Iranian Rial

[screwball]

President Rouhani in Malaysia to Boost Tehran-Kuala Lumpur Ties 

News ID: 1206868 Service: Politics 

 October, 07, 2016 - 13:29 

TEHRAN (Tasnim) – Iranian President Hassan Rouhani arrived in Malaysia on Friday for an official visit that he said is aimed at strengthening Iran’s relations with the Southeast Asian country. 

The Iranian president was received by Malaysian Prime Minister Najib Razak in a formal welcome ceremony before a closed-door meeting.

Speaking to reporters upon arrival in Kuala Lumpur, Rouhani said his meetings and talks with Malaysian officials will focus on expansion of bilateral relations with Malaysia, given the good opportunities following the implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

“The Islamic Republic of Iran has always attached significance to stronger relations with the people and government of this great country (Malaysia), and in this trip, we seek to promote and deepen the bilateral ties,” he added.

Heading a political and economic delegation, President Rouhani embarked on a tour of Southeast Asia on Wednesday that first took him to Vietnam. He will later fly to Thailand to attend the 2nd Asia Cooperation Dialogue (ACD) Summit.

[screwball]

Me thinks shoring up and finalising deals!

[screwball]

Iran offers tax incentive for hotel developers

by  Jena Tesse Fox | 

Oct 4, 2016 3:42pm

 

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Its relationships with other nations may be shaky, but Iran is already preparing for an influx of tourism. With international sanctions lifted in January, the moderate government of President Hassan Rouhani has made tourism a top priority for rebuilding Iran’s struggling economy, and several international companies have announced plans to open hotels in the country.

To drive development, the country is offering up to 13 years of tax holidays for hoteliers in an effort to improve infrastructure. “All economic activities related to tourism will enjoy 100-percent tax holidays between five to 13 years depending on the region,” deputy economy minister Mohammad Khazaei told hoteliers from 18 countries who had gathered in Tehran over the weekend. 

The government wants 300 new hotels to open over the next five years, and Abbas Akhoundi, the minister for roads and urban development, said that projects to build an estimated 170 four- and five-star hotels are already under way. Akhoundi also said the government has finalized plans for $10 billion worth of rail projects to help improve the country’s connectivity.

Rebuilding an Industry

A year ago, French operator AccorHotels opened a Novotel and an Ibis near Tehran’s Imam Khomeini International Airport. Over the spring, Meliá Hotels International announced its entry into the country with plans for the first five-star branded hotel to be managed by an international hotel company since Ayatollah Khomeini’s revolution forced Hyatt, Sheraton and owners of other brands out in 1979.  

Last year, Iran developed an investment package worth $25 billion to revitalize its tourism industry—and the efforts seem to be working. Visitor numbers have increased from 2.2 million annually in 2009 to 5.2 million in 2015. Tourism made up 7.6 percent of Iran’s GDP in 2015, and that number could increase to about 9 percent this year. By 2025, Iran could conceivably see 20 million visitors a year, putting it on par with Dubai.

As Bloomberg noted in the spring, citing a forecast by Euromonitor International, Iran is likely to have almost 900 hotels within five years, compared with 768 now. Lodging revenue is set to increase about 25 percent during that time, the firm predicts, as the number of visitors is forecast to grow by a similar percentage to 6.3 million.

Gaining Footholds

With two hotels already a year old, AccorHotels is “working actively” on 10 to 15 projects in Iran, according Christophe Landais, COO for AccorHotels in Iran. Iran’s second city, Mashhad, would be a likely spot for future development, Landais said, as it attracts religious tourism. In fact, Landais said, the city receives more pilgrims than Makkah (or Mecca) in Saudi Arabia—“about 25 million,” he said.

Middle Eastern hoteliers are also looking to improve their Iranian footprint. Imad Elias, chief of the Dubai-based Roda Hotels and Resorts, told AFP, that his company was also about to sign a contract in Mashhad, and that “many, many investors, many developers” want to join in partnerships there. “We had Iran as a potential spot for expansion even before the lifting of sanctions,” he told the news service. “Iran is a gold mine, a jewel that needs to be explored.” 

Middle Eastern hotel companies including Dubai-based Jumeirah and Abu Dhabi-based Rotana are also reportedly looking to gain a foothold in the country. Rotana already has four properties under construction in Iran, and the first—a five-star hotel with 362 rooms—is set to open next year in Mashhad.

But other hoteliers are more cautious. Representatives of U.S.-based companies like Hilton Worldwide Holdings, Marriott International and Choice Hotels International either declined to comment or said they are staying on the sidelines for now. "We have been carefully watching the status of USA sanctions, the regulatory changes to those sanctions and we are evaluating the opportunities as a result of those changes," said Alex Kyriakidis, president and managing director of Marriott International Middle East and Africa, told The Wall Street Journal.

_{Photo courtesy Luis Davilla}

[WheresmyRV?]

Its amazing to see all the world racing into Iran to start trading with them and interacting with them internationally.  I'm thinking anytime from now till the end of this year for this baby to be born!

[gregp]

9 minutes ago, WheresmyRV? said:

Its amazing to see all the world racing into Iran to start trading with them and interacting with them internationally.  I'm thinking anytime from now till the end of this year for this baby to be born!

Momma!

[jaman]

5 hours ago, screwball said:

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!

 

I love reading these.. soooooo much has been done since the lift, I've been invested in the Iraq currency for over 6 yrs BOY have they had their problem in Government WOW have they....Iran it seems like they have their duck in better shape, liking ALL the different countries jumping to invest in them, Vietnam has been the NEW jewel of the Orient  china has gotten too  Expencive. Companies Are flocking to the neighbors.....

[Freedomwish]

2 hours ago, WheresmyRV? said:

Its amazing to see all the world racing into Iran to start trading with them and interacting with them internationally.  I'm thinking anytime from now till the end of this year for this baby to be born!

Who you kidding?!!  I'll have my own baby wipes ready because I'll be leaking with freaking excitement like hell when this baby comes to be born indeed!!!

Was that too much? HAHAHAHAHAHAHAHA!!

MORE WHISKEY TONIGHT!! YEEEEEEAH MAN!! 

 

[Freedomwish]

9 hours ago, screwball said:

"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!

This will put a smile on everyone's faces, if we all understand this statement may lead to the single rate 1 to 1 hahaha - so yeah, my smile is from ear to ear lol

[jaman]

looks like we might have to throw Freedomwish an intervention before this is all done

[Freedomwish]

2 hours ago, jaman said:

looks like we might have to throw Freedomwish an intervention before this is all done

If you guys volunteer to help out a fellow DV member after this Rial pops - then I'll volunteer to buy out the whole bar that night to help celebrate my intervention with you all indeed

HAHAHAHAHAHAHAHAHAHA 

gosh....I hope I'm not losing it lmao 

[blueskyline]

So what were those rates again. .30 some odd cents or 3+ Dollars to the Rial ??????????????????????

 

[screwball]

1 hour ago, blueskyline said:

So what were those rates again. .30 some odd cents or 3+ Dollars to the Rial ??????????????????????

 

Hey anywhere in between but if you removes zeros off the rate I thinki it puts it i between 2-3!!!!!!! Now with that rate I will need intervention! 

[screwball]

 

News ID: 1207091 Service: Economy 

 October, 07, 2016 - 17:51 

TEHRAN (Tasnim) – Iranian President Hassan Rouhani invited Malysian companies to invest in Iran’s oil, gas and petrochemical industry, unveiling plans to double the volume of economic ties between Tehran and Kuala Lumpur in the post-sanctions era. 

Speaking at a joint press conference with Malaysian Prime Minister Najib Razak in Kuala Lumpur on Friday, President Rouhani urged the Southeast Asian country to invest in Iran in the post-JCPOA and post-sanctions era.

“Iran supports investment by Malaysian companies in the oil, gas and petrochemical sectors,” he added,

According to President Rouhani, the two sides decided today to restore the volume of bilateral trade ties to the pre-sanctions level in the first step and double it immediately afterwards.

The Iranian president underlined intensifying the efforts to stimulate the two countries’ banking ties, and called for collaboration with Malaysia in the Halal food industry, academic and technological fields and tourism industry.

As regards the other subjects discussed in the meeting with Razak, President Rouhani pointed to mutual concerns about conflicts provoked in the Islamic world by foreigners and the threat of terrorism.

Heading a political and economic delegation, President Rouhani embarked on a tour of Southeast Asia on Wednesday that first took him to Vietnam.

He will later fly to Thailand to attend the 2nd Asia Cooperation Dialogue (ACD) Summit.

[screwball]

US Lawmakers Seeking to Block Iran’s WTO Bid 

News ID: 1207013 Service: Economy 

 October, 07, 2016 - 15:39 

TEHRAN (Tasnim) – A group of US congressmen is pressing the White House to oppose Iran’s bid to join the World Trade Organization, citing concern that admission could constrain US ability to impose future sanctions on Iran. 

The pressure from the bipartisan group of House lawmakers illustrates the political crosscurrents the Obama administration faces after reaching a landmark nuclear accord with Iran and five other world powers last year. Iran signaled it wanted to move toward joining the trade body after completion of the nuclear deal.

In a letter sent Thursday, GOP Reps. Peter Roskam of Illinois and Dave Reichert of Washington and Democratic Reps. Juan Vargas of California and Grace Meng of New York urged US Trade Representative Michael Froman to resist Iran’s efforts to join the international group, the Wall Street Journal reported.

“… Iranian accession to the WTO could seriously complicate our ability to combat Iran’s support for terrorism, human rights violations, ballistic missile program and other illicit activity,” the lawmakers wrote.

All four lawmakers opposed the deal Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) finalized in July 2015.

Under terms of the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), the US committed to freeing as much as $100 billion in Iranian oil money frozen in overseas accounts as Iran takes steps to roll back key parts of its nuclear program. 

The lawmakers said in Thursday’s letter that they worried that the WTO rules could limit sanctions the US might want to levy on Iran.

A senior administration official said the White House wasn’t currently working to help Iran gain entrance into the world trade body.

“The WTO accession process is based on consensus, and as of now, there are a number of countries that oppose appointing a chair to Iran’s working party on accession,” the official said.

Since the nuclear deal last year, countries such as Oman and Switzerland have pressed for forming a special committee of the WTO to address Iran’s bid. Iran’s regional rivals, particularly Saudi Arabia, have opposed that effort.

The George W. Bush administration once pledged to support Iran’s bid to join the WTO if a nuclear agreement was reached.   

While the JCPOA came into force in January, some Iranian officials complain about the US failure to fully implement the accord.

Back in March, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said Americans have yet to fulfill what they were supposed to do as per the nuclear agreement.

Iran still has problems in its banking transactions or in restoring its frozen assets, because Western countries and those involved in such processes are afraid of Americans, the Leader said at the time, criticizing the US for its moves to prevent Iran from taking advantage of the sanctions removal.

[screwball]

Iran's NIOC, Austria's OMV to sign long term crude oil contract

News ID: 3789419 - Fri 7 October 2016 - 12:09

Economy

TEHRAN, Oct. 07 (MNA) – The OMV group, the international, integrated oil and gas company headquartered in Vienna, is negotiating for a long term contract of crude oil with National Iranian Oil Company.

“Iran’s oil export to Austria has kicked off through spot contracts,” said Seyed Mohsen Ghamsari, Executive Director for International Affairs at National Iranian Oil Company (NIOC), when asked about the latest status of Iran-Austria oil trade and the agreements signed with the OMV group, an integrated international oil and gas company headquartered in Austrian capital city of Vienna.

The official announced that so far a cargo of 1 million barrels of crude oil has been delivered to the OMV group and concurrently the talks for signing a long term contract of oil sale to the Austrians are underway.

“No final agreement has been reached yet,” reiterated the board member of the National Iranian Oil Company (NIOC), “hence no volume of oil trade for the long term contract has been agreed upon.”

Two weeks ago, the OMV group announced that the company has received an Iranian cargo of 1 million barrels of crude oil at Italian port of Trieste.  

YNG/3789267

[screwball]

1. Business And Markets

Saturday, June 11, 2016

Single Currency Rate Deserves Priority

 

The foreign exchange market is one sector of the Iranian economy almost always affected by economic and political upheavals. Similarly, it exercises a major influence over key economic indicators such as the inflation rate, production and exports. It has been three years since the market experienced wild gyrations before settling in relative stability, thanks in large part to the economic policies of President Hassan Rouhani who took office in the summer of 2013.   

In a talk with Tehran’s Chamber of Commerce, Industries, Mines and Agriculture’s monthly magazine, the CEO of Export Guarantee Fund of Iran, Kamal Seyyed Ali shared his views on the key issues related to the currency market.

“A key issue is the unification of forex rates. The government and the Central Bank of Iran should not hesitate in unifying the rates,” he said. He elaborated by saying that the single rate plan is necessary as it helps put an end to rent-seeking, augurs well for transparency and facilitates foreign investment into the country.

According to Seyyed Ali another hurdle in the way of rate unification is the lack of sufficient correspondent banking relations with foreign lenders. “Furthermore we are not able to deal in the US dollar and this makes the single rate project more difficult.”

 Not by Decree

Asked about the current situation of the currency market, the senior official said the market is stable for the time being and added that the CBI should take effective measures in dealing with the forex market.

 “However, we should not try to stabilize the forex market by decree. Such actions are dangerous and could lead to a sudden increase in currency rates.”

He recommended the government to opt for “floating but managed” exchange rates.

On the effect of the plunge in international oil prices on the forex market, Seyyed Ali said it forces the government to spend more of its foreign exchange reserves. “Withdrawing from the foreign currency reserves is not a good idea, but if the CBI cannot manage to keep the pressure off the market forex rates may rise.”

The former deputy of the CBI’s forex department noted that the lifting of sanctions and normalizing relations with the outside world can and should help maintain the present stability in the forex market.

Pointing to the recent decline in the USD exchange rate, Seyyed Ali said it could ultimately harm Iranian export, and opined that further decline in the foreign exchange rate would in effect undermine exports in 2Iran was forced to revert to the controversial double exchange rate regime after nuclear-related sanctions caused unprecedented turmoil in the forex market in 2011-12 in which the national currency lost almost 70% of its value within days. The government and CBI officials have said they intend to introduce a “floating,” yet “managed” exchange rate regime by October.

here

[screwball]

Here's the"by october" date....

[Freedomwish]

4 hours ago, screwball said:

US Lawmakers Seeking to Block Iran’s WTO Bid 

News ID: 1207013 Service: Economy 

 October, 07, 2016 - 15:39 

TEHRAN (Tasnim) – A group of US congressmen is pressing the White House to oppose Iran’s bid to join the World Trade Organization, citing concern that admission could constrain US ability to impose future sanctions on Iran. 

At first, I was screaming to myself like "NOOOOOOOOO!"  Then I remembered and reminded myself this is nothing to sweat about.  We're gonna be alright! 

[Freedomwish]

2 hours ago, screwball said:

Here's the"by october" date....

[screwball]

2 minutes ago, Freedomwish said:

At first, I was screaming to myself like "NOOOOOOOOO!"  Then I remembered and reminded myself this is nothing to sweat about.  We're gonna be alright! 

This is why they need to do it now.....

[screwball]

http://www.intellinews.com/iran-central-bank-proposes-two-major-banking-reform-bills-102773/

[screwball]

President Hassan Rouhani said Tehran and Kuala Lumpur are determined to take their relations to the level before the tightening of anti-Iran nuclear-related sanctions in 2011 and 2012.

"In the next phase, they will quickly expand cooperation twofold," Rouhani said in a joint press conference with Malaysian premier, Najib Razak, in Putrajaya on Friday, President.ir reported.

International sanctions on Iran were lifted under its nuclear pact with world powers that went into effect in January 2016.

While international firms are rushing to tap Iran's lucrative market, Rouhani said Tehran is keen to see Malaysian presence in Iran's economy.

"We welcome Malaysian investments in oil, gas and petrochemicals sectors. The two countries can also work in the halal food domain," he said.

Razak said he discussed obstacles that hinder closer mutual collaboration with Rouhani.

The two countries' central banks should "immediately develop new mechanisms" to pave the way for Iranian and Malaysian businesses that seek to work with each other.

Rouhani embarked on a tour of southeastern Asia on Wednesday, taking him to Vietnam, Malaysia and Thailand. After his two-day stay in Vietnam, Rouhani arrived in Malaysia on Friday.

Thailand will be the last stop on the presidential tour, which will host Rouhani, along with some heads of other Asian states, in the Second Asia Cooperation Dialogue Summit.

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[screwball]

I love the talk if "immediate new mechanisms" these means payment systems and bank accounts! I like thenusemof the work immediate! Means sense of urgency! Wonder why?

[screwball]

http://www.iranfinance2016.com

Iran’s imminent re-engagement with the global financial system will quickly result in a period of sustained expansion that will generate significant opportunities for international investors willing to act decisively.

obviosuly "imminent" means different things to different people! Lol.

[screwball]

October could be imminent depends on one what month your read the article!