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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


3 posters

    Iran devalues official rial rate by more than half

    Zuzu
    Zuzu
    Zuzu
    Cain't Let Go Investor
    Cain't Let Go Investor


    Posts : 264
    Join date : 2012-12-20
    • Post n°1

    Iran devalues official rial rate by more than half Empty Iran devalues official rial rate by more than half

    Post by Zuzu Sat 06 Jul 2013, 7:09 pm

     
    Iran devalues official rial rate by more than half
    Published July 06, 2013
    AFP

    • Iran devalues official rial rate by more than half Photo_1373130607232-1-HD

      An Iranian woman pays with a 20000 rial banknote in Tehran on September 30, 2012. Iran's central bank on Saturday drastically devalued the national currency's fixed subsidised rate against the dollar, as the Islamic republic struggles to shore up its faltering economy. (AFP/File)






    TEHRAN (AFP) –  Iran's central bank on Saturday drastically devalued the national currency's fixed subsidised rate against the dollar, as the Islamic republic struggles to shore up its faltering economy.

    The rial has lost more than two thirds of its value on the open market since early 2012, when the United States and the European Union imposed harsh economic sanctions curbing Iran's ability to export oil and conduct financial transactions.

    The central bank on Saturday was selling one US dollar for 24,779 rials at the subsidised rate available only to select importers to procure basic commodities and medicine, according to the bank's website at http://cbi.ir

    That rate was a 102-percent increase from 12,260 rials for one dollar that had been kept artificially low since January 2012.

    The new "reference" rate is still far stronger than the dollar available to ordinary buyers and travellers at the unofficial open market, which was 33,200 rials per dollar at midday.

    By increasing the so-called reference rate, the central bank scrapped its rate used at an "exchange centre" that put goods importers in contact with exporters to exchange funds at a rate of around 25,000 to the dollar.

    The exchange centre, launched late last September, had managed to control the rial's free fall amid increasing international pressure on Iran.

    Suspecting Iran's nuclear programme has military objectives, Western powers have reinforced a raft of economic sanctions aimed at coercing it into cutting back on uranium enrichment despite Tehran's insistence its atomic ambitions are peaceful.

    The sanctions have cost the country billions in vital oil revenues and left it struggling with a shrinking economy, raging inflation and high unemployment.

    Saturday's development came after days of media reports and official denials about pending changes on the official currency market.

    According to reports, the budget for the year ending in March 2014 -- signed by outgoing President Mahmoud Ahmadinejad in mid-June but the details are not publicised -- gave the central bank permission to increase the official exchange rate.

    Ahmadinejad's critics accuse his government of misusing the now scrapped cheap dollar, and of failing to feed the market with sufficient foreign currency or provide funds earmarked for essential goods including medicines.

    The price of medicine has risen sharply in the past year.

    In June, the health ministry's Shams-Ali Rezazadeh said the price of domestically produced drugs was set to rise by at least 35 percent, while imported medicine would go up by an average of 90 percent.


    Read more: http://www.foxnews.com/world/2013/07/06/iran-devalues-official-rial-rate-by-more-than-half/#ixzz2YJVAxKoK
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    jacksmack
    jacksmack
    jacksmack
    Understood Investor
    Understood Investor


    Posts : 143
    Join date : 2013-05-10
    • Post n°2

    Iran devalues official rial rate by more than half Empty Re: Iran devalues official rial rate by more than half

    Post by jacksmack Sat 06 Jul 2013, 7:32 pm

    That was only a matter of time anyways, the banks in the United States won't sell there currency because there labeled as "hostile". No body wants to deal with there bull.
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    CITEX
    CITEX
    CITEX
    Insane Investor
    Insane Investor


    Posts : 889
    Join date : 2012-12-20
    Age : 55
    Location : Grapevine Texas
    • Post n°3

    Iran devalues official rial rate by more than half Empty Re: Iran devalues official rial rate by more than half

    Post by CITEX Sat 06 Jul 2013, 11:28 pm

    jacksmack wrote:That was only a matter of time anyways, the banks in the United States won't sell there currency because there labeled as "hostile". No body wants to deal with there bull.

     Yes unfortunately for them its probably gonna stay on that downward spiral
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    • Post n°4

    Iran devalues official rial rate by more than half Empty Re: Iran devalues official rial rate by more than half

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