Current Events

You'll be in trouble if they catch you.

The sign at the airport said you can only take so much (forgot how much) and the sign was new and wasn't there last year.  No one also searched me for money or asked me about money.  Maybe next time.  I guess it's better when we enter the airport to look for these signs for when we come back, who knows what they'll say next time around. 

Everything is sacred

my comment was based on

my comment was based on personal experience.  i made some money inadvertently last year when i went to iran.  i didn't use some tomans and was going to leave it there since i didn't have time to exchange it.  my relative told me to exchange it in the airport.  i had assumed that i will exchange it at the same rate from the sarrafi (bazar azad) but to my surprise the bank at the airport exchanged it at the lower government rate.  i believe that i made about $200 more than i expected to get for my tomans (the total amount that i exchanged was more than $1000).

Was the bank's max $500 or $1,000? can't remember.

Everything is sacred

Hamsade banks now give out only $1,000.

When I was in Iran last spring, they had changed the rules from a year before.  In the years past I could go to a bank (or semi-bank places) and exchanged Toman to Dollar with no limit.

This time they had a $1,000 limit and for that you needed to show your plane ticket and passport.  If you want more you had to get it from Saffari which have no limits.  Actually why even go to the bank in the first place, the difference is not much.

I forgot how much is the maximum "money" they allow you to take with you aboard a plane, but it's a maximum of Dollar and Toman combined.  I think it was 2 million Toman or something.  Dunno about the airport exchange and the numbers you said in your comment, didn't understand it.

Everything is sacred

esfand, i think hirre's

esfand, i think hirre's statement was in response to tarreh-gol's comment that "high interest rates are forbidden in islamic banking."  in that regard, he's right.  in the regard of actually being able to make money on the high interest rate, he's wrong as you pointed out (the value of toman goes down vis-a-vis dollar).

another way of making quick, albeit small, money when going to iran is taking advantage of the maximum amount of dollars that you can take out of the country ($2000) and the difference between current exchange rates.  there are money exchange tellers (bank melli or saderat) once you go through security in the airport that will exchange your toman at government rate.  if you exchange $2000 at the sarrafi at 1500 toman/dollar, you'll get 3 million.  if you set aside 2.2 million toman to take back with you to the u.s., you'll end up with $2000 (2.2 million toman/1100 toman/1$) and 800,000 toman (3 million - 2.2 million).

hirre check your math.

Let's say you put $1,000 in an Iranian bank that gives 17% interest rate.  Let's also say that $1 = 1,000 Toman when you do this, so you have 1,000,000 Toman in the bank.

Bank gives you 17% so at the end of the year you have 1,170,000 Toman. 

In US if you put your money in Savings you get about 1% max, so your $1,000 will be about $1,010 whereaswith 17% at one to one exchange rate it'd be $1,170.  $10 vs $170 in interest dollars.

  But the price of Dollar has risen.  Below would be how much your $1,000 be worth based on how much the dollar has risen:

$1 = 1,200 Toman ----> 1,170,000 / 1,200 = $975

$1 = 1,300 Toman ----> 1,170,000 / 1,300 = $900

$1 = 1,400 Toman ----> 1,170,000 / 1,400 = $836

$1 = 1,500 Toman ----> 1,170,000 / 1,500 = $780

No? 

The article said just last December (1 year ago) a Dollar was 1,050 Toman.

The only way these high exchange rates would be beneficial to anyone is if you take your Dollar, turn it to Toman and purchase something, like a car or a house to use and not make a Dollar out of it for investment.  

The reason people are buying Dollar is because they believe their Toman will be, actually IS worthless.  Another words they have no faith in this Government!

Everything is sacred

1 ركورد 1600 تومان براى دلار

High interest rates

High interest rates forbidden? What are you talking about? Current saving interests are at ~17%, if you have like $100000 in the bank you will get like around 16% return in one year. I know lots of people who do this and travel to Iran to get some of the money back each year in cash...

Faramarz

no i am doingthat to the "meat" market.

Deh. azyat nakon bache:))))) 

Apparently this latest run on Rial was caused by a statement

on how Iran will not be dealing any more with Emarat Arabi because of their cooperation with the US on sanctions (EA  is one of the main point for Iran's exports). One of AN's assistants later on made another satement and said the first one was incorrect.

Elimination of subsidies and too much cash in the market is another cause of runaway inflation.

High intrest rates is forbidden is 'Islamic ' banking, that's why most people in Iran don't put their monies in the bank for saving.

By the time a dollar is worth 2000 Toman you'll know Iranian economy has collapsed!

By the time an ounce of Gold goes for $2,000.00 you'll know the world economy has collapsed!

Death to USA

Who wants dollar? death to dollar? death to USA. We want Imam Zaman. Viva Islamic currency. Viva goat and chicken.

10000000000

very soon it's going to be like zimbabwe .......

Bring the truck load of Rial to go shopping in shab-dol-azim.

Maziar

Spring has Sprung!

Iranian Spring is on its way!

Doctor Mohandes,

Are you manipulating the currency market over there?

شرايط کشور بحرانی نيست / مه اين مسايل يک جنگ روانی است

ايلنا: محموداحمدي‌نژاد با اشاره به اينکه ما بايد به راهمان ادامه بدهيم که اجرای طرح هدفمندی و پيشبرد آثار هدفمندی در بخش‌های مختلف است، گفت: دولت بدون ملت کاری از پيش نمي‌برد، ما همپای مردم حرکت کرديم، فعاليت‌ها با جزييات شرح داده شد و اگر مشکلی در اقتصاد ايجاد ‌مي‌شد مردم را در جريان ‌مي‌گذاشتيم.

//www.roshangari.net/as/sitedata/2011122

The Pain!!!!

Well. You see?

I could only wish that by witnessing such misery and such ongoing carnage in the economy, the Under-the -Korsi crowd would stop wishing and hoping and dreaming of the system reforming itself... for the next 1000000000 years and do something about it. and trust me, there ain't jack that can be done from inside the country , so please stop passing the buck...

I do not mean any of these in an offensive and demanding and talabkar fashion, Just to get the attention of those who can now see how f...up things are and how much more f...up and devastating they are about to become and stop their "i am polyana... world , How may i help you feeling better today?" mentality and really do something. 

very soon one can fly to

very soon one can fly to iran for free.  once the difference between the free market and official market of dollar hits about 600 toman.

This is not such good news for those….

Who have been putting their $$$$ in the Iranian banks for the inflated interest to earn lots of free $$$ that in my opinion is immoral. 

It does not give me a bit of concern if their easy earned $$$$ has turned to only a mirage.

  As for ordinary Iranian people, I feel for their pain during these economic hardship and mismanagement by the regime.

'Hambastegi' is the main key to victory 

Mehrdad

EA

LOL. 

Dollar is 15,030 Rials today.  Islamic Republic collapsing on it's own and some in Iran, Israel and US want to start a war in Iran, each for their own benefi

 Good one there Partner. Real good. You nailed it LOL!!!

Ahmadinejad will do all he can = BS his way all he can!

Dollar is 15,030 Rials today.  Islamic Republic collapsing on it's own and some in Iran, Israel and US want to start a war in Iran, each for their own benefit

Inflation is at an all time high and increases every month and Ahmadinejad spoke of plans to "reduce" inflation!  All he does is to say the opposite of what is actually happening.  Not only Holocaust is a myth but so is everything else!  He himself is a myth

Soon we'll have 20,000 Rials for one Dollar and he will speak once again what a good job cash subsidies have done and plans to reduce the prices!  Problem for corrupt politicians = their 1 Billion Rials will be worth only half as much in Canadian or American Dollars!  Now who would want to move their Dollars to Iran and buy the ever sinking Rial?

In August of 2010 I wrote a blog about Dollar being 10,500 Rials and Ahmadinejad's "plan" was to get paid for oil in Rials!  BS never leaves him!

Everything is sacred

I'm glad the mullah's accounts in the UK got frozen!

Mullahs are in deep shit...but they might survive the upcoming storm.