Iran to delete 4 zeroes from the national currency

[screwball]

3 hours 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 luck to us . . .hehehe

Exactly..

[screwball]

4 hours 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

Iran’s been devaluing their currency for years, Iran no one else...inflation is at 10% real rate..

[screwball]

2 hours ago, utah rock said:

Iran’s currency can increase in value all it wants but it still won’t be worth a damn because of sanctions and not recognized internationally. Like the Dinar during Saddam times. 

Just my to cents. 

 

Poor argument...why are sanctions in place...you should listen to your president more!

[screwball]

4 hours ago, pokerplayer said:

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

 

  Cheers, pp

 

I am nit sure on time frame but I am watching no doubt everyone else...

[screwball]

What I can tell you in strait of hormuz I’m protected..no issue here...hezbollah taken care of no funding...and complaining about it on twitter of all the places....Iran’s secret stash of nuclear weapons over in Syria taken care off last year by the best President every, DJT and I am nit even American! And my world bank contact said Iran was ready to delete zeros years ago....well ahead of Iraq...but this was years ago...

[WheresmyRV?]

If this does revalue would Canada be a good place to exchange?

[pokerplayer]

5 minutes ago, WheresmyRV? said:

If this does revalue would Canada be a good place to exchange?

 

I don't know just yet. I called my bank to ask and they are not even aware of the current situation. Once they know more then I can tell you.

 

  Sorry, to early just yet.

 

  Cheers, pp

[davis411]

14 minutes ago, WheresmyRV? said:

If this does revalue would Canada be a good place to exchange?

Sure 

I would deal with ol Davis bankio 

great guy there 

you mail your iqd to him

he looks after everything

 

ask for Davis 

very trusting guy 

👿 

[Carrello]

48 minutes ago, WheresmyRV? said:

If this does revalue would Canada be a good place to exchange?

 

Canada may be a good place to buy Iranian currency too because it is against the law to buy in the USA.

 

[screwball]

Cabinet OKs taking zeroes off currency

1. Economy

July 31, 2019

 

TEHRAN – Iranian cabinet approved a bill proposed by Central Bank of Iran (CBI) for eliminating four zeroes from the national currency, IRNA reported.

The decision was made during a cabinet meeting on Wednesday, headed by President Hassan Rouhani.

According to the proposed bill, the national currency will change from Rial to Toman.

As reported, the decision was made in order to maintain the efficiency of the national currency and facilitate and restore the role of cash in domestic monetary transactions.

Reducing the costs of issuing banknotes and coins, as well as tackling the problems which people are facing in simple daily transactions, like counting and carrying large volumes of

banknotes and coins and finally eliminating coins from the country's economic exchange cycle, are some other goals mentioned for this decision.

The government first put forward the plan for shifting the national currency from Rial to Toman earlier in December 2016.

However, it decided to postpone implementation of currency reconversion policy in 2016 due to some reasons including the expressed concerns about the time unfitting economic conditions which would ignite inflation and economic instability.

The policy basically seeks to facilitate monetary transactions among the Iranians and match the currency being transcribed in official documents and banking bills (rial) with the one utilized in real daily lives of Iranians (Toman). 

Rial has practically been replaced by Toman in daily transactions as the result of the cumulative inflation over the recent years.    

https://www.tehrantimes.com/news/438790/Cabinet-OKs-taking-zeroes-off-currency

[screwball]

Cabinet approved....majlis has already approved maybe need new vote and we neeed guardian council approval 

[screwball]

As a matter of fact, economic stability and single-digit inflation rate are the most significant prerequisites of implementing currency reconversion while Iran is experiencing none of the named factors.

Currency reconversion per se would have an inflationary effect. To curb its inflationary impact, it must be done simultaneous with taking contractionary measures and modifications in monetary policies.

In addition, printing new banknotes and injecting them to the market would impose an amount of costs on the shoulder of the central bank.

Addressing the issue in an interview with the Tehran Times, the Iranian economist and President of Iran World Trade Center Mohammad Reza Sabzalipour said that “the government aims to hit several targets with one shot.”

 

[screwball]

Hmmmm...really naysayers 

 

Inflation rate stands at 8.7% in Iran

1. Economy

February 25, 2017

 

TEHRAN - The Central Bank of Iran (CBI) has announced that the inflation rate for the 12-month period ended in the last day of the eleventh Iranian calendar month of Bahman (February 18) compared to the same period in the previous year hit 8.7 percent, Tasnim news agency reported.

The CBI had put the inflation rate for the 12-month period ended in the last day of the tenth calendar month of Dey (January 19) at 8.6 percent compared to the same period in the past year.

Meanwhile, the CBI put the point-to-point inflation rate at 7.1 percent in Bahman.

The central bank of country has announced that the inflation rate in the past Iranian calendar year, which ended on March 19, 2016, stood at 11.9 percent.

Curbing inflation was one of the major promises by Iranian President Hassan Rouhani during his presidential campaign. Under the previous administration, inflation skyrocketed to cross 44%. 

MA/MG

[screwball]

TCCIM pushes for exchange rate unification

1. Economy

June 15, 2016

 

TEHRAN- In its 15th monthly meeting of board members, Tehran Chamber of Commerce, Industries, Mines & Agriculture (TCCIM) finalized its statement, calling for the government to adjust a unified foreign exchange rate.

The TCCIM members unanimously admitted that large fluctuations of foreign exchange rate have repressed demand and faced production with recession, while unreal valuation of the national currency has paved the way for financial corruption, intransparency, and rent-seeking. Fixing a unified foreign exchange rate, as they asserted, would buffer domestic production, exports of domestic products, combat smuggling of goods into the country, and result in indigenous growth.

During the two-hour meeting, the head of TCCIM Masoud Khansari, in his short speech, put the volume of exports in the first two months of the current Iranian calendar year 1395 (started March 20, 2016) at $6.8 billion, showing a 15 percent decrease and imports at $5.5 billion, registering a 13.5 percent drop, compared to the same to the same period last year. The Industrial Production Index (IPI) in the last three months of 1394, as Khansari said, registered a 4.6 percent growth, compared to the same time in the preceding year.

Earlier in February and in support of the government’s designated frame for exchange rate unification, Khansari said that since the single exchange rate has nothing to do with the government’s forex reserves, the single rate regime can trigger an economic boom, provided that markets determine the rates, Fars news agency reported at the time.

Iran has been using a dual exchange rate system since 2012 when international economic and banking restrictions on the country were tightened due to its nuclear program. 

 

[screwball]

Single rate economic boom who would have da thunk!

[screwball]

 

Iran’s forex, gold reserves at $135.5b in 2016: CIA

1. Economy

January 23, 2017

 

TEHRAN – The value of Iran’s foreign exchange and gold reserves stood at $135.5 billion in 2016, showing a $25.5-billion increase compared to its preceding year, according to a survey conducted by the CIA.

Iran owned $110 billion worth of foreign exchange and gold in 2015, Tasnim news agency reported on Monday, citing the CIA data.

Having $13.5 billion of reserves of foreign exchange and gold, the country ranks 16th among the 170 countries studied in the CIA’s survey.

As reported, Iran’s reserves of foreign exchange and gold in 2016 surpassed those of Italy, England, the U.S., Turkey, Canada, and Spain.

China possessing $3.092 trillion of reserves of foreign exchange and gold ranked first in CIA’s list, followed by Switzerland with $602 billion worth of reserves. 

Somalia with $30 million of reserves of foreign exchange and gold was the last country in the list.

HJ/MG

[screwball]

Iran outstrips U.S. in gold, forex reserves: CIA

1. Economy

January 24, 2018

 

TEHRAN- A document released on the website of the U.S. Central Intelligence Agency (CIA) shows that Iran outstrips the United States in terms of reserves of foreign exchange and gold.

Iran’s reserves of gold and forex in 2017 stood at above $133.7 billion and the country comes 19th among 175 countries in the world, according to CAI’s released document known as the World Factbook.

China tops the list with $3,098 trillion worth of foreign exchange and gold reserves, followed by Japan with $1,217 trillion.

The U.S. comes after Iran in the list with $117.3 billion of gold and foreign exchange reserves.

[screwball]

Now for all you experts! How much gold do they have? Who said Iran will be a powerhouse? Which President? Which debate? Oh that’s right terrible inflation? What as low as 8-9%? How much gold? How much currency reserves? How much forex reserves? Here ending the lesson!

[yota691]

Iran adjusts its currency and subtracts 4 zeroes from it

 

August 1, 2019 - 10:44 AM 
Number of readings: 29 ━ Section: Business 

 

Follow / step Press

The Iranian government today approved the change of the Iranian currency from the riyal to the tuman, and comes at a time when the country suffers from economic problems under the US sanctions led to the decline of the currency.

The Iranian government has also decided to delete four zeros from its national currency, which has fallen about 200 percent against the dollar on the black market (parallel) since the beginning of 2018, according to the data of the site Bonbast, a specialist in tracking the Iranian currency.

The Iranian government's decision now needs to be approved by Parliament and the Committee for the Maintenance of the Constitution and then by President Hassan Rowhani to become official.

The Fars News Agency reported last April that the economic committee of the Iranian cabinet is considering the proposal to change the currency to the Toman. The agency said that the Central Bank of Iran will set a gradual transition period of 24 months to withdraw the old banknotes and replace them with new notes.

By eliminating the four zeros, Iran aims to facilitate and restore the role of payment instruments in local monetary transactions, reduce the cost of printing and publishing paper currency, and maintain the viability of the monetary system over the coming years, in addition to facilitating the exchange of the national currency against other international currencies.

The Iranian currency has seen a sharp fall in the exchange rate against the US dollar over the past two years due to the deteriorating economic situation and rising inflation, as well as the economic sanctions the United States has given Tehran after the White House administration withdrew from the Iranian nuclear deal.

[yota691]

7 minutes ago, screwball said:

Here ending the lesson!

In the future please provide links to the original article I add one to your article's you posted, the others are just to a news site. Thanks..and GM DV

[82Corp.]

Real lesson, there's a "screwball" from Iran on the loose!

 

Q

[utah rock]

7 hours ago, screwball said:

 

Poor argument...why are sanctions in place...you should listen to your president more!

First and and last, I’m not making an argument, just stating an opinion. I could care less about Iran and their currency. As for listening to the commander and chief, well he lies.... daily. The fact that so many people are willing to causally look the other way when it comes to this mans integrity and morality is between those people and god. 

I wish you luck and love and only the best screwball. If it at all helps, I very well could be wrong, won’t be the first time and definitely won’t be the last🙏 

[miquel]

12 minutes ago, utah rock said:

First and and last, I’m not making an argument, just stating an opinion. I could care less about Iran and their currency. As for listening to the commander and chief, well he lies.... daily. The fact that so many people are willing to causally look the other way when it comes to this mans integrity and morality is between those people and god. 

I wish you luck and love and only the best screwball. If it at all helps, I very well could be wrong, won’t be the first time and definitely won’t be the last🙏 

I think by "argument" he/she means making a case for your point, not actually engaging in an argument.

[Calijim]

If sanctions continue to  increase it will just make it easier to add zeros back again.🐪🐪🐪🐪🐪🐪

[Carrello]

12 hours ago, screwball said:

What I can tell you in strait of hormuz I’m protected..no issue here...hezbollah taken care of no funding...and complaining about it on twitter of all the places....Iran’s secret stash of nuclear weapons over in Syria taken care off last year by the best President every, DJT and I am nit even American! And my world bank contact said Iran was ready to delete zeros years ago....well ahead of Iraq...but this was years ago...

Hi Screwball. Can you please post a link and guide me to where I can find information on Iran's storing of nuclear weapons in Syria that trump has taken care of. Thanks! Appreciate your time.