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Iranian central bank announced dropting the zero of Rial today.

 
Anonymous Coward
User ID: 16689814
Canada
01/27/2013 05:23 PM
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Iranian central bank announced dropting the zero of Rial today.
Iranian satellite news channel announced the central bank has finished the preparation of dropping 4 zeros from Iranian currency strengthening to world level.

For example right now from all sanctions and etc.. 1 US dollar is over 12000 rial and 40000 rial on blackmarket. but if the 4 zeros drop then 1 US dollar will be 1.2 rial and 4 rial respectively.

It will greatly strengthen Iranian economy and release the hardship of high costs of goods for Iranians.

Now the fun part will be the super rich Iranians will not longer be super rich and the gap between upper class and lower class will become smaller.

Also Ahmadinejad announced that because of higher inflation a determined amount of money or funds will be given to Iranian family. The government will return more money to people soon.
Anonymous Coward
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01/27/2013 05:24 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
Also Ahmadinejad announced that because of higher inflation a determined amount of money or funds will be given to Iranian family. The government will return more money to people soon.
 Quoting: Anonymous Coward 16689814


Thats what a country not financed by greedy Jews does.
Anonymous Coward
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United States
01/27/2013 05:41 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
So a loaf of bread that cost 12,000 rials today costs 12,000 rials next week but the 12,000 rials you have as an Iranian citizen today is only worth 1.2 rials next week? Is that a good thing? Sounds like 1920's Germany to me.
Anonymous Coward
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United States
01/27/2013 05:58 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
So a loaf of bread that cost 12,000 rials today costs 12,000 rials next week but the 12,000 rials you have as an Iranian citizen today is only worth 1.2 rials next week? Is that a good thing? Sounds like 1920's Germany to me.
 Quoting: Anonymous Coward 24009796


You're a retard, seriously.
KipKat

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Netherlands
01/27/2013 06:01 PM

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Re: Iranian central bank announced dropting the zero of Rial today.
That will not help for long. They will be dropping zero's again and again...

Last Edited by KipKat on 01/27/2013 06:02 PM
Anonymous Coward
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01/27/2013 06:03 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
Total BS! Black market exchange rates won't change a bit.
Anonymous Coward
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Germany
01/27/2013 06:05 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
Their currency is dying. These are desperate attempts to save it...
Anonymous Coward
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01/27/2013 06:06 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
THE PETRO-RIAL!. GOODNIGHT AMERICA.
Anonymous Coward (OP)
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Canada
01/27/2013 06:18 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
all this starts as soon as new bank notes are printed as media said. People have to change their current money with the new money coming out without zeros.
Anonymous Coward
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United Kingdom
01/27/2013 06:25 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
5a Sounds good to me
Anonymous Coward
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01/27/2013 06:39 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
Ehhhh... I know you americans are tarded and all. But if you have a problem with ur money the thing would go in the opposite direction. 1 = 10 = 100 = 1000 etc. Not 1000 = 100. That menas they are makeing less money on the market and that gives the currancy strength.

Germany pre ww2 printed more and more money so they deutche mark became worthless. They did it because they had to pay france a whole LOT of it.


So todays class i will end with this. Less money = higher value. More money = less value. Did you get that??
Anonymous Coward
User ID: 33141745
Mexico
01/27/2013 06:41 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
We did this in Mexico, three zeros, it was just and administrative change because of the huge inflation. thus we now have a 12.80 parity with the USD but in reality is
12800, it does nothing for the economy

this from the bank of mexico's site

Google translate:
In the last quarter of the twentieth century the purchasing power of the coins was reduced due to inflation. This led to issue coins of high denominations, therefore, that the breach of the denomination of fifty dollars and at one point they reached a thousand mint coins and up to five thousand pesos. In this situation and in order to simplify the management of the amounts in national currency, the June 18, 1992 it was established that after 1993 a new unit would be used Monetary System of the United Mexican States, equivalent to 1000 pesos the previous unit. The new unit was named "New Pesos" and identified with the symbol "N $" or putting the word "New". That is, if a person had 5000 pesos before the change of unity, they amount to 5 New Pesos. To comply with the provision of the decree, the Bank of Mexico issued in 1992, a new series of coins in denominations of ten, five, two, and one dollar and fifty, twenty, ten and five cents.

from here [link to www.banxico.org.mx]
Anonymous Coward
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Ireland
01/27/2013 06:51 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
Deanann caitheamh tobac diobhail thromchuiseach duit agus do na daoine moirthimpeall orth
Anonymous Coward
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01/27/2013 07:12 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
if there is a lot of illicit black market funds
floating around and there is a small timeframe
window to exchange into the currency

then like expired lotto tickets this money will
be pulled from circulation thereby

strenghening the currency... not necessarily an
accounting only mechanism
Saddletramp
We Don't Rent Pigs...

User ID: 736749
United States
01/27/2013 08:07 PM

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Re: Iranian central bank announced dropting the zero of Rial today.
Yeah, but it's bullshit, if you notice you just X off the zero's...it's not like the existing currency is gaining any value whatsoever...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
CripplingLies

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01/27/2013 08:12 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
So a loaf of bread that cost 12,000 rials today costs 12,000 rials next week but the 12,000 rials you have as an Iranian citizen today is only worth 1.2 rials next week? Is that a good thing? Sounds like 1920's Germany to me.
 Quoting: Anonymous Coward 24009796


You're a retard, seriously.
 Quoting: Anonymous Coward 8260452


No, he is not. We face this in Brazil in mid 80's, this made inflation skyrocket to unbelievable +80%/month. Can you picture going to the market today and buying something for about 10 dollars, then in the next week, the same thing costing about 15, and the next week about 20 and so on? This makes money worth nothing; What will happen? They will cut these 4 zeros, then prices(of everything) are going to skyrocket, what cost 1000 rial, will cost 1 rial, the next month, it will cost 100 rial again, which is the same as 100000 rial in few weeks, this is a disaster, the worst thing ever to happen...
Anonymous Coward (OP)
User ID: 16689814
Canada
01/27/2013 08:29 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
There was a old news article from last year when Iran wanted to drop zeros and the reason given was to 'strengthen rial' and wrote how it will do that. I can not seem to find it through google search.

Anyway dropping zeros along with stopping import of foreign goods replacing it with domestic goods (has already started since last year. Many good are now prohibited from being imported)and other measures of dropping or phasing out dollar and euro as it was in the news recently, plus increasing the gold reserve (Iranian tv showed Iranian gold reserve increased by 100 tons this past year) and government subsidies thats going on now (every 2 to 3 months government deposits some money to Iranian low income families); All these and others can boost the economy and Irans currency in coming years.

The dropping of zeros is not just alone. There are other factors Iran has put in place by Ahmadinejad government.

So we have to wait and see what will happen. Iran contradicts every economic models in the world. What the world think it will happen will have opposite effect in Iran.
Deej

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United States
01/27/2013 09:27 PM

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Re: Iranian central bank announced dropting the zero of Rial today.
Deanann caitheamh tobac diobhail thromchuiseach duit agus do na daoine moirthimpeall orth
 Quoting: Anonymous Coward 17418121


Yeah... what she said! applause2

Last Edited by Deej on 01/27/2013 09:27 PM
No matter what happens... just say "Thank You." - D W Fierce
Anonymous Coward
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01/27/2013 09:46 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
Now the fun part will be the super rich Iranians will not longer be super rich and the gap between upper class and lower class will become smaller.
 Quoting: Anonymous Coward 16689814







AAAAAAAAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!

That's the silliest shit I've ever heard!!!!!!!!!!!

How would that effect the gap it will only effect wealth in relation to the rest of the world not other Iranians they will still be VERY wealthy!
pool
Netizen Ribbonmind

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01/27/2013 09:53 PM

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Re: Iranian central bank announced dropting the zero of Rial today.
Cutting fingers off to cutting zeros off...crazy.
No yesterday, no tomorrow.
Unc Al
User ID: 33168565
United States
01/27/2013 10:02 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
I was living in Russia when they chopped three zeros, as well (1997 maybe). Made no difference to the economy - they only do this to save face.
Anonymous Coward
User ID: 13926736
United States
01/27/2013 10:15 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
The government will return more money to people soon.


Maybe they think oil will be at $500 a B soon?
MaryAlananB

User ID: 25459882
United States
01/27/2013 11:23 PM
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Re: Iranian central bank announced dropting the zero of Rial today.
No the loaf will still be 12,000 rials and you will only have 1.2 to purchase it.

So a loaf of bread that cost 12,000 rials today costs 12,000 rials next week but the 12,000 rials you have as an Iranian citizen today is only worth 1.2 rials next week? Is that a good thing? Sounds like 1920's Germany to me.
 Quoting: Anonymous Coward 24009796


Last Edited by MaryAlananB on 01/27/2013 11:24 PM
Saddletramp
We Don't Rent Pigs...

User ID: 736749
United States
01/27/2013 11:42 PM

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Re: Iranian central bank announced dropting the zero of Rial today.
What they're trying to do is make their currency seem more attractive vs foreign currencies to their own people by Xing out a few zero's...

Lot's of countries have tried this over the years...doesn't affect the value of the currency vs the amount of currency in circulation vs the price of commodities...so it's a shell game when you get right down to it.

Iran still has to import almost all of their food and (oddly enough) gasoline...do you think it's going to make any difference on the world market?!?!?

Meaning that world market controls the price of the commodities that this country must have...so Xing out a few zero's doesn't mean a thing in or out of Iran...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."

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