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Iran to delete 4 zeroes from the national currency


yota691
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12 hours ago, Arceo said:

what you mean?

Most of the news you have to read a dozen times before you can get a general idea of what they are saying. All of the sudden news is coming out so neat and clean that we are all just blowing through it like we were reading our local paper. To neat and clean.

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Iran ripped the riyal from 4 zeros .. And the introduction of a new currency

Iran ripped the riyal from 4 zeros .. And the introduction of a new currency

Written by: Yasser Hilaliin:July 31, 2019In: EconomicNo comments

Nour News / Economic

The Iranian government, subject to harsh sanctions, Wednesday approved a plan to remove zeros from its currency and replace the current riyal with the Toman.

"The government today passed a bill to remove four zeros from the currency and the Toman will be our national currency," Iranian government spokesman Ali Rubaie told a news conference in Tehran. "The value of the Iranian riyal has continued to deteriorate since last year.

Three years ago, the US dollar was worth 37,000 Iranian riyals, but the Iranian currency deteriorated significantly last year to become one dollar at 180,000 riyals.

The sharp decline in the value of the Iranian riyal came after US President Donald Trump announced last year that the United States would withdraw from the nuclear deal with Iran in 2015 and reinstate harsh sanctions on Tehran.

Long queues formed before the banking offices before the Iranian government decided to arrest the owners of the unlicensed banking offices and freeze the accounts of the speculators.

Currently, the dollar is equivalent to 120 thousand riyals in individual transactions, knowing that the official exchange rate is 42 thousand riyals per dollar.

This means that those who do not have a bank card must virtually give up their coins and carry bank cards for daily purchases.

In an effort to ease the deal, the Iranians have long relied on a system based on the deletion of zero of the riyal's value on the currency (riyal after the deletion of zero) naming the toman, but this causes confusion for foreign visitors.

On Wednesday, the Government approved the system, which requires Parliament's approval to take effect.

"The move will make the national currency more effective," the government spokesman said. "It will be more in line with a common practice. The riyal is not used very much." "The coins will be traded again," the government spokesman said.

The International Monetary Fund predicted that Iran's economy would shrink by 6 percent this year due to sanctions and increased instability in the Middle East.

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7 hours ago, screwball said:

Good luck I don’t do calculations I do news and deal with facts. Do you honestly believe that Iraq will devalue and rial won’t? You do release inflation was 10-11% before the recent sanctions? You do realise they have over 160 billion on forex reserves?

Thanks for your input, Good luck to you screwball,

I honestly believe the dinar will revalue and the Iranian rial will devalue.

I hope you make a lot of money in you Iranian rial Investment 

We wait and see.

 

navira, thanks for the article and your input.

 

Good luck to you guys.!

 

 

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30 minutes ago, Laid Back said:

Thanks for your input, Good luck to you screwball,

I honestly believe the dinar will revalue and the Iranian rial will devalue.

I hope you make a lot of money in you Iranian rial Investment 

We wait and see.

 

navira, thanks for the article and your input.

 

Good luck to you guys.!

 

 

Thanks a lot LB I always read and enjoy your posts they really make sense to me.. dinar has a bright future ( former glory ? ) on the other side I see insanians in despair making crazy moves on their currency like  if they were in a rat trap..sanctions are really working on that fanatic and evil governtment .....Iraq will be a great nation thanks God and US ..dinar RV will be a reality ..I hope so and pray for that..the will of God never will be frustrated... blessing to everybody in DV and keep your faith ¡ .. :)

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7 hours ago, dinarin said:

Thanks a lot LB I always read and enjoy your posts they really make sense to me.. dinar has a bright future ( former glory ? ) on the other side I see insanians in despair making crazy moves on their currency like  if they were in a rat trap..sanctions are really working on that fanatic and evil governtment .....Iraq will be a great nation thanks God and US ..dinar RV will be a reality ..I hope so and pray for that..the will of God never will be frustrated... blessing to everybody in DV and keep your faith ¡ .. :)

Thanks for your input my friend,

I agree with your comment dinarin.

the Iranian have a hyperinflation problem this is why they are chopping the 0000

for their currency. Regarding the dinar, we are sitting on a gold mine.

We are getting closer.... keeping the faith.

 

Go RV asap

Go former glory 

 

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1 hour ago, Laid Back said:

Thanks for your input my friend,

I agree with your comment dinarin.

the Iranian have a hyperinflation problem this is why they are chopping the 0000

for their currency. Regarding the dinar, we are sitting on a gold mine.

We are getting closer.... keeping the faith.

 

Go RV asap

Go former glory 

 

Good luck about your theory...

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15 hours ago, Butifldrm said:
Iran ripped the riyal from 4 zeros .. And the introduction of a new currency

Iran ripped the riyal from 4 zeros .. And the introduction of a new currency

Written by: Yasser Hilaliin:July 31, 2019In: EconomicNo comments

Nour News / Economic

The Iranian government, subject to harsh sanctions, Wednesday approved a plan to remove zeros from its currency and replace the current riyal with the Toman.

"The government today passed a bill to remove four zeros from the currency and the Toman will be our national currency," Iranian government spokesman Ali Rubaie told a news conference in Tehran. "The value of the Iranian riyal has continued to deteriorate since last year.

Three years ago, the US dollar was worth 37,000 Iranian riyals, but the Iranian currency deteriorated significantly last year to become one dollar at 180,000 riyals.

The sharp decline in the value of the Iranian riyal came after US President Donald Trump announced last year that the United States would withdraw from the nuclear deal with Iran in 2015 and reinstate harsh sanctions on Tehran.

Long queues formed before the banking offices before the Iranian government decided to arrest the owners of the unlicensed banking offices and freeze the accounts of the speculators.

Currently, the dollar is equivalent to 120 thousand riyals in individual transactions, knowing that the official exchange rate is 42 thousand riyals per dollar.

This means that those who do not have a bank card must virtually give up their coins and carry bank cards for daily purchases.

In an effort to ease the deal, the Iranians have long relied on a system based on the deletion of zero of the riyal's value on the currency (riyal after the deletion of zero) naming the toman, but this causes confusion for foreign visitors.

On Wednesday, the Government approved the system, which requires Parliament's approval to take effect.

"The move will make the national currency more effective," the government spokesman said. "It will be more in line with a common practice. The riyal is not used very much." "The coins will be traded again," the government spokesman said.

The International Monetary Fund predicted that Iran's economy would shrink by 6 percent this year due to sanctions and increased instability in the Middle East.

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Haven’t passed a bill...cabinet and guardian council to ratify..

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22 hours ago, Laid Back said:

I base my opinion in economic indicators and my own research.

With all respect, I think you are the one mistaken or you don’t understand

the concepts. The rial is going to RD or LOP...... Less purchasing power.

 

The Iranian government has approved a plan to ax four zeroes from the rial in a bid to tackle high inflation in the country. The measure was announced by an Iranian government spokesperson, Ali Rabiei, following a Cabinet meeting on Wednesday.  

Iran's central bank presented the proposal to the government in early January.

 

Iran has been facing a severe currency crisis as a result of economic sanctions imposed by Washington, after President Donald Trump withdrew the US from the Iran nuclear deal.

 

The Iranian rial has plunged from 32,000 to $1 at the time of the 2015 deal to around 120,000 to $1 these days.

 

This has pushed inflation up, affecting the prices of everything in the country, including food and medicines. Many residents currently pay more than 1 million rial ($30, €27) for a simple trip to the grocery store.

 

navira, Are you talking about Rial or Dinar?

The Rial will RD or LOP 

The Dinar will RV

I would like to see your calculations my friend 

 

Go RV

Go $1:1

 

 

 

 

Laid Back, I respectfully disagree. While your evaluation is solid, nothing Iran doe's makes sense. Sure I could be mistaken, but I still believe that the 4 zeros are from the nominal value and will increase its value substantially. Mostly because my neighbor is from Iran and his family and friends their believe they ( government ) will want a value increase to placent the population as they are very afraid of a coup that would over-though the current government.

 

Do I know this will in fact happen ? Nope, just going what I have been told. That being said I do hope he is right as I would love to cash out with a nice tidy sum.

 

So yes, Screwball is well Informed and I suspect, correct.

 

  Cheers, have a great week end all

 

  pp

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1 hour ago, screwball said:

Good luck about your theory...

Thank you screwball👍🏼

 

5 minutes ago, pokerplayer said:

 

Laid Back, I respectfully disagree. While your evaluation is solid, nothing Iran doe's makes sense. Sure I could be mistaken, but I still believe that the 4 zeros are from the nominal value and will increase its value substantially. Mostly because my neighbor is from Iran and his family and friends their believe they ( government ) will want a value increase to placent the population as they are very afraid of a coup that would over-though the current government.

 

Do I know this will in fact happen ? Nope, just going what I have been told. That being said I do hope he is right as I would love to cash out with a nice tidy sum.

 

So yes, Screwball is well Informed and I suspect, correct.

 

  Cheers, have a great week end all

 

  pp

Thanks for your input my friend pp,

 

These are the things that make me believe in a Redenomination. Same happened in Another oil producer country. Venezuela 

- economic sanctions 

- hyperinflation 

- chopping 0000

- new currency with a different name

Maybe I’m wrong and it will be an RV like you guys said. I hope you guys make some good money.

Time will tell.!

money

 

 

I hope you guys are correct and can make some good mone

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Just now, pokerplayer said:

Thxs LB, a number of us are Invested, some more heavily than others. Only a few short days will tell.

 

  Cheers, pp

F it. Ima buy some off amazon just for fun so I can be waiting too. The 1 mill for 100 bucks the right one?

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I just joined the Rial club tooo, lol. What the heck $65 for 500,000. and if they chop 4 0's I'm left with 50,o well I've lost more at the grocery store,good luck to us . . .hehehe

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3 minutes ago, twolincs said:

I just joined the Rial club tooo, lol. What the heck $65 for 500,000. and if they chop 4 0's I'm left with 50,o well I've lost more at the grocery store,good lock to us . . .hehehe

Where that link lol

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22 hours ago, screwball said:

 

     I commented earlier that 1 USD in iran is worth approx, $42,000 . You can't even wrap your head around that .conversely, 1 iranian rial is worth 0.000237467 USD . I'm confused , are those all the 0's ? before and after the decimal point ? That would make 1 rial worth $237, 467 USD ? They are in a swamp of fecal matter , so how could that be ? Ola from Mexico ,you crazy diamonds 

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