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.
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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.
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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.
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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.
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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.
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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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Iran's Trade With OIC Exceeds $28b
Iran traded 61.8 million tons of non-oil commodities worth $28.73 billion with the members of the Organization of Islamic Cooperation during the current fiscal year’s first seven months (March 21-Oct. 22), according to the latest data released by the Islamic Republic of Iran Customs Administration.
The UAE with 13.47 million tons worth $11.19 billion, Turkey with 13.5 million tons worth $6.26 billion, Iraq with 21.09 million tons worth $6.11 billion, Afghanistan with 2.8 million tons worth $1.13 billion and Pakistan with 1.77 million tons worth $824.76 million were Iran’s main trade partners during the period.
Iran’s exports totaled 49.59 million tons worth $15.59 billion during the seven-month period.
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Iran traded 61.8 million tons of non-oil commodities worth $28.73 billion with the members of the Organization of Islamic Cooperation during the current fiscal year’s first seven months (March 21-Oct. 22), according to the latest data released by the Islamic Republic of Iran Customs Administration.
The UAE with 13.47 million tons worth $11.19 billion, Turkey with 13.5 million tons worth $6.26 billion, Iraq with 21.09 million tons worth $6.11 billion, Afghanistan with 2.8 million tons worth $1.13 billion and Pakistan with 1.77 million tons worth $824.76 million were Iran’s main trade partners during the period.
Iran’s exports totaled 49.59 million tons worth $15.59 billion during the seven-month period.
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Top Steel Producers, Exporters Under IMIDRO Review
Mobarakeh Steel Company produced 5.38 million tons of semi-finished products in the current fiscal year’s first seven months (March 21-Oct. 22), down 7% year-on-year.
The steelmaker also produced 4.38 million tons of finished steel during the period, down 9% YOY, according to the Iranian Mines and Mining Industries Development and Renovation Organization.
Located in southwestern Isfahan, Mobarakeh Steel Company is the biggest steel producer not only in Iran but also in the Middle East and North Africa region.
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Mobarakeh Steel Company produced 5.38 million tons of semi-finished products in the current fiscal year’s first seven months (March 21-Oct. 22), down 7% year-on-year.
The steelmaker also produced 4.38 million tons of finished steel during the period, down 9% YOY, according to the Iranian Mines and Mining Industries Development and Renovation Organization.
Located in southwestern Isfahan, Mobarakeh Steel Company is the biggest steel producer not only in Iran but also in the Middle East and North Africa region.
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IAEA to Continue Engagement with Iran to Reach Mutual Understanding
The International Atomic Energy Agency intends to continue engagement with Iran to reach mutual understanding, said the agency’s director general after a meeting with Iranian top nuclear chief in Tehran on Tuesday.
“We are seeking to continue and deepen dialogue with the new government of Iran … with a view to find common grounds," Rafael Grossi said in a joint press briefing with the head of the Atomic Energy Organization of Iran Mohammad Eslami, IRNA reported.
He pointed to the issue of climate change, saying one of the objectives of his trip was to define the prospects of Iran’s nuclear program in a way that it can result in the production of clean energy.
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The International Atomic Energy Agency intends to continue engagement with Iran to reach mutual understanding, said the agency’s director general after a meeting with Iranian top nuclear chief in Tehran on Tuesday.
“We are seeking to continue and deepen dialogue with the new government of Iran … with a view to find common grounds," Rafael Grossi said in a joint press briefing with the head of the Atomic Energy Organization of Iran Mohammad Eslami, IRNA reported.
He pointed to the issue of climate change, saying one of the objectives of his trip was to define the prospects of Iran’s nuclear program in a way that it can result in the production of clean energy.
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Inflation Downtrend Persists From Previous Fiscal Month
Latest data released by the Statistical Center of Iran show the downtrend in annualized inflation registered in the seventh fiscal month (ending Oct. 22) maintained momentum in the eighth month (ending Nov. 21).
The average goods and services Consumer Price Index in the 12-month period ending Nov. 21 increased by 44.4% compared with the corresponding period of the year before.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Oct. 22, at 45.4%.
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Latest data released by the Statistical Center of Iran show the downtrend in annualized inflation registered in the seventh fiscal month (ending Oct. 22) maintained momentum in the eighth month (ending Nov. 21).
The average goods and services Consumer Price Index in the 12-month period ending Nov. 21 increased by 44.4% compared with the corresponding period of the year before.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Oct. 22, at 45.4%.
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Trade With Persian Gulf States Crosses $17 Billion in 7 Months
Iran traded 36.74 million tons of goods worth $17.48 billion with Persian Gulf littoral states, namely Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia, in the current fiscal year’s first seven months (March 21-Oct. 22), according to the latest data released by the Islamic Republic of Iran Customs Administration.
The UAE was Iran’s top trade partner among the states during the period with 13.47 million tons worth $11.19 billion. It was followed by Iraq with 2.85 million tons worth $6.11 billion, Qatar with 671,923 tons worth $91.12 million, Kuwait with 1.5 million tons worth $83.61 million and Bahrain with 6,710 tons worth $5.44 million.
Iran’s exports totaled 28.51 million tons worth $8.24 billion.
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Iran traded 36.74 million tons of goods worth $17.48 billion with Persian Gulf littoral states, namely Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia, in the current fiscal year’s first seven months (March 21-Oct. 22), according to the latest data released by the Islamic Republic of Iran Customs Administration.
The UAE was Iran’s top trade partner among the states during the period with 13.47 million tons worth $11.19 billion. It was followed by Iraq with 2.85 million tons worth $6.11 billion, Qatar with 671,923 tons worth $91.12 million, Kuwait with 1.5 million tons worth $83.61 million and Bahrain with 6,710 tons worth $5.44 million.
Iran’s exports totaled 28.51 million tons worth $8.24 billion.
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Social Insurance Cover Rises in Q1
Iran's Social Security Organization covered 37.05 million people in the first quarter of the current Iranian year that started in March, posting 3.1% growth on the same period last year.
The Statistical Center of Iran said the primary insured accounted for 39% of the total. Dependents, such as spouse, parents and children of the primary insured accounted for the remaining 61%.
An estimated 471,000 new applicants were added to the SSO list during the three months that largely (91%) included the primary insured.
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Iran's Social Security Organization covered 37.05 million people in the first quarter of the current Iranian year that started in March, posting 3.1% growth on the same period last year.
The Statistical Center of Iran said the primary insured accounted for 39% of the total. Dependents, such as spouse, parents and children of the primary insured accounted for the remaining 61%.
An estimated 471,000 new applicants were added to the SSO list during the three months that largely (91%) included the primary insured.
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