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Sunday, February 26, 2017

KTFA UPDATE, 26 FEB

KTFA:

BACKDOC:  NICE ARTICLE SAMSON. (see article below)

THIS SEEMS CONSISTENT WITH OTHER ARTICLES THAT IRAN WILL HAVE A NEW RATE AND WILL BE A SINGLE PAYMENT SYTEM WHICH IS DIGITAL AFTER MARCH 20 th. SELLING BONDS AFTER THAT NEW FISCAL YEAR FOR THEM MAKES SENSE.

WHAT I LIKE EVEN BETTER IS THAT A DIGITAL DOLLAR AND MOST LIKELY DINAR THAT HELPS BACK THAT NEW DOLLAR WILL ARRIVE PRIOR.

REMEMBER THE DOLLAR IS THE GLOBAL REFERENCE OF VALUE THEREFORE IT MUST SHOW FIRST OR AT THE SAME TIME AS OUR BELOVED DINAR !!!!!

DOC   IMO
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Samson:  Iran's Parliament Approves Bond Issue for Oil Projects

Sunday, February 26, 2017

Close to $2 billion has been allocated for oil and gas exploration

Parliament on Saturday ratified a law that allows the government to issue bonds in the next fiscal year for developing major oil and gas projects.

As part of the legislation for the national budget for fiscal 2017-18, the Majlis passed a law that allows the government to issue up to 50 trillion rials (about $1.3 billion) in bonds for investment in hydrocarbon resources, IRNA reported.

The law places higher priority for investment in shared oil and gas fields, stipulating that investors should be remunerated from revenues from the joint fields.

Saleh Hendi, the director for exploration at the National Iranian Oil Company, said on Saturday that the government has allocated "close to $2 billion" for oil and gas exploration.
"The entire budget will go for drilling operations," Hendi said, adding that preliminary studies on each oil and gas reservoir cost between $200 million to $300 million.

However Tehran's exceedingly tight budget does not measure up to its energy aspirations.
Oil Minister Bijan Namdar Zanganeh has said the country needs a staggering $200 billion for investment in its petroleum industry, including $130 billion for upstream exploration and production.

Tehran has pinned high hopes on developing its energy infrastructure with foreign finance and technology.

The government of President Hassan Rouhani plans to tender dozens of oil and gas fields under a new model of contracts that offers sweeter terms, such as production for up to 20 years and higher reward for riskier projects.

The fields that are shared with Iraq and Qatar, namely the oilfields in the West Karun region in southern Khuzestan Province and the South Pars Gas Field in the Persian Gulf, are among the country's coveted projects.

Iran has the world's second-largest proven natural gas reserves (34 trillion cubic meters) and the fourth-largest crude oil reserves (157 billion barrels). Based on estimates, Iran can draw on its oil and natural gas reservoirs for at least 50 and 80 years respectively, excluding the new discoveries. 

https://financialtribune.com/articles/energy/60356/irans-parliament-approves-bond-issue-for-oil-projects

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BACKDOC:  SEEMS LOGICAL TO VALIDATE THE RETIREES ESPECIALLY WHEN YOU'RE ESPECIALLY CLOSE TO MAKING DISBURSEMENTS ON A LARGE SCALE.  DOC  IMO

Samson:  Rafidain Bank directs its branches update data before retiring salaries

Rafidain Bank directs its branches update data before retiring salaries<br /> 2/26/2017 9:22
Face Rafidain Bank branches in Baghdad and the provinces need to updated data on retired prove they are alive.

Press office of the bank said in a statement received by all of Iraq [where] a copy of it, " The bank called on all its branches to conduct a comprehensive review of the certificate of retired life and prove its existence , " adding that " the agent who represents retired during the receipt of pension by the presentation of a certificate of life fundamentalist and certified by the State Department. "
The statement stressed that " the bank will not , but regardless salary pension for a retired principal or agent who fulfill the conditions unlike those directives will bear the employee - based pension regardless responsibility for that.

http://www.alliraqnews.com/modules/news/article.php?storyid=58832

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S41755k:  hy Backdoc nice date!

Samson:  Iran plans to issue bonds worth $ 4.5 billion in energy projects

Iran plans to issue bonds worth $ 4.5 billion in energy projects<br /> 2/26/2017 12:12

The Oil Ministry announced that her country Iran is seeking to put up bonds denominated in Rial and foreign currency worth up to $ 4.5 billion by March 2018.

The Iranian government wants to attract foreign investors after the lifting of sanctions on Tehran.  Iran has not seen any issues international bonds since the Islamic Revolution in late 1979.

He said the oil ministry website that Iran 's parliament on Saturday approved a clause in the Iranian year budget , which begins on March 21 , allows the Ministry of Petroleum bond offering three billion dollars denominated in Rial and hard currency.

He explained that under the last item in the new budget was approved on Saturday , the ministry can issue up to $ 50 trillion rials [$ 1.5 billion of bonds.

According to the text of the draft budget is used amounting to three billion dollars in bonds to pay off debts of the ministry and the list of bond projects amounting to 1.5 billion to finance oil and gas projects.

https://financialtribune.com/articles/energy/60356/irans-parliament-approves-bond-issue-for-oil-projects
Samson:   Iran : Floating Exchange Rate Remains Ideal Choice

, February 26, 2017

When foreign exchange rates are unified, setting a fixed rate for it will be meaningless since foreign exchange rates, like any other commodity, are determined by supply and demand, a member of Iran Chamber of Commerce, Industries, Mines and Agriculture said.

“If the forex rate follows a floating system, the market will set the rates, but fixing a rate for foreign exchange is like pulling a spring: the moment you let go of the pressure, the rates will bounce back,” Ferial Mostofi was also quoted as saying by IBENA.

In line with this, Valiollah Seif, the head of the Central Bank of Iran, said it is not the government’s policy to maintain a fixed forex regime but to make sure that the rates are determined by a balanced market condition and away from volatility.

CBI has indicated that it will not be able to unify the country’s official and open market exchange rates by March 20, as previously planned.

Iran has been living with two exchange rates for the Iranian rial for several years, which has both helped fuel corruption and hampered cross-border trade. Those with ready access to the official rate have been able to benefit from relatively cheap hard currency, while other individuals and businesses have had to pay a higher price via the open market.

Unifying the rates has been one of the key goals of the Iranian government. However, while the gap between the official and open market rates has narrowed, they remain entrenched.

The official exchange rate is currently 32,401 rials to the US dollar, while according to the Association of Bureau de Change Operators, the free market rate stands at 38,100 rials to the dollar.

CBI had earlier said it was aiming to have a single exchange rate by the end of the current Iranian year, which ends on March 20. However, Peyman Qorbani, a senior CBI official, told a press conference on February 19 that the continued lack of links between Iranian banks and their foreign counterparts meant it was unlikely to happen by the set date.

It is not clear when CBI will close the gap between the two forex rates.

https://financialtribune.com/articles/economy-business-and-markets/60383/floating-exchange-rate-remains-ideal-choice

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