More News, Rumors and Opinions Wednesday PM 7-10-2024
TNT:
Tishwash: Details of Iran-Russia local currency swap agreement
The deputy governor of the Central Bank of Iran said that the national currency swap agreement concluded between the central banks of Iran and Russia contributes to strengthening the ruble and the rial and excluding the dollar from mutual settlements.
Mohsen Karimi explained in statements published by Tasnim News Agency that the monetary agreement concluded between the Iranian and Russian central banks represents a channel for exchanging money between the two countries, and this is the approach followed to eliminate the dollar and mitigate the risks of sanctions.
He pointed out that "this measure is not subject to sanctions, and any sanctions will not affect the national currencies of the two countries."
The Deputy Governor of the Central Bank of Iran said: The transactions of the monetary agreement between the two countries and card payments for travelers have been completed, and this agreement will come into effect as of the coming weeks, while card payments will start as of the end of August.
“This will be a good incentive for Iranian exporters to trade with Russia,” Karimi added.
He pointed out that currency swap is a tool through which both parties can obtain liquidity in another country's currency without having to buy it in the currency market.
He said: The Iranian Shatab network will soon be connected to 11 neighboring countries and member states of the Eurasian Union, such as Egypt.
The Iranian official concluded: For more than a decade, the Central Bank has been issuing dollar bills to Iranian travelers. But a new step has been taken, through which we will move to pay the same currency share with the same countries through their bank card. For example, a traveler who applies for travel currency from a Russian ATM can get rubles equal to his currency share and deduct rials from his account. link
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Tishwash: Foreign Minister Fuad Hussein arrives in Washington
Foreign Minister Fuad Hussein arrived in Washington today, Wednesday, to participate in the NATO Summit 2024
His media office stated in a statement received by {Euphrates News}, that "the latter arrived in Washington to participate in the NATO Summit 2024, which will be held from July 9 to 11. This participation comes at the official invitation of the Iraqi government on the occasion of the 75th anniversary of the founding of the alliance."
The summit will discuss a range of important issues, including global security challenges and military cooperation.
The summit will be attended by a number of heads of state and government from NATO and international partners. link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man I think when they say, "Whose operations are constantly expanding in favor of dealing at the fixed official exchange rate", is an argument suggesting that instead of being a floating currency...they're leaning towards a fixed official exchange rate for some time...
Frank26 I think Sudani is in control of the monetary reform. I think he has security and stability and I think the international world knows it. I think all the three letter agencies are in cahoots...with the CBI...GOI to go ahead and launch the new exchange rate...I think the exchange rate is either going to float at a fixed rate or it's going to float at a low rate then take some time to grow and be capped. If it's fixed at an RI rate then you know it's not going to float very much because the distance between $3.22 to...where they want to cap it it's not that far and the demand will allow the gap to be reached very quickly. If it comes out at $3.22 you think I'm gonna wait around for a float? No.
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