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yota691

Iran to delete 4 zeroes from the national currency

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1 hour ago, screwball said:

Yeah not until it happens...always doom and gloom and it could just be that...

 

1 hour ago, screwball said:

Exactly...and I have most of them or if not in the entir e thread on rial in this forum.

 

9 minutes ago, navira said:

The new foreign exchange market, which is expected to start operating by August 12, will bring transparency to the offer of foreign exchange securities. "

 

While I am still holding onto a glimmer of hope, I must admit that the candle is close to being burnt out.

 

  Cheers and thank you screwball for all the positive posts. Navira, I am hanging, or trying to as well.

 

   pp

Edited by pokerplayer
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The plan has to go to this process:

Cabs already approved the plan of raising the value tenfold according to this statement: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 parliament/guardian of council has to vote or approve it

The president needs to sign off on it

The CBI then executes the plan and the plan is this: 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.

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I'd be happy to go to Dubai to exchange my rial....the place is wonderful. Cheers

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46 minutes ago, navira said:

I'd be happy to go to Dubai to exchange my rial....the place is wonderful. Cheers

 

I would love to go to Dubai as well. Been there about 20 times. I love the place.    :)  

 

pp

 

 

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I have never been there either, I would love to go also.  We should all plan to meet and fly out together, it will be one heck of a celebration after we cash out! :cheesehead:

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Now, the question is when will their brother Iraq follow suit?

No comment. Ahhhhh, see Im staying out of it!😘

 

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6 hours ago, navira said:

I'd be happy to go to Dubai to exchange my rial....the place is wonderful. Cheers

Yep...I will go there first...I will even go to Iran if I have too..last resort offcourse 

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3 hours ago, screwball said:

Yep...I will go there first...I will even go to Iran if I have too..last resort offcourse 

Just don't wear your maga hat if you go to Iran :lol::lol:

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10 hours ago, navira said:

The CBI then executes the plan and the plan is this: 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.

 

Anyone here besides me and my cup of coffee without whiskey in it, happen to notice this and how similar maybe they're following the same plan Iraq may have set?!!:blink::praying:

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10 hours ago, pokerplayer said:

While I am still holding onto a glimmer of hope, I must admit that the candle is close to being burnt out.

 

  Cheers and thank you screwball for all the positive posts. Navira, I am hanging, or trying to as well

 

We're all hanging in there PP, hoping for the best and putting all this to rest!!  :praying:

Thank you all!!  And best of luck!! :twothumbs:

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 Would you be so kind to direct me to a Iran Rial - Toman thread or chat for exchange instructions and guidance.  Thanks guys.

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6 hours ago, Freedomwish said:

 

We're all hanging in there PP, hoping for the best and putting all this to rest!!  :praying:

Thank you all!!  And best of luck!! :twothumbs:

Truth be told I’m exhausted.... I just got back from a week of vacation. Only been back to work 2 days and I’m ready to quit, 😂 

 

I have so many more plans for my life than the daily grind. Can’t wait to wake up and work at what I want to do, rather than what I have to do to pay the bills. 🤞🏻 We are getting closer. 

 

I wonder how this currency war with China plays into Iraq revaluing or if they have anything to do with each other. 

 

For those following crypto, the Fed just announced yesterday that they are launching a Faster Payments Service 24/7/365 called FEDNOW in 2023-2024. 

 

I would hope we’d all be out of the game well before then. 

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2 minutes ago, NEPatriotsFan1 said:

I would hope we’d all be out of the game well before then. 

 

Faith and whiskey will be with you and all here bro.  I'm soooooo done with this, I just want to redo and restart my life completely and the same for my family.  Hang in there man.:praying:🍺

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At one time I was square with the world and riding high in the saddle. Over the past few years, due to financial and health issues, I NEED this to happen. A windfall, lottery, Dinar RV, ANYTHING!!! This was once fun. Daydreaming about what I would do post RV for myself and those around me. Hanging in there but just plain tired. Apologies for the unload...

 

 

 

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Sanction-hit Iran to slash zeros from falling currency

Iran's gov't approved plan to slash four zeros from national currency

Syed Zafar Mehdi   |31.07.2019
 
Sanction-hit Iran to slash zeros from falling currency
 
https://www.aa.com.tr/en/economy/sanction-hit-iran-to-slash-zeros-from-falling-currency/1546101

TEHRAN

The Iranian government on Wednesday approved a plan to slash four zeros from the national currency rial, in a move seen by experts as “too simplistic”. 

According to a statement posted on the government’s website, the move aims to bring radical reform in the country’s monetary system, including changing the name of the country’s monetary unit from ‘rial’ to the commonly used ‘toman’. 

“The new national currency toman will substitute the rial. Each toman will be equivalent to 10,000 rials,” the website said. 

The plan still has to be approved by parliament and a powerful clerical body before it takes effect. 

No details have been divulged yet about the proposal but 120,000 rials equal to one U.S. dollar at present will be equal to 12 tomans after the plan is sanctioned. 

The proposal was pitched earlier this year by Iran's central bank after the currency plunged to new depths due to economic sanctions imposed by the U.S. administration of Donald Trump against Iran. 

The proposal had been doing rounds since 2008 but the pitch became stronger after rial lost more than 50 percent of its value last year following the U.S. sanctions. 

The sharp devaluation of rial affected Iran’s foreign trade last year, resulting in fourfold hike in inflation towards the end of the year. 

Despite a minor recovery in past few months, the currency continues to trade at about 120,000 rials per U.S. dollar in the unofficial currency market. The official rate differs from the unofficial one. 

Iran’s financial market has always been marked by instability and multiple exchange rates, which includes the official rate, open market rate, and NIMA rate that pertains to online currency system launched by Iran’s central bank in April 2018. 

There is a sharp contrast in these rates and efforts towards rate unification have proved unsuccessful. 

Market analysts blame multiple rates for market instability and corruption. 

“The multiple currency rates and failure to organize the market is one of the important factors in devaluation of national currency over the years,” Mahmoud Ghasemi, a market analyst, told Anadolu Agency. 
 

‘Too simplistic’ 

A government official from the finance ministry said the decision to slash four zeros from the national currency had been in the pipeline for quite some time. 

“The cabinet had received the request from the central bank and finally gave its approval,” he told Anadolu Agency on conditions of anonymity. 

“It is a step towards fighting devaluation of rial and bringing semblance of stability to the financial market, but needs to be passed by the parliament.”

While slashing zeros from the national currency is being seen as a move that was long overdue, experts believe that for long-term results the economic policy needs to be overhauled. 

“The lopping off of zeros from the tanking rial is a long time coming. Such stories appear, disappear and reappear at irregular intervals,” Amin Sabooni, deputy chief editor of Iran’s leading business newspaper Financial Tribune, told Anadolu Agency. 

“Shaving off zeros will not help. It is the government economic policy that needs infusion of oxygen,” he said. “Even in the short term, it will not deliver but I do hope I am wrong.” 

Mohsen Tavakol, an Iranian entrepreneur and analyst, said the idea of slashing zeros from the rial to strengthen the government’s currency policies is “too simplistic”. 

“The value of national currency depends on many factors including country’s access to international trade, efficiency of government policies, foreign investments and more,” he said. 

“It should be seen as a psychological move to boost the confidence of citizens in the government as well as the currency.” 

Tavakol hastened to add that the slashing of zeros alone will not deliver desirable results as the circle of devaluation will continue due to present economic circumstances.

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8 minutes ago, Rugbylaird19 said:

At one time I was square with the world and riding high in the saddle. Over the past few years, due to financial and health issues, I NEED this to happen. A windfall, lottery, Dinar RV, ANYTHING!!! This was once fun. Daydreaming about what I would do post RV for myself and those around me. Hanging in there but just plain tired. Apologies for the unload...

 

 

 

 Hang in there, been here a long time too, but this is the most progress we've ever witnessed.

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34 minutes ago, Rugbylaird19 said:

At one time I was square with the world and riding high in the saddle. Over the past few years, due to financial and health issues, I NEED this to happen. A windfall, lottery, Dinar RV, ANYTHING!!! This was once fun. Daydreaming about what I would do post RV for myself and those around me. Hanging in there but just plain tired. Apologies for the unload...

 

 

 

Hang in there RL--I, too, am in the same shape due to financial and health issues--plus I have a boss as of almost 2 years who apparently detests me, even though they've never taken the time to get to know me--and I live with the thought I could be fired any day--which would be financially disastrous for my family. I am praying this RV's any day--for all of us.

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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."

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20 minutes ago, 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."

 

"FOR SOME REASON, the rial has been devaluated........." he says.  😂

Gee, what could the reason be?  :shrug:

 

Anyway, I'm thinking, if the Rial is calculated on the price of gold, even if they lop off 4 zeros it should be worth something, right?

 

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6 minutes ago, Floridian said:

 

"FOR SOME REASON, the rial has been devaluated........." he says.  😂

Gee, what could the reason be?  :shrug:

 

Anyway, I'm thinking, if the Rial is calculated on the price of gold, even if they lop off 4 zeros it should be worth something, right?

 

My opinion and only based on their articles atleast $1.20

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      This is the history of the currency in Iran .. Why Tehran will delete the zeros from its banknotes?
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