Iranian Rial

[screwball]

The tables have been turned on Saudi Arabia, as the world’s top oil exporter has swapped its traditional role as price dove with Iran, for years OPEC’s price hawk, Bloomberg said in an article on Tuesday.

The statements of Iranian and Saudi oil ministers on Tuesday showed clinching a deal to cap crude supplies in a meeting of OPEC producers in Algiers, Algeria, is looking increasingly unlikely.

The government in Riyadh is offering a deal, including its first output cut in eight years, to boost prices; Tehran is not interested.

At the center of the reversal is their contrasting thresholds for enduring economic pain.  

“Both countries are coming from different positions,” said Jason Tuvey, Middle East economist at consulting firm Capital Economics. “Iran has been under sanctions until recently, so it’s getting an economic boost as investment returns and oil output rises. Meanwhile, Saudi Arabia is facing steep fiscal cuts.”

The contrast between the two countries is stark. Iran, never as dependent on oil revenue as its neighbor, has seen prospects boosted by rapprochement with the world.

In Saudi Arabia, tentative moves toward economic reform have not prevented two years of weak prices causing financial havoc: It is burning through foreign exchange reserves, government contractors have gone unpaid and civil servants will get no bonus this year.

  Freeze Deal in Limbo

Iran’s Oil Minister Bijan Namdar Zanganeh said on Tuesday that some producers are using oil as leverage to undermine other oil nations and drive their political ambitions.

“The important issue is to depoliticize the crude market and stop using oil as a weapon for every intention and under any pretext,” Zanganeh made the loosely-veiled jab at Saudi Arabia in an interview on the sidelines of the 15th International Energy Forum in Algiers.

“Oil is not a weapon and should not be used as a means of squeezing the rivals or fulfilling political objectives. It’s not our agenda to reach agreement in these two days,” Zanganeh said.

“We are here for the IEF and to have a consultative informal meeting in OPEC to exchange views. Not more.”

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih also played down the chances of reaching a freeze agreement.  “This is a consultative meeting ... We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers.”

Stressing that Iran will support any move by OPEC and non-OPEC members to stabilize the oil market, Zanganeh said, “It is time we took effective steps to revive the quota system and turn OPEC into a strong policymaking organization it once was.”

OPEC’s decision to hold informal talks this week has fanned speculation that it might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into freefall.

Iran wants to get back its pre-sanctions share of OPEC production of about 13%. The group’s 14 members pumped 33.7 million barrels of crude a day last month, meaning Iran could be targeting output as high as 4.4 million, according to data compiled by Bloomberg.

“The organization should adopt new policies so that OPEC members can maximize their profit margin,” Zanganeh said, stressing that the group does not carry its considerable clout anymore as an influential market regulator it once was. Asked about Saudi Arabia’s proposal to cut production if Iran freezes output at the current level, he said Riyadh has not yet made an official proposal.

    

  U-Turn

Saudi Arabia led OPEC in November 2014 to defend market share, notably against US shale oil producers, at the expense of high oil prices. A month after the policy shift, Ali Al-Naimi, then Saudi oil minister, said “sooner or later” rivals would run into financial difficulties.

The kingdom had “the ability to hold out” for a long time, he boasted.

Nearly two years later—and under a different oil minister—Riyadh is now signaling it is desperate for a U-turn.

Saudi Arabia has told other OPEC members it is eager to reduce production to January levels, according to Algerian Energy Minister Noureddine Bouterfa.

That effectively would mean a cut of 500,000 barrels a day. Iran, meanwhile, is refusing to freeze its production at the current level of 3.6 million barrels a day, aiming instead to lift output to about 4 million barrels a day, the level before sanctions halved exports.

When the oil slump started, few would have anticipated that Saudi Arabia would be seeking a deal to boost prices and Iran would resist it.

“Tehran would love to have higher oil prices, but Iran is the OPEC country that had to do fewer budget sacrifices due to cheap oil,” said Olivier Jakob, an analyst at Petromatrix GmbH in Zug, Switzerland. “They feel they have a strong hand.”

[screwball]

 

Risk and Reward of Trade With New Iran

 

The easing of economic sanctions against Iran represents long-term trade and investment opportunities, Australia's trade, tourism and investment minister said.

"To explore these opportunities, I am leading a business delegation to Tehran this week, marking the beginning of a new economic and trade relationship with an economy that has been isolated for a decade," wrote Steven Ciobo in an article published by the newspaper The Australian on Tuesday. Below is the full text:

It is a rare event for a country such as Iran with more than 80 million people and a gross domestic product of nearly $390 billion to reintegrate with the global economy.

Given this significance, the Turnbull government (the federal executive government of Australia led by the 29th prime minister of Australia, Malcolm Turnbull) is monitoring developments closely.

Iran is the Middle East’s second largest economy, a major oil and gas producer, and has a large consumer base along with a sophisticated, highly educated workforce. It is also a gateway to important markets in Central Asia.

As multinationals such as Boeing, Airbus, Total and Peugeot-Citroen return to Tehran to seek deals, Iran is looking overseas for foreign investment and the goods and services needed to drive growth.

Navigating Iran’s complexities will be a challenge for Australian businesses, which is why the Turnbull government has reopened an Austrade office in Tehran.

For our businesses to make the most of Iran’s economic resurgence, they will need to identify new opportunities and develop effective methods to capture them, while managing the impact of remaining sanctions and other conventions.

Our businesses need to engage suitable partners and clients, seek out quality business services and understand the remaining sanctions landscape.

> Sophisticated Nation, Developing Economy

Iran is a sophisticated nation with a long history, but it is also a developing economy.

It has unique needs and the competition to meet them will be intense from other foreign companies and from business interests within the country.

The scope of the opportunities is significant and already Australian businesses are showing interest in specific sectors.

Foreign Minister Julie Bishop’s visit to Iran last year and the visit of Iran’s Foreign Minister Mohammad Javad Zarif to Australia earlier this year paved the way for enhancing the bilateral relationship: Expanding our economic relationship is an important next step.

Iran’s reengagement with the trading world is the result of the Joint Comprehensive Plan of Action, an international agreement designed to limit Iran’s nuclear program in exchange for easing sanctions.

This easing of sanctions opened the way for Iran to do business again in areas such as infrastructure development, oil and gas, shipping and transport.

However, it must be said that reform processes underway in Iran are needed to entice international business and smooth the path for growth.

> Positive Signs

Signs are positive—the Iran Petroleum Contract, once finalized, will provide better terms than the buyback contracts of the late 1990s and early 2000s; and ongoing banking reform is also key to opening Iran’s financial sector to the international economy.

Iran has one of the world’s largest reserves of gas and the fourth largest reserves of oil; indeed, before the sanctions, it was the second largest oil producer in OPEC.

The International Monetary Fund projects Iran’s real growth rate will jump to around 4% this year before easing to 3.7% next year—this compares with zero growth last year.

Meaningful economic reforms and steps to reassure foreign investors will be needed for this surge in growth to be sustainable.

These include bringing inflation under control, improving competition in the non-oil economy, fixing the banking sector and strengthening non-oil sources of tax revenue to fund higher investment in education and infrastructure.

Successful investments in oil, gas and auto sectors also will reassure foreign investors.

> Wide Range of Opportunities

For Australian businesses, the opportunities lie in food, especially wheat, barley and lamb; also in equipment, technology and services for the oil and gas sector as well as in mining; healthcare services; water management technology and services; and, importantly, education and vocational skills training.

Critical to overall growth and industry development, Iran needs assistance to better manage scarce water resources. Australia’s hard-earned expertise in managing water means our skills in this area are already in demand.

Meanwhile, Iran’s energy infrastructure requires upgrading to bring it into the high-technology space of the 21st-century oil and gas sector.

The demography of Iran is also promising for Australian exporters. About 43% of Iran’s population are under 25 years old and 73% live in urban areas.

Despite being a very well-educated nation, young Iranians also want education and training from abroad, as well as better healthcare and easier access to consumer goods.

> Building on a Solid Foundation

In this post-JCPOA (the Joint Comprehensive Plan of Action—the formal name of Iran's nuclear deal with the West) phase, the good news is that many Australian companies are in a strong position to supply the needs of an increasingly diverse Iranian economy.

Furthermore, renewed trade will be built on a solid foundation of past commercial relations developed across many years: During the 90s, for instance, Australia was a leading exporter to Iran.

And Australia has had ongoing diplomatic ties with Iran since 1968, when our embassy opened in Tehran.

The signs for Australian businesses are good but success in the market will require a keen appreciation of the nature of Iran’s economic reengagement.

There are significant risks but, like any important market, there are also potential rewards.

[screwball]

9 hours ago, Freedomwish said:

I wish I had enough to invest in the Yuan - as of now, I think it's just too expensive with not much of a return....so most of us hope Vietnam and other countries will follow suit.  

Here's to looking forward of witnessing history in about a week!!

 

REMEMBER, IRAN SAID THEIR FOREX VALUE WOULD MEET ITS REALITY VALUE or REAL WORTH IN OCTOBER!

[screwball]

BUT ALSO SAID BY MARCH

[jaman]

23 hours ago, screwball said:

Retire but not out of the currency game, I have one other to invest in....

I know which one you're talking about but the ...but the spread is too close to make any money

[screwball]

On 22 August 2016 at 11:52 AM, millionaire in training said:

Gixxerfrog,   I don't think that the dinar will come out lower that 1.00 . There have been plenty of articles already insinuating that. I know what Adam thinks but I disagree. Therefor my feeling is that Iran isn't gonna be left behind. There is a competitive drive to be on par or close to the dinar. I feel the dinar will start at 1.00ish and float. Has the ability to return to it's original value and then some. Now the rial Im not sure about. The good news is like I said before they won't be left behind. They will try and compete somewhat with Iraq. How much they will accomplish thats left to be seen. But if they open at 1.00 that would be out of this world !

Agree with your comments...

 

[gregp]

 

Government Budget and Fiscal Data Government Budget and Fiscal Data section covers statistics on Government Budget, Tax Revenues, as well as Disposal and Acquisition of Financial assets.

2016-09-27

http://www.cbi.ir/page/15224.aspx

[gregp]

1 minute ago, gregp said:

 

Government Budget and Fiscal Data Government Budget and Fiscal Data section covers statistics on Government Budget, Tax Revenues, as well as Disposal and Acquisition of Financial assets.

2016-09-27

http://www.cbi.ir/page/15224.aspx

Over my head.

[screwball]

Just imagine if it came in at 3-4 euro! 

[WheresmyRV?]

Three more days till October

[pokerplayer]

On August 28, 2016 at 0:50 PM, Freedomwish said:

Folks.........I swear by reading the latest post by post........I'm having a hard time maintaining composure due to sudden excitement.....I'm getting so dizzy my whiskey drinks aren't helping me to calm down hahaha.....

As of now, if it appears that I'll need to make a trip from the US into Canada then so be it..... open an account, covert from Rial to Euro, Euro to USD....whatever it takes.  I just want to retire and go fishing with you guys haha!  But wow.  

Screwball, we can't thank you enough for all that you bring here.....please let me know what drinks you'll be having to celebrate soon!!

I'm getting a little excited as well. Just hope we don't end up waiting as long as we have on the Iraqi dinar !! 💲💲💲let's get it done !

 

Edited September 28, 2016 by pokerplayer

[Freedomwish]

8 hours ago, millionaire in training said:

I agree. Thats why I didn't invest  in it as well. Too expensive an not a big return . I would rather buy Dinar or Rial.  

8 hours ago, millionaire in training said:

This is why it's just a matter of time before the USA lifts all sanctions on Iran. They know there's money to be made.

You betcha' that they do know what's coming!! 

5 hours ago, screwball said:

REMEMBER, IRAN SAID THEIR FOREX VALUE WOULD MEET ITS REALITY VALUE or REAL WORTH IN OCTOBER!

Keeping the faith!! 

3 hours ago, WheresmyRV? said:

Three more days till October

Either within the next few days into October or by March 20th, 2017 - Gonna still keep on with the FAAAAAAAAAAAAAAAAITH!! 

[screwball]

2 hours ago, pokerplayer said:

I'm getting a little excited as well. Just hope we don't end up waiting as long as we have on the Iraqi dinar !! 💲💲💲let's get it done !

 

Don't worry I am excited as well but trying to stay grounded....we know they never keep to timelines...iraq has proven that...iran has made promises so what ever they are going to do is supposed to cause an economic boom according to the president. One thing I was thinking about maybe iran chooses euro while iraq chooses usd? We know history says Syria, Iran and Iraq have in the past have all said they want to trade in euro, hence the reasons for wars and sanction... All I keep thinking about is euros, because let me tell you iran tied to the euro, at the exchnage rate and then converting to australian dollars I can almost triple my money...Sheez...I need another drink...

[screwball]

Or better still high yield euro account with dividends paid into aussie dollar account with debit card? Oh my where's the drinks!

[screwball]

1 minute ago, screwball said:

Don't worry I am excited as well but trying to stay grounded....we know they never keep to timelines...iraq has proven that...iran has made promises so what ever they are going to do is supposed to cause an economic boom according to the president. One thing I was thinking about maybe iran chooses euro while iraq chooses usd? We know history says Syria, Iran and Iraq have in the past have all said they want to trade in euro, hence the reasons for wars and sanction... All I keep thinking about is euros, because let me tell you iran tied to the euro, at the exchnage rate and then converting to australian dollars I can almost triple my money...Sheez...I need another drink...

Oh and Lybia....golden dinar and euro and United states fixed that country up!

[screwball]

It makes sense adds strengh to the euro....

[screwball]

Come on 3+ euro...

[screwball]

China seeks to insert the renminbi in the global currency basket

9/28/2016 0:00 

[rtl]Being has the largest economy after the United States 
Beijing / follow - up - morning , 
China is seeking to currency inclusion (renminbi) in foreign currency basket , along with the euro and the dollar and the rest of the other world currencies since he has China 'seconomy from strength made him second in the world after the US . 
, and analysts say that with the sustained economic growth and higher yields of thebonds, China has seen externally increasing attention to the use of its currency and keep government Psondadtha, despite a decline in the value of the renminbi against the US dollar in the months 
past. 
After the founding of the first clearing bank for the Chinese yuan (RMB) in the US United enter the renminbi imminent to reserve currencies main basket, the renminbi has been made the latest victories on the path of transformation into the currency 
world. 
the Central Bank of China, delegated the Bank of China branch in New York to provide clearing services in yuan in the United States, and is the first time that establishes where China banks for clearing their own currency in the United States, to join the list of banks , clearing the yuan in Hong Kong, London, Singapore, Toronto and other cities abroad, which is expected to promote the international use 
 of the Amlh.kma China Central announced that he authorized the Moscow Office ofindustrial Chinese commercial Bank, the largest bank in China , to provide clearing yuan - denominated services in 
 Russia. All 
these moves come days before the inclusion of the yuan in the SDR currency basket of the IMF, which will enter into force starting from the first day of next October, to become China 's currency is one of the reserve currencies of the five ratified by 189 
Fund. 
the private basket of world currencies currently list both the US dollar and the euro and the Japanese yen and the pound 
sterling. 
officials and analysts point out that these developments will increase the momentum of the rise of the renminbi. 
, said Timothy F. Geithner, co - chairman of the working Group on trading and clearing of the renminbi in the United States in a press statement that « the establishment of aclearing bank in the United States would promote the growth of activity of the renminbi in the country and helps to absorb the increase in size and the demand for products and services for the 
 renminbi.» 
He described Siddharth Tiwari, director of strategic management, policy and review of the international Monetary fund, the next insertion of the yuan in the SDR basket «as animportant milestone in the global financial integration process 
 to China.» 
the renminbi 's fifth most widely used currency in international payments in value terms in July, with a share of 1.9 percent, up from 1.72 percent in June, according to data from the Organization global transaction Services 
(SWIFT). 
showed the IMF that the yuan was about 1.1 percent of official reserves retained by central banks all over the world at the end of 2014. Zhou Cheng John predicted that the4 percent rate in excess «soon» after you insert the yuan in the SDR basket 
 own. 
as Standard Chartered Bank predicted that brings the insertion of 6.2 trillion yuan in net purchases of internal bonds in China by the end of 
 2020. 
last month, the World Bank issued bonds Tqovernma SDR currency basket worth about $ 700 million in a market among Chinese banks, to use the yuan for the first time as thecurrency of 
 settlement.[/rtl]


[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=123866
[/rtl]

[screwball]

http://www.presstv.com/Detail/2016/09/28/486729/Iran-Austria-export-credit-insurance-OeKB

[screwball]

8 hours ago, WheresmyRV? said:

Three more days till October

31 days in October! 

[screwball]

Representatives of Australia's export credit agency EFIC and Export Guarantee Fund of Iran (EGFI) exchange documents after signing an MoU in Tehran, Sept. 28, 2016. (Photo by IRNA)

Iran and Australia have signed fresh agreements to forge closer ties, with Australian Trade Minister Steve Ciobo announcing the dawn of a new age of relationship. 

Ciobo is leading a trade delegation of more than 20 companies to Tehran, seeking out opportunities, buoyed by the prospects in Iran's mining, oil and gas, and other industries as well as the near 80 million population.

"We are in the dawn of a new age of the relationship with Iran," Ciobo told a gathering of business leaders in Tehran on Tuesday night.

One of the agreements will help the Australian and Iranian banking sectors collaborate and share information. Another will share Australian expertise and technologies to help Iran manage scarce water resources.

Companies such as Woodside Petroleum, engineering company WorleyParsons and Australian Water Partnership seek to capitalize on historically strong economic ties to stake out a share of business opportunities in Iran.

Representatives of Australia's flagship carrier Qantas Airways, global biotechnology company Cochlear, GrainCorp agribusiness company, Australian Livestock Export Corporation Ltd (LiveCorp) and the universities of Melbourne and Sydney are also tagging along.   

At its peak, Australia exported almost $1 billion worth of goods to Iran before nuclear sanctions slashed the trade to below $350 million.

Head of Iran Chamber of Commerce, Industries and Mines Gholam Hossein Shafei said Iran is targeting a trade plateau of $10 billion with Australia.

He said Australia’s import market of $200 billion, especially in the oil and petrochemical field, is very important to Iran and the country cannot ignore it.

On Wednesday, Australia's export credit agency EFIC and Export Guarantee Fund of Iran (EGFI) signed a fourth MoU to facilitate trade and help businesses navigate challenges arising from sanctions which still continue to dog dealings with Iran.  

“There remain challenges around banking facilitation in dealing with Iran … I would just stress this is not a line of credit between the two agencies, so it won’t in that respect mean that commercial export finance is easier to obtain,” Ciobo said.

Australian Trade Minister Steve Ciobo arrives at Iran-Australia trade forum held in Tehran, Sept. 28, 2016. (Photo by IRNA) 

Australian natural health company Blackmores became one of the first businesses to secure a deal with local firm Tasnim Pharm, allowing it access to Iran’s market for vitamins and dietary supplements that is estimated to be worth at least $585 million a year.

Under the agreement, Tasnim Pharma will sell 10 Blackmores products over the coming year before ramping up to 25 products, with the Iranian company setting up a new division to manage the brand and distribution.

Blackmores Managing Director in Asia Peter Osborne said the company would bring the benefits of its research and education arm to Iran through the Blackmores Institute, which is aimed at improving the use of natural medicine.

Blackmores Chief Executive Christine Holgate said Iran is considered the “largest untapped market globally” with growth “well into double digits.”

“Working with Austrade and having a strong local partner in Tasnim Pharma is a low-risk entry into a market considered very complex,” she said.

[screwball]

Wednesday, September 28, 2016

Moniz: US Committed to Iran Nuclear Agreement

 

US Energy Secretary Ernest Moniz said on Monday Washington has kept its side of a landmark nuclear deal with Iran, claiming that Tehran has no reason to complain that the US has not done enough for lifting sanctions against it.

President Hassan Rouhani said last week that Washington had not fulfilled its obligations under the agreement, which places restrictions on Tehran's nuclear activities in exchange for the lifting of sanctions.

Major foreign banks are wary of doing business with Iran because of fears that they would be violating US laws that ban business transactions with Iran because of core US sanctions that remain in force.

"The sanctions that were to be relieved have been relieved. That's what was the commitment. That has happened," Moniz told a news conference on the sidelines of an annual meeting of the UN nuclear watchdog's member states, Reuters reported.

"The consequences of that in terms of how many companies make foreign direct investments in Iran is not for the government to decide, that's for companies to decide," he said.

Iran's top envoy to the meeting, Ali Akbar Salehi, however, repeated his government's complaint on Monday.

"Expectations regarding comprehensive and expeditious removal of all sanctions as stipulated in the JCPOA have yet to be met," Salehi said in a speech to the meeting, using the abbreviation for deal's formal name, the Joint Comprehensive Plan of Action.

  Matter of Time

Moniz asserted that Washington had gone beyond its obligations under the deal and senior US officials had informed European banks of what the lifting of sanctions meant for them, but so far only small- and medium-size banks had done business with Iran.

"Banks are going to have to have more clarity, going to have to have more business confidence, which will take time," he said. Iran is, however, exporting oil, which provides "a considerable additional cash flow", he said.

Rouhani said last week the US approach to sanctions in recent months was "flawed" and "should be rectified forthwith".

What steps Iran intends to take if its demands are not met remains unclear but Salehi, who heads the Atomic Energy Organization of Iran, said the deal's future depended on it.

"Reciprocal and full implementation of the commitments by the 5+1 is the crucial foundation of the JCPOA and the fundamental part of the agreement for its durability," he said, referring to the five permanent members of the UN Security Council plus Germany that struck the deal with Iran.

 

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[screwball]

s Hi Scott, Our bank already provides money-exchange for a total of 44 foreign currencies. They include all the major ones and some less-common ones such as Hungarian forint, Kazakh tengge, and Sri Lankan rupee. You can find the list of these available currencies on our website, https://www.kebhana.com > Foreign Exchange menu. Iranian rial service is limited to exchange to/from euro (EUR) and companies (corporate service), not for everyday counter use. - KEB Hana Facebook Team

 

[screwball]

I wonder if my rials are worth over 100,000,000 will that make me a corporate client if it means business...

[screwball]

The Central Bank of Iran has taken measures needed to unify foreign exchange rates the bank intends to implement before the current fiscal year ends in March, said the CBI governor on Wednesday.

Valiollah Seif, however, added that the plan will not be implemented until all the conditions for doing so have been met.

“To unify the forex rates, CBI has begun various procedures and is moving forward according to the circumstances,” Seif, who has travelled to Vienna on the invitation of his Austrian counterpart, was quoted as saying by IBENA.

“However, until CBI is not sure that everything is ready, it will naturally not go forward with the plan,” he said in response to concerns that while some sanctions still persist, rate unification will be meaningless and may serve only to increase forex rates.

Assuring that CBI is in complete control of the situation, Seif reiterated his past pledge that CBI plans to unify the rates by March 2017.

“Since we have the means to execute the plan on schedule, there is no need to worry and businesses can rest assured that economic stability has always been among our most serious goals,” he said.

On Iran’s banking ties with Austria, the official said the National Bank of Austria has reactivated CBI’s account, guaranteeing smooth banking operations.

“Establishing a venue for interacting with the international banking system is among the most crucial objectives of CBI,” he said.

“Austria has been one of the European nations that showed great enthusiasm once the sanctions against Iran were lifted and their banks have been working to restore ties to pre-sanctions levels.”

 US Anemic Collaboration

Seif also reacted to recent comments made by US Secretary of Energy Ernest Moniz who had said the US has honored all its commitments under the JCPOA–Iran’s nuclear accord with world powers.

“The US has not lived up to all its commitments and their behavior is not in any way transparent,” he said. “On the one hand, the US claims that the international banks are allowed to work with Iran but also scares them away with the threat [of fines and sanctions].”

The CBI official noted that the US government officials used to travel to different countries, personally threatening them one by one that they would face “harsh penalties” should they choose to work with Iran. Now, he added, they wish to redress the situation with a simple announcement “which not only fails to deliver but at times also backfires”.

In Vienna, Seif also faced questions about interest rate cuts and whether or not Iranian banks favor them or whether more rate cuts are on the cards.

“It is our expectation that the rates will be set based on market conditions. Things were different in the past but now that the economy is operating in a calm atmosphere, current interest rates are acceptable even though there is a discrepancy between them and the inflation rate,” he said.

“There is no plan to further lower the interest rates,” he added.

Seif echoed comments recently made by the head of the Association of Private Banks who had said Iranian banks have no plans to lower interest rates and are lobbying with the regulator to keep the rates steady.

“Lenders are pushing for a freeze on the rate-cutting frenzy that has gripped the markets, asking the government, the Central Bank of Iran and the Money and Credit Council to let the rates proceed in a natural way,” Kourosh Parvizian, added. “No new proposal concerning the reduction in interest rates has been made by bankers.”

The MCC–CBI’s monetary policy committee–lowered the interest rates twice in the past five months, citing the significant drop in inflation as the main reason. Officials close to the decision-making body had hinted that another rate cut could be on the cards in the coming months.

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