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Your current IP address is 8.222.208.146. </p> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>Even while globally blocked, you will <i>usually</i> still be able to edit pages on <a href="https://meta.wikimedia.org/wiki/" class="extiw" title="m:">Meta-Wiki</a>. </p> </div> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>If you believe you were blocked by mistake, you can find additional information and instructions in the <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/Stewards/Wizard" class="extiw" title="m:Special:MyLanguage/Stewards/Wizard">Stewards Block Wizard</a>. <a href="/w/index.php?title=MediaWiki:Wikimedia-globalblocking-blockedtext-mistake-email-steward&action=edit&redlink=1" class="new" title="MediaWiki:Wikimedia-globalblocking-blockedtext-mistake-email-steward (page does not exist)">MediaWiki:Wikimedia-globalblocking-blockedtext-mistake-email-steward</a> </p> </div> <p>Other useful links: <a href="https://meta.wikimedia.org/wiki/Global_blocks" class="extiw" title="m:Global blocks">Global blocks</a> · <a href="/wiki/Help:I_have_been_blocked" title="Help:I have been blocked">Help:I have been blocked</a> </p> </div></li></ul><hr /> <div id="viewsourcetext">You can view and copy the source of this page:</div><textarea readonly="" accesskey="," id="wpTextbox1" cols="80" rows="25" style="" class="mw-editfont-monospace" lang="en" dir="ltr" name="wpTextbox1">===Exchange rate system=== Until 2002, Iran's exchange rate system was based on a multi-layered system, where state and para-state enterprises benefited from the "preferred or official rate" (Rls&nbsp;1,750 for US$1) while the private sector paid the "market rate" (Rls&nbsp;8,000 for US$1), hence creating an unequal competition environment. The "official rate" applied to oil and gas export receipts, imports of essential goods and services, and repayment of external debt. The "export rate", fixed at Rls&nbsp;3,000 per dollar since May 1995, applied to all other trade transactions, but mainly to capital goods imports of public enterprises.<ref name="nationsencyclopedia.com"/> In 1998, in order to ease pressure on exporters, the central bank introduced a currency certificate system allowing exporters to trade certificates for hard currency on the [[Tehran Stock Exchange]], thus creating a floating value for the rial known as the "TSE rate" or "market rate". This method finally replaced the fixed "export rate" (Rls&nbsp;3,000:US$1) in March 2000, and has since held steady at some Rls&nbsp;8,500:US$1. In March 2002, the multi-tiered system was replaced by a unified, market-driven exchange rate. In 2002 the "official rate" a/k/a "preferred rate" (Rls&nbsp;1,752:US$1) was abolished, and the TSE rate became the basis for the new unified foreign-exchange regime.<ref>{{cite web |url=http://www.austrade.gov.au/australia/layout/0,,0_S2-1_CLNTXID0019-2_-3_PWB1151550-4_doingbusiness-5_-6_-7_,00.html |title=Iran Profile |publisher=Australian Trade Commission (Austrade) |date=2006-10-04 |access-date=2012-02-07 |url-status=dead |archive-url=https://web.archive.org/web/20061004192232/http://www.austrade.gov.au/australia/layout/0%2C%2C0_S2-1_CLNTXID0019-2_-3_PWB1151550-4_doingbusiness-5_-6_-7_%2C00.html |archive-date=October 4, 2006}}</ref> Iran's Central Bank channels more than 90 per cent of hard currency into the local market (2012).<ref name="TP2"/> ====Forex bourse==== {{See also|Foreign exchange market}} In a move interpreted as aiming at unifying currency exchange rates, on September 24, 2012, the government launched a foreign exchange centre, that would provide importers of some basic goods with foreign exchanges, at a rate about 2% cheaper than the open market rate on a given day.<ref name=Reuters>{{cite news|url=http://in.reuters.com/article/iran-currency-idINL5E8KPAD520120925 |archive-url=https://web.archive.org/web/20160305212335/http://in.reuters.com/article/iran-currency-idINL5E8KPAD520120925 |url-status=dead |archive-date=March 5, 2016 |title=Iran rial hits record low despite new effort to stabilize it |work=Reuters |date=2012-09-25 |access-date=2012-10-01}}</ref><ref name="turquoisepartners2">{{cite web|url=http://www.turquoisepartners.com/iraninvestment/IIM-Oct12.pdf|date=November 6, 2012|title=Iran Investment Monthly October 2012.pdf|access-date=2015-09-06|archive-date=March 3, 2016|archive-url=https://web.archive.org/web/20160303232559/http://www.turquoisepartners.com/iraninvestment/IIM-Oct12.pdf|url-status=dead}}</ref> This project was cancelled following the strong depreciation of the rial between 2012 and 2013 but was put on the agenda again in 2015 for use in the reunification of forex rates (planned for 2017) and the introduction of [[derivative (finance)|currency derivative]]s. through the [[Iran Mercantile Exchange#New products|Iran Mercantile Exchange]].<ref>{{cite web|url=http://financialtribune.com/articles/economy-business-and-markets/20834/plan-create-currency-bourse-raises-controversy|title=Plan to Create Currency Bourse Raises Controversy|author=Mohammad Affianian|work=Financial Tribune Daily|date=July 9, 2015 |access-date=2015-09-03}}</ref> In addition to [[Banking in Iran|banks]], ''exchange shops'' are also available for limited transactions. Exchange shops must operate under the licenses issued by [[Central Bank of Iran]]. Foreign currencies can be bought or sold at these exchange shops. ====Exchange restriction==== Exchange restriction arises from limitations on the transferability of rial profits from certain investments under the [[Foreign Direct Investment in Iran#FIPPA|Foreign Investment Promotion and Protection Act]] and from limitations on other investment-related current international payments under this act.<ref name="imf">{{cite web|url=http://www.imf.org/external/pubs/ft/scr/2010/cr1074.pdf|date=January 11, 2010|title=Islamic Republic of Iran: 2009 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Iran; IMF Country Report 10/74|publisher= International Monetary|access-date=2015-09-06}}</ref> ====Multiple currency practices==== In 2010, the cases of multiple currency practices arose from the following:<ref name="imf" /> #Budget subsidies for foreign exchange purchases in connection with payments of certain [[letters of credit]] opened prior to March 21, 2002, under the previous multiple exchange rate system (see above); #Obligations of entities that had received allocations of foreign exchange at subsidized "allocated rates" under the previous multiple exchange rate system to surrender unused allocations to the [[Central Bank of Iran]] at the allocation rate. Until 2012, the dollar had different exchange rates, depending on where you are buying your currency<ref>from:http://theiranianrial.net/irans-gold-and-currency-markets/</ref> *Official exchange rate *[[Free trade zones in Iran|Free trade zone]] exchange rate *Referential exchange rate *Black market exchange rate In 2012, [[Bank Markazi]] classified a long list of goods into categories with priorities 1 through 10, leaving it to the parallel market to take of all other needs. Priorities 1 and 2 are food and medicine, receiving foreign exchange at the official rate of Rls&nbsp;12,260 per dollar, followed by other categories with lower priorities, which are mostly intermediate goods used in industrial production.<ref>{{cite web|url=http://www.businessinsider.com/actually-there-is-no-hyperinflation-in-iran-2012-10#ixzz2dhqHAf5B|title=Actually, There Is No Hyperinflation In Iran |date=October 6, 2012|work=Business Insider|access-date=2015-09-03}}</ref> ====Redenomination==== Because of the current low value of rial, and that people rarely use the term, [[redenomination]] or change of currency has been proposed a number of times since the late 1980s. The issue has re-emerged and been under discussion, as a result of issuance of larger banknotes in 2003. Opponents of redenomination are wary of more inflation resulting from psychological effects, and increase in [[velocity of money]] leading to more instabilities in the [[economy of Iran]].<ref name="high">{{cite web |url=http://www.magiran.com/npview.asp?ID=1364859 |script-title=fa:روزنامه سرمايه85/12/14: مدير كل نشر اسكناس بانك مركزي : رشد نقدينگي اسكناس درشت تر مي طلبد |publisher=magiran.com |language=fa |date=2007-03-05 |access-date=2012-02-07}}</ref><ref>{{Cite journal |title = Currency Reform and Redenomination of Iranian Rial |url = http://jmbr.mbri.ac.ir/browse.php?a_id=87&sid=1&slc_lang=en|journal= Journal of Monetary & Banking Research | date=June 10, 2011 | volume=3 | issue=7 | pages=137–168 |access-date = 2015-09-07| last1=Mahdavian | first1=Mohammad Hadi }}</ref> On April 12, 2007, the Economics Commission of the [[Majles|Parliament]] announced initiation of a statute in draft to change the currency, claiming redenominations had helped reduce inflation elsewhere, such as [[Turkish new lira|in Turkey]].<ref name="donya-e-eqtesad">{{cite web |url=http://www.donya-e-eqtesad.com/PDF/1210/1210-1.pdf |title=کوتاه و خواندنی |publisher=donya-e-eqtesad.com |access-date=2015-09-06 }}{{Dead link|date=December 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref name="donya-e-eqtesad2">{{cite web |url=http://www.donya-e-eqtesad.com/PDF/1210/1210-13-Mas.pdf |title=کوتاه و خواندنی |publisher=donya-e-eqtesad.com |access-date=2015-09-06 }}{{Dead link|date=December 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In 2008, an official at the Central Bank of Iran said the bank plans to slash four zeros off the rial and rename it the [[Iranian toman|toman]].<ref name="Toman">[http://iranianrial.globalcurrencyreset.net/news/reports-toman-irans-new-currency/ "Reports: Toman Iran's new currency."] ''Press TV''. September 4, 2008. Retrieved 2009-08-05.</ref> The bank printed two new [[traveller's cheque]]s, which function quite similar to a banknote, with values of Rls&nbsp;500,000 and Rls&nbsp;1,000,000. However, they have the figures "50" (should read 50 thousand toman) and "100" (should read 100 thousand toman) written on their top right hand corners, respectively, which is seen as the first step toward a new currency.<ref name="Toman"/> In 2010, President [[Mahmoud Ahmadinejad]] announced that Iran would remove three zeros (not the four that had been proposed) from its national currency as part of the [[Iranian Economic Reform Plan|economic reform plan]].{{citation needed|date=July 2021}} In April 2011, it was reported that the [[Central Bank of the Islamic Republic of Iran|Central Bank]] is working on a six-month redenomination project to cut four zeros from the national currency and replace old bank notes with new ones, similar to the [[revaluation of the Turkish lira]] in 2005.<ref>{{cite web|url=http://www.tehrantimes.com/index_View.asp?code=237870 |title=Iran to slash three zeros off currency |website=Tehran Times |date=April 3, 2011 |access-date=2012-02-07}}</ref><ref>{{cite web|url=http://news.kodoom.com/en/iran-politics/iran-plans-to-slash-four-zeros/story/1715867/ |title=Iran Plans to Slash Four Zeros From Currency, Donya Reports|publisher=kodoom |date=2011-04-05 |access-date=2012-02-07}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/2011-04-06/iran-plans-to-slash-four-zeros-from-currency-donya-reports.html |work=Bloomberg |first=Ladane |last=Nasseri |title=Iran Plans to Slash Four Zeros From Currency, Donya Reports |date=2011-04-06 |url-status=bot: unknown |archive-url=https://web.archive.org/web/20110410055301/http://www.bloomberg.com/news/2011-04-06/iran-plans-to-slash-four-zeros-from-currency-donya-reports.html |archive-date=2011-04-10 }}</ref><ref>{{cite web |title=حذف 4 صفر از پول کشور كليد خورد - Tabnak.IR &#124; تابناك |language=fa |publisher=Tabnak.IR |url= http://www.tabnak.ir/fa/news/156580/%D8%AD%D8%B0%D9%81-4-%D8%B5%D9%81%D8%B1-%D8%A7%D8%B2-%D9%BE%D9%88%D9%84-%DA%A9%D8%B4%D9%88%D8%B1-%D9%83%D9%84%D9%8A%D8%AF-%D8%AE%D9%88%D8%B1%D8%AF |access-date=2012-02-07}}</ref> A website to poll the public on the redenomination plan was launched July 21, 2011; the public was allowed to vote on how many zeroes to cut and what the new currency's name should be. Preliminary results indicate that four zeroes would be cut (in line with the government's recommendation) and that the name will be changed to Parsi.<ref>{{cite web|author=Catherine Snowdon |url=http://www.risk.net/risk-magazine/news/2095678/iranian-public-votes-currency-reform |title=Iranian public votes on currency reform |date=July 21, 2011 |publisher=Risk.net |access-date=2012-02-07}}</ref> In 2016, [[Government of Iran|the government]] announced its plan to end the official status of the rial, replacing it with the commonly used unit the ''[[Iranian Toman|toman]]'' (which represents 10 rials).{{citation needed|date=July 2021}} In July 2019, the Iranian government approved a bill to change the national currency from the rial to the toman with one toman equalling Rls&nbsp;10,000, a process which will reportedly cost $160 million.{{citation needed|date=July 2021}} This proposal was approved by the Iranian parliament in May 2020. The changeover is likely to be phased over a period of up to two years.<ref>{{cite web|url=https://en.radiofarda.com/a/iran-parliament-approves-bill-to-change-currency-slash-four-zeros-/30592219.html|access-date = 2023-10-01|title=Iran Parliament Approves Bill To Change Currency, Slash Four Zeros| date=May 4, 2020 |publisher=en.radiofarda.com}}</ref> </textarea><div class="templatesUsed"></div><p id="mw-returnto">Return to <a href="/wiki/Iranian_rial" title="Iranian rial">Iranian rial</a>.</p> <noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/wiki/Iranian_rial">https://en.wikipedia.org/wiki/Iranian_rial</a>"</div></div> <div id="catlinks" class="catlinks catlinks-allhidden" data-mw="interface"></div> </div> </main> </div> <div 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