Tehran Housing Inflation Eases
Latest data released by the Statistical Center of Iran show the pace of runaway inflation in Tehran’s housing market is easing.
Tehran’s housing Consumer Price Index in the 12-month period ending Nov. 21, which marks the end of the eighth Iranian month, increased by 51.8% compared with the corresponding period of last year.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Oct. 22, at 59.3%.
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Latest data released by the Statistical Center of Iran show the pace of runaway inflation in Tehran’s housing market is easing.
Tehran’s housing Consumer Price Index in the 12-month period ending Nov. 21, which marks the end of the eighth Iranian month, increased by 51.8% compared with the corresponding period of last year.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Oct. 22, at 59.3%.
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Iran Eyes Comprehensive Agreement in Vienna Talks
Iran’s top diplomat said any agreement reached on the revival of the 2015 nuclear deal must be a comprehensive one so that people can feel its tangible results.
Hossein Amir-Abdollahian made the remarks in an Instagram post days after the seventh round of nuclear negotiations broke off for further consultations in capitals.
The talks in the Austrian capital Vienna aim to restore the nuclear deal that has been unravelling since the United States pulled out and reimposed sanctions on Tehran, prompting Iran to react by scaling down its commitments under the agreement, also known as the Joint Comprehensive Plan of Action.
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Iran’s top diplomat said any agreement reached on the revival of the 2015 nuclear deal must be a comprehensive one so that people can feel its tangible results.
Hossein Amir-Abdollahian made the remarks in an Instagram post days after the seventh round of nuclear negotiations broke off for further consultations in capitals.
The talks in the Austrian capital Vienna aim to restore the nuclear deal that has been unravelling since the United States pulled out and reimposed sanctions on Tehran, prompting Iran to react by scaling down its commitments under the agreement, also known as the Joint Comprehensive Plan of Action.
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Iran's CB Boss Says New Platform Planned for Retail Forex Trade
The Central Bank of Iran will launch an electronic trade platform to register retail demand for foreign currency, the governor Ali Salehabadi said.
Salehabadi was speaking during a rare tour of the iconic Ferdowsi Square in central Tehran, the main hub for currency trade.
“The platform is designed to meet the small needs of the people for foreign currency,” he was quoted as saying by the CBI website.
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The Central Bank of Iran will launch an electronic trade platform to register retail demand for foreign currency, the governor Ali Salehabadi said.
Salehabadi was speaking during a rare tour of the iconic Ferdowsi Square in central Tehran, the main hub for currency trade.
“The platform is designed to meet the small needs of the people for foreign currency,” he was quoted as saying by the CBI website.
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Revised VAT for Gold, Jewelry
New regulations governing value added tax on gold trade will come into effect in January, the vice president of the Tehran Gold and Jewelry Union said.
Mohammad Kashti-Aray told the state broadcaster IRIB that the new rules are expected to improve gold trade because “prices would be more attractive.”
As per the new regulations, VAT on gold trade will be levied on service, profit and fees charged by jewelers. In short, the original value of gold will no longer be taxable.
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New regulations governing value added tax on gold trade will come into effect in January, the vice president of the Tehran Gold and Jewelry Union said.
Mohammad Kashti-Aray told the state broadcaster IRIB that the new rules are expected to improve gold trade because “prices would be more attractive.”
As per the new regulations, VAT on gold trade will be levied on service, profit and fees charged by jewelers. In short, the original value of gold will no longer be taxable.
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Fast-Tracking School Connectivity
The entry of conventional Iranian schools into the digital world has gained traction in recent years, as projects to connect urban and rural educational centers to high-speed internet are implemented at an accelerated speed.
The National Information Network, the domestic network with content compatible with Islamic values, is being developed throughout the country as an infrastructure to achieve this goal.
NIN has been used as the primary platform for school connectivity that aims to facilitate users’ access to indigenous content and curb educational disparity.
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The entry of conventional Iranian schools into the digital world has gained traction in recent years, as projects to connect urban and rural educational centers to high-speed internet are implemented at an accelerated speed.
The National Information Network, the domestic network with content compatible with Islamic values, is being developed throughout the country as an infrastructure to achieve this goal.
NIN has been used as the primary platform for school connectivity that aims to facilitate users’ access to indigenous content and curb educational disparity.
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Currency Trade Tax Set at 10%
The Iranian National Tax Administration announced Wednesday that henceforth currency trade will be taxable.
In a press release posted on its website, INTA said that the decision is part of the provisions of the Direct Taxes Act.
“Buying and selling foreign currency is taxable and those who engage in such trade are required to file their tax returns,” it said.
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The Iranian National Tax Administration announced Wednesday that henceforth currency trade will be taxable.
In a press release posted on its website, INTA said that the decision is part of the provisions of the Direct Taxes Act.
“Buying and selling foreign currency is taxable and those who engage in such trade are required to file their tax returns,” it said.
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Iranian PMI Declines for Second Consecutive Month
New data on Purchasing Managers’ Index for Iran’s overall economy show a downtrend in the index.
The PMI, known by its Farsi acronym Shamekh, for Iran’s overall economy settled at 51.07 in the current Iranian year’s eighth month (Oct. 23-Nov. 21) from 54.76 registered in the previous month, indicating a 3.69-point or 6.74% decline.
According to the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the report, exorbitant prices, shortage of raw materials and decline in demand were the biggest problems faced by businesses during the period under review.
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New data on Purchasing Managers’ Index for Iran’s overall economy show a downtrend in the index.
The PMI, known by its Farsi acronym Shamekh, for Iran’s overall economy settled at 51.07 in the current Iranian year’s eighth month (Oct. 23-Nov. 21) from 54.76 registered in the previous month, indicating a 3.69-point or 6.74% decline.
According to the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the report, exorbitant prices, shortage of raw materials and decline in demand were the biggest problems faced by businesses during the period under review.
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The Cabinet has finalized the fiscal 2022-23 Budget Bill on Wednesday.
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Tax Income Hit $6.6b in 8 Months
The National Iranian Tax Administration earned 1,980 trillion rials ($6.6 billion) from taxation during the current fiscal year’s first eight months (March 21-Nov. 21), says the head of the organization, Davoud Manzour.
The revenues show a 50% rise compared with last year’s similar period during which INTA earned 1,314 trillion rials ($4.38 billion at the current exchange rate).
Although the rise may appear considerable, the economy is experiencing hyper-inflation rates of above 40%.
financialtribune.com/node/111506
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The National Iranian Tax Administration earned 1,980 trillion rials ($6.6 billion) from taxation during the current fiscal year’s first eight months (March 21-Nov. 21), says the head of the organization, Davoud Manzour.
The revenues show a 50% rise compared with last year’s similar period during which INTA earned 1,314 trillion rials ($4.38 billion at the current exchange rate).
Although the rise may appear considerable, the economy is experiencing hyper-inflation rates of above 40%.
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Essential Goods Imports Up 38% to Over $12 Billion in Eight Months
A total of 20.32 million tons of essential goods worth $12.43 billion were imported into Iran during the first eight months of the current Iranian year (March 21-Nov. 21), registering a 30% and 62% rise in weight and value respectively compared with the similar period of last year, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
“The essential goods imports accounted for 75% and 38% of the tonnage and value of total imports during the eight months under review,” Rouhollah Latifi was also quoted as saying by Mehr News Agency.
A total of 26.5 million tons of goods worth $32 billion were imported into Iran during the eight months under review, registering a 38% and 21% increase in weight and value respectively.
financialtribune.com/node/111526
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A total of 20.32 million tons of essential goods worth $12.43 billion were imported into Iran during the first eight months of the current Iranian year (March 21-Nov. 21), registering a 30% and 62% rise in weight and value respectively compared with the similar period of last year, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
“The essential goods imports accounted for 75% and 38% of the tonnage and value of total imports during the eight months under review,” Rouhollah Latifi was also quoted as saying by Mehr News Agency.
A total of 26.5 million tons of goods worth $32 billion were imported into Iran during the eight months under review, registering a 38% and 21% increase in weight and value respectively.
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H1 GDP Growth Reaches 5.9%: SCI
New data released by the Statistical Center of Iran show the economy grew by 5.9% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period.
Excluding crude oil production, GDP growth stood at 4.1%.
A sectoral breakdown of GDP indicates “industries and mines” expanded by 9.5%. The subsectors of “crude oil and natural gas extraction”, “other mines”, “industry”, “energy” and “construction” registered a respective growth rate of 18.3%, -1.9%, 3.8%, 8.2% and 7%.
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New data released by the Statistical Center of Iran show the economy grew by 5.9% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period.
Excluding crude oil production, GDP growth stood at 4.1%.
A sectoral breakdown of GDP indicates “industries and mines” expanded by 9.5%. The subsectors of “crude oil and natural gas extraction”, “other mines”, “industry”, “energy” and “construction” registered a respective growth rate of 18.3%, -1.9%, 3.8%, 8.2% and 7%.
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Energy Ministry: Int’l Expertise Needed to Alleviate Water Crisis
Tehran is keen on using international expertise and cooperating with global organizations to address its worsening water crisis, the energy minister’s advisor for international affairs said.
Mohammad Ali Farahnakian made the statement in a meeting with Martin Fisher, operations manager of the International Federation of Red Cross and Red Crescent Societies in Iran, in Tehran on Thursday, IRNA reported.
“The two sides discussed ways of developing strategies to minimize consumption in water-intensive sectors, such as agriculture and industries, limit extraction of water from underground resources and curb the growing menace of land subsidence,” he said.
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Tehran is keen on using international expertise and cooperating with global organizations to address its worsening water crisis, the energy minister’s advisor for international affairs said.
Mohammad Ali Farahnakian made the statement in a meeting with Martin Fisher, operations manager of the International Federation of Red Cross and Red Crescent Societies in Iran, in Tehran on Thursday, IRNA reported.
“The two sides discussed ways of developing strategies to minimize consumption in water-intensive sectors, such as agriculture and industries, limit extraction of water from underground resources and curb the growing menace of land subsidence,” he said.
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Tehran Stands Firm on Demands in Negotiations on JCPOA Revival
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‘Communications’ Inflation Reaches 12.6 Percent
The average goods and services Consumer Price Index of “communications” in the 12-month period ending Nov. 21, which marks the end of the eighth Iranian month of fiscal 2021-22, increased by 12.6% compared with the corresponding period of the year before.
The CPI of the group stood at 184.2 in the month to Nov. 21, indicating a 1% rise compared with the month before.
The index, with a coefficient of 2.87%, registered a year-on-year increase of 1.2%.
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The average goods and services Consumer Price Index of “communications” in the 12-month period ending Nov. 21, which marks the end of the eighth Iranian month of fiscal 2021-22, increased by 12.6% compared with the corresponding period of the year before.
The CPI of the group stood at 184.2 in the month to Nov. 21, indicating a 1% rise compared with the month before.
The index, with a coefficient of 2.87%, registered a year-on-year increase of 1.2%.
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Export of Minerals, Mining Products Exceeds $7 Billion in Seven Months
Atotal of 31.08 million tons of minerals and mining products worth $7.06 billion were exported from Iran in the current fiscal year’s first seven months (March 21-Oct. 22).
According to the Iranian Mines and Mining Industries Development and Renovation Organization, this registered a 9% and 105% year-on-year growth in weight and value respectively.
Steel and related products topped the list of exports in terms of value with $4.05 billion, followed by copper and related products with $967.35 million and aluminum and related products with $390.06 million.
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Atotal of 31.08 million tons of minerals and mining products worth $7.06 billion were exported from Iran in the current fiscal year’s first seven months (March 21-Oct. 22).
According to the Iranian Mines and Mining Industries Development and Renovation Organization, this registered a 9% and 105% year-on-year growth in weight and value respectively.
Steel and related products topped the list of exports in terms of value with $4.05 billion, followed by copper and related products with $967.35 million and aluminum and related products with $390.06 million.
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Regulator Prepares New System for PSP Ratings
Shaparak Company, affiliated to the Central Bank of Iran and in charge of supervising the domestic payment network, is working on a new model for assessing and rating payment service providers (PSPs).
According to Kazem Dehqan, the company CEO, it is rethinking the existing system of rating PSPs. Two phases of the plan to develop the new model are finalized, the company's website quoted him as saying on Saturday.
"Unlike the existing system, wherein PSPs are ranked based on the total transactions and their collective value, the new approach incorporates a wider range of factors," he said, without providing details.
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Shaparak Company, affiliated to the Central Bank of Iran and in charge of supervising the domestic payment network, is working on a new model for assessing and rating payment service providers (PSPs).
According to Kazem Dehqan, the company CEO, it is rethinking the existing system of rating PSPs. Two phases of the plan to develop the new model are finalized, the company's website quoted him as saying on Saturday.
"Unlike the existing system, wherein PSPs are ranked based on the total transactions and their collective value, the new approach incorporates a wider range of factors," he said, without providing details.
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