Iranian Rial

[screwball]

As part of an overarching policy of reforming the banking sector, the Central Bank of Iran has issued two executive directives concerning capital adequacy and international conformity standards for credit institutions and formation of credit cooperatives.

The Directive for Calculating Capital Adequacy Ratio of Credit Institutions has been notified to the banking system with the aim of increasing the conformity of lenders with new international standards "with an eye on the country's special conditions ", according to the official news website of the central bank.

Inspired by regulations of a number of internationally accepted documents, namely IFSB-15, Basel II, Basel III, and regulations of other countries, the revised directive has been approved in the latest session of the Money and Credit Council.

IFSB-15 was published in 2013 and constitutes a revised capital adequacy standard for institutions offering Islamic financial services while the Basel standards are a comprehensive set of reform measures developed by the Basel Committee on Banking Supervision to strengthen the regulation, supervision and risk management of the banking sector.

The last such directive issued by CBI dates back to 2003, which was the basis of operation for Iranian lenders before the notification of the new regulations.

Adhering to the new regulations will gradually help Iran upgrade financial transparency and conform to modern banking standards, which will be a significant step for the country as it needs a better standing in intergovernmental institutions such as the Financial Action Task Force.

This will help reconnect the Iranian banking sector to the international system and encourage major lenders in reestablishing correspondent banking ties with their Iranian counterparts, the lack of which has currently been identified as the source of many of the nation's problems.

The new directive obligates banks to balance their resources based on various forms of risk, including credit risk, market risk and operational risk, and set their required capital for covering operational and market risks. Previously, their resources were strictly balanced based on credit risk.

On the other hand, because local methods of rating and independent rating institutions are absent in Iran, CBI has directed lenders to "employ a simple measure for calculating credit risk".

It also directs the banks to create a data system within six months containing information on their capital and risk ratio, which could be requested at will by the central bank at any given time.

The banks are now obligated to reach a certain level of capital within a timeframe provided in the directive and should they fail to do so, "CBI has defined preventive or punitive measures".

Organization of Credit Cooperatives

The Executive Directive for Establishing, Operating and Supervising Credit Cooperatives has been upgraded and communicated to cooperative offices affiliated to the Ministry of Cooperatives, Labor and Social Welfare.

It has been devised using experiences gathered as part of the previous directive and suggestions made by the ministry, and deals with existing and planned credit cooperatives.

Firstly, the directive states that in order to organize the monetary and banking system of the country and prevent the formation of unregulated and unsystematic credit cooperatives akin to the past, "credit cooperatives can henceforth be established as credit cooperatives of occupational groups".

Such cooperatives are established to fulfill the credit and financial needs of a particular occupation by collecting small investments from the members and lending it to other members. They provide money for workers, teachers and staffs of state bodies or private institutions.

Furthermore, "credit cooperatives have now been limited to accept deposits and allocate Qarzol-Hassanah (interest-free) loans".

The CBI directive also notes that any credit cooperatives of occupational groups, which are to be formed from now on, must have at least 50 members.

With this number of members, they must boast a minimum capital of 500 million rials ($13, 300) while for each additional member, 10 million rials ($266) will be added to their initial capital.

Cooperatives formed prior to the issuance of the directive have been instructed to adapt themselves to new guidelines within a year and obtain a new license of operation from the central bank. If they fail to get a permit, CBI will stop their activities.

Based on a memorandum of understanding signed by CBI and the Ministry of Cooperatives about two years ago, a total of 600 credit cooperatives will be authorized to operate in the money market.

[screwball]

The Ministry of Roads and Urban Development has devised a plan to build 686,250 residential units to meet the housing needs of the country in the current Iranian year (started March 20).

According to the ministry’s plan outlined on its official news website, 100,000 homes will be built as part of the Social Housing Plan while the National Land and Housing Organization of Iran will provide the land and build 75,000 residential units.

The Social Housing Plan is used to refer to all measures taken by the government to provide homes for low-income families, meaning that all schemes implemented since the 1979 Islamic Revolution such as lease-to-own, rental assistance programs and Mehr Housing Plan fall under it.

The construction of 200,000 homes in rural areas and 150,000 in distressed urban areas as well as 31,250 apartments in new cities during the current year is also projected in the new plan.

Finally, the completion of 130,000 residential units of Mehr Housing Plan will round up the construction of 686,250 new homes to meet the country’s housing requirements.

The controversial Mehr Housing Plan was launched by the administration of former president, Mahmoud Ahmadinejad, and has been in the works for nearly a decade. Although opposed to the project, President Hassan Rouhani’s administration vowed to see it through.

This is while the sixth five-year development plan (2017-22) has envisioned the construction of 900,000 residential units in the country.

Bank Maskan, the agent bank of the housing sector, will also allocate about 1 million loans during the current Iranian year to jumpstart the stagnating housing market and provide people with cheaper loans to boost their purchasing power.

According to the ministry, 165,000 loans will be extended as construction loans while loans to purchase homes account for 186,000 facilities.

About 126,000 loans will be extended for repairs and a majority of loans–523,000–will be for sales in the form of installments.

The administration recently strengthened Bank Maskan by adding 50 trillion rials ($1.33 billion) to its capital. Roads and Urban Development Minister Abbas Akhoundi noted that in order to ensure that the bank does not face any shortage of funds in allocating loans, the ministry will add another 50 trillion rials to its capital in the foreseeable future.

[screwball]

11 hours ago, markb57 said:

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.

 

Just declare keep receipts and pay tax..

[screwball]

I think youall won't have a problem just head straight to a travellex or nyone with a foreign currency desk..I have read enough to know that..

[screwball]

$60b annual foreign investment targeted in 6th plan

Bojnourd, North Khorassan Prov., July 7, IRNA -- Deputy Head of the Plan, Budget and Audit Committee of Majlis (Parliament) Hadi Qavami says 60-billion-dollar investment is to be annually absorbed in the course of the Sixth Five-Year Economic Development Plan (2016-21).

 

Qavami told a group of provincial officials that to attain eight percent economic growth rate, as is envisaged by the Sixth Plan, $60 billion foreign investment is annually needed.

He said that after the Joint Comprehensive Plan of Action (JCPOA), good developments have occurred in the field of investment.

[screwball]

Iran Air apologizes for Tehran-Amsterdam delayed flight

Tehran, July 9, IRNA – Head of Iran Air's Public Relations Department Shahrokh Nooshabadi apologized to the passenger of the delayed Tehran-Amsterdam flight for the inconvenience and said most of the passengers are accommodated in a hotel.

 

Iran Air Flight 725 that had left Imam Khomeini Air Port, Southern Tehran, for Amsterdam at 8:25 local time (3:55 GMT) on Sunday morning had to return to the air port a few minutes after take-off due to a technical problem in one of its engines.

A number of the 230 passengers of the Airbus A300-600 Iran Air EP-IBA, who decided to go to their homes in Tehran and come back later when the plane is ready, were provided with transportation, but the rest were accommodated at the air port’s hotel, Nooshabadi said.

9417**1394

[WheresmyRV?]

14 hours ago, markb57 said:

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.

Hopefully by then Canada will be able to exchange us out, driving there will be better for me than flying out to the other side of the world.  

[Freedomwish]

On 7/9/2017 at 7:15 AM, screwball said:

 

Just declare keep receipts and pay tax..

 

On 7/9/2017 at 7:16 AM, screwball said:

I think youall won't have a problem just head straight to a travellex or nyone with a foreign currency desk..I have read enough to know that..

 

Okie okie  I still plan on celebrating and getting wasted in Canada with PP, or out there by you brother Screwball.  Or I'll tone down on the drinks if Adam changes his mind to help out above all lol  

[jaman]

We All will be partying...when this is over

[gregp]

8% growth rate is huge

[pokerplayer]

On 2017-07-08 at 6:04 AM, 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?

 

I strongly suggest that you don't just keep quiet. That is a very bad idea. I don't see how it's illegal to own as I bought my from a USA currency dealer. When the day comes I am sure that several fellow/Gal Investors will have what ever questions you have covered. As I have always said, pay you taxes and let the other person look over their shoulder. If you kept quiet and the US Gov't asked you were all the cash came from, what would you be able to tell them ? When you are honest there is no need to try and remember a fib.

 

pp

[pokerplayer]

On 2017-07-08 at 3:59 PM, Freedomwish said:

 

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.   (practically begging there)

 

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

 

Works for me !!

 

pp

[WheresmyRV?]

1 hour ago, pokerplayer said:

 

I strongly suggest that you don't just keep quiet. That is a very bad idea. I don't see how it's illegal to own as I bought my from a USA currency dealer. When the day comes I am sure that several fellow/Gal Investors will have what ever questions you have covered. As I have always said, pay you taxes and let the other person look over their shoulder. If you kept quiet and the US Gov't asked you were all the cash came from, what would you be able to tell them ? When you are honest there is no need to try and remember a fib.

 

pp

Isnt the Rial illegal to own here in the US?  To my knowledge I think it is and if I were to tell them there is a very good chance of them seizing it from me and possibly arresting me on the spot.  Hopefully Canada will be able to do the exchange and I will be able to make the drive to Ontario.

[pokerplayer]

7 minutes ago, WheresmyRV? said:

Isnt the Rial illegal to own here in the US?  To my knowledge I think it is and if I were to tell them there is a very good chance of them seizing it from me and possibly arresting me on the spot.  Hopefully Canada will be able to do the exchange and I will be able to make the drive to Ontario.

 

If you could post a phone # for a custom agency, I will phone them for you. Just list a couple questions you would like answers for. That way you can keep anonymity yet get some answers.

Will that work for you ? That and when the time comes you can bet I will post directions to any cash out centres here in Canada.

 

Oh ya, and 800#'s as well LMAO. I still cant believe people swallow that carp. Hook, line and sinker !!

 

pp

Edited July 11, 2017 by pokerplayer

[WheresmyRV?]

4 minutes ago, pokerplayer said:

 

If you could post a phone # for a custom agency, I will phone them for you. Just list a couple questions you would like answers for. That way you can keep anonymity yet get some answers.

Will that work for you ? That and when the time comes you can bet I will post directions to any cash out centres here.

 

Oh ya, and 800#'s as well LMAO. I still cant believe people swallow that carp. Hook, line and sinker !!

 

pp

954-761-2088 is the phone number for US Customs in Fort Lauderdale, that would be great PP.  Maybe ask them if it was legal to have possession of Iranian Currency and to travel to a middle eastern country to exchange for investment purposes.  

800#'s are the biggest scam them guru's have come up with, I cant believe some people still fall for that crap! 

[pokerplayer]

Just now, WheresmyRV? said:

954-761-2088 is the phone number for US Customs in Fort Lauderdale, that would be great PP.  Maybe ask them if it was legal to have possession of Iranian Currency and to travel to a middle eastern country to exchange for investment purposes.  

800#'s are the biggest scam them guru's have come up with, I cant believe some people still fall for that crap! 

 

 

Consider it done. Probably closed now so I will call tomorrow when I am on my break and post response tomorrow night around this time for you.

 

  pp

[pokerplayer]

3 minutes ago, pokerplayer said:

 

 

Consider it done. Probably closed now so I will call tomorrow when I am on my break and post response tomorrow night around this time for you.

 

  pp

 

If anybody else has a question, post it here so I can ask tomorrow. Only going to call once.

 

   pp

[WheresmyRV?]

1 hour ago, pokerplayer said:

 

 

Consider it done. Probably closed now so I will call tomorrow when I am on my break and post response tomorrow night around this time for you.

 

  pp

Awesome thank you!! 

[screwball]

The plan to rank Iranian banks on the basis of a new rating system is still under review and will be executed when conditions are agreeable, the director general for supervision over banks and credit institutions at the Central Bank of Iran said.

“There are significant differences between credit rating and supervision rating,” Abbas Kamarei also told Mehr News Agency.

He referred to independent rating institutions such as S&P, Moody’s and Fitch that evaluate the creditability of financial entities in fulfilling their commitments and publish risk ratings for the purpose of investment, partnership or guarantees.

The official pointed to the CAMELS supervision rating system, based on which an entity is evaluated by criteria such as financial and credit position, level of conformity to regulations and guidelines, market risk and liquidity.

The system, also referred to as CELS, was originally developed in the US to clarify a bank’s overall condition, but is now implemented outside the US by various banking supervisory regulators.

According to Kamarei, Iran has employed the CAMELS rating system since 2009 “with the aim of supervision and drafting reformative measures”.

He added that the disclosure of these ratings to the public is not normally done in light of various potential risks and therefore the findings will remain confidential.

Last September, CBI’s deputy for supervisory affairs, Farshad Heydari, had announced that a rating process for Iranian banks will be implemented based on which lenders will be classified into four main groups of :without visible risk”, “low-risk”, “average risk” and “high risk”.

Heydari had also said the rating system will be implemented by October.

On the other hand, Kourosh Parvizian, the director of the Association of Private Banks and Credit Institutions, had presented the demands of the association to the central bank, saying that the banks must be divided into different categories based on a variety of factors so people can refer to the banks based on the services they need at the time.

For instance, he had said, banks must receive their operation licenses based on their rating and that should define their area of expertise so that the public would not be confused and refer to each bank to receive particular services.

Kamarei also referred to bank interest rates, saying, “If we are to use a rating system for the banks, we must also take into account the interest rates and accept that there is a logical connection between a bank’s risk and the yield on its deposits.”

It means that where there is a higher risk, a higher yield must also be considered, he elaborated, adding that when the rating system is implemented, a bank with a higher risk might need to pay higher interest compared to a bank with lower risk in the interbank market.

As Kamarei noted, “We have obtained the necessary information from the banks and credit institutions and whenever top officials with the central bank deem it timely, they will make a decision on it.”

He also said that whether the information is made public or not will depend on the “macro policies” of top CBI officials.

“If they consider it necessary and right, they will announce the result of the ratings to the public,” he added.

Last year, Heydari had said, “There is no need for the ratings to be publicized” as they will establish an exclusive linkage between the banks and CBI.

Kamarei ensures that the supervising entity, i.e. the central bank, will carefully consider the results and findings of ratings for drafting inspection programs and devising regulatory measures for banks and credit institutions.

However, he said, disclosing the same results to the public is also not customary among developed countries and they advise against it because one bank’s troubles and crises may have a ripple effect on other banks.  

[screwball]

Trumps second presidential debate talking about Iran and trumps press interview with Japanese prime minister on currency devaluations should give you an idea where this is heading...

[screwball]

Don't sweat the little things, wait until time your invested so sit back enjoy the ride

[screwball]

Manufacturing and mining businesses are eligible for tax holidays for five to 10 years as part of incentives to shore up investment in these sectors, the head of Iranian National Tax Administration said.

“As per Article 132 of Direct Taxation Law, these economic entities will enjoy a two-year tax break if they are set up in industrial towns or special economic zones. Their 100% tax exemption will be extended for another year provided they are located in underdeveloped industrial towns or special economic zones,” Seyed Kamel Taqavinejad was also quoted as saying by IRNA.

"Manufacturing, mining and services businesses with 50-odd employees will be entitled to additional one-year tax holidays, if they increase the number of their workforce by 50% during their exemption period compared to the year before," he added.

According to the INTA chief, the government has provided wide-ranging tax breaks for up to 15 years for startups and companies located in science and technology parks.

“Article 133 of Direct Taxation Law has also envisioned incentives for companies of the cooperatives sector. The law states that revenues generated by the Agriculture Development Supporting Fund of rural, nomadic, agriculture, fishing, blue and white collar workers, students and university students, cooperative companies and their unions enjoy 100% tax exemption," he said.

"Hand-woven carpet workshops and handicraft workshops as well as cooperative companies and manufacturing associations are also exempted from paying tax on their income.”

Taqavinejad noted that exports of services, non-oil goods and agricultural products are entitled to a 100% tax exemption, while 20% of the revenues gained through exports of raw materials will not be taxed.  

Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh said international companies, which embark on joint production with local firms, will be entitled to a 30% tax break in the current Iranian year (March 2017-18).

INTA also announced that the fight against tax evasion has led to the reimbursement of over 50 trillion rials ($1.33 billion) in tax revenues in the last fiscal year (March 2016-17).

“Over 300,000 new taxpayers and 3,000 front companies were identified across the country over the past year and about 33 trillion rials ($880 million) of their suspicious banking transactions were identified,” Taqavinejad has been quoted as saying.

The official noted that fewer than 20% of taxpayers in Iran pay 80% of all tax while about 65% of all taxpayers are either exempt or pay less than 10 million rials ($266) in tax.

One of the measures taken by Iran’s tax administration for promoting tax fairness has been to incrementally increase baseline tax exemption on a yearly basis.

In the fiscal 2013-14, those who earned 8.33 million rials per month (about $222) were exempt from paying income tax. This year (March 2017-18) employees earning 20 million rials ($about 534) are exempt from paying income tax.

INTA’s exceptional performance last year in generating 96% of revenues targeted in the budget drew the admiration of President Hassan Rouhani as well as economic elites last year.

More than 1,700 trillion rials ($45.33 billion) in value added tax had been collected by March 20, 2017, since the implementation of the VAT law.

[markb57]

Iran sanctions may be impossible to do now.

 

https://sputniknews.com/business/201707111055433979-iran-sanctions-impossible/

[pokerplayer]

19 hours ago, WheresmyRV? said:

954-761-2088 is the phone number for US Customs in Fort Lauderdale, that would be great PP.  Maybe ask them if it was legal to have possession of Iranian Currency and to travel to a middle eastern country to exchange for investment purposes.  

800#'s are the biggest scam them guru's have come up with, I cant believe some people still fall for that crap! 

 

Sorry but the number you gave me is for a Fax machine. 

 

pp

[WheresmyRV?]

13 hours ago, pokerplayer said:

 

Sorry but the number you gave me is for a Fax machine. 

 

pp

Sorry about that PP, here's a new number.  This should work.

1-877-227-5511