Gov’t Raises $2 32m in Bond Sale
The government raised 49.9 trillion rials ($232 million) by selling Islamic bonds in the debt market on Tuesday.
Out of this figure, 19.9 trillion rials ($92 million) was sold to lenders and non-bank financial institution in the weekly bond auction held by the Central Bank of Iran.
The remaining 30.1 trillion ($140 million) was sold to institutional and retail investors in the share market and outside the auction, the CBI said in a notice on its website.
financialtribune.com/node/104219
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The government raised 49.9 trillion rials ($232 million) by selling Islamic bonds in the debt market on Tuesday.
Out of this figure, 19.9 trillion rials ($92 million) was sold to lenders and non-bank financial institution in the weekly bond auction held by the Central Bank of Iran.
The remaining 30.1 trillion ($140 million) was sold to institutional and retail investors in the share market and outside the auction, the CBI said in a notice on its website.
financialtribune.com/node/104219
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Iran Housing PMI Growth Prolongs for Second Consecutive Month
The Purchasing Managers' Index of the hosing sector for the third month of the current fiscal year (May 21-June 20) settled at 64.36 from 60.55 in the preceding month (April 20-May 20), showing continued recovery in this sector.
Iran Chamber of Cooperatives has measured the purchasing managers’ index for the country’s real-estate and construction sectors, under the Farsi acronym “Shamekh”, in the third month of the current Iranian year (ending June 20).
The new report shows overall PMI settled at 64.36 from 60.55 in the second Iranian month, indicating a 6.29% growth month-on-month, the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture announced.
financialtribune.com/node/104210
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The Purchasing Managers' Index of the hosing sector for the third month of the current fiscal year (May 21-June 20) settled at 64.36 from 60.55 in the preceding month (April 20-May 20), showing continued recovery in this sector.
Iran Chamber of Cooperatives has measured the purchasing managers’ index for the country’s real-estate and construction sectors, under the Farsi acronym “Shamekh”, in the third month of the current Iranian year (ending June 20).
The new report shows overall PMI settled at 64.36 from 60.55 in the second Iranian month, indicating a 6.29% growth month-on-month, the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture announced.
financialtribune.com/node/104210
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Real Value Household Expenses Deteriorate by 5.4 Percent
The overall inflation-adjusted expenditure of Iranian households in the last fiscal year (March 2019-20) decreased by 5.4% compared with the year before.
However, when current prices are applied, average household expenditure indicates a surge of 24.5%, the Statistical Center of Iran reported.
When constant prices are used, Iranian households spent less on nine out of 11 groups of the basket of consumer goods and services in the last fiscal year compared with the year before. The sharpest of such declines was registered for the transportation group with 31.1%.
financialtribune.com/node/104206
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The overall inflation-adjusted expenditure of Iranian households in the last fiscal year (March 2019-20) decreased by 5.4% compared with the year before.
However, when current prices are applied, average household expenditure indicates a surge of 24.5%, the Statistical Center of Iran reported.
When constant prices are used, Iranian households spent less on nine out of 11 groups of the basket of consumer goods and services in the last fiscal year compared with the year before. The sharpest of such declines was registered for the transportation group with 31.1%.
financialtribune.com/node/104206
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President Reiterates Support for Bourse
President Hassan Rouhani on Wednesday reiterated the need to continue supporting the share market by boosting the supply side and listing more companies.
Speaking at a weekly Cabinet meeting, Rouhani said all relevant administrative bodies have a duty to protect the people’s assets invested in stocks.
Referring to the pattern of growth in the share market in recent months, he underscored the need to increase initial public offerings to address the supply crunch.
“We need to increase IPOs to let the bourse safely continue its ascending order,” IRNA quoted him as saying.
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President Hassan Rouhani on Wednesday reiterated the need to continue supporting the share market by boosting the supply side and listing more companies.
Speaking at a weekly Cabinet meeting, Rouhani said all relevant administrative bodies have a duty to protect the people’s assets invested in stocks.
Referring to the pattern of growth in the share market in recent months, he underscored the need to increase initial public offerings to address the supply crunch.
“We need to increase IPOs to let the bourse safely continue its ascending order,” IRNA quoted him as saying.
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Forex, Gold Back to Old Ways
After a brief hiatus major currencies resumed rallies going back to their bad old ways in Tehran on Wednesday as CBI’s selected moneychangers demanded higher rates.
The US dollar rose to 224,000 rials in the free market, up approximately 5,000 rials compared to a session earlier to grab 2.3% gain overnight. Euro hiked about 1.5% to 250,000 rials and the UK pound sterling fetched 279,000 rials, up slightly from 276,000 rials the day earlier.
To bridge the price gap with free market prices, the so-called official selected moneychangers affiliated to the Central Bank of Iran increased the dollar rate by more than 2%.
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After a brief hiatus major currencies resumed rallies going back to their bad old ways in Tehran on Wednesday as CBI’s selected moneychangers demanded higher rates.
The US dollar rose to 224,000 rials in the free market, up approximately 5,000 rials compared to a session earlier to grab 2.3% gain overnight. Euro hiked about 1.5% to 250,000 rials and the UK pound sterling fetched 279,000 rials, up slightly from 276,000 rials the day earlier.
To bridge the price gap with free market prices, the so-called official selected moneychangers affiliated to the Central Bank of Iran increased the dollar rate by more than 2%.
bit.ly/2ChtAxX
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Esfahan Co Supplying Rails for Mega Chahbahar Project in SE
Minister of Roads and Urban Development Mohammad Eslami flagged off track laying operations for a railroad connecting the southeastern port city of Chabahar to the eastern city of Zahedan near the border with Afghanistan and Pakistan on Tuesday.
The project manager said 92,000 tons of rails are needed to complete the 700-kilometer track. According to Mohammadreza Azarian, the UIC60 rails manufactured by Esfahan Steel Company will be used in this project.
“As per a contract with ESCO, the Isfahan-based company will supply 5,000 tons of rails in the first stage, of which 1,000 tons have been delivered. Track-laying of one kilometer of railroad is planned to be completed in one day,” he was quoted as saying by Fars News Agency.
The 628-km railroad will include 34 stations and pass through Chabahar, Tis, Konarak, Nik Shahr, Iranshahr, Khash and Zahedan.
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Minister of Roads and Urban Development Mohammad Eslami flagged off track laying operations for a railroad connecting the southeastern port city of Chabahar to the eastern city of Zahedan near the border with Afghanistan and Pakistan on Tuesday.
The project manager said 92,000 tons of rails are needed to complete the 700-kilometer track. According to Mohammadreza Azarian, the UIC60 rails manufactured by Esfahan Steel Company will be used in this project.
“As per a contract with ESCO, the Isfahan-based company will supply 5,000 tons of rails in the first stage, of which 1,000 tons have been delivered. Track-laying of one kilometer of railroad is planned to be completed in one day,” he was quoted as saying by Fars News Agency.
The 628-km railroad will include 34 stations and pass through Chabahar, Tis, Konarak, Nik Shahr, Iranshahr, Khash and Zahedan.
bit.ly/3gHaDmW
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Banks Allowed to Raise CD Ceiling
The Central Bank of Iran on Thursday said lenders can raise the ceiling when issuing certificate of deposit up to a level that doesn’t cross 20% of total long-term deposits at the end of last fiscal year (March 19).
It allowed banks to issue CDs at 18% interest. The decision will be valid until Sept 22, according to a notice on the CBI website.
The move comes after private banks announced in April that they would set the interest on term deposits at 15%. Before that they had leeway to raise rates up to 18%.
Banks also decided to lower interest rates for short-term deposits to 8% down from 10%.
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The Central Bank of Iran on Thursday said lenders can raise the ceiling when issuing certificate of deposit up to a level that doesn’t cross 20% of total long-term deposits at the end of last fiscal year (March 19).
It allowed banks to issue CDs at 18% interest. The decision will be valid until Sept 22, according to a notice on the CBI website.
The move comes after private banks announced in April that they would set the interest on term deposits at 15%. Before that they had leeway to raise rates up to 18%.
Banks also decided to lower interest rates for short-term deposits to 8% down from 10%.
bit.ly/3ekJHIa
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6.6 Million Tons of Essential Goods Unloaded Since March 20
A total of 6.6 million tons of essential goods have been unloaded at Iranian ports of entry since March 20 (the beginning of the current Iranian year), of which Imam Khomeini Port in the southern Khuzestan Province accounts for 4.1 million tons, says Ravanbakhsh Behzadian, a senior official with the Ports and Maritime Organization of Iran.
He added that 545,000 tons of essential goods have been imported through Iran’s only oceanic port, Chabahar, on the coast of the Sea of Oman in southeastern Sistan-Baluchestan Province since March 20.
Imam Khomeini Port is the main hub for import of essential goods in Iran.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
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A total of 6.6 million tons of essential goods have been unloaded at Iranian ports of entry since March 20 (the beginning of the current Iranian year), of which Imam Khomeini Port in the southern Khuzestan Province accounts for 4.1 million tons, says Ravanbakhsh Behzadian, a senior official with the Ports and Maritime Organization of Iran.
He added that 545,000 tons of essential goods have been imported through Iran’s only oceanic port, Chabahar, on the coast of the Sea of Oman in southeastern Sistan-Baluchestan Province since March 20.
Imam Khomeini Port is the main hub for import of essential goods in Iran.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
bit.ly/2ZYf0DG
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Gov’t to Transfer Shares Worth $1.4 Billion to SSO in Lieu of Debt
The government has approved a proposal to repay its debt worth 320 trillion rials ($1.48 billion) to the Social Security Organization by transferring shares to the organization, the minister of cooperatives, labor and social welfare said.
Mohammad Shariatmadari said the government will transfer a portion of its shares in nine state-owned companies.
The SSO is the biggest insurance company that offers insurance cover to non-state workers as well as voluntary coverage to the self-employed.
The minster did not provide details nor say which companies will be involved. However, inquiries by ILNA show the Iranian Tobacco Company is one of the companies.
bit.ly/3iPNvVr
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The government has approved a proposal to repay its debt worth 320 trillion rials ($1.48 billion) to the Social Security Organization by transferring shares to the organization, the minister of cooperatives, labor and social welfare said.
Mohammad Shariatmadari said the government will transfer a portion of its shares in nine state-owned companies.
The SSO is the biggest insurance company that offers insurance cover to non-state workers as well as voluntary coverage to the self-employed.
The minster did not provide details nor say which companies will be involved. However, inquiries by ILNA show the Iranian Tobacco Company is one of the companies.
bit.ly/3iPNvVr
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Iran's CB Puts Exporters on Notice
A package was announced Monday by the CBI outlining procedures for repatriating export earnings in the current fiscal year that ends in March 2021 and also earnings of the past two years.
The package was announced by the Central Bank of Iran and drafted in coordination with relevant government bodies, including the Oil Ministry, Industries Ministry, Economy Ministry and the Plan and Budget Organization, the CBI’s website reported.
Among other things, the new producer says all non-oil exporters must bring back at least 80% of their earnings in “foreign exchange hawala” and maximum 20% in hard currency. The proceeds must be sold via the secondary forex market to banks and authorized exchange bureaus.
In the new rules, the regulator does not discriminate between petrochemical exporters and other exporting firms.
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A package was announced Monday by the CBI outlining procedures for repatriating export earnings in the current fiscal year that ends in March 2021 and also earnings of the past two years.
The package was announced by the Central Bank of Iran and drafted in coordination with relevant government bodies, including the Oil Ministry, Industries Ministry, Economy Ministry and the Plan and Budget Organization, the CBI’s website reported.
Among other things, the new producer says all non-oil exporters must bring back at least 80% of their earnings in “foreign exchange hawala” and maximum 20% in hard currency. The proceeds must be sold via the secondary forex market to banks and authorized exchange bureaus.
In the new rules, the regulator does not discriminate between petrochemical exporters and other exporting firms.
bit.ly/3gVj6mW
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Pressure Mounts on Rial
Major currencies again gained against the rial on Monday with the dollar soaring above the critical 230,000 rials in Tehran’s free market.
The greenback climbed 5,500 rials to 233,000 rials, 2.5% higher compared to Sunday’s close. One euro was worth 260,000 rials, up 2,500 rials overnight.
Spike in currency rates is partly attributed to increase in demand for the UAE dirham as trade activity is getting back to normal after more countries lifted the pandemic restrictions.
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Major currencies again gained against the rial on Monday with the dollar soaring above the critical 230,000 rials in Tehran’s free market.
The greenback climbed 5,500 rials to 233,000 rials, 2.5% higher compared to Sunday’s close. One euro was worth 260,000 rials, up 2,500 rials overnight.
Spike in currency rates is partly attributed to increase in demand for the UAE dirham as trade activity is getting back to normal after more countries lifted the pandemic restrictions.
bit.ly/2WffrIO
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Agrifood Products Account for 20% of Iran's Non-Oil Exports
Agricultural and food products accounted for more than 20% of Iran's total non-oil exports during the first two months of the current Iranian year (March 20-May 20).
According to Agriculture Ministry, a total of 1.67 million tons of agrifood products worth over $890 were exported from Iran during the period to register a 19.44% rise in tonnage but 8.79% decline in value compared with last year’s corresponding period.
Total non-oil exports, according to Rouhollah Latifi, the spokesperson of Islamic Republic of Iran Customs Administration, stood at 14.5 million tons worth $4.3 billion during the same period.
Oil-based products and by-products, as well as petrochemical products, are included in IRICA's non-oil export data. In fact, petrochemicals and gas condensates constitute the greater share of total exports. Therefore, the true share of agrifood products in the real value of non-oil related products is much higher than 20%.
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Agricultural and food products accounted for more than 20% of Iran's total non-oil exports during the first two months of the current Iranian year (March 20-May 20).
According to Agriculture Ministry, a total of 1.67 million tons of agrifood products worth over $890 were exported from Iran during the period to register a 19.44% rise in tonnage but 8.79% decline in value compared with last year’s corresponding period.
Total non-oil exports, according to Rouhollah Latifi, the spokesperson of Islamic Republic of Iran Customs Administration, stood at 14.5 million tons worth $4.3 billion during the same period.
Oil-based products and by-products, as well as petrochemical products, are included in IRICA's non-oil export data. In fact, petrochemicals and gas condensates constitute the greater share of total exports. Therefore, the true share of agrifood products in the real value of non-oil related products is much higher than 20%.
bit.ly/3eqr9pS
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Unemployment at 9.8 Percent in Q1
Iran’s unemployment rate, the proportion of jobless population of ages 15 and above, stood at 9.8% in the first quarter of the current Iranian year (March 20-June 20), indicating a 1.1% decline compared with the same period of last year.
A total of 2,505,336 Iranians were unemployed in Q1. Over 1.9 million men and 602,074 women of ages 15 and above were jobless in Q1, according to the latest report by the Statistical Center of Iran.
Men’s unemployment stood at 9% while the rate for women hovered around 13.7%.
The unemployment rate was 10.7% for urban areas (2.03 million people) and 7.3% for rural areas (472,634 people)...
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Iran’s unemployment rate, the proportion of jobless population of ages 15 and above, stood at 9.8% in the first quarter of the current Iranian year (March 20-June 20), indicating a 1.1% decline compared with the same period of last year.
A total of 2,505,336 Iranians were unemployed in Q1. Over 1.9 million men and 602,074 women of ages 15 and above were jobless in Q1, according to the latest report by the Statistical Center of Iran.
Men’s unemployment stood at 9% while the rate for women hovered around 13.7%.
The unemployment rate was 10.7% for urban areas (2.03 million people) and 7.3% for rural areas (472,634 people)...
bit.ly/2C9vfWp
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Large-Cap Stocks Lead the Tehran Market
Tehran stock market continued its forward march Tuesday as large-cap shares surged. Rising 22,774 points, the market-cap weighted benchmark of Tehran Stock Exchange, TEDPIX, moved up 1.25% to hit 1,844,858.
However, the TSE equal-weighted index fell 1,504 points with 0.31% drop reaching 480,856. The latter index offers a better picture of the market as it gives the same weight to all shares irrespective of their market cap.
More than 12.55 billion shares were traded on TSE and the junior equity market Iran Fara Bourse on Tuesday. Trading value settled at 220.3 trillion ($960 million) rials, which was down 15.6% compared to the previous day.
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Tehran stock market continued its forward march Tuesday as large-cap shares surged. Rising 22,774 points, the market-cap weighted benchmark of Tehran Stock Exchange, TEDPIX, moved up 1.25% to hit 1,844,858.
However, the TSE equal-weighted index fell 1,504 points with 0.31% drop reaching 480,856. The latter index offers a better picture of the market as it gives the same weight to all shares irrespective of their market cap.
More than 12.55 billion shares were traded on TSE and the junior equity market Iran Fara Bourse on Tuesday. Trading value settled at 220.3 trillion ($960 million) rials, which was down 15.6% compared to the previous day.
bit.ly/2ZsSl3l
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Iran Gov’t Bond Yield Edges Up
The government sold Murabaha bonds worth 79 trillion rials ($343 million) in the weekly bond auction Tuesday, marking the highest bond sale since the auctions commenced in May.
The upsurge is apparently linked to the increase in yield the government is willing to pay on bonds. In Tuesday’s auction, the Economy Ministry agreed to pay yields subject to maturity dates. The highest was 19.2% for bonds that mature in August 2023.
Value of bonds sold at this yield stood at 29.9 trillion rials, or for 37% of the total bonds sold for the day, indicating that bonds at this rate were more attractive than those with lower yields but with shorter maturity dates.
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The government sold Murabaha bonds worth 79 trillion rials ($343 million) in the weekly bond auction Tuesday, marking the highest bond sale since the auctions commenced in May.
The upsurge is apparently linked to the increase in yield the government is willing to pay on bonds. In Tuesday’s auction, the Economy Ministry agreed to pay yields subject to maturity dates. The highest was 19.2% for bonds that mature in August 2023.
Value of bonds sold at this yield stood at 29.9 trillion rials, or for 37% of the total bonds sold for the day, indicating that bonds at this rate were more attractive than those with lower yields but with shorter maturity dates.
bit.ly/2ZqsRmY
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