan the Airbus jetliners will arrive on time but the ATR deliverance will be postponed for a few weeks.

HJ/MA 

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SP phases 17, 18 on verge of complete inauguration 

1. Economy

March 7, 2017

 

TEHRAN- Phases 17 and 18 of developing Iran’s South Pars gas field (in the Persian Gulf) are on the verge of complete inauguration, according to Hassan Boyeri, the operator of these phases.

Boyeri, who is the managing director of Industrial Projects Management of Iran Company (IPMI), said that some 15.5 billion cubic meters of gas has been injected from these phases to the national network since their first train of gas sweetening was put into operation during the tenth month of Iranian calendar year of 1393 (December 22, 2014-January 20, 2015), Shana reported. 

He put the investment for development of phases 17 and 18 of South Pars at $8.1 billion and announced that the four platforms of these phases have the total production capacity of 56 million cubic meters of gas per day.

The huge offshore field, shared with Qatar, covers an area of 9,700 square kilometers, 3,700 square kilometers of which, called South Pars, are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, called North Dome, are situated in Qatar’s territorial waters.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.

MA/MG

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ervice: Business

 

 

CBI head: US' lawsuit to freeze Iran's assets rejected

Luxembourg’s court, in its first verdict, dismissed the lawsuit filed by the US to freeze Iranian assets worth $1.6 billion, said the governor of Central Bank of Iran.

Speaking on the sidelines of a cabinet meeting on Wednesday, Valiollah Seif added the US has launched an appeal against the verdict which is under consideration by the court, IRNA reported.

Seif said that CBI's legal services office and lawyers are also pursuing and considering the case.

On the news of the $1.6-billion of CBI's assets frozen in a Luxembourg bank, he noted that, "This, by no means, is a new event."

The CBI governor added the families and estates of the victims of the September 11 disaster had submitted a claim against Iranian monetary resources deposited in the Luxembourg bank in the form of dollar bonds, which convinced a New York judge to order Iran's assets had to be frozen. "Most probably the US plaintiffs will not succeed."

On Tuesday, a CBI official slammed attempts by American plaintiffs to seize the bank's assets in Luxembourg as being against international law and treaties.

Ardeshir Fereidooni, head of the CBI's legal affairs bureau, said US efforts to seize the bank's properties in Luxembourg run counter to international laws and treaties, and that any ruling against Iran could not be enforced.

His comments came after The New York Times reported that a judge in Luxembourg has put a freeze on $1.6 billion in assets belonging to the CBI.

Earlier, Iranian Deputy Foreign Minister Majid Takht Ravanchi announced that the ruling dates back to before the nuclear negotiations between Iran and the P5+1 (Russia, China, the US, Britain, France and Germany) that led to the Joint Comprehensive Plan of Action (JCPOA).

According to the diplomat, the property is still in Europe and no new development has taken place recently, adding lawyers of the Central Bank of Iran and of the Luxembourgian company holding the assets are in consultation on the issue.

In the last two decades, victims of terrorist attacks have racked up more than $50 billion in default judgments against Iran, according to New York Times.

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Publish Date: Wed, 08 Mar 2017 20:12:45 GMT

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Gazprom Neft to offer plans to develop Iranian oil, gas fields

Russia's Gazprom Neft plans to present a preliminary plan for the development of two Iranian oil and gas fields — Shangule and Cheshmeh Khosh (in western Iran) — in April, said the company's deputy managing director.

Vadim Yakovlev added that the final plan is expected to be presented by late July, wrote sputniknews.com.

"We have signed a memorandum on fields and the terms have been determined. In April, we must present a preliminary plan while the final one is expected to be presented in late July," Yakovlev told reporters on the sidelines of the CERAWeek energy conference in Houston, Texas.

In December, Russian Energy Minister Alexander Novak said that Gazprom Neft had signed an agreement with National Iranian Oil Company on the development of the two fields.

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CBI head: US' lawsuit to freeze Iran's assets rejected

Luxembourg’s court, in its first verdict, dismissed the lawsuit filed by the US to freeze Iranian assets worth $1.6 billion, said the governor of Central Bank of Iran.

Speaking on the sidelines of a cabinet meeting on Wednesday, Valiollah Seif added the US has launched an appeal against the verdict which is under consideration by the court, IRNA reported.

Seif said that CBI's legal services office and lawyers are also pursuing and considering the case.

On the news of the $1.6-billion of CBI's assets frozen in a Luxembourg bank, he noted that, "This, by no means, is a new event."

The CBI governor added the families and estates of the victims of the September 11 disaster had submitted a claim against Iranian monetary resources deposited in the Luxembourg bank in the form of dollar bonds, which convinced a New York judge to order Iran's assets had to be frozen. "Most probably the US plaintiffs will not succeed."

On Tuesday, a CBI official slammed attempts by American plaintiffs to seize the bank's assets in Luxembourg as being against international law and treaties.

Ardeshir Fereidooni, head of the CBI's legal affairs bureau, said US efforts to seize the bank's properties in Luxembourg run counter to international laws and treaties, and that any ruling against Iran could not be enforced.

His comments came after The New York Times reported that a judge in Luxembourg has put a freeze on $1.6 billion in assets belonging to the CBI.

Earlier, Iranian Deputy Foreign Minister Majid Takht Ravanchi announced that the ruling dates back to before the nuclear negotiations between Iran and the P5+1 (Russia, China, the US, Britain, France and Germany) that led to the Joint Comprehensive Plan of Action (JCPOA).

According to the diplomat, the property is still in Europe and no new development has taken place recently, adding lawyers of the Central Bank of Iran and of the Luxembourgian company holding the assets are in consultation on the issue.

In the last two decades, victims of terrorist attacks have racked up more than $50 billion in default judgments against Iran, according to New York Times.

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Official: Iran to receive first ULCV from S. Korea next year

The first South Korean ship will be delivered to Iran in March 2018 based on a deal to buy 10 Ultra Large Container Vessels (ULCV) from the Asian state, announced the managing director of the Islamic Republic of Iran Shipping Lines (IRISL).

Mohammad Saeedi added it is a 14,500 TEU container ship built by South Korea's Hyundai Heavy Industries Co. (HHI), Tasnim News Agency reported.

He said after receiving the first ship, the remaining ships will be handed over to the IRISL at monthly intervals.

The IRISL signed the deal with the HHI to buy 10 ships from the world's largest shipbuilding company in December. Financed by South Korean banks, the contract was inked between representatives of the IRISL and the HHI on December 9, 2016.

Under the contract, valued at $650 million, Hyundai will build 14,500 TEU container ships and 50,000 DWT product tankers.

The contracts were parts of the IRISL's plans to renovate its fleet at a total investment of $2.5 billion.

The company operates about 115 oceangoing vessels, but many of the ships are old and have been deemed unsafe to travel and cannot be insured.

The agreement marks Iran's first deal with a foreign shipbuilder since the removal of anti-Tehran sanctions.

The sanctions were lifted after Tehran and the P5+1 (Russia, China, the US, Britain, France, and Germany) finalized a lasting nuclear deal on July 14, 2015 and started implementing it on January 16, 2016.

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Service: Iran

 

 

Rouhani defends gov’t economic performance

President Hassan Rouhani on Wednesday vehemently defended his government’s economic performance, saying it has acted successfully in pursuing “Economy of Resistance” policies.

“We are defiantly victorious in [implementing] the economy of resistance,” Rouhani said at an international conference in the holy city of Mashhad, adding that “because we have a great nation, an efficient government and a conversant and sophisticated Leader who is guiding us.”

The president noted that “the government has been carrying out its responsibility” in this regard.

The comments came a day after Ayatollah Ahmad Jannati, the Assembly of Experts chairman, cast doubt about the government’s performance.

Jannati urged the government to “apologized to the people” if it has failed to do anything about the economy of resistance.

Rouhani on Wednesday rejected as “irrelevant” the question whether his government is successful in the economy of resistance.

The president said the Islamic Republic has managed to “push up economic growth, bring down inflation and maintain the value of national currency” despite difficulties it has been facing like other major crude exporters.

He added that the decline in oil prices forced “almost all oil producers” except Iran to tap their cash reserves.

Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei ordered President Rouhani’s government through an official decree in February 2014 to pursue what he described as “the economy of resistance”.  

Ayatollah Khamenei in his decree called on the government to secure the utilization of the country’s resources, struggle to promote a knowledge-based economy, take efforts to increase energy consumption efficiency and boost domestic production among several other steps as the requirements for the materialization of the resistance economy.

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te: 08/03/2017 | Time: 17:51|

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President: Iranians ultimate winners in Resistance Economy

Tehran, March 8, IRNA – President Hassan Rouhani said on Wednesday that the Iranian nation and government will be the ultimate winners of following the model of the economy of resistance.

 

Addressing the International Congress of Commemorating the Martyr Day, Rouhani said the major and most efficient arms against the threats facing the country are the will, faith and unity of the public.

He said that compared to the past one decade, more strategic arms have been produced compared to the past 3.5 years and at the same time, the reality of war is battle of wills. “Two wills face each other and that’s something that has always been and will remain in effect throughout history.”

The president recalled Iranian nation's long precedence of revolutionary campaign, Sacred Defense (1980-88) and resistance forces' fighting terrorists and Zionists, saying that altruism, devotion and resistance in the path of will, would definitely guarantee victory.

He referred to other areas of Iran's campaign against rivals and confronting enemies and said cultural war will continue and there is no end for it; 'Also, economic war worldwide will never end.”

“We are definitely, the winner of economy of resistance because we do have a great nation, efficient government and unique and aware leader, who is guiding; people are on the scene and government acts on its duty,” he added.

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e: 18:35|

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Slovakian Minister announces readiness of three banks to cooperate with Iran

Tehran, March 7, IRNA – Slovakian Finance Minister Peter Kazimir said on Tuesday that representatives from three private banks are here to sign memorandum of understanding (MoU) on cooperation with Iranian banks.

 

He made the remarks in a gathering dubbed as 'Iran-Slovakia Trade Cooperation Development' here in the venue of Tehran Chamber of Commerce, Industry, Mine and Agriculture.

Kazimir said that Iran was one of the important trade partners of Slovakia in the Middle East region before the imposed-sanctions and now 'we hope this cooperation to be continued and expanded'.

He said Iran is one of the most important world economic markets with plenty of opportunities and is known in Central Europe, so that many are interested to learn Iranian language and culture.

The Slovakian minister said that past year the two countries had good agreements on avoiding dual taxation and support for investment and now there are 15 companies in the fields of energy, banking, information technology and communication, mine, health, automobile and agriculture in this delegation , who are interested to establish trade relations with Iranian counterparts.

Head of Tehran Chamber of Commerce, Industry, Mine and Agriculture Masoud Khonsari said in the gathering that in past years, because of international sanctions, Iran’s banking system had no suitable relations with foreign banks, so the most important step in development of economic cooperation between the two countries is creation and development of banking ties.

He expressed hope that Slovakia takes big steps in this field to prepare bright future for investment.

Officials of the two countries had several meetings with each other in the past two years, which indicates firm intention of both countries to establish all-out ties.

He said that currently 12 Slovakian companies are active in Iran.

Slovakian trade delegation headed by Deputy Prime Minister for Investment Affairs Peter Pellegrini and Ministers of Finance and Economy as well as representatives from 35 private sector companies are in Iran to discuss and consider issues of mutual interests.

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Code: 82457706 (5876102) | Date: 08/03/2017 | Time: 19:41|

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Over 2,300 French enterprises to launch business in Iran

Tehran, March 8, IRNA -- French Ambassador to Tehran, Muriel Penicaud, said on Wednesday that 300 French companies are now in Iran and more than 2,000 more are to join them to have business in Iran.

 

Addressing a press conference in Tehran, Penicaud, who is also managing director of Business France, said Business France has thus far encouraged 300 companies to join Iranian market and is in efforts to make more 2,000 such enterprises interested in the market as they are busy planning to be active there.

She said the companies are mostly small- and medium-sized, being active in repair and maintenance of equipment and machinery, mines, plastic industries, foodstuff and agricultural products.

She added that such big success is gained due to attention to market needs, win-win view to trade and conclusion of long-term contracts.

The diplomat said it will take two to three years to prepare necessary grounds for entry into Iranian market.

“France was among the few countries not waiting lifting of nuclear sanctions to enter Iranian market; since September 2015, Business France office opened in Tehran with three objectives of preparing a balance sheet of resumption of bilateral ties, elimination of barriers to access to Iranian market and joint work for normalization of financial relations between the two countries.”

France is present in market of 73 countries and is highly happy to be in Iranian market of 80 million following conclusion of the Joint Comprehensive Plan of Action (JCPOA), said the envoy, adding that such a presence will be long-term.

She added that expansion of bilateral ties, helping commissioning of upcoming development and investment projects, R&D, and generation of value-added are also on agenda of Business France.
Elsewhere in her remarks, she said 40 European banks are now active in Iran, two of them French ones.

Business France will do its best to prepare necessary grounds for entry of major banks and companies into Iranian market but it will be a very complicated and time intensive project, she added.
Furthermore, since January 2017, all transactions with Iran are covered by French insurance companies. 

Penicaud said volume of French investment in Iran and trade are growing and by end of 2015, volume of French investment in Iran was 340 million euros which has now increased.

Asked to specify amount of French investment in Iran, Penicaud said, “There is no precise figure available but our goal is increasing volume of investment to the level of 1.4 billion euros, which was the 2002 record.”

She said volume of trade with Iran stood at 2.1 billion euros in 2016, showing 235 percent increase.

She added that French exported such items as sanitary, pharmaceutical, chemical, and cosmetic products as well as auto and plane equipment and parts to Iran while the latter mainly exported oil to the former.

France also welcomed Iranian investors and helps them access French market of 65 million as well as the market of 500 million in Europe and Africa, she added.

“For the time being, 20,000 foreign companies are active in France, 20 of them Iranian,” she added.

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Talks held for $13bn investment in petrochemical sector

Tehran, March 8, IRNA -- Deputy Minister of Petroleum for International Affairs and Trading, Amir-Hossein Zamaninia, says talks have been held after the JCPOA for attraction of $13 billion.

 

“Petrochemical success after the JCPOA is undeniable; within the period, talks were held for commission of petrochemical projects to the tune of almost $13 billion,” said Zamaninia.

The JCPOA was signed on July 14, 2015 after 20 months of talks by Iran, the EU and the G5+1.

The accord was legally binding on July 20, 2015 after approval of the resolution 2231 in the UN Security Council, thus nullifying six former resolutions of the Council against Iran. The EU approved the JCPOA the same day.

Majlis approved the JCPOA on October 11, 2015 as Iran’s proportionate and reciprocal action to implement the accord and with confirmation of the Guardian Council on October 15, 2015 was brought to the information of government for implementation. 

The JCPOA was put in the implementation stage as of January 16, 2016 following the issuance of the report of the International Atomic Energy Agency (IAEA) regarding Iran’s abiding by its nuclear commitment and elimination of all sanctions relating to the issue.

Hence, with the JCPOA implementation, all the sanctions relating to the oil, gas and petrochemical industries were lifted and the ground was prepared for Iran’s return to the world oil market.

To this end, impediments on the way of development of the petrochemical industry were removed after the JCPOA implementation. 

Attraction of investment and new technologies serve as a prerequisite for development of the industry and to that end extensive talks were held in the past months.

To meet the target of annual production of more than 120 million tons of petrochemical products by the next nine years, $50 to $70 billion investment is needed and considerable portion of the cash should be met from the foreign resources.

On the JCPOA achievements for the petrochemical industries, he said Iranian petrochemical industry is attractive for foreign investors, so, many talks have been held for their presence after the JCPOA.

Zamaninia said talks will soon be held for $13 billion investment in various sectors of the petrochemical industry.

1420**2050

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1 hour ago, screwball said:

 

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Warnings of severe deterioration of the dinar after the appetite for dollar

BAGHDAD / JD / .. Despite the reassurances launched by the Iraqi government and the central bank about the threats to the country as a result of lower oil prices, the economic crisis, but concerns about the local operation deterioration continues after severe turnout by the citizens and the owners of capital to buy the dollar and Tknezh in their homes, rather than banks.

And see a number of experts and specialists in the financial and banking affairs that this process will confuse the economic situation in the country, considering that the offer will be reduced for the dollar with an increase in demand and thus will lead to a rise in price significantly and this is what will lead to the deterioration of the national process.

He says banking expert Abdul Mohsen Ali, that there is huge demand to buy the dollar, whether by citizens or merchants and owners of capital, prompting the central bank to sell larger amounts in the auction to achieve a balance in supply and demand in the market, but this process may be temporary and processors in if it continues harm the economy certainly, in terms of decline in monetary reserves and the decline of the dinar exchange rate.

He said the agency / KD / This turnout comes for several reasons, including the development of the country unstable security and political and statements by some officials on the financial crisis and much talk about the inability of the government to pay salaries and that may lead to the bankruptcy of the country all these things have created a kind of fear among the citizens not to retain dinar replaced the currency of the dollar, in addition to that some of the citizens and the owners of the money prefer the dollar for the dinar for easy transfer and retention of the fact that the money supply will be less, and that's what we confirm it previously necessity currency project to delete the zeros of the three of the currency, which he can solve a lot of problems.

He noted that the dollar continued to withdraw from the market will lead to significant economic problems in terms of its high price levels and significant contrast will lead to a decline in the dinar exchange rate and dramatically and this means the deterioration of the national currency and the lack of value.

He called banking expert government and central bank to launch awareness programs and assurances for citizens and encourage them to bid farewell to their money in banks rather than turn it into a dollar and this will refund the benefit of the citizen and the country in general.

And saw the US dollar exchange rate in the recent significant rise in front of the Iraqi dinar even reached more than 131,000 dinars per $ 100, but after the measures taken by the central bank sold the largest dollar amounts in the auction led to a portion of the balance to the principle of supply and demand until it reached the market price of the dollar to 126,000 thousand dinars per 100 Dolar.anthy / 8 /

 

SB,  Is this article from a Iran News media or other News outlet?   Could you please share the link so we can also post under Iraqi Related News Section as well.

 

Thanks,

[tigergorzow]

SB Thanks a million,  A boat load of positive information regarding Iran since JCPOA.   Many countries are chopping at the bits to invest in Iran, provide loans, monetary exchanges, etc.....  Yup Iran is moving at warp speed to return to the World Market since sanctions were lifted.

 

GO RIAL

 

GO RV / RI

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President Hassan Rouhani’s Cabinet has approved a measure to repay its arrears to the Social Security Organization and the organization’s debts to a commercial bank. The ministers have approved a directive signed by First Vice President Es’haq Jahangiri, stating that “based on the recommendation of the Planning and Budget Organization of Iran, the Ministry of Cooperatives, Labor and Social Welfare is hereby allowed to issue a maximum of 10 trillion rials ($268 million) worth of Islamic bonds to clear a portion of government debts held by SSO”, reports Fars News Agency. The bonds will serve a double purpose, as they also help clear the SSO’s debts to Bank Refah Kargaran.  

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The Central Bank of Iran hosted a meeting to analyze obstacles to the implementation of the International Financial Reporting Standards.

During the one-day meeting on Tuesday, issues related to Iran’s banking system such as financial assets categorization, impairment, fair valuation and lack of infrastructure to provide information for IFRS reporting were discussed.

Senior managers and partners of KPMG, the smallest of the big four global accountancy firms by revenue which are experienced in implementing IFRS across the world, shared their knowledge of financial reporting.

International Financial Reporting Standards is a single set of accounting standards, developed and maintained by the International Accounting Standards Board.

These standards can be applied on a globally consistent basis by developed, emerging and developing economies, and provide investors and other users of financial statements with the ability of comparing the financial performance of publicly listed companies on a like-for-like basis with their international peers.

After the lifting of sanctions imposed on the banking system, the necessity of conforming to IFRS is crucial to ease and speed up the process of absorbing foreign resources. IFRS standards are now mandated for use by more than 120 countries, including the European Union and by more than two-thirds of G20.

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After more than a decade, the dividends of the so-called “Justice Shares” held by more than 49 million Iranians have been determined to be worth 550 trillion rials ($14.47 billion) on Tuesday in a ceremony attended by top government officials.

First Vice President Es’haq Jahangiri had said that each holder of Justice Shares will start receiving their dividends as of the next Iranian year (March 20, 2017).

“The dividends will first be paid to the sixth lowest income deciles from the bottom up in 18 stages,” he was quoted as saying by the Persian daily Shahrvand.

Jahangiri noted that the total value of Justice Shares is set to nearly double to 1 quadrillion rials ($26.31 billion) in the next four months. Speaking at the same ceremony, Economy Minister Ali Tayyebnia said the dividends’ exact figure stands at 5.3 million rials ($139) per share for eligible shareholders and 10 million rials ($263) per share for the two lowest income deciles of the Iranian population.

“This ceremony marks the recognition of the ownership rights of 50 million Iranians in businesses across the country and [the government’s] endeavors to improve the living conditions of low-income classes,” he said.

The Justice Share drama began in 2005 when the parliament tasked the previous government with privatizing state-owned companies and giving some of the stakes to different strata with the aim of bringing about equitable distribution of wealth.

Another aim pursued by this move was to make stock ownership more common among ordinary citizens, each of whom received shares from a particular state entity.

The government of former president Mahmoud Ahmadinejad launched the initiative with much fanfare. Justice Shares were given to the six lowest income deciles of Iranians. To prevent the owners from selling their shares immediately, their resale was barred.

Reports mentioned that the sale of these shares has been extensively debated by the current administration. However, the government’s decision is still unclear, though there have been talks of setting up Exchange Traded Funds for Justice Shares in the near future.

The government had previously sent a bill to the parliament to pay up to 10 million rials ($263) to all shareholders and 20 million rials ($526) to the lowest income deciles.

According to Iranian Privatization Organization, currently each Justice Share is estimated to be worth around 20 million rials ($526) on Tehran Stock Exchange and Iran Fara Bourse. Thirty-five companies listed on TSE and 25 firms listed on IFB make up the Justice Shares’ portfolio.

Officials also unveiled the website www.samanse.ir for clarifying issues related to Justice Shares. Shareholders can use the website to get information on their assets and the latest value of their stocks.

The last Iranian year (March 2015-16) was the last year that the treasury was to collect the dividends of 60 companies placed in Justice Shares’ portfolio as payment for privatization. The companies had paid about 250 trillion rials ($6.71 billion) of dividends to the government up to that point.

According to Tayyebnia, the deadline is to be extended by the end of the current year (March 20), as 3.5 trillion rials ($921 million) of the total figure have yet to be paid.

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ran, Russia and Azerbaijan have agreed to reduce tariffs on interstate cargo transit by 50% as part of efforts to activate the International North-South Transport Corridor, which aims to connect India to Europe.

The agreement was reached in a trilateral meeting on Tuesday in Moscow where rail officials from the three countries discussed ways of activating the INSTC project.

The major transit route is designed to facilitate the transportation of goods from Mumbai to Helsinki, using Iranian ports and railroads, which the Islamic Republic plans to connect to those of Azerbaijan and Russia.

An official with the Islamic Republic of Iran Railways, Hossein Ashouri, was quoted as saying by Mehr News Agency that all sides hope to activate the corridor later in 2017.

IRIR is currently building a railroad from the Iranian Caspian port city of Astara to the border with Azerbaijan, from where it will be extended to another city also named Astara in Azerbaijan.

A completed section of the railroad was tested late Friday after a train set off on a maiden journey from Azerbaijan’s Astara. The train travelled 8 kilometers to the border from where it entered the Iranian section of the route.

Younes Ranjkesh, governor of the northeastern Iranian port, said last week that Iran has started laying tracks on the Iranian section, adding that in the first phase, track-laying for 0.6 kilometers will be carried out.

The Astara-Astara project includes a bridge on Astarachay River stretching along the border, which was built by Azerbaijan.

Ashouri said the 2-km-long Iranian section will be completed in two months, adding that Iran’s collaboration with the neighboring country in constructing the rail link indicates the two sides’ strong determination to activate the international route.

Soon after the border project is complete, Tehran and Baku will start work on its extension to the city of Rasht in northern Gilan Province.

Azerbaijan has agreed to invest $500 million to build the railroad that is one of the main links in INSTC.

Another missing link is a route from Qazvin to Rasht. The construction of this section is in the final stage. The route includes Iran’s biggest rail bridge with a length of 1.43 km on Sefidroud river in the city of Manjil in Gilan Province.

“The Qazvin-Rasht route will become operational in three months at most,” Ashouri said, adding that Iran will then be ready to activate the INSTC.

Despite a missing rail link from Rasht to Astara, the Islamic Republic will use a multimodal transport system from its southern ports to Astara until the incomplete rail connection is added to the pathway.

The INSTC will connect Iran with Russia’s Baltic ports and give Russia rail connectivity to both the Persian Gulf and the Indian rail network.

This means goods could be carried from Mumbai to the Iranian port of Bandar Abbas and further to Baku. They could then pass across the Russian border into Astrakhan before proceeding to Moscow and St. Petersburg, before proceeding toward Europe.

The corridor would substantially cut the travel time for everything from Asian consumer goods to Central Eurasia’s natural resources to advanced European exports.

When completed, the INSTC is expected to increase the volume of commodities currently traded between Iran and Azerbaijan from 600,000 tons to 5 million tons per year, dramatically increasing bilateral trade from the current $500 million per year.

 

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ran’s top economic officials have reacted to the news that Iranian assets have been frozen by a Luxembourg court, expressing confidence that the case would end in Iran’s favor.

“We hope the Luxembourgian court will rule in Iran’s favor and we expect nothing else,” Minister of Economic Affairs and Finance Ali Tayyebnia was quoted as saying by IRNA.

On Monday, the New York Times ran a story announcing that a judge in Luxembourg has quietly frozen assets worth $1.6 billion belonging to Iran’s central bank, quoting people familiar with the case.

As reported by the Times, a group of victims of the Sept. 11, 2001, attacks by Al-Qaeda –including estates of people who were killed–brought the first-of-its-kind case against Iran that led to the freezing of assets.

The economy minister noted that it has been customary for CBI to keep a portion of its assets in the form of foreign exchange or bonds and it proceeded by purchasing dollar-denominated bonds during 2002-7 issued in Europe.

“From 2006, a series of problems arose and regulations such as a ban on U-turn transactions for Iran were approved in the US, which put our dollar-denominated funds at risk,” he said.

He added that around November 2007, the Luxembourgian Clearstream–international central securities depository charged with safeguarding the Iranian dollar bonds—warned Iran that it can no longer keep them safe, which prompted the country to sell some $220 million of the bonds.

Tayyebnia added that the country, then led by president Mahmoud Ahmadinejad, had “a window of about sixth months” until June 16, 2008, to transfer these bonds, but failed to do so beyond the aforementioned sum because “market conditions were not agreeable”.

He noted that the country also reckoned that because the assets belong to the central bank and not the government itself, they could not be seized.

Tayyebnia said it was “very odd” for US citizens to turn to a European court to seek assets not within the jurisdiction of their country in the first place. This US move “violates all international rights and aims to appropriate CBI assets that are considered immune throughout the world based on an unsubstantial claim”.

CBI Governor Valiollah Seif echoed the remarks of Tayyebnia, stressing that the Iranian side predicts that claims made by the US will not be validated in the Luxembourgian court.

“With a vote that will be decided on in the near future, the problem will be resolved,” he said. “We have no other assets apart from these dollar bonds that could potentially be endangered.”

Following the article published by the Times, Deputy Foreign Minister for European and American Affairs Majid Takht-Ravanchi said on Tuesday that lawyers with the CBI are currently consulting Luxembourg lawyers “to be able to have access to the funds”.

Ardeshir Fereydouni, the head of CBI’s Legal Department, corroborated this account, saying that in coordination with the Presidential Office for International Law, the bank’s attorneys have presented their defense arguments to recover the assets.   

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ran’s top economic officials have reacted to the news that Iranian assets have been frozen by a Luxembourg court, expressing confidence that the case would end in Iran’s favor.

“We hope the Luxembourgian court will rule in Iran’s favor and we expect nothing else,” Minister of Economic Affairs and Finance Ali Tayyebnia was quoted as saying by IRNA.

On Monday, the New York Times ran a story announcing that a judge in Luxembourg has quietly frozen assets worth $1.6 billion belonging to Iran’s central bank, quoting people familiar with the case.

As reported by the Times, a group of victims of the Sept. 11, 2001, attacks by Al-Qaeda –including estates of people who were killed–brought the first-of-its-kind case against Iran that led to the freezing of assets.

The economy minister noted that it has been customary for CBI to keep a portion of its assets in the form of foreign exchange or bonds and it proceeded by purchasing dollar-denominated bonds during 2002-7 issued in Europe.

“From 2006, a series of problems arose and regulations such as a ban on U-turn transactions for Iran were approved in the US, which put our dollar-denominated funds at risk,” he said.

He added that around November 2007, the Luxembourgian Clearstream–international central securities depository charged with safeguarding the Iranian dollar bonds—warned Iran that it can no longer keep them safe, which prompted the country to sell some $220 million of the bonds.

Tayyebnia added that the country, then led by president Mahmoud Ahmadinejad, had “a window of about sixth months” until June 16, 2008, to transfer these bonds, but failed to do so beyond the aforementioned sum because “market conditions were not agreeable”.

He noted that the country also reckoned that because the assets belong to the central bank and not the government itself, they could not be seized.

Tayyebnia said it was “very odd” for US citizens to turn to a European court to seek assets not within the jurisdiction of their country in the first place. This US move “violates all international rights and aims to appropriate CBI assets that are considered immune throughout the world based on an unsubstantial claim”.

CBI Governor Valiollah Seif echoed the remarks of Tayyebnia, stressing that the Iranian side predicts that claims made by the US will not be validated in the Luxembourgian court.

“With a vote that will be decided on in the near future, the problem will be resolved,” he said. “We have no other assets apart from these dollar bonds that could potentially be endangered.”

Following the article published by the Times, Deputy Foreign Minister for European and American Affairs Majid Takht-Ravanchi said on Tuesday that lawyers with the CBI are currently consulting Luxembourg lawyers “to be able to have access to the funds”.

Ardeshir Fereydouni, the head of CBI’s Legal Department, corroborated this account, saying that in coordination with the Presidential Office for International Law, the bank’s attorneys have presented their defense arguments to recover the assets.   

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Luxembourg court rejects US bid to freeze Iran assets, Washington appeals: CBI chief

Wed Mar 8, 2017 6:33PM

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File photo shows a view of the Central Bank of Iran in northern Tehran. 

The governor of the Central Bank of Iran (CBI) says a Luxembourg court has rejected the US efforts to freeze $1.6 billion of Iranian assets in the European country, adding that Washington has appealed the ruling.

“A Luxembourg court dismissed the US request for the freeze of $1.6 billion of Iranian assets in its first verdict, and the decision has been appealed and will be considered soon,” Valiollah Seif told reporters on the sidelines of a cabinet session on Wednesday.

Seif said that the office of Iran’s legal services and CBI lawyers are following up on the case until the final verdict is issued. 

He added that the request to seize Iran’s dollar bonds in Luxembourg was made by the victims of the September 11, 2001 attacks in the US.

Seif’s remarks came in reaction to a report by The New York Times that, citing people familiar with the case, said a judge in Luxembourg had quietly put a freeze on $1.6 billion in assets belonging to the CBI.

The report said that the freeze on the Iranian assets in Luxembourg was as compensation for the victims of the September 11 attacks. 

On Tuesday, CBI Legal Chief Executive Ardeshir Fereydouni said that the US move to seize Iranian oversees assets ran counter to international law.

Read more:

• 'US bid to seize Iran assets in Luxembourg 

Iranian Deputy Foreign Minister for Legal and International Affairs Majid Takht-e-Ravanchi has also rejected the US bid as “completely unlawful and baseless.”

The US claims that Iran helped the al-Qaeda terrorist group in conducting the September 11, 2001 attacks. Iran has repeatedly rejected the allegation.

The September 11, 2001 attacks were a series of hijacked-plane strikes in New York, the Washington D.C. area and Pennsylvania, which killed nearly 3,000 people.

None of the 19 hijackers that carried out the attacks were Iranian citizens. Fifteen were from Saudi Arabia while the others were from the United Arab Emirates, Egypt and Lebanon.