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  EIB: No European banks can trade with Iran

EIB: No European banks can trade with Iran

The European Investment Bank’s global operations would be put at risk if it were to invest in Iran, its president said on Wednesday, casting doubt on the EU’s ability to deliver on its pledge to save a nuclear deal with Tehran that Washington has abandoned.

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Tehran stock exchange breaks its 50-year record

Tehran stock exchange breaks its 50-year record

The total index for the Tehran Stock Exchange reached 6 digits for the first time yesterday, with a single 3306-unit jump (the highest growth rate in its history). This is unprecedented in Iran’s stock exchange.  

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The dollar will be eliminated from Iran-China trade

The dollar will be eliminated from Iran-China trade

The CEO of the Central Bank of Iran (CBI) has announced new trade arrangements for Iran and China trade. Valiollah Seif stated that the dollar will be eliminated from a major part of their economic transactions and replaced with the currencies of both countries.  

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Currency allowed upon entering Iran

Currency allowed upon entering Iran

According to the Iranian Customs regulations, carrying foreign exchange by passengers is subject to the rules to be complied with by them. Accordingly, foreign currencies, bank documents such as bank checks, certified checks and traveler's checks or other transferable financial documents and anonymous securities, such as bonds, physically carried by a passenger to the country up to ten thousand euros or the equivalent in other currencies do not need to be declared. The surplus is to be declared by the passengers at the customs office upon entry, and after conducting the necessary procedures a printed receipt with a tracing code should be received.

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FDD request to start economic war with Iran

FDD request to start economic war with Iran

In its latest plan against Iran, The FDD has proposed to Trump to sanction Swift, its directors, and European Banks working with Iran. Mark Dubowitz, chief executive, and Richard Goldberg, senior adviser at the Foundation for Defense of Democracies (FDD), have published their article entitled “Iran, Get Ready for the Battle Rial” in the Wall Street Journal on 21 May 2018, saying that Secretary of State Mike Pompeo on Monday presented the Islamic Republic of Iran with a stark choice: Either change or face “unprecedented financial pressure” in the form of “the strongest sanctions in history when we are complete.” The Trump administration has declared financial war on the Iranian regime. Given the seriousness of its currency emergency, it’s a good bet America will win.  

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Banks to exchange currency for tourists

Banks to exchange currency for tourists

The Central Bank of Iran (CBI) has issued a memo allowing all banks and credit institutions to buy currency from foreign tourists, foreign lorry drivers in transit, foreign investors, diplomats residing in Iran, and representative offices of foreign banks, with written requests at prices announced daily by the CBI. They can sell the currency within the forex market regulations in Iran.

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Iran’s farewell with the dollar

Iran’s farewell with the dollar

On a Wednesday meeting by the cabinet, helmed by President Rouhani, all ministries and governmental organizations and companies will use the euro as the basis for reporting and disseminating statistics, information, and financial data.  

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Risk of war between Iran and Israel in Syria

Risk of war between Iran and Israel in Syria

On 15 April 2018, Thomas Friedman wrote in the nytimes.com: “SYRIA-ISRAEL BORDER, Golan Heights — Stop me if you’ve heard this one before: Syria is going to explode. I know, you have heard that one before, but this time I mean really explode. Because the U.S., British and French attack on Syria to punish its regime for its vile use of chemical weapons — and Russia’s vow to respond — is actually just the second-most dangerous confrontation unfolding in that country.  

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Political and economic reasons of rising exchange rates

Political and economic reasons of rising exchange rates

Dr Mahdi Pazouki, Economist, told Persia Digest: “Currency fluctuations in Iran have two reasons. The financial reason is the volume of liquidity in the Iranian economy, which is tomans 1500TR. This large figure is a potential danger for the economy. Governments must direct this volume of liquidity towards production for economic growth. But, even if 10 percent of this large volume of liquidity enters the market, it will create fluctuations in currency rates due to the atmosphere of distrust and uncertainty.”

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Euro to become the official foreign currency used in Iran

Euro to become the official foreign currency used in Iran

Currency fluctuations over the past months in Iran, especially in recent days, has prompted the government to make new policies in order to control the forex market here. It has taken immediate action by setting a single price of tomans 4200 for the US dollar; but, reports indicate exchange offices are refusing to sell the dollar at this price and all exchanges have come to a halt.  

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Iranian Government takes swift currency control measures

Iranian Government takes swift currency control measures

Following the unprecedented rise in the price of the dollar and other foreign currencies on Iran’s forex market, the government has taken measures to fix the price of the dollar at tomans 4200. This price has been set for all commodity groups, conditional on providing the necessary documents for the allocation of foreign currency. Travelers can buy and take USD 500 out of the country, delivered to them at airport gates.  

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The dollar takes flight in the sky of Iran

The dollar takes flight in the sky of Iran

Currency prices have been going through a bull market in Iran over the course of the past couple of days. In IRR currency, the US dollar was exchanged for tomans 5220 yesterday, showing a leap of tomans 130/dollar. Ascending prices continued this morning to reach tomans 5750 by 14h00 hours. The euro has also passed the 7160 toman mark. Other currencies, including the pound sterling, have reached unprecedented prices.  

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