Central Bank of Iran Sees Reason in Gov’t Oil Presale Proposal
The governor of Central Bank of Iran has backed a government crude oil presale plan of action for domestic buyers, saying that it is one of the few government options to fund the budget deficit in a “healthy” manner.
By “healthy budget funding”, Abdolnasser Hemmati meant any viable method other than borrowing from the central bank, which runs the risk of increasing the monetary base and pushing up consumer price inflation, which already are at record highs.
“The government budget deficits due to the US economic sanctions on oil exports is a reality,” Hemmati wrote in a note on his social media account on Wednesday.
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The governor of Central Bank of Iran has backed a government crude oil presale plan of action for domestic buyers, saying that it is one of the few government options to fund the budget deficit in a “healthy” manner.
By “healthy budget funding”, Abdolnasser Hemmati meant any viable method other than borrowing from the central bank, which runs the risk of increasing the monetary base and pushing up consumer price inflation, which already are at record highs.
“The government budget deficits due to the US economic sanctions on oil exports is a reality,” Hemmati wrote in a note on his social media account on Wednesday.
bit.ly/31KKLRl
@fintribune
Majlis Rejects Industries Ministry Nominee
Iran’s conservative-dominated parliament voted against President Hassan Rouhani’s pick for the post of industries, mining and trade minister in its Wednesday session.
From a total of 254 votes, 104 parliamentarians voted in favor and 140 voted against the nomination, while 10 abstained.
Hossein Modarres Khiyabani, the caretaker of industries minister, had been nominated by Rouhani to head the ministry permanently.
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Iran’s conservative-dominated parliament voted against President Hassan Rouhani’s pick for the post of industries, mining and trade minister in its Wednesday session.
From a total of 254 votes, 104 parliamentarians voted in favor and 140 voted against the nomination, while 10 abstained.
Hossein Modarres Khiyabani, the caretaker of industries minister, had been nominated by Rouhani to head the ministry permanently.
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Tehran Housing Inflation at 46.4%
Tehran’s housing Consumer Price Index in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 46.4% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on June 20, at 47.8%.
The housing inflation for the month under review (June 21-July 21) registered a year-on-year increase of 58.9% compared with the similar month of the previous Iranian year. The year-on-year inflation of the month ending June 20 was at 44.6%.
The housing CPI (using the Iranian month to April 19, 2016, as the base) stood at 507 last month, indicating a 10% rise compared with the month before.
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Tehran’s housing Consumer Price Index in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 46.4% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on June 20, at 47.8%.
The housing inflation for the month under review (June 21-July 21) registered a year-on-year increase of 58.9% compared with the similar month of the previous Iranian year. The year-on-year inflation of the month ending June 20 was at 44.6%.
The housing CPI (using the Iranian month to April 19, 2016, as the base) stood at 507 last month, indicating a 10% rise compared with the month before.
bit.ly/2Cpfqv2
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NIOC Plans to Sell Half Million Barrels of Oil via Salaf Contracts
The National Iranian Oil Company plans to offer standard parallel salaf contracts for 520,000 barrels of heavy crude oil via Iran Energy Exchange.
As per a notice published on the codal.ir-- an information platform for publishing key stock market data and listed companies-- each salaf contract has an equivalent value of one barrel of oil.
Heavy crude oil is priced at 9.446 million rials (about $42). Those interested can buy the salaf contracts for minimum one barrel and maximum 20,000 barrels.
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The National Iranian Oil Company plans to offer standard parallel salaf contracts for 520,000 barrels of heavy crude oil via Iran Energy Exchange.
As per a notice published on the codal.ir-- an information platform for publishing key stock market data and listed companies-- each salaf contract has an equivalent value of one barrel of oil.
Heavy crude oil is priced at 9.446 million rials (about $42). Those interested can buy the salaf contracts for minimum one barrel and maximum 20,000 barrels.
bit.ly/3gZfWyH
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Guardians Council Sends Vacancy Tax Bill Back to Parliament
The Guardians Council–a watchdog that ensures laws are in line with the Iranian Constitution and Islamic law–has sent back the vacancy tax bill to the Iranian Parliament for reconsideration.
Abbasali Kadkhodaei, the council's spokesman, said in a tweet on Thursday that it had found ambiguities regarding the revision bill of Article 54 of Direct Tax Code (vacancy tax) and in order to better protect the rights of people, it was returned to the Majlis.
Members of the Iranian Parliament recently approved revisions to Article 54 of Direct Tax Code. The legislation would make several changes to vacancy tax with the aim of returning empty properties to use as rental homes for people.
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The Guardians Council–a watchdog that ensures laws are in line with the Iranian Constitution and Islamic law–has sent back the vacancy tax bill to the Iranian Parliament for reconsideration.
Abbasali Kadkhodaei, the council's spokesman, said in a tweet on Thursday that it had found ambiguities regarding the revision bill of Article 54 of Direct Tax Code (vacancy tax) and in order to better protect the rights of people, it was returned to the Majlis.
Members of the Iranian Parliament recently approved revisions to Article 54 of Direct Tax Code. The legislation would make several changes to vacancy tax with the aim of returning empty properties to use as rental homes for people.
bit.ly/3apG57k
@fintribune
Gov’t Tightens Export Rules
The government announced limits on the amount of export by owners of new commercial cards. The decision was approved by the Cabinet earlier in the month and sent to relevant administrative bodies on Thursday.
Accordingly, exporters who got their commercial cards recently can export not more than $500,000 during the first year of their activity.
Likewise, new export companies will be able to export goods worth $2 million in the second year, IBENA reported. Manufacturing units that export are exempt from such limits.
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The government announced limits on the amount of export by owners of new commercial cards. The decision was approved by the Cabinet earlier in the month and sent to relevant administrative bodies on Thursday.
Accordingly, exporters who got their commercial cards recently can export not more than $500,000 during the first year of their activity.
Likewise, new export companies will be able to export goods worth $2 million in the second year, IBENA reported. Manufacturing units that export are exempt from such limits.
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Tehran Province Accounts for 56% of Iran’s Tax Revenues
Tehran Province is expected to earn 1,000 trillion rials ($4.47 billion) of the total 1,800 trillion rials ($8.05 billion) of tax revenues projected for the current fiscal year (March 2020-21), says Mohammad Reza Nouri, the head of Tehran Tax Office.
“By materializing 106% of tax revenues set in the last fiscal year’s budget, Tehran Province accounted for 56% of the country’s total tax income of 1,410 trillion rials $6.3 billion, i.e. 800 trillion rials $3.57 billion. This is while taxpayers were grappling with the coronavirus crisis and sanctions,” he was quoted as saying by IRNA.
Tax rates will increase by 28% on average in the current fiscal year (March 2019-20), the head of Iran's National Tax Administration, Omid Ali Parsa, said recently.
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Tehran Province is expected to earn 1,000 trillion rials ($4.47 billion) of the total 1,800 trillion rials ($8.05 billion) of tax revenues projected for the current fiscal year (March 2020-21), says Mohammad Reza Nouri, the head of Tehran Tax Office.
“By materializing 106% of tax revenues set in the last fiscal year’s budget, Tehran Province accounted for 56% of the country’s total tax income of 1,410 trillion rials $6.3 billion, i.e. 800 trillion rials $3.57 billion. This is while taxpayers were grappling with the coronavirus crisis and sanctions,” he was quoted as saying by IRNA.
Tax rates will increase by 28% on average in the current fiscal year (March 2019-20), the head of Iran's National Tax Administration, Omid Ali Parsa, said recently.
bit.ly/2CsdTEx
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Tehran Shares Decline for 4th Day
Tehran stocks experienced one of the biggest downturns at the start of trading week on Saturday extending a losing streak into the fourth day.
The main index of Tehran Stock Exchange, TEDPIX, lost 72,180 points and fell 3.65%, the highest since the past five months. TEDPIX closed session at 1,903,259 points.
TSE has lost 8.4% of its gains and more than 6,500 trillion rials ($30 billion) of market capitalization in four consecutive sessions of bear market, according to market data from the Tehran Securities Exchange Technology Management Company.
financialtribune.com/node/104836
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Tehran stocks experienced one of the biggest downturns at the start of trading week on Saturday extending a losing streak into the fourth day.
The main index of Tehran Stock Exchange, TEDPIX, lost 72,180 points and fell 3.65%, the highest since the past five months. TEDPIX closed session at 1,903,259 points.
TSE has lost 8.4% of its gains and more than 6,500 trillion rials ($30 billion) of market capitalization in four consecutive sessions of bear market, according to market data from the Tehran Securities Exchange Technology Management Company.
financialtribune.com/node/104836
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