Iran to Revalue Riyal

[Quietlearner]

, Mahmoud Bahmani, said yesterday that the Iranian government agreed to remove four zeros from the local currency.

function Contextual_Logo_func(){ document.getElementById("Contextual_Logo").src = "http://ae.zawya.com/website/bannerLoader.cfm?pagename=Story%20Pages&banner=Contextual_Logo&storyid=ZAWYA20110714132631"; } addLoadEvent(Contextual_Logo_func); The U.S. dollar is worth more than ten thousand Iranian riyals while the Euro is worth more than 15 thousand riyals. The plan to change the currency has been on the government's agenda since the last year, but only recently agreed to reduce the currency's denomination.

Bahmani clarified that the Central Bank and the government are planning to rename the local currency without revealing further details. The Central Bank of IranCentral Bank of Iran said the official inflation rate in that country was 14.2% last May. However, some economic observers are skeptical that it represents the real inflation rate.

Fuel prices have reportedly increased in Iran seven times, particularly after the abolition of government subsidies on food and fuel last December.

Tehran maintains that the international sanctions imposed on the Islamic Republic, against the background of its intransigence over its nuclear program, didn't affect the Iranian national economy.

http://ae.zawya.com/story.cfm/sidZAWYA20110714132631/?relcontent=ZAWYA20110713063322

[TQueezy]

Yup, looks like more and more middle-east countries are saddling up for the long ride to the promised land oasis... and we'll be purchasing the camels for the trip with our blood-stained US Dollars...

[RV on my mind]

If Iran can do it, you sure as hell would think that Iraq could do it. Get it over with boy's so we can call it a day,

[suntiger]

Title should read Iran to redenominate!

[Francie26]

If Iran can do it, you sure as hell would think that Iraq could do it. Get it over with boy's so we can call it a day,

Agreed 100%.

What a beautiful baby!! But I guess you already knew that, huh?!! lol

[tamiflyer]

Strategically done by Iran to ofset the dinar. Iran and Iraq are in business negociations and MMHO is that Iran wants to get the jump on having a better currency ATPT than Iraq to gain. So, again, IMMHO, Iraq has no choice but to counter with an RV and RI. GLTA and Go RV.

[cisole]

thanks for the post Quietlearner

[Dalite]

I hate to be the one to point this out, but if Iran is removing 4 zeros from their currency, they are planning to RD, not RV.

I believe there may be some truth to trying to strengthen their currency due to proximity.

They must put a lot of confidence in Shabibi saying Iraq also is planning on a RD.

[proteus]

Iran also has declared that they will RENAME their currency,

but they are not telling anyone what they will rename it to...

PLUS,

if

IRAN takes off 0000's

and

IRAQ takes off 000's

then

I believe that both of the two currencies,

are about the same value or a close proximity..

DOES anyone know if this is true?

I wonder if this has anything to do with a common GCC Currency?