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yota691

Iran to delete 4 zeroes from the national currency

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On 8/7/2019 at 6:50 AM, screwball said:

It is planned to remove zeros off currency and make the rial value real," Iran's government website quoted Ahmadinejad as saying. "The value of rial, under the law, is calculated on the basis of the price of gold. For some reason, the rial has been devaluated and we have to return its value to the one existing in the law."

Yep....make it real..

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The price of the Rial is pegged on the gold market, therefore the value of a Toman will increase with a change of denomination from Ten Rials to one Toman to Ten Thousand Rials to one Rial. The most current economic law I could find is six decades old, 13th March 1932 https://en.m.wikipedia.org/wiki/Pahlavi_Gold_Coins

 

One Rial is equal to 0.033322882 grams of gold; $48.1347 per gram of gold (current spot price).

 

$1.60 per Rial

 

With One Toman equal to 10 Rial then One Toman equals $16.00

 

With a change of One Toman Equal to Ten Thousands Rials then One Toman equals $16,000 per Toman.

 

Therefore a Re-Domination of the Rial increases the value of the Toman at the same time it pegged the currency on Gold.

 

Just my 2 cents, still not sure how it works. This is just the logical flow I see.

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5 minutes ago, screwball said:

Yep....make it real..

SB, what is existing value in the law?

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2 minutes ago, ametad said:

The price of the Rial is pegged on the gold market, therefore the value of a Toman will increase with a change of denomination from Ten Rials to one Toman to Ten Thousand Rials to one Rial. The most current economic law I could find is six decades old, 13th March 1932 https://en.m.wikipedia.org/wiki/Pahlavi_Gold_Coins

 

One Rial is equal to 0.033322882 grams of gold; $48.1347 per gram of gold (current spot price).

 

$1.60 per Rial

 

With One Toman equal to 10 Rial then One Toman equals $16.00

 

With a change of One Toman Equal to Ten Thousands Rials then One Toman equals $16,000 per Toman.

 

Therefore a Re-Domination of the Rial increases the value of the Toman at the same time it pegged the currency on Gold.

 

Just my 2 cents, still not sure how it works. This is just the logical flow I see.

This would be what SB is referring to in Iran law....I supposed?

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4 minutes ago, ametad said:

The price of the Rial is pegged on the gold market, therefore the value of a Toman will increase with a change of denomination from Ten Rials to one Toman to Ten Thousand Rials to one Rial. The most current economic law I could find is six decades old, 13th March 1932 https://en.m.wikipedia.org/wiki/Pahlavi_Gold_Coins

 

One Rial is equal to 0.033322882 grams of gold; $48.1347 per gram of gold (current spot price).

 

$1.60 per Rial

 

With One Toman equal to 10 Rial then One Toman equals $16.00

 

With a change of One Toman Equal to Ten Thousands Rials then One Toman equals $16,000 per Toman.

 

Therefore a Re-Domination of the Rial increases the value of the Toman at the same time it pegged the currency on Gold.

 

Just my 2 cents, still not sure how it works. This is just the logical flow I see.

AT, now ur talking my language, haha....doesn't this rate ring a bell to anyone?(rate of the dinar what once Dr Shabibi said that dinar could reach as high as 16dollars per dinar...wink)

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3 minutes ago, navira said:

AT, now ur talking my language, haha....doesn't this rate ring a bell to anyone?(rate of the dinar what once Dr Shabibi said that dinar could reach as high as 16dollars per dinar...wink)

Haha man that would be crazy but amazing 

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3 hours ago, navira said:

AT, that is correct...

 

So far I have deduced that currently the value is at;

 

1 USD : 42,000 Rial

1 USD : 4,200 Toman

 

Working the math in the other direction.

10,000 Rial : 0.238 USD

10,000 Toman : 2.381 USD

If, however, the rate is 40,000rials = 1 USD , then the rate would be a little higher on both rials n toman. Cheers

2.381 looks great to me close to Bahrain’s and Oman’s rate!

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2 hours ago, navira said:

This would be what SB is referring to in Iran law....I supposed?

Pretty close imho 

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Come on, I ready to see this. I don't hold Rials but I am pumped to see you guys get this.  :bravo:

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6 hours ago, navira said:

SB, what is existing value in the law?

I will have to search the archives...I did read it somewhere

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10 minutes ago, ChuckFinley said:

Come on, I ready to see this. I don't hold Rials but I am pumped to see you guys get this.  :bravo:

 

Morning Chuck, have a great day !

 

pp

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2 minutes ago, screwball said:

I will have to search the archives...I did read it somewhere

 

Heres hoping today is the day we have been waiting for Screwball !! With the dinar close behind !!

 

   pp

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1 minute ago, Miamiheatnic said:

Any news?  So did the rial end up being worth a lot. 

 

No Information yet. Still in waiting mode to see if she's an RV or a LOP.

 

  pp

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4 hours ago, pokerplayer said:

 

Morning Chuck, have a great day !

 

pp

Just checking in to see how you are doing - on standby.  :twothumbs:

3 minutes ago, Miamiheatnic said:

Hoping for a RV.  If that really happened, there no way IRAQ isn't far behind haha.  Cheers to RVs for everyone!

I am hoping this becomes the catalyst to get Iraq across the finish line.  

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1 hour ago, ChuckFinley said:

Just checking in to see how you are doing - on standby.  :twothumbs:

I am hoping this becomes the catalyst to get Iraq across the finish line.  

Yes for sure..  It's all pretty exciting nonetheless.

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44 minutes ago, Miamiheatnic said:

Yes for sure..  It's all pretty exciting nonetheless.

I hear you. The dominos are starting to fall. 

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7 hours ago, pokerplayer said:

 

No Information yet. Still in waiting mode to see if she's an RV or a LOP.

 

  pp

Right there with you. 

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2 minutes ago, ChuckFinley said:

Right there with you. 

 

Thxs Chuck, fingers, and toes crossed... lol

 

  pp

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28 minutes ago, pokerplayer said:

 

Thxs Chuck, fingers, and toes crossed... lol

 

  pp

Ok  I am on Stand-by.

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6 minutes ago, ChuckFinley said:

Ok  I am on Stand-by.

 

Depending on how it turns out and I don't to excited, I will post what ever I have for you Chuck.

 

  Love your positive attitude for sure.

 

   pp

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