Iranian Oil Storage in Persian Gulf Rises by 500,000 Barrels
With the completion of the reconstruction and overhaul project of Tank No. 4 of the Bahregan region in Bushehr Province, the Iranian crude oil storage capacity in the Persian Gulf has increased by 500,000 barrels, managing director of the Iranian Offshore Oil Company said.
“The storage capacity has now increased by 10%, which will promote the prosperity of the region since the area is a terminal for crude oil and gas condensate import and export,” Alireza Mehdizadeh was also quoted as saying by the Oil Ministry’s news agency Shana.
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With the completion of the reconstruction and overhaul project of Tank No. 4 of the Bahregan region in Bushehr Province, the Iranian crude oil storage capacity in the Persian Gulf has increased by 500,000 barrels, managing director of the Iranian Offshore Oil Company said.
“The storage capacity has now increased by 10%, which will promote the prosperity of the region since the area is a terminal for crude oil and gas condensate import and export,” Alireza Mehdizadeh was also quoted as saying by the Oil Ministry’s news agency Shana.
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Iran's Foreign Trade Increases by 25% YOY to Over $8 Billion
Iran traded 11.32 million tons of goods worth $8.11 billion (excluding crude oil exports) during the fifth month of the current Iranian year (July 23-Aug. 22) to register a 10.6% and 25.4% rise in tonnage and value respectively compared with the similar month of last year, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
Exports stood at 8.42 million tons worth $3.65 billion, registering an 11% and 18% year-on-year rise in weight and value respectively, Rouhollah Latifi was also quoted as saying by IRNA.
China was the biggest export destination of Iranian exports during the period, as it imported 2.26 million tons worth $1.1 billion to register a 1% YOY increase in value.
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Iran traded 11.32 million tons of goods worth $8.11 billion (excluding crude oil exports) during the fifth month of the current Iranian year (July 23-Aug. 22) to register a 10.6% and 25.4% rise in tonnage and value respectively compared with the similar month of last year, according to the spokesperson of the Islamic Republic of Iran Customs Administration.
Exports stood at 8.42 million tons worth $3.65 billion, registering an 11% and 18% year-on-year rise in weight and value respectively, Rouhollah Latifi was also quoted as saying by IRNA.
China was the biggest export destination of Iranian exports during the period, as it imported 2.26 million tons worth $1.1 billion to register a 1% YOY increase in value.
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Debt Collection Is Improving: NDFI
Head of the National Development Fund of Iran (NDFI) said repayment of loans given by the sovereign wealth fund has gained pace in recent months.
“Since the beginning of the last fiscal year March 2021 up until now, we have collected debts three times more than the same period in the previous year,” Mehdi Qazanfari told IBENA.
NDFI is independent of the government and was set up in 2011 to curb dependency on oil and save some of the earnings from oil and gas exports for future generations.
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Head of the National Development Fund of Iran (NDFI) said repayment of loans given by the sovereign wealth fund has gained pace in recent months.
“Since the beginning of the last fiscal year March 2021 up until now, we have collected debts three times more than the same period in the previous year,” Mehdi Qazanfari told IBENA.
NDFI is independent of the government and was set up in 2011 to curb dependency on oil and save some of the earnings from oil and gas exports for future generations.
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Stage Is Set for Differentiating Business and Personal Bank A/Cs
Compartmentalizing bank accounts into business and personal financial records has advantages for customers, an official with Central Bank of Iran said.
The regulator recently instructed banks to separate the accounts that business owners use for their business needs from regular accounts.
Abouzar Soroush, the CBI deputy for supervisory affairs, said the goal is to improve transparency in the economic and financial structure of the country, which also has merit for business owners.
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Compartmentalizing bank accounts into business and personal financial records has advantages for customers, an official with Central Bank of Iran said.
The regulator recently instructed banks to separate the accounts that business owners use for their business needs from regular accounts.
Abouzar Soroush, the CBI deputy for supervisory affairs, said the goal is to improve transparency in the economic and financial structure of the country, which also has merit for business owners.
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Iran's Trade With Turkey Surges by 36% YOY to $3.2b in 7 Months
Iran and Turkey traded $3.24 billion worth of goods during the first seven months of 2022 to register a 33.6% year-on-year rise, latest data released by the Turkish Statistical Institute show.
Iranian exports stood at $1.89 billion, up 55.15% year-on-year, while imports grew by 11.9% to $1.34 billion.
Bilateral trade stood at $379 million in July, down 0.5% YOY, with Turkish exports at $192.42 million, down 8.44% YOY, and Iranian exports at $186.59 million, registering a 9.28% growth YOY.
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Iran and Turkey traded $3.24 billion worth of goods during the first seven months of 2022 to register a 33.6% year-on-year rise, latest data released by the Turkish Statistical Institute show.
Iranian exports stood at $1.89 billion, up 55.15% year-on-year, while imports grew by 11.9% to $1.34 billion.
Bilateral trade stood at $379 million in July, down 0.5% YOY, with Turkish exports at $192.42 million, down 8.44% YOY, and Iranian exports at $186.59 million, registering a 9.28% growth YOY.
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Fertility Rate on Decline
The fertility rate in Iran has been on decline in recent years.
According to the Statistical Center of Iran, the fertility rate of women in Iran (both Iranian and non-Iranian nationals) was 2.09 in the fiscal 2017-18, 1.95 in 2018-19, 1.74 in 2019-20, 1.65 in 2020-21 and 1.65 in 2021-22.
The total fertility rate of Iranian women was 2.07 in 2017-18, 1.97 in 2018-19, 1.77 in 2019-20, 1.71 in 2020-21 and 1.74 in 2021-22.
The total fertility rate in Iran increased slightly in 2021-22, thanks to the rise in the fertility rate of non-Iranians.
The fertility rate of Iranian women has been the same in 2020-21 and 2021-22.
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The fertility rate in Iran has been on decline in recent years.
According to the Statistical Center of Iran, the fertility rate of women in Iran (both Iranian and non-Iranian nationals) was 2.09 in the fiscal 2017-18, 1.95 in 2018-19, 1.74 in 2019-20, 1.65 in 2020-21 and 1.65 in 2021-22.
The total fertility rate of Iranian women was 2.07 in 2017-18, 1.97 in 2018-19, 1.77 in 2019-20, 1.71 in 2020-21 and 1.74 in 2021-22.
The total fertility rate in Iran increased slightly in 2021-22, thanks to the rise in the fertility rate of non-Iranians.
The fertility rate of Iranian women has been the same in 2020-21 and 2021-22.
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18% Growth in Banks’ Overseas Assets: CBI
Iranian banks held foreign assets worth 23,833.1 trillion rials ($79.4 billion) by the end of the fourth calendar month on July 22. This was up 18.2% compared to the similar period last year.
Data released by Central Bank of Iran show that the pace of growth foreign assets declined noticeably. Banks’ annualized growth in overseas assets was 54.6% in July 2021.
CBI’s foreign assets were in the region of 7,289.6 trillion rials ($24.3b) in the period, up 10.5% y/y but down 0.4% in the first four months of the present fiscal year.
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Iranian banks held foreign assets worth 23,833.1 trillion rials ($79.4 billion) by the end of the fourth calendar month on July 22. This was up 18.2% compared to the similar period last year.
Data released by Central Bank of Iran show that the pace of growth foreign assets declined noticeably. Banks’ annualized growth in overseas assets was 54.6% in July 2021.
CBI’s foreign assets were in the region of 7,289.6 trillion rials ($24.3b) in the period, up 10.5% y/y but down 0.4% in the first four months of the present fiscal year.
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POS Terminal Users Told to Gradually Go Paperless
Shaparak Company, regulator of Iran’s domestic payment network, said payment service providers need not issue POS terminal receipts for transactions worth 2 million rials or less, to help save trees (protect the environment) and cut costs.
According to Kazem Dehghan, the CEO, Shaparak network processes more than 40 billion transactions a year, 90% via POS terminals. Printing the transaction receipts costs nearly 7 trillion rials ($23.2 million), the company website quoted him as saying.
“Printing transaction receipts was optional for transactions worth 500,000 rials or less accounting for almost 40% of the total transactions,” he said. “As per the new measure, the cap is raised to 2 million rials or less, accounting for 80% of transactions.”
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Shaparak Company, regulator of Iran’s domestic payment network, said payment service providers need not issue POS terminal receipts for transactions worth 2 million rials or less, to help save trees (protect the environment) and cut costs.
According to Kazem Dehghan, the CEO, Shaparak network processes more than 40 billion transactions a year, 90% via POS terminals. Printing the transaction receipts costs nearly 7 trillion rials ($23.2 million), the company website quoted him as saying.
“Printing transaction receipts was optional for transactions worth 500,000 rials or less accounting for almost 40% of the total transactions,” he said. “As per the new measure, the cap is raised to 2 million rials or less, accounting for 80% of transactions.”
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Iran's Transactions With China Up 22% YOY to $9.6 Billion in 7 Months
Iran’s transactions with its leading trade partner, China, stood at $9.66 billion in the first seven months of 2022, registering a 22.4% rise compared with the corresponding period of the year before.
Latest data released by China’s General Administration of Customs show Iran’s exports totaled $4.48 billion during the period, indicating a 23.3% year-on-year increase.
In return, China exported $5.18 billion worth of goods to Iran, registering a 21.7% YOY rise.
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Iran’s transactions with its leading trade partner, China, stood at $9.66 billion in the first seven months of 2022, registering a 22.4% rise compared with the corresponding period of the year before.
Latest data released by China’s General Administration of Customs show Iran’s exports totaled $4.48 billion during the period, indicating a 23.3% year-on-year increase.
In return, China exported $5.18 billion worth of goods to Iran, registering a 21.7% YOY rise.
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Gov’t Bond Sale Plunges by Half
Bond sale by the government was around 13 trillion rials ($43.3 million) in the last Iranian week – down 43% on the week before.
Bond auctions are held every week to help plug the government’s budget deficits. The main buyers are banks, non-bank credit institutions, investment funds and institutional investors in the stock market.
According to data published by the Economy Ministry, lenders in the interbank market and stock investors each contributed to half of the debt offer.
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Bond sale by the government was around 13 trillion rials ($43.3 million) in the last Iranian week – down 43% on the week before.
Bond auctions are held every week to help plug the government’s budget deficits. The main buyers are banks, non-bank credit institutions, investment funds and institutional investors in the stock market.
According to data published by the Economy Ministry, lenders in the interbank market and stock investors each contributed to half of the debt offer.
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Q1 PPI Inflation at 49.7%: SCI
The Producer Price Index in the four-quarter period ending June 21, 2022, which marks the end of the first quarter of the current Iranian year, grew by 49.7% compared with the corresponding period of last year, data released by the Statistical Center of Iran show.
The lowest and highest annualized producer inflation was registered for “production, transmission and distribution of electricity” and “agriculture" with 13.8% and 63.6%, respectively.
PPI (using fiscal 2016-17 as the base year) stood at 626.4 in Q1 (March 21-June 21), indicating a 15.8% increase compared with the previous quarter and a 49.3% growth over the same quarter of last year.
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The Producer Price Index in the four-quarter period ending June 21, 2022, which marks the end of the first quarter of the current Iranian year, grew by 49.7% compared with the corresponding period of last year, data released by the Statistical Center of Iran show.
The lowest and highest annualized producer inflation was registered for “production, transmission and distribution of electricity” and “agriculture" with 13.8% and 63.6%, respectively.
PPI (using fiscal 2016-17 as the base year) stood at 626.4 in Q1 (March 21-June 21), indicating a 15.8% increase compared with the previous quarter and a 49.3% growth over the same quarter of last year.
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M1 Growth Surging
Data released by the Central Bank of Iran show higher growth in assets in the financial system that can be readily changed into cash, compared with growth of less liquid assets.
Value of money, or M1, stood at 11,820 trillion rials ($39.4 billion), up 57.6% by end of fourth calendar month to July 22. It rose 19.8% in four months since the beginning of fiscal year in late March.
This is while quasi-money, or M2, which reflects less liquid assets, grew at a slower rate. M2 was 40,681.4 trillion rials ($135.6b), increasing 32.5% annually. It climbed 5.8% in the first four months – a slower pace compared with M2.
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Data released by the Central Bank of Iran show higher growth in assets in the financial system that can be readily changed into cash, compared with growth of less liquid assets.
Value of money, or M1, stood at 11,820 trillion rials ($39.4 billion), up 57.6% by end of fourth calendar month to July 22. It rose 19.8% in four months since the beginning of fiscal year in late March.
This is while quasi-money, or M2, which reflects less liquid assets, grew at a slower rate. M2 was 40,681.4 trillion rials ($135.6b), increasing 32.5% annually. It climbed 5.8% in the first four months – a slower pace compared with M2.
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Iran’s Pistachio Exports to EU Top €78 Million in H1
A total of €78.6 million worth of pistachio were exported from Iran to the European Union member states during the first half of 2022.
Data released by Eurostat's database show the volume of exports registered a 26% decline compared with the similar period of last year.
The export of in-shell pistachio stood at €31.6 million during the period, registering a 53% year-on-year decline, while that of shelled pistachio stood at €47 million to register a 23% YOY rise, IRNA reported.
Germany and Italy were the main destinations of Iranian pistachio among EU members.
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A total of €78.6 million worth of pistachio were exported from Iran to the European Union member states during the first half of 2022.
Data released by Eurostat's database show the volume of exports registered a 26% decline compared with the similar period of last year.
The export of in-shell pistachio stood at €31.6 million during the period, registering a 53% year-on-year decline, while that of shelled pistachio stood at €47 million to register a 23% YOY rise, IRNA reported.
Germany and Italy were the main destinations of Iranian pistachio among EU members.
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