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Iran make changes to the local currency


DoD
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Well it looks like Iran will start to delete a zero from their currency....Perfect timing I'm thinking.....

 

Iran make changes to the local currency

economy

 Since 12/07/2016 16:27 pm (Baghdad time)

--.jpg

Follow-up scales News

The Iranian government has decided, Wednesday, December 7 / December, at a meeting to delete the zero from the local currency and the launch Altoman by name instead of the rial.

According to the government website, "each one Toman equal to 10 riyals, and so the local currency be lost zero."

He was called on Iran's local currency before this decision riyal name but in commercial transactions was being zero cancel them and renamed it Toman. With this new decision will be abolished from scratch on the banknote and becomes a deal on behalf of Altoman.

The Iranian domestic currency many zeros, where one US dollar is equal to 39,000 rials in the free market, and now every dollar equals 3900 Toman.anthy 29 / tc n

http://www.mawazin.net/%D8%A5%D9%8A%D8%B1%D8%A7%D9%86-%D8%AA%D8%AC%D8%B1%D9%8A-%D8%AA%D8%BA%D9%8A%D9%8A%D8%B1%D8%A7%D8%AA-%D8%B9%D9%84%D9%89-%D8%B9%D9%85%D9%84%D8%AA%D9%87%D8%A7-%D8%A7%D9%84%D9%85%D8%AD%D9%84%D9%8A%D8%A9

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I hope that the speculation I've read that Iraq and Iran were going to make near-simultaneous changes to their currencies is true; we will sure find out - SUDDENLY!

(thanks for saving me the trouble of having to think for the last word in my post, LGD- and for all your posts over the years. I might not get the chance to thank you as easily as I can now 'after the fact' - GO RV!!!

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From a currency watch site. Just for the sake of discussion, or, as Dr. Clarke would say.....for entertainment purposes only.;)

 

Currently the rial is valued at 30,202 rials to the dollar or $.00003.  At 37,000 to the dollar it would be about $.000027, and at 52,000 to the dollar it would be about $.000019.  As you can see, the prognosis is for a lower value as Iran goes forward, not a higher value.  Buying something that is more likely to go down in value than up is a bad idea.  What makes it a really bad idea is that Iran announced in 2011 that they are planning on removing three zeros from their currency.  Sound familiar?  That’s redenomination talk.  As in lop.  As in what many countries like Iran do to remove the effects of past hyperinflation.  If you “invest” in the rial and they redenominate you’ll have to try to find some place to exchange your rials into the new rials or back into USD.  Either way it won’t be for free, so you’ll be further in the hole than you were to begin with.

Whether they get around to enacting their planned redenomination or not, the Iranian rial is a sucker’s bet.  Don’t fall for it.

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32 minutes ago, Garhy said:

What aren't you guys getting..  they made a new currency called Toman where it's one zero less off the exchange rate meaning 1 dollar instead of equalling 39k its now only 3900..

I'm guessing this is a lop?

Your brave to say those words. Who has the shell crackers, Im hungry.

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33 minutes ago, King Bean said:

From a currency watch site. Just for the sake of discussion, or, as Dr. Clarke would say.....for entertainment purposes only.;)

 

Currently the rial is valued at 30,202 rials to the dollar or $.00003.  At 37,000 to the dollar it would be about $.000027, and at 52,000 to the dollar it would be about $.000019.  As you can see, the prognosis is for a lower value as Iran goes forward, not a higher value.  Buying something that is more likely to go down in value than up is a bad idea.  What makes it a really bad idea is that Iran announced in 2011 that they are planning on removing three zeros from their currency.  Sound familiar?  That’s redenomination talk.  As in lop.  As in what many countries like Iran do to remove the effects of past hyperinflation.  If you “invest” in the rial and they redenominate you’ll have to try to find some place to exchange your rials into the new rials or back into USD.  Either way it won’t be for free, so you’ll be further in the hole than you were to begin with.

Whether they get around to enacting their planned redenomination or not, the Iranian rial is a sucker’s bet.  Don’t fall for it.

The same people say the same about the dinar I say make your own judgement - I have rials 

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http://abcnews.go.com/International/wireStory/iran-moves-change-currency-unit-back-toman-44030455.......

Iran Moves to Change Its Currency Unit Back to the Toman

  • By THE ASSOCIATED PRESS
TEHRAN, Iran — Dec 7, 2016, 7:05 AM ET

Iran's official IRNA news agency says that President Hassan Rouhani's administration is proposing changing the name and denomination of the country's currency.

The report says the Cabinet approved a measure on Wednesday calling for the change from the rial to the toman. One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.

The Iranian currency was known as the toman until the 1930s, when the name was changed to the rial at a rate of 10 rials to a toman. Many Iranians continued to use the old terminology even after the change.

Parliament will have an opportunity to weigh in on the proposed change before it goes to the constitutional watchdog Guardian Council for approval..... I agree . Let's wait and see .....

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1 hour ago, blueskyline said:

http://abcnews.go.com/International/wireStory/iran-moves-change-currency-unit-back-toman-44030455.......

Iran Moves to Change Its Currency Unit Back to the Toman

  • By THE ASSOCIATED PRESS
TEHRAN, Iran — Dec 7, 2016, 7:05 AM ET

Iran's official IRNA news agency says that President Hassan Rouhani's administration is proposing changing the name and denomination of the country's currency.

The report says the Cabinet approved a measure on Wednesday calling for the change from the rial to the toman. One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.

The Iranian currency was known as the toman until the 1930s, when the name was changed to the rial at a rate of 10 rials to a toman. Many Iranians continued to use the old terminology even after the change.

Parliament will have an opportunity to weigh in on the proposed change before it goes to the constitutional watchdog Guardian Council for approval..... I agree . Let's wait and see .....

Good find Blue. At least we are leaning more toward the positive side than not.  :)

pp

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Here's an article from Reuters...

Iran plans to revalue, rename rial currency

 
Iranian rial banknotes are seen at a currency exchange shop in Kerbala, 110 km (70 miles) south of Baghdad January 27, 2012. REUTERS/Mushtaq Muhammed
 
Iranian rial banknotes are seen at a currency exchange shop in Kerbala, 110 km (70 miles) south of Baghdad January 27, 2012. REUTERS/Mushtaq Muhammed
 

BEIRUT Iran plans to revalue its rial tenfold and revert to the currency's old name, the toman, according to a bill approved on Wednesday by President Hassan Rouhani's cabinet, the official Islamic Republic News Agency (IRNA) said.

The currency was called the toman until the 1930s and most Iranians still refer to it by that name.

Under the measure, which requires approval from parliament and the Guardian Council before taking effect, the renamed currency would be worth around 3,200 to the dollar at official exchange rates and 3,900 at unofficial rates.

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The Council, made up of six clerics appointed by the Supreme Leader and six lawyers elected by parliament, vets all new legislation for compliance with religious laws and the constitution.

When the change was announced Wednesday, the rial dipped by about 90 to the dollar before recovering, according to agency Mehr News.

 

(Reporting By Babak Dehghanpisheh; editing by John Stonestreet)

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21 minutes ago, DoD said:

Here's an article from Reuters...

Iran plans to revalue, rename rial currency

BEIRUT Iran plans to revalue its rial tenfold and revert to the currency's old name, the toman, according to a bill approved on Wednesday by President Hassan Rouhani's cabinet, the official Islamic Republic News Agency (IRNA) said.

uummm......SAY WHAT NOW?!! :blink:

Is this the latest speculation?!!  Do I need to keep it cool, and wait for some more scoop at happy hour later tonight?!! :rocking-chair::cheesehead::blink:

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7 minutes ago, dinarbeleiver said:

I have a feeling this move is to bring the rial close in value to the dinar just before the big event- I think both will revalue near each other at some point 

My next whiskey shot will be in your name tonight buddy.....here's to hoping a wonder 2017 for you and all here at DV, yes sirrrrr!! :praying::cheesehead:

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