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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


    An American report reveals Iran's suffering from a dollar shortage after the recent tightening in Ba

    Rocky
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    • Post n°1

    An American report reveals Iran's suffering from a dollar shortage after the recent tightening in Ba Empty An American report reveals Iran's suffering from a dollar shortage after the recent tightening in Ba

    Post by Rocky Sun 05 Feb 2023, 9:11 am

    [size=30]An American report reveals Iran's suffering from a dollar shortage after the recent tightening in Baghdad
    [ltr]2023.02.05 - 15:01[/ltr]
    [/size]
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    The American newspaper "Al-Monitor" reported that Iran resorted to several methods in order to meet its need for hard currency and secure funds to meet its expenses in light of the blockade, sanctions and restrictions imposed by Washington on selling dollars in Iraq.  
      
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    The newspaper's report, which was followed by "NAS" (February 5, 2023), stated that the Iranian government announced, on Friday, the abolition of taxes on importing foreign currencies, as the head of the National Tax Administration, Daoud Mansour, asked customs offices to exempt foreign exchange and remittance imports from taxes. And the official Islamic Republic News Agency reported that any person or entity can now bring in foreign money without paying taxes on it until November 21.  
      
    The National Tax Administration did not mention the reason for its decision to exempt foreign currency imports from taxes, “but Iran has suffered from a shortage of foreign currency recently,” according to Al-Monitor.  
      
    The report added that Iran began printing more of its own currency - the rial - in 2018 to mitigate the effects of US sanctions that were re-imposed after the Trump administration withdrew the US from the Iran nuclear deal. The government is also injecting US dollars into the market to slow the depreciation of the rial. The printing of the rial accelerated in 2022 as the government borrowed from the Central Bank of Iran to plug its budget deficit. However, the bank does not have large foreign currency reserves to support the riyals it prints.  
      
    Abu Dhabi-based newspaper The National also reported last month that Iran is running short on foreign exchange reserves and is eyeing cryptocurrency as a result.  
      
    The American newspaper added that this step comes at a time when the United States seeks to stop the illegal flow of dollars from Iraq to Iran. Last November, the US Federal Reserve began to impose greater control over dollar transfers from Iraq reserves in the United States to Iraq. One reason was to stop the illegal transfer of US dollars from Iraq to sanctioned Iran.  
      
    Iran seeks to reduce dependence on the dollar and circumvent US sanctions on its economy. Last month, Iran and Russia signed the Financial Letters Agreement. Both countries are suspended from the SWIFT financial messaging network that dominates global finance. Iran and Russia also started using their currencies for trade.  
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