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.

Join the forum, it's quick and easy

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

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

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


4 posters

    Delete 4 zeros from the Iranian currency between truth and illusions

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 280892
    Join date : 2012-12-21
    • Post n°1

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Rocky Mon 05 Aug 2019, 6:37 am

    Delete 4 zeros from the Iranian currency between truth and illusions
    Delete 4 zeros from the Iranian currency between truth and illusions 81086-1723157868
    The Iranian government announced on Wednesday its decision to delete 4 zeros from the Iranian currency and adopt the Toman instead of the riyal as the official currency of the country.
    The government's decision to approve the proposal of the Central Bank, which is still awaiting the approval of Parliament and then the Guardian Council, and then President Hassan Rowhani.
    What does it mean to delete zeros?
    At the beginning, the Iranian Toman is equivalent to 10 riyals, and after the collapse of the currency, the price of one dollar on the black market reached 120 thousand riyals (12 thousand Toman).
    The deletion of 4 zeros means that the 10 thousand riyals for example will equal 1 Toman.
    Reasons for decision
    This is not the first time that Iran has taken the deletion of zeros from the currency. Last year a similar action was taken in 2017.
    Tensions over the nuclear issue between Iran and the United States have caused the collapse of the Iranian currency, which lost more than 320 percent of its value in just three years, following the withdrawal of US President Donald Trump from the nuclear deal and the imposition of devastating economic sanctions on Tehran, where the dollar reached 193 thousand riyals. Its highest price against the Iranian currency last year.
    Economic pressures have also brought the rate of inflation to a historical average of 48%, according to official statistics, where the price of 1 kilo meat to about one million Iranian riyals, and Iran stopped dealing with coins, and the citizen has to carry large amounts of banknotes to buy Simple products.
    The objective of the decision and its impact on the economy
    The Iranian government aims to reduce spending on paper printing, re-use of coins, maintain currency efficiency and facilitate local monetary transactions.
    "The government has passed a bill to delete four zeros from the currency and the two currencies will be our national currency, which will make the national currency more effective and will be more in line with a common practice. Real is not used very much, and the coins will be traded again," said Ali Rabie, spokesman for the Iranian government. "He said.
    The central bank governor, Nasser Hamati, has announced that there will be a new currency market. "The new system will be a regulatory role and not specific to the foreign exchange rate, and will be known as (the multi-market), and will be aimed at crystallizing realistic prices of foreign currencies, The new foreign currency market, which is expected to start operating by August 12, will bring transparency to the offer of foreign exchange securities. "
    The Iranian government also aims to create false psychological effects on its currency, which it believes to be more powerful. Although the deletion of zeros does not really add to the strength of the currency unless it is accompanied by economic measures and reforms that support the local currency, such as attracting foreign investment and providing sources of foreign exchange
    With Iran's economic isolation due to sanctions, the removal of zeros will not make a difference in the country's economic situation.
    But it is also possible to say that there is a slight change expected to occur in one case, that Iran withdraw the local currency from the market and print new money and then pump it to the local markets, in order to reduce the amount of banknotes in the market, which is reflected in some way on the value of the currency, But this is a huge shift and costs a lot.


    http://algiwarpress.com/news/news.aspx?id=7985
    • Back to top
    Diamond
    Diamond
    Diamond
    Interacting Investor
    Interacting Investor


    Posts : 2206
    Join date : 2012-12-23
    • Post n°2

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Re: Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Diamond Mon 05 Aug 2019, 7:31 am

    Well screwball what'a say on this
    • Back to top
    The author of this message was banned from the forum - See the message
    Diamond
    Diamond
    Diamond
    Interacting Investor
    Interacting Investor


    Posts : 2206
    Join date : 2012-12-23
    • Post n°4

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Re: Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Diamond Mon 05 Aug 2019, 12:12 pm

    different all together az
    • Back to top
    The author of this message was banned from the forum - See the message
    Screwball
    Screwball
    Screwball
    Interacting Investor
    Interacting Investor


    Posts : 3484
    Join date : 2012-12-19
    • Post n°6

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Re: Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Screwball Mon 05 Aug 2019, 5:25 pm

    Yeah it I’ll haooens I wouldn’t believe everything you read about Iran...it is one if trumps stipulations that the join the international monetary system, deleting zeros will do that they have tooo...trump knows the plan and he knows they will be a powerhouse as per his comments the second presenting debate...as for them having a worthless currency. Iran controls the value always have, their inflation was at 9% several years ago, it’s inky high now because of the exchange rate set by the Cbi..they have over 100 billion in gold and forex reserves so they are primed to do it anyway...what will happens is anyone’s guess but I have followed this country for years, and have over 1000 articles on their delete four zeros project. I was also told by someone in the world bank that Iran was ready to remove zeros four years ago...as for change in currency to toman...rial has been called toman for years now on the streets they conducted a survey held by Cbi regarding name change and al agreed to keep rial as the name so as for what the corrupt country will do is anyone guess.
    • Back to top
    Screwball
    Screwball
    Screwball
    Interacting Investor
    Interacting Investor


    Posts : 3484
    Join date : 2012-12-19
    • Post n°7

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Re: Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Screwball Mon 05 Aug 2019, 5:27 pm

    They are also expecting an economic boom....but this says it all must come with rate change and international traded currency 

    Although the deletion of zeros does not really add to the strength of the currency unless it is accompanied by economic measures and reforms that support the local currency, such as attracting foreign investment and providing sources of foreign exchange
    • Back to top
    Diamond
    Diamond
    Diamond
    Interacting Investor
    Interacting Investor


    Posts : 2206
    Join date : 2012-12-23
    • Post n°8

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Re: Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Diamond Mon 05 Aug 2019, 6:28 pm

    Screwball wrote:They are also expecting an economic boom....but this says it all must come with rate change and international traded currency 

    Although the deletion of zeros does not really add to the strength of the currency unless it is accompanied by economic measures and reforms that support the local currency, such as attracting foreign investment and providing sources of foreign exchange
    can't be done no art 8
    • Back to top
    Screwball
    Screwball
    Screwball
    Interacting Investor
    Interacting Investor


    Posts : 3484
    Join date : 2012-12-19
    • Post n°9

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Re: Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Screwball Mon 05 Aug 2019, 6:46 pm

    Diamond wrote:
    Screwball wrote:They are also expecting an economic boom....but this says it all must come with rate change and international traded currency 

    Although the deletion of zeros does not really add to the strength of the currency unless it is accompanied by economic measures and reforms that support the local currency, such as attracting foreign investment and providing sources of foreign exchange
    can't be done no art 8



    Much like Iraq...
    • Back to top
    Sponsored content

    Sponsored content


    • Post n°10

    Delete 4 zeros from the Iranian currency between truth and illusions Empty Re: Delete 4 zeros from the Iranian currency between truth and illusions

    Post by Sponsored content

    • Back to top
      Current date/time is Sat 16 Nov 2024, 8:23 pm