Iranian Rial

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1. Economy
2. Domestic Economy

Saturday, November 26, 2016

CBI Data Shows Inflation Down to 8.6%

 

The average goods and services Consumer Price Index for urban areas in the 12 months ending November 20, which marks the end of the Iranian calendar month of Aban, increased 8.6% compared with last year’s corresponding period, according to the latest report released by the Central Bank of Iran.  The CBI put the inflation rate for the preceding month (Mehr), which ended October 21, at 8.7%.  The overall CPI (using Iranian fiscal year to March 2012 as base year) stood at 249.5 in Aban, indicating 0.6% growth compared with the previous month. The index registered a year-on-year increase of 9.1% compared with the similar month last year.  The CBI report came after the Statistical Center of Iran put Aban inflation at 7.5%.

 

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[markb57]

they better get their act together real quick because Trump will shut them down....

[screwball]

The Philippines and Iran have agreed to expand bilateral ties, beginning with establishing banking relations and renewing economic cooperation between the two countries.

In a meeting with Finance Secretary Carlos Dominguez III, Iranian Deputy Foreign Minister for Asia-Pacific Affairs Ebrahim Rahimpour offered Tehran’s assistance in helping Philippines’ energy needs and expressed the hope that banking relations with Manila could be established soon, the Philippine Information Agency (PIA) reported on Friday.  

 Rahimpour also raised the possibility of President Rodrigo Duterte’s visit to Iran and extended the invitation as well to Dominguez.   “We are focused on expanding bilateral relations with the Philippines. At the same time, we are ready to increase the level of engagement in the Philippines, including in the area of banking,” Rahimpour said.

He also said that Iran can help “secure the [Philippines’] energy needs for the future.”   Iran’s Ambassador Mohammad Tanhaei, who was also at the meeting, said Rahimpour’s visit “reflects the special attention of our government to the Philippines.”  

Dominguez said as member of his country’s Monetary Board, he was ready to assist Iranian officials in establishing a branch of one of its banks, and said he would explore the possibility of setting up a branch of the Land Bank of the Philippines in Iran to address the banking and remittance needs of Filipino workers in that country.  

 “We know that you’re open for business now, you have been open for business before, but now, it’s going to be much easier to transact with your [government], and we look at Iran as a good potential partner for the Philippines in the Middle East. It’s a great country, and we admire your history and your people,” Dominguez told Rahimpour.  

 Dominguez said “there are very, very good prospects” of the government procuring a part of its fuel and fertilizer requirements from Iran while, at the same time, reinvigorating the export of Philippine bananas to that country.

  In an earlier meeting with Dominguez, Ambassador Tanhaei said Iran plans to increase its imports of bananas from the Philippines, along with exploring areas of cooperation in the energy sector and investing in infrastructure projects here.   Tanhaei has said he has been coordinating with local business groups, like the Philippine Chamber of Commerce and Industry (PCCI) to explore areas of investments for Iranian companies.  

“In the (Iranian) private sector…for example regarding bananas, there are some big companies that say  they need more bananas from the Philippines,” Tanhaei said.   Filipino banana producers used to export 30% of their produce to Iran. Trade sanctions imposed on Iran, however, led to a decline in Philippine banana shipments. The recent lifting of sanctions could mean Iran might once again be one of Philippines’ largest markets for its fresh banana exports.

Tanhaei has also said Iranian companies are interested to invest in the Philippines, particularly in infrastructure, power transmission and water purification projects   The Tehran government has expressed interest in working with the Philippines’ energy sector, particularly in the fields of oil exploration and petroleum trade, Tanhaei said. 

 Diplomatic relations between the Philippines and Iran were established in 1964. Iran has officially supported the peace process in Mindanao and also backed Manila’s bid for observer status in the 57-nation Organization of Islamic Cooperation (OIC).

 

Topics

Banking Relations

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1. Economy
2. Business And Markets

Tuesday, November 29, 2016

Slovenia Banks Eyeing Iran 

 

Three Slovenian banks, namely Nova  Ljubljanska banka, Gorenjska banka, and SID are negotiating with the Central Bank of Iran and some commercial lenders, to expand banking relations, said Iztok ?ivko, chief executive of Tevel company (specialized in gas and leak detection). “Banks from the two countries are close to agreements, as far as we know,” IRNA quoted him as saying on Sunday. There would be no major problem for expanding trade between Iran and Slovenia, once the obstacles in banking relations are removed, ?ivko said. Nova Ljubljanska banka is the largest Slovenian bank. Slovenian President Borut Pahor, last week, traveled to Tehran, heading a 50-strong delegation. The central European state reopened its embassy in Tehran during the visit.

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[screwball]

The US dollar is once again at the center of attention in the Iranian currency market with its recent pattern on the upside, the only notable difference this time around being that the higher prices come as the central bank is anticipating a unified currency rate by the end of March.

The greenback has gained substantially compared to the early weeks and months in the current fiscal year when the unofficial market did not -- at least in the first few months – experience any significant turbulence.

But a month ago and with the start of preparations for the annual Arba'een pilgrimage to neighboring Iraq, demand for foreign currency increased and the open market rates began its rally moving above 36,000 rials to a dollar.

The upset victory of the Republican Donald Trump in the US presidential election became an added source of concern and pushed up forex rates. On the first day in Tehran after the elections, the US dollar sold for 36,580 rials, up from the previous day's close of 36,400.

The dollar even crossed 37,000 rials briefly and it was reported that due to the wild swings in the market some moneychangers had pulled down their shutters.

However, three weeks after the chaotic vote in the US, the dollar's rising trajectory shows no sign of abating. On Sunday, it broke the 38,000 rials threshold –a point few thought it would cross– and reached 38,400 rials in latest pricings. This entails a more than 6,000 rials discrepancy between the unofficial and official rates which undermines the Central Bank of Iran's repeatedly emphasized plan to unify the rates before the fiscal year is out in March.

Reasons Behind the Rally

Observers say Trump in the White House could have wider implications for the rate of the US dollar in Iran. He has been a vocal critic of the JCPOA – Iran's nuclear accord with world powers – calling it "the stupidest deal of all time" and is therefore considered a threat by pundits who say he could potentially hinder Tehran's foreign-exchange transactions.

Not everyone shares this concern. According to ISNA, Iran's senior political and banking officials have since tried to give assurances that the US presidential vote is "inconsequential" to Iran and particularly its nuclear deal. "Unlike those who are celebrating or lamenting the outcome of the US elections, we neither celebrate nor lament it, and it makes no difference to us and does not concern us because, with God's grace, we are prepared for any eventuality," the Leader Ayatollah Seyyed Ali Khamenei said after the highly contested American election.

A recent CBI ruling says that any amount higher than $10,000 coming in or out of the country should be declared to the authorities according to anti-money laundering rules, which experts say could influence the dollar rate and further fuel its rally.

The timetable of setting a rate for the dollar in next year's budget is another factor that affects the market as the year comes to an end (March 20). Speculation and debates are ongoing, but a 33,000 rial rate has reportedly been considered for the US dollar in 2017-18 budget by the government.

Money supply is the other indicator with the potential to manipulate market rates. Given the opinion of market watchers that a rise in liquidity could trigger  increase in forex rates, the current volume of liquidity – which is reported to be higher than 11 quadrillion rials ($243 billion) – can and will certainly play a role.

All in all, market analysts believe that the price of the dollar will keep on rising with the potential to climb to 39,000 rials and above.

Surge in the Gold Coin

 

The benchmark Iranian gold coin – Bahar Azadi – also seems to be on the rise and after a surge at the beginning of the week it was being traded at 11.14 million rials ($347) at latest count.

The US presidential election also had an effect on the gold coins. One day after the election, the Bahar Azadi coin traded for 11.28 million rials ($352) which was 1.62% or 180,000 rials higher compared to the previous day's close.

After a few calm days in the market, the gold coin seems to be on the rise again, beginning to show signs of a surge at the beginning of the current week on Saturday. 

Topics

Forex MarketTehran Currency MarketTrump Wins

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1. National

Tuesday, November 29, 2016

Tehran Ready to Address JCPOA Breach

 

Iran's nuclear chief said Tehran has made "the necessary preparations" to address possible breaches of the July 2015 nuclear deal, as US officials are to decide about the future of an anti-Iran sanctions law that expires by the yearend unless it is renewed.

Ali Akbar Salehi said on Monday that the issue has been discussed in details in a meeting of the JCPOA Oversight Committee presided over by President Hassan Rouhani, the head of Supreme National Security Council.

The US House of Representatives passed a bill with a vote of 419-1 last week to renew the Iran Sanctions Act for another decade. The law was first adopted in 1996 to target Iran's energy sector.

"It should pass the Senate and finally be approved by the US president [to become law]," IRNA quoted Salehi, the head of Atomic Energy Organization of Iran, as saying.

"If [the bill] gets through these stages and becomes operational, then it will definitely be a violation of the Joint Comprehensive Plan of Action," he said, using the formal name of the deal.

The US Republican lawmakers, who control the House of Representatives and Senate and unanimously oppose the historic agreement, have introduced several anti-Iran measures to interfere with its implementation that started in January.

The AEOI chief noted that during two years of nuclear negotiations with world powers, Tehran had been planning to be prepared for a possible collapse of the pact, to take its nuclear activities to the level it was before the deal.

  Big Loser

Salehi said the US will be the big loser.

Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei warned last Wednesday that if the US Congress bill is passed, Iran would treat it as a breach of the 2015 nuclear deal.

"If the extension [of ISA] is enforced, it would constitute a violation of JCPOA and they should know that it would definitely prompt a response by the Islamic Republic," he said. US Senate Majority Leader Mitch McConnell has said the chamber will vote to pass the bill before adjourning next month.

US President Barack Obama has not announced whether he will endorse or veto the bill, but some White House officials have said he would likely not oppose a "clean" renewal.

 

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TEHRAN, Nov. 29 (MNA) – Iran's Ambassador to New Zealand Jalalelddin Namini Mianeji on Tuesday announced that the two countries enjoy growing economic and political relations.

He said New Zealand’s Trade Minister Todd McClay, heading a private sector economic delegation, will travel to Europe and Iran over the next week to take part in a number of trade-related events.

His team will hold talks and meetings with Iranian officials on examining ways to develop and deepen bilateral economic relations in post-JCPOA era.

"This is the first high-ranking economic delegation of New Zealand that enters Iran during post-sanctions era," Namini underlined.

Iran's ambassador to New Zealand stressed that the two countries had good cooperation in industrial and technology fields in the past, including the renewable energy.

He also pointed to the visit of Iranian Foreign Minister Mohammad Javad Zarif to the country earlier this year, saying Iran presented a $1 billion prospect for New Zealand.

LR/IRN82325877

[climber7]

 

Wow,

News and excitement here has really tapered off.  Guess Trump is throwing cold water on our prospects here. 

[pokerplayer]

1 hour ago, climber7 said:

 

Wow,

News and excitement here has really tapered off.  Guess Trump is throwing cold water on our prospects here. 

I'm still pumped climber7 my friend !! It can and will happen real soon. So it is said, so it will be done.

You can quote the pokerplayer gal on that my friend !!

pp

Edited November 30, 2016 by pokerplayer

[WheresmyRV?]

I think Iraq has been stealing the thunder from Iran with all the good news as of late!  Still hoping for a late March RV from Iran!

 

[markb57]

not to sure anymore...

[blueskyline]

Both possibilities are as exciting as all get out !

 

[screwball]

9 hours ago, climber7 said:

 

Wow,

News and excitement here has really tapered off.  Guess Trump is throwing cold water on our prospects here. 

No news is actually quite, which in my views means they are working on laws...us will make no difference I believe Canada will be your best bet or hopefully Dubai pls been that excited with dinar news and busy with treatment forgot about rial news! Have to lift my game! 

[screwball]

4 hours ago, WheresmyRV? said:

I think Iraq has been stealing the thunder from Iran with all the good news as of late!  Still hoping for a late March RV from Iran!

 

I believe same time, they have said they will do it without fanfare best time when eyes are on iraq! So anytime from now until March! It's no when but how!

[screwball]

3 hours ago, blueskyline said:

Both possibilities are as exciting as all get out !

 

You can say that again might have to buy more! 

[screwball]

News ID: 3837540 - Wed 30 November 2016 - 19:34

Politics

TEHRAN, Nov. 30 (MNA) – Iranian Foreign Minister Mohammad Javad Zarif will pay a visit to India, China and Japan in coming days, FM spokesman announced on Wednesday.

Zarif’s three-nation tour of Asia is upon a pre-planned trip and includes a high-ranking politico-economic delegation, Bahram Ghasemi said.

At the first leg of his official tour, Zarif will visit India to take part and deliver a speech at the 6th Heart of Asia ministerial conference on the situation in Afghanistan scheduled for December 3-4, he noted.

Ghasemi added that Dr. Zarif will then fly to China and Japan at the invitation of his Chinese and Japanese counterparts Wang Yi and Fumio Kishida, respectively.

He will hold talks with senior officials of the two countries and to take part in joint business forums, he underlined.

The delegation accompanying the Iranian foreign minister, Ghasemi said, will include heads of 38 companies affiliated with the Iran Chamber of Commerce, representatives from 15 knowledge-based companies and 8 commercial banks as well as a number of officials in the industrial, trade and scientific sectors.

Ghasemi also noted that Zarif will confer with senior Indian, Chinese and Japanese officials on regional and international developments, as well as discussing bilateral relations.

LR/3837514

[screwball]

1st NZ economic delegation to visit Iran next week

News ID: 3836554 - Tue 29 November 2016 - 11:39

Politics

TEHRAN, Nov. 29 (MNA) – Iran's Ambassador to New Zealand Jalalelddin Namini Mianeji on Tuesday announced that the two countries enjoy growing economic and political relations.

He said New Zealand’s Trade Minister Todd McClay, heading a private sector economic delegation, will travel to Europe and Iran over the next week to take part in a number of trade-related events.

His team will hold talks and meetings with Iranian officials on examining ways to develop and deepen bilateral economic relations in post-JCPOA era.

"This is the first high-ranking economic delegation of New Zealand that enters Iran during post-sanctions era," Namini underlined.

Iran's ambassador to New Zealand stressed that the two countries had good cooperation in industrial and technology fields in the past, including the renewable energy.

He also pointed to the visit of Iranian Foreign Minister Mohammad Javad Zarif to the country earlier this year, saying Iran presented a $1 billion prospect for New Zealand.

LR/IRN82325877

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Related News

• Zarif, NZ counterpart meet in Tehran
• NZ premier, Iran’s FM discuss bilateral ties
• New Zealand welcomes lifting of sanctions against Iran

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[screwball]

Hopefully this means the ANZ bank are on board! 

[screwball]

Ukraine to restore financial transactions with Iran

1. Economy

November 30, 2016

 

Ukraine is preparing to restore the financial transactions with Iran after lifting of sanctions for their conduct.

According to the website of the National Bank of Ukraine (NBU), the first meeting of a working group of banking cooperation between the banking systems of Iran and Ukraine was held in November: Iran was represented by Iran’s Central Bank deputy head of forex transactions and representatives of the Iranian banking system.
“In future, the Ukrainian-Iranian working group plans to work more on potential ways of cooperation between the banking systems of the two countries, which will later be presented to the Ukrainian banking community with the assistance of experts from the Independent Association of Ukrainian Banks,” the report says.
The National Bank said the resolution of the Cabinet of Ministers, which, in particular, lifts sanctions on financial transactions with the banks of Iran, came into force in November.
“After the National Bank soon brings its regulations into conformity with this resolution, Ukrainian banks will also be able to open correspondent accounts and conduct transactions with Iranian banks,” according to the document.

[screwball]

Love the talk of forex means international...

[screwball]

TEHRAN- Head of Tehran's Management and Planning Organization Nematollah Torki announced on Sunday that $960 million of foreign investments have been made in the Iranian capital during the first eight months of the current Iranian calendar year (March 20-November 20), IRNA reported. 

Torki added that in addition to the attracted foreign investments some MOUs and contracts have been signed with five prominent Japanese and South Korean companies in the said period.

Iran has approved 27 foreign investment projects to the tune of €1.4 billion since the implementation of the nuclear deal in January 2016, Industry, Mining, and Trade Minister Mohammadreza Nematzadeh said in mid-November.

Referring to the issue of Donald Trump’s win in the U.S. presidential election, he emphasized that political changes in America cannot affect implementation of the mentioned deal, known as the Joint Comprehensive Plan of Action, or JCPOA.

 

HJ/MA

[pokerplayer]

Just a little trivia I found on Kish Island, Iran.

Kariz-e-Kish, Iran – On the Iranian island of Kish in the Persian Gulf lies an underground irrigation system predating the Romans and their aqueducts. Called a qanat, the 2,500-3,000-year-old system transports mountain water through subterranean channels across the arid coral island. The tunnels, stretching for more than 5 miles, 50 feet beneath the earth, have become a tourist attraction, with visitors drawn to the cool ambient temperature in what looks more like an underground city.

[screwball]

TEHRAN, Dec. 01 (MNA) – Head of Civil Aviation Organization has said four European countries have been commissioned to finance Iran’s possible plane purchases from world air industry giants.

Ali Abedzadeh told Mehr News on Thursday that Germany would be the most probable candidate to finance through credits Iran’s prospective plane purchase agreements, with Italy, Ireland, and France possibly as contributors. “This is the most viable path to provide airlines with much-needed planes and to resuscitate the country’s antiquated fleet; the method is popular around the world in heavy deals such as plane purchase and the Ministry of Roads and Urban Planning had been since long working to secure purchases through this method,” he added.

“4 European countries hailed the initiative by Iran during negotiations; Ireland and Italy enjoy excellent backgrounds in financing international purchases and the CAO will continue keeping contacts with these creditors,” Abedzadeh told Mehr News.

Earlier, Abedzadeh had said in an interview that domestic creditors would also contribute to the international plane purchase agreements, to attract the participation of the private sector and to encourage enterprises in the airline industry.

 

SH/3833913

[screwball]

News is very quite....

[screwball]

52 minutes ago, pokerplayer said:

Just a little trivia I found on Kish Island, Iran.

Kariz-e-Kish, Iran – On the Iranian island of Kish in the Persian Gulf lies an underground irrigation system predating the Romans and their aqueducts. Called a qanat, the 2,500-3,000-year-old system transports mountain water through subterranean channels across the arid coral island. The tunnels, stretching for more than 5 miles, 50 feet beneath the earth, have become a tourist attraction, with visitors drawn to the cool ambient temperature in what looks more like an underground city.

Maybe place for us to visit...