Iranian Rial

[screwball]

he mountain of debt is one major challenge the government is facing and it would be beneficial for the economy if the government is indebted to the public as opposed to the banks, says a senior advisor to the minister of roads and urban development.

“The previous administration was seemingly saddled with a lack of financial resources at the end of its term that led to the huge debt to the banking system,” Gholamreza Salami told the khabaronline.ir  news website.

The Rouhani administration inherited the debt and deficit “crisis” and set out to address it, he says. “Throughout the world a variety of strategies are used to handle the debt and deficit crises, including use if forex reserves, oil export revenues… But these solutions are no longer effective when oil incomes plunge.”

Under the conditions, there is only one option left and that is for the government to be indebted to the people instead of the banks, Salami says. “The negative economic ramifications of indebtedness to the masses are far less consequential than when the government is indebted to the banks.”

In its most recent official statistics, the Central Bank of Iran said government debt to the banking sector increased significantly in the first six months of the current fiscal year, jumping to 2.041 quadrillion rials ($64 billion). The administration’s debt to the central bank experienced a notable upsurge reaching 636 trillion rials ($19.9 billion).

Salami urged the government to publish Islamic bonds to tackle the problem. Noting that debt is a natural part of all governments, he said when administrations throughout the world are saddled with debt “they tend to face the dilemma by issuing debt securities or taking long-term loans from the people.”

“Governments usually issue treasury bills or participatory bonds in order to meet their financial commitments. These have a 10-30 year maturity and are often renewable,” Salami says. “But what is crucial is that the amount of debt to the people must not exceed 1% of GDP. Higher volumes of debt, however, can be adjusted under a proper economic initiative.”

[screwball]

The United States says it has issued a second license to France’s Airbus to sell commercial planes to Iran Air, bringing Iran’s flag carrier a step closer to receiving new western jets under last year’s deal to ease sanctions.

The move in the waning months of Democratic President Barack Obama’s administration to further unlock jetliner sales to Iran prompted complaints from Republicans in Congress and is likely to raise the ire of president-elect Donald Trump.

Trump has said he would dismantle the 2015 international nuclear deal with Iran, which includes a measure allowing US and European companies to sell Iran civilian aircraft, Reuters reported.

Some sanctions experts say licenses allowing such sales could easily be withdrawn by the Trump administration if he chose to do so. But he would likely face opposition from US allies and other world powers who were partners in negotiating the deal to lift some sanctions in exchange for Tehran limiting the scope of its nuclear program.

The US Treasury’s Office of Foreign Assets Control on Monday issued the license for the sale of 106 planes to Iran Air, a source familiar with the matter said on Tuesday, on condition of anonymity.

An Airbus spokesman confirmed that the company had received the OFAC license, but declined to confirm the exact number of planes approved.

The second license comes after Airbus Spokesman Justin Dubon’s September announcement of the first such permits having been issued. Dubon said the first 17 planes would be A320s and A330s. He declined to offer a breakdown of how many of each are involved in the initial sale.

Although Airbus is based in France, it must have US approval to sell planes to Iran because at least 10% of the aircraft’s components are American-made. Tehran provisionally ordered more than 100 jets each from Airbus and Boeing this year.

Before the license was issued on Monday, Airbus had US permission for the sale of 17 jets to Iran.

Members of Trump’s transition team did not respond to a request for comment on the license.

Opponents of the nuclear deal argue that passenger aircraft could be used for military purposes, such as transporting fighters to battle US troops or allies in Syria, something Iranian officials deny.

The US Treasury says that the licenses it issues contain strict conditions to require planes be used solely for commercial passenger use and not be sold or transferred to a sanctioned person or group.

  Republicans Aim to Sabotage Deals

Last week, the US House of Representatives passed a bill intending to block the sale of commercial aircraft to Iran, which would also affect sales by the US firm Boeing.

The measure is unlikely to become law during the current Congress, as it would need to pass the Senate, where it would face stiff opposition from Democrats. The White House also said Obama would veto the measure even if it did pass the Senate.

On Tuesday, Speaker of the House Paul Ryan, Majority Leader Kevin McCarthy and House Foreign Affairs Committee Chairman Ed Royce sent a letter to Obama asking him to refrain from trying to boost international investment in Iran or issuing new regulations, licenses or guidance on remaining sanctions in the last two months of his administration.

McCarthy said in a statement on Tuesday that Obama should not allow for the Airbus sale.

“Actions like this underscore the need for the upcoming Trump Administration to review all options when it comes to this failed deal,” the statement said.

 State Dept. Denies Obama “Final Push”

Confirming a Reuters report on the issuing of a second license, the US State Department said the Obama administration was not trying to push through Iran-related measures on its way out.

“It’s very much in keeping with our commitment to meeting our obligations under the JCPOA,” said State Department Spokesman John Kirby, using an acronym for the nuclear deal, in a press briefing. “There’s no final push. This particular license that we’re talking about today isn’t new. It is something that has been in train for quite some time, as other licenses have been as well. There’s no Machiavellian intent here to push in any way outside the bounds of our normal commitments and obligations here in the final months of the administration.”

Republican members of Congress unanimously opposed the nuclear agreement, seen as one of Obama’s hallmark foreign policy achievements.

The deals by Airbus and Boeing to sell or lease over 200 jets to Iran Air would help modernize and expand the country’s aging fleet, held together by smuggled or improvised parts after years of sanctions.

Iranian officials have voiced growing concerns about what they see as unfair delays in obtaining US licenses, or clarity over banking and financing rules.

Some sanctions experts say Treasury licenses allowing such aircraft sales and easing the way for other commerce with Iran could easily be reversed by Trump if he chose to do so.

“The licenses can be withdrawn at any moment ... so long as they’re not required by legislation, which is a very small number,” said David Mortlock, a former White House sanctions official.

  Iran: Int’l Leasing Firm to Finance Deals

The airplane deals still face major obstacles, including reluctance from major European banks to finance deals involving Iran.

Nonetheless, Iran’s Deputy Minister of Roads and Urban Development Asghar Fakhrieh-Kashan has announced that Iran has finalized a deal to finance the purchase of 77 passenger aircraft from Airbus.

“The purchase, which is in the form of long-term lease finance, will be financed by an international leasing company,” Fakhrieh-Kashan, who is directly involved in negotiations with Airbus and Boeing, was quoted as saying by Mehr News Agency on Tuesday.

He did not mention the name of the lessor.

On November 7, Reuters quoted unnamed Iranian officials as saying that Tehran had reached a deal with a foreign leasing company to finance the first 17 jets it plans to buy from Airbus.

Although officials have not named the leasing company involved, industry sources said in September that Iran was in advanced talks with Dubai Aerospace—the largest aircraft leasing firm in the Middle East—to help finance the purchase, the report added.

Under the deal, the leasing company would take over part of Iran’s order for dozens of new jetliners and then lease them to the country’s flag carrier Iran Air, it explained.

The Airbus spokesman said that taken together, the company’s two Treasury licenses cover its entire 118-plane deal with Iran, implying that there is some overlap between the two licenses.

Some aircraft have been cancelled because of delays in receiving authorizations and officials say Iran no longer plans to take delivery of A380 superjumbos, so the final tally is likely to be closer to 100 aircraft.

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[screwball]

President to attend Majlis on December 4 to explain budget plan

Tehran, Nov 23, IRNA – President Hassan Rouhani will show up in Majlis on December 4 to present budget bill for the next Iranian year, member of parliament presiding board Gholamreza Kateb said on Wednesday.

 

Kateb said that Rouhani will present next year's budget bill to the formal session of parliament on December 4.

Asked about concurrence of discussing budget bill and Sixth Five-Year Economic, Social and Cultural Development Plan, lawmaker of Garmsar in Majlis said that it will create no problem because proper procedure will be adopted to debate the budget plan and the five-year economic, social and cultural development plan and voting for them.
8072**1416

[pokerplayer]

1 hour ago, screwball said:

President to attend Majlis on December 4 to explain budget plan

Tehran, Nov 23, IRNA – President Hassan Rouhani will show up in Majlis on December 4 to present budget bill for the next Iranian year, member of parliament presiding board Gholamreza Kateb said on Wednesday.

 

Kateb said that Rouhani will present next year's budget bill to the formal session of parliament on December 4.

Asked about concurrence of discussing budget bill and Sixth Five-Year Economic, Social and Cultural Development Plan, lawmaker of Garmsar in Majlis said that it will create no problem because proper procedure will be adopted to debate the budget plan and the five-year economic, social and cultural development plan and voting for them.
8072**1416

Very promising outlook

pp

[Freedomwish]

5 hours ago, pokerplayer said:

Forgot to mention, chatted with bank manager today on weather they would handle if they RV or Gov't sanctions on banking are remove for Riel.. Still status quo, not handling the Riel or the Dinar. She did say if email from head office came in stating different or any substantial change in banking policies she would let me know.

Sorry, I was hoping to hear otherwise.

pp

We still have either Dubai or Kish Island PP, we're gonna' figure this cashing thing out. Yup. Thanks! 

[screwball]

56 minutes ago, Freedomwish said:

We still have either Dubai or Kish Island PP, we're gonna' figure this cashing thing out. Yup. Thanks! 

With hundreds of banks connected to target 2 and swift we are sure to have options just need to wait for them to do it like the dinar...it's a waiting game! Dubai or kish could be options even asia, Malaysia, Singapore etc

[climber7]

With all the articles out recently regarding Trump ripping up the nuke deal, our govt opposing plane buying deals,ect....what do y'all think are the chances of them rv ing anytime soon?

Personally I don't think it's gonna happen now but as Kermit says on FB...."that's none of my business"  🐸😜

[pokerplayer]

1 hour ago, climber7 said:

With all the articles out recently regarding Trump ripping up the nuke deal, our govt opposing plane buying deals,ect....what do y'all think are the chances of them rv ing anytime soon?

Personally I don't think it's gonna happen now but as Kermit says on FB...."that's none of my business"  🐸😜

Read article posted by SB on pg. 96. were still good to go IMO.

  Cheers, pp

[pokerplayer]

On 2016-11-22 at 2:18 PM, screwball said:

US gives Airbus green light to sell of 106 planes to Iran

Tue Nov 22, 2016 6:30PM

1. Home
2. Iran
3. Economy

The file photo shows an aircraft belonging to Iran Air, Iran's flagship carrier, taking off at an airport in Geneva, Switzerland.

The US Treasury Department has authorized France's Airbus to sell 106 commercial planes to Iran Air, Iran's flagship carrier.

The US Office of Foreign Assets Control, an arm of the Treasury Department, granted the license to Airbus Group SE on Tuesday to deliver more than $20 billion in jets to Iran Air in the coming years, Reuters reported.

Airbus is based in France but it must have the US authorization to export planes to Iran because at least 10 percent of the aircraft’s parts are made in the United States.

The Treasury's approval comes in the last months of the US President Barack Obama’s administration after anti-Iran sanctions were lifted as part of a landmark nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), signed between Iran and the P5+1 group of countries last year.

Iran and the five permanent members of the United Nations Security Council – the United States, France, Britain, Russia and China – plus Germany signed the JCPOA in July 2015 and started implementing it in January 2016.

Under the JCPOA, Iran undertook to put limitations on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against Tehran.

In January, Iran signed a major contract with European aviation giant, Airbus, worth about $27 billion to buy 118 planes within few months. The contract was signed during the visit to France by Iran’s President Hassan Rouhani.

However, critics of plane sales to Iran have sought to block the transaction. The US House of Representatives passed a bill on November 17 that would bar the sale of commercial aircraft to Iran, which would also affect the US aerospace heavyweight, Boeing. The bill must now clear the Senate.

The White House announced that President Obama would veto the bill, saying it would undermine the international nuclear agreement.

The White House said US allies would view the legislation as a violation of the JCPOA.

This one and the one above it.

pp

[climber7]

What are you doing up so late PP? 😜

[pokerplayer]

1 hour ago, climber7 said:

What are you doing up so late PP? 😜

LOL, busted   Could'nt sleep and your excuse ?? lol

pp

Edited November 24, 2016 by pokerplayer

[climber7]

Me either 

wanna play some poker? Haha

[pokerplayer]

lol, I'll pass. Have a great dead bird day my friend.

   Cheers, pp

[climber7]

LOL 🦃

Have a good night and get some sleep 😴💤💤💤

[screwball]

Investment is not for the faint hearted....just as much chance of this happening as the dinar...it's all or nothing...

[pokerplayer]

1 hour ago, screwball said:

Investment is not for the faint hearted....just as much chance of this happening as the dinar...it's all or nothing...

Exactly. I do believe that it will happen very quickly myself, but I have no magic 8 ball either.

  pp

[Freedomwish]

6 hours ago, screwball said:

Investment is not for the faint hearted....just as much chance of this happening as the dinar...it's all or nothing...

I'd say, my chances are better in this than being in Las Vegas!! Lmao!!  I've been mentally preparing myself that all this can go down to hell or it can go into the direction we all want....I'll always have a bottle of my favorite whiskey nearby and on hand to console me lol 

[WheresmyRV?]

Excuse my ignorance but where is Kish Island?

[Freedomwish]

6 minutes ago, WheresmyRV? said:

Excuse my ignorance but where is Kish Island?

Hey WheresmyRV - check out page 8 in this thread on what I've found while I was having my random whiskey drink that night......yup. 

[screwball]

Iran has established correspondent relationships with 230 foreign banks since January following the implementation of the nuclear deal. Vice governor of the central bank Gholamali Kamyab told Mehr News Agency that Iranian banks opened letters of credit worth $17 billion in the first seven months of the current calendar year (started in March).In addition, Iran’s Ministry of Economic Affairs and Finance reported that the Export Development Bank of Iran (EDBI), after expanding cross-border activities, established ties  with several banks around the world. The latest EDBI  data reveals that correspondent relations have been formed with 64 banks in 20 European countries, 36 banks in 17 Asian states, four banks in Africa and one bank in Latin America.

[Freedomwish]

3 hours ago, screwball said:

Iran has established correspondent relationships with 230 foreign banks since January following the implementation of the nuclear deal. Vice governor of the central bank Gholamali Kamyab told Mehr News Agency that Iranian banks opened letters of credit worth $17 billion in the first seven months of the current calendar year (started in March).In addition, Iran’s Ministry of Economic Affairs and Finance reported that the Export Development Bank of Iran (EDBI), after expanding cross-border activities, established ties  with several banks around the world. The latest EDBI  data reveals that correspondent relations have been formed with 64 banks in 20 European countries, 36 banks in 17 Asian states, four banks in Africa and one bank in Latin America.

All this and yet, the US are being such hard @$$es in getting a piece of the action?!  Jeesh........yeah, I'm ready to meet up with you guys if you are however we can cash out.....hopefully.

[pokerplayer]

4 hours ago, screwball said:

Iran has established correspondent relationships with 230 foreign banks since January following the implementation of the nuclear deal. Vice governor of the central bank Gholamali Kamyab told Mehr News Agency that Iranian banks opened letters of credit worth $17 billion in the first seven months of the current calendar year (started in March).In addition, Iran’s Ministry of Economic Affairs and Finance reported that the Export Development Bank of Iran (EDBI), after expanding cross-border activities, established ties  with several banks around the world. The latest EDBI  data reveals that correspondent relations have been formed with 64 banks in 20 European countries, 36 banks in 17 Asian states, four banks in Africa and one bank in Latin America.

So explain to me how the US can possibly re-impose sanctions after this lightning speed progress that Iran is making in virtually all sectors of trade and Banking, to name a few .

pp

[pokerplayer]

1 hour ago, Freedomwish said:

All this and yet, the US are being such hard @$$es in getting a piece of the action?!  Jeesh........yeah, I'm ready to meet up with you guys if you are however we can cash out.....hopefully.

I am hanging on to the belief it will still happen this year !! Besides if it doe's I promised you a case of Whisky !! LOL 

pp

[Freedomwish]

2 minutes ago, pokerplayer said:

I am hanging on to the belief it will still happen this year !! Besides if it doe's I promised you a case of Whisky !! LOL 

pp

YOU GOT YOURSELF A DEAL SISTER!! KEEPING THE FAAAAAAAITH!!   

[screwball]

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Iran, Ukraine to promote banking cooperation

Tehran, Nov 24, IRNA – Following the implementation of the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), Iran's banking system has managed to promote ties with various countries including Ukraine, says a Central Bank of Iran official.

 

In the post-sanctions era, Iran has opened brokerage accounts in India, China, South Korea, Japan, Russia, Turkey and many European countries, including Germany, Italy, Austria, Holland and the Switzerland, said CBI Deputy for Foreign Currency Affairs Gholam-Ali Kamyab in a joint Iran-Ukraine banking meeting on Thursday. 

The meeting attended by the two countries' deputy heads of central banks for foreign currency affairs and representatives of Iranian and Ukrainian banks was held in the premises of the CBI. 

After removal of sanctions, all banking operations including opening accounts and transferring funds between the Iranian and foreign banks have been possible without any limitations, Kamyab told the gathering.

Underlining the need for promoting efficient banking ties for enhancement of commercial exchanges, he said that Iranian banks have so far established over 614 brokerage ties with 230 international banks.

Referring to the level of Iran-Ukraine commercial exchanges, he said that based on figures released by the Trade Development Organization, average annual trade exchanges between the two countries stood at 321 million dollars over the past ten years until the end of 2016.

Ukrainian Deputy Governor Oleg Churiy, on his part, said that his country has no limits for establishing banking ties with Iran.

At the end of the meeting, the two officials signed a memorandum of understanding in a bid to promote banking cooperation.

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