Iranian Rial

[screwball]

Iran banks to push for post-sanctions thaw

Thu Mar 9, 2017 6:48PM

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3. Economy

Three major Iranian-owned banks in Britain are reportedly planning to push the country’s banks to do business with them through a top regulating agency.

Three major Iranian-owned banks in Britain are reportedly planning to push the country’s banks to do business with them through a top regulating agency. 

The Wall Street Journal reported that Bank Sepah, Persia International Bank PLC and Melli Bank PLC were considering filing an arbitration case with Britain’s Payment Systems Regulator – the independent economic regulator for the payment systems industry in – to the same effect. 

The report added that this follows continuing reluctance by British banks to process transactions that involve Iran even thought the sanctions against Iran had already been lifted.

"We will assess any applications we receive under these powers in line with guidance we have published," a spokesman for the agency was quoted as saying.

The Wall Street Journal added that the British banks were still concerned about the poor standards of Iranian banks specifically with regards to issues such as money-laundering and financial fraud.    

The report added that this would explain why Iranian-owned banks were still effectively frozen out of Britain’s financial system. 

It further emphasized that Iranian banks had already come up with an idea to soothe the concerns of their British peers.

The Wall Street Journal added that Bank Sepah, Persia International Bank PLC and Melli Bank PLC had joined forces to create their own “Radar List” of companies in Iran. 

This, it added, is meant to make big banks more comfortable. 

After the removal of sanctions against Iran last year, former US secretary of state John Kerry repeatedly called on British banks – and others – to resume business with Iran.  His calls, however, appear to have already fallen on deaf ears.   

The only European institution that agreed to let the Bank Sepah clear transactions is the Bundesbank, Germany's central bank, the Wall Street Journal added. So far, Bank Sepah hasn't made any commercial transactions through the arrangement.

"They're in an invidious position because they are a U.K. regulated and authorized bank, but they can only access the European clearing system through Germany," it quoted Sue Millar, Bank Sepah's attorney in London with the firm Stephenson Harwood, as saying.  

[screwball]

 

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All News

March 09, 2017

 

 

 

 

 

Code: 82458713 (5877604) | Date: 09/03/2017 | Time: 17:12|

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Leader: Economy of Resistance sole solution to country's problems

Tehran, March 9, IRNA -- Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Thursday that Economy of Resistance is only solution for the country's problems and it must be implemented.

 

Full implementation of Economy of Resistance will bring about dramatic changes in the country's economic situation, he said in a meeting with the members of Assembly of Experts.

Ayatollah Khamenei further noted that mentioning the Economy of Resistance in the words of the officials and experts reveals that the theoretical framework is acceptable, but what is important is to implement it in practice.

Describing foreign investment as a valuable move, the Supreme Leader said that only a little part of foreign agreements have so far been implemented and 'We should not sit and wait for their investment and we should first do whatever we can.'

Elsewhere in his statements, Ayatollah Khamenei touched on the reasons why the arrogant powers are hostile towards Iran, and said that the main reason is that the Islamic Republic is seeking to establish the genuine Mohammaden Islam and is moving towards the ideals.

Saving the country from dependence on the powers and closing the ways for their abuse are among the major achievements of the establishment of the genuine Mohammaden Islam, the Leader said.

Mounting economic pressures and all-out cultural onslaught are among the major pivots of the enemies' operations, Ayatollah Khamenei said, noting that their main aim is to disappoint and take away the basic support for the officials against the enemies.

The Supreme Leader also hailed the performance of the Expediency Council and described it as exceptional, influential in the country's present and future.

Ayatollah Khamenei also derided the US slam of Iran’s elections and noted that Americans which have friendly cooperation with the most inhumane, evil regimes of the region and experienced such big scandals in the recent election there, dare to criticize the elections in Iran.

'Despite ceaseless attack of all superpowers and Zionists’ media emperorship after Iran’s 1979 revolution, the Iranian nation has made big achievements in all fields,' the Leader added.

[screwball]

Bank Sepah int'l branch in London resumes activity in post-JCPOA

Tehran, March 9, IRNA -- Bank Sepah international London-based branch alongside the other European branches have started to render banking services in the international scene, especially to the Iranian companies and projects after the implementation of the Joint Comprehensive Plan of Action (JCPOA).

 

Managing director of Bank Sepah international London-based branch said that Sepah international branch like other Iranian banking units in Europe and Britain have obtained necessary permissions to resume their activities in post-sanctions era. 

Now Bank Sepah International London-based branch is currently able to conduct credit operations and banking transactions and issue guarantees, present short-term and middle-term facilities and other banking services for the Iranian companies and projects, he said.

The 2015 nuclear deal gave Iran relief from the international sanctions in return for limits on its nuclear program in certain aspects.

Earlier, Governor of Central Bank of Iran (CBI) Valiollah Seif referred to the resumption of Iran's banking ties with world banks, describing it as a prelude to establishment of commercial communications between the banks.

Global banking chance for forging ties with Iran is increasing day by day, as a result of which its banking system will attain its due status, he said.

8072**2050

[screwball]

Iran banks to push for post-sanctions thaw

Thu Mar 9, 2017 6:48PM

1. Home
2. Iran
3. Economy

Three major Iranian-owned banks in Britain are reportedly planning to push the country’s banks to do business with them through a top regulating agency.

Three major Iranian-owned banks in Britain are reportedly planning to push the country’s banks to do business with them through a top regulating agency. 

The Wall Street Journal reported that Bank Sepah, Persia International Bank PLC and Melli Bank PLC were considering filing an arbitration case with Britain’s Payment Systems Regulator – the independent economic regulator for the payment systems industry in – to the same effect. 

The report added that this follows continuing reluctance by British banks to process transactions that involve Iran even thought the sanctions against Iran had already been lifted.

"We will assess any applications we receive under these powers in line with guidance we have published," a spokesman for the agency was quoted as saying.

The Wall Street Journal added that the British banks were still concerned about the poor standards of Iranian banks specifically with regards to issues such as money-laundering and financial fraud.    

The report added that this would explain why Iranian-owned banks were still effectively frozen out of Britain’s financial system. 

It further emphasized that Iranian banks had already come up with an idea to soothe the concerns of their British peers.

The Wall Street Journal added that Bank Sepah, Persia International Bank PLC and Melli Bank PLC had joined forces to create their own “Radar List” of companies in Iran. 

This, it added, is meant to make big banks more comfortable. 

After the removal of sanctions against Iran last year, former US secretary of state John Kerry repeatedly called on British banks – and others – to resume business with Iran.  His calls, however, appear to have already fallen on deaf ears.   

The only European institution that agreed to let the Bank Sepah clear transactions is the Bundesbank, Germany's central bank, the Wall Street Journal added. So far, Bank Sepah hasn't made any commercial transactions through the arrangement.

"They're in an invidious position because they are a U.K. regulated and authorized bank, but they can only access the European clearing system through Germany," it quoted Sue Millar, Bank Sepah's attorney in London with the firm Stephenson Harwood, as saying.  

[screwball]

Iran Air's first Airbus A330-200 with the registration number EP-IJA will leave Toulouse Airport tomorrow for Tehran. It will land in Mehrabad Airport 9:00 a.m. on Saturday, according to Iran Air's website.

Iran Air has taken delivery of its first new A330-200, the first of 45 A330 family on order, The Airbus Group said in a statement on Friday.

"The delivery of the aircraft is part of Iran Air’s major fleet renewal plan and is the first wide body from a firm order placed by the national carrier of Iran in December 2016 for 100 Airbus aircraft (46 single aisle and 54 wide-body jets) to renew and expand its fleet with new aircraft," the statement read.  

Iran Air’s A330-200 features a two class cabin layout, seating 32 passengers in business and 206 in economy.

"The delivery, which took place at the Airbus delivery center in Toulouse, marks yet another milestone for Iran Air, as it celebrates its 56th anniversary since establishment," it added.

Meanwhile, news went viral in the local Iranian media over the weekend that Iran would on Saturday receive the second passenger jet as part of the multibillion-dollar agreements it signed with major planemakers following the signing of the July 2015 nuclear deal with world powers and the ensuing removal of sanctions, though no relevant official was available to confirm it.

Iran Air has said it hopes to receive another Airbus A330 aircraft by the end of the current Iranian year (March 20, 2017). The second Airbus A330 (EP-IJB) has been spotted in Toulouse Airport.

On January 12, Iran Air was delivered an Airbus A321.

A background check of the incoming A330 shows the plane was initially built for the Sao Paulo-based Avianca airline, which canceled its order before delivery. The delivered A321 was also sold to Iran after it was canceled by another buyer.

Iran finalized the Airbus contract to receive a total of 100 jets on December 22. The deal is worth $18-20 billion based on list prices though Iran Air CEO Farhad Parvaresh has been quoted as saying that the value of the contract would not exceed $10 billion, considering the number of placed orders and the current market conditions.

The contract covers 46 of the narrow-body A320 family that includes the A321 model, 38 long-haul A330s and 16 of Europe's newest long-range model, the A350.

In addition to the Airbus deal, Iran Air has also signed a deal to purchase 80 planes from Boeing and is close to a deal to buy turboprop aircraft from Toulouse-based ATR.

Uncertainty has been surrounding the implementation of the Boeing deal since Donald Trump was elected as US president. However, the Trump administration's Treasury Department stated on Monday that it would continue to grant licenses to companies such as Boeing so that they can pursue multibillion-dollar deals with Iran, The Washington Free Beacon reported.

Iran Air has been in talks with ATR for over a year to purchase 20 short-haul aircraft, with the option of adding 20 more in future. This contract is worth $400 million.

Iran Air executives had said that they expected a few ATR deliveries by March 20, which marks the end of the current Iranian year.

Nonetheless, deputy minister of roads and urban development, Asghar Fakhrieh-Kashan, recently said the deliveries might be postponed as there remain difficulties to resolve before signing a final contract.

“Considering that technical negotiations with ATR are still in progress, the delivery of a few planes might be postponed to after Norouz holidays,” the official was quoted as saying.

Norouz holidays mark the beginning of the new Iranian year (March 21, 2017) and last about two weeks.

“Issues regarding after-sales services for Canadian engines of the plane have yet to be resolved,” he added.

ATR and the Iranian carrier have failed to reach a final contract as yet, amid uncertainty over licenses for engines made by a Canadian subsidiary of http://iqd.me/l/11 & Whitney. It is America's top military engine-maker that supplies to the F-35 fighter project.

Political risks of dealing with Iran has forced http://iqd.me/l/11 & Whitney to adopt a cautious stance, at a time when Trump is attacking the F-35 project, as part of his general criticism to aerospace firms for going over budget.

[screwball]

Linde says banking issues delaying Iran plans

German industrial gas group Linde has revived plant-engineering contracts in Iran but cannot work on them due to banking problems that obstructed the transfer of money out of the country.

Linde announced that it had to wait to find a way to transfer money out of the country before proceeding with Iran investment plans, reported Reuters.

"We have already signed engineering contracts to resuscitate projects from years ago but the banking system has to be fixed first before we can start performing on these contracts," Linde Chief Executive Aldo Belloni told analysts at a conference on Thursday.

In February 2016, National Petrochemical Company of Iran announced that Linde and Japan's Mitsui Chemicals were planning to invest $4 billion in Iran's petrochemical industry.

Investments by the companies were expected to be made in Iran's Assaluyeh energy zone.

Linde had announced earlier in 2015 that it was also planning to invest in Iran's gas liquefaction projects.

The company's top executives accompanied German Minister of Economy Sigmar Gabriel on his visit to Tehran last July to discuss investment and transfer of technology.

During the visit, Linde opened its office in Tehran after a hiatus of several years as a result of US-led sanctions against foreign investments in Iran's oil industry.

Iran's petrochemical production will hit 70 million tons valued at $27 billion at current prices in 2017.

The country seeks to more than double this capacity in the next decade, which requires annual investments in the range of $7 billion to $10 billion.

[screwball]

 

IMF praises Iran’s economic stability

Tehran, March 10, IRNA – International Monetary Fund in a report appreciated measures taken by the Iranian officials in improving economic condition and in experiencing real 6.6-percent Gross Domestic Product (GDP) growth.

 

According to Central Bank of Iran (CBI), based on 2016 article IV consultation with the Islamic Republic of Iran, IMF should hold bilateral talks with its members annually.

The full text of the IMF report, appeared on its official website, follows:

Economic growth rebounded over the course of 2016/17 on the back of higher oil production. Real GDP grew by 7.4 percent in the first half 2016/17, rebounding from recession in 2015/16. However, growth in the non-oil sector averaged 0.9 percent, despite the pick-up registered in the second quarter, reflecting continued difficulties in access to finance and domestic financial sector and structural weaknesses. Inflation declined to single digits and has hovered in the 9.5 percent range, year-on-year, since mid-2016. The foreign exchange market stabilized although it experienced some volatility towards end-2016 before recovering in January 2017. The spread between the official and the market rate has narrowed to about 15 percent.

Growth is projected to stabilize at 4.5 percent over the medium-term as the recovery broadens. Real GDP growth is expected to reach 6.6 percent in 2016/17 and to ease to 3.3 percent in 2017/18 as oil production remains at the OPEC target. Thereafter, higher FDI and a gradual improvement in domestic financial conditions drive investment and stronger non-oil sector growth. The current account is forecast to remain in surplus as higher exports offset the pick-up in imports related to investment. Inflation is expected to temporarily rise to 11.9 percent (year-on-year) by end-2017/18 reflecting recent liquidity growth and pass-through from exchange rate depreciation, but to return to single digits on the back of prudent fiscal and monetary policies. The pace of job creation lags that needed to absorb the large number of new entrants to the labor market and unemployment remains high.

Executive Board Assessment

Directors commended the authorities for achieving an impressive recovery in economic growth after the lifting of nuclear sanctions in 2016, maintaining inflation in single digits, and stabilizing the foreign exchange market. Given the renewed uncertainty, Directors emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector, and advancing reforms to lessen Iran’s reliance on oil and develop the private sector. They welcomed the authorities’ commitment in this regard and the thrust of their reform plans.

Directors saw an urgent need for financial sector reforms to sustain financial stability and finance growth. They recommended enhanced supervision of distressed banks and an asset quality review to identify viable banks that warrant recapitalization and nonviable banks to be resolved. They encouraged the authorities to support recapitalization of public banks with measures that improve their commercial viability and wind down directed credit schemes. They looked forward to the approval of the new banking bill that would give the Central Bank of Iran (CBI) the supervisory powers to implement reforms. Directors also encouraged quick passage of the central bank bill to modernize the monetary policy framework and provide greater operational independence to the CBI to pursue low and stable inflation.

Directors urged the authorities to implement a medium‑term fiscal framework to underpin their commitment to prudent fiscal policy and ensure gradual fiscal adjustment while funding financial sector reform costs. Higher revenue collections, further fuel price adjustment, and better targeting of cash transfers would create space to support growth and equity through higher public investment and cash transfers to the poor. Directors encouraged the authorities to explore the scope to use oil revenues to fund bank recapitalization, and noted the importance of replenishing the Oil Stabilization Fund to provide the budget a buffer.

Directors welcomed recent steps to strengthen the AML/CFT framework, the introduction of IFRS reporting in banks, and the audit and securitization of government arrears, which will help unlock corporates’ and banks’ balance sheets and facilitate greater investment. They urged the authorities to fully implement the FATF action plan, further enhance the AML/CFT framework, and improve the transparency of corporate ownership to facilitate re‑integration into the global financial system and restore correspondent banking relationships. They noted that reducing the role of the state and improving the business climate would foster foreign investment and aid job creation. Labor market reforms, including specific measures to facilitate youth and female employment, would ensure that more people have opportunities to work and make growth more inclusive.

Directors approved retention of the temporary exchange restriction and multiple currency practices, but underscored the authorities’ commitment to unify the exchange rate and shift to a managed float by early 2018, in order to provide flexibility for managing shocks. Directors urged the authorities to improve the quality, timeliness, and availability of data, including by implementing the Enhanced General Data Dissemination System (e‑GDDS).

9376**1394

[screwball]

Iran, Singapore keen on boosting all-out ties

Kuala Lumpur, March 10, IRNA – A senior Singaporean official in a meeting with the Iranian Ambassador to Singapore Javad Ansari appealed for reinforcement of the two countries cooperation.

 

Singapore Advisor of Minister of State for Ministries of Defense and Foreign Affairs Mohamad Maliki Osman described the nuclear deal between Iran and P5+1 as a global peaceful achievement. 

Touching upon the Joint Comprehensive Plan of Action (JCPOA) reached between Iran and the world powers, he appreciated Tehran’s foreign policies regarding the nuclear agreement.

He also voiced the Singaporean businessmen and financial institutes’ readiness for expanding cooperation with Iran. 

Maliki Osman added the Singaporean companies are keen on boosting their economic relations with Iran. 

He also expressed hope that he could visit Tehran heading a high-ranking Singaporean delegation in near future. 

The Iranian envoy, for his part, called for expansion of all-out ties between Iran and Singapore. 

9060**1771

[screwball]

Austria’s Oberbank transacting with 21 Iranian banks: CEO

News ID: 3927965 - Thu 9 March 2017 - 16:44

Economy

TEHRAN, Mar. 09 (MNA) – Franz Gasselsberger, the CEO of Austria’s Oberbank is visiting Tehran at the head of a senior economy and trade delegation accompanied by Josef Pühringer, the Governor of Upper Austria.

“Austria supports the enhancement of the credit ranking of the Islamic Republic of Iran,” said Dr. Franz Gasselsberger, the Chairman of the Management Board and the Chief Executive Officer of Austria’s Oberbank AG Linz, in Tehran on Thursday. Gasselsberger who is accompanied by Josef Pühringer, the Governor of Upper Austria, one of the nine states of Austria, is heading a senior economy and trade delegation to Tehran and made the remark during his meeting with senior officials of the Central Bank of the Islamic Republic of Iran; Akbar Komijani, the Deputy Governor, and Gholamali Kamyab, the Vice Governor for Foreign Exchange Affairs.

His remarks get more spotlight as the latest credit ranking of Organization for Economic Co-operation and Development (OECD) shows Iran one place higher than former ranking at the 6th.

Slovakian Deputy Prime Minister for Investments and Information Peter Pellegrini, who was visiting Tehran on Tuesday told Iran's Economic Affairs and Finance Minister Ali Tayyebnia that Iran’s economic growth is noticeable.

“We believe that the risk of investment in Iran is lower and lower yearly,” said Pellegrini recounting the reason of the Iran’s better ranking in OECD’s report. “Now there is a positive impression of Iran’s market unanimously held that it is no longer risky to invest in Iran.”

On the other hand, Gasselsberger described the banking cooperation between the two countries as positive. “Based on the agreements made between the two countries, good relations have been established and now we are in communication with 21 Iranian banks.”

He held that Oberbank is the only Austrian bank directly interacting and transacting with Iranian banks. “Austrian companies are interested in developing cooperation with Iran and currently concerted talks are being held to broker new financial deals.”  Gasselsberger voiced hope that the new contracts give the other businessmen and traders the reassurance to expand their endevours.

[screwball]

JCPOA implemented successfully, now traders’ turn: Deputy FM

News ID: 3928411 - Fri 10 March 2017 - 13:57

Politics

TEHRAN, Mar. 10 (MNA) – Iran’s Deputy FM Seyed Abbas Araghchi told a gathering of entrepreneurs that the nuclear deal has been successful and the rest of the path has to be undertaken by the businessmen.

“The JCPOA can be examined from different perspectives and one of the angles to look at it is the domestic outlook and the political reception of the JCPOA,” said Iranian deputy foreign minister for legal and international affairs on Thursday in the afternoon, addressing a group of entrepreneurs and successful job makers. He made the remark in a bid to evaluate the Joint Comprehensive Plan of Action which was signed on July 14, 2015, between the Islamic Republic of Iran, 5+1, and EU in Vienna.

The Iranian diplomat highlighted that beside the harms of political reception of the JCPOA, it had some benefits including positive effect on political understanding of the Iranian society.

“The JCPOA changed Iran’s reputation completely,” asserted Mr. Araghchi. “The JCPOA changed Iran’s nuclear program as a forbidden ambition to a legal program in the international arena.” He highlighted how the deal annulled the UNSC resolutions under charter 7 which described Iran as a threat to the peace and security of the world. “Now Iran is an important player in the region and Syria, while beforehand efforts were aimed to ignore us.”

After saying that the nuclear program of Iran was being followed as vigorously as before the JCPOA, Araghchi offered gratitude to Ali Akbar Salehi for all his strenuous services and contributions. “Mr. Salehi, is one of the most knowledgeable nuclear scientists of Iran who played a very bold role in the course of negotiations for drafting the JCPOA.”

“Iran’s nuclear program is followed with more inspections to win the trust of the other side,” said the Iranian deputy FM. “All the obstacles supposed to be removed by the JCPOA have been removed. However, the JCPOA was not expected to turn Iran’s economy upside down, it was supposed to remove the barriers and it has accomplished this task.” Araghchi then referred to passenger aircrafts as an example and said that whether an aircraft was bought or not or which kind of aircraft was bought was not related to the JCPOA and the JCPOA just made it possible for the government to purchase from Airbus or Boeing. “Whether oil ministry had a good performance after the JCPOA, I would say yes, but the JCPOA was just obliged to make it possible to sell oil and the rest of the story was not up to the deal.”

The senior Iranian diplomat who was among the top negotiators of the Islamic Republic of Iran during the course of talks with 5+1, evaluated that the nuclear deal of July 14, 2015 was successful in accomplishing its objectives and the rest of the business was up to businessmen and traders to harvest the results.         

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[WheresmyRV?]

1 hour ago, screwball said:

 

Directors approved retention of the temporary exchange restriction and multiple currency practices, but underscored the authorities’ commitment to unify the exchange rate and shift to a managed float by early 2018, in order to provide flexibility for managing shocks. Directors urged the authorities to improve the quality, timeliness, and availability of data, including by implementing the Enhanced General Data Dissemination System (e‑GDDS).

9376**1394

SB whats your thoughts on this?

[Freedomwish]

49 minutes ago, WheresmyRV? said:

SB whats your thoughts on this?

I know your question was meant for SB.......this tells me the Rial rate will pop a year from now coming out on the low end, float up based on world market confidence on the currency, while under the constant watch and radar of government authorities in assurance that all matters and transactions are to be performed and handled with such delicacy and timely as accordingly..................but hey, what do I know.  

It's Friday night and you may already know what I'll be drinking at the bar later! 

[screwball]

3 hours ago, WheresmyRV? said:

SB whats your thoughts on this?

Yeah I ignored it because it's not from Cbi governor or president....imf will spread misinformation....it's a date and that's all it's is! It could mean financial year which runs from march 21 2017-march 21 2018 or anytime 2018 and key words "early"

[screwball]

And the words "underscored" you certain,y not going to get the imf to say "by march 21" all hell we'll break loose

[sandfly]

Yep sb

[screwball]

 

he governor of the Central Bank of Iran believes that the country will be able to meet the conditions needed to become a full-time member of the Financial Action Task Force when the organization takes up Iran's case in May.

"We have until May n to complete efforts needed to become an FATF member and with the planning and endeavors undertaken so far, we will achieve the standards required for membership," Valiollah Seif also said in a talk with the Persian-language Khorasan newspaper, IBENA reported.

The intergovernmental FATF, which is the global standard-setting body for anti-money laundering and combating the financing of terrorism (AML/CFT), welcomed Tehran's initiative to conform to its international standards in late June and called for a one-year suspension of restrictions.

On February 24, the organization issued a public statement, noting that "if FATF determines that Iran has not demonstrated sufficient progress in implementing the action plan at the end of that period, FATF’s counter-measures will be reimposed".

However, "if Iran meets its commitments under the action plan in this period, FATF will consider next steps".

Responding to allegations that Iran may be placed on the blacklist of uncooperative states, Seif said, "We never announced that the country has been permanently removed from the list, rather we have managed to have countermeasures against Iran suspended, which was an important step."

The CBI governor reiterated that regulations and standards required to become an FATF member do not call for sharing sensitive information or appeasing the organization, but "are actions that ensure we will prevent money laundering within the banking system and not serve terrorists".

Compliance Update

Conforming to these standards and installing the necessary software not only work to make the country immune against "banking corruption", Seif said, but will also prepare the grounds for Iran's FATF membership.

FATF's latest public statement prompted a senior lawmaker to lambast the organization, saying it will be illogical and unacceptable for the organization to "threaten Iran".

"The conditions of FATF action plan have been defined, but if they reckon for any reason that Iran is not cooperating and put the country on its blacklist again, it would be unacceptable," Mohammad Reza Pour-Ebrahimi, who heads Majlis Economic Commission, said last week.

Pour-Ebrahimi added that if the organization continues to treat Iran in this manner, the parliament would likely decide to end the country's cooperation with FATF.

Seif, however, saw it unlikely that things will get to that point and said with the AML/CFT measures approved in the parliament so far, "we believe we can complete our efforts by [May] and join the FATF".

In March 2016, the Iranian Parliament adopted an Anti-Money Laundering/Combating the Financing of Terrorism law and declared its high-level political commitment to implement an action plan. Iranian authorities have requested an assessment by the International Monetary Fund on Iran's compliance with the AML/CFT regime against the FATF standards, which will take place late 2018.

Since 2015-16, Iran has also became an observer in the Eurasian AML/CFT group following the adoption of a high-level action plan with FATF.

[screwball]

 

eader of Islamic Revolution Ayatollah Seyyed Ali Khamenei called for incessant efforts to make the effects of Resistance Economy tangible for people, emphasizing the need for officials to feel responsible toward Iranians, especially about their livelihood.

Ayatollah Khamenei made the statement in a Thursday meeting with members of the Assembly of Experts, an elected clerical body in charge of supervising the performance of the Leader, and appointing and dismissing him.

Resistance Economy is a set of policies aimed at boosting domestic production and productivity to make the country invulnerable to economic wars waged by foreign powers.

The concept was first raised by the Leader in 2011, amid the tightening of economic sanctions against Tehran by the US and its allies over their unfounded allegations that Iran intends to build nuclear weapons.

Acknowledging that remarkable steps have been taken by government officials to promote the principles of Resistance Economy, Ayatollah Khamenei said they are only a part of necessary steps.

The Leader also said, "If all necessary steps with regard to Resistance Economy had been taken, today, we would have observed a tangible difference in the country's economic conditions and people's lives," according to a transcript posted on the Leader's official website.

Ayatollah Khamenei emphasized that there are ways that Resistance Economy can objectively affect people's lives by improving production, boosting employment and combating smuggling.

The Leader praised the government's efforts to attract foreign investment following the removal of nuclear-related sanctions under the July 2015 nuclear deal with six world powers, but lamented the fact that only a small number of foreign economic agreements have gone into force.

"We must not remain idle hoping for and expecting their investment, but we must domestically do what we can by ourselves. Resistance Economy, with its strong intellectual and theoretical fundaments, is the sole way of solving the country's problems," he said.

  Multipronged Onslaught

Ayatollah Khamenei said the enemies of Iran, the global hegemonic powers, have designed a multidimensional operation to attack Iran that, besides putting extreme economic pressure, includes security and political pressure and also a "widespread but silent cultural onslaught".

The Leader said the reason for "deep hostility" toward Iran by arrogant powers is the Islamic Revolution of 1979, "saving the country from dependence on powers" and "blocking the way to their exploitation".

"The growing influence of Iran and support of [various] nations for the Islamic system is our strong backbone and this reality has enraged Americans, with their analysts seeking a way to counter the increasing influence of Iran," he said.

Ayatollah Khamenei said the main goal of the adversaries' operation is to make Iranian people disgruntled about the Islamic system and strip officials of popular support in their resistance against the enemy.

The Leader pointed to a US Department of State's 2016 human rights report on Iran released on March 3, which accused Iran of "falling short of international standards for free elections", as an example of efforts to pressure Iran.

"Americans, who are engaged in friendly cooperation with the most evil and most inhuman regional regimes and caused this huge scandal in their recent [presidential] election, attack and criticize elections held by the Iranian nation", he said, pointing to the controversial victory of Donald Trump in the November US presidential elections and doubts raised by Republicans and Democrats about the health of the election.

Ayatollah Khamenei described "strong, aggressive and logical confrontation" with the enemy as the best way of thwarting plans and conspiracies of the arrogant front in various fields, including about human rights, terrorism and war crimes.

Earlier in the meeting, the Leader pointed to characteristics that officials of an Islamic system must display, including making efforts to implement Islamic commands, seeking justice and standing against oppression and corruption, saying the Assembly of Experts' most important work is checking whether the Leader possesses them.

Ayatollah Mahmoud Hashemi Shahroudi, the deputy chairman of the assembly, delivered a brief report on major topics of discussions in the second meeting of the fifth Assembly of Experts, which was held in Tehran on Tuesday and Wednesday.

[screwball]

The Central Bank of Iran has updated its list of bureaux de change officially allowed to operate in the market. According to the latest update by CBI on March 4, a total of 419 exchange houses have obtained a license and are authorized to operate, IBENA reported. The previous update in the list came on March 2, 2016, which put the number of licensed bureaux de change at 396. According to a CBI directive, moneychangers in Tehran, Karaj, Isfahan, Shiraz, Mashhad, Ahvaz and Tabriz require a minimum capital requirement of 40 billion rials ($1.07 million) to establish operations while for all other cities, the amount stands at 20 billion rials ($500,000).

[screwball]

2nd Airbus plane purchased by Iran lands in Tehran

Sat Mar 11, 2017 7:34AM

1. Home
2. Iran
3. Economy

The photo shows the second Airbus plane — an A330-200 (on the right) — on the tarmac at Tehran’s International Mehrabad Airport on March 11, 2017. (Photo by IRNA)

A second airplane purchased by Iran through a major post-sanctions deal with the European aviation giant Airbus has landed in the capital, Tehran.

The Airbus A330-200 took off from the French city of Toulouse on Saturday and landed at Tehran’s Mehrabad International Airport later in the day.

The aircraft had been officially delivered to Iran earlier in Toulouse. It will now be operated by Iran’s national flag carrier Iran Air.

The plane, which has 32 business class and 206 economy class seats, is suitable for long-distance flights.

Its delivery to Iran was made possible under a 18-billion-dollar deal Iran signed with Airbus last year to purchase 100 new planes, including 46 aircraft from the A320 family, 38 from the A330 family, and 16 from the A350 XWB.

The first Airbus plane — an A320 — arrived in Tehran on January 11.

Read more:

• Iran receives 1st Airbus plane after JCPOA

In 2016, Iran inked another agreement worth 16.6 billion dollars to buy 80 new planes from US aviation company Boeing, comprising 50 737 airliners and 30 777s.

Iran Air is also expected to finalize an accord with European manufacturer ATR to purchase 20 turboprops.

The agreements came after the restrictions imposed on Iran’s aviation industry were lifted following a nuclear agreement known as the Joint Comprehensive Plan of Action (JCPOA).

The JCPOA was negotiated between Iran and the P5+1 countries — the United States, Britain, France, China and Russia plus Germany. It was finalized on July 14, 2015 and started being implemented on January 16, 2016.

Under the deal, limits were put on Iran’s nuclear activities in exchange for, among other things, the removal of all nuclear-related bans against the Islamic Republic.

[screwball]

Iran’s GDP growth forecast to rebound in 2016/17: IMF 

1. Economy

March 10, 2017

 

TEHRAN - The International Monetary Fund has forecasted that Iran’s real GDP growth is expected to rebound to 6.6 percent in 2016/17.

According to an IMF executive board report released on February 27, Iran’s economic growth rebounded over the course of 2016/17 on the back of higher oil production. Real GDP grew by 7.4 percent in the first half 2016/17, rebounding from recession in 2015/16.

Meanwhile, higher foreign direct investment and a gradual improvement in domestic financial conditions drive investment and stronger non-oil sector growth. The current account is forecast to remain in surplus as higher exports offset the pick-up in imports related to investment. 

The country’s inflation declined to single digits and has hovered in the 9.5 percent range, year-on-year, since mid-2016 and is expected to temporarily rise to 11.9 percent by end-2017/18 reflecting recent liquidity growth and pass-through from exchange rate depreciation, but to return to single digits on the back of prudent fiscal and monetary policies. 

Iran’s foreign exchange market stabilized although it experienced some volatility towards end-2016 before recovering in January 2017, the report said, adding that the spread between the official and the market rate has narrowed to about 15 percent.  

[screwball]

Govt. successful only if it achieves resistance economy goals: commander

1. Politics

March 11, 2017

 

TEHRAN – A senior IRGC commander said on Thursday the government will be considered successful once it succeeds to achieve the goals of the resistance economy as stated by the Supreme Leader.

Qassem Soleimani, who was speaking in a conference on resistance economy in Kerman, said the resistance economy is a criterion for “evaluating the government,” ISNA reported.

Resistance economy is the people-based economy itself, the commander said, adding the main criterion in “such economy is not the government.”

SP/PA

 

[screwball]

Advice...get on xe.com and set up auto alerts for changes in rial and dinAr...as the rate changes you will recieve daily alerts...get ready people just in case

Edited March 11, 2017 by screwball

[climber7]

Not sure if this has already been posted--this is dated Feb. 1st. 

 

http://theantimedia.org/iran-ditched-dollar-us-matters/

February 1, 2017 at 4:08 pm

Written by Alice Salles

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(ANTIMEDIA) Following President Donald Trump’s ban on travelers from seven predominantly Muslim countries, the Iranian government announced it would stop using the U.S. dollar “as its currency of choice in its financial and foreign exchange reports,” the local Financial Tribune reported.

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Iran governor Valiollah Seif’s central bank announced the decision in a television interview on January 29. The change will take effect on March 21, and it will impact all official financial and foreign exchange reports.

 

 

 

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“Iran’s difficulties [in dealing] with the dollar,” Seif said, “were in place from the time of the primary sanctions and this trend is continuing,” but when it comes to other currencies, he added, “we face no limitations.”

In a piece published by Forbes, Dominic Dudley contends that this move is significant “in the light of the recent ‘Muslim ban‘” announced by Trump. Iran nationals were added to the order issued by the current U.S. administration, which prompted the Iranian government to vow to stop issuing visas to U.S. citizens.

Dudley notes that since 1975, “no Americans have been killed in terrorist attacks in the US by the citizens of the countries included in the ban,” while countries such as Saudi Arabia — “home of 15 of the 19 terrorists involved in the 9/11 attacks” — were left out of the list of prohibited countries.

Despite the country’s decision to halt the use of the U.S. dollar as its base currency for exchange with other nations, Iran’s top export is oil. In the global markets, oil is mainly purchased and sold in U.S. dollars. This fiscal year, Iran is expected to earn  $41 billion from oil sales, with countries like the United Arab Emirates (UAE) and China as their top clients. It’s still uncertain how the country will manage to switch currencies without relying on the American currency. The shift, Dudley notes, “will add a degree of currency risk and volatility and is likely to complicate matters for the authorities.”

This matters because predominantly Muslim countries left out of the “Muslim ban” include Saudi Arabia, one of the world’s top oil exporters.

In the 1970s, the Arab nation struck a deal with U.S. President Richard Nixon establishing an alliance that would maintain the dollar as the standard oil exchange currency in exchange for military support from America. The use of the dollar as a standard currency for oil exchange was accepted by Saudi Arabia and the remaining block of Organization of the Petroleum Exporting Countries (OPEC), which include Iran and 11 other Middle Eastern, African, and South American countries.

OPEC countries account for 42 percent of global oil production, holding 73 percent of the world’s oil reserves. Due to its influence, the use of the U.S. dollar as its standard currency helps to keep demand for the U.S. dollar high, giving the currency the support it requires to remain “the world’s reserve currency” and preventing the effects of inflation from hitting the U.S. consumer.

Iran’s decision to exit this deal might impact the U.S. economy and threaten the dollar, prompting the U.S. government to take stern measures to combat Iran’s actions. After all, Iran holds 13 percent of OPEC’s oil reserves.

This article (Iran Just Officially Ditched the Dollar in Major Blow to US: Here’s Why It Matters) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Alice Salles and theAntiMedia.org. Anti-Media Radio airs weeknights at 11 pm Eastern/8 pm Pacific. If you spot a typo, please email the error and name of the article to edits@theantimedia.org.

[screwball]

In sorts they announced dumping of usd but this has some additional information thanks

Edited March 11, 2017 by screwball

[screwball]

We are just waiting to see what happens march 21 or two weeks either side, if they are reset financial reports and accounting standards before march 21 then around this date will be exciting...especially if they are dumping usd same day...