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On 12/04/2017 at 4:06 PM, blueskyline said:

OK So .......... What does this mean and how does it it in ???.....................https://financialtribune.com/articles/economy-business-and-markets/62239/cbi-sets-new-foreign-currency-rules...........

  1. Business And Markets
Wednesday, April 12, 2017

CBI Sets New Foreign Currency Rules

 
 
 

The Central Bank of Iran has issued a new directive in line with anti-smuggling laws, based on which individuals holding more that €10,000 would be subject to an official probe.

According to the directive announced on the official website of the bank, keeping foreign exchange up to €10,000 (or its equivalent in other currencies) faces no legal barriers.  

Retaining an amount of foreign currency higher than the set limit is allowed only if the applicant obtains one of the following documents:

* A bank's receipt or any other document indicating that the amount has been reimbursed by a bank.

* An authorized receipt from an exchange house registered in CBI's SANA system.

* A printed receipt containing the tracking code that indicates the currency was declared when entering the country.

The directive noted that if someone is in possession of a larger amount of hard currency than the set limit and does not have one of the aforementioned documents, they need to open a foreign currency account in one of the banks or sell the currency to a bank or licensed exchange within three months.

Banks and bureaux de change's receipts that show the currency has been paid by them is only valid for six months and owners need to open a currency account or sell the sum within the allowed period.

The directive emphasized that any conversion, purchase and sale of currency outside the banking system or authorized bureaux de change is prohibited.

Last year, Iran authorized banks to undertake foreign exchange trading at a free-market rate, as authorities plan to unify exchange rates.

Iran operates two exchange rates: a free market rate, which was at 37,062 rials to the US dollar on Monday, and an official rate used for state transactions, set by the central bank at 32,439 rials.

In recent months, the central bank has raised the official rate gradually to shrink the gap between the two. It has said it wants to unify the exchange rate, to make the economy more efficient and create a level field for private firms competing with state institutions with access to cheaper foreign exchange.

In November, the CBI also issued a directive requiring travelers and truckers in  transit entering the country to declare currency valued over $10,000 to the Ministry of Economy’s Financial Intelligence Unit, in line with international anti-money laundering statutes.

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Also reminder...so you must open foreign currency account if you have over 10,000 euro! 

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54 minutes ago, gixxerfrog said:

I guess it's a start  (unification)  wonder how long after they will RV 

 

They started bringing the rats closer together over 12 months...they will just flip the button and remove four zeros in IMHO

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Economist
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Finance Desk

The International Monetary Fund is optimistic that Iran can unify its dual foreign exchange rates in 2017-18 despite recent challenges facing the country, such as currency market volatility.

In an interview with Financial Tribune, Catriona Purfield, a senior economist at IMF, said since the Iranian government has already done a lot of preparations to adopt a single exchange rate regime, the country is capable of making an early move in this regard.

 "Half of imports has been put on the market rate and most of the goods are now at the flexible rate. Interbank FX market has been reestablished. Therefore all the elements are there, so an early move is possible," she said.  

Purfield , who led a recent Article IV mission to Iran– an annual health check on the Iranian economy as she puts it, added that in its earlier report, IMF had urged Iran to unify the exchange rates and have "a managed float" to have an early move benefit.

After completing a two-week Article IV consultation with Iran, IMF released its concluding statement on Feb. 27 in which it commended Iran for its "impressive recovery" from recession after the lifting of sanctions in 2016.    

In preparing its report, the Article IV team had policy discussions with the Central Bank of Iran, ministries and agencies, private sector, Chamber of Commerce, NGOs, entrepreneurs, Cooperatives Ministry and social organizations.

"We witnessed a fundamental difference in this year's Iran performance compared to last year ... We're seeing growth in the range of 6.5-6.6%, which is the forecast figure for this year … a huge turnaround  from last year when the economy actually contracted," Purfield said.

According to the economist, if Iran had unified its exchange rates at the time of the oil price crash, it would have had an extra tool to respond to that shock.

"IMF has been strong in its language advocating for an early move to unify the rates and doing it within a year because the dual exchange rates vary by more than 2%," Purfield said.

Asked why IMF did not advise a specific date for the unification, she noted that "we did not advise on an exact timing for unification because at the end, the government has to make sure the FX market is stable and it has good access to international reserves to prevent unexpected spikes in the exchange rate".

Article IV also had discussions with Iranian authorities to have better regulations to control the FX market to have more transparency by moving transactions to the banking sector, having real-time monitoring of foreign exchange within the market and setting up the infrastructure to monitor the market.

"They should come up with regular publication of FX reserves data and that information should be available and we had discussions to have a more transparent framework," she said.

Purfield cautioned that reforming the monetary policy framework and moving away from fixing an exchange rate were contingent upon the market exchange rate being stable and having a good monetary policy and a good grip on inflation.

Growth and Other Aspects

However impressive Iran's economic growth in 2016-17, it cannot be denied that thanks to a surge in oil exports, Iran clawed back its share from the market or as Purfield puts it as an "oil story".

"Oil data show a 52% jump in value-added to the economy  (oil exports nearly doubled this year) and that growth is not seen in the rest of the economy," she said.

"The non-oil sector has been quite weak and we have pointed that in the report and we have been more modest in the growth uptick for 2016/17 than the government."

Purfield noted that IMF is keen that there should be reforms to support growth and to be able to allow the non-oil economy to expand.

The non-oil sector only registered a 0.9% growth in the first half of 2016-17, which was attributed by IMF to difficulties in accessing finance and domestic financial sector, and structural weaknesses.  

"We have been more conservative in our medium-term forecast (4.4%) and the figure for next year's headline growth (3.3%), which will be lower or on the downtrend unless oil prices increase or there is expansion in that sector," she said.

"Otherwise, there's no way that oil can grow again by 52% and that's why we have emphasized growth in the non-oil sector."

Banking Woes

A good part of IMF advice this year focuses on the condition of Iranian banks and the serous struggles they are facing.

As the economist puts it, they urged problem solving in the banking system to safeguard the achievements of financial stability and low inflation.

"Interest rates are now in the 20% range and without inflation that implies a real rate of nearly 10% that is strangling the private sector and the recovery," she said.

Purfield recommends that now that the economy is beginning to recover and external relations are improving, it is time to address the challenges in the banking sector.

"One thing we advised is to handpick distressed banks and put them on enhanced supervisory administration–the very banks which are competing for deposits by offering you some very nice interest rate and that makes interest rates rising fast because other banks try to compete with them," she said.

"Another key advice is to conduct an Asset Quality Review: an independent auditor going into each bank and doing a forensic on each of the bank's balance sheets. So you can get an exact sense of how the problem of non-performing assets is and where the problem is coming from."

The economist stressed that that's when one can determine which of the banks can be saved and which of the banks may not be viable so they can be resolved: merged or closed.

She is also comforted by the fact that the Iranian government has begun to take some of the steps for this by implementing International Financial Reporting Standards, which is the first step for being more transparent.

The two banking laws (the Banking Reform Bill and the Central Bank Bill) will be very helpful, as they will strengthen the tools to deal with the banks and also enhance supervision over them.

The government is seeking IMF technical advice regarding these issues so they can be in line with international standards and the bills will ensure that the banking system gets back into shape again.

As for addressing the external threats that Iran is facing, the economist believes the country will have to begin domestic reforms like reducing dependence on oil, strengthening the financial sector, expanding the role of private sector and reducing the government's role in the economy.

 "Other measures include creating buffers and savings so you have something to draw from when there is a shock," she said.

Precedent shows, Purefield says, that on the whole Iran has been relatively good at taking IMF advice.

Will Iran follow embrace these recommendations too? Here's hoping.

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I hope there is a whole list of Countries  that will RV At the same time The Iraqi dinar ,Iranian ,Vietnamese dong 

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3 minutes ago, jaman said:

I hope there is a whole list of Countries  that will RV At the same time The Iraqi dinar ,Iranian ,Vietnamese dong 

  Hi agree with you on that one   I have those 3  as well as the Icelandic kroner.  But that one on a hunch when the scandal broke out about the president and off-shore accounts 

 

i guess we we will see soon enough, or at least I hope so. 

 

pp

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2 hours ago, pokerplayer said:

  Hi agree with you on that one   I have those 3  as well as the Icelandic kroner.  But that one on a hunch when the scandal broke out about the president and off-shore accounts 

 

i guess we we will see soon enough, or at least I hope so. 

 

pp

Can I ask you a question Poker Player ? How many Hunches did you buy on ? I purchased a few currencies

 on some hunches also ! ?

 

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2 hours ago, pokerplayer said:

  Hi agree with you on that one   I have those 3  as well as the Icelandic kroner.  But that one on a hunch when the scandal broke out about the president and off-shore accounts 

 

i guess we we will see soon enough, or at least I hope so. 

 

pp

I remember when I 1st joined Dinner vets ...There were talk about when The new regulations had to be complied with That there were a lot of bankers committing suicide because they were rounding them up and putting them in jail ,And I do remember Iceland being one of them 

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I can say that I have not bought any Currencies without research and from the moment I invested in dinar I started to research other middle eastern countries and their currency. I can say without a doubt that Iraq and Iran are similar in many ways ....as far as their plans, and Iran wants their currency to be equal to or greater than 1'usd...that's a fact Jack! 

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15 hours ago, blueskyline said:

Can I ask you a question Poker Player ? How many Hunches did you buy on ? I purchased a few currencies

 on some hunches also ! ?

 

 

Just this one. A friend lives their and was saying how much it had dropped in value and was hoping for something that would bring the value up. The offshore scandal did just that. It increased about 45% in value.

Made about $3 grand and I am still holding some.

 

   pp

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6 hours ago, screwball said:

I can say without a doubt that Iraq and Iran are similar in many ways ....as far as their plans, and Iran wants their currency to be equal to or greater than 1'usd...that's a fact Jack! 

Yesterday I was listening on the radio to an opinion piece on Iran. They were validating everything that we already know. Saying that Iran has a huge amount of resources and wants to become a trading country.  It is their opinion that they will be a trading country. They said that a lot of businesses in the USA are wanting to trade with Iran and are trying to figure out how they can do so. They feel that Iran and the USA will come to an agreement because it's in the BEST interest of both countries to do so. They felt that Iran will be one of the next big BOOM's to hit our economy (meaning companies that do business with them).

It was a very interesting piece to listen to. They spoke very highly of Iran. Said they were a very strong country to do business with and that the world knew it.

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14 hours ago, millionaire in training said:

Yesterday I was listening on the radio to an opinion piece on Iran. They were validating everything that we already know. Saying that Iran has a huge amount of resources and wants to become a trading country.  It is their opinion that they will be a trading country. They said that a lot of businesses in the USA are wanting to trade with Iran and are trying to figure out how they can do so. They feel that Iran and the USA will come to an agreement because it's in the BEST interest of both countries to do so. They felt that Iran will be one of the next big BOOM's to hit our economy (meaning companies that do business with them).

It was a very interesting piece to listen to. They spoke very highly of Iran. Said they were a very strong country to do business with and that the world knew it.

Just head to the second presidential debate and listen to trump talk about Iran - being a powerhouse, then head to YouTube and listen to an interview with trump and the Japanese prime minister- he mentions he can't wait til all Currencies are on a level playing field..so make your own mind up...

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rsday, July 06, 2017

Pak Currency Drops Most in 9 Years

 

Pakistan’s rupee plunged the most in nine years, after the central bank was said to have devalued the currency as its economy showed signs of stress ahead of elections next year. The rupee fell 3.1% to 108.1 against the dollar on Wednesday, the lowest level since December 2013, according to data compiled by Bloomberg. The move was a “long overdue” devaluation, Karachi-based Topline Securities said in a research note. State Bank of Pakistan spokesman Abid Qamar declined to comment. The International Monetary Fund last year pointed out that the currency, which operates under a managed float regime, was overvalued by as much as 20% and was negatively impacting its exports.

 

hmmm...trump and currency devaluations! 

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oads and Urban Development Minister Abbas Akhoundi has announced that residents of distressed urban areas and informal settlements, along with first-time homebuyers, are first in line to receive home loans.

"Identifying the right kind of demand in the housing market is the most important factor in the sector's policymaking," Akhoundi said during a meeting with Bank Maskan officials, the bank's website reported.

He enumerated a number of facts that Bank Maskan, as the housing sector's agent bank, should consider, as they plan for an effective roadmap for loan allocation.

"There are 2.6 million vacant houses in the country and more than 2 million residential units are considered second homes. This is while more than 19 million people in Iran live in unfavorable housing conditions and new families also need a roof over their heads, which should be considered in determining loan targets," he said.

Akhoundi made the remarks during the Bank Maskan 2021 Roadmap unveiling ceremony that was attended by the bank's top executives and officials.

According to the latest National Population and Housing Census carried out nationwide in September 2016, there is currently one vacant house for every 10 occupied houses while the situation is much worse in the capital.

Omid Ali Parsa, the head of Statistical Center of Iran, has said there are more than 490,000 empty homes in Tehran, up 13% compared with five years ago.

Akhoundi noted that the way to end property market stagnation is by identifying what kind of residential unit is actually needed under the current market situation.

"In the early 90s, the massive flow of migrants from rural areas to cities along with a rapid population growth led to a greater demand for residential units. But now the situation has changed and the type of demand is different, but unfortunately some of the housing policies conform to the old situation and new development have received less attention," he said.

Akhoundi said population growth is not as it used to be 30 years ago so the 2 million apartments built under the Mehr Housing Scheme, which was a direct, vast and unprofessional intervention of the government in the housing sector, had no outcome but an excessive supply of housing units.

"It is important to determine the best approach to housing sector financing since the direct involvement of the government in the market and mass construction will not solve the problem," he added.

2021 Roadmap

Akhoundi said the roadmap aims to allocate housing sector resources where the real demand is.

"Non-performing loans and frozen assets are considered a serious crisis for banking sector while a notable volume of banks' frozen assets are in luxury and expensive vacant homes," he said.

A huge amount of banks' capital has been spent on the construction of luxury and big houses, especially during 2011-13 when there was a hike in house prices, tempting banks to enter the business and embark on mass construction.

"The only way of getting the housing sector out of its long–running recession is by relying on the Housing Savings Account scheme," he said, noting that small savings of families should be used to provide them with loans.

"This scheme works only if people are sure that the saving system works properly and they will get their loans in due time," he added.

Housing Savings Account, launched in June 2015 for the first time, aims to provide first- time homebuyers with loans at an interest rate of 14%, which was later reduced to 9.5% in February 2017. The scheme requires applicants to make an initial deposit and wait for a year to become eligible for the loan.

Akhoundi noted that in order to ensure that the bank will not face any fund shortage in allocating loans, the ministry is trying to add another 50 trillion rials ($1.33 billion) to its capital, which will definitely happen in the foreseeable future.

"The next recapitalization will turn Bank Maskan into the largest and most powerful bank in allocating mortgages while its capital adequacy ratio will be the highest among all Iranian banks," he said.

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The big question is how many countries have devalued and removed zeros? Iran will remove four and Iraq three...currenc devaluations are coming and have been for years now.

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Iran says it has authorized the creation of 10 new airlines within the next six months. Iran says it has authorized the creation of 10 new airlines within the next six months.

Iran says it has authorized the creation of 10 new airlines within the next six months in what appears to be part of the country’s aggressive campaign to expand its air mobility infrastructure.   

Ali Abedzadeh, the head of Civil Aviation Organization of Iran, said the financial supporters of the new airlines were already purchasing planes from global providers. 

Abedzadeh expressed hope that some of the new airlines would become operational before or in early 2018. 

He added that the new carriers would provide a variety of services that focus on flights to domestic, regional and international destinations.  Some of them, the official emphasized, would only provide charter flight services. 

Abedzadeh said the minimum investment required for launching a new airline in Iran is around $90 million. 

He further emphasized that the establishment of new airlines would encourage competition among carriers - what he said would eventually lead to the improvement of services in Iran’s aviation industry.

The announcement over the establishment of new airlines comes as Iran is pushing ahead an aggressive campaign of purchasing planes from global provides like Airbus, Boeing and ATR.

On Thursday, Forbes said the European aviation major Airbus had won a race from its American rival Boeing in selling planes to Iran.

It added that Airbus had already attracted a mix of firm orders and memorandums of understanding for 173 aircraft with a collective deal value of tens of billions of dollars.

The report said Boeing had accrued orders and options for 140 planes, while the smaller European turboprop-maker ATR attracted orders and options for 40 aircraft.

Iran’s shopping spree, Forbes added, already promises a complete overhaul of its aviation sector. The report added that the number of planes ordered amount to almost double the current active Iranian fleet. 

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Iran says it has authorized the creation of 10 new airlines within the next six months. Iran says it has authorized the creation of 10 new airlines within the next six months.

Iran says it has authorized the creation of 10 new airlines within the next six months in what appears to be part of the country’s aggressive campaign to expand its air mobility infrastructure.   

Ali Abedzadeh, the head of Civil Aviation Organization of Iran, said the financial supporters of the new airlines were already purchasing planes from global providers. 

Abedzadeh expressed hope that some of the new airlines would become operational before or in early 2018. 

He added that the new carriers would provide a variety of services that focus on flights to domestic, regional and international destinations.  Some of them, the official emphasized, would only provide charter flight services. 

Abedzadeh said the minimum investment required for launching a new airline in Iran is around $90 million. 

He further emphasized that the establishment of new airlines would encourage competition among carriers - what he said would eventually lead to the improvement of services in Iran’s aviation industry.

The announcement over the establishment of new airlines comes as Iran is pushing ahead an aggressive campaign of purchasing planes from global provides like Airbus, Boeing and ATR.

On Thursday, Forbes said the European aviation major Airbus had won a race from its American rival Boeing in selling planes to Iran.

It added that Airbus had already attracted a mix of firm orders and memorandums of understanding for 173 aircraft with a collective deal value of tens of billions of dollars.

The report said Boeing had accrued orders and options for 140 planes, while the smaller European turboprop-maker ATR attracted orders and options for 40 aircraft.

Iran’s shopping spree, Forbes added, already promises a complete overhaul of its aviation sector. The report added that the number of planes ordered amount to almost double the current active Iranian fleet. 

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Yesterday when I was coming back from Colombia I was going through US Customs and I seen a sign saying that if we have over 10,000 dollars worth of foreign currency and that we need to report it.  With the rial being a currency that we aren't supposed to have as Americans and it comes time that it finally revalues should I keep quiet and just hope to God they don't check my bag?

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9 hours ago, WheresmyRV? said:

Yesterday when I was coming back from Colombia I was going through US Customs and I seen a sign saying that if we have over 10,000 dollars worth of foreign currency and that we need to report it.  With the rial being a currency that we aren't supposed to have as Americans and it comes time that it finally revalues should I keep quiet and just hope to God they don't check my bag?

 

For me as soon as I find out either from here or in the news that the Rial had revalued I'll either immediately drive up to Canada to coordinate and celebrate with PP going nuts over whiskey, or urgently fly out to Australia or Hong Kong to meet up with brother Screwball or with my most biggest, most deepest hopes over all, working with big bro Adam if he'll open up options in which I'll be more than happy to cover him should he later then decide and have a change of heart for his dear, loyal DV members.  :praying::praying::praying: (practically begging there)

 

But for now, looks like I'll be planning to drive up to Canada getting drunk with PP afterwards hahahaha  :lol::drunk::cheesehead:

Edited by Freedomwish
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I will be joining y'all. About the declaration, you can even do that at the airport. If you don't and get caught, you could loose it all. Now driving across, I don't see an issue. Not sure.

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