Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

After its implementation in Iran, is it possible to cancel the dollar exchange rate in Iraq


yota691
 Share

Recommended Posts

627b692c4c59b76ee81c2991.jpg?v=165225834
 

Earth News/ The head of the Iranian Planning and Budget Organization, Masoud Mir-Kazemi, announced that the official exchange rate set at 42 thousand riyals to the US dollar is no longer valid, according to the budget law for the current fiscal year.

Mir-Kazemi explained that all state revenues will be sold according to the exchange rate in the electronic “Nima” organization (designated for the presentation of foreign currency by exporters and selling it to importers).

This comes at a time, when the official price of the dollar was set at 42,000 riyals, allotted to cover the import of basic commodities.

Mirkazemi added that the first phase of the subsidy reform plan does not include bread and medicine, noting that the volume of subsidies for basic commodities exceeds $20 billion annually.

  • Upvote 1
  • Pow! 2
Link to comment
Share on other sites

The Iranian toman is a superunit of the official currency of Iran, the rial. One toman is equivalent to ten rials. Although the rial is the official currency, Iranians use the toman in everyday life. Originally, the toman consisted of 10,000 dinars.

  • Upvote 3
Link to comment
Share on other sites

Wednesday, May 11, 2022        

Currency of Iran

Iranian Currency


The Iranian Rial is the currency of Iran. The ISO 4217 code is IRR, and the unicode "﷼" is ﷼.
Though "Toman" is no longer an official unit of Iranian currency, but Iranians commonly express amounts of money and prices of goods in Tomans (1 Toman = 10 Rials). Despite this usage, amounts of money and prices of goods are virtually always written in Rials.

 

The Rial was first introduced in 1798 as a coin worth 1,250 dinars or one eighth of a Toman. In 1825, the Rial ceased to be issued, with the Qiran of 1,000 dinars, one tenth of a Toman, being issued as part of a decimal system. The Rial replaced the Qiran at in 1932 at a rate of 1 Rial = 1 Qiran and 10 Rials = 1 Toman, the Rial was also divided into one hundred (new) dinars.

Prior to decimalisation in 1932, these coins and currencies were used, and some of these terms still have wide usage in Iranian languages and proverbs.

 

Old currency name    In Dinar    Issued by
Shahi    50 Dinars    Samanid Dynasty
Mahmoudi (Sannar)    100 Dinars    Sultan Mahmoud, Qaznavid Dynasty
Abbasi    200 Dinars    Shah Abbas I, Safavid Dynasty
Naderi (Dah-Shahi)    500 Dinars    Nader Shah, Afsharid Dynasty
Qiran    1000 Dinars    Fath Ali Shah, Qajar Dynasty
Rial    1250 Dinars    Fath Ali Shah, Qajar Dynasty
Do-Zari    2000 Dinars    Qajar Dynasty
Panj-Zari    5000 Dinars    Qajar Dynasty
Toman    10000 Dinars    Ilkhanate

 

  • Thanks 2
Link to comment
Share on other sites

After its implementation in Iran, is it possible to cancel the dollar exchange rate in Iraq

 

1,907 Policy 2022/05/11 20:16 Baghdad today -

Special , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Wednesday, about the possibility of canceling the dollar exchange rate in Iraq after implementing this step in Iran. Saleh said in a statement to (Baghdad Today), that "the step taken by Iran means its official exit from the dollar area, whether in settling its foreign transactions with the world or in building its foreign reserves, and accordingly, it will deal with all existing international currencies and will allow the circulation of reserve foreign currencies in various forms, except for the United States dollar. He added, "Perhaps the exchange rate of the Iranian currency will be based in the future on the currency basket system, excluding the dollar, which means Iran will leave the International Monetary Fund system entirely, in addition to the embargo imposed by the United States on Iran since 2011, which stopped any Iran's dealings with the world in the currency of the United States of America." Saleh added, "Iraq is completely different from Iran, as it is located within the dollar area, and its oil payments and foreign payments are closely linked to the US dollar and to the policy of a fixed exchange rate between the dinar and the dollar only." He pointed out that "the exchange rate policy is flexible, as the dinar is linked with other reserve currencies, such as the euro, the Japanese yen, the pound sterling, and others."

  • Thanks 4
Link to comment
Share on other sites

 

After its implementation in Iran, is it possible to cancel the dollar exchange rate in Iraq

1652288587_194226-810x512.jpg
 
News source / Baghdad today

Baghdad Today - Special

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Wednesday, about the possibility of canceling the dollar exchange rate in Iraq after implementing this step in Iran.

Saleh said in a statement to (Baghdad Today), "The step taken by Iran means its official exit from the dollar area, whether in settling its foreign transactions with the world or in building its foreign reserves. Accordingly, it will deal with all existing international currencies and will allow the circulation of reserve foreign currencies in various forms, except for the United States dollar.

He added, "Perhaps the exchange rate of the Iranian currency will be based in the future on the currency basket system, excluding the dollar, which means Iran will leave the International Monetary Fund system completely, in addition to the embargo imposed by the United States on Iran since 2011, which stopped any Iran's dealings with the world in the currency of the United States of America."

Saleh added, "Iraq is completely different from Iran, as it is located within the dollar area, and its oil payments and foreign payments are closely linked to the US dollar and to the policy of a fixed exchange rate between the dinar and the dollar only." 

He pointed out that "the exchange rate policy is flexible with the dinar's link with the rest of the other reserve currencies, such as the euro, the Japanese yen, the pound sterling, and others

  • Upvote 4
  • Pow! 3
Link to comment
Share on other sites

12 hours ago, yota691 said:
627b692c4c59b76ee81c2991.jpg?v=165225834
 

Earth News/ The head of the Iranian Planning and Budget Organization, Masoud Mir-Kazemi, announced that the official exchange rate set at 42 thousand riyals to the US dollar is no longer valid, according to the budget law for the current fiscal year.

Mir-Kazemi explained that all state revenues will be sold according to the exchange rate in the electronic “Nima” organization (designated for the presentation of foreign currency by exporters and selling it to importers).

This comes at a time, when the official price of the dollar was set at 42,000 riyals, allotted to cover the import of basic commodities.

Mirkazemi added that the first phase of the subsidy reform plan does not include bread and medicine, noting that the volume of subsidies for basic commodities exceeds $20 billion annually.

Interesting. Hard for me to decipher the arabish but anyone seeing confirmation Iran is changing their rate? An Iraqi article now alluding to it as well? Should be big news

  • Upvote 2
Link to comment
Share on other sites

3 hours ago, screwball said:

what did iran do? with their exchange rate?

It is my understanding that the Iranian currency is not pegged to anything. It has a free float and will probably use gold as its backer…

  • Thanks 2
Link to comment
Share on other sites

Iranian newspapers: Increasing fears of an expected price hike after the disbursement of financial aid
 

Baghdad - people  

Today, the Iranian newspaper "Sharq" indicated that Iranian citizens are increasingly concerned about the high prices in the coming days and weeks, against the background of the government's decision to provide living aid to citizens in exchange for lifting subsidies on basic commodities.  

  

  

  

The newspaper pointed out (May 12, 2022) that Iranians searched Google applications for terms such as “chicken” and “meat” and “toman”, which are related to the government’s measures, which intends to start from today, Thursday, to raise the prices of basic commodities such as: oil, meat and chicken. And eggs and dairy.  

  

For his part, economic expert Waheed Shikaki Shahri said in statements to the newspaper, "Etimad" that "the timing of the government's plan to provide living aid is very wrong, as the country is experiencing high inflation and it is not good to carry out reforms at this time," he said.  

  

Shikaki Shahri also criticized "the restrictions placed by the government on providing living aid, and setting some conditions, such as not owning a residential home or a car and a job, whereby the citizen who owns these things is deprived of obtaining financial support from the government."  

  

Although he stressed the need to carry out economic reforms and reforms, he considered that "the timing of the implementation of the plan is dramatically wrong," stressing that "taking such measures at such a bad timing will have very serious consequences."  

Link to comment
Share on other sites

The price of the dollar exceeds 30 thousand tomans in the Iranian market
 

  

Baghdad - people   

In conjunction with the Iranian government's abolition of pricing the dollar for the purchase of basic commodities, the price of the dollar in the free market exceeded 30 thousand tomans, rising within a week by about 2000 tomans and the gold coin by about 780 thousand tomans.  

  

  

The price of each US dollar in the foreign exchange market in Tehran reached more than 30,700 tomans on Thursday, May 12th.  

  

At the beginning of the week, the price of the dollar was 28 thousand tomans, and it crossed the threshold of 29 thousand tomans, on Wednesday, and rose to 30 thousand tomans, on Thursday.  

  

The newspaper, "Dunia Eqtisad", reported on Wednesday that the exchange rate of the dollar in the markets of Herat and Sulaymaniyah also increased significantly.  

  

On Thursday, Iranian media reported that the price of the gold coin, the new design, rose by 780,000 tomans compared to the previous day, and reached 14,450,000 tomans.  

  

The price of the gold coin, the old design, reached 13 million and 750 thousand tomans.  

  

The rise in the price of the dollar and gold coins comes at a time when the government canceled the price of the dollar at the equivalent of 4,200 tomans per dollar, to support basic commodities.  

  

Negotiations to revive the nuclear deal have also stalled since March 11, and the United States and Iran have been at loggerheads over whether the Revolutionary Guards should remain on the list of terrorist organizations.  

  

Meanwhile, the coordinator of the Vienna talks, Enrique Mora, traveled to Tehran on Wednesday morning, and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, arrived in Tehran on Thursday.  

  

Iran International  

Link to comment
Share on other sites

Iranian newspapers: Warning of the situation erupting due to the "economic plan"
 

Baghdad - people   

Forms of criticism and skepticism continued the Iranian government's current economic plan and decision to raise prices after providing cash aid to citizens and its repercussions, which may lead to an explosion of the situation to an uncontrollable extent, according to the Iranian press.  

 

  

  

The criticism reached such an extent in today's newspapers, on Tuesday (May 17, 2022), that newspapers close to the government, such as "Kayhan" newspaper, said that the government plan divided citizens into economic classes without having an accurate informational briefing on people's economic conditions, which caused protests to erupt. and objections to these procedures.  

  

The newspaper "Satara Sobh" quoted an economist as saying that the high prices will lead to a state of loss of food security in Iran, and people will become unable to provide for their basic needs, stressing that the loss of psychological and social security for people will lead to the outbreak of protests.  

  

For its part, "Jomhouri Islami" newspaper explained that after a field tour of the newspaper's correspondent, it was found that many commodities in the markets witnessed an increase in prices after the recent government action, and noted that these measures led to an increase in the burden of inflation on the weak classes of society, and that The cash aid provided by the government is not commensurate with the high prices in the markets.  

  

In an interview with Hamdali newspaper, Ali Sofi, a reformist political activist and analyst, said that "Iran today is facing a mountain of problems and crises, and that Raisi's government suffers from the loss of the tight program and plans, and also complains about the loss of coordination and the inability to solve the country's economic problems." ".  

  

The writer mentioned that the recent measures by the government and parliament are nothing but temporary palliatives, and will ultimately fail, believing that Ibrahim’s main person is not qualified to lead the country, and to hold the presidency of the republic, he now does not know what he should do.  

  

In turn, the economic affairs specialist, Gholamreza Kianmehr, said in an article published by the newspaper "Jahan Sanat" that the cash aid provided by the government does not enrich and does not make people hungry in view of the huge rise in the markets, which shocked the economic life of Iranians.  

  

The writer continued, saying that governments in Iran are satisfied with giving promises and slogans, and citizens have realized this fact after repeated experiences, explaining that thanks to social media and media channels broadcast via satellite, citizens have become in a great level of awareness and knowledge, and the government is no longer able to gain their trust .  

  

The writer called on the government to stop creating shocks and surprises in the prices of basic commodities before it is too late.  

  

"iranintl" 

  • Thanks 1
Link to comment
Share on other sites

  • 4 weeks later...
The value of the Iranian toman fell to unprecedented levels and arrests were made on charges of disrupting the market
 

Baghdad - people  

In conjunction with the rise in the price of the dollar to 33 thousand tomans, the Deputy Director of the Economic Security Police announced the arrest of 31 people on charges of “selling and buying currency early”.  

  

  

  

Deputy Director of the Economic Security Police, Sohrab Bahrami, said that "31 senior executors of (Tomorrow's Transactions) were arrested, and a number of actors in this market were identified in cooperation with the Central Bank and the judiciary."  

Bahrami stressed that selling and buying gold and foreign currencies early (tomorrow's transactions) is "illegal and gambling", and will create "false demand" in the market, and raise prices.  

In recent days, the Economic Security Police announced the arrest of about 20 people on charges of "tomorrow's currency transactions".  

It is mentioned that the “tomorrow dollar” is the dollar that is traded today, but will be delivered tomorrow.  

On April 10, Iranian media reported that according to the new law against smuggling of goods and currencies, the early buying and selling of gold and currencies is illegal.  

Article 12 of this law stipulates the following: “The sale and purchase of currency at exchange offices or other exchange operations, and the postponement of the delivery and exchange of the currency until the following day or days without this leading to the delivery of the currency or there was no intention to deliver it, from the beginning, and intends The parties only settle the differences in currency rates, as this is a kind of currency smuggling.”  

In conjunction with the rise in the price of the dollar, the security crackdown on activists in the market has accelerated in recent weeks.  

Yesterday, Saturday, the price of each US dollar in the open market for foreign currency sales in Tehran reached 32,800 tomans. For the first time in the history of the Iranian currency, the dollar recorded an unprecedented surge against the toman on Sunday, reaching 33,000 tomans per dollar.  

Some media outlets had expected the dollar's price to rise in Iran after the decision of the International Atomic Energy Agency's Board of Governors.  

And local media reported, earlier, that the new challenges in reviving the nuclear agreement and the new report of the International Atomic Energy Agency on increasing enriched uranium in Iran, affect the prices of the dollar and other foreign currencies.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.