Tehran Housing Inflation at 67.3%
Tehran’s housing Consumer Price Index in the 12-month period ending Sept. 22, which marks the end of the sixth Iranian month, increased by 67.3% 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 Aug. 22, at 75.3%.
The housing inflation for the month under review (Aug. 23-Sept. 22) registered a year-on-year increase of 23.8% compared with the similar month of last year. The year-on-year inflation of the month ending Aug. 22 was 33.7%.
financialtribune.com/node/110827
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Tehran’s housing Consumer Price Index in the 12-month period ending Sept. 22, which marks the end of the sixth Iranian month, increased by 67.3% 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 Aug. 22, at 75.3%.
The housing inflation for the month under review (Aug. 23-Sept. 22) registered a year-on-year increase of 23.8% compared with the similar month of last year. The year-on-year inflation of the month ending Aug. 22 was 33.7%.
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South Pars Completion Requires Investment of $7.5 Billion
Nearly $80 billion have been invested in the upstream sector of South Pars Gas Field in the Persian Gulf so far, but more is needed to complete the unfinished phases in the huge field, managing director of the National Iranian Oil Company said.
“The completion of Phase 11 as well as phases 13, 14 and 22-24 needs about $7.5 billion of investment in Asalouyeh region,” Mohsen Khojastehmehr was also quoted as saying by the Oil Ministry’s news agency Shana.
“The development of these phases has registered over 90% progress and is expected to be completed by the end of the current Iranian year March 20, 2022.”
financialtribune.com/node/110824
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Nearly $80 billion have been invested in the upstream sector of South Pars Gas Field in the Persian Gulf so far, but more is needed to complete the unfinished phases in the huge field, managing director of the National Iranian Oil Company said.
“The completion of Phase 11 as well as phases 13, 14 and 22-24 needs about $7.5 billion of investment in Asalouyeh region,” Mohsen Khojastehmehr was also quoted as saying by the Oil Ministry’s news agency Shana.
“The development of these phases has registered over 90% progress and is expected to be completed by the end of the current Iranian year March 20, 2022.”
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Majlis to Probe Dramatic Decline in Stock Market
Lawmakers on Tuesday approved a proposal from the Majlis Economic Commission to investigate the historic stock market decline plus the performance of its regulator, the Securities and Exchange Organization.
Investigators will look into developments in the Tehran Stock Exchange early in the last fiscal year that led to the unprecedented hike in share prices in five months followed by the historic plunge that has almost continued until today.
MPs also want to investigate the relevant authorities approach to the issue as well as the frequent changes in SEO management, which, some lawmakers say, at times failed to uphold administrative formalities, the parliamentary news website, ICANA, reported.
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Lawmakers on Tuesday approved a proposal from the Majlis Economic Commission to investigate the historic stock market decline plus the performance of its regulator, the Securities and Exchange Organization.
Investigators will look into developments in the Tehran Stock Exchange early in the last fiscal year that led to the unprecedented hike in share prices in five months followed by the historic plunge that has almost continued until today.
MPs also want to investigate the relevant authorities approach to the issue as well as the frequent changes in SEO management, which, some lawmakers say, at times failed to uphold administrative formalities, the parliamentary news website, ICANA, reported.
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Iran's Q1-3 Transactions With Turkey Increase 76% to $3.3 Billion
Iran and Turkey registered $3.34 billion in trade during the first nine months of 2021, 76.38% higher than last year’s corresponding figure.
The former exported goods worth $1.69 billion during the period, up 140.62% year-on-year, while imports from Turkey grew by 38.61% YOY to $1.65 billion, latest data by Turkish Statistical Institute show.
Iran and Turkey exchanged $503.37 million worth of goods and commodities in September 2021, 90.48% higher than the value registered in the same period of last year.
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Iran and Turkey registered $3.34 billion in trade during the first nine months of 2021, 76.38% higher than last year’s corresponding figure.
The former exported goods worth $1.69 billion during the period, up 140.62% year-on-year, while imports from Turkey grew by 38.61% YOY to $1.65 billion, latest data by Turkish Statistical Institute show.
Iran and Turkey exchanged $503.37 million worth of goods and commodities in September 2021, 90.48% higher than the value registered in the same period of last year.
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CNG Sales Increase Following Cyberattack on Gas Stations
Following a cyberattack that severely disrupted the sale of subsidized gasoline in Iran last Tuesday, the sale of compressed natural gas has experienced a 50% jump per day, a member of the board of directors at Iran's CNG Association said.
“CNG demand has risen by 10 million cubic meters a day since last week as many car owners are not willing to fill up their tank with expensive, unsubsidized fuel,” the Energy Today website also quoted Mohsen Johari as saying.
Before the cyber assault, CNG sales peaked at 25 mcm/d and it has now reached 35 million cubic meters per day, he added.
financialtribune.com/node/110970
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Following a cyberattack that severely disrupted the sale of subsidized gasoline in Iran last Tuesday, the sale of compressed natural gas has experienced a 50% jump per day, a member of the board of directors at Iran's CNG Association said.
“CNG demand has risen by 10 million cubic meters a day since last week as many car owners are not willing to fill up their tank with expensive, unsubsidized fuel,” the Energy Today website also quoted Mohsen Johari as saying.
Before the cyber assault, CNG sales peaked at 25 mcm/d and it has now reached 35 million cubic meters per day, he added.
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Regulators Alone Cannot Resolve Contentious Cryptocurrency Issues
The Central Bank of Iran is not capable of regulating cryptocurrencies, says the head of the Iran Blockchain Association, calling for creating an independent council to get the job done.
"We need a special council of representatives from state bodies and private enterprise to craft regulations for cryptocurrencies. The CBI or the Security and Exchange Organization are not qualified enough to set rules for cryptos given the multidimensionality of the issue," Abbas Ashtiani told a press conference on Tuesday.
Mining virtual currency is legal in Iran and miners can operate under government rules. Miners are required to acquire a license from the Ministry of Industries and pay their electricity bills based on power export tariffs.
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The Central Bank of Iran is not capable of regulating cryptocurrencies, says the head of the Iran Blockchain Association, calling for creating an independent council to get the job done.
"We need a special council of representatives from state bodies and private enterprise to craft regulations for cryptocurrencies. The CBI or the Security and Exchange Organization are not qualified enough to set rules for cryptos given the multidimensionality of the issue," Abbas Ashtiani told a press conference on Tuesday.
Mining virtual currency is legal in Iran and miners can operate under government rules. Miners are required to acquire a license from the Ministry of Industries and pay their electricity bills based on power export tariffs.
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Selected Automakers to Join IME
The long anticipated plan to bring auto trade to the capital market is reportedly coming to fruition.
Carmakers are set to offer vehicles at the Iran Mercantile Exchange and the IME says there is no barrier to selling a limited number of cars via this market.
“Cars that are not subject to pricing mechanism by the government can be offered at the IME” Javad Jahromi, the IME deputy for operations told IRIB news.
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The long anticipated plan to bring auto trade to the capital market is reportedly coming to fruition.
Carmakers are set to offer vehicles at the Iran Mercantile Exchange and the IME says there is no barrier to selling a limited number of cars via this market.
“Cars that are not subject to pricing mechanism by the government can be offered at the IME” Javad Jahromi, the IME deputy for operations told IRIB news.
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ICCIMA Scrutinizes National Business Environment in Q2
Iran’s business environment remained unchanged in the second quarter of the current year (June 22-Sept. 22) compared to the previous quarter, Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
Iran’s National Business Environment Index stood at 5.91 in Q2 (summer) of the current fiscal year to register a 0.01 percentage point or 0.16% increase compared with the preceding quarter (spring) but a 0.14 percentage point or 2.31% decrease compared with the corresponding quarter of last year, the chamber said in a report published on its website.
The index calculated by ICCIMA measures the business friendliness of Iran’s economy, with 10 indicating the worst grade. In other words, the decline in the index is indicative of an improving business environment.
financialtribune.com/node/111009
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Iran’s business environment remained unchanged in the second quarter of the current year (June 22-Sept. 22) compared to the previous quarter, Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
Iran’s National Business Environment Index stood at 5.91 in Q2 (summer) of the current fiscal year to register a 0.01 percentage point or 0.16% increase compared with the preceding quarter (spring) but a 0.14 percentage point or 2.31% decrease compared with the corresponding quarter of last year, the chamber said in a report published on its website.
The index calculated by ICCIMA measures the business friendliness of Iran’s economy, with 10 indicating the worst grade. In other words, the decline in the index is indicative of an improving business environment.
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Bad Loans Jump 20% to $8b
Non-performing loans (NPLs) of Iranian banks and credit institutions reached 2,250 trillion rials ($8.3 billion) by the end of the first quarter of the current fiscal year (June 21), the Central Bank of Iran said.
Compared to the January-March quarter, NPLs shot up by 20%. It was 3.7% higher on an annualized basis, the Tehran Chamber of Commerce, Industries, Mines and Agriculture said, citing CBI data.
Tracking banking data in the past three years, TCCIM said the NPL growth has been uneven but on the whole is of the ascending order.
financialtribune.com/node/111013
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Non-performing loans (NPLs) of Iranian banks and credit institutions reached 2,250 trillion rials ($8.3 billion) by the end of the first quarter of the current fiscal year (June 21), the Central Bank of Iran said.
Compared to the January-March quarter, NPLs shot up by 20%. It was 3.7% higher on an annualized basis, the Tehran Chamber of Commerce, Industries, Mines and Agriculture said, citing CBI data.
Tracking banking data in the past three years, TCCIM said the NPL growth has been uneven but on the whole is of the ascending order.
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Tehran Housing Inflation at 59%
Tehran’s housing Consumer Price Index in the 12-month period ending Oct. 22, which marks the end of the seventh Iranian month, increased by 59.3% 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 Sept. 22, at 67.3%.
The housing inflation for the month under review (Sept. 23-Oct. 22) registered a year-on-year increase of 22.4% and a month-on-month increase of 23.8% compared to the month ending Sept. 22.
financialtribune.com/node/111007
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Tehran’s housing Consumer Price Index in the 12-month period ending Oct. 22, which marks the end of the seventh Iranian month, increased by 59.3% 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 Sept. 22, at 67.3%.
The housing inflation for the month under review (Sept. 23-Oct. 22) registered a year-on-year increase of 22.4% and a month-on-month increase of 23.8% compared to the month ending Sept. 22.
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Covid-19 Vaccine Imports Cross 148 Million Doses
A total of 148.78 million doses of Covid-19 vaccines were imported to Iran in 84 shipments from Feb. 3 to Nov. 17, according to the technical deputy of the Islamic Republic of Iran Customs Administration.
The imported shipments contained 131.5 million doses of Sinopharm, 12.07 million doses of AstraZeneca, 4.09 million doses of Sputnik V and 1.13 million doses of Bharat (COVAXIN), Mehr News Agency reported.
China, Japan, Italy, the Netherlands, Austria, Poland, South Korea, Greece, Russia and India exported vaccines to Iran.
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A total of 148.78 million doses of Covid-19 vaccines were imported to Iran in 84 shipments from Feb. 3 to Nov. 17, according to the technical deputy of the Islamic Republic of Iran Customs Administration.
The imported shipments contained 131.5 million doses of Sinopharm, 12.07 million doses of AstraZeneca, 4.09 million doses of Sputnik V and 1.13 million doses of Bharat (COVAXIN), Mehr News Agency reported.
China, Japan, Italy, the Netherlands, Austria, Poland, South Korea, Greece, Russia and India exported vaccines to Iran.
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Iran’s Share Meager in $8 Billion Global Saffron Market
Iran’s share in the $8 billion global saffron market is less than $200 million while the country produces 92% of all saffron produced in the world, a deputy agriculture minister said.
“When more than 25% of a given commodity’s production belong to one country, the pricing and interests of that product in the world must be held by the same country, but this is not the case with Iran,” Mohammad-Mehdi Boroumandi was also quoted as saying by IRNA.
Noting that Khorasan Razavi Province accounted for 320 tons of the 431 tons of saffron produced in Iran last year, he said the city of Torbat Heydariyeh is the saffron capital in the world with 100 tons of production during the period (March 2020-21).
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Iran’s share in the $8 billion global saffron market is less than $200 million while the country produces 92% of all saffron produced in the world, a deputy agriculture minister said.
“When more than 25% of a given commodity’s production belong to one country, the pricing and interests of that product in the world must be held by the same country, but this is not the case with Iran,” Mohammad-Mehdi Boroumandi was also quoted as saying by IRNA.
Noting that Khorasan Razavi Province accounted for 320 tons of the 431 tons of saffron produced in Iran last year, he said the city of Torbat Heydariyeh is the saffron capital in the world with 100 tons of production during the period (March 2020-21).
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SSO to Buy Gov’t Shares in Lieu of $3 Billion Debt
The government plans to swap 890 trillion rials ($3.1 billion) of its unpaid debt to the Social Security Organization with shares, the SSO caretaker said.
In a talk with Fars News Agency, Mirhashem Mousavi estimated government debt to the SSO in the range of 3,000 trillion rials ($10.7b).
The SSO is the biggest insurance company in Iran that offers insurance to private sector workers as well as voluntary coverage to the self-employed and more importantly pays billions in pension every month.
financialtribune.com/node/111221
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The government plans to swap 890 trillion rials ($3.1 billion) of its unpaid debt to the Social Security Organization with shares, the SSO caretaker said.
In a talk with Fars News Agency, Mirhashem Mousavi estimated government debt to the SSO in the range of 3,000 trillion rials ($10.7b).
The SSO is the biggest insurance company in Iran that offers insurance to private sector workers as well as voluntary coverage to the self-employed and more importantly pays billions in pension every month.
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Iran’s First Solar Thermal Power Plant Under Construction in Yazd
Iran’s first solar thermal power plant will become operational in Yazd Province in 2022, which will be integrated with the provincial combined-cycle power plant, the head of Iran's Thermal Power Plants Holding Company said.
“The 20-megawatt station – the first of its kind in the country – is under construction in Ashkezar County on a 40-hectare land adjacent to Yazd combined-cycle power plant,” IRNA quoted Mohsen Tarztalab as saying on Thursday.
An integrated solar combined-cycle (ISCC) power plant is a hybrid technology in which a solar thermal field is integrated within a combined cycle plant. In ISCC plants, solar energy is used as auxiliary heat supplier, supporting the steam cycle, which results in increased generation capacity or a reduction of fossil fuel use.
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Iran’s first solar thermal power plant will become operational in Yazd Province in 2022, which will be integrated with the provincial combined-cycle power plant, the head of Iran's Thermal Power Plants Holding Company said.
“The 20-megawatt station – the first of its kind in the country – is under construction in Ashkezar County on a 40-hectare land adjacent to Yazd combined-cycle power plant,” IRNA quoted Mohsen Tarztalab as saying on Thursday.
An integrated solar combined-cycle (ISCC) power plant is a hybrid technology in which a solar thermal field is integrated within a combined cycle plant. In ISCC plants, solar energy is used as auxiliary heat supplier, supporting the steam cycle, which results in increased generation capacity or a reduction of fossil fuel use.
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Last SP Onshore Refinery to Become Operational by January 2022
The operation of the first gas sweetening train of Phase 14 refinery in the giant South Pars Gas Field by January 2022 is of high priority for the National Iranian Oil Company, the company’s deputy for production said.
“Due to rising gas consumption in the country and in order to prevent gas shortage in winter, the launch of Phase 14 refinery is very important,” Farrokh Alikhani added.
Units, including steam boilers and gas condensate storage facilities, have become operational in the phase, while other sections, namely instrument air unit and gas sweeteners, are near completion. The construction of the overall facility has made over 90% progress.
financialtribune.com/node/111229
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The operation of the first gas sweetening train of Phase 14 refinery in the giant South Pars Gas Field by January 2022 is of high priority for the National Iranian Oil Company, the company’s deputy for production said.
“Due to rising gas consumption in the country and in order to prevent gas shortage in winter, the launch of Phase 14 refinery is very important,” Farrokh Alikhani added.
Units, including steam boilers and gas condensate storage facilities, have become operational in the phase, while other sections, namely instrument air unit and gas sweeteners, are near completion. The construction of the overall facility has made over 90% progress.
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Forceful Measures to Tame Unruly Banks
The Central Bank of Iran has announced tougher restrictions on underperforming banks as part of measures to “control money issuance” by banks.
It increased reserve requirements of five banks by 13% because they “didn’t abide by the rules governing their balance sheets,” the semi-official Fars News Agency quoted an informed source at the CBI as saying.
Reserve requirements not only guarantee deposits, but also serve as a CBI tool to control money circulation, inflation and money supply growth. The CBI determines the reserve requirement ratio of banks.
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The Central Bank of Iran has announced tougher restrictions on underperforming banks as part of measures to “control money issuance” by banks.
It increased reserve requirements of five banks by 13% because they “didn’t abide by the rules governing their balance sheets,” the semi-official Fars News Agency quoted an informed source at the CBI as saying.
Reserve requirements not only guarantee deposits, but also serve as a CBI tool to control money circulation, inflation and money supply growth. The CBI determines the reserve requirement ratio of banks.
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