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.
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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.
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Tehran Stocks Show Uncommon Resilience, Rise 5% in One Week
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Iran's Inflation Downtrend Persists
Data released by the Statistical Center of Iran show the annualized inflation has maintained downtrend for the third consecutive month.
The average goods and services Consumer Price Index in the 12-month period ending Dec. 21 increased by 43.4% 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 Nov. 21, at 44.4%.
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Data released by the Statistical Center of Iran show the annualized inflation has maintained downtrend for the third consecutive month.
The average goods and services Consumer Price Index in the 12-month period ending Dec. 21 increased by 43.4% 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 Nov. 21, at 44.4%.
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IME Monthly Trade at $2.2 Billion
Goods and commodities worth an estimated 665 trillion rials ($2.2 billion) were sold in the spot market of the Iran Mercantile Exchange in the last calendar month that ended on Dec. 21.
In value terms trade dropped slightly by 5% on monthly basis and the volume too was down 6%, according to data seen on the IME’s website.
IME is a commodities exchange in Tehran founded in 2006 to host deals in farm, industrial and petrochemical products in the spot and futures markets.
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Goods and commodities worth an estimated 665 trillion rials ($2.2 billion) were sold in the spot market of the Iran Mercantile Exchange in the last calendar month that ended on Dec. 21.
In value terms trade dropped slightly by 5% on monthly basis and the volume too was down 6%, according to data seen on the IME’s website.
IME is a commodities exchange in Tehran founded in 2006 to host deals in farm, industrial and petrochemical products in the spot and futures markets.
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Iran's Trade With Africa Tops $770m in Eight Months
Trade between Iran and African countries stood at 1.73 million tons worth $773 million during the current Iranian year’s first eight months (March 21-Nov. 21).
Ghana with 450,793 tons worth $273.03 million, South Africa with 403,901 tons worth $149.47 million, Nigeria with 197,966 tons worth $84.82 million, Algeria with 95,380 tons worth $66.61 million and Kenya with 125,400 tons worth $51.13 million were the main trade partners during the period.
Data released by the Islamic Republic of Iran Customs Administration show Iran exported 1.69 million tons of goods worth $741.21 million to the African continent during the period while imports amounted to 38,831 tons worth $31.79 million.
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Trade between Iran and African countries stood at 1.73 million tons worth $773 million during the current Iranian year’s first eight months (March 21-Nov. 21).
Ghana with 450,793 tons worth $273.03 million, South Africa with 403,901 tons worth $149.47 million, Nigeria with 197,966 tons worth $84.82 million, Algeria with 95,380 tons worth $66.61 million and Kenya with 125,400 tons worth $51.13 million were the main trade partners during the period.
Data released by the Islamic Republic of Iran Customs Administration show Iran exported 1.69 million tons of goods worth $741.21 million to the African continent during the period while imports amounted to 38,831 tons worth $31.79 million.
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Businesses Concerned About Liquidity Crunch After Lifting of Forex Subsidies
The reported government move to eliminate forex subsidies for import of basic goods would pose importers with new liquidity problems, businesspeople say.
The government has called for putting an end to the controversial currency subsidies in the draft 2022-23 budget it presented to the parliament last week.
In 2018 the former government subsidized currency for importing food and other basic goods selling the US dollar for 42,000 rials. This rate is less than a seventh of the price in the open market where the greenback buys 300,000 rials.
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The reported government move to eliminate forex subsidies for import of basic goods would pose importers with new liquidity problems, businesspeople say.
The government has called for putting an end to the controversial currency subsidies in the draft 2022-23 budget it presented to the parliament last week.
In 2018 the former government subsidized currency for importing food and other basic goods selling the US dollar for 42,000 rials. This rate is less than a seventh of the price in the open market where the greenback buys 300,000 rials.
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Large Caps Lead TSE Rally
Tehran’s stock market opened trading week Saturday on a relatively stronger note, extending a winning streak into the fourth session.
The main gauge of Tehran Stock Exchange, TEDPIX, gained 26,503.70 points or 1.95% to end trade at 1,385,528.
As in the past sessions, the rally was led by blue chips and large caps with small caps struggling as laggards.
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Tehran’s stock market opened trading week Saturday on a relatively stronger note, extending a winning streak into the fourth session.
The main gauge of Tehran Stock Exchange, TEDPIX, gained 26,503.70 points or 1.95% to end trade at 1,385,528.
As in the past sessions, the rally was led by blue chips and large caps with small caps struggling as laggards.
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Iran Will Not Exceed 60% Uranium Enrichment
Head of the Atomic Energy Organisation of Iran Mohammad Eslami said Tehran does not intend to exceed the 60% level of uranium enrichment even if the parties to the negotiations in Vienna do not come to an agreement and the United States does not lift its sanctions.
Eslami said “No” when asked in an interview with Sputnik whether Iran will exceed 60% uranium enrichment if the parties fail to return to the Joint Comprehensive Plan of Action.
He stressed that Tehran’s nuclear program aims to support the country’s industrial production needs, as well as the needs of Iranian consumers for certain goods.
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Head of the Atomic Energy Organisation of Iran Mohammad Eslami said Tehran does not intend to exceed the 60% level of uranium enrichment even if the parties to the negotiations in Vienna do not come to an agreement and the United States does not lift its sanctions.
Eslami said “No” when asked in an interview with Sputnik whether Iran will exceed 60% uranium enrichment if the parties fail to return to the Joint Comprehensive Plan of Action.
He stressed that Tehran’s nuclear program aims to support the country’s industrial production needs, as well as the needs of Iranian consumers for certain goods.
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Banks Told Not to Raise Interest Rates
The Central Bank of Iran has again called on banks to observe regulations governing interest on deposits.
Lenders must pay 10%-18% on term deposits as per rules approved by Money and Credit Council, the top monetary and banking decision-making body, the CBI news website said.
“However, it has been seen that some banks and credit institutions pay higher rates on individual deposits, particularly on money from investment funds,” the CBI noted.
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The Central Bank of Iran has again called on banks to observe regulations governing interest on deposits.
Lenders must pay 10%-18% on term deposits as per rules approved by Money and Credit Council, the top monetary and banking decision-making body, the CBI news website said.
“However, it has been seen that some banks and credit institutions pay higher rates on individual deposits, particularly on money from investment funds,” the CBI noted.
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Iranian Commercial Ports’ Throughput Registers 15 Percent Increase
Data released by Ports and Maritime Organization of Iran show growth in the activity of Iranian ports.
Iran’s 22 major commercial ports in the north and south of the country handled 109.09 million tons of container goods, dry and liquid bulk commodities, general cargo and oil products during the first nine months of the current fiscal year (March 21-Dec. 21), registering a 15.2% rise compared with the similar period of last year, latest data released by PMO show.
The volume of container throughput during the period stood at 1.48 million TEUs weighing 17.19 million tons, dry bulk at 35.01 million tons, liquid bulk at 3.05 million tons, general cargo at 15.25 million tons and oil products at 38.59 million tons to register a respective growth rate of 7%, 11.5%, 16%, 21%, 10.7% and 17.1% compared with the corresponding period of last year.
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Data released by Ports and Maritime Organization of Iran show growth in the activity of Iranian ports.
Iran’s 22 major commercial ports in the north and south of the country handled 109.09 million tons of container goods, dry and liquid bulk commodities, general cargo and oil products during the first nine months of the current fiscal year (March 21-Dec. 21), registering a 15.2% rise compared with the similar period of last year, latest data released by PMO show.
The volume of container throughput during the period stood at 1.48 million TEUs weighing 17.19 million tons, dry bulk at 35.01 million tons, liquid bulk at 3.05 million tons, general cargo at 15.25 million tons and oil products at 38.59 million tons to register a respective growth rate of 7%, 11.5%, 16%, 21%, 10.7% and 17.1% compared with the corresponding period of last year.
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Cryptominers Asked to Halt Activities Again
Iran Power Generation, Distribution and Transmission Company, Tavanir, has asked authorized cryptomining centers to suspend their activities to prevent possible blackouts during winter.
In a talk with IRIB, Mostafa Rajabi Mashhadi, the company's spokesman, said the "Energy Ministry is implementing measures since last month to reduce the use of liquid fuels in power plants, including cutting licensed crypto farms' power supply, turning off lampposts in less risky areas and stringent supervision of consumption."
Rajabi Mashhadi said “Power plants have managed to save fuel for the coming winter months. However, consumers need to exercise extra caution in their gas and electricity consumption."
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Iran Power Generation, Distribution and Transmission Company, Tavanir, has asked authorized cryptomining centers to suspend their activities to prevent possible blackouts during winter.
In a talk with IRIB, Mostafa Rajabi Mashhadi, the company's spokesman, said the "Energy Ministry is implementing measures since last month to reduce the use of liquid fuels in power plants, including cutting licensed crypto farms' power supply, turning off lampposts in less risky areas and stringent supervision of consumption."
Rajabi Mashhadi said “Power plants have managed to save fuel for the coming winter months. However, consumers need to exercise extra caution in their gas and electricity consumption."
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Customs Clearance Hit Record
The Islamic Republic of Iran Customs Administration has registered a record in recent months.
According to IRICA Spokesman Rouhollah Latifi, 5.3 million tons of goods worth $6.5 billion underwent customs clearance in the sixth month of the current fiscal year (Aug. 23-Sept. 22).
This is while the total volume of cleared goods during the first five months of the year (Mar. 21-Aug. 22) stood at 2.7 million tons worth $3.3 billion.
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The Islamic Republic of Iran Customs Administration has registered a record in recent months.
According to IRICA Spokesman Rouhollah Latifi, 5.3 million tons of goods worth $6.5 billion underwent customs clearance in the sixth month of the current fiscal year (Aug. 23-Sept. 22).
This is while the total volume of cleared goods during the first five months of the year (Mar. 21-Aug. 22) stood at 2.7 million tons worth $3.3 billion.
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Business Leaders Discuss Challenges With CB Chief
Private business leaders met the Governor of Central Bank of Iran Ali Salehabadi on Sunday at the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) to discuss their problems and challenges and find workable solutions.
ICCIMA head Gholmahossein Shafei enumerated the pressing issues like the liquidity crunch, instability and unpredictability of business activity due to the volatility in the currency market and the return of export income as the main challenges of private companies.
“Bank loans have deviated from funding the needs of the production sector in recent years,” he was quoted as saying by ICCIMA website.
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Private business leaders met the Governor of Central Bank of Iran Ali Salehabadi on Sunday at the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) to discuss their problems and challenges and find workable solutions.
ICCIMA head Gholmahossein Shafei enumerated the pressing issues like the liquidity crunch, instability and unpredictability of business activity due to the volatility in the currency market and the return of export income as the main challenges of private companies.
“Bank loans have deviated from funding the needs of the production sector in recent years,” he was quoted as saying by ICCIMA website.
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Iran Remains World’s 10th Biggest Steel Manufacturer
Latest data released by the World Steel Association show Iran’s steel output has declined, yet the country’s global standing remains unchanged.
Iranian steel mills produced a total of 25.7 million tons of crude steel from the beginning of 2021 up to the end of November, registering a 3.4% decline compared with the corresponding period of 2020.
Iran's November output hit 2.7 million tons, down 5.2% year-on-year.
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Latest data released by the World Steel Association show Iran’s steel output has declined, yet the country’s global standing remains unchanged.
Iranian steel mills produced a total of 25.7 million tons of crude steel from the beginning of 2021 up to the end of November, registering a 3.4% decline compared with the corresponding period of 2020.
Iran's November output hit 2.7 million tons, down 5.2% year-on-year.
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Top Insurer Wants to Improve Transparency
Iran Insurance Company, the largest and only firm owned by the government, has eight major projects in the pipeline to raise transparency of its operations cut losses.
"We have developed special projects to address IIC's challenges, including a comprehensive underwriting system, alert system, an advanced fraud detection platform and a unique insurance services gateway," Majid Bakhtiari, the company's CEO, was quoted as saying by Shada, the Economy Ministry’s news agency.
According to Bakhtiari, the projects should help improve the transparency in the IIC's financial activities, mainly by digitizing procedures and reducing the company's reliance on bank deposits.
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Iran Insurance Company, the largest and only firm owned by the government, has eight major projects in the pipeline to raise transparency of its operations cut losses.
"We have developed special projects to address IIC's challenges, including a comprehensive underwriting system, alert system, an advanced fraud detection platform and a unique insurance services gateway," Majid Bakhtiari, the company's CEO, was quoted as saying by Shada, the Economy Ministry’s news agency.
According to Bakhtiari, the projects should help improve the transparency in the IIC's financial activities, mainly by digitizing procedures and reducing the company's reliance on bank deposits.
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Esteghlal, Persepolis IPO Planned for Feb
The government is to sell a part of its shares in Tehran's two main football clubs, Esteghlal and Persepolis, in an initial public offering slated for next February, head of the Iran Privatization Organization aid.
“Offering shares of the two clubs in the stock market is the most viable path to privatizing them, as it would raise the transparency of their activities and by extension the quality of their management," Hossein Qorbanzadeh was quoted as saying by ILNA.
Referring to the large fan base of the top soccer teams, he said, "We had to ensure that the two will become profitable, before offering their shares in the bourse.”
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The government is to sell a part of its shares in Tehran's two main football clubs, Esteghlal and Persepolis, in an initial public offering slated for next February, head of the Iran Privatization Organization aid.
“Offering shares of the two clubs in the stock market is the most viable path to privatizing them, as it would raise the transparency of their activities and by extension the quality of their management," Hossein Qorbanzadeh was quoted as saying by ILNA.
Referring to the large fan base of the top soccer teams, he said, "We had to ensure that the two will become profitable, before offering their shares in the bourse.”
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Tehran Stocks Resume Rally
Tehran stocks resumed the rally on Monday after a brief hiatus a session before amid higher contribution of retail investors.
The benchmark of Tehran Stock Exchange, TEDPIX, clawed above the psychological 1.4 million level after almost a month.
The market cap-weighted TEDPIX gained 16,326.90 points or 1.18% to end trade at 1,400,314.63.
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Tehran stocks resumed the rally on Monday after a brief hiatus a session before amid higher contribution of retail investors.
The benchmark of Tehran Stock Exchange, TEDPIX, clawed above the psychological 1.4 million level after almost a month.
The market cap-weighted TEDPIX gained 16,326.90 points or 1.18% to end trade at 1,400,314.63.
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