Monthly Industrial PMI Exceeds 12% to Distance From Threshold
The Purchasing Managers’ Index for Iranian industries in the current fiscal year’s eighth month (Oct. 23-Nov. 21) settled at 57.11 from 50.83 in the preceding month (Sept. 23-Oct. 22), indicating a 12.35% increase, the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
The PMI is locally known by its Farsi acronym Shamekh.
PMI is an indicator of economic health for manufacturing and services sectors. It provides information about current business conditions to companies’ decision-makers, analysts and purchasing managers.
financialtribune.com/node/111560
@fintribune
The Purchasing Managers’ Index for Iranian industries in the current fiscal year’s eighth month (Oct. 23-Nov. 21) settled at 57.11 from 50.83 in the preceding month (Sept. 23-Oct. 22), indicating a 12.35% increase, the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
The PMI is locally known by its Farsi acronym Shamekh.
PMI is an indicator of economic health for manufacturing and services sectors. It provides information about current business conditions to companies’ decision-makers, analysts and purchasing managers.
financialtribune.com/node/111560
@fintribune
New Budget Bill in Parliament
President Ebrahim Raisi submitted the fiscal 2022-23 budget bill to the parliament on Sunday.
In the next fiscal year (starting March 21, 2022), the operating budget (including revenues derived mainly from taxation and exports at the disposal of the government) has been projected to stand at 13,720 trillion rials (about $45.73 billion at the market exchange rate of 300,000 rials per dollar).
Add to this, revenues earmarked for ministries and governmental institutions worth 1,332 trillion rials ($4.44 billion) take the total sum of the general budget to 15,052 trillion rials ($50.17 billion).
financialtribune.com/node/111570
@fintribune
President Ebrahim Raisi submitted the fiscal 2022-23 budget bill to the parliament on Sunday.
In the next fiscal year (starting March 21, 2022), the operating budget (including revenues derived mainly from taxation and exports at the disposal of the government) has been projected to stand at 13,720 trillion rials (about $45.73 billion at the market exchange rate of 300,000 rials per dollar).
Add to this, revenues earmarked for ministries and governmental institutions worth 1,332 trillion rials ($4.44 billion) take the total sum of the general budget to 15,052 trillion rials ($50.17 billion).
financialtribune.com/node/111570
@fintribune
Northern Ports’ Potential Remains Largely Untapped
Poor export infrastructure and lack of equipment are to blame for low shipping traffic at Iran’s northern ports and freight forwarding companies.
The statement was made by Ali Chagharvand, director of Plan Management, Planning and Monitoring Department of Iran Chamber of Commerce, Industries, Mines and Agriculture, in a write-up for Tasnim News Agency. A translation of the full text follows:
Traders and transportation companies do not avail themselves of the numerous advantages of Iran’s northern ports. Simply put, northern Iranian ports are in recession.
financialtribune.com/node/111568
@fintribune
Poor export infrastructure and lack of equipment are to blame for low shipping traffic at Iran’s northern ports and freight forwarding companies.
The statement was made by Ali Chagharvand, director of Plan Management, Planning and Monitoring Department of Iran Chamber of Commerce, Industries, Mines and Agriculture, in a write-up for Tasnim News Agency. A translation of the full text follows:
Traders and transportation companies do not avail themselves of the numerous advantages of Iran’s northern ports. Simply put, northern Iranian ports are in recession.
financialtribune.com/node/111568
@fintribune
Water, Power Engineering Services Account for 60% of Techno Exports
The water and power sectors have made a positive contribution to exports of technical and engineering services in the past few years, the energy minister said.
“Water and electricity services account for almost 60% of Iran's total exports of technical and engineering services,” Ali Akbar Mehrabian was also quoted as saying by IRNA on Monday.
In 2016, water and power services made up 40% of engineering exports, which has now increased to 60% and is expected to rise further in the next two years, he added.
financialtribune.com/node/111577
@fintribune
The water and power sectors have made a positive contribution to exports of technical and engineering services in the past few years, the energy minister said.
“Water and electricity services account for almost 60% of Iran's total exports of technical and engineering services,” Ali Akbar Mehrabian was also quoted as saying by IRNA on Monday.
In 2016, water and power services made up 40% of engineering exports, which has now increased to 60% and is expected to rise further in the next two years, he added.
financialtribune.com/node/111577
@fintribune
New Budget Bill Expects $17.5 Billion in Tax Revenues
The government expects to earn 5,270 trillion rials ($17.5 billion) in tax revenues in the next fiscal year (March 2022-23).
The target is part of the budget bill submitted by President Ebrahim Raisi to the parliament on Dec. 12.
For the first time, the budget counts on taxing all owners of cars valued over 10 billion rials ($33,333) as well as owners of houses worth more than 100 billion rials ($333,333).
financialtribune.com/node/111590
@fintribune
The government expects to earn 5,270 trillion rials ($17.5 billion) in tax revenues in the next fiscal year (March 2022-23).
The target is part of the budget bill submitted by President Ebrahim Raisi to the parliament on Dec. 12.
For the first time, the budget counts on taxing all owners of cars valued over 10 billion rials ($33,333) as well as owners of houses worth more than 100 billion rials ($333,333).
financialtribune.com/node/111590
@fintribune
Wheat Imports Increase by 60% in Volume, 92% in Value
Wheat imports stood at 3.6 million tons worth $1.2 billion since the beginning of the current fiscal year on March 21, up until Nov. 6, registering a 60% rise in volume and 92% growth in value compared with the similar period of last year.
The grain, considered an essential good, is imported using subsidized foreign currency (at the rate of 42,000 rials per dollar), ISNA reported.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
financialtribune.com/node/111584
@fintribune
Wheat imports stood at 3.6 million tons worth $1.2 billion since the beginning of the current fiscal year on March 21, up until Nov. 6, registering a 60% rise in volume and 92% growth in value compared with the similar period of last year.
The grain, considered an essential good, is imported using subsidized foreign currency (at the rate of 42,000 rials per dollar), ISNA reported.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
financialtribune.com/node/111584
@fintribune
Fiscal 2020-21 Increase in Rental Housing Expenses Unprecedented
The share of housing in the Iranian households’ spending budget has reached an unprecedented high.
According to official statistics, households living in urban areas spent an average of 43% of their monthly expenses on rent in the Iranian year ending March 2021.
Tenants spent 28% of their living expenses on paying rents in the mid-2000s, one of the relatively calm periods in the rental market, given the 30% conventional share of housing costs in household expenditure.
financialtribune.com/node/111581
@fintribune
The share of housing in the Iranian households’ spending budget has reached an unprecedented high.
According to official statistics, households living in urban areas spent an average of 43% of their monthly expenses on rent in the Iranian year ending March 2021.
Tenants spent 28% of their living expenses on paying rents in the mid-2000s, one of the relatively calm periods in the rental market, given the 30% conventional share of housing costs in household expenditure.
financialtribune.com/node/111581
@fintribune
Iran's Export of Iron Products Gains Luster
The share of iron products in Iran’s total non-oil exports increased noticeably, says the spokesman of the Islamic Republic of Iran Customs Administration.
“With the growth in production and export of iron products, including semi-finished product, all kinds of rods, ingots, iron or steel plates, a total of $4.5 billion were exported during the current fiscal year’s first eight months March 21-Nov. 21 compared with last year’s corresponding period, to account for 14.5% of total exports worth $31 billion during the period,” Rouhollah Latifi was also quoted as saying by IRNA.
According to the official, 11.07 million tons worth $3.74 billion were exported in the fiscal 2020-21, of which 2.23 million tons worth $105.6 million constituted iron ore and related products, and 8.84 million tons worth $3.63 billion were iron and steel products.
financialtribune.com/node/111598
@fintribune
The share of iron products in Iran’s total non-oil exports increased noticeably, says the spokesman of the Islamic Republic of Iran Customs Administration.
“With the growth in production and export of iron products, including semi-finished product, all kinds of rods, ingots, iron or steel plates, a total of $4.5 billion were exported during the current fiscal year’s first eight months March 21-Nov. 21 compared with last year’s corresponding period, to account for 14.5% of total exports worth $31 billion during the period,” Rouhollah Latifi was also quoted as saying by IRNA.
According to the official, 11.07 million tons worth $3.74 billion were exported in the fiscal 2020-21, of which 2.23 million tons worth $105.6 million constituted iron ore and related products, and 8.84 million tons worth $3.63 billion were iron and steel products.
financialtribune.com/node/111598
@fintribune
Iranian Private Banks Resist Higher Interest Rates
Private banks and credit institutions are against increasing interest rates, the secretary of Iran's Private Banks and Credit Institutions Council said.
"Bank CEOs agreed to comply with rates set earlier by the Money and Credit Council. Some banks are already offering higher rates on term deposits. Further increases obviously will not benefit them," IBENA quoted Mohammad Reza Jamshidi as saying.
Last year the MCC allowed lenders to raise interest on term deposits, apparently to curb the scale and scope of money flooding into some financial markets and avoid further depreciation of the national currency.
financialtribune.com/node/111607
@fintribune
Private banks and credit institutions are against increasing interest rates, the secretary of Iran's Private Banks and Credit Institutions Council said.
"Bank CEOs agreed to comply with rates set earlier by the Money and Credit Council. Some banks are already offering higher rates on term deposits. Further increases obviously will not benefit them," IBENA quoted Mohammad Reza Jamshidi as saying.
Last year the MCC allowed lenders to raise interest on term deposits, apparently to curb the scale and scope of money flooding into some financial markets and avoid further depreciation of the national currency.
financialtribune.com/node/111607
@fintribune
Tighter Control Over Exchange Bureaus
The Central Bank of Iran said it has intensified supervision over exchange bureaus and penalized offending moneychangers.
In a press release seen on its website on Tuesday, the regulator said it sent warning notices to 248 authorized exchangers and suspended the permits of 46 shops for wrongdoing in nine months since the beginning of the fiscal year.
In addition, it said it revoked the permits of 25 authorized exchange bureaus for violating guidelines governing currency trade.
financialtribune.com/node/111608
@fintribune
The Central Bank of Iran said it has intensified supervision over exchange bureaus and penalized offending moneychangers.
In a press release seen on its website on Tuesday, the regulator said it sent warning notices to 248 authorized exchangers and suspended the permits of 46 shops for wrongdoing in nine months since the beginning of the fiscal year.
In addition, it said it revoked the permits of 25 authorized exchange bureaus for violating guidelines governing currency trade.
financialtribune.com/node/111608
@fintribune
Economic Expert Surveys Fiscal 2022-23 Budget
Except from a few key aspects, the fiscal 2022-23 budget bill submitted by President Ebrahim Raisi to the Iranian Parliament on Sunday is not different from the budget proposed by previous governments.
The statement was made by Hadi Haqshenas, an economic expert, in an article published by the Persian daily Arman-e Melli, who stressed that the bill lacks the needed structural reforms. A translation of the article follows:
This budget is the same as those of previous years; you don’t see any structural reforms in it. The new government’s budget is similar to all those of previous governments: resources and expenditures have been specified, tax exemptions or any increase in tax break ceilings have been set and a part of the budget has been allocated to provincial planning councils.
financialtribune.com/node/111603
@fintribune
Except from a few key aspects, the fiscal 2022-23 budget bill submitted by President Ebrahim Raisi to the Iranian Parliament on Sunday is not different from the budget proposed by previous governments.
The statement was made by Hadi Haqshenas, an economic expert, in an article published by the Persian daily Arman-e Melli, who stressed that the bill lacks the needed structural reforms. A translation of the article follows:
This budget is the same as those of previous years; you don’t see any structural reforms in it. The new government’s budget is similar to all those of previous governments: resources and expenditures have been specified, tax exemptions or any increase in tax break ceilings have been set and a part of the budget has been allocated to provincial planning councils.
financialtribune.com/node/111603
@fintribune
Construction Growth at 7% in H1
The construction sector grew by 7% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period, latest data released by the Statistical Center of Iran show.
SCI had put the sector’s growth in the fiscal 2020-21 at 6.3%.
The sector’s GDP stood at 163.179 trillion rials ($543.9 at the exchange rate of 300,000 rials per dollar) in H1 to account for 4.5% of total gross domestic product during the period.
financialtribune.com/node/111602
@fintribune
The construction sector grew by 7% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period, latest data released by the Statistical Center of Iran show.
SCI had put the sector’s growth in the fiscal 2020-21 at 6.3%.
The sector’s GDP stood at 163.179 trillion rials ($543.9 at the exchange rate of 300,000 rials per dollar) in H1 to account for 4.5% of total gross domestic product during the period.
financialtribune.com/node/111602
@fintribune
Key Indicators Point to Let-Up in Pandemic
The daily tally of coronavirus infections and mortalities on Saturday fell to figures as low as the early days of the pandemic as Iran reported that none of its cities were categorized as very high-risk or high-risk zones anymore.
The Health Ministry logged 1,360 cases on Saturday, the lowest number of daily infections since May 2020, bringing the total count to 6.16 million.
The ministry on the same day registered only 41 deaths, a record-low since late May 2020, taking the national toll to 131,033.
financialtribune.com/node/111649
@fintribune
The daily tally of coronavirus infections and mortalities on Saturday fell to figures as low as the early days of the pandemic as Iran reported that none of its cities were categorized as very high-risk or high-risk zones anymore.
The Health Ministry logged 1,360 cases on Saturday, the lowest number of daily infections since May 2020, bringing the total count to 6.16 million.
The ministry on the same day registered only 41 deaths, a record-low since late May 2020, taking the national toll to 131,033.
financialtribune.com/node/111649
@fintribune
Iran's Trade with Neighbors Surges 45% YOY to $33b in 8 Months
Iran traded 68 million tons of goods worth $33 billion with its 15 neighboring countries during the current Iranian year’s first eight months (March 21-Nov. 21), registering a 19% and 45% 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 tonnage and value of trade with neighbors accounted for 62% and 52% of Iran’s total foreign trade during the eight months under review,” Rouhollal Latifi was also quoted as saying by ILNA.
According to the official, 83.74 million tons of goods worth $31.1 billion were exported during the period, around 52.39 million tons of which worth $16.66 billion (constituting 62% and 53% of the weight and value of the overall export respectively) were shipped to Iran’s 15 neighbors.
financialtribune.com/node/111653
@fintribune
Iran traded 68 million tons of goods worth $33 billion with its 15 neighboring countries during the current Iranian year’s first eight months (March 21-Nov. 21), registering a 19% and 45% 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 tonnage and value of trade with neighbors accounted for 62% and 52% of Iran’s total foreign trade during the eight months under review,” Rouhollal Latifi was also quoted as saying by ILNA.
According to the official, 83.74 million tons of goods worth $31.1 billion were exported during the period, around 52.39 million tons of which worth $16.66 billion (constituting 62% and 53% of the weight and value of the overall export respectively) were shipped to Iran’s 15 neighbors.
financialtribune.com/node/111653
@fintribune
Iran's Industries Ministry, CB to Coordinate Foreign Trade and Currency Policies
The Industries Ministry and Central Bank of Iran signed a memorandum of understanding to coordinate the foreign trade programs of the former with the forex policy of the latter.
According to a press release seen on the CBI website, a joint taskforce was formed and became operational to this end soon after the MOU was signed.
The taskforce will craft measures “to augment non-oil export, facilitate repatriation of export forex income, supply currency for import and reform foreign trade procedures”.
financialtribune.com/node/111660
@fintribune
The Industries Ministry and Central Bank of Iran signed a memorandum of understanding to coordinate the foreign trade programs of the former with the forex policy of the latter.
According to a press release seen on the CBI website, a joint taskforce was formed and became operational to this end soon after the MOU was signed.
The taskforce will craft measures “to augment non-oil export, facilitate repatriation of export forex income, supply currency for import and reform foreign trade procedures”.
financialtribune.com/node/111660
@fintribune
Insurance Sector Expanding Despite Challenges: CII Says
The Central Insurance company of Iran published a report on the industry's sales stating that the number of branches and agents increased in the last fiscal year (March 2020-21).
More than 83,900 insurance agents were active during the year -- 8.7% higher than the year before, the regulator said. The number of agents specializing in the life insurance segment increased 12.9% to 44,300.
Pasargad Insurance Company, affiliated to Bank Pasargad Iran, alone accounted for 41.1% of active agents across the country with 34,483 agents. Iran Insurance Company was second with 13,242 agents, followed by Asia Insurance Company.
financialtribune.com/node/111657
@fintribune
The Central Insurance company of Iran published a report on the industry's sales stating that the number of branches and agents increased in the last fiscal year (March 2020-21).
More than 83,900 insurance agents were active during the year -- 8.7% higher than the year before, the regulator said. The number of agents specializing in the life insurance segment increased 12.9% to 44,300.
Pasargad Insurance Company, affiliated to Bank Pasargad Iran, alone accounted for 41.1% of active agents across the country with 34,483 agents. Iran Insurance Company was second with 13,242 agents, followed by Asia Insurance Company.
financialtribune.com/node/111657
@fintribune