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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Iran’s Exports to EAEU Will Be Exempt From Customs Duties as of September 2022
Iranian exports to the Eurasian Economic Union member states will be exempt from customs tariffs as of September 2022, says the managing director of Iran-EEU Export Consortium Center.
“Our exports need to measure up to the standards of EEU market. To arrive at this goal, we have established offices in Moscow and Yerevan to help with the export of Iranian goods and guide traders on the demands of destination markets,” Amir Abbas Afsharamin was quoted as saying by the Persian daily Ta’adol.
“As per an agreement with EEU, the raw materials of the end products destined for exports to the bloc will be procured meticulously so that Iranian products could compete with rivals in the Eurasian market,” he said.
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Iranian exports to the Eurasian Economic Union member states will be exempt from customs tariffs as of September 2022, says the managing director of Iran-EEU Export Consortium Center.
“Our exports need to measure up to the standards of EEU market. To arrive at this goal, we have established offices in Moscow and Yerevan to help with the export of Iranian goods and guide traders on the demands of destination markets,” Amir Abbas Afsharamin was quoted as saying by the Persian daily Ta’adol.
“As per an agreement with EEU, the raw materials of the end products destined for exports to the bloc will be procured meticulously so that Iranian products could compete with rivals in the Eurasian market,” he said.
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Iran's Agrifood Exports Fall, Imports Rise
Agrifood exports from Iran are on the decline, as imports rise significantly, latest data released by the Agriculture Ministry show.
Iran exported 5.43 million tons of agricultural and food products worth $3.35 billion during the current fiscal year’s first eight months (March 21-Nov. 21).
The figures indicate a 0.13% decline in tonnage and a 14.55% decrease in value compared with last year’s corresponding period.
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Agrifood exports from Iran are on the decline, as imports rise significantly, latest data released by the Agriculture Ministry show.
Iran exported 5.43 million tons of agricultural and food products worth $3.35 billion during the current fiscal year’s first eight months (March 21-Nov. 21).
The figures indicate a 0.13% decline in tonnage and a 14.55% decrease in value compared with last year’s corresponding period.
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Central Bank of Iran: Pace of Broad Money Growth Slows
Data released by the Central Bank of Iran show that money supply grew at a slower pace in the Iranian calendar month ending Nov 21 compared to the month before.
Broad money stood at 43,159.5 trillion rials ($144 billion) in the eighth month, registering 42% growth y/y. That was a slight decline by 0.8 percentage points on an annualized growth a month before.
According CBI data seen on its website, broad money expanded by 24.2% in the first eight months of the fiscal year (started in March).
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Data released by the Central Bank of Iran show that money supply grew at a slower pace in the Iranian calendar month ending Nov 21 compared to the month before.
Broad money stood at 43,159.5 trillion rials ($144 billion) in the eighth month, registering 42% growth y/y. That was a slight decline by 0.8 percentage points on an annualized growth a month before.
According CBI data seen on its website, broad money expanded by 24.2% in the first eight months of the fiscal year (started in March).
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Renewable Power Plants Allowed to Supply Legal Cryptominers
The Energy Ministry has announced new rules for supplying cryptominers electricity generated from renewable power plants.
“Legal miners can enter into agreements with renewable power plants at negotiable terms and rates…The Energy Ministry will have role in setting the rates," Mohammad Khodadadi, head of the cryptominers power supply department at the main utility (Tavanir), told ISNA.
Mining virtual currency is legal in Iran and miners can operate under government rules. They must have a license from the Ministry of Industries and pay their electricity bills based on power export tariffs.
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The Energy Ministry has announced new rules for supplying cryptominers electricity generated from renewable power plants.
“Legal miners can enter into agreements with renewable power plants at negotiable terms and rates…The Energy Ministry will have role in setting the rates," Mohammad Khodadadi, head of the cryptominers power supply department at the main utility (Tavanir), told ISNA.
Mining virtual currency is legal in Iran and miners can operate under government rules. They must have a license from the Ministry of Industries and pay their electricity bills based on power export tariffs.
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E-Platform to Issue Commercial Cards
The Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on Monday unveiled an electronic platform for issuing smart commercial cards.
The Minter of Industry Reza Fatemi Amin, ICCCIMA head Gholmahossein Shafei and head of the Headquarters to Combat Smuggling of Goods and Foreign Currency, Ali Moayedi attended the unveiling ceremony.
Smart platform aims to “omit the human factor” in the process of issuing cards and all inquiries will be done electronically, according to a press release seen on the ICCIMA news website.
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The Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on Monday unveiled an electronic platform for issuing smart commercial cards.
The Minter of Industry Reza Fatemi Amin, ICCCIMA head Gholmahossein Shafei and head of the Headquarters to Combat Smuggling of Goods and Foreign Currency, Ali Moayedi attended the unveiling ceremony.
Smart platform aims to “omit the human factor” in the process of issuing cards and all inquiries will be done electronically, according to a press release seen on the ICCIMA news website.
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Iran’s Foreign Trade Exceeds $72b
Iran’s foreign trade (excluding crude oil exports) stood at 122.5 million tons worth $72.1 billion in the first nine months of the current fiscal year (March 21-Dec. 21), registering an 11% and 38% year-on-year growth in weight and value respectively, according to the Islamic Republic of Iran Customs Administration.
According to IRICA caretaker, Alireza Moqaddasi, exports hit 92.3 million tons worth $35.1 billion to register an 8% and 40% increase in weight and value respectively compared with last year’s corresponding period.
Petrochemicals had the lion’s share of exported items with 42.4 million tons worth $14.7 billion in the period, accounting for 46% of total exports’ weight and 42% of value.
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Iran’s foreign trade (excluding crude oil exports) stood at 122.5 million tons worth $72.1 billion in the first nine months of the current fiscal year (March 21-Dec. 21), registering an 11% and 38% year-on-year growth in weight and value respectively, according to the Islamic Republic of Iran Customs Administration.
According to IRICA caretaker, Alireza Moqaddasi, exports hit 92.3 million tons worth $35.1 billion to register an 8% and 40% increase in weight and value respectively compared with last year’s corresponding period.
Petrochemicals had the lion’s share of exported items with 42.4 million tons worth $14.7 billion in the period, accounting for 46% of total exports’ weight and 42% of value.
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Economy Minister Warns Banks on Interest Rates
In a meeting with CEOs of state-owned banks on Tuesday the Economy Minister Ehsan Khandouzi instructed them not to arbitrarily raise lending rates.
Khandouzi said the rates lenders charge on loans must not exceed the ceilings set by the Money and Credit Council, the top banking and monetary decision-making body in Iran.
In a talk with the press on the sidelines of the meeting, he said the banks must refund the extra interest they have taken. “Lenders are obliged to refund the interest charged over and above rates decided by the MCC,” he was quoted as saying by the ministry’s news agency shada.ir.
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In a meeting with CEOs of state-owned banks on Tuesday the Economy Minister Ehsan Khandouzi instructed them not to arbitrarily raise lending rates.
Khandouzi said the rates lenders charge on loans must not exceed the ceilings set by the Money and Credit Council, the top banking and monetary decision-making body in Iran.
In a talk with the press on the sidelines of the meeting, he said the banks must refund the extra interest they have taken. “Lenders are obliged to refund the interest charged over and above rates decided by the MCC,” he was quoted as saying by the ministry’s news agency shada.ir.
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Inflation Gap Between Income Deciles Widens
The average annual inflation gap measured by the Statistical Center of Iran among income deciles stood at 3.4% in the ninth Iranian month (Nov. 22-Dec. 21), indicating a 0.2 percentage point increase compared with the previous month’s 3.2%.
The inflation gap in “food, beverages and tobacco” group among income deciles decreased by 0.6 percentage points and that of “non-food and services” group reduced by 1.8 percentage points compared with the previous month.
The average goods and services Consumer Price Index in the 12-month period ending Dec. 21 increased by 46.1% for the first decile (those with the lowest income) while it grew by 43% for the 10th decile (those with the highest income).
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The average annual inflation gap measured by the Statistical Center of Iran among income deciles stood at 3.4% in the ninth Iranian month (Nov. 22-Dec. 21), indicating a 0.2 percentage point increase compared with the previous month’s 3.2%.
The inflation gap in “food, beverages and tobacco” group among income deciles decreased by 0.6 percentage points and that of “non-food and services” group reduced by 1.8 percentage points compared with the previous month.
The average goods and services Consumer Price Index in the 12-month period ending Dec. 21 increased by 46.1% for the first decile (those with the lowest income) while it grew by 43% for the 10th decile (those with the highest income).
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Iran's CB: Tehran Housing Prices, Sales Surge
The Central Bank of Iran’s latest data on Tehran’s housing market show sales are picking up alongside prices.
During the ninth fiscal month (Nov. 22-Dec. 21), a total of 9,772 homes were sold in Tehran, registering an increase of 33.8% compared with the preceding month and a 282.5% jump compared with the same month of last year.
Published on CBI’s website, the data also indicate that the average price of each square meter of a residential property in Tehran stood at 325.9 million rials ($1,093) during the month under review, showing a surge of 21.1% over last year’s same month, when average prices stood at 269.06 million rials ($902).
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The Central Bank of Iran’s latest data on Tehran’s housing market show sales are picking up alongside prices.
During the ninth fiscal month (Nov. 22-Dec. 21), a total of 9,772 homes were sold in Tehran, registering an increase of 33.8% compared with the preceding month and a 282.5% jump compared with the same month of last year.
Published on CBI’s website, the data also indicate that the average price of each square meter of a residential property in Tehran stood at 325.9 million rials ($1,093) during the month under review, showing a surge of 21.1% over last year’s same month, when average prices stood at 269.06 million rials ($902).
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Rial Gains, Currencies Slip in Tehran
Foreign currencies pulled back on Tuesday in Tehran after weeks amid declining expectations arising from long-awaited positive political developments.
The dollar dipped further after losing the critical support level of 300,000 rials a day before. It settled at 295,500 rials at the close of trading session in Tehran’s free market – down 3,000 rials or more than 1% on the previous session.
The rial gained ground as currency prices for forward deals dropped on Monday amid positive news and a sense of guarded optimism about the outcome of negotiations in Vienna to restore Iran’s 2015 nuclear deal.
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Foreign currencies pulled back on Tuesday in Tehran after weeks amid declining expectations arising from long-awaited positive political developments.
The dollar dipped further after losing the critical support level of 300,000 rials a day before. It settled at 295,500 rials at the close of trading session in Tehran’s free market – down 3,000 rials or more than 1% on the previous session.
The rial gained ground as currency prices for forward deals dropped on Monday amid positive news and a sense of guarded optimism about the outcome of negotiations in Vienna to restore Iran’s 2015 nuclear deal.
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TSE Closes Week Slightly Lower
The main gauge of Tehran Stock Exchange, TEDPIX, closed trading week slightly below the flatline as selloff pressure continued on commodity stocks.
TEDPIX shed 2,553.44 points or 0.18% on Wednesday to end trade at 1,397,357. Reaching the psychological 1.4 million level on Monday during a weeklong rally, the benchmark has been grappling with the critical resistance level in two successive sessions.
Sell-side pressure on large caps dragged down the TSE-30 Index by more than 0.5%. The index tracks the performance of top 30 large cap equities at TSE.
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The main gauge of Tehran Stock Exchange, TEDPIX, closed trading week slightly below the flatline as selloff pressure continued on commodity stocks.
TEDPIX shed 2,553.44 points or 0.18% on Wednesday to end trade at 1,397,357. Reaching the psychological 1.4 million level on Monday during a weeklong rally, the benchmark has been grappling with the critical resistance level in two successive sessions.
Sell-side pressure on large caps dragged down the TSE-30 Index by more than 0.5%. The index tracks the performance of top 30 large cap equities at TSE.
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Check Transactions Improve
A fter a sharp decline in check use a month before, check transactions rebounded in the eighth month of the calendar month to Nov.21.
According to data published by the Central Bank of Iran, during the period the number of issued checks jumped 30.2% to reach 7.1 million.
In value terms, the drawn checks climbed 24.9% to stand at 2,505 trillion rials ($8.6 billion) in the month. A month before, check transactions plunged 25.7% and 19.8% in volume and value, respectively, reaching 5.4 million checks worth 2,005 trillion rials ($6.9b).
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A fter a sharp decline in check use a month before, check transactions rebounded in the eighth month of the calendar month to Nov.21.
According to data published by the Central Bank of Iran, during the period the number of issued checks jumped 30.2% to reach 7.1 million.
In value terms, the drawn checks climbed 24.9% to stand at 2,505 trillion rials ($8.6 billion) in the month. A month before, check transactions plunged 25.7% and 19.8% in volume and value, respectively, reaching 5.4 million checks worth 2,005 trillion rials ($6.9b).
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Iran's Trade With EU Rises 5% to €3.8 Billion in 10 Months
Iran and the 27 member states of the European Union traded €3.38 billion worth of goods from the beginning of 2021 till October end, registering a 5.27% growth compared with last year's corresponding period.
Bilateral trade grew by 35.16% in October to hit €460.07 million.
Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU region during the 10-month period, as the two countries exchanged €1.39 billion worth of goods, 3.89% less than the year before.
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Iran and the 27 member states of the European Union traded €3.38 billion worth of goods from the beginning of 2021 till October end, registering a 5.27% growth compared with last year's corresponding period.
Bilateral trade grew by 35.16% in October to hit €460.07 million.
Data released by Eurostat's database show Germany was the top trading partner of Iran in the EU region during the 10-month period, as the two countries exchanged €1.39 billion worth of goods, 3.89% less than the year before.
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