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Central Bank of Iran: We can not provide hard currency


yota691
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In Texas if you trap a critter into a corner with no way out, it will attack you.  Iran is getting pushed into a corner, I’m expecting something drastic before too long.  What’s sad is they have a much easier choice.  Meet with Trump, stop exporting war and stop building nuclear bombs.  

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59 minutes ago, Pitcher said:

Iran currency's record plunge throws streets into abyss of chaos, unrest

 

The demise of the Iranian banking system has become more likely as the US is hitting the rogue regime with more sanctions, experts have asserted.
They cited the plunging national currency. According to recent reports, the Iranian riyal hit record low, with the single dollar posting 100400 riyals. 
After the news of this deterioration broke, the Grand Bazaar in Tehran witnessed a major strike. Shop owners and traders called for the strike. Economic activists also partook in the protest.
They expressed anger at the current deteriorating economic situation. Central markets in the cities of Karj, Tabriz, al-Rai and others joined the strike.
Activists posted photos and videos online showing the police forces encircling the streets of the Grand Bazaar of Tehran. They were stationed there to forestall any attempts to get the protests to grow bigger.
Few months ago, the government declared that dollar is as equal as 42,000 Tomans.
Shop owners gathered at Sirat Maidan square in Tehran. But they were faced by the police personnel deployed there. The march was broken up.
On the parallel market, the US dollar is sold in exchange for 112,000 Tomans while the exchange rate set by the government did not exceed 44,070 per US dollar.  Last January, the government set 35,168 Tomans as the official exchange rate against the US dollar. 
Since April, the Iranian currency has lost nearly half of its market value due to the deteriorating economy and the difficulties facing transactions across the local banks. 
Commentators, citing recent figures, said the Iranian economy is about to collapse.
"Things will worsen. The US will impose the first phase of sanctions on August 7," they added, asserting that the current developments are throwing the entire political system into dilemma.
This comes as the US decided to impose sanctions on Iran as it is posing a security threat to the Middle East. It informed several nations of the necessity to stop oil imports from Tehran by November 7 lest they will face punitive measures.
On more than one occasion, the US president Donald Trump tore into the nuclear deal with Iran, signed under the Obama administration, saying it is the worst deal ever. On March 8th, the US administration withdrew from the nuclear deal with Iran in a remarkable proclamation, citing advantages taken by the Iranian regime of the deal.
The Iranian people are suffering from the woes of poverty as the regime is squandering the country's resources on military adventures beyond border. These battles are being waged on sectarian lines. 
 The regime has clamped down on those who took to the streets for protest, arresting 29 people for 'stirring rumors about the economy' on the heels of the Toman plunge.
Those who are arrested, according to spokesman of the judiciary, are accused of spreading mischief on earth. They may face the gallows for speaking up against the deteriorated situation in the ironclad theocracy.

 

 

http://www.thebaghdadpost.com/en/story/30100/Iran-currency-s-record-plunge-throws-streets-into-abyss-of-chaos-unrest

 

An ‘Abyss Of Chaos’ Or As They Call It In The Middle East - ‘Tuesday’ Since They’re A Few Hours Ahead Of Us ...

 

:D  :D  :D 

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46 minutes ago, Pitcher said:

In Texas if you trap a critter into a corner with no way out, it will attack you.  Iran is getting pushed into a corner, I’m expecting something drastic before too long.  What’s sad is they have a much easier choice.  Meet with Trump, stop exporting war and stop building nuclear bombs.  

You think it would be that easy. We should have taken care of business years ago. 

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On 2/21/2018 at 7:52 AM, yota691 said:

The governor of the Central Bank of Iran and Crown Prince of Allah, announced the return of stability to the foreign exchange market after combating irregularities.

 

It's all in the family, the prince runs the Central Bank of Iraq, the Princess runs the oil business..........

Stubborn Boneheads...

image.png.0663ead1e1a58d00c48cc6d4583fc747.png

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7 minutes ago, DinarThug said:

Paper Plates During The Summer Months ...

 

:D  :D  :D 

 

Unless, Of Course, An Important Dignitary Like President Davis Is Coming Over For Beer And Hot Dogs ! :o 

 

 

 

Then The Fancy Styrofoam Ones With The Raised Portion Divider Section For The Pork And Beans Is Definitely In Order ...

 

:D  :D  :D 

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IRAN / IRAN Date: 2018 Jul. 31 - GMT
 
 
 

Iran's First Vice President, Ishaq Jahangiri, has announced the formulation of a package of economic policies to counter the new situation, which is expected to be announced until the end of this week.

"The package is being drafted by the new governor of the central bank and the government economic team," Jahangiri said upon arrival at Kermanshah airport in the west. 

Jahangiri said 5,000 housing units will be opened in the villages of Kermanshah province, which was destroyed by an earthquake last November. More than 620 people were killed and more than 12,000 were injured and some 90,000 housing units were totally and partially destroyed by 10 cities and 30 villages. .

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Trap" .. $ 100 million Toman behind the loss of millions of dollars in Iranian banks

toman1-500x295.jpg

 

BAGHDAD (Reuters) - An Iraqi economist said on Tuesday that Iraqis lost millions of dollars in Iranian savings to what he called Iran's "trap" and ruled out any steps the Iraqi government could take to recover the money.

Antoine said in a press statement that "Iranian banks announced a short time ago, its readiness to receive Iraqi deposits and a large interest and attractive to the Iraqi citizen," noting that "the interest amounted to 25% for every 100 million dollars."

He added that "Iraqi capital owners, unfortunately, made such a step without thinking about the distant economic calculations, the devaluation of the Iranian currency as a result of the ongoing American embargo," noting that "losers are ashamed to announce their loss because they did not hear the advice of economists or their relatives" .

He pointed out that "the Iraqi government can not do anything in this regard, because there is no department competent to control the transfer of money in the Central Bank of Iraq, as it was in the past," explaining that this "means the lack of control over capital."

The newspaper Asharq al-Awsat published a report confirming the loss of Iraqi citizens

Millions of dollars of savings deposited in Iranian banks, due to the current economic crisis in Tehran, and the rapid decline in the exchange rate of the riyal (Toman), where the country faces US economic sanctions.

According to the paper, many Iraqi citizens spoke "publicly" about the loss of more than half of their money in the wake of the collapse of the Iranian currency and the loss of more than half of its value in recent months.

Iranian banks require Iraqi citizens, who want to deposit money, to transfer them to the national currency, and can not withdraw the amount in Iranian rials as well, even after one year of deposit.

"The ($ 100) price on the black market today is 1 million riyals," wrote Iraqi politician and investor Mazen al-Ishaqir on his social networking site Facebook.

"With the implementation of the first phase of US economic sanctions against Iran on August 6,

The value of the riyal will fall further, and will continue to collapse in November after the implementation of the second batch of sanctions, which will include a total ban on Iranian oil imports. "(1)

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Loss of millions of Iraqi dollars deposited in Iranian banks after the collapse of the Toman

toma-500x293.jpg

BAGHDAD (Reuters) - My Iraqi citizens have lost millions of dollars of their savings in Iranian banks due to the current economic crisis in Tehran and the rapid decline in the exchange rate of the Saudi riyal (Toman), according to a report in Asharq al-Awsat newspaper. The country sanctions US economic.

According to the paper, many Iraqi citizens spoke "publicly" about the loss of more than half of their money in the wake of the collapse of the Iranian currency and the loss of more than half of its value in recent months.

Iranian banks require Iraqi citizens who want to deposit money to be converted into the national currency. They can not withdraw the amount in Iranian rials as well, even after one year of deposit.

"The price of (one hundred dollars) on the black market today is one million riyals," wrote Iraqi politician and investor Mazen al-Ishaqir on his Facebook page.

"With the implementation of the first phase of the US economic sanctions against Iran on August 6, the value of the riyal will fall further, and will continue to collapse in November after the implementation of the second batch of sanctions, which will include a total ban on Iranian oil imports," he said.

"Many traders have deposited large amounts of US dollars in Iranian banks, and citizens from Baghdad and various provinces, especially Karbala and Najaf, have also deposited their money there," the paper quoted an Iraqi trader working in Baghdad's Shorja market as saying.

"They are now suffering significant losses in the wake of the dramatic decline of the Iranian riyal," he said, noting that "one of my fellow traders put $ 400,000 in an Iranian bank and the current collapse in the Iranian currency cost him $ 300,000."

The professor of international economic relations at the University of Iraq Abdul Rahman Mashhadani blamed the government and the Central Bank of Iraq in causing "the loss of hundreds and possibly thousands of Iraqi citizens for their savings and their homes because of deposits in Iranian banks."

"Officials have to warn citizens not to deposit their money in state banks that are not economically stable, but unfortunately they did not," he told the paper. "We have warned us for more than two years, but no one has listened to us."

"The 25 percent interest rate offered by Iranian banks is not reassuring," he said.

"You can not blame a besieged country in need of a difficult currency, but Iraqis have a responsibility not to waste their national wealth in this way," Mashhadani said.

"The Iranian economy has been suffering from chronic inflation for decades," said Ali al-Moussawi, an economic journalist who spent part of his life in Iran. "The central bank has tried to counter inflation by raising interest rates on the riyal to 25 percent for medium-value deposits."

"These high interests have been an irresistible incentive for Iraqi citizens," Moussawi said.

"Even a few months ago, the situation was fine, but US sanctions have reduced the value of the currency to around a quarter so far, meaning a reduction in the purchasing power of the riyal, which has benefited interest from Iraqis who are put in banks there."

"The collapse of the local currency has created an economic shock for many Iraqi families who have relied on these benefits in financial matters," Moussawi said.

Over the past few years, Iranian banks have succeeded in attracting Iraqi funds in a phenomenon that has begun to expand through the granting of attractive facilities and benefits, exploiting the lack of confidence in their Iraqi counterparts. Religious fatwas have played an encouraging role in these investments, Danger "threatens the Iraqi economy.

https://www.iraqpressagency.com/?p=280855

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As the Iranian economy is hitting its lowest point in decades, with growing inflation, plummeting currency and worsening living conditions, the popular discontent has reached unprecedented levels. 
People have been taking to the streets in anger, demanding radical changes in the country's internal and foreign policies. They demand the regime focus on the home front instead of the adventures beyond borders. 
Experts, who cited multiple reports expecting an imminent and resounding fall of the regime in Iran, said millions of the Iranians will hit the streets with a single ultimate aim: getting rid of the regime for good.
In recent days, the Iranian currency went down 18 percent against the dollar, which is considered by many analysts a strong indication for the deterioration that the sanctions-hit and corruption-riddled country is seeing. 
Things have gone worse in Iran since March 8, when the US president Donald Trump, who is adopting a hawkish policy against Mullahs, declared he is quitting the nuke pact, pledging he will slap more sanctions on the rogue regime which threatens regional security and stability by taking advantage of a nuke deal signed under his predecessor Barrack Obama.
The first package of the new US sanctions will be enforced on August 6. These developments have cracked the already ailing economy of the oil-rich nation. 
For his part, member of the Planning and Budget Committee of the Iranian Parliament Jahnabkhsh lovers Nia said the Iranian economy is collapsing, calling on the government officials to be on the lookout as the dollar is rising against rial, hitting 110,000. In the beginning of the year, the dollar's exchange rate against the Iranian national currency was no more than 37,000 rials. 
A semi-official Iranian news agency cited the economic expert Hassan Zaghfar as saying that the living conditions in the country is heading for worse, warning of 'a revolution of the hungry'. 
"Our society is collapsing. Living conditions are worsening. And if this dilemma drags on, revolution of the hungry will happen inevitably," the expert said.
According to recent reports, the national currency's exchange rate plummeted to 120,000 rials against the US dollar. This has caused stalemate on the currency exchange market as the people fear fluctuations of the currency's prices. 
On the parallel market, the US dollar is sold in exchange for 112,000 Tomans while the exchange rate set by the government did not exceed 44,070 per US dollar.  Last January, the government set 35,168 Tomans as the official exchange rate against the US dollar. 
Since April, the Iranian currency has lost nearly half of its market value due to the deteriorating economy and the difficulties facing transactions across the local banks.
Asked about how far the US dollar could continue to rise against rial, economic expert Waheed Shaqaqi said the Iranian economy is not powerful enough to bear the dollar exceeding 100,000 rials. "If this happens, the purchase power will be impacted, leading the goods market to shut down."
The average minimum wage in Iran is 25 million rials. When the US dollar was as equal as 35,000 rials, the purchasing power was $ 600. Now, this purchasing power declined to $ 250 since the average of these wages did not see any changes. 
 After the news of this deterioration broke, the Grand Bazaar in Tehran witnessed a major strike. Shop owners and traders called for the strike. Economic activists also partook in the protest.
They expressed anger at the current deteriorating economic situation. Central markets in the cities of Karj, Tabriz, al-Rai and others joined the strike.
Activists posted photos and videos online showing the police forces encircling the streets of the Grand Bazaar of Tehran. They were stationed there to forestall any attempts to get the protests to grow bigger.
The Iranian people are suffering from the woes of poverty as the regime is squandering the country's resources on military adventures beyond border. These battles are being waged on sectarian lines. 
 The regime has clamped down on those who took to the streets for protest, arresting 29 people for 'stirring rumors about the economy' on the heels of the Toman plunge.
Those who are arrested, according to spokesman of the judiciary, are accused of spreading mischief on earth. They may face the gallows for speaking up against the deteriorated situation in the ironclad theocracy.
Citing the harsh repression of the protests, analyst said the regime is well aware it is in quagmire. And it seeks to end any unrest by heavy-handed and brutal means. But they said this will backfire, expecting an imminent fall of the regime whom they said has been ripping off the Iranian people for four decades.

 

http://www.thebaghdadpost.com/en/story/30144/Is-the-revolution-of-the-hungry-at-the-doorstep-in-Iran

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13 minutes ago, Pitcher said:

imminent fall of,

(Insert name of country you choose here) whome they said has been ripping off the people for four decades.

 

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Release Date: 2018/8/1 9:16 • 153 times read
Iranian parliament asks Rohani
[Oan- follow - up] 
head of the Islamic Shura Council in Iran , Ali Larijani , the Council announced that the request of the President of the Republic Hassan Rowhani , the audience in front of him in a month to respond to questions from MPs about the economic situation in the country.
Larijani said at a council meeting on Wednesday morning that a number of deputies asked to ask questions to the President of the Republic where the request was referred to the Economic Committee, which studied the subject in the presence of representatives of the President of the Republic. 
He added that after the discussions that were held 80 of the deputies insisted on their request to ask their questions, which is equivalent to more than a quarter of the number of deputies of the Council. 
He explained that the questions focused on five axes, namely, "the government's failure to control the smuggling of goods and hard currency" and "the continuation of the banking embargo" and "the government's failure to take appropriate measures to reduce unemployment" and "the severe economic recession in recent years" and "the rapid increase in prices Foreign currencies and the very low price of the national currency. "
Larijani said that according to Article 213 of the rules of procedure of the Islamic Shura Council, the President of the Republic must appear before him within a month to answer the questions raised.
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http://www.jordantimes.com/news/region/irans-currency-crisis-triggers-corruption-crackdown.......

Iran’s currency crisis triggers corruption crackdown

By AFP - Aug 01,2018 - Last updated at Aug 01,2018

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1-POLITICS-Iran-Currency-Crisis.jpg?itok=BhncXaud

A man takes a glance at a newspaper with a picture of US President Donald Trump on the front page, in the capital Tehran, on Tuesday (AFP photo)

TEHRAN — With its currency plummeting ahead of the reimposition of US sanctions, Iran has responded with dozens of arrests and claims of an enemy conspiracy, but also signs of a push to confront corruption.

The Iranian rial has lost almost two-thirds of its value since the start of the year, and 20 per cent in just two days since the weekend, hitting a record-low of 119,000 to the dollar. 

Many lay the blame on the imminent reimposition of US sanctions on August 6 following US President Donald Trump's decision to pull out of the historic nuclear accord, with Iranians rushing to store their savings in dollars. 

The central bank issued a statement on Monday that trod a familiar line, blaming "the enemies' conspiracies" for the rial's sudden decline.

This may not be purely paranoid fantasy. The US and its Gulf Arab allies are engaged in a "maximum pressure campaign" against the Iranian government, and there have been rumours that the United Arab Emirates has been curbing the physical supply of dollars to Iran, helping drive up prices.

But others say outside pressure is only effective because Iran's economy is so corrupt and poorly managed. 

Belatedly, the authorities appear to be waking up to the crisis. This weekend, the judiciary announced 60 people had been arrested for fraud and trying to undermine the banking system, with more to come. 

Spokesman Gholam Hossein Mohseni-Ejeie said several had direct ties to the government, allowing them, for example, to illegally import luxury cars, and could face the death penalty on Iran's infamous charge of "corruption on Earth". 

New transparency

The arrests follow mounting anger against profiteers who use political connections to access dollars at artificially low rates, and then use them to import goods on the cheap, or simply sell them on the black market for a huge profit.

In a radical departure from usual government practice, in June the young telecoms minister Mohammad Javad Azari Jahromi exposed a group of mobile phone importers who were gaming the system. 

They had been granted $250 million at the cheap rate to import phones, he said, "but less than one third was used for the purpose", implying the rest was stashed away or sold.

The 36-year-old minister's move proved wildly popular on social media, but saw a backlash from some of his Cabinet colleagues such as Industry Minister Mohammad Shariatmadari, who said doing something similar in his ministry would amount to "a war against the private sector". 

Still, the episode showed a new willingness among Iranian officials to "be transparent and introduce accountability into the system", said Esfandyar Batmanghelidj, founder of the Europe-Iran Forum, a business network.

"Hopefully, more officials will understand that this is what the public is looking for."

'Full-fledged crisis'

The other priority is fixing the chaotic policies that have facilitated profiteering in the first place, particularly the disastrous decision in April to set a single, fixed rate for the dollar at 42,000 rials. 

To enforce the decision, the authorities shut down currency trading shops and made it illegal to sell dollars above the official rate, which only fuelled a boom in the black market.

The government was forced to climb down in June, saying only importers of essential items such as medicines would use the cheap rate, while others would negotiate a higher price. 

President Hassan Rouhani sacked the central bank chief last week, and his replacement, Abdolnassar Hemati, has promised new currency policies "in the coming days". 

But trapped in fire-fighting mode and under fire from both conservatives and reformists over the deteriorating economic situation, Rouhani has done little to address deeper problems. 

"We're in a full-fledged crisis and that's taking all the attention. No one is talking about bank reform and investment and job creation," said economic journalist Maziar Motamedi of Tehran's Financial Tribune. 

Fearing a public panic, the government continues to insist that everything is under control, but has so far offered only vague promises that it will allocate more money to job creation and funnel more infrastructure projects to the private sector. 

"Just saying positive stuff is not helping. People have a hard time believing them," Motamedi said. 

"Everyone knows the structural problems are there but the government is tackling crises as they happen rather than preventing them."

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Report: the crisis, "Altuman" to overthrow half of the wealth of Iraqi depositors in the banks of Iran

The misfortunes of Iraqi money-holders have turned into benefits for Iranian consumers

 

2 hours ago

Watching

+ -

NRT

DAMASCUS (Reuters) - The Middle East's Daraj Media website published a report Friday highlighting the loss of millions of Iraqi dollars deposited in Iranian banks after the collapse of the Toman, as the country faces US economic sanctions.

The report, published on August 2, 2018, said that "Iran's incentives, which were in the form of attractive banking benefits for savings, motivated the wealthy and Iraqi investors to deposit their money in this neighboring country, but the recent collapses in the value of the Iranian currency, In half and is a candidate for further collapses. "

He added that "the phenomenon of depositing Iraqi funds in Iran has increased significantly over the past four years, according to economic expert, Salameh Samaisem, for several reasons, including the ease of transfer of funds between the two countries through formal and informal companies, and the lack of adequate banking controls, the absence of financial governance and weakness National affiliation, in addition to the lack of awareness and awareness of the issue of the risk of taking money out of the country.

But other economists, including Basra University professor Nabil al-Marsoumi, believe that the most influential element in the transfer of Iraqi private funds to Iran was the coverage of trade between the two countries by traders, as well as the high interest rate of about 25 percent, which Has been analyzed according to the fatwas of the "Islamic Republic", as well as the intransigence of Iranian banks and the financial system in this country before being exposed to the difficulties experienced under the administration of Donald Trump .

The report added that "Iraqi investors deposited their money in various Iranian banks in riyals because the Iranian banks accept only the national currency (Riyal) popularly known as (Altuman), but the decline of this currency to record levels and unprecedented in the date of disbursement and loss half of its value within four months, Which caused huge losses to Iraqi depositors because Iranian banks do not allow withdrawal of funds until one year after their deposit. "

The report stresses that "after the increasing talk about the losses of Iraq because of the Iranian crisis, academics and economists, the Iraqi government and the central bank in Baghdad, the responsibility of not warning the Iraqis against the consequences of the deposit of funds in the troubled countries politically, while carrying activists and traders in the border city of Basra, The transfer of cash from Iraq to Iran, where they overlook the operators of those ports for the transfer of large amounts of cash without any controls, according to eyewitnesses, which encouraged the owners of funds to go to Iran to invest through savings until some of them came to approach N bankruptcy " .

"There are no official figures or figures showing the number of depositors or the amount of money deposited in Iran's banks, but many of the data published in the Iraqi media and electronic groups are publicly speaking of a huge loss that has hit a large number of Iraqi investors amid warnings of anticipated falls More effective in the coming days when the first package of economic sanctions against Iran comes into force, awaiting the second most severe package in November . "

The report of the stairs that "the economic troubles of Iran is not limited to the loss of capital only, but fear many, including the university professor in Basra Saad Hamoud al-Enezi, that Iran resort to use Iraq as a conduit for the smuggling of hard currency dollar to its territory due to the refusal of international banks to meet their needs of this currency Because of sanctions, and then will raise the price of the dollar against the Iraqi dinar, resulting in the rise of some materials for imports to Iraq, especially the necessary food .

He added that "the plight of the owners of Iraqi money as a result of the collapse of the Altoman turned to the benefits of consumers of Iranian goods because of the low price, because of the currency difference, but this decline did harm to Iraqi farmers, many complain of the heavy losses due to consumers turn to cheap Iranian imports at the expense of the product Which can not be sold at the cost of production, in light of the opening of borders and ports for the import of Iranian goods that invade the Iraqi markets and many different varieties, prompting activists and economists to launch a warning of the disappearance of the national product and the accession of Iraqi farmers producers

The report concluded by saying that "Iraqi financial losses are not limited to the provinces of southern Iraq, the majority of Shiites, which are linked by sectarian ties with its neighbor Iran, where the chambers of commerce in the Kurdistan region alarmed, as traders of importers of goods from Iran to fall due to the collapse of the Iranian price Altoman, They have not been able to spend what was in their possession of the Iranian currency to the dinar or the dollar, and became the demand to buy Toman risky, and in fact has not been subjected to Kurdish traders to the size of losses that is happening now.

 

http://www.nrttv.com/AR/News.aspx?id=2987&MapID=2

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Seyed Ahmad Araqchi has just been sacked from his position as the Central Bank of Iran's deputy governor for foreign exchange affairs, a report said.

Araqchi was fired as Iranians are scrambling for US dollars as Iran's currency, the rial, plummets to historic lows amid economic and political uncertainty ahead of new US sanctions, Tasnim news agency reported on August 4. 

Araqchi obtained his bachelor’s degree in economics from Shahid Beheshti University and his master’s in economics from Tehran University, according to the official website of the central bank. He obtained another master’s degree in financial management from New York University.

 

The dismissal came after the Iranian president on July 25 appointed a public banker and economic expert as the head of the country’s central bank.

President Hassan Rouhani picked Abdolnaser Hemmati to run the country’s financial regulator. Hemmati replaced outgoing central bank head Valiollah Seif.

 

Hemmati ran the public Melli bank in Iran. He also served as the head of the country’s Iran Insurance Company.

 

Hemmati has taken over the central bank as new US sanctions against Tehran are on the way and the country's economic situation is broken.

 

Trump withdrew from the Iran nuclear deal in May, and Washington plans to reimpose sanctions on Tehran next month. The first round of US sanctions on Iran goes into effect in August, followed by ones targeting Iran's oil exports in November.

 

http://www.thebaghdadpost.com/en/story/30291/Iran-Central-Bank-s-deputy-governor-dismissed

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Expert estimates the size of Iraqi losses from the collapse of the value of the Iranian Toman

5820182018133072018145058420188155126648951083.jpg

 

5 minutes ago

 

NRT

The professor of economics at the University of Basra, Nabil Marsoumi, said that the Iraqi deposits in Iranian banks suffered large losses due to the terrible decline in the price of the Iranian currency, which led to the loss of those deposits for more than half of their value .

In a previous publication, Al-Marsoumi said on his personal Facebook page that many Iraqis would prefer to deposit their money with Iranian banks for reasons including the crisis of confidence between Iraqi citizens and the Iraqi banking sector, especially the private bankingsector . To settle the dues of depositors, which prompted many depositors to withdraw their deposits from private banks and deposit them in Iranian banks.  

He added that the other reason is the low interest rate in Iraqi banks, which did not exceed 5% while Iranian banks give interest rates higher than 15% and sometimes up to 22%, which encouraged many Iraqis to sell their property and transfer money to them.

Al-Marsoumi pointed out that Iranian banks have set easy conditions through which the depositor can receive the interest rate on a monthly, quarterly, semi-annual or annual basis, with the original amount remaining which the depositor can withdraw only after one year of deposit.

"Many Iraqi traders have had to deposit their money in Iranian banks that attract the dollar and turn it into Tumen to finance their large trade with Iran, which is more than $ 6 billion a year," he said, noting that "some religious fatwas also encouraged Iraqis to deposit their money The Iranian banks, which have been fascinated by the absence of a legitimate problem in the benefits given by Iranian banks considering that Iran is an Islamic country does not deal with usury. "

Media reports earlier reported that many Iraqi citizens have publicly spoken of losing more than half of their money. Iranian banks require Iraqis with money in US dollars to be converted into Iranian rials and deposited in this type of cash. Only one year after the filing date and the Iranian riyal as well .

R.

http://www.nrttv.com/AR/News.aspx?id=3062&MapID=2

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  • yota691 changed the title to Iran arrests 7 including the assistant governor of the Central Bank

Iran arrests 7 including the assistant governor of the Central Bank

 
Spread Sunday , 05 August 2018
 

Iran arrests 7 including the assistant governor of the Central Bank

 

DUBAI, Iran ( AP ) - Iran on Sunday arrested  seven individuals led by the deputy governor of the Central Bank for Foreign Currency, Ahmad Araghji, and one of its employees, four brokers and a banker, according to the IRNA news agency.

 

As part of the follow-up to the file of the violators of the financial and banking system of the country, the files of three persons whose files have been completed have been transferred and the indictment against them has been handed to the court and their trial will soon begin," Fars quoted the spokesman of the judiciary as saying . 

He pointed out that "has been prosecuted today and the arrest of several other people, including Assistant Governor of the Central Bank for hard currency, who heard about his dismissal from his post recently."

 

The Iranian riyal has lost about half of its value since April, due to weak economy and increased demand for the dollar, especially in the wake of renewed US sanctions, which will start the first tranche on Monday, prompting Iranians to invest in coins and gold coins to keep their savings, especially as they are exempt from taxes Unlike jewelry.

According to the website Bonbast, one of the sites tracking the Iranian currency, it reached about 98 thousand riyals against the dollar, compared to 44 thousand dollars the price announced by the Central Bank .

In an effort by the Iranian government to control the gap, the Finance Ministry announced Saturday that it had allocated $ 18 billion to cover imports at the official exchange rate.

Last week, the central bank said  that recent developments in the exchange and gold markets were "tantamount to making enemies" of the country, who seek to "destabilize" the Iranian economy. He added in a statement that developments in the exchange market and the high price of gold Commensurate with the economic realities and the country's potential in this field .

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19 minutes ago, yota691 said:

Iran arrests 7 including the assistant governor of the Central Bank

 
Spread Sunday , 05 August 2018
 

Iran arrests 7 including the assistant governor of the Central Bank

 

DUBAI, Iran ( AP ) - Iran on Sunday arrested  seven individuals led by the deputy governor of the Central Bank for Foreign Currency, Ahmad Araghji, and one of its employees, four brokers and a banker, according to the IRNA news agency.

 

As part of the follow-up to the file of the violators of the financial and banking system of the country, the files of three persons whose files have been completed have been transferred and the indictment against them has been handed to the court and their trial will soon begin," Fars quoted the spokesman of the judiciary as saying . 

He pointed out that "has been prosecuted today and the arrest of several other people, including Assistant Governor of the Central Bank for hard currency, who heard about his dismissal from his post recently."

 

The Iranian riyal has lost about half of its value since April, due to weak economy and increased demand for the dollar, especially in the wake of renewed US sanctions, which will start the first tranche on Monday, prompting Iranians to invest in coins and gold coins to keep their savings, especially as they are exempt from taxes Unlike jewelry.

According to the website Bonbast, one of the sites tracking the Iranian currency, it reached about 98 thousand riyals against the dollar, compared to 44 thousand dollars the price announced by the Central Bank .

In an effort by the Iranian government to control the gap, the Finance Ministry announced Saturday that it had allocated $ 18 billion to cover imports at the official exchange rate.

Last week, the central bank said  that recent developments in the exchange and gold markets were "tantamount to making enemies" of the country, who seek to "destabilize" the Iranian economy. He added in a statement that developments in the exchange market and the high price of gold Commensurate with the economic realities and the country's potential in this field .

Keep it coming!!!👍👍👍 You gotta a whole lot more you can slap the cuffs on!!!

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Iran announces new plan to ease currency exchange rules

Posted by Reuters

 

Date: 8:09 pm, August 5
 

TEHRAN (Reuters) - Iran announced on Sunday a plan to ease foreign exchange rules as Tehran seeks to counter the effects of its currency slide and is preparing to face new US sanctions, state television said.

The plan cancels a prohibition on exchange offices to sell hard currency at free prices for purposes such as travel abroad. The plan will also allow exporters to sell hard currency to importers, as well as the lack of a ceiling for inflows of currency or gold entering the country.

The government is expected to provide hard currency at subsidized prices for the purchase of basic commodities and medicines, the state television quoted a government statement as saying.

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3 hours ago, Butifldrm said:

He added that the other reason is the low interest rate in Iraqi banks, which did not exceed 5% while Iranian banks give interest rates higher than 15% and sometimes up to 22%, which encouraged many Iraqis to sell their property and transfer money to them.

 

WOW!!!!!!  Hey Iraris bring us your money so we can steal it from you when ours collapses and subvert any sanctions on us.  I can see it now try and make a withdrawal, transfer, or close your account and you won't make it out of the building.

 

SR

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Sweeping protest hit Iran's Kazeroon against Mullahs' corruption

August 05 2018 11:49 PM
Protests in Iran (archive)
Protests in Iran (archive)

 

A sweeping protest hit Iran's Kazeroon city on Sunday, well-informed sources told the Baghdad Post

 

The protest witnessed chants against the clerical regime's corruption and tyranny. 

 

For the pat three weeks, Iranian major cities including the capital Tehran have been hit by sweeping demonstrations against the Mullah's regime. 

 

Thousands of Iranian protesters have been arrested. Dozens of them were torture to death. 

 

http://www.thebaghdadpost.com/en/story/30336/Sweeping-protest-hit-Iran-s-Kazeroon-against-Mullahs-corruption

 

 

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  • yota691 changed the title to Central Bank of Iran: We can not provide hard currency
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