Iranian Rial

[screwball]

2 hours ago, millionaire in training said:

I think the IQD will go first and the Rial will follow.  This is my opinion from what I research .  IQD is on the verge and it's being very quiet about it. It will surprise everyone.

I am quietly hoping for iraq to go first so I can double dip big time...

Edited September 25, 2016 by screwball

[screwball]

Dime would be nice but will be higher than that.....

[screwball]

TPO, KOTRA to facilitate Iran-S. Korea trade ties

1. Economy

September 25, 2016

 

TEHRAN - The director of the Trade Promotion Organization (TPO) of Iran, Mojtaba Khosrotaj, and the CEO of Korea Trade-Investment Promotion Agency (KOTRA), Jaehong Kim, agreed on bilateral cooperation between their organizations for facilitation of Iran-South Korea trade ties.

In this regard, the two officials came to an agreement on establishment of specialized units both in TPO and KOTRA to acquaint the traders and businessmen with the potentials and also requirements of the other country’s market, the official website of TPO announced on Saturday.
In the meeting, Khosrotaj, who visited South Korea on the head of a trade delegation, referred to Iran’s high manufacturing potentials and emphasized joint venture specially in manufacturing of home appliances a proper area for cooperation between the two countries.

[screwball]

Iran removes restrictions on the movement of ships and get international guarantees

Date: 24/09/2016 23:10
 | Visits: 202



 

Information / Continue ...
Executive Director announced in ports and maritime navigation Foundation Mohammed Saeed Nejad Saturday remove all restrictions regarding Bhrکh the Iranian ships in international ports, noting that Iranian ships became provide international guarantees after the agreement between Iran and the nuclear six-party international.
During the opening ceremony of the exhibition the Fourth International Marine Industries International Conference on investment opportunities in the Iranian port on Saturday, Saeed has said that "After the implementation of the Agreement and nuclear lift the ban unjust returned Bamکan ships Iranian move without any restrictions in the global ports."
He pointed Saad Elian Ahmadinejad "Iran welcomes various forms of investment with foreign companies."
He pointed out that the port of Shahid Rajai received so far nine proposals for foreign investment, pointing out that "this port is centrally located geographically unique and is considered a gateway to the markets of the region and appealing significantly by foreign companies" .anthy / 25 d

http://almaalomah.info/2016/09/24/economic/88971

[gregp]

With international flights and now this, Irans currency has to be free and LEGALLY traded. Great find Screwballs!

[screwball]

23 minutes ago, gregp said:

With international flights and now this, Irans currency has to be free and LEGALLY traded. Great find Screwballs!

And fast! October is our month! I hope! Lol...

[gregp]

It's getting difficult to keep up. Thanks for the news my friend.

[screwball]

http://www.presstv.com/Detail/2016/09/25/486317/Iran-Kenya-Rouhani

[screwball]

http://www.iran-daily.com/News/168681.html

[screwball]

Not saying because it involves adopting either single rate, or single rate with zeros removed on the world stage! If they want to stop inflation remove 4 zeros baby!

[screwball]

http://www.iran-daily.com/News/169238.html

[screwball]

http://www.iran-daily.com/News/169200.html

[screwball]

 

By: 

Online

 

 

25-Sep-16

 

ISLAMABAD: Iranian Ambassador to Pakistan, Mehdi Honardoost, has said that banking channels between Tehran and Islamabad would be operational after the meeting of both countries central banks top officials.

Improved banking ties would boost bilateral trade between the two countries as the current volume of commerce does not reflect the cordial ties, he said.

While talking to President of the Pakistan Economy Watch, Dr Murtaza Mughal, he said that a high-powered Pakistani delegation would visit Iran next week to finalise the Free Trade Agreement (FTA).

He said that Iran already forwarded the final draft of FTA to Pakistani authorities with hope that FTA would be finalised within three months. The ambassador said that Iran has planned to modernise its airlines and asked US to provide 100 aircraft, but only got approval of seventeen, while direct flights between Islamabad and Tehran are on the cards. "We are also revamping our tourism industry, which is also an opportunity for Pakistani investors to explore," he added. "We issued over 100,000 visas to Pakistanis and plan to augment the number as the trade ties continue to improve," he said.

The ambassador said that a stable Pakistan would be beneficial for Iran and that the Chabahar Port was a commercial initiative, which poses no threat to Pakistani ports. 

 

---

[screwball]

Italy calls for expansion of economic ties with Iran

Bandar Abbas, Sept 25, IRNA – Italian Ambassador to Tehran Mauro Conciatori in a meeting with Hormuzgan Governor General Jassem Jadari here on Saturday voiced his country's willingness to broaden economic and industrial relations with Iran.

 

'Iranian President (Hassan Rouhani) and Italian Prime Minister (Matteo Renzi) met in New York three days ago which was for the fourth time over past years; during this meeting the two sides underscored the need for doubling the efforts to broaden relations,' Conciatori said. 

'Iran and Italy have deep familiarization about each other and they have been in contact with each other through Silk Road which can pave the way for development of communications between the two countries,' he added. 

He pointed to the berthing of Italian warship in Bandar Abbas, and said, 'This presence is a sign of positive development in the two sides' communications.'

2050**2050

[screwball]

http://www.irna.ir/en/News/82241877/

Speaking to reporters, he said that after the visit of the Iranian president to South Korea the import of oil from Iran has doubled.

He called for enhanced economic cooperation with Iran, saying that Tehran-Seoul ties should not be limited to commerce and construction. 

Two South Korean banks are to open branches in Iran to ease financial transactions between the two countries and that the biggest South Korean company active in the field of electricity has established its representative office in Iran, he said. 

The ambassador made it clear that two branches will be set up by the South Korean small banks and that they are not enough and the South Korean companies prefer to do business with big European banks and in Euro currency. 

Both Iran and South Korea should insist on regulating the banking ties after the Joint Comprehensive Plan of Action by the big European banks, he said.

The ambassador said that the current difficulty in banking ties should not be regarded as solid hurdles and that they will be resolved someday. 

South Korean foreign minister has already visited the Islamic Republic of Iran and now Iranian foreign minister is expected to visit Seoul, he said.

Interesting comments! "Solid hurdles" and resolved "someday" how about some day in October! 

[screwball]

Beijing, Sept 24, IRNA – Iranian 62-member delegation led by President of Tehran Chamber of Commerce Masoud Khansari will visit Taiwan to explore the grounds for economic cooperation.

 

Taiwan External Trade Development Council confirmed on Saturday that the visit will take place on Monday.

The agenda of the Iranian delegation is to discuss issues of mutual interests with their Taiwanese counterparts.

The Iranian delegation is scheduled to attend 'Iran's Trade Opportunity Day' in Taiwan on Tuesday.

Five senior directors in the Iranian delegation are expected to explain opportunities in Iran's market in the fields of electricity, food supplies, car spare parts, medical and sanitation affairs and electronics.

President of Taiwan External Trade Development Council Peter Huang and Masoud Khansari are to sign a memorandum of understanding on economic cooperation and trade ties.

Iran's Chamber of Commerce, Industry, Mine and Agriculture is a very influential and important organization in Iran. It was founded in 1884 and has 15,000 members.

Taiwan External Trade Development Council declared that Iran after implementation of JCPOA and lifting the sanctions turned to one of the most popular markets in the world.
1391**1416

[gregp]

54 minutes ago, screwball said:

Not saying because it involves adopting either single rate, or single rate with zeros removed on the world stage! If they want to stop inflation remove 4 zeros baby!

Great article!!

[gregp]

Italy’s ‘Euro’ warship docks in southern Iran to boost friendly military ties
http://www.iran-daily.com/News/169211.html

This goes in line with your Italy article Screwball. Thanks for your posts!

Italy’s ‘Euro’ warship docks in southern Iran to boost friendly military ties

An Italian Navy frigate has docked at Iran's southern port city of Bandar Abbas in line with the two countries’ plan to boost friendly military relations.

The warship, dubbed Euro, arrived in Bandar Abbas, the capital of Hormozgan Province, on Saturday for a four-day stay.

In a meeting with Italy’s ambassador to Tehran, Mauro Conciatori, and the country’s military attaché, Commander of Iran’s First Naval Zone Admiral Amir Hossein Azad said the Italian frigate has been dispatched to the Islamic Republic with the purpose of improving political, cultural and military relations.

“Given the international nature of naval forces in all countries across the world, naval units comprising warships and air [force] units are dispatched to other countries each year in the form of a fleet,” the Iranian commander added.

He noted that such visits are aimed at enhancing international maritime interactions and conducting joint naval maneuvers between two or more countries.

Iran’s Navy has also an active presence in the international scene by holding naval meetings and making various voyages while hosting the warships of different countries every year, the commander said.

He added that the enemy has always sought to undermine Iran and spread Iranophobia; however, different countries dispatch their military and naval forces to Iran and participate in joint projects as the high level of security in the Islamic Republic has been proved to neighboring and regional countries and the entire world.

Meanwhile, the Italian Navy said the frigate was part of a mission by the European Union to fight piracy.

 

It added that the visit comes as part of the resumption of "historic and excellent relations" between the Iranian and Italian Navies.

In recent years, the Iranian Navy has increased its presence in international waters to protect naval routes and provide security for merchant vessels and tankers.

In line with international efforts against piracy, the Iranian Navy has been also conducting patrols in the Gulf of Aden since November 2008 in order to safeguard merchant containers and oil tankers owned or leased by Iran or other countries.

Iran’s Navy has managed to foil several attacks on both Iranian and foreign tanker ships during its missions in international waters.

[gregp]

 

Publication of Iran General License J

7/29/2016

Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued General License J, "Authorizing the Reexportation of Certain Civil Aircraft to Iran on Temporary Sojourn and Related Transactions."

 

If I was Iran, I would tell the US to stick this contract where the sun don't shine and buy from another country.

 

[pokerplayer]

Posted by Yota in foreign currencies, not my find but I felt it was relevant here

pp

 

Iran enters credit cards for the first time

History of edits:: 25.09.2016 23:34 • 16 visits readable

[Oan- up] 
Iranian Students News Agency reported that Iran has introduced credit cards for the first time on Sunday.

It seeks Iran to increase oil production and to support its economy after world powers lifted sanctions imposed on the Islamic Republic in exchange for Tehran 's commitment to the agreement to curtail its nuclear ambitions. 
He warned the governor of Iran 's central bank Waliullah sword that banks may take some time to get used to thecredit card system. 
The agency quoted Saif saying " it would be wrong to think that those cards will be used rapidly in the banking network." 
the cards will go up to a maximum of three thousand and ten thousand and 15 thousand dollars and can be used in the purchase of the stores or online.

[gregp]

Can you say international!!

[gregp]

Great find PP

[screwball]

Iran introduces its own credit cards

Sun Sep 25, 2016 6:32PM

1. Home
2. Iran
3. Economy

The Central Ban of Iran (CBI) has for the first time introduced the country’s first credit cards that have been devised based on Murabaha Islamic financing structure. 

Iran has introduced credit cards for the first time in what appears to be a plan to encourage spending by the public.  

The credit cards will be presented to applicants with three limits of Rials 100 million ($3,000), Rials 300 million ($10,000) and Rials 500 million ($15,000). They can be used for purchases in shops or online, the media reported. 

The cards have been devised within Murabaha Islamic financing structure.  Murabahah by definition involves the purchase of a commodity by the bank, on behalf of the customer, which is to be sold to customer on a cost-plus-profit basis.  The profit that the Central Bank of Iran (CBI) has devised for Iran’s Murabahah credit cards is 18 percent. The customers can repay the funds they receive through the cards in 36 installments.

Reports said only two banks – Bank Melli Iran and Ayandeh Bank– had started to issue credit cards. 

IRNA reported that Ayandeh Bank alone had issued above 12,000 credit cards on the first day the mechanism had been introduced to the public. 

The government of Iran had for months put the promotion of credit cards on its agenda. 

Communications and Information Technology Minister Mahmoud Vaezi said in August that the country was preparing to introduce credit card services processed by global payment operator MasterCard for the first time. 

Credit and debit cards, accepted in more than 210 countries where MasterCard is valid, will be distributed at financial branches of the Iran Post Company, Vaezi emphasized.

On the same front, the CBI announced in March that it is preparing the grounds for its nation to use credit cards provided by Asian banks such as Japan Credit Bureau (JBC) as well as China UnionPay (CUP).

[screwball]

‘US vowed not to punish EU banks over Iran’

Sun Sep 25, 2016 7:32PM

1. Home
2. Iran
3. Economy

Iran’s Foreign Minister Mohammad Javad Zarif says the country has received assurances from the US that European banks will not be punished for doing business with Iran. 

Iran says the United States has pledged not to punish European banks that facilitate transactions with it. 

Iran’s Foreign Minister Mohammad Javad Zarif told Japan’s Kyodo news agency that he had received assurances from US Secretary of State John Kerry that greater efforts would be made to allay the concerns of European banks in dealing with Iran – concerns that he described as “undue”. 

"The US says they encourage everybody outside the US to engage in business with Iran,” said Zarif. “Of course, we believe that was not sufficient, so we asked them to take further action to convince and actually remove the concerns of foreign institutions, particularly banks, about working with Iran," he added.

Iran has been persistently urging European countries to take the required measures to encourage their banks to facilitate transactions with Tehran now that the sanctions have been removed.

In May, US Secretary of State John Kerry told a meeting of top EU bankers that they will not be penalized for conducting or facilitating business with Iran.

However, major European banks like the HSBC and others have already emphasized that Kerry’s assurances are not enough and a series of confusions that remain over transactions with Iran need to be cleared by Washington. 

While major European banks have been reluctant to do business with Iran for fear of US retribution, smaller banks have already approached the country in search for post-sanctions business opportunities.

Parviz Aghili, head of the private Middle East Bank in Tehran, has told the media in mid-September that banks from Italy, Austria, Switzerland, Germany, Turkey and Belgium are preparing to work with Iran. 

On the same front, Iran has also announced plans to establish new overseas branches of its banks in key European cities in what is seen as part of a policy to help facilitate banking transactions between the Islamic Republic and Europe. 

Germany’s media reported in early September that three Iranian private banks - Middle East Bank, Parsian Bank and Sina Bank – will open branches in Munich.   

[screwball]

Amember of the Money and Credit Council says the parliaments' go-ahead for the government to use CBI foreign exchange resources to augment the capital of public sector banks can be effective in reducing the inflation rate.  

"If the government uses the forex resources, capital of banks will increase by 50 trillion rials ($15.9 billion) and that can help reduce inflation," Gholamreza Mesbahi Moqaddam said in a talk with IBENrediuce A.

Mesbahi Moghaddam's comments come as worries about a return of double-digit inflation mounted in recent weeks as broad money supply has grown exponentially. Inflation dropped to single figures in June after 26 years thanks largely to the government's aggressive disinflationary policies.   

On the latest amendment by the Majlis that allows the government to tap into forex resources, Mesbahi Moghaddam, who also is a member of the Expediency Council, said "this method will be used to increase the capital of banks and to repay government debt."

The senior cleric was pointing to the amendments to the 2016-17 annual budget law that was passed in late August, allowing the government to settle its debts to banks by using the foreign exchange resources of the Central Bank of Iran.  

"I will be glad to see the government debts cleared because when that happens, the factors that constitute the monetary base will improve significantly," Moqaddam added. "This will also help with a further decrease in inflation rate."  

The former lawmaker however warned that unrealistic methods should not be used to "achieve realistic goals."

Through the amendment that was rejected in the past, the government wants to revalue the CBI's forex assets and have the proceeds wired to its coffers. The assets are now owned by CBI because the former government had sold them to the bank. The government was paid in rials for the assets, mostly proceeds from crude oil exports and at varying exchange rates.

Now that rial has lost much of its value in the wake of the 2012 currency crisis that wiped out almost 70% of the value of the national currency within days, the government wants to use the difference in exchange rates to repay its mountain of debts and empower public-sector banks.

The official noted that the current government and its predecessor had proposed the same amendment which was turned down by Majlis "because we were under the impression that it would be illegal."

"Random use of CBI resources will increase exchange rates and the monetary base. If that happens, currency rates would surge and it (use) will not have a legal base."

Credit Crunch and Financing

Meanwhile the CBI's deputy chief for economic affairs says the banking system as the main financier is facing a serious credit crunch.

"As a result of the ballooning non-performing loans, government debt to the CBI, troubled assets in the balance sheets of the banks, the stagnant property market [in which banks have heavily invested] and the inadequacy of the capital buffers of banks, the banking sector that is responsible for 90% of financing businesses is now grappling with a major credit crunch," Peyman Qorbani said in video posted on IBENA.

Therefore in order to revive financing, in addition to corralling foreign finance, "the capital market needs to play a more effective role and pitch in where financing is needed."

At the same time, he added, the roots of the current problems that Iran's banking system is mired in must be fully identified, reviewed and resolved. "In order to do this, the Banking Overhaul Plan was devised and we hope that with the implementation of this plan, the banking industry can reach its full potential of financing the diverse sectors of the economy."

In early June, the Banking Overhaul Plan – designed to reform the inefficient and outdated banking system of the country – was signed into law by President Hassan Rouhani. As the president said, the plan will be centered on economic revival and growth and gears the banking system toward those goals.

Among other things, the plan seeks to get financing for short and medium-term projects back on track, provide a cash cushion to tackle bad loans, promote competition, reorder the money market by regulating the army of uncertified credit and financial institutions and increase banks' lending power by raising their capital.

The CBI official added that without a safe, stable and healthy banking system, a sustainable and reliable system of financing will not be possible. "This in essence will hurt economic growth."

 

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