Cellphone Registry Disruption Troubles Buyers, Businesses
Some cellphone buyers could not register their devices via the system named Hamta, which caused problems for both buyers and sellers.
Recently, Hamta notifications faced wide-scale disruptions, which created financial and legal risks for cellphone buyers, ICT News Agency reported.
Operators of the cellphone registry system have admitted that the problem mainly concerns the SIM cards of Hamrahe Aval, the brand name used by the Mobile Communications Company of Iran, which is a subsidiary of the Telecommunications Company of Iran.
Apparently, TCI’s financial disputes with the Ministry of Industries, Mining and Trade and the Ministry of Information and Communications Technology have given rise to such a problem.
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Some cellphone buyers could not register their devices via the system named Hamta, which caused problems for both buyers and sellers.
Recently, Hamta notifications faced wide-scale disruptions, which created financial and legal risks for cellphone buyers, ICT News Agency reported.
Operators of the cellphone registry system have admitted that the problem mainly concerns the SIM cards of Hamrahe Aval, the brand name used by the Mobile Communications Company of Iran, which is a subsidiary of the Telecommunications Company of Iran.
Apparently, TCI’s financial disputes with the Ministry of Industries, Mining and Trade and the Ministry of Information and Communications Technology have given rise to such a problem.
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E3 Statement Undermines Good Faith Efforts to Revive JCPOA
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Determinants of Inflation in Iran and Policies to Curb It
High and volatile inflation in Iran has been an endemic economic and social issue that has contributed to rising poverty and social tensions.
Iran’s CPI inflation has fluctuated sharply over the past two decades around its annual average of 20% (Figure 1.a.), and has been much higher than that of Iran’s emerging market and regional peers (Figure 1.b.). With the Covid-19 pandemic hitting Iran’s economy on top of preexisting US trade and financial sanctions and exacerbating the supply constraints, its annual CPI inflation reached nearly 50% at the end of FY 2020-21 (Iranian year that ended on March 20, 2021) and averaged 40% during FY 2021-22 (Iranian year that ended on March 20, 2022).
Coupled with low economic growth and high unemployment, rising inflation has fueled widespread protests in the country amid a significant erosion in purchasing power. The new government that took office in August 2021 identified tackling inflation as a key economic priority, reads a working paper published by the International Monetary Fund. Excerpts follow:
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High and volatile inflation in Iran has been an endemic economic and social issue that has contributed to rising poverty and social tensions.
Iran’s CPI inflation has fluctuated sharply over the past two decades around its annual average of 20% (Figure 1.a.), and has been much higher than that of Iran’s emerging market and regional peers (Figure 1.b.). With the Covid-19 pandemic hitting Iran’s economy on top of preexisting US trade and financial sanctions and exacerbating the supply constraints, its annual CPI inflation reached nearly 50% at the end of FY 2020-21 (Iranian year that ended on March 20, 2021) and averaged 40% during FY 2021-22 (Iranian year that ended on March 20, 2022).
Coupled with low economic growth and high unemployment, rising inflation has fueled widespread protests in the country amid a significant erosion in purchasing power. The new government that took office in August 2021 identified tackling inflation as a key economic priority, reads a working paper published by the International Monetary Fund. Excerpts follow:
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Construction PMI Bounces Back Above Threshold
Latest data released by the Iran Chamber of Cooperatives on Purchasing Managers’ Index for the construction sector shows the index has bounced back above the threshold (50-mark).
The index settled at 51.11 in the fifth month of the current fiscal year (July 23-Aug. 22) up from 46.7 in the preceding month (June 22-July 22), indicating a 9.44% increase.
PMI is an indicator of the health of economic sectors and provides information about business conditions to decision-makers, analysts and purchasing managers.
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Latest data released by the Iran Chamber of Cooperatives on Purchasing Managers’ Index for the construction sector shows the index has bounced back above the threshold (50-mark).
The index settled at 51.11 in the fifth month of the current fiscal year (July 23-Aug. 22) up from 46.7 in the preceding month (June 22-July 22), indicating a 9.44% increase.
PMI is an indicator of the health of economic sectors and provides information about business conditions to decision-makers, analysts and purchasing managers.
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Iran Gov’t ETFs Get a Facelift
The Cabinet has approved proposals by the Securities and Exchange Organization (SEO) for reforming the governing structure of the two major exchange-traded funds of the government.
Majid Eshqi, the SEO chief, made the announcement Monday in a talk with state TV, expressing the hope that the changes would help lead to better functioning of the two major funds.
The government-affiliated ETFs were listed in capital market in mid-2020 and hold stocks in giant state-owned refineries and banks.
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The Cabinet has approved proposals by the Securities and Exchange Organization (SEO) for reforming the governing structure of the two major exchange-traded funds of the government.
Majid Eshqi, the SEO chief, made the announcement Monday in a talk with state TV, expressing the hope that the changes would help lead to better functioning of the two major funds.
The government-affiliated ETFs were listed in capital market in mid-2020 and hold stocks in giant state-owned refineries and banks.
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Iran's Trade With Africa Crosses $520 Million in 4 Months
Trade between Iran and African countries stood at 890,287 tons worth $526.35 million during the first four months of the current fiscal year (March 21-July 22).
South Africa with 255,471 tons worth $152.94 million, Nigeria with 129,437 tons worth $80.63 million and Mozambique with 82,462 tons worth $57.195 million were Iran’s main trade partners during the period.
Data released by the Islamic Republic of Iran Customs Administration show Iran exported 864,027 tons of goods worth $495.51 million to the African continent during the period.
Iran’s main export destinations in Africa were South Africa with 255,101 tons worth $149.57 million, Nigeria with 129,437 tons worth $80.63 million and Mozambique with 82,462 tons worth $57.2 million.
financialtribune.com/node/115183
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Trade between Iran and African countries stood at 890,287 tons worth $526.35 million during the first four months of the current fiscal year (March 21-July 22).
South Africa with 255,471 tons worth $152.94 million, Nigeria with 129,437 tons worth $80.63 million and Mozambique with 82,462 tons worth $57.195 million were Iran’s main trade partners during the period.
Data released by the Islamic Republic of Iran Customs Administration show Iran exported 864,027 tons of goods worth $495.51 million to the African continent during the period.
Iran’s main export destinations in Africa were South Africa with 255,101 tons worth $149.57 million, Nigeria with 129,437 tons worth $80.63 million and Mozambique with 82,462 tons worth $57.2 million.
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Regulator Restricts Big Share Dividends
The Securities and Exchange Organization (SEO) has imposed new restrictions to discourage giant listed companies from offering large-scale share offers.
SEO has approved a decision based on which big holding companies cannot pay dividends over and above 20%of their income from share sales, the Securities and Exchange News Agency reported.
it said the big companies must transfer the rest of the income to their “reserve accounts” for future needs, namely for raising capital.
financialtribune.com/node/115205
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The Securities and Exchange Organization (SEO) has imposed new restrictions to discourage giant listed companies from offering large-scale share offers.
SEO has approved a decision based on which big holding companies cannot pay dividends over and above 20%of their income from share sales, the Securities and Exchange News Agency reported.
it said the big companies must transfer the rest of the income to their “reserve accounts” for future needs, namely for raising capital.
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Q1 GDP Growth at 3.8%: SCI
Iran’s GDP grows by 3.8% in the first quarter of the current fiscal year (started March 21) compared with the corresponding period of last year, the Statistical Center of Iran said in its latest report.
Without taking crude oil production into account, economic growth stood at 4.3%, the report added.
According to SCI, the agriculture sector contracted by 0.8% in Q1 as the “industries and mines” and “services” grew by 4.2% and 3.9% respectively.
The center earlier put fiscal 2021-22 growth at 4.3%, saying GDP saw a 3.5% rise without taking crude oil production into account and that the sectors of agriculture, industries and services experienced a -3.7%, 6% and 4.5% growth respectively.
financialtribune.com/node/115198
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Iran’s GDP grows by 3.8% in the first quarter of the current fiscal year (started March 21) compared with the corresponding period of last year, the Statistical Center of Iran said in its latest report.
Without taking crude oil production into account, economic growth stood at 4.3%, the report added.
According to SCI, the agriculture sector contracted by 0.8% in Q1 as the “industries and mines” and “services” grew by 4.2% and 3.9% respectively.
The center earlier put fiscal 2021-22 growth at 4.3%, saying GDP saw a 3.5% rise without taking crude oil production into account and that the sectors of agriculture, industries and services experienced a -3.7%, 6% and 4.5% growth respectively.
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Online Gold Trade to Be Legalized: Gov’t
The Ministry of Industry, Mine and Trade in collaboration with the relevant unions will soon start issuing license for gold trade on the internet.
According to Alireza Shahmirzaei, a deputy minister, the aim is to replace unauthorized trade, as is taking place in social media platforms, with authorized websites that will be licensed soon, Tasnim news agency quoted Shahmirzaei as saying.
On concerns over legalizing online trading of the yellow metal, the official said, “The concerns must be studied in detail. Yes, they opponents do say that they are worried about people’s money, but their real intention could be something else.”
financialtribune.com/node/115206
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The Ministry of Industry, Mine and Trade in collaboration with the relevant unions will soon start issuing license for gold trade on the internet.
According to Alireza Shahmirzaei, a deputy minister, the aim is to replace unauthorized trade, as is taking place in social media platforms, with authorized websites that will be licensed soon, Tasnim news agency quoted Shahmirzaei as saying.
On concerns over legalizing online trading of the yellow metal, the official said, “The concerns must be studied in detail. Yes, they opponents do say that they are worried about people’s money, but their real intention could be something else.”
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Iran's Trade With SCO Rises 31% YOY to Top $17b During 5 Months: IRICA
Iran and member states of the Shanghai Cooperation Organization traded 21.41 million tons of goods (excluding crude oil from Iran) worth $17.05 billion during the first five months of the current Iranian year (March 21-Aug. 22) to register a 31% increase compared with the similar period of last year, according to the Islamic Republic of Iran Customs Administration.
Iran’s exports (excluding crude oil) stood at 17.38 million tons worth $9.08 billion, which indicate a 10% rise in value compared with the similar period of last year, IRICA Spokesman Rouhollah Latifi was quoted as saying by IRNA.
“China was our biggest export destination among SCO member countries during the period, as the country imported $6.72 billion worth of Iranian products to register a 14% year-on-year rise.”
financialtribune.com/node/115203
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Iran and member states of the Shanghai Cooperation Organization traded 21.41 million tons of goods (excluding crude oil from Iran) worth $17.05 billion during the first five months of the current Iranian year (March 21-Aug. 22) to register a 31% increase compared with the similar period of last year, according to the Islamic Republic of Iran Customs Administration.
Iran’s exports (excluding crude oil) stood at 17.38 million tons worth $9.08 billion, which indicate a 10% rise in value compared with the similar period of last year, IRICA Spokesman Rouhollah Latifi was quoted as saying by IRNA.
“China was our biggest export destination among SCO member countries during the period, as the country imported $6.72 billion worth of Iranian products to register a 14% year-on-year rise.”
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Iran Gov’t Guaranteed Wheat Purchases Exceed 7m Tons Worth $2.6 Billion
The Iranian government has purchased 7.15 million tons of wheat worth 827.86 trillion rials ($2.6 billion) domestically from the beginning of the harvest season on March 24 till Sept. 14, registering a 58% rise in tonnage compared with the similar period of last year, according to CEO of the Government Trading Corporation.
“The value of this year’s purchases exceeds that of the years 2017-21, which stood at an aggregate of 812.03 trillion rials $2.55 billion,” Saeed Rad was also quoted as saying by ILNA.
This year, guaranteed purchases started from the provinces of Sistan-Baluchestan, Kerman and Khuzestan — all in southern Iran.
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The Iranian government has purchased 7.15 million tons of wheat worth 827.86 trillion rials ($2.6 billion) domestically from the beginning of the harvest season on March 24 till Sept. 14, registering a 58% rise in tonnage compared with the similar period of last year, according to CEO of the Government Trading Corporation.
“The value of this year’s purchases exceeds that of the years 2017-21, which stood at an aggregate of 812.03 trillion rials $2.55 billion,” Saeed Rad was also quoted as saying by ILNA.
This year, guaranteed purchases started from the provinces of Sistan-Baluchestan, Kerman and Khuzestan — all in southern Iran.
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MRC Delves Into Impervious Problem of Unpaid Forex Loans
The Majlis Research Center (MRC), the parliament’s think tank, says the National Development Fund of Iran must resist calls for partial payment by all those who have taken out forex loans.
In a report posted on its website, the MRC said collecting forex debt has long been a big challenge for the sovereign wealth fund.
The bad situation has become worse due to the sanctions-plagued economy and huge fluctuations in currency rates in the past decades. Over the past few months forex rates have jumped to historic levels.
NDFI is independent of the government and was set up in 2011 to curb dependency on oil and save a percentage of the earnings from oil and gas exports for future generations.
financialtribune.com/node/115239
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The Majlis Research Center (MRC), the parliament’s think tank, says the National Development Fund of Iran must resist calls for partial payment by all those who have taken out forex loans.
In a report posted on its website, the MRC said collecting forex debt has long been a big challenge for the sovereign wealth fund.
The bad situation has become worse due to the sanctions-plagued economy and huge fluctuations in currency rates in the past decades. Over the past few months forex rates have jumped to historic levels.
NDFI is independent of the government and was set up in 2011 to curb dependency on oil and save a percentage of the earnings from oil and gas exports for future generations.
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New Restrictions on Loans to Bank-Affiliated Companies
The Central Bank of Iran has announced new measures to prevent banks from giving loans to related persons, head of the CBI department for banking health assessment said.
"Rules include caps on bank lending to related persons. The value of every loan paid to subsidiaries or related persons must not exceed 3% of the bank’s base capital. Moreover, the collective amounts lent to related persons must not exceed 40% of the bank capital," Ali Akbar Miremadi was quoted as saying by IBENA.
Subsidiaries and affiliated companies are considered as a bank’s related entities. However, "henceforth shareholders of the bank, affiliated companies or any person that can impact the board's decision will be seen as related entities to whom bank lending is restricted."
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The Central Bank of Iran has announced new measures to prevent banks from giving loans to related persons, head of the CBI department for banking health assessment said.
"Rules include caps on bank lending to related persons. The value of every loan paid to subsidiaries or related persons must not exceed 3% of the bank’s base capital. Moreover, the collective amounts lent to related persons must not exceed 40% of the bank capital," Ali Akbar Miremadi was quoted as saying by IBENA.
Subsidiaries and affiliated companies are considered as a bank’s related entities. However, "henceforth shareholders of the bank, affiliated companies or any person that can impact the board's decision will be seen as related entities to whom bank lending is restricted."
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Credit Instruments to Enter IME Trade
The Central Bank of Iran is giving the finishing touches to a plan to tap into the newly-developed credit instruments in trade of commodities at the Iran Mercantile Exchange.
In a meeting with CEOs of state banks, the CBI Governor Ali Salehabadi said the Productive Credit Certificate is one such instrument that would be traded at the IME next week.
Known by its Persian acronym Gam, the certificate is a market-base credit instrument that can be traded in the money and capital markets. Lenders will assist strong businesses by offering tradable credit certificates similar to LCs that can be given to suppliers of raw materials, machinery and equipment.
financialtribune.com/node/115242
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The Central Bank of Iran is giving the finishing touches to a plan to tap into the newly-developed credit instruments in trade of commodities at the Iran Mercantile Exchange.
In a meeting with CEOs of state banks, the CBI Governor Ali Salehabadi said the Productive Credit Certificate is one such instrument that would be traded at the IME next week.
Known by its Persian acronym Gam, the certificate is a market-base credit instrument that can be traded in the money and capital markets. Lenders will assist strong businesses by offering tradable credit certificates similar to LCs that can be given to suppliers of raw materials, machinery and equipment.
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Iran's Trade With EU Rises by 15% to €2.9 Billion in Seven Months
Iran and the European Union’s 27 member states traded €2.99 billion worth of goods in the first seven months of 2022, registering a 15.43% rise compared with last year's corresponding period.
New data released by Eurostat show Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged over €1.05 billion worth of goods, 3.84% more than in the similar period of the year before.
Italy came next with €381.67 million worth of trade with Iran to register a 9.69% year-on-year rise.
The Netherlands with €241.36 million (down 9.18%) and Spain with €210.28 million (up 17.89%) were Iran's other major European trade partners.
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Iran and the European Union’s 27 member states traded €2.99 billion worth of goods in the first seven months of 2022, registering a 15.43% rise compared with last year's corresponding period.
New data released by Eurostat show Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged over €1.05 billion worth of goods, 3.84% more than in the similar period of the year before.
Italy came next with €381.67 million worth of trade with Iran to register a 9.69% year-on-year rise.
The Netherlands with €241.36 million (down 9.18%) and Spain with €210.28 million (up 17.89%) were Iran's other major European trade partners.
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