Sunday, December 31, 2023
Iran’s Central Bank to Implement Offshore Rial Plan for Trade with Afghanistan and Iraq, 31 DEC
Iran’s Central Bank to Implement Offshore Rial Plan for Trade with Afghanistan and Iraq, 31 DEC
Mohammad Reza Farzin, the chief of Iran’s Central Bank, has announced the initiation of an offshore rial plan. This plan aims to allow Iranian exporters to conduct their trade with Afghanistan and Iraq using Iranian rials, marking a significant shift in Iran’s monetary policy. This move, which has been under consideration for several months, is designed to facilitate the settlement of trade obligations with these neighboring countries using local currency.
Offshore Rial Plan: A Solution for Exporters
The offshore rial plan has emerged in response to the demands of traders from Mashhad, a prominent city in Iran. They have been advocating for the ability to export to Afghanistan using the Iranian currency. Implementing transactions in rials is expected to streamline financial processes and lessen dependence on foreign currencies.
Economic Impact of the Offshore Rial Plan
It’s critical to note that this economic maneuver comes at a time when Iran is grappling with the ramifications of international economic sanctions and the plummeting value of the rial. Increasing interest rates on bank deposits and closing bank accounts suspected of disrupting the foreign exchange market are among the other measures taken to counter the fall of the rial.
Trade Relations between Iran, Afghanistan, and Iraq
The recent developments in monetary policy also shed light on the trade relations between Iran, Afghanistan, and Iraq. Currently, trade between Iran and Afghanistan is conducted in dollars. However, the offshore rial plan is expected to change this scenario. The Ministry of Industry and Commerce of the Taliban revealed that Afghanistan had exported about six million dollars worth of goods to Iran in the first four months of the current year, with total imports from Iran estimated to be around 506 million dollars. Primary export items from Iran to Afghanistan include foodstuffs, petroleum products, and various building materials.
"BANK STORIES" BY FRANK26, 31 DEC
Frank26
[Bank Story]
BANK STORY WOMAN: I just spoke to a representative of the company for whom I purchased my currency. I asked, when the reinstatement occurs what happens from your end? She said when the revaluation occurs...we will be notified by the United States Treasury. We will then notify all of our customers.
FRANK: I find that interesting, so this bank is saying they have the addresses and phone numbers of the people they sold dinars to. Like I told you, they're going to come after you. They want you badly.
BANK STORY WOMAN: I was struck by the fact that she spoke of the RI as a matter of fact which will occur. She did not deny it.
FRANK: Like I've been saying to you sister, it's not a secret.
https://dinarevaluation.blogspot.com/2023/12/bank-story-by-frank26.html
[Franklin Tennessee Bank Story continued
BANK STORY MAN: There's a Chase right own the road where I live and I though let me go verify [The information from my other Chase bank story below 12-19-2023] ...I walk in and there were two young girls. The branch manager was tied up in a meeting...I said I'm curious whether you do foreign exchange. She said yes we do, which currency? I said Iraqi dinar. She had the funniest look on her face. She said, yes I believe we can. The girl next to her said, no we cannot.
]The girl I was talking to pointed at the screen and the other girl looked down...and went, oh, yes we will but we don't have the ability to talk to you about it now.
FRANK: Boom! Mums the word.
BANK STORY MAN: I said I understand...I said is it true about the $5,000 increments [That they can only exchange $5,000 worth at a time]? She said, it is true. She said, but listen to me sir, we want your business. If you sit here all day doing $5,000 increments we don't care
https://dinarevaluation.blogspot.com/2023/12/franklin-tennessee-bank-story-by_01635722416.html
[North West US Bank Story]
BANK STORY WOMAN: All the way up until a few months ago, I kept buying dinar from this bank...The VP came into the office and says, 'Hey, we want to know why are you buying all this dinar? Is there something you know that we don't know?'
FRANK: Oh, my goodness.
BANK STORY WOMAN: I kind of gave them the foundation of it and then before you know it I end up walking into the bank [weeks later] they sort of shouted at me, so have you heard anything? This was in the lobby! I was looking around like oh, my gosh why are they talking so loud?
I have my fingers next to my lips. They said, oh it's okay everybody is invested here.
FRANK: They got invested and now every time they see you they want to know more. Yeah, this is a small bank. That's why they don't know too much about it. But the fact that you planted a seed with them and you know very well they went and asked questions to the right people in the banking industry. Next thing you know they're waiting
BANK STORY WOMAN: ...They have a lot of branches in 5 or 6 states. They're big but they're not big like Well Fargo or other companies.
https://dinarevaluation.blogspot.com/2023/12/north-west-us-bank-story-by-frank26-28.html
Al-Fayaz Emphasizes Resilience of Iran-Iraq Bond Amidst Regional Complexities, 31 DEC
Al-Fayaz Emphasizes Resilience of Iran-Iraq Bond Amidst Regional Complexities
In a powerful affirmation of unity, Al-Fayaz, a prominent figure in Middle Eastern politics, has emphasized the bond that ties the nations of Iran and Iraq together, a bond that has proven resilient despite numerous attempts to drive a wedge between these two historically connected nations.
Unity Amidst Pressure and Complexity
Al-Fayaz’s statement comes as a bold testament to the fraternity and cooperation that has always characterized the relationship between Iran and Iraq. This unity, he argues, has held strong even in the face of external pressures and the region’s often complex political landscape. In many ways, the bond between Iran and Iraq is a model of resilience, an enduring connection that has withstood countless challenges over time.
A Historical Perspective
Indeed, the history of Iran and Iraq is filled with moments of solidarity. Even in the aftermath of the 9/11 attacks, Iran extended sympathy and support to America, despite a contentious historical relationship. The same resilience is evident in their response to regional challenges, such as the US air strike that killed Qasem Soleimani, Iran’s Supreme Leader Ali Khamenei’s appointee to head the Revolutionary Guards’ Quds Force. Iran’s strategy of projecting influence and protecting its interests throughout the Middle East, often through proxy wars or asymmetrical strikes, has not weakened the Iranian-Iraqi bond.
The Future of Unity
With the possibility of major conflict with the United States on the horizon, Al-Fayaz’s remarks serve as a reminder of the importance of unity and solidarity. The Iranian and Iraqi nations, he argues, must maintain this unity for the stability and prosperity of both nations. It is a call to resist divisive tactics and to remember the strong historical bonds that have brought these two nations together. In the face of external pressures and regional complexities, the unity of Iran and Iraq remains a beacon of hope and resilience.
"RV UPDATE" BY PIMPY, 31 DEC
Pimpy
You guys keep forgetting they rely way way too much on oil revenues for their budget. That has got to change before you can really make any major changes to the Iraqi dinar exchange rate...
Article: "Parliament is awaiting the 2024 budget schedules...preparing for major changes in numbers" Remember I told you if they're going to make any kind of change to the exchange rate it would happen at the end of the year or before the beginning of this next year 2024.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...