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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Iran: Ending Forex Subsidy Policy Is Put on Hold
The government has delayed the plan to eliminate forex subsidies for basic goods, the Economy Minister Ehsan Khandouzi said.
"The government initially decided to move towards ending the allocation of subsidized forex due to its negative impact on domestic production. However, the plan has been postponed after the parliament voted against it," Khandouzi was quoted as saying by Tasnim News Agency.
Subsidized currency is highly influential in the type of goods imported into the country and those produced locally, he added.
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The government has delayed the plan to eliminate forex subsidies for basic goods, the Economy Minister Ehsan Khandouzi said.
"The government initially decided to move towards ending the allocation of subsidized forex due to its negative impact on domestic production. However, the plan has been postponed after the parliament voted against it," Khandouzi was quoted as saying by Tasnim News Agency.
Subsidized currency is highly influential in the type of goods imported into the country and those produced locally, he added.
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Export Firms Sell $18b in 8 Months, CBI Says
Export companies sold $18.1 billion in foreign currency in the secondary foreign exchange market, known locally as Nima, in the eight months (March 21-Nov.20).
The amount was $10.7 billion in the corresponding period last fiscal year, the Central Bank of Iran reported.
Nima is a currency platform at which non-oil exporters sell their overseas forex income in hawala and companies buy for paying their import bills. The rate in this market is usually lower than the open market aka as the free market.
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Export companies sold $18.1 billion in foreign currency in the secondary foreign exchange market, known locally as Nima, in the eight months (March 21-Nov.20).
The amount was $10.7 billion in the corresponding period last fiscal year, the Central Bank of Iran reported.
Nima is a currency platform at which non-oil exporters sell their overseas forex income in hawala and companies buy for paying their import bills. The rate in this market is usually lower than the open market aka as the free market.
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Q1-3 Trade With EU Rises to €3.3b
Iran and the 27 member states of the European Union traded €3.34 billion worth of goods during the first nine months of 2021, registering a 1.91% growth compared with last year's corresponding period.
Bilateral trade grew by 6.39% in September year-on-year to hit €376.05 million.
Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU, as the two countries exchanged €1.24 billion worth of goods, 5.24% less than the year before.
Italy came next with €445.77 million worth of trade with Iran. A year-on-year comparison of the trade volume indicates an 11.04% decline.
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Iran and the 27 member states of the European Union traded €3.34 billion worth of goods during the first nine months of 2021, registering a 1.91% growth compared with last year's corresponding period.
Bilateral trade grew by 6.39% in September year-on-year to hit €376.05 million.
Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU, as the two countries exchanged €1.24 billion worth of goods, 5.24% less than the year before.
Italy came next with €445.77 million worth of trade with Iran. A year-on-year comparison of the trade volume indicates an 11.04% decline.
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First Iranian Startup to Make Debut on Share Market
Tap30 company, a ride hailing app in Iran, is planning to go public becoming the first of its kind in Iran to trade on the share market.
ICT Minister Isa Zarepour said Wednesday that the IPO would make debut at Iran Fara Bourse, the junior equity market, in the coming weeks.
Many startups wanting to join the bourse have been facing hurdles becsue by nature they have a dissimilar property and financial structure compared to the eligibility criteria of other companies.
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Tap30 company, a ride hailing app in Iran, is planning to go public becoming the first of its kind in Iran to trade on the share market.
ICT Minister Isa Zarepour said Wednesday that the IPO would make debut at Iran Fara Bourse, the junior equity market, in the coming weeks.
Many startups wanting to join the bourse have been facing hurdles becsue by nature they have a dissimilar property and financial structure compared to the eligibility criteria of other companies.
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Iran, Russia Firms Slowly Moving Toward Trade in National Currency
Iranian and Russian companies are gradually trading in their national currencies, the chairman of the Russia-Iran Business Council (RIBS) said.
"The mechanism for payment in national currencies became operational this year. Iranian companies importing from Russia pay in rials while the Russians buy in rubles," Vladimir Obydenov was quoted as saying by IRNA.
He did not provide details, but said the two sides had conducted trade worth $10 million in their national currencies.
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Iranian and Russian companies are gradually trading in their national currencies, the chairman of the Russia-Iran Business Council (RIBS) said.
"The mechanism for payment in national currencies became operational this year. Iranian companies importing from Russia pay in rials while the Russians buy in rubles," Vladimir Obydenov was quoted as saying by IRNA.
He did not provide details, but said the two sides had conducted trade worth $10 million in their national currencies.
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Renewed Censure of Gov’t Role in the Stock Market
Head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari on Saturday criticized the government for its intervention in the stock market.
Khansari singled out the government’s apparently unwanted interference in a meeting with Majid Eshqi, the managing director of the Securities and Exchange Organization.
“Despite the fact that the bourse is a non-government organization, it is heavily influenced by the government” Khansari was quoted as saying by the IRIB news website.
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Head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari on Saturday criticized the government for its intervention in the stock market.
Khansari singled out the government’s apparently unwanted interference in a meeting with Majid Eshqi, the managing director of the Securities and Exchange Organization.
“Despite the fact that the bourse is a non-government organization, it is heavily influenced by the government” Khansari was quoted as saying by the IRIB news website.
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Fiscal 2022-23 Budget Finances Sized Up by Economic Expert
The budget bill for the fiscal 2022-23 has been finalized and President Ebrahim Raeisi has talked of submitting it to the Iranian Parliament this week.
Government officials, particularly Masoud Mir-Kazemi, the head of Plan and Budget Organization, have stressed that next year’s budget has been drafted without a deficit, the Persian daily Arman-e Melli reported.
The government has focused on income from taxation and sales of public assets to finance a significant part of the budget, while it has also counted on revenues from the sale of 1.2 million barrels of oil per day at the price of $60 per barrel.
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The budget bill for the fiscal 2022-23 has been finalized and President Ebrahim Raeisi has talked of submitting it to the Iranian Parliament this week.
Government officials, particularly Masoud Mir-Kazemi, the head of Plan and Budget Organization, have stressed that next year’s budget has been drafted without a deficit, the Persian daily Arman-e Melli reported.
The government has focused on income from taxation and sales of public assets to finance a significant part of the budget, while it has also counted on revenues from the sale of 1.2 million barrels of oil per day at the price of $60 per barrel.
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UN Urges JCPOA Parties to Redouble Efforts to Restore Nuclear Agreement
The United Nations encouraged all parties involved in talks to revive the 2015 nuclear deal to redouble their efforts to move together toward reimplementation of the agreement, said spokesman for the secretary-general, Stephane Dujarric.
Negotiations have been underway since April in Vienna, Austria, to work out how the United States and Iran can resume compliance with the nuclear deal, known as the Joint Comprehensive Plan of Action.
Washington quit the JCPOA in 2018 and reimposed tough sanctions that prompted Tehran to scale down its commitments in reaction.
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The United Nations encouraged all parties involved in talks to revive the 2015 nuclear deal to redouble their efforts to move together toward reimplementation of the agreement, said spokesman for the secretary-general, Stephane Dujarric.
Negotiations have been underway since April in Vienna, Austria, to work out how the United States and Iran can resume compliance with the nuclear deal, known as the Joint Comprehensive Plan of Action.
Washington quit the JCPOA in 2018 and reimposed tough sanctions that prompted Tehran to scale down its commitments in reaction.
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Lowest Daily Coronavirus Deaths in Over 8 Months
The Health Ministry on Saturday reported 58 deaths caused by Covid-19, the lowest overnight toll since mid-March as most provinces logged zero or only one fatality.
Data gathered by the Health Ministry showed that 19 provinces across the country reported no or one death, ISNA reported.
Despite the promising figures, two of Iran’s cities returned to a red or very high-risk state on Saturday.
President Ebrahim Raeisi during the meeting of the National Coronavirus Headquarters on Saturday said it is critical to follow safety rules to stabilize current figures.
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The Health Ministry on Saturday reported 58 deaths caused by Covid-19, the lowest overnight toll since mid-March as most provinces logged zero or only one fatality.
Data gathered by the Health Ministry showed that 19 provinces across the country reported no or one death, ISNA reported.
Despite the promising figures, two of Iran’s cities returned to a red or very high-risk state on Saturday.
President Ebrahim Raeisi during the meeting of the National Coronavirus Headquarters on Saturday said it is critical to follow safety rules to stabilize current figures.
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Iran's CB Says Forex Well Supplied at Nima
Supply of foreign currency to the regulated wholesale market and the secondary forex market known as Nima increased in the current fiscal year (started March), an official with the Central Bank of Iran said.
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Supply of foreign currency to the regulated wholesale market and the secondary forex market known as Nima increased in the current fiscal year (started March), an official with the Central Bank of Iran said.
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Q2 PPI Inflation Hit 64.6%
The Producer Price Index in the four-quarter period ending Sept. 22, which marks the end of the second quarter of the current Iranian year, grew by 64.6% compared with the corresponding period of last year.
The lowest and highest annualized producer inflation rates were registered for “production, transmission and distribution of electricity” and “mining” with 37.7% and 116.1%, respectively.
PPI (using fiscal 2016-17 as the base year) stood at 468.5 in the second quarter (June 22-Sept. 22), indicating a 11.7% increase compared with the previous quarter and 58.9% growth over the same quarter of last year, the Statistical Center of Iran reported.
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The Producer Price Index in the four-quarter period ending Sept. 22, which marks the end of the second quarter of the current Iranian year, grew by 64.6% compared with the corresponding period of last year.
The lowest and highest annualized producer inflation rates were registered for “production, transmission and distribution of electricity” and “mining” with 37.7% and 116.1%, respectively.
PPI (using fiscal 2016-17 as the base year) stood at 468.5 in the second quarter (June 22-Sept. 22), indicating a 11.7% increase compared with the previous quarter and 58.9% growth over the same quarter of last year, the Statistical Center of Iran reported.
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SCI Reviews Export, Import Price Changes in Second Quarter
The Statistical Center of Iran has reviewed changes in the prices of commodities exported from and imported to the country in the second quarter of the current fiscal year (June 22-Sept. 22).
According to SCI, the Export Price Index, an indicator measuring the overall change in the prices of exported goods and services, (using the year ending March 2017 as the base year), stood at 2,215.3 in Q2 in terms of rial, registering a 20.8% increase compared with the quarter before and a 160.6% rise compared with the same quarter of the previous year.
The average EPI during the quarter leading to Sept. 22, witnessed a 191.7% growth compared with the corresponding period of the year before.
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The Statistical Center of Iran has reviewed changes in the prices of commodities exported from and imported to the country in the second quarter of the current fiscal year (June 22-Sept. 22).
According to SCI, the Export Price Index, an indicator measuring the overall change in the prices of exported goods and services, (using the year ending March 2017 as the base year), stood at 2,215.3 in Q2 in terms of rial, registering a 20.8% increase compared with the quarter before and a 160.6% rise compared with the same quarter of the previous year.
The average EPI during the quarter leading to Sept. 22, witnessed a 191.7% growth compared with the corresponding period of the year before.
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Financial Tribune
SCI Reviews Export, Import Price Changes in Second Quarter
The Statistical Center of Iran has reviewed changes in the prices of commodities exported from and imported to the country in the second quarter of the current fiscal year (June 22-Sept. 22).