Iranian Rial

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1 hour ago, millionaire in training said:

?????? No tax for whom? Im not understanding.   For us or them?

No tax for them for five years! That's going to stimulate some spending and economic growth!

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Good with the bad! I prefer 2-3 month timeframe than "by march"

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Guarantee we will get taxed! 

[blueskyline]

Good stuff SB .....

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......I don't trust the March dates or the 2 to 3 months. Too many changes. I would guess sooner as in Oct. 

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1 hour ago, blueskyline said:

Good stuff SB .....

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......I don't trust the March dates or the 2 to 3 months. Too many changes. I would guess sooner as in Oct. 

Quietly hoping blue, you are correct in what you say...

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Don't get this excited....this is for 2016-2017 passed in April of this year just posted for time frames.

Majlis passes 9,000 trillion rials budget for current year

Tehran, April 19, IRNA – Majlis on Tuesday approved 9,000 trillion rials budget for the current Iranian year of 1395 (March 20, 2016-March 20, 2017).

The budget was approved by 152 votes in favor, 24 votes against and five absentions.

General resources account for more than 2,943 trillion of the budget and exclusive revenues of state institutes and ministries account for more than 410,975 billion.

The budget of state companies, banks and profit institutes, belonging to government, stand at more than 6,628 trillion rials in terms of revenues.
The budget plan envisaged more than 6,628 trillion rials in terms of expenditures and other payments.

The MPs got involved in studying the budget bill since last Sunday and ended the study after 11 sessions in eight days.

The government said that the delay to present the budget plan to the parliament was due to the ambiguity in the oil prices and it was determined at 40 dollars a barrel.

By IRNA

 

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1. Economy
2. Business And Markets

Thursday, October 06, 2016

Bank Mellat Unveils NFC Payment System

 

Bank Mellat’s payment application “Seke” (Persian for coin) now allows customers to use NFC (Near Field Communication) technology for making payments. Rostam Shah Garshasbi, director of Beh Pardakht Mellat Company, said that the platform is developed in accordance with banking standards and regulations, “and is highly secure,” way2pay.ir quoted him as saying. The service is available only for customers of Bank Mellat, and those who use POS terminal of Beh Pardakht Mellat, the payment company affiliated with the bank. “About 70% of our POS terminals are already equipped with NFC technology,” Shah Garshasbi said. The app is also compatible with smart phones running iOS and Android operation systems. NFC method makes transactions possible by holding two electronic devices 10 cm from each other.

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Brazilian companies such as Embraer SA and Marcopolo SA are scrambling to close multibillion-dollar deals to sell planes and buses to Iran, seeking to navigate remaining US financial sanctions, senior officials have said.

The planemaker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the bus manufacturer is in talks to supply part of the 27,000 units Tehran is seeking, according to Mahdi Rounagh, a senior official at Iran’s Foreign Ministry and until recently deputy ambassador in Brasilia, Bloomberg reported.

The problem is that Brazilian banks are reluctant to deal with Iran for fear of penalties by the US, even after Washington lifted restrictions on non-US banks. Their concern is that their US assets and subsidiaries could classify them as US banks, according to two senior bank executives in Brasilia.

Business and government officials say Brazil must try harder to find alternatives, such as using smaller European banks that don’t operate in the US.

“We have been in contact with several banks to explain that it is possible to find solutions that would benefit not only Brazilian companies but the banks themselves. We are talking about big contracts,” Rodrigo de Azeredo Santos, Brazil’s top diplomat for trade, said in an interview. He didn’t name the banks because the discussions are not public.

“We have no objection and we do not stand in the way of foreign banks engaging with Iranian banks and companies, obviously as long as those banks and companies are not on our sanctions list for non-nuclear reasons,” US Secretary of State John Kerry said in remarks before meeting with Iranian Foreign Minister Mohammad Javad Zarif in April. Any financial transactions cannot be done in US dollars or involve the US financial system.

The US Embassy in Brasilia did not reply to repeated requests for comments on sanctions on Iran and their implications on Brazilian trade deals.

Most nuclear-related sanctions started to be eased last year under a historic deal with major powers. The multilateral Financial Action Task Force decided in June to put some Iran restrictions on hold for one year.

Export deals could strengthen the new administration of Brazilian President Michel Temer in its efforts to boost revenue and create more jobs as the unemployment rate surges to 11.8%. Whether Brazil will be able to pull off the deals estimated to be worth at least $2 billion and keep up with some of its global competitors would also be a gauge of his administration’s pledge to cut through red tape and promote a business-friendly environment.

Outside of Brazil, PSA Group this year agreed in principle to two joint-ventures to assemble cars in Iran after withdrawing from the country in 2012. Iran’s industries minister in June said he hopes to sign contracts with a German carmaker soon.

“Of course, we have every interest in promoting trade with Iran, it’s an attractive market,” Brazilian Foreign Minister Jose Serra told Bloomberg on the sidelines of an event in New York in September. “We’re all working hard on this.”

Embraer has been courting Iranian carriers. In late August, it invited 200 Iranian businessmen and politicians to showcase one of its jets at a Tehran airport, according to a company statement sent by email. Economy Minister Ali Tayyebnia is scheduled to head a business delegation in a visit to Brazil in November, according to both foreign ministries.

“Embraer is keen to develop successful relationships with Iran’s airline operators,” the company said in the email. The company is also seeking an export license from Washington to sell Iran its jets, which contain US-made components.

Boeing and Airbus last month obtained such licenses to renew Iran’s aging fleet of aircraft. Airbus said in an email that it expects to begin delivering this year and that the deal’s financing is confidential. Boeing CEO Dennis Muilenburg said Oct. 4 he sees no Iran jet deliveries in 2016.

An executive for Marcopolo said there are still issues on how Iran could pay Brazilian companies.

“There are financial obstacles regarding letters of credit,” said Ricardo Portolan, the company’s export manager.

To keep up with its competitors, Brazil needs to be more creative in finding financing alternatives, said Senator Armando Monteiro, who headed a business delegation to Tehran last year when he was trade minister.

“We could use oil as a currency or be paid through investments in refinery plants in Iran, for example,” he said.

Brazilian banks have been in touch with US Treasury officials and are exploring means to set up triangular transactions via smaller European banks, according to Azeredo.

Banco do Brasil, which handles much of the country’s foreign trade financial transactions, said in a statement that “it respects legislation and international agreements in regard to the issue”, in response to a question on its role in financing trade deals between Brazilian companies and Iran.

“Brazilians have to make sure we can close the deals quickly. Our needs are urgent. If we can’t reach an agreement, we’ll purchase what we need from other countries,” said Rounagh, the Iranian diplomat.

 

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Says it all really!

The problem is that Brazilian banks are reluctant to deal with Iran for fear of penalties by the US, even after Washington lifted restrictions on non-US banks. Their concern is that their US assets and subsidiaries could classify them as US banks, according to two senior bank executives in Brasilia.

Business and government officials say Brazil must try harder to find alternatives, such as using smaller European banks that don’t operate in the US.

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CBI delegation leaves for Washington

News ID: 3789018 - Thu 6 October 2016 - 14:41

Economy

TEHRAN, Oct. 06 (MNA) – A delegation of Iran’s Central Bank has left for Washington to participate in 2016 Annual Meetings of the International Monetary Fund and the World Bank Group Washington, October 7-9.

Iran’s delegation is headed by Akbar Komeijani, Deputy-Central Bank Governor and will meet with other delegations to address restrictions on Iran’s banking and financial sector. The event will provide opportunities to participants to exchange and share opinions, where a constellation of world top banking and financial managers and governors sit to address the global issues and innovations in finance.

Komeijani will also meet officials of the World Bank and International Monetary Fund in bilateral sessions to address post-JCPOA conditions of Iran’s transactions, which had been largely unaffected by the JCPOA-provided possible outcomes as the country’s public as well as authorities would expect.

Iran’s delegation will also sit in a Group of 24 (G24) to coordinate the member-state positions in monetary and financial affairs annually. The Group of 24 (G24) was established in 1971 to coordinate the positions developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.

SH/3788672 

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Iran, Vietnam to quintuple trade volume

News ID: 3788860 - Thu 6 October 2016 - 11:38

Politics

TEHRAN, Oct. 06 (MNA) – President Rouhani of Iran and President Quang of Vietnam on Thursday morning in Hanoi agreed to increase the volume of bilateral trade to fivefold the current volume.

President Hassan Rouhani of the Islamic Republic of Iran and Trần Đại Quang, the President of the Socialist Republic of Vietnam met early on Thursday in Vietnamese capital city of Hanoi.

Being warmly welcomed by his Vietnamese counterpart, President Rouhani reviewed the guard of honor with Mr. Quang during a welcoming ceremony at the Presidential Palace in Hanoi.

After the first round of the talks between the two presidents two agreements to expand communication cooperation were signed. The first one to waiver visas for select nationals at service was signed by the foreign ministers of Iran and Vietnam. The second agreement was signed by Iranian Communications and Information Technology Minister, Mahmoud Vaezi, and his Vietnamese counterpart.

Following the signing ceremony, the two presidents told the media that they have agreed to do their best to realize the agreements.

“Iranian people know Vietnamese as resistant, persistent in war with interferers, pro-independence, hard-working, pro-development, and pro-peace people,” said President Rouhani after voicing gratitude for the hospitality of the Vietnamese government and nation.

Saying that the two nations are eager to develop old ties which serve as a good ground for more developments, Mr. Rouhani described the brokered agreements as good deals.

“Hanoi supports Iranian President’s idea of the world without violence and extremism (WAVE),” said Trần Đại Quang, the President of the Socialist Republic of Vietnam for his part after the meeting, highlighting that the two parts shared the same stance toward many cultural, political, and economic issues.

He also called for more bilateral cooperation in areas of petrochemical industries which he held Iran has a good command of engineering and expertise on.

YNG/3788755

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Vietnamese PM called for PTA,FTA with Iran

News ID: 3789020 - Thu 6 October 2016 - 14:48

Politics

TEHRAN, Oct. 06 (MNA) – Visiting President Rouhani of Iran met with Nguyễn Xuân Phúc, the Prime Minister of Vietnam on Thursday in Hanoi and the two conferred on ways to expand trade and economy cooperation.

“Both Iran and Vietnam enjoy extended potentials of cooperation and it would benefit both nations to capitalize on them,” said President Hassan Rouhani of Islamic Republic of Iran on Thursday while meeting with Nguyễn Xuân Phúc, the Prime Minister of Vietnam, at noon in Hanoi.

The two officials discussed the ways to enact the bilateral agreements signed and to broaden the areas of cooperation in the meeting that the ministers and political delegations of Iran and Vietnam were present at.

“The Islamic Republic of Iran is ready to provide the Vietnam’s demands of steel and energy,” underlined the Iranian president, “Vietnam can be a hub for developing Iran’s economic presence in eastern Asia and Iran can be the door for Vietnam to a market of 400 million consumers.”

Mr. Rouhani maintained that removal of anti-Iran sanctions after the landslide agreement of JCPOA (The Vienna agreement of July 14, 2015 between Iran and Sextet dubbed as the Joint Comprehensive Plan of Action) made a good ground for developing bilateral economic cooperation between Iran and Vietnam. He called for strengthening banking relations as a prerequisite of economic ties and trade interactions.  

The Vietnamese Prime Minister, Nguyễn Xuân Phúc, in the meeting which was also attended by representatives of private sector companies of the two countries, reiterated that he would order all ministries and organizations of Vietnam to muster the initiative for a trade volume of higher than 2$ billion between Iran and Vietnam.

He also called for Preferential Trade Agreement (PTA) and Free Trade Agreement (FTA) with the Islamic Republic of Iran and his proposal was warmly welcomed by the Iranian side. Agricultural cooperation was another area of potential cooperation conferred on in the meeting.

Following the meeting President Rouhani and the accompanying delegation were accorded a lunch banquet offered by PM Nguyễn Xuân Phúc.

YNG/IRN82258163, 82258452

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FM Highlights Diplomatic Contributions to Iran’s Economy 

News ID: 1202416 Service: Economy 

 October, 02, 2016 - 15:24 

TEHRAN (Tasnim) – Iranian Foreign Minister Mohammad Javad Zarif highlighted the efforts the Foreign Ministry has made during his term to boost the country’s economy, saying foreigners are now queuing up to have trade ties with Iran. 

Speaking at the parliament on Sunday, Zarif said the Foreign Ministry has focused efforts to achieve the goals of the Resistance Economy plan, boost non-oil exports, and stimulate foreign investment in the country.

He also noted that his ministry has tried to improve the regional and international conditions to attract more foreign investment.

“The fact that the Foreign Ministry has removed the legal barriers to economic activists having trade interaction (with Iran)… is an initial achievement,” he noted.

Back in August, President Hassan Rouhani pointed to the country’s economic progress during his term, saying Iran’s economy is on the right track despite a whole host of problems that have gripped oil-exporting countries.

Highlighting the major achievements over the past three years, President Rouhani said the inflation rate turned into a single-digit number dropping to below 9 percent, the economic growth in the first quarter of the current Iranian year increased to 4.4 percent, the industrial growth rose to 8.8 percent, and the value of non-oil exports rose by $3.3 billion, outstripping the value of imports after many years.

R42340/P42329 

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 April, 19, 2016 - 18:54 

Iran’s Banking Relations with World Reviving Seamlessly: President

 

Comments

 

 

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http://www8.irna.ir/en/News/82258230/

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http://www8.irna.ir/en/News/82258994/

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http://www.payvand.com/news/16/oct/1032.html

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http://www.payvand.com/news/16/oct/1028.html

[Freedomwish]

Vietnam is in the game too!!  We're getting closer and closer indeed!  Keeping the faith Screwball!! KEEPING THE FAAAAAAAAAAAAITH!! 

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Islamic Republic of Iran Shipping Lines is planning to expand its shipping fleet by the end of 2020 by utilizing mega-size container ships and Ultramax class bulker carriers, announced the managing director of IRISL, Mohammad Saeedi. IRISL—once a global shipping power—was severely hit by prolonged sanctions imposed over Iran’s nuclear program. The lifting of sanctions in mid-January as part of a July deal reached between Tehran and the world powers has paved the way for IRISL’s resurgence and cooperation with international companies. IRISL has so far reached four agreements and signed 30 memoranda of understanding on cooperation with American, Asian and European shipping firms, Bourse Press reported. The company’s maritime fleet consists of 115 oceangoing vessels. IRISL Group is currently the world’s 22nd largest containership operator with a 97,871 TEU capacity, placing it between the Hong Kong-based shipping lines of KMTC (102,245 TEU) and SITC (88,467), according to the global shipping monitor Alphaliner’s ranking of top 100 shipping firms.

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Quote

 

"It is planned to remove zeros off currency and make the rial value real," Iran's government website quoted Ahmadinejad as saying. "The value of rial, under the law, is calculated on the basis of the price of gold. For some reason, the rial has been devaluated and we have to return its value to the one existing in the law."

 

old but thought it would put a smil on people's face!

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3 hours ago, Freedomwish said:

Vietnam is in the game too!!  We're getting closer and closer indeed!  Keeping the faith Screwball!! KEEPING THE FAAAAAAAAAAAAITH!! 

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Baku, Azerbaijan, Oct. 7

By Maksim Tsurkov – Trend:

Iranian Mahan Air airline will launch regular flights on Tehran-Baku-Tehran route from Oct. 31, press service of Heydar Aliyev International Airport told Trend Oct. 7.

Azerbaijan State Civil Aviation Administration issued the relevant permission after receiving a request from the airline to perform flights three times a week.

Flights are scheduled three times a week on Tuesdays, Wednesdays and Sundays with Airbus A310.

It should be noted that Azerbaijan Airlines and ATA Airlines also carry out flights to Tehran.

---

Follow the author on Twitter: @MaksimTsurkov

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Baku, Azerbaijan, Oct. 6

By Khalid Kazimov – Trend:

Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia has left Tehran for Washington DC to attend the World Bank Group’s annual meeting.

Tayyebnia is expected to hold talks with his counterparts from several countries including MENA (Middle East and North Africa) group, Fars news agency reported Oct. 6.

The International Monetary Fund (IMF) will host the 2016 annual meetings of the IMF and the World Bank Group on Oct. 7-9 in Washington DC.

According to the IMF website, the Annual and Spring Meetings of the IMF and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, civil society and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, jobs and growth, economic development and aid effectiveness.

 

nice! He's the one who said single currency rate within 2-3 months! Let's hope these meetings go well!

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Baku, Azerbaijan, Oct. 6

By Fatih Karimov – Trend:

Iran and Vietnam signed two documents to boost mutual cooperation, the official website of Iran’s president reported Oct. 6.

The deals were signed on the sidelines of a meeting between Iran's President Hassan Rouhani and Vietnam's President Tran Dai Quang in Hanoi.

The signed documents include a MOU for mutual abolition of visas for certain passports and a document for cooperation in the ICT sector.

Rouhani and Dai Quang also agreed to raise the value of transactions between the two capitals to more than $2 billion.

Addressing a joint press conference after their bilateral meeting, Rouhani said the two presidents also agreed that the Iranian and Vietnamese central banks sign a deal for promotion of banking relations.

The Iranian president further expressed hope that his three-day visit to Vietnam will be a turning point for Tehran-Hanoi relations.

He added that there is a very good opportunity available in the field of energy for export of oil, LNG and petrochemicals from Iran to Vietnam and Vietnamese companies are ready to invest in the Iranian oil and gas projects.

Rouhani arrived in Hanoi on Oct. 5, leading a high ranking political and economic delegation on the first leg of his regional tour to South-East Asian countries which will later take him to Malaysia and Thailand respectively.

Foreign Minister Mohammad Javad Zarif, Minister of Agriculture Mahmoud Hojjati, Minister of Industries, Mine and trade Mohammad Reza Nematzadeh and the Iranian Central Bank head, Valiollah Seif are accompanying Rouhani.

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Iran set to overhaul fuel pricing and set a single rate -official

DUBAI, May 24 (Reuters) - Iran will abolish a motorists’ allowance for heavily subsidised fuel and set a price, the deputy oil minister said on Sunday, as the government moves cautiously to cut back costly handouts.
“We have decided that petrol will be sold at a single rate of 1,000 tomans ($0.35) per litre,” Abbas Kazemi was quoted as saying by the ISNA news agency, using a common measure of currency equal to 10 rials.
President Hassan Rouhani, elected in 2013 on a platform of better economic management, has championed efforts to rationalise pricing and pushed through a modest increase in fuel prices last year.
The government is trying to curb subsidies that have led to profligate energy consumption and put a strain on public finances, already squeezed by international sanctions and last year’s drop in oil prices.
An Oil Ministry advisor on Saturday suggested that fuel subsidies could be lifted altogether, but the government appears to have decided to proceed more cautiously, as the new flat rate is still below market prices.
Iranians have grown accustomed to heavy subsidies, particularly in the energy sector, and there was widespread rioting in 2007 when an allowance was first introduced to limit motorists’ access to the cheapest-priced fuel.
Reducing subsidies also threatens efforts to curb inflation, though the government’s modest subsidy cut last year did not disrupt a downward trend that has seen inflation fall from 35 percent to 15 percent in the past two years.
The changes will take effect in mid-September, Kazemi said. Eligible motorists currently receive an allowance of 60 litres of petrol a month at 700 tomans ($0.24) a litre, and pay 1,000 tomans a litre for any additional consumption. ($1 = 28,650.0000 rials) (Reporting by Sam Wilkin)

 

this is is old but considering the president has ordered the cancelling of these cards, and the fact that the economy minister has said single rate within 2-3 months thought this was relevant because it links two events together!