Iranian Banks Ordered to Monitor High-Value Transactions
Lawmakers on Wednesday approved one more amendment to the next year’s (March 2019-20) budget bill that requires monitoring high-value banking transactions. The measures come as an attempt to fight money laundering and prevent tax evasion, the parliamentary news website ICANA reported.
As per the amendment, to help enhance transparency of banking transactions, combat money laundering and prevent tax evasion, the Central Bank of Iran is allowed to block bank accounts which lack a national ID number a month after the implementation of the new law.
Accordingly, banks and monetary and credit institutions are obliged to provide the Iranian National Tax Administration data about bank accounts and transactions (both interbank and intra-bank) of tax payers on a monthly basis.
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Lawmakers on Wednesday approved one more amendment to the next year’s (March 2019-20) budget bill that requires monitoring high-value banking transactions. The measures come as an attempt to fight money laundering and prevent tax evasion, the parliamentary news website ICANA reported.
As per the amendment, to help enhance transparency of banking transactions, combat money laundering and prevent tax evasion, the Central Bank of Iran is allowed to block bank accounts which lack a national ID number a month after the implementation of the new law.
Accordingly, banks and monetary and credit institutions are obliged to provide the Iranian National Tax Administration data about bank accounts and transactions (both interbank and intra-bank) of tax payers on a monthly basis.
goo.gl/GBT7v7
@fintribune
Iran's Central Bank Bans POS Devices Overseas
As part of efforts by the Central Bank of Iran to crack down on capital flight which the banks partly blame for the currency market volatility, the CBI is enforcing its decision to ban all Iranian POS machines operating abroad.
According to IBENA, a news website affiliated to the CBI, the ban has been notified by the CBI and its affiliate company Electronic Card Payment Network System (Shaparak).
goo.gl/juZkUV
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As part of efforts by the Central Bank of Iran to crack down on capital flight which the banks partly blame for the currency market volatility, the CBI is enforcing its decision to ban all Iranian POS machines operating abroad.
According to IBENA, a news website affiliated to the CBI, the ban has been notified by the CBI and its affiliate company Electronic Card Payment Network System (Shaparak).
goo.gl/juZkUV
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Tehran Home Sales Show 1st Increase in 9 Months
After declining for nine consecutive months, home sales in Tehran showed a 39% increase in the Iranian month of Bahman (Jan. 21-Feb. 19) compared with the previous month.
This comes as the latest report by the Central Bank of Iran reveals that sales were 49.2% lower compared with last year’s same month.
A total of 9,343 homes were sold in Tehran during the month compared with 6,721 home deals in the previous month and 18,392 in the similar month of the fiscal 2017-18.
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After declining for nine consecutive months, home sales in Tehran showed a 39% increase in the Iranian month of Bahman (Jan. 21-Feb. 19) compared with the previous month.
This comes as the latest report by the Central Bank of Iran reveals that sales were 49.2% lower compared with last year’s same month.
A total of 9,343 homes were sold in Tehran during the month compared with 6,721 home deals in the previous month and 18,392 in the similar month of the fiscal 2017-18.
goo.gl/ULQMN7
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Half of Tehran BRT Awaiting Renovation
More than half the buses plying the Tehran Bus Rapid Transit (BRT) network are dilapidated and add to air pollution in the megalopolis, begging for renovation, head of Tehran Bus Company says.
Peiman Sanandaji told YJC of 1,250 BRT buses in the capital around 700 were built more than a decade ago. "They should either be phased out or get repaired."
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More than half the buses plying the Tehran Bus Rapid Transit (BRT) network are dilapidated and add to air pollution in the megalopolis, begging for renovation, head of Tehran Bus Company says.
Peiman Sanandaji told YJC of 1,250 BRT buses in the capital around 700 were built more than a decade ago. "They should either be phased out or get repaired."
goo.gl/61MUbV
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Apple Crackdown Renders Iran iOS Apps Useless
Apple Inc. crackdown on misuse of its enterprise developer certificates has taken a toll on Iranian startups offering services through iOS apps.
On early Tuesday, Apple suspended iOS distribution certificates of numerous Iranian app developers. Following the move, access to over 20 locally-developed iOS apps were blocked, including mobile banking, shopping, and ride-hailing services.
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Apple Inc. crackdown on misuse of its enterprise developer certificates has taken a toll on Iranian startups offering services through iOS apps.
On early Tuesday, Apple suspended iOS distribution certificates of numerous Iranian app developers. Following the move, access to over 20 locally-developed iOS apps were blocked, including mobile banking, shopping, and ride-hailing services.
goo.gl/vhqvzP
@fintribune
Banking Restrictions Take Toll on China-Iran Trade
China has been Iran's biggest trading partner and its export destination–although that position went briefly to Iraq in the second half of 2018– and Tehran continues to seek stronger ties with its "traditional ally."
Majlis Speaker Ali Larijani traveled to China late last month at the head of an economic-political delegation. The two sides signed 17 documents that call for building closer collaboration in economic, industrial and judicial fields.
But the latest official trade figures show, two-way bilateral trade has suffered as a result of the fallout from US sanctions and Beijing’s compliance with the new restrictions.
goo.gl/yAhvAD
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China has been Iran's biggest trading partner and its export destination–although that position went briefly to Iraq in the second half of 2018– and Tehran continues to seek stronger ties with its "traditional ally."
Majlis Speaker Ali Larijani traveled to China late last month at the head of an economic-political delegation. The two sides signed 17 documents that call for building closer collaboration in economic, industrial and judicial fields.
But the latest official trade figures show, two-way bilateral trade has suffered as a result of the fallout from US sanctions and Beijing’s compliance with the new restrictions.
goo.gl/yAhvAD
@fintribune
Commerce Chambers Elections Today
The ninth elections of commerce, industries, mines and agriculture chambers are set to be held today, March 2, across the country.
According to a report by Iran Chamber of Commerce, Industries, Mines and Agriculture, a total of 1,547 candidates have decided to participate, of whom 535 will be elected through direct ballot.
goo.gl/98d1cg
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The ninth elections of commerce, industries, mines and agriculture chambers are set to be held today, March 2, across the country.
According to a report by Iran Chamber of Commerce, Industries, Mines and Agriculture, a total of 1,547 candidates have decided to participate, of whom 535 will be elected through direct ballot.
goo.gl/98d1cg
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Iran Thermal Capacity at 64 GW
Thermal power plants accounted for almost 94% of total electricity production in the last 10 months, managing director of the Thermal Power Plants Holding Company said.
"There are 123 thermal plants in the country, of which 81 are owned by private companies in charge of generating 60% of the total output," Mohsen Tarztalab told Paven, the Energy Ministry's news portal, on Friday.
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Thermal power plants accounted for almost 94% of total electricity production in the last 10 months, managing director of the Thermal Power Plants Holding Company said.
"There are 123 thermal plants in the country, of which 81 are owned by private companies in charge of generating 60% of the total output," Mohsen Tarztalab told Paven, the Energy Ministry's news portal, on Friday.
goo.gl/WgsuKe
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Tehran to Host INSTC Forum This Week
The 7th Coordination Committee Forum and 8th Specialists’ Forum of the International North-South Transport Corridor is scheduled to be held on March 4 and 5 in Tehran’s Parsian Evin Hotel.
According to Director General of the Ministry of Roads and Urban Development's International Corridors Bureau Amin Taraffo, representatives of 13 countries, all of which are located along INSTC, have been invited to attend the two-day forum.
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The 7th Coordination Committee Forum and 8th Specialists’ Forum of the International North-South Transport Corridor is scheduled to be held on March 4 and 5 in Tehran’s Parsian Evin Hotel.
According to Director General of the Ministry of Roads and Urban Development's International Corridors Bureau Amin Taraffo, representatives of 13 countries, all of which are located along INSTC, have been invited to attend the two-day forum.
goo.gl/xXoXED
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Iran Expediency Council Again Delays Vote on Palermo Bill
The constitutional arbiter Expediency Council again was unable to reach a decision on a bill that endorses Iran's accession to the UN Convention on Transnational Crime, commonly known as the Palermo bill.
Saturday's delay means another extended postponement for the bill, which will have to wait until the next calendar year that starts on March 21 and is followed by a two-week Nouroz holiday season.
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The constitutional arbiter Expediency Council again was unable to reach a decision on a bill that endorses Iran's accession to the UN Convention on Transnational Crime, commonly known as the Palermo bill.
Saturday's delay means another extended postponement for the bill, which will have to wait until the next calendar year that starts on March 21 and is followed by a two-week Nouroz holiday season.
goo.gl/Kr8EKB
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Iran: Home, Land, Rent Prices Increase as Deals Decline in Q3
The Statistical Center of Iran has published its latest report on home and land prices in addition to rents, which indicates a significant rise across urban areas during the third quarter of the current fiscal year (Sept. 23-Dec. 21, 2018), marking the autumn in Iran.
According to the report, published on the website of SCI, the average price of each square meter of residential floor area surged by 60.3% in Q3 on a year-on-year basis. When compared with the previous quarter (summer), prices registered a growth of 17.8%.
goo.gl/HFG4cA
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The Statistical Center of Iran has published its latest report on home and land prices in addition to rents, which indicates a significant rise across urban areas during the third quarter of the current fiscal year (Sept. 23-Dec. 21, 2018), marking the autumn in Iran.
According to the report, published on the website of SCI, the average price of each square meter of residential floor area surged by 60.3% in Q3 on a year-on-year basis. When compared with the previous quarter (summer), prices registered a growth of 17.8%.
goo.gl/HFG4cA
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SEO Deputy: Capital Market Worth $66b
Saeed Fallahpour, a board member of the Securities and Exchange Organization and a deputy of the SEO Supervision of Financial Institutions said Saturday that the value of Iran's four bourses ( Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange) has reached 9,000 trillion rials ($66.6 billion ).
"While the volume of trade by March 2018 for the four bourses was 2,450 trillion rials, it reached 3,080 trillion rials by February 19 -- a 70% increase," Fallahpour told a press conference to announce the International Exhibition of Exchange, Bank & Insurance (FINEX 2019) planned for April.
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Saeed Fallahpour, a board member of the Securities and Exchange Organization and a deputy of the SEO Supervision of Financial Institutions said Saturday that the value of Iran's four bourses ( Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange) has reached 9,000 trillion rials ($66.6 billion ).
"While the volume of trade by March 2018 for the four bourses was 2,450 trillion rials, it reached 3,080 trillion rials by February 19 -- a 70% increase," Fallahpour told a press conference to announce the International Exhibition of Exchange, Bank & Insurance (FINEX 2019) planned for April.
goo.gl/LMYqji
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Iran Records €550m Surplus in €18.3b Trade With EU in 2018
A total of €18.39 billion worth of commodities were traded between Iran and the European Union member states in 2018, registering a 12.2% decline compared with the value of commercial exchanges in the previous year, the latest Eurostat data published on its website show.
Eurostat (European Statistical Office) is a directorate of the European Commission located in Luxembourg. Its main responsibilities are to provide statistical information to European Union institutions and to promote the harmonization of statistical methods across its member states and candidates for accession as well as EFTA countries. Organizations in different countries that cooperate with Eurostat are grouped under the European Statistical System.
goo.gl/LbREBp
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A total of €18.39 billion worth of commodities were traded between Iran and the European Union member states in 2018, registering a 12.2% decline compared with the value of commercial exchanges in the previous year, the latest Eurostat data published on its website show.
Eurostat (European Statistical Office) is a directorate of the European Commission located in Luxembourg. Its main responsibilities are to provide statistical information to European Union institutions and to promote the harmonization of statistical methods across its member states and candidates for accession as well as EFTA countries. Organizations in different countries that cooperate with Eurostat are grouped under the European Statistical System.
goo.gl/LbREBp
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Loans for Rooftop Photovoltaic Systems in Rural Households
The Majlis Joint Commission, a parliamentary body responsible for reviewing the budget bill, on Saturday approved the $500 million government-proposed funding for expanding rooftop photovoltaic systems in the next fiscal (March 2019-20).
According to ISNA, the Central Bank of Iran is obliged to lend 100,000 households in rural areas $5,000 a piece for five years through designated agent banks.
ISNA said the borrowers should repay the debt in installments within five years. The interest rate would be 4%.
goo.gl/PhuJBC
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The Majlis Joint Commission, a parliamentary body responsible for reviewing the budget bill, on Saturday approved the $500 million government-proposed funding for expanding rooftop photovoltaic systems in the next fiscal (March 2019-20).
According to ISNA, the Central Bank of Iran is obliged to lend 100,000 households in rural areas $5,000 a piece for five years through designated agent banks.
ISNA said the borrowers should repay the debt in installments within five years. The interest rate would be 4%.
goo.gl/PhuJBC
@fintribune
iPhone Sales Could Plummet in Iran: OpEd
Apple Inc. banning Iranian iOS apps has hit headlines once again. Multiple factors are behind the recent ban which has rendered Apple smartphones almost useless in the country and can lead to a sharp fall in local demand for iPhones.
Three factors have caused the recent banishment of Iranian iOS apps: US-imposed sanctions against Iran, a change in Apple’s policy in regards to enterprise developer certificates, and a recently published report listing Iranian startups that circumvented US sanctions by using enterprise developer certificates which called on the US firm to take action.
goo.gl/ZTzH3p
@fintribune
Apple Inc. banning Iranian iOS apps has hit headlines once again. Multiple factors are behind the recent ban which has rendered Apple smartphones almost useless in the country and can lead to a sharp fall in local demand for iPhones.
Three factors have caused the recent banishment of Iranian iOS apps: US-imposed sanctions against Iran, a change in Apple’s policy in regards to enterprise developer certificates, and a recently published report listing Iranian startups that circumvented US sanctions by using enterprise developer certificates which called on the US firm to take action.
goo.gl/ZTzH3p
@fintribune
Saffron Options Contracts Launched on IME
As part of plans to diversify and expand financing methods for agricultural products on the Iran Mercantile Exchange, the bourse on Sunday launched the options contracts for saffron.
Options trading will only be for 'Negin Saffron' which is considered the highest-quality of Iranian saffron and comes after IME launched saffron futures contracts and certificates of deposits for saffron earlier during the calendar year (ends March 20).
goo.gl/TJi5uj
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As part of plans to diversify and expand financing methods for agricultural products on the Iran Mercantile Exchange, the bourse on Sunday launched the options contracts for saffron.
Options trading will only be for 'Negin Saffron' which is considered the highest-quality of Iranian saffron and comes after IME launched saffron futures contracts and certificates of deposits for saffron earlier during the calendar year (ends March 20).
goo.gl/TJi5uj
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