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2 hours ago, Freedomwish said:

 

 

 

 

good-fainting-gif.gif

 

One would pass out of sheer excitement, the other running to hug everyone happy that this would be over and done with! :lol::cheesehead:

At 238,000 per million you and me are going to have a bigger drinking problem than we have ever had..well you will be out of control and me well...

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47

Iran: Rial Revaluation Bill Sent to Majlis

 
Iran: Rial Revaluation Bill Sent to Majlis
Iran: Rial Revaluation Bill Sent to Majlis

President Hassan Rouhani sent the rial redenomination bill to the Majlis on Wednesday for debate. 

As per the ‘Reforming Monetary and Banking Law’ bill, four zeros will be shaved off the national currency and the monetary unit will switch officially from the rial to the commonly used toman, the official government website, dolat.ir reported.  

Originally floated as a Central Bank of Iran proposal, the bill was approved by the government earlier in the month. It must be endorsed by the Majlis to become law. 

Accordingly, the minor monetary unit of the new currency will be dubbed ‘parseh’. 

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Bill on national currency reconversion submitted to Parliament

TEHRAN, Aug. 21 (MNA) – Iranian President Hassan Rouhani submitted the bill on reforming monetary and banking law including ‘eliminating four zeros from national currency and national currency reconversion’ to the Parliament. 

According to this bill, Iran’s national currency will be changed from rials to toman and each toman would be equal to 10,000 rials or 100 rial parseh.

On July 31, the government approved a plan to take four zeros off the national currency in a bid to curb the tide of liquidity and impede rial depreciation.

The plan to remove four zeros from the rial has been on the government agenda since it was proposed about seven month ago by Central Bank of Iran as part of a broader plan to revisit the monetary system.

The measure stipulates change in the nominal value and the face of bank notes and coins. 

On August 6, Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that crossing out four zeros from national currency, Rial, will have no impact on inflation rate adding that the central bank is ready to implement the plan.

He explained that removing four zeros will have no costs for the government since CBI annually prints about 700 million of new bank notes and replacing the old ones with the new ones is a routine procedure.

He said that lopping off of four zeros from national currency will for sure facilitate daily transactions but to get implemented the government’s ratified plan needs Parliament’s approval, as well.

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Iran to scrap rial for good as parseh becomes small currency unit

Wed Aug 21, 2019 02:35PM [Updated: Wed Aug 21, 2019 02:51PM ]
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Iran’s smallest unit of currency, equal to a hundredth of a toman, will be named parseh. (Photo by AFP) Iran’s smallest unit of currency, equal to a hundredth of a toman, will be named parseh. (Photo by AFP)

The rial, the currency unit used consistently in Iran for almost a century, will be totally abandoned once the country introduces a redenomination.

Iran’s new small unit of currency under toman will be named parseh and not rial, as previously reported in the media, based on the terms of a bill sent by the government to the parliament on Wednesday.

“Iran’s unit of currency is toman and each toman is equal to 10,000 current rials and equal to one hundred parsehs,” read the Article A of the Bill to Reform Iran’s Monetary and Banking Law, ratified by the Cabinet on August 4, 2019.

The bill said the rial will continue to remain a legal tender for a maximum of two years of transition period which will begin once the new currency is introduced to the markets.

“After the transition period, all liabilities that have been accrued based on the currency unit of rial will only be settled through the currency unit of toman,” read a sub-article of the bill, a copy of which was circulating in the Iranian media on Wednesday.

Iran’s decision to slash four zeros off the rial comes less than a year after the national currency plunged in the face of a series of American sanctions.

The rial regained some of its footing last month after the government announced measures to narrow the gap between the price of the currency in the unregulated market and a system meant to collect foreign currencies earned from exports.

Analysts believe redenomination of currency in Iran will have a slight psychological impact on the markets as the government tries to improve macroeconomic indicators.

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The measure stipulates change in the nominal value

=Rate Increase

 

and the face of bank notes and coins. 

=New notes without zeros

 

=  :bagofmoney:

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3 hours ago, gregp said:

The measure stipulates change in the nominal value

=Rate Increase

 

and the face of bank notes and coins. 

=New notes without zeros

 

=  :bagofmoney:

I don't know why some people think this will be a lop, this right here is telling us the rate will change for us!:backflip:

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The question I have is a point someone else brought up in a different thread.....that regardless of what they do there will STILL be sanctions and that will negatively affect our investments if not prevent it 

 

Any thoughts? 

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10 hours ago, climber7 said:

The question I have is a point someone else brought up in a different thread.....that regardless of what they do there will STILL be sanctions and that will negatively affect our investments if not prevent it 

 

Any thoughts? 

Will there be? One of the reasons why there are sanctions is because they have four years refused to rejoin the international monetary system and comply with aml/ctf rules and guideline. We know they have passed important legilsation but until they revalue their currency and rejoin they will have monetary sanctions in place. So how will this go down we all just have to wait and see!

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I also remember that you might have to travel to cash in, and if you are in the us this might be a little difficult because I remember posting earlier in this thread that transactions cannot start and end in usd! What impact that will have who knows until then we must wait.

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4 minutes ago, screwball said:

Will there be? One of the reasons why there are sanctions is because they have four years refused to rejoin the international monetary system and comply with aml/ctf rules and guideline. We know they have passed important legilsation but until they revalue their currency and rejoin they will have monetary sanctions in place. So how will this go down we all just have to wait and see!

Money talks

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2 hours ago, screwball said:

I also remember that you might have to travel to cash in, and if you are in the us this might be a little difficult because I remember posting earlier in this thread that transactions cannot start and end in usd! What impact that will have who knows until then we must wait.

 

Maaaaaaaaaan, just wait and see what I'll do when I get to either Dubai or The Island of Kish when this baby pops! LOL :lol:

 

 tenor.gif?itemid=4863900

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the hard part is getting out of the US with Rial. Even though most of us bought it before sanctions were in place,It might be that now it is illegal to even own. Not sure on that one but, you have to declare it to fly out. Makes you wonder what we will actually be able to do.

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2 hours ago, markb57 said:

the hard part is getting out of the US with Rial. Even though most of us bought it before sanctions were in place,It might be that now it is illegal to even own. Not sure on that one but, you have to declare it to fly out. Makes you wonder what we will actually be able to do.

True....I bought mine from a so called registered treasury approved business and took screenshots of their website, kept all receipts so I bought most of mine for sanctions hit....but we cross that bridge when we get to it...

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23 hours ago, navira said:

Hey bro, yes but it is more than that at a rate of .25 US cents...it's 250,000

And 0.35-0.37 cents aud....350,000 or 370,000 per 1,000,000 hmmm....

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26 minutes ago, screwball said:

And 0.35-0.37 cents aud....350,000 or 370,000 per 1,000,000 hmmm....

Iran: The value of the national currency rose 40 percent in 8 months

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19 hours ago, WheresmyRV? said:

I don't know why some people think this will be a lop, this right here is telling us the rate will change for us!:backflip:

 

:praying:

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I purchased through CurrencyLiquidator.com but don’t know right now how to prove the purchase date except to ask them to review their records if possible.  I only recall that I bought when legal because at first I kept calling them to buy but they kept telling me their shipment was being held up by US Customs awaiting clearance.  Customs wouldn’t let it clear to a registered currency trader unless it was legal to purchase I suppose.

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13 hours ago, markb57 said:

the hard part is getting out of the US with Rial. Even though most of us bought it before sanctions were in place,It might be that now it is illegal to even own. Not sure on that one but, you have to declare it to fly out. Makes you wonder what we will actually be able to do.

 

Can you drive it to Canada, or do you have to declare everything at Canadian border?

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From what I can see, it looks like Obama put sanctions on Iran in 2013 and any Rial bought after that date would be against the law to own.  

 

Executive Order -- Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Freedom and Counter-Proliferation Act of 2012 and Additional Sanctions with Respect To Iran

EXECUTIVE ORDER

 

https://obamawhitehouse.archives.gov/the-press-office/2013/06/03/executive-order-authorizing-implementation-certain-sanctions-set-forth-i

Edited by Floridian

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I don’t think so because I bought through Currency Liquidator AFTER 2013.  CL could and would not sell it to me if illegal.  Like I said above, there was a time that they were unable to even get it.  Then they suddenly were able to get it in via Miami US Customs.  I used to phone them back then to wait for an opening so to speak.  Apparently there was a short window of time there, but it was most definitely after 2013

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Knowing that Iran and Iraq are neighbors in business matters and the fact that B Obama had just given Iran that large USD amount, I perceived that as a reason to buy rial.

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2 hours ago, lmb4321 said:

Southbeach....Amazon sells Rial....don't know if it's legit or not......

 

WOW!  You're right, Imb4321.

I couldn't believe it!

Now, I wonder if it is no longer illegal to own it?

Also, it doesn't look like they are going to be worth anything if everyone can buy as much as they want.

 

https://www.amazon.com/s?k=iranian+rial+100000&crid=1M0TSKG28M9X4&sprefix=Iranian+Rial%2Caps%2C155&ref=nb_sb_ss_i_4_12

 

https://www.amazon.com/s?k=iranian+rial+currency&crid=2M4T5G4IYT83G&sprefix=iranian+rial+%2Caps%2C336&ref=nb_sb_ss_i_1_13

Edited by Floridian

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