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
Tehran Stock Rally Short-Lived
Tehran stocks stumbled again on Sunday after a short-lived rally a session earlier with selloff pressure on almost all share categories.
Crossing the 1.3 million level a day earlier, the benchmark of Tehran Stock Exchange, TEDPIX, lost the critical level on Sunday and dived deeper. It shed 13,870 points or 1.06% to end trade at 1,291,665 points.
Net capital outflow by retail investors continued for 17th consecutive session, amounting to 4.14 trillion rials ($14 million) for the day, up 310% on the session before.
financialtribune.com/node/111671
@fintribune
Tehran stocks stumbled again on Sunday after a short-lived rally a session earlier with selloff pressure on almost all share categories.
Crossing the 1.3 million level a day earlier, the benchmark of Tehran Stock Exchange, TEDPIX, lost the critical level on Sunday and dived deeper. It shed 13,870 points or 1.06% to end trade at 1,291,665 points.
Net capital outflow by retail investors continued for 17th consecutive session, amounting to 4.14 trillion rials ($14 million) for the day, up 310% on the session before.
financialtribune.com/node/111671
@fintribune
Key Role of Migrants in Iran’s Economy Discussed at TCCIM
Between 30% and 40% of Iran’s exports to Afghanistan are undertaken by Afghan migrants in Iran, according to the director general of the Export Expansion Department of the Trade Promotion Organization of Iran.
“Afghan migrants have a better knowledge and understanding of the ins and outs of their own market and its demands, and are more familiar with our transactional difficulties as well as ways of overcoming them,” Miraboutaleb Badri was also quoted as saying by ILNA.
Badri was addressing a ceremony held at Tehran Chamber of Commerce, Industries, Mines and Agriculture on Saturday to mark the International Migrants Day.
financialtribune.com/node/111675
@fintribune
Between 30% and 40% of Iran’s exports to Afghanistan are undertaken by Afghan migrants in Iran, according to the director general of the Export Expansion Department of the Trade Promotion Organization of Iran.
“Afghan migrants have a better knowledge and understanding of the ins and outs of their own market and its demands, and are more familiar with our transactional difficulties as well as ways of overcoming them,” Miraboutaleb Badri was also quoted as saying by ILNA.
Badri was addressing a ceremony held at Tehran Chamber of Commerce, Industries, Mines and Agriculture on Saturday to mark the International Migrants Day.
financialtribune.com/node/111675
@fintribune
Loan to Deposit Ratio at 81.8%
Loan-to-deposit ratio increased to 81.8% by the end of the sixth month in this fiscal year – up 3.3% percentage points compared to the corresponding period last year.
The ratio was up 0.6 percentage points on the preceding month and 1.8 percentage points higher in the six months since the beginning the fiscal year on March 21, the Central Bank of Iran said.
LDR is used to assess a bank's liquidity by comparing the total loans to total deposits for a specific period and is expressed in percentage.
financialtribune.com/node/111672
@fintribune
Loan-to-deposit ratio increased to 81.8% by the end of the sixth month in this fiscal year – up 3.3% percentage points compared to the corresponding period last year.
The ratio was up 0.6 percentage points on the preceding month and 1.8 percentage points higher in the six months since the beginning the fiscal year on March 21, the Central Bank of Iran said.
LDR is used to assess a bank's liquidity by comparing the total loans to total deposits for a specific period and is expressed in percentage.
financialtribune.com/node/111672
@fintribune
Imports of Essential Goods Hit Record With 6.2m Tons
The Government Trading Corporation has imported a record high of 6.2 million tons of essential goods since the beginning of the current Iranian year (started March 21), the director general of GTC’s Foreign Trade Coordination Department said.
“The essential goods were imported through Iran’s southern and northern ports through 294 vessels, which also mark a record,” Masoud Raygan was also quoted as saying by IRNA.
He added that the import volume is expected to reach 10 million tons by the Iranian yearend (March 20, 2022).
financialtribune.com/node/111670
@fintribune
The Government Trading Corporation has imported a record high of 6.2 million tons of essential goods since the beginning of the current Iranian year (started March 21), the director general of GTC’s Foreign Trade Coordination Department said.
“The essential goods were imported through Iran’s southern and northern ports through 294 vessels, which also mark a record,” Masoud Raygan was also quoted as saying by IRNA.
He added that the import volume is expected to reach 10 million tons by the Iranian yearend (March 20, 2022).
financialtribune.com/node/111670
@fintribune
Tehran Stock Market Buoyant
Tehran stocks closed Monday in upbeat mode buoyed by fresh reports that the government has mobilized its energy to lift the struggling market.
The benchmark of Tehran Stock Exchange, TEDPIX, gained 9,841.28 points or 0.76% to end trade at 1,301,516.81.
Stocks of big listed companies improved following reports about 10 supportive measures unveiled by the government late on Sunday. The forward momentum was seen in the 1.17% rise in the TSE-30 Index, which tracks the performance of top 30 companies in terms of market cap.
financialtribune.com/node/111693
@fintribune
Tehran stocks closed Monday in upbeat mode buoyed by fresh reports that the government has mobilized its energy to lift the struggling market.
The benchmark of Tehran Stock Exchange, TEDPIX, gained 9,841.28 points or 0.76% to end trade at 1,301,516.81.
Stocks of big listed companies improved following reports about 10 supportive measures unveiled by the government late on Sunday. The forward momentum was seen in the 1.17% rise in the TSE-30 Index, which tracks the performance of top 30 companies in terms of market cap.
financialtribune.com/node/111693
@fintribune
New Measures to Help Lift Share Market
To help rescue the crisis-plagued stock market, the government has announced new measures to boost demand and improve profit-taking.
The Economic Coordination Headquarter approved ten measures announced by the Economy Minister Ehsan Khandouzi late on Sunday.
The measures seemingly address the valid concerns of stock investors about the price of feedstock the government sells to the giant metal, refinery and petrochemical companies.
financialtribune.com/node/111695
@fintribune
To help rescue the crisis-plagued stock market, the government has announced new measures to boost demand and improve profit-taking.
The Economic Coordination Headquarter approved ten measures announced by the Economy Minister Ehsan Khandouzi late on Sunday.
The measures seemingly address the valid concerns of stock investors about the price of feedstock the government sells to the giant metal, refinery and petrochemical companies.
financialtribune.com/node/111695
@fintribune
Iran's Steel Output Declines by 10%
Anew report by the Iranian Steel Producers Association shows Iranian steelmakers produced a total of 18.53 million tons of semi-finished products during the first eight months of the current fiscal year (March 21-Nov. 21), down 10% year-on-year.
According to ISPA, billet and bloom made up 10.96 million tons of total semi-finished production, down 15% YOY.
Slab output reached 7.57 million tons to register a 2% decline year-on-year.
The output of finished steel decreased by 8% YOY to 12.82 million tons.
financialtribune.com/node/111690
@fintribune
Anew report by the Iranian Steel Producers Association shows Iranian steelmakers produced a total of 18.53 million tons of semi-finished products during the first eight months of the current fiscal year (March 21-Nov. 21), down 10% year-on-year.
According to ISPA, billet and bloom made up 10.96 million tons of total semi-finished production, down 15% YOY.
Slab output reached 7.57 million tons to register a 2% decline year-on-year.
The output of finished steel decreased by 8% YOY to 12.82 million tons.
financialtribune.com/node/111690
@fintribune
Iran's Trade With ECO Soars 44% to $10.4 Billion in 8 Months
Trade between Iran and Economic Cooperation Organization’s nine members stood at 21.78 million tons worth $10.45 billion in the current fiscal year’s first eight months (March 21-Nov. 21), registering a 34% and 44% year-on-year growth in weight and value respectively, according to Rouhollah Latifi, spokesman of the Islamic Republic of Iran Customs Administration.
Iran’s exports stood at 18.63 million tons worth $6.82 billion, up 46% and 54% in weight and value respectively YOY, ILNA reported.
Turkey with 11.35 million tons (up 123% YOY) worth $3.77 billion (up 128% YOY), Afghanistan with 3.06 million tons (down 35%) worth $1.27 billion (down 16%) and Pakistan with 1.87 million tons (up 22%) worth $764.39 million (up 28%) were the top three export destinations in the period.
financialtribune.com/node/111688
@fintribune
Trade between Iran and Economic Cooperation Organization’s nine members stood at 21.78 million tons worth $10.45 billion in the current fiscal year’s first eight months (March 21-Nov. 21), registering a 34% and 44% year-on-year growth in weight and value respectively, according to Rouhollah Latifi, spokesman of the Islamic Republic of Iran Customs Administration.
Iran’s exports stood at 18.63 million tons worth $6.82 billion, up 46% and 54% in weight and value respectively YOY, ILNA reported.
Turkey with 11.35 million tons (up 123% YOY) worth $3.77 billion (up 128% YOY), Afghanistan with 3.06 million tons (down 35%) worth $1.27 billion (down 16%) and Pakistan with 1.87 million tons (up 22%) worth $764.39 million (up 28%) were the top three export destinations in the period.
financialtribune.com/node/111688
@fintribune
Domestic Airport Traffic Surveyed
Domestic passenger traffic in Iranian airports registered a year-on-year growth of 13% during the current fiscal year’s first eight months (March 21-Nov. 21), as 17.19 million passengers were flown internally by Iranian airlines during the period.
Data released by Iran Airports Company also show takeoffs and landings posted a 27% YOY growth to 209,334.
Over 139.83 million tons of cargos were shipped during the period under review, marking a 25% year-on-year growth.
financialtribune.com/node/111697
@fintribune
Domestic passenger traffic in Iranian airports registered a year-on-year growth of 13% during the current fiscal year’s first eight months (March 21-Nov. 21), as 17.19 million passengers were flown internally by Iranian airlines during the period.
Data released by Iran Airports Company also show takeoffs and landings posted a 27% YOY growth to 209,334.
Over 139.83 million tons of cargos were shipped during the period under review, marking a 25% year-on-year growth.
financialtribune.com/node/111697
@fintribune
Iran Rolls Out Boosters for Over 18s to Avert New Virus Surge
financialtribune.com/node/111680
@fintribune
financialtribune.com/node/111680
@fintribune
H1 GDP Growth at 3.3%: Iran's CB
Iran’s gross domestic product grew by 3.3% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period, the Central Bank of Iran reported on Tuesday.
Putting the H1 GDP volume at 75,305 trillion rials ($251 billion at the exchange rate of 300,000 rials per dollar), the CBI says the economy expanded by 2.4%, excluding crude oil production.
The services and oil sectors grew by 5.7% and 15.1% respectively while agriculture contracted by 2% and so did “industries and mines” by 1.9%.
financialtribune.com/node/111708
@fintribune
Iran’s gross domestic product grew by 3.3% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period, the Central Bank of Iran reported on Tuesday.
Putting the H1 GDP volume at 75,305 trillion rials ($251 billion at the exchange rate of 300,000 rials per dollar), the CBI says the economy expanded by 2.4%, excluding crude oil production.
The services and oil sectors grew by 5.7% and 15.1% respectively while agriculture contracted by 2% and so did “industries and mines” by 1.9%.
financialtribune.com/node/111708
@fintribune
IPO to Announce Mega PGPIC Privatization Plan
The Iranian Privatization Organization has finalized plans to divest the remaining government shares in the Persian Gulf Petrochemical Industries Company (PGPIC), the IPO chief said.
Citing the outcome of a meeting of the ad hoc divestment committee, Hossein Qorbanzadeh said the IPO will officially announce terms of the divestiture in the coming days, according to shada.ir, the news agency of the Economy Ministry.
“The shares will be offered in three blocks,” he said without elaboration. “The company is a big player with several subsidiaries and controls almost 40% of the country’s petrochemical industry”.
financialtribune.com/node/111716
@fintribune
The Iranian Privatization Organization has finalized plans to divest the remaining government shares in the Persian Gulf Petrochemical Industries Company (PGPIC), the IPO chief said.
Citing the outcome of a meeting of the ad hoc divestment committee, Hossein Qorbanzadeh said the IPO will officially announce terms of the divestiture in the coming days, according to shada.ir, the news agency of the Economy Ministry.
“The shares will be offered in three blocks,” he said without elaboration. “The company is a big player with several subsidiaries and controls almost 40% of the country’s petrochemical industry”.
financialtribune.com/node/111716
@fintribune
Iran's Transactions With Caspian States Exceed $2 Billion in Eight Months
Iran's trade (excluding crude oil exports) with Caspian Sea littoral states reached 4.88 million tons worth $2.12 billion during the first eight months of the current fiscal year (March 21-Nov. 21), according to new data released by the Islamic Republic of Iran Customs Administration.
Russia was Iran’s main trading partner among the neighboring countries with 2.96 million tons worth $1.37 billion. It was followed by Azerbaijan with 571,323 tons worth $365.03 million, Turkmenistan with 926,113 tons worth $229.98 million and Kazakhstan with 429,382 tons worth $150.35 million.
Iran’s exports hit 2.46 million tons worth $1.03 billion.
financialtribune.com/node/111710
@fintribune
Iran's trade (excluding crude oil exports) with Caspian Sea littoral states reached 4.88 million tons worth $2.12 billion during the first eight months of the current fiscal year (March 21-Nov. 21), according to new data released by the Islamic Republic of Iran Customs Administration.
Russia was Iran’s main trading partner among the neighboring countries with 2.96 million tons worth $1.37 billion. It was followed by Azerbaijan with 571,323 tons worth $365.03 million, Turkmenistan with 926,113 tons worth $229.98 million and Kazakhstan with 429,382 tons worth $150.35 million.
Iran’s exports hit 2.46 million tons worth $1.03 billion.
financialtribune.com/node/111710
@fintribune
New Fund to Help Boost Provincial Development
The government is set to create a new fund to boost investment in development projects in the provinces.
The new fund is forecast in the March 2022-23 budget, according to a press release seen on the Planning and Budget Organization’s (PBO) website.
If established, this would the first of its kind and is said to be an initiative of President Ebrahim Raisi dubbed as the ‘Progress and Justice Fund.’
financialtribune.com/node/111713
@fintribune
The government is set to create a new fund to boost investment in development projects in the provinces.
The new fund is forecast in the March 2022-23 budget, according to a press release seen on the Planning and Budget Organization’s (PBO) website.
If established, this would the first of its kind and is said to be an initiative of President Ebrahim Raisi dubbed as the ‘Progress and Justice Fund.’
financialtribune.com/node/111713
@fintribune
Pilot Gasoline Project Launched in Qeshm, Kish
Apilot scheme has been launched on the islands of Kish and Qeshm in the Persian Gulf for selling gasoline, whereby it will be allocated to people whether they have a car or not, a member of Majlis Energy Commission said.
“As per the new plan, each resident of the two islands with a national code will receive 30 liters of gasoline per month at a rate of 8 cents per liter, regardless of the fact that they own a car or not,” Fereydoun Abbasi-Davani was also quoted as saying by ILNA.
The lawmaker noted that the government has no intention to raise gasoline prices and if the pilot project yields positive results, it will be carried out nationwide.
financialtribune.com/node/111704
@fintribune
Apilot scheme has been launched on the islands of Kish and Qeshm in the Persian Gulf for selling gasoline, whereby it will be allocated to people whether they have a car or not, a member of Majlis Energy Commission said.
“As per the new plan, each resident of the two islands with a national code will receive 30 liters of gasoline per month at a rate of 8 cents per liter, regardless of the fact that they own a car or not,” Fereydoun Abbasi-Davani was also quoted as saying by ILNA.
The lawmaker noted that the government has no intention to raise gasoline prices and if the pilot project yields positive results, it will be carried out nationwide.
financialtribune.com/node/111704
@fintribune