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Iran's CB Discounts Effect of FATF Ruling on Forex Market 

 
Iran's CB Discounts Effect of FATF Ruling on Forex Market
Iran's CB Discounts Effect of FATF Ruling on Forex Market 

Governor of the Central Bank of Iran said whatever the anti-money laundering Financial Action Task Force decides on February 21, the decision will not affect the currency market.

The Paris-based global anti-money laundering watchdog issued a four-month deadline in mid-October, giving Tehran a last and final chance to comply with international anti-money laundering rules by February 2020. 

“The upcoming FATF decision, whether or not it extends the deadline, will not significantly affect our currency market,” Abdolnasser Hemmati wrote in a note on his Instagram account on Sunday.  

He was referring to the government’s political opponents and currency speculators who have launched a propaganda campaign claiming that the global anti-money laundering watch-dog will put Iran on its blacklist this month. 

 

Join the international monetary system or else?

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FW....hate to disappoint you but Im not a "brother"        more like a sister ,girl, dudett , millionairess, female,  all of the above .....   

Talked with my banker buddy here in town to see if she was given even an Inkling of anything possible in the works. Nope She said that if or even if ever any country changes rates in a dramatic manne

Once we get the green light from Canadians banks I will put the plan in place so I can send to any interested so they won't need to figure out what to do here. As in paperwork, I.D. ect. pp

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Financialtribune.com

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February, 22 2020
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February 19, 2020 19:58

Iranian Rial Revaluation Crosses One Hurdle

 
Iranian Rial Revaluation Crosses One Hurdle
Iranian Rial Revaluation Crosses One Hurdle

The Majlis Economic Commission on Wednesday approved the provisions of a monetary bill based on which four zeros will be shaved off the national currency. 

As per the proposed ‘Reforming Monetary and Banking Law’ the monetary unit will change officially from the rial to the commonly used toman, the Central Bank of Iran website reported. 

The rial redenomination bill is an initiative by the government and was sent to the parliament last August, after being reviewed and approved by the Cabinet. 

It has to be debated and endorsed by the chamber to become law.  

 

https://financialtribune.com/articles/business-and-markets/102256/iranian-rial-revaluation-crosses-one-hurdle 

Edited by gregp
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  • 2 months later...

I had just finished drinking my last glass of whiskey on a late Sunday evening, and suddenly........THIS?!!!!! :blink: ...BROTHER SCREWBALL, WHERE YA' AT BUDDY?!!!

 

https://www.yahoo.com/news/iran-approves-plan-cut-four-071324088.html

 

World

Iran approves plan to cut four zeros from falling currency -report

ReutersMay 4, 2020, 3:13 AM EDT
 
 

DUBAI, May 4 (Reuters) - Iran's parliament has passed a bill allowing the government to slash four zeros from the rial, Iranian state media reported on Monday, after a sharp fall in the value of the currency as a result of crippling U.S. sanctions. Iran's national currency will be changed from the rial to the Toman, which is equal to 10,000 rials, under the bill."The bill to remove four zeros from the national currency was approved by lawmakers," Iran's Students News Agency ISNA reported. The bill needs to be approved by the clerical body that vets legislation before it takes effect. Iran's state TV said the Central Bank of Iran will have two years to "pave the ground to change the currency to Toman".:blink: The idea of removing four zeros has been floated since 2008, but gained strength after 2018, when U.S. President Donald Trump exited Iran's 2015 nuclear deal and reimposed sanctions, as the rial lost more than 60% of its value.

The Iranian currency was trading at about 156,000 rials per dollar on the unofficial market on Monday, according to foreign exchange websites.

Iran's weak currency and high inflation have led to sporadic street protests since late 2017. (Writing by Parisa Hafezi; Editing by Alexander Smith)

Edited by Freedomwish
Prayers and whiskey
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And, from Reuters!!! FRESH AND HOT OFF THE PRESS!! :blink::drunk::praying:

 

https://www.reuters.com/article/iran-currency/iran-approves-plan-to-cut-four-zeros-from-falling-currency-report-idUSL8N2CM1E9

BONDS NEWS

MAY 4, 2020 / 3:14 AM / UPDATED AN HOUR AGO

Iran approves plan to cut four zeros from falling currency -report

2 MIN READ
  •  
  •  
 

DUBAI, May 4 (Reuters) - Iran’s parliament has passed a bill allowing the government to slash four zeros from the rial, Iranian state media reported on Monday, after a sharp fall in the value of the currency as a result of crippling U.S. sanctions.

Iran’s national currency will be changed from the rial to the Toman, which is equal to 10,000 rials, under the bill.

“The bill to remove four zeros from the national currency was approved by lawmakers,” Iran’s Students News Agency ISNA reported. The bill needs to be approved by the clerical body that vets legislation before it takes effect.

 

Iran’s state TV said the Central Bank of Iran will have two years to “pave the ground to change the currency to Toman”.:blink:

The idea of removing four zeros has been floated since 2008, but gained strength after 2018, when U.S. President Donald Trump exited Iran’s 2015 nuclear deal and reimposed sanctions, as the rial lost more than 60% of its value.

 

The Iranian currency was trading at about 156,000 rials per dollar on the unofficial market on Monday, according to foreign exchange websites.

Iran’s weak currency and high inflation have led to sporadic street protests since late 2017. (Writing by Parisa Hafezi; Editing by Alexander Smith)

 

 

Edited by Freedomwish
nEEd mORE whiSKEy
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1 hour ago, Freedomwish said:

 

The bill needs to be approved by the clerical body that vets legislation before it takes effect.

 

 the Central Bank of Iran will have two years to “pave the ground to change the currency to Toman”.


The idea of removing four zeros has been floated since 2008, 


Thanks Freedomwish. 

This could happen quick.  

:cigar:

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Iran approves plan to cut four zeros from falling currency -report
0059edb378564094181b

Reuters

May 4, 2020 3:37 pm

Follow
 

DUBAI, May 4 (Reuters) - Iran’s parliament has passed a bill allowing the government to slash four zeros from the rial, Iranian state media reported on Monday, after a sharp fall in the value of the currency as a result of crippling U.S. sanctions.

Iran’s national currency will be changed from the rial to the Toman, which is equal to 10,000 rials, under the bill.

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9 hours ago, md11fr8dawg said:

Sounds like a lop and will the old bills be worthless after the Toman is introduced?

 

I have no idea, but for now the old bills to my understanding will remain for a bit to be collected within the two year time frame (similar as to the Dinar as planned); it's just the change of the name from "Rial" to "Toman".  I believe once the collection of all the old notes is done, then I guess the new "Toman" notes should be out and about, or probably new notes will be released at the same time while collecting the old Rial notes.  But at this point, I wish for anything to happen.....we hope for the best of course!:praying:

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Where do I take my rial when this occurs?  Do I first exchange my rial for toman when this begins and await rate increase,? and in the Middle East somewhere, as the rial/toman is not internationaly recognized in the USA.  Does anyone know a definite exit strategy for this?

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18 hours ago, southbeach said:

Where do I take my rial when this occurs?  Do I first exchange my rial for toman when this begins and await rate increase,? and in the Middle East somewhere, as the rial/toman is not internationaly recognized in the USA.  Does anyone know a definite exit strategy for this?

 

Southbeach - as of now, we're not sure...the current "Rial" (notes most we have now) will be just the change of the currency name to "Toman", until when their new currency "Toman" notes will be released, and then the CBI supposedly will allow about two years for the "Rial" notes to be collected in some similar fashion like the Dinar.  Regarding the rate change either cashing out right there and then, or waiting for the rate to increase is a matter of a personal decision but again, we don't know.  With the current state of some travel restrictions now due to COVID-19, we don't know at this point in time of such definite exit strategy that would be best for anyone.  I, personally - if once all this is done and if we become very, very profitable, I had planned to first contact Adam and his team since I'm his OSI group as a member; I see no reason if he and his team decides to change their minds in providing assistance to current OSI members for business reasons that would be great for paying for his future services (as of now, Adam doesn't deal with anything regarding the Iranian Rial/Toman)  second, I had planned to travel outside the US to maybe either The Kish Island where tourism would be more welcoming (hopefully for Americans), Dubai or more possibly, Hong Kong as I have my own personal friends and contacts out there.

 

Just my opinion, just look into all possible avenues that would best fit your situation given the current state that we all are in.  This could all go down as good, or all could go down as a bust - but Iran is looking like it's about to take its first leap in having their currency recognized before the Dinar.......which we all hope that the Dinar would RV just as soon.  :praying:

 

Good luck! :cheesehead:

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20 minutes ago, climber7 said:

According to Kap Iran LOPPED 


Nobody knows until it shows. 
Im teetering 60/40 to the positive side, with Iraq’s timing. Also with the IMF eliminating 111-countries debt. 

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16 hours ago, gregp said:


Nobody knows until it shows. 
Im teetering 60/40 to the positive side, with Iraq’s timing. Also with the IMF eliminating 111-countries debt. 

 

For me, just hope for the Dinar to pop immediately behind....that's the sign I'm looking for.  If the Iranian Rial/Toman pops off first, then I'll be triple dipping in buying some more Dinar for sure.  Yup. :cheesehead:

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4 hours ago, Freedomwish said:

 

For me, just hope for the Dinar to pop immediately behind....that's the sign I'm looking for.  If the Iranian Rial/Toman pops off first, then I'll be triple dipping in buying some more Dinar for sure.  Yup. :cheesehead:

Same here! 😎

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Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach ofFT.comT&Csand Copyright Policy. Email licensing@ft.comto buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. 
https://www.ft.com/content/f9b8296e-dd89-4620-afa9-fe6a9ee532a3

Iran’s parliament backs move to cut 4 zeros from its currency Rial to be changed to the toman after five decades of inflation Iranians have long used the term toman in daily conversation and business dealings, with the rial used only in official documents © Ali Khara/Reuters Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Najmeh Bozorgmehr in Tehran MAY 5 2020 Print this page12 Iran’s parliament has backed government plans to slash four zeros from the country’s currency, the rial, which has been battered by a fall in value as a result of US sanctions. The move is intended to ease the psychological impact of soaring consumer prices on a population that has endured high inflation for decades and grappled with a dizzying number of zeros in government figures. The currency will be renamed the toman, with one toman equal to 10,000 rials, or 100 gheran — another new currency denomination Abdolnaser Hemmati, governor of Iran’s central bank, promised to implement the reform as soon as possible. “Currently, our money has a horrifying difference with euro and [one rial] equals €0.000006,” Mr Hemmati told Iran’s parliament on Monday. “The efficiency of the national currency has declined due to chronic inflation over five decades.” The rial and the new currency would overlap for between two to five years in the market, Mr Hemmati said. Iran changed its basic monetary unit from dinar to the rial in 1930 as part of the modernisation of the economy undertaken by the Pahlavi dynasty, which was overthrown by the revolution in 1979. But Iranians have always used the term toman in daily conversation and business dealings. The rial has been used only in official documents. “The move has psychological significance on people who do not recognise the rial and always use toman,” said a senior businessman. “Otherwise, it almost has no economic or financial impacts on the country other than bringing down the costs of issuing notes and coins.” Some analysts say Iran’s coronavirus outbreak — which by Monday had cost 6,277 lives — has brought a sense of national unity. For the time being, hardline opponents of centrist president Hassan Rouhani have stopped obstructing long-awaited economic reforms. Hassan Rouhani chairs a cabinet session in Tehran on Sunday. Iran’s president must step down next year after serving two terms © Iranian Presidency/AFP/Getty But critics say Mr Rouhani, who must step down next year after serving two terms, will have no time to carry out the currency reform, which they say could cause confusion in the currency markets. They say the reforms will be troublesome at a time when the government is struggling with US sanctions and the economic consequences of Covid-19. Iran’s jobless figure — already at 17.9 per cent for youth unemployment — is expected to worsen as a result of the pandemic.  The government has stepped up its privatisation scheme through the capital market to generate new income as tax revenues are expected to drop significantly. Tehran has already been deprived of most of its petrodollars because of the sanctions and now is even less able to rely on crude oil exports because of the plunge in global demand and prices. “The change of the currency as well as dropping too many zeros will inadvertently create unnecessary fluctuations in the economic and social structures and will even fuel the inflation,” said Saeed Laylaz, an economist. “The central bank will drop four zeros but the inflation will quickly bring back two of the zeros.”

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On 5/9/2020 at 7:46 PM, screwball said:

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach ofFT.comT&Csand Copyright Policy. Email licensing@ft.comto buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. 
https://www.ft.com/content/f9b8296e-dd89-4620-afa9-fe6a9ee532a3

Iran’s parliament backs move to cut 4 zeros from its currency Rial to be changed to the toman after five decades of inflation Iranians have long used the term toman in daily conversation and business dealings, with the rial used only in official documents © Ali Khara/Reuters Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Najmeh Bozorgmehr in Tehran MAY 5 2020 Print this page12 Iran’s parliament has backed government plans to slash four zeros from the country’s currency, the rial, which has been battered by a fall in value as a result of US sanctions. The move is intended to ease the psychological impact of soaring consumer prices on a population that has endured high inflation for decades and grappled with a dizzying number of zeros in government figures. The currency will be renamed the toman, with one toman equal to 10,000 rials, or 100 gheran — another new currency denomination Abdolnaser Hemmati, governor of Iran’s central bank, promised to implement the reform as soon as possible. “Currently, our money has a horrifying difference with euro and [one rial] equals €0.000006,” Mr Hemmati told Iran’s parliament on Monday. “The efficiency of the national currency has declined due to chronic inflation over five decades.” The rial and the new currency would overlap for between two to five years in the market, Mr Hemmati said. Iran changed its basic monetary unit from dinar to the rial in 1930 as part of the modernisation of the economy undertaken by the Pahlavi dynasty, which was overthrown by the revolution in 1979. But Iranians have always used the term toman in daily conversation and business dealings. The rial has been used only in official documents. “The move has psychological significance on people who do not recognise the rial and always use toman,” said a senior businessman. “Otherwise, it almost has no economic or financial impacts on the country other than bringing down the costs of issuing notes and coins.” Some analysts say Iran’s coronavirus outbreak — which by Monday had cost 6,277 lives — has brought a sense of national unity. For the time being, hardline opponents of centrist president Hassan Rouhani have stopped obstructing long-awaited economic reforms. Hassan Rouhani chairs a cabinet session in Tehran on Sunday. Iran’s president must step down next year after serving two terms © Iranian Presidency/AFP/Getty But critics say Mr Rouhani, who must step down next year after serving two terms, will have no time to carry out the currency reform, which they say could cause confusion in the currency markets. They say the reforms will be troublesome at a time when the government is struggling with US sanctions and the economic consequences of Covid-19. Iran’s jobless figure — already at 17.9 per cent for youth unemployment — is expected to worsen as a result of the pandemic.  The government has stepped up its privatisation scheme through the capital market to generate new income as tax revenues are expected to drop significantly. Tehran has already been deprived of most of its petrodollars because of the sanctions and now is even less able to rely on crude oil exports because of the plunge in global demand and prices. “The change of the currency as well as dropping too many zeros will inadvertently create unnecessary fluctuations in the economic and social structures and will even fuel the inflation,” said Saeed Laylaz, an economist. “The central bank will drop four zeros but the inflation will quickly bring back two of the zeros.”

Screwball I Highly appreciate your tenacity regardless of the outcome . Thanks for sticking around .....

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On 5/9/2020 at 7:46 PM, screwball said:

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach ofFT.comT&Csand Copyright Policy. Email licensing@ft.comto buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. 
https://www.ft.com/content/f9b8296e-dd89-4620-afa9-fe6a9ee532a3

Iran’s parliament backs move to cut 4 zeros from its currency Rial to be changed to the toman after five decades of inflation Iranians have long used the term toman in daily conversation and business dealings, with the rial used only in official documents © Ali Khara/Reuters Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Najmeh Bozorgmehr in Tehran MAY 5 2020 Print this page12 Iran’s parliament has backed government plans to slash four zeros from the country’s currency, the rial, which has been battered by a fall in value as a result of US sanctions. The move is intended to ease the psychological impact of soaring consumer prices on a population that has endured high inflation for decades and grappled with a dizzying number of zeros in government figures. The currency will be renamed the toman, with one toman equal to 10,000 rials, or 100 gheran — another new currency denomination Abdolnaser Hemmati, governor of Iran’s central bank, promised to implement the reform as soon as possible. “Currently, our money has a horrifying difference with euro and [one rial] equals €0.000006,” Mr Hemmati told Iran’s parliament on Monday. 

 

The central bank will drop four zeros but the inflation will quickly bring back two of the zeros.”


 

Thanks SB!! You confirmed delete the zeros means moving the decimal. 
Thanks!!

:mexican::mexican:

 

Now if I can find a currency changer in Dubai that accepts Rial   
Just received my first email response back from a currency company in Dubai, and they don’t accept it. I’ll keep looking. Scared to death to try Kish Island at the moment, as an American. 

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