Don961: Iran deleted 4 zeros from its currency
Release date: 2019/7/31 10:40
(International: Al Furat News) The Cabinet of Ministers of Iran approved in its meeting Wednesday, a proposal to delete 4 zeros from the national currency Riyal.
The governor of the Central Bank of Iran, Nasser Hamati, is due to present details of the new government decision later.
The official price of the US dollar is 42,000 riyals link
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Don961: Govt. agrees to slice four zeros off national currency
TEHRAN, Jul. 31 (MNA) – The Iranian government has approved a plan to take four zeros off the national currency in a bid to curb the tide of liquidity and boost the rial again.
According to IRIB, the move was approved during the cabinet session on Wednesday.
The proposal should now go to the parliament to become law.
Further details will be released later by Central Bank of Iran Governor Abdolnaser Hemmati.
CBI has vowed to put every effort into action to make the redenomination of the rial, which currently stands at around 120,000 to the US dollar.
The plan to remove four zeros from the rial has been on the government agenda since it was proposed in the past by Central Bank of Iran as part of a broader plan to revisit the monetary system.
According to the government website dolat.ir, the measure calls for fundamental change to the national currency, including changing the name of the monetary unit from the official rial to the popularly used ‘toman’. It stipulates change in the nominal value and the face of bank notes and coins.
“The new national currency toman will be defined to substitute the rial. Each toman will be equivalent to 10,000 rials,” the website said.
Despite the fact that rial is the official currency, people use toman in informal transactions (1 toman = 10 rials).
MR/IRIB2489075
News Code 148294 link
IAM: IMO Trump’s level playing field.
Cleitus: Why would Iran make such an announcement now? Is it because they know something is going/about to happen with the Iraqi dinar and want to be seen as also doing something with their currency, or is it to show they will “one-up” the other side and beat them to the punch bowl (even though it will not help their currency?) The Iranians are very shrewd and measured people when they make announcements, so IMO, something is behind this! It’s the timing on this!
Popeye7: I agree… Why now?… Very interesting…
Samson: Sources: Parliament session today may be the last in its current legislative term
2019/7/25 12:37
Parliamentary sources suggested that the parliamentary session scheduled for Thursday is the last in the second legislative term after an extension for a month.
The Presidency of the House of Representatives decided on July 2 to extend the current legislative term for one month in order to complete the important laws.”
According to this extension, the current legislative term ends on August 2, which is still 9 days. LINK
Popeye7: Hello Folks… This article about when the parliament session was to end was copied by Samson on Post #146 on 25 July… It states that the Parliament session was extended from July 2nd to the 2nd of August… August 2nd is on a Friday, and I believe they do not generally have sessions on that day… Does not mean they will not… But their last session could very well be August 1st, or this coming Thursday… So we shall see… Going to eat my chocolate, and carmel covered popcorn now, and wait…
Iobey777: Like I said, I believe the next 24 hours will be very “telling” ! IMO!!! I think the CBI is about to make a Big Announcement!!! It’s Time!!!
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Samson: Jordanian Firms keen to aid Digital Transformation in Iraq
31st July, 2019
On Wednesday 24 July, Khaled T. Kanaan, Chairman of the Jordan Iraqi Economic Association (JIEA), met with HE Mr. Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI).
The meeting was a follow-up to the “Digital Transformation in Financial Sector Forum” held in Baghdad on 10 July, which was jointly organized between the JIEA and the Iraq Private Banks League (IPBL), supported by the International Finance Corporation (IFC)of the World Bank Group.
The meeting addressed the CBI strategy to move forward with their drive towards digital transformation in the financial sector.
The JIEA conveyed the message that Jordanian fintech firms will be more than ready to engage in any effort that will assist the Iraqi side in their drive. LINK
BlaqueBeauty: hmmmmm sounds like meeting mr. 26 told yes that happened few weeks back, making last minute checks before they give the go sound off
Samson: The judiciary seeks to lift the immunity of 21 deputies and reveal their crimes
2019/7/31 10:35
The media center of the Supreme Judicial Council clarified on what was published by some media on the (not receiving the parliament requests to lift the immunity of any deputy).
A statement received by the agency {Euphrates News} a copy of it, “The Supreme Judicial Council sent through the Presidency of the Prosecutor’s request to lift the immunity of 10 members of the House of Representatives on charges related to administrative corruption offenses during their tenure in executive positions, and sent a request to lift the immunity of 11 As a deputy for other crimes not related to administrative corruption.”
He pointed out that “the Supreme Judicial Council replied to the Integrity Committee in the House of Representatives regarding the submission of a list of what is required to lift the immunity and was done.”
He stressed that the Supreme Judicial Council “takes into account the privacy of the political and social situation of members of the House of Representatives required to lift immunity from them, especially that their legal position is still in the role of investigation or trial and have not been convicted of final provisions so that their names can be authorized.”
The High Judicial Council stated that “this approach was generally accepted by the Supreme Judicial Council not to declare information that might harm a particular person until such information has been established under strict judicial decisions.” He pointed out that “those wishing to verify the validity of communications regarding requests to lift immunity can review the competent administrative authorities in the Presidency of the House of Representatives and ensure that.” LINK
MilitiaMan: This is the IMF pressing it is go time.. imo! ~ MM
Iobey777: Yep!! It’s Showtime!!!
Samson: Al-Nasr coalition warns of a deep and complex financial crisis
31st July, 2019
The Al-Nasr coalition warned Wednesday of a deep and complex financial crisis due to current and ill-considered financial spending, pointing out that the IMF’s warning came in line with the coalition’s expectations of the current fiscal policy.
A member of the coalition victory Ali al-Sunaid said in a statement seen by “Kalamgamesh Press” “The current financial spending, uneducated and discreet will put the country in the face of financial crisis deep and complex, and will have serious repercussions on the social and economic situation, and called for rationalization of public spending.”
“The International Monetary Fund’s warning on July 30 is in line with our expectations of the current fiscal policy, which we have repeatedly warned against, and that the potential for stability and economic growth is threatened by an increase of 25 percent annually, which threatens the financial sustainability of the country,” he said.
He stressed that “the government of Dr. Abadi, who inherited and collapsed financially in 2014 and fought wars and faced the crises of emergency social, security and economic vacuum empty, managed to keep the economy from collapse and the state of loss of financial liquidity and achieved a surplus of $ 18 billion in 2018, Rationalize public expenditures, raise spending efficiency, take into account the priorities of spending and its areas, and plan to make spending productive to ensure sustained economic growth.”
“The IMF warning is a serious warning to the government to listen to, and the chaos in fiscal policy or the conflict of interest will lead to catastrophic consequences,” he said, noting that “mobilizing domestic financial resources and implementing the strategy of financial inclusion, capital market development, debt instruments and the expansion of microfinance , Steps we adopt as a coalition of victory within the strategy of economic growth of the country.” LINK
