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Iran to delete 4 zeroes from the national currency


yota691
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12 minutes ago, screwball said:

Iran’s is set...they Re connected to over 1600 foreign currency exchanges world wide, they have been connected to swift, target 2 and Chips...all payement systems Re go!

 

 

Screwball, can you help with a link to article where you got this info, or a website with the info. Thanks.

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22 hours ago, navira said:

Although the deletion of zeros does not really add to the strength of the currency unless it is accompanied by economic measures and reforms that support system' target='_blank' style=" rel="">support system" rel="">support the local currency, such as attracting foreign investment andproviding sources of foreign exchange...iran has an exchange platform in Dubai recently as well as in iraq. They have already stated the foreign market exchange will start on Aug 12 from this statement:The new foreign exchange market, which is expected to start operating by August 12, will bring transparency to the offer of foreign exchange securities. "

Thanks navira, let's see what happens on 12 August. 

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On 8/6/2019 at 6:01 PM, ChuckFinley said:

Thanks navira, let's see what happens on 12 August. 

The CBI in question is Central Bank of Iran and posted August 5, 2019

 

TEHRAN, Aug. 05 (MNA) – Central Bank of Iran’s forex market will be inaugurated later than the predetermined date i.e. August 12, 2019, an official from the central bank (CBI) said on Monday.

 

Informing that the decision has been made under the direct order of the governor of the CBI, the official added that performing the required experimental tests have been commenced.

 

In early January, Money and Credit Council (MCC), the highest banking policy-making body of CBI, approved establishment of an integrated forex market as the CBI aims to explore the real volume of demand and supply in the foreign currency market through a new mechanism.

While this mechanism is planned to organize the transactions in the forex market between the exchange shops, some also say that it may omit other exchange rates, including NIMA rate, gradually.

 

NIMA (Iran’s Forex Management Integrated System) has been launched in early July to allow the exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products.

 

On May 25, some news websites reported that NIMA will be omitted once the integrated forex market is launched, although CBI governor dismissed the news, saying that NIMA is a pivot of the foreign currency exchange and trade related activities in the country and it will not be omitted from the forex market at all.

 

While CBI does not support the idea of omitting NIMA, some are supportive of such an approach and say that an integrated forex market can replace NIMA.

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Iran plans to cancel 700 million rial banknotes

2019-08-08

Iran plans to cancel 700 million rial banknotes

 

Iran's central bank chief announced on Thursday a plan to cancel 700 million rial banknotes and inject a new edition as part of the conversion to the Toman.

"A plan to cancel 700 million rial banknotes and inject a new edition as part of the conversion of the toman," Hemti was quoted by Fars news agency as saying. 

"With the enactment of the abolition of the four zeros from the national currency, the currency coins will be permanently removed from the dealings of the people," he said.

It is noteworthy that the Iranian cabinet prepared a draft law to cancel 4 zeros from the national currency of the riyal and converted to the name of the toman.
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18 minutes ago, pokerplayer said:

 

 

Use extreme caution Jaygo. There is compelling evidence that it could go either way at this point.

 

  pp

Oh hell Im always down with a gamble. I dropped some money on IQD 12+ years ago when everyone told me not to. May as well get a little nibble of the Rial also!! 😬 I don’t even know where to go to buy it!! Several sites don’t even sell it. 

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On 8/6/2019 at 5:24 PM, screwball said:

My opinion and only based on their articles at least $1.20

 

That's how I've been reading it!!  But, who knows right?! :cheesehead:

 

2 hours ago, screwball said:

Only invest what you can afford to loose...me however I like to win big or loose big...no in between I am all or nothing type of guy..

 

tenor.gif?itemid=13719186

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A report shows that Iran should spend around $160 million to implement a plan for overhaul of the national currency rial.

The report published by official IRNA news agency on Wednesday estimated that plans for redenomination of Iran’s rial by slashing four zeros from the currency and renaming it to toman would cost the government some 19.16 trillion rials ($159.7 million).

The projections were based on estimates about the total number of banknotes currently in circulation in the Iranian economy which the IRNA said was about 8.8 billion, including the legal tenders issued and stamped by the banks to facilitate transactions.

The report said the government would have to spend 2,240 rials ($0.018) for the destruction and replacement of each current banknote.

The government announced its plan for overhaul of the rial last month, more than a year after the currency hit historic lows against major international currencies and following US decision to re-impose a series of economic sanctions on Iran.

PressTV-Iran govt. approves to drop four zeros, revert to toman

The Iranian government has approved to revalue its rial tenfold and revert to the currency’s old name, the toman, the Fars news agency reported on Wednesday.

The plan has sparked a real controversy in the economic circles inside Iran as some believe it would further deepen the current economic woes of the government by causing more inflation and creating unnecessary administrative expenditure.

Others have supported the scheme, saying it would simplify transactions and would help the government save more by stopping to issue billions of devalued notes and coins each year.

The IRNA report estimated that the rial overhaul plan would save the government some $11.5 million each year.

Based on the scheme, which should be ratified by the Iranian parliament before coming into effect, Iran’s new currency toman, equal to 100 new rials, will be worth 10,000 old rials.

 

I see an RD coming.

 

jmho.

 

 

 

 

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