Iranian Rial

[screwball]

Here's a combination of articles 

 

he parliament reduced the budget for the new Iranian year that starts on March 21 by 2.5 trillion rials ($67.6 million) as per the changes made by the Guardians Council—a state body charged with reviewing the bills passed by the parliament to ensure their compliance with Islamic and constitutional precepts, IRNA reported. The lawmakers had finalized an 11.5-quadrillion-rial ($306.6 billion) budget earlier this month. The budget included 3.88 quadrillion rials ($106 billion) earmarked as “general revenues”, in addition to a whopping 8 quadrillion rials ($213 billion) to fund state companies, institutions and banks. President Hassan Rouhani submitted the budget bill to the parliament early December.

 

The governor of the Central Bank of Iran (CBI) says a single forex system will ... a single forex rate system as early as next fiscal year, which starts on March 21, ... and closing hours of Forex markets. markets, in the orderof their opening times, ...

 

Refresh title of this article actually read " single rate in new budget"

I

ran’s national budget for 2017-18 will be prepared based on unified exchange rates, Masoud Nili, President Hassan Rouhani’s economic advisor said on Tuesday.

“Plans to unify foreign exchange rates are moving ahead. A flexible forex regime is needed, which hopefully will be implemented by the end of the current fiscal year in March 2017,” he was quoted as saying by the khabaronline.ir website, during a meeting with the presiding board of Tehran Chamber of Commerce, Industries and Mines and Agriculture.

Unification of forex rates is considered a crucial requirement for the reintegration of Iran into the global banking system and payment networks. Iran was forced to revert to  

the controversial double exchange rate regime after nuclear-related sanctions unleashed turmoil in the forex market in 2011-12 in which the national currency lost almost 70% of its value within days.

The Central Bank of Iran has already started plans for launching a single foreign exchange rate regime.

The CBI also has an eye on reducing fluctuations in the foreign exchange market. It has also been working to bring the two rates closer, mainly through lifting the official exchange rates in the past few months.

In a related move, the CBI allowed banks to trade foreign currencies at the market rates. Lenders were also given the permission to attract deposits in hard currency.

Nili noted that Iran experienced 4.4% economic growth during the first quarter of the fiscal year (ending in June 20).

“Stagnation is no longer the main problem of the economy,” he said. “Currently we need to focus on accelerating economic growth as the main challenge confronting the economy.”

“By recognizing growth as the main issue in Iran’s economy, we will direct the government toward taking fundamental measures,” he added. Iran's economy was grappling with chronic negative growth rates when President Hassan Rouhani took office in mid-2013.

 

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.  

 

he 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).

 

There are actually 1400 outlets world wide..

 

Monday, March 06, 2017

CBI: Smaller Banknotes Coming 

 

T

he Central Bank of Iran plans to print banknotes in smaller sizes, the director of CBI’s Office for Banknote Issuance said.

“CBI is also working on new designs for 50,000-rial and 100,000-rial banknotes,” Fars News Agency also quoted Masoud Rahimi as saying on Saturday.

The central bank last week unveiled a new version of 10,000-rial banknotes, which is smaller than the current notes, during President Hassan Rouhani’s visit to the bank.

The central banker also said that printing expenses has declined by 50% during the current Iranian year (ends March 20), due to CBI’s measures to promote electronic banking services in recent years.

Majlis on Saturday permitted CBI to issue new traveler checks for the next Iranian year.

smaller? Yeah baby

 

"[The government] will issue 700 trillion rials ($18.2 billion) worth of bonds to repay its debt to banks and the private sector," he said. 

Nobakht pointed to articles 35 and 36 of the budget amendment law, which allows recapitalization of public-sector banks from revaluation of foreign exchange assets as the secondary source.

 

B

Budget deficit is taking its toll on Iran’s infrastructure development, leading to underinvestment and worsening recession in industries.

Figures published by the Central Bank of Iran show the budget earmarked for the development sector has never been fully allocated in the past few years, as the government failed to materialize the revenues it predicted.

“The main reason for the government’s failure in providing resources for development is that it fails to achieve its target revenues,” Mohammad Taqi Fayyazi, the head of Budget Team at Majlis Research Center, told the Persian weekly Tejarat-e Farda.

“Only 1.44 quadrillion rials ($37.4 billion) of the 1.96 quadrillion rials ($50.9 billion) in projected revenues were materialized in the eight months of the current Iranian year (March 20-November 20),” he said, stressing that logically, spending should keep pace with revenues.

 

Hmmm.wonder why that is? That's because over 75% of their budget is for construction and articles in the amended budget law cover off on revaluation of foreign currency assets...boom!

 

“Some 75% of Iran’s development budget are associated with construction,” Fayyazi said. “If the development resources are allocated, the construction sector will thrive.”

 

In the meeting, Seif expressed hope that the country would witness an economic boom without inflation. 

 

T

he move to unify foreign exchange rates is now plausible if certain conditions are met, Head of Tehran’s Chamber of Commerce said.

In support of the government’s designated six-month time frame for exchange rate unification, Masoud Khansari said “Since the single exchange rate has nothing to do with the government’s forex reserves, the single rate regime can trigger an economic boom, provided that markets determine the rates,” Fars news agency reported.

The interest on loans will be reimbursed to lenders from the revaluation of foreign exchange resources of the Central Bank of Iran and the fines will be forgiven,” Mohammad Mehdi Mofatteh added.

 

t will take two months for the Central Bank of Iran to implement plans for unification of foreign exchange rates, said Valiollah Seif, CBI’s governor. He noted that plans will start once the central bank “feels it is the right time to do so,” banker.ir quoted him as saying on Wednesday. Central Bank of Iran and Ministry of Economic Affairs and Finance had announced that forex rates will be unified by the end of the current fiscal year (March 20, 2017) but currency market fluctuations seem to have delayed the process. Seif noted that normalization of banking relations with foreign countries is the prerequisite for adopting a single foreign exchange regime. He was optimistic about Iranian banks’ reintegration into international banking network, considering “all the measures taken for promoting banks’ operations in line with international standards.”

 

“Therefore, it is our proposal that if the government wishes to change the monetary unit by removing one zero, it is better if it considers the matter of removing four zeroes that has already been the subject of various studies,” he stressed.

The senior lawmaker spoke of the positive effect of removing three to four zeroes from the national currency, saying it will ease calculations and create a more positive sense with respect to the national currency’s value against other currencies.

here endith the lesson...

 

The door is open to doing deals with the West and they don't want those doors to be floodgates," Ostovar said. "They want them to be a tiny little window where very discrete, deliberate transactions happen but not just sort of a gold rush for both the West and for Iranians trying to make a buck."

 

“New banknotes must be printed, if the parliament approves the plan,” he added, stressing that more zeros need to be dropped.

Valiollah Seif however took to the instant messaging telegram app later in the day, announcing that the plan should not be considered as currency revaluation proper, “It is set to help ease money transactions for the public.”

“Currency revaluation has been fully studied by the Monetary and Banking Institute,” he said, “We have identified all the prerequisites needed for implementing reforms in the national currency, stable single-digit  inflation being one of them.”

 

The shifting of implementation deadlines and the number of zeros to be dropped telegraphs considerable confusion within the Central Bank on what is really a rather minor policy issue with no impact on monetary policy. It begs the question of whether there is equal confusion on more important matters that could impact the economic health of the state. 

 

 

Pres. to submit budget bill of almost $100b on Dec. 4

Mashad, Razavi Khorassan Prov., Dec. 02, IRNA – President Hassan Rouhani on Thursday announced the budget bill for the next Iranian fiscal year of 1396 (March 21, 2017-March 20, 2018) is 3,200,000 billion rials (about 100 billion dollars).

 

President Rouhani said in a ceremony, held to unveil the budget bill, that the bill will be tabled at Majlis on Sunday, December 4.

The president said the administration will allocate 600,000 billion rials for development projects and the budget is hoped to be met.

He added that the budget pays special attention to five sectors, including employment, water, sewage treatment, environment and railway, as they will be government priority in the next year and government approach in the Sixth Five-Year Economic Development Plan (2016-21) will be in their favor.

The president said good gesture has been taken in the oil and gas sectors and as of late last year, when the JCPOA was in force, oil and gas condensate output started upward growth and following recent OPEC decision for 1.2 million barrels output cut, oil price will start increasing.

According to the Chief Executive, the amount of production reduction and share of the members in the OPEC output cut are clear. 'However, the Islamic Republic of Iran which lagged behind due to sanctions, has been excluded from the rule and will add up to its production as of the next months.'

'Under such conditions, oil price will naturally increase. The budget of 320 billion rials has hence been predicted and planned.'

Elsewhere in his remarks, the president put number of active workforce at 1.2 million and said it lays a heavy burden on the officials. 

Based on the statistics available, jobs have been created for 714,000 of the group but about 500,000 of them are still unemployed, said president, adding that on this basis the unemployment rate will keep growing.

 

I

Iran’s national budget for 2017-18 will be prepared based on unified exchange rates, Masoud Nili, President Hassan Rouhani’s economic advisor said on Tuesday.

“Plans to unify foreign exchange rates are moving ahead. A flexible forex regime is needed, which hopefully will be implemented by the end of the current fiscal year in March 2017,” he was quoted as saying by the khabaronline.ir website, during a meeting with the presiding board of Tehran Chamber of Commerce, Industries and Mines and Agriculture.

Unification of forex rates is considered a crucial requirement for the reintegration of Iran into the global banking system and payment networks. Iran was forced to revert to the controversial double exchange rate regime after nuclear-related sanctions unleashed turmoil in the forex market in 2011-12 in which the national currency lost almost 70% of its value within days.

The Central Bank of Iran has already started plans for launching a single foreign exchange rate regime.

The CBI also has an eye on reducing fluctuations in the foreign exchange market. It has also been working to bring the two rates closer, mainly through lifting the official exchange rates in the past few months.

In a related move, the CBI allowed banks to trade foreign currencies at the market rates. Lenders were also given the permission to attract deposits in hard currency.

Nili noted that Iran experienced 4.4% economic growth during the first quarter of the fiscal year (ending in June 20).

“Stagnation is no longer the main problem of the economy,” he said. “Currently we need to focus on accelerating economic growth as the main challenge confronting the economy.”

“By recognizing growth as the main issue in Iran’s economy, we will direct the government toward taking fundamental measures,” he added. Iran's economy was grappling with chronic negative growth rates when President Hassan Rouhani took office in mid-2013.

 

[screwball]

“Therefore, it is our proposal that if the government wishes to change the monetary unit by removing one zero, it is better if it considers the matter of removing four zeroes that has already been the subject of various studies,” he stressed.

The senior lawmaker spoke of the positive effect of removing three to four zeroes from the national currency, saying it will ease calculations and create a more positive sense with respect to the national currency’s value against other currencies.

here endith the lesson...

 

if you remember blue cabinet presented plan for 10:1 and currency to be called toman with one zero....the majlis their parliament wants four...four will cause an economic boom...don't forget trumps speech about Iran being a powerhouse and his comments with Japanese prime ministr when asked about currency devaluations..trump said " he can't wait until all the currencies are on a level playing field.

[screwball]

I believe majlis has already previously passed four....

[screwball]

Go to page 13 gives you a run down on zeros articles 

[screwball]

On 16/02/2017 at 10:14 AM, screwball said:

Grounds have been prepared for unifying the foreign exchange rates, which will finally be accomplished "when macroeconomic conditions are agreeable", vice governor of the Central Bank of Iran said.  

Referring to the narrowing difference between the official foreign exchange and free market rate as another corrective measure on the Central Bank of Iran's agenda, Akbar Komijani acknowledged the many downsides of a multiple exchange rate regime.  

"A multiple exchange rate regime will entail many problems such as corruption and throws the economy off course," he said in an interview with the Swedish financial newspaper Dagens Industri.

Iran currently uses two exchange rates, the free market rate, which stood at 38,000 rials to the US dollar on Wednesday, and another official exchange rate for a number of state transactions. The CBI fixed the official rate at 23,392 rials on Wednesday. 

In order to bring the rates together, the government began to gradually increase the official exchange rate for it to come closer to the unofficial market rate and tried to shorten the list of imports eligible to receive foreign currency at official rates. 

All major economic officials, including CBI Governor Valiollah Seif and Economy Minister Ali Tayyebnia, had repeatedly promised that the forex rate will be unified by the end of the current fiscal year (March 20). 

However, due to the currency market volatility in the final months of 2016, which saw the rial hitting record lows against the greenback (reaching 41,500 rials to the dollar in the free market in late December), those plans were put on hold indefinitely. 

During a visit by a top Swedish politico-economic delegation headed by Prime Minister Stefan Loven to Tehran, the vice governor sat down with the newspaper to discuss the prospects of the Iranian economy and measures undertaken to support system" rel="">support the banking sector in the post-sanctions era. 

Komijani noted that the Iranian economy is making progress in the non-oil sector, which shows that it is moving in the right direction, reports the official website of CBI.

"In addition, the country not only has full access to its oil and non-oil financial assets again, but their circulation is also normal," he said.

Asked about the possibility of Iran's nuclear deal unraveling, he noted that such an event will be detrimental not only to Iran, but also to other countries that have resumed their economic and trade relations with the country.

Komijani then referred to a measure aimed at repaying government debts to public-sector banks, saying that in accordance with Article 35 of the annual budget approved by the parliament, the government is allowed to tap CBI's foreign exchange resources, which will also increase the capital of these banks.

"This reformative measure is one of the corrective steps in banking, which will increase the ability of banks to establish regular economic ties with their international peers," he said.

The official pointed out that Iran's GDP rose to 7.4% in the first half of the current fiscal year (March 20-September 21) and the growth has been predicted to be around 7% for the year.  

"The growth rate is deemed to be around 4-5% for the next year," he said. 

On curbing inflation during the next few years, the deputy governor said the current single-digit inflation will be preserved in the coming year and the central bank will ensure this through its policies. 

Komijani said CBI has "a comprehensive plan to revalue the national currency and remove three to four zeroes from the rial", adding that for the plan to come into effect, macroeconomic stability and long-term low inflation are required.

 

Last paragraphy 

[screwball]

On 02/11/2016 at 2:27 PM, pokerplayer said:

Shaparak, an affiliate of the Central Bank of Iran, which is in charge of regulating payment network, announced earlier that it only authorizes fintech firms affiliated with banks or PSPs.

 Nat’l Currency Reforms

Hossein Qazavi, deputy economy minister for banking and insurance affairs, also said bankers should embrace innovative technologies, as “traditional banking is not dynamic enough for today’s world”.

The deputy minister called on lawmakers to take suitable measures for reforming the national currency.

“We need to cut some of the zeros from the national currency,” he said.

“I hope the government and the parliament will revalue Iran’s national currency. It would make daily transactions way too easier.”

Gholamreza Mesbahi-Moqaddam, a member of Expediency Council, also called for the removal of three or four zeros from the rial, to lift the efficiency of Iran’s currency.

Pundits in Iran have welcomed the plan to revalue the currency, saying the measure is imperative under the current circumstances. They mention the expensive conditions of the economy as well as the exorbitant cost of printing money as reasons for removing at least three zeros from the currency.

The Expediency Council member also pointed to the plans for introducing Iran as the financial services hub of the region and said, “The planned framework requires the banking sector to establish links with banks in neighboring countries, mainly through launching joint banks or linking payment networks.”

Mesbahi-Moqaddam noted that enhancing capital adequacy of banks requires fundamental modifications in the banking system, calling for the merger of underperforming banks.

Basel II standards require the minimum acceptable CAR for banks to be 12%, but that ratio is about 4.5% in Iran.

The Central Bank of Iran and the government has been pushing banks to meet the standard capital adequacy ratio (CAR) to make them eligible for reintegration into the global banking system.

The CBI reportedly has merger plans for banks that cannot meet the minimum requirements.

Kourosh Parvizian, the chief executive of Parsian Bank and head of the Association of Private Banks, also welcomed the proposal by saying, “Private lenders welcome acquisition of military-affiliated banks by public-sector banks.”

Parvizian also said his bank has been holding talks with Iraqi banks to link payment networks of the two countries.

“However, the unification of foreign exchange rates is a prerequisite for long-term plans,” he added.

In early October, the CBI said talks are underway with Azerbaijan, Russia, Pakistan and Iraq, and the grounds will soon be prepared for connecting payment networks with the four countries.

 

 

And again 

[screwball]

Read page 106....clearly misinformation...has it been approved by parliament or the majlis, they want three or four..four has been approved..

[screwball]

110-113 great reads...and page 129 about Iran and Iraq electricity exports and changing exchange rate..

[blueskyline]

Thanks Screwball !

[WheresmyRV?]

Iran 's economy is changing its currency

 

Twilight News    

 

 one hour ago

 

 

In a surprise decision, the Iranian government decided to replace its currency with a new currency. 

Where the Iranian government announced that it considered the Toman the main currency in Iran as an alternative to the riyal, and the Toman equal to about 10 riyals. 

The government's decision came at a cabinet meeting chaired by Iranian President Hassan Rowhani in an effort to amend financial laws within Iran. 

The Toman is the currency of ancient Iran, used until the 1930s, and later replaced by Rial, and to this day most Iranians refer to it by that name. 

The official exchange rate of one US dollar is about 3,200 tomans, while the unofficial price is 3900 tomans per dollar. 

The price of the dollar in Iran is currently more than 32 thousand riyals Iran, where the price of the dollar rose slightly after the announcement of the plan to transition to Altuman, but later declined.

[pokerplayer]

10 minutes ago, WheresmyRV? said:

Iran 's economy is changing its currency

 

Twilight News    

 

 one hour ago

 

 

In a surprise decision, the Iranian government decided to replace its currency with a new currency. 

Where the Iranian government announced that it considered the Toman the main currency in Iran as an alternative to the riyal, and the Toman equal to about 10 riyals. 

The government's decision came at a cabinet meeting chaired by Iranian President Hassan Rowhani in an effort to amend financial laws within Iran. 

The Toman is the currency of ancient Iran, used until the 1930s, and later replaced by Rial, and to this day most Iranians refer to it by that name. 

The official exchange rate of one US dollar is about 3,200 tomans, while the unofficial price is 3900 tomans per dollar. 

The price of the dollar in Iran is currently more than 32 thousand riyals Iran, where the price of the dollar rose slightly after the announcement of the plan to transition to Altuman, but later declined.

 

I hope this is a good thing. Any ideas WMRV ?

pp

[WheresmyRV?]

4 minutes ago, pokerplayer said:

 

I hope this is a good thing. Any ideas WMRV ?

pp

Hard to say at this point but I find it interesting that they are doing this now in a possible change soon with the iqd.

[climber7]

 

So now that they've switched to the toman--and it has a different rate--what are we supposed to do with our rials?

 

Are they worthless now? 

[jaman]

I'm the chicken little...the sky isfalling...the sky is falling...i hope this is good 

[pokerplayer]

6 minutes ago, jaman said:

I'm the chicken little...the sky isfalling...the sky is falling...i hope this is good 

 

9 minutes ago, climber7 said:

 

So now that they've switched to the toman--and it has a different rate--what are we supposed to do with our rials?

 

Are they worthless now? 

 

15 minutes ago, WheresmyRV? said:

Hard to say at this point but I find it interesting that they are doing this now in a possible change soon with the iqd.

 

 

We all do my friend. We all do. I guess we will all find out soon enough. e can only hope.

 

We need an emoji that shows wringing hands and sweating...lol

 

   pp

[pokerplayer]

Posted by Yota, felt it could be here as well.

 

pp

 

 

Posted 1 hour ago · Report post

ECONOMY

Iranian cabinet approves bill to switch currency from rial to toman

IRNA – The administration of President Hassan Rouhani in a cabinet meeting on Sunday approved a bill to switch Iran’s national currency from rial to toman, an official said here on Monday.

The secretary of the Cabinet Mohsen Haji Mirzaei said the issue had been scrutinized in the government’s economic commission during the past six months.

He added the move aims to facilitate the transactions by the public.

Haji Mirzaei added that one toman would be worth 10 rials and switching to the toman means that a zero would be removed from price figures.

[pokerplayer]

Iran to switch currency from rial to toman

Thu Dec 8, 2016 9:59AM

1. Home
2. Iran
3. Economy

Iran is preparing to switch its national currency from the rial to the toman - a move that could boost the value of the country’s national currency against the US dollar.

Iran is gearing to switch its national currency back to the toman – a move that would end the rein of the rial after around 90 years and also could boost the value of the country’s national currency against the US dollar. 

The administration of President Hassan Rouhani in a cabinet meeting on Wednesday approved the switch, as reported by the domestic media.  The plan still needs to be approved by the Parliament and later the Guardian Council that checks the laws against the Constitution and the Sharia law of Islam. Nevertheless, speculations over the impacts of the move are already emerging.

Valiollah Seif, the governor of the Central Bank of Iran (CBI) who reportedly proposed the switch, was quoted by the media as saying that the move is meant to facilitate the transactions by the public.  Seif emphasized that the rial had been literally removed from transactions in Iran for long in what he said was a result of rising inflation over the past decades. 

“Switching the national currency from the rial to the toman is a measure which is meant to facilitate transactions by the public, to acknowledge what the people generally accept in their current trend of trade and to match the economics of the society with the realities,” he was quoted by IRNA as saying.     

One toman would be worth 10 rials and switching to the toman means that a zero would be removed from price figures.  This, Seif said, was a plan that had been on the agenda of Iran’s banking sector and it would not have any impacts on the country’s inflation rate. 

The Iranian currency was known as the toman until the 1930s, when the name was changed to the rial at a rate of 10 rials to a toman. Nevertheless, the Iranians continued to use the old terminology even after the change and the rial only remain in the official language. 

It is still not clear when new coins and bank notes will be made available after the go-ahead is giving for the currency switch. 

Mohammad-Reza Ranjbar Fallah, a Tehran-based economist and a university lecturer, was quoted by the media as saying that Iran needs to drop several zeros from its national currency instead of one. 

Also, MP Hassan Hosseini Shahroudi, who is a member of the presiding board of the Parliament’s Economic Commission, emphasized that the plan to switch to the toman would deliver a short-term shock to the currency market in Iran, adding that everything would be back to normal later on. 

Gholam-Reza Mesbahi Moqaddam, a member of Iran’s Expediency Council and a former MP, praised the policy, and said it would create a unity between the spoken and formal use of the national currency.   

Amir Nojoomi, the secretary of Iran’s High Council of Exchange Shops, was quoted by the domestic media as saying that switching to the toman will increase the value of Iran’s national currency against the US dollar 10 folds. “President Rouhani’s move is like what Turkey’s President Recept Tayyip Erdogan did,” Nojoomi said. “When he took office, he [Erdogan] ordered to strike six zeros from Turkey’s national currency.  Accordingly, the people had one lira in banks for every six million liras.”       

The official exchange rate of the US dollar in Iran - which is determined by the CBI - is 32,150 rials and its unofficial rate - the street rate - is above 37,000 rials.  

[pokerplayer]

I know it sounds self-less, but I am in this for the cash even though I do not care for Iran.

 

   pp

[Freedomwish]

21 minutes ago, pokerplayer said:

I know it sounds self-less, but I am in this for the cash even though I do not care for Iran.

 

   pp

 

Ready to head up to Canada by you and drink and when you are, and when this thing finally gives!!!  It's been a long ride for all currencies that are to pop!! 

[Freedomwish]

2 hours ago, pokerplayer said:

We all do my friend. We all do. I guess we will all find out soon enough. e can only hope.

 

We need an emoji that shows wringing hands and sweating...lol

 

   pp

This emoji is the next best thing for me  then this one when my nerves get rattled from being on this crazy ride 

[pokerplayer]

Just now, Freedomwish said:

 

Ready to head up to Canada by you and drink and when you are, and when this thing finally gives!!!  It's been a long ride for all currencies that are to pop!! 

 

Hopefully we will end up with massive hang-overs when were done celebrating our good fortune. Yes I will be at the airport to pick you and the others up !!

 

pp 

[Freedomwish]

1 minute ago, pokerplayer said:

 

Hopefully we will end up with massive hang-overs when were done celebrating our good fortune. Yes I will be at the airport to pick you and the others up !!

 

pp 

[screwball]

Iranian cabinet approves bill to switch currency from rial to toman

The administration of President Hassan Rouhani in a cabinet meeting on Sunday approved a bill to switch Iran's national currency from rial to toman, an official said on Monday.

The secretary of the Cabinet Mohsen Haji Mirzaei said that the issue had been scrutinized in the government’s economic commission during the past six months, IRNA reported.

He added the move aims to facilitate the transactions by the public.

Haji Mirzaei added that one toman would be worth 10 rials and switching to the toman means that a zero would be removed from price figures.

 

smke...not approved by parliament...parliamaneny and chamber of,commerce won't four. Thismwont give them economic boost or make them parity with or slighter greater than..

[pokerplayer]

Screwball, whats your take on today's announcement regarding the switch to the Toman?

 

  pp

[screwball]

Iranian cabinet approves bill to switch currency from rial to toman

Tehran, July 24, IRNA - The administration of President Hassan Rouhani in a cabinet meeting on Sunday approved a bill to switch Iran's national currency from rial to toman, an official said here on Monday.

 

The secretary of the Cabinet Mohsen Haji Mirzaei said the issue had been scrutinized in the government’s economic commission during the past six months.  

He added the move aims to facilitate the transactions by the public.

Haji Mirzaei added that one toman would be worth 10 rials and switching to the toman means that a zero would be removed from price figures.