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Iran to delete 4 zeroes from the national currency

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15 minutes ago, fishing said:

Did not know Iraq deleted 3 zero from there currency in 2015!

 

2 minutes ago, Half Crazy Runner said:

 

Huh??? 🤔

DV, I would sure like to get some of what those folks were "Smoking" when they wrote the above article.  WTH.... 🙄🤔😁

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2 hours ago, Gunnytex said:

For all the Lopsters out there......

This what a Lop looks like .

A drastic measure to deal with run away Hyperinflation.  

They will try this and it may work....for a while, but with crippling sanctions it's probably doomed to fail , long term.

Venezuela is even worse... Run Away Hyperinflation.   A mirrored image of 1923 Weimar Germany.

You nailed it Gunnytex,..... Great comment 🏆👍🏼

 

Edited by Laid Back
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1 hour ago, yota691 said:

and Iraq in 2015, when 3 zeros of the Iraqi dinar were deleted

 

18 minutes ago, Laid Back said:

You nailed it Gunnytex,..... Great comment

 

LB, what's your take on 3 zeros deleted in 2015??

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1 minute ago, screwball said:

LOL...oh the misinformed...let’s wait and see there’s a whole thread on rial might I suggest you read it all..

 

How about a quick synopsis SB? 

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1 hour ago, climber7 said:

 

 

LB, what's your take on 3 zeros deleted in 2015??

Total BS. It never happened.

 

 

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why should I be concern about Iran dropping their zeros?

I could see if this was Iraq.  Is the hype thinking Iraq will follow?

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21 minutes ago, army03 said:

why should I be concern about Iran dropping their zeros?

I could see if this was Iraq.  Is the hype thinking Iraq will follow?

army03,

You shouldn’t be concern my friend, Iran is doing a redenomination or LOP, the total opposite of what Iraq want to do with the dinar.

Keep calm and relax, don’t pay attention to the hype.

We have seen an overwhelming amount of progress, we are getting close.!

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Shabibi & Company have kept inflation in check at or around 2 % .    Very Good Job.   So no need to LOP. or Redenominate. 

The plan has always been to return value to the IQD when conditions were met.

The author of that piece on Iran's currency probably read a 2015 article or two on Iraq's desire to delete the Zeros.,without doing his research to learn what they meant by that.  Reducing the note count....the 3 zero note count.

He just skimmed the articles and lumped Iraq into previous monetary intervention disasters like Turkey, Venezuela and Iran.     

We are all well versed at this point and know the difference. He doesn't 

Edited by Gunnytex
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Iran has talked about wanting to return the rial to its true worth weighted against gold and silver....value over 1.00...rial is called toman on the street..people were asked to vote on name of new currency they choose rial....majlis which is parliamane have approved. Four Years several years ago, cabinet wanted one zero, majlis said if you remove one you might as well remove four. Now parliament has approved four again...this will come down to cabinet and guardian council..Iran is connected to swift, target 2 (euro) and chips....as well as connected to travellex which gives them access to over 1200 monetary exchange outlets. If you think they will lop then you are mistaken...now the question wis what trump wants...he wants them to rejoin the international monetary system? He was them to stop funding terrorism which they have because hezbollah have been complaining on Twitter threat funding has stopped and they have no money! And trump also said the must also stop quest for nuclear weapons. Also think about to presidential,debate he said that he thinks and then knows Iraqi will be a power house? Figure it for yourself.

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3 hours ago, Laid Back said:

army03,

You shouldn’t be concern my friend, Iran is doing a redenomination or LOP, the total opposite of what Iraq want to do with the dinar.

Keep calm and relax, don’t pay attention to the hype.

We have seen an overwhelming amount of progress, we are getting close.!

Really what do you base that opinion on? 

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Lol screwball...Agree. I keep telling people to wait on Sunday for their another announcement...smh. I made a calculation on it just base on what I had gotten from the news info...but people jumped on the ideas of a lop..we wait and see in few days ahead. Cheers

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50 minutes ago, screwball said:

Really what do you base that opinion on? 

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.

 

54 minutes ago, navira said:

Lol screwball...Agree. I keep telling people to wait on Sunday for their another announcement...smh. I made a calculation on it just base on what I had gotten from the news info...but people jumped on the ideas of a lop..we wait and see in few days ahead. Cheers

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

 

 

 

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8 minutes 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

 

 

 

tenor.gif?itemid=11732129

 

Kidding. But the gif is classic. 

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LB, here it is...base on this.

 
 
 
 
 

Iran plans to cancel 4 zeroes from the value of the local currency

now if they are saying what I think is what they are saying. The official rate is 42, 000 rials to 1 dollar (or 1 rial = .0000238cents)as oppose to the parallel market rate. If they are getting rid of the 4 zeroes from the value...--->1rial = .238dollars(this is after getting rid of the 4 zeroes)....

now I know this is too far fetch...but this was their plan all along...back in 2012...Reuters) - Iran plans to revalue its rial tenfold and revert to the currency's old name, the toman, according to a bill approved on Wednesday by President Hassan Rouhani's cabinet, the official Islamic Republic News Agency (IRNA) said.

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And oh yeah....50 % inflation is not too high of an inflation as anyone would call as oppose to Venezuela or zimbabwe

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

Wed Jul 31, 2019 07:44AM [Updated: Wed Jul 31, 2019 10:36AM ]

The plan has to go before the parliament for vote and final approval by the Guardian Council.

The plan has to go before the parliament for vote and final approval by the Guardian Council.

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 council of ministers, at a meeting presided by President Hassan Rouhani this morning, approved the central bank's proposed bill to change the national currency from the rial to the toman and delete four zeros," it said.

The bill by the Central Bank of Iran (CBI) to remove four zeros from the rial was presented to the government in January, Central Bank governor Abdolnaser Hemmati said then. 

The proposed plan has now to go before the parliament for vote and final approval by the Guardian Council which vets legislation before it takes effect.

Iran had been weighing to drop several zeros from the rial for years, but the idea found traction after the national currency lost more than 60 percent of its value in 2018.

The Wednesday decision was made "to maintain the efficiency of the national currency and facilitate and restore the role of cash instruments in domestic monetary transactions," Fars said.

The reversal to the toman - in use until the 1930s - does away with a duel denomination which many visitors of Iran find confusing. While the rial is the official name, Iranians still make their calculations in toman.

The new toman will be divided into 100 rials - a tenfold redenomination of the current toman which is divided into 10 rials.  

The rial went into a tailspin in anticipation of US sanctions after President Donald Trump decided to pull the United States out of a 2015 nuclear deal with Tehran and vowed “maximum pressure” on Iran's economy. 

The steep drop disrupted Iran’s foreign trade and led to a spike in inflation as commodity prices shot through the roof, prompting the country to take drastic measures to arrest the downward spiral.

Those measures have helped the rial regain some of its value, trading recently at a rate not seen in months against major foreign currencies.

On Wednesday, the currency was trading at about 120,500 rials per US dollar on the unofficial market, up from its historic lows around 190,000 last September.

Iran’s currency began to slump in December 2017 when the government cut interest rates on saving bank accounts.

What initially appeared to be a controlled depreciation of the rial in a bid to boost local production and exports got out of hand later when the US announced pulling out of the nuclear deal and reimposing sanctions on Tehran.  

The government’s later measures, including capping the official rate at around 45,000 rials to the dollar, exacerbated the slump because it created a network of underground foreign exchange traders.

According to leading US news magazine Foreign Policy, messaging applications were the platforms of choice by currency traders and middlemen for deliberate circulation of rumors and fake news to push the value of the dollar. 

https://www.presstv.com/Detail/2019/07/31/602314/Iran-currency-rial-central-bank-sanctions-US

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  Forex  currency exchange  indicates n that  one iranian rial  is worth $42000 USD . 

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2 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

 

 

 

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?

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I would also add that according to my world bank contact Iran was ready to remove four zeros well over 5 years ago..well ahead of Iraq. So if your screwed up moral code has stooped you from taking a risk then tough for you...

Edited by screwball
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17 minutes ago, dinarham said:

  Forex  currency exchange  indicates n that  one iranian rial  is worth $42000 USD . 

Yep and Iran has developed their currency no one else 

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    • By DWS112
      This is the history of the currency in Iran .. Why Tehran will delete the zeros from its banknotes?
      8/16/2019

       
      Mohammad Rehmanpour-Tehran
       
      For decades, governments of many countries have benefited from the benefits of deleting zeros from their local currencies, to facilitate their use among people, reduce printing costs, control inflation and strengthen the position of the local currency among countries.
      After rounds of negotiations over the years, the Iranian government approved a proposal by the central bank in January this year to remove the four zeros from the local currency, and the proposal was submitted to the Iranian parliament for approval.
       
      Since the reign of the Achaemenids to date, more than 50 different currency types have been used in Iran, such as the Achaemenid Drake, the Dirham, the Sassanian dinar, the Shah, the Abbasid Safavid, the Toman, and the Qajar Koran to the current rial and dinar.
       
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      But according to the central bank's plan, the toman would become the official currency of Iran as an alternative to the rial. Four zeros will be deleted from the official currency.
       

       
      Toman Original currency

      The Toman will become the original currency of Iran, while the riyal remains the sub-currency, each 100 riyals constitute one toman.
      For its part, the Central Bank announced the start of the process of collecting used money and exchange of new money within 24 months after the approval of Parliament.
       
      "The value of the Iranian national currency has fallen by 3,500 times since 1971, and the exchange rate of the Iranian riyal against foreign currencies (the dollar) is 0.000008. In dollars. "
       
      He added that there are currently seven billion banknotes in the country, but the number will fall to three billion after the exchange of the riyal Altoman. This will facilitate trade and exchange between people and reduce the cost of printing money.
       
       Divergent views
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      says Ali religious Turkmen professor Tehran University and faculty member at Institute Studies and Research business in his speech to island "took this decision result continuous inflation years now which contributed zooms numbers."
       
      He pointed out that the basic elements of currency stability and control of inflation are not achieved when changing the currency and deleting zeros, Turkey has a similar experience in the deletion of six zeros from its currency in 2005, but the plan would not have benefited the Turkish economy without Turkey's involvement in the European market and attract head Foreign money and the correct management of the economy.
       
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