SCI Reviews Inflationary Uptrend in Iran Provinces
The goods and services Consumer Price Index in Iran registered a year-on-year increase of 42.3% in the Iranian month of Bahman (Jan. 21-Feb. 19) compared with the similar month of last year.
According to the Statistical Center of Iran, the YOY inflation was the highest in Kurdestan Province with 52.5% for the month. The lowest was in Qom Province with 35.3%, the latest SCI report shows.
CPI calculated for the country (using the Iranian year to March 2017 as the base year) stood at 158.1 in Bahman, indicating a 2.2% rise compared with the previous month.
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The goods and services Consumer Price Index in Iran registered a year-on-year increase of 42.3% in the Iranian month of Bahman (Jan. 21-Feb. 19) compared with the similar month of last year.
According to the Statistical Center of Iran, the YOY inflation was the highest in Kurdestan Province with 52.5% for the month. The lowest was in Qom Province with 35.3%, the latest SCI report shows.
CPI calculated for the country (using the Iranian year to March 2017 as the base year) stood at 158.1 in Bahman, indicating a 2.2% rise compared with the previous month.
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Iran's Non-Oil Trade With Persian Gulf States Tops $18b in 10 Months
Iran traded 36.38 million tons of non-oil commodities worth $18.77 billion with Persian Gulf littoral states, namely Iraq, the UAE, Kuwait, Qatar, Bahrain and Saudi Arabia, in the first 10 months of the current fiscal year (March 21, 2018-Jan. 20) to register a 4.43% growth in tonnage and 1.13% decline in value compared with last year’s corresponding period.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 33 million tons worth $13.24 billion during the period, indicating a 12.42% and 22.74% increase in tonnage and value respectively year-on-year.
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Iran traded 36.38 million tons of non-oil commodities worth $18.77 billion with Persian Gulf littoral states, namely Iraq, the UAE, Kuwait, Qatar, Bahrain and Saudi Arabia, in the first 10 months of the current fiscal year (March 21, 2018-Jan. 20) to register a 4.43% growth in tonnage and 1.13% decline in value compared with last year’s corresponding period.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 33 million tons worth $13.24 billion during the period, indicating a 12.42% and 22.74% increase in tonnage and value respectively year-on-year.
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Robotics, AI Competition in Tehran
The Eighth International Amirkabir Robotics and Artificial Intelligence Competitions (AUTCup 2019) opened Saturday at the Tehran International Fairgrounds.
Over 300 participant teams, including 192 from schools and 110 from universities are vying for the top prize. The contests end today (Monday).
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The Eighth International Amirkabir Robotics and Artificial Intelligence Competitions (AUTCup 2019) opened Saturday at the Tehran International Fairgrounds.
Over 300 participant teams, including 192 from schools and 110 from universities are vying for the top prize. The contests end today (Monday).
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Currency, Gold Decline in Iran
Foreign exchange rates dropped below the psychological level of 130,000 rials on Monday as markets prepared for relative stability before the fiscal year is out on March 20.
According to local media reports, the USD was traded for 127,000 rials in the open market, with bank-affiliated exchange rates also bringing their rates closer to the market rate.
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Foreign exchange rates dropped below the psychological level of 130,000 rials on Monday as markets prepared for relative stability before the fiscal year is out on March 20.
According to local media reports, the USD was traded for 127,000 rials in the open market, with bank-affiliated exchange rates also bringing their rates closer to the market rate.
goo.gl/GrvhZv
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Iran Mercantile Exchange Ready to Launch Cryptocurrency Trade
Managing director of Iran Mercantile Exchange says the commodity bourse is ready to host the trade of cryptocurrencies and also tap into the potential of blockchain technology in enhancing commodity trade.
"Whether or not cryptocurrencies can be traded on the IME should be decided by the relevant authorities. We have conducted our own studies both in the area of Islamic jurisprudence (fiqh) and legality with help from experts and are ready to use it in the bourse," Hamed Soltaninejad told the Financial Tribune.
The Central Bank of Iran unveiled a draft of its cryptocurrency policy in January, calling on experts and stakeholders in virtual currencies to comment and send their views.
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Managing director of Iran Mercantile Exchange says the commodity bourse is ready to host the trade of cryptocurrencies and also tap into the potential of blockchain technology in enhancing commodity trade.
"Whether or not cryptocurrencies can be traded on the IME should be decided by the relevant authorities. We have conducted our own studies both in the area of Islamic jurisprudence (fiqh) and legality with help from experts and are ready to use it in the bourse," Hamed Soltaninejad told the Financial Tribune.
The Central Bank of Iran unveiled a draft of its cryptocurrency policy in January, calling on experts and stakeholders in virtual currencies to comment and send their views.
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Iran Government Rejects Bill That Could Hurt Ride-Hailing Firms
A bill proposed by the Interior Ministry that put online taxi firms’ survival at stake and could wipe out thousands of jobs has been dismissed by Cabinet.
If ratified by the parliament, the bill would have obliged ride-hailing companies to get work permits from municipalities. It was rejected by the Cabinet on Sunday, Iran e-Commerce Union spokesperson Reza Olfatnasab told Financial Tribune in a phone interview.
“The bill was discussed during the Cabinet meeting on Sunday. However, it was scrapped with a push from Sorena Sattari, the vice president for science and technology.”
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A bill proposed by the Interior Ministry that put online taxi firms’ survival at stake and could wipe out thousands of jobs has been dismissed by Cabinet.
If ratified by the parliament, the bill would have obliged ride-hailing companies to get work permits from municipalities. It was rejected by the Cabinet on Sunday, Iran e-Commerce Union spokesperson Reza Olfatnasab told Financial Tribune in a phone interview.
“The bill was discussed during the Cabinet meeting on Sunday. However, it was scrapped with a push from Sorena Sattari, the vice president for science and technology.”
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INSTC Countries Meet in Tehran to Survey Mega Project's Progress
The Seventh International North-South Transport Corridor's Coordination Council Meeting and the eighth meeting of Expert Groups convened in Tehran on Monday.
High-ranking officials from Iran and 12 other countries, namely India, Russia, Turkey, Tajikistan, Armenia, Azerbaijan, Belarus, Bulgaria, Oman, Kyrgyzstan, Kazakhstan and Syria, gathered for the events, which is set to conclude on March 5.
The meetings were aimed at exploring ways of facilitating transportation of freight and passengers through the international corridor, as well as following up on earlier agreements made between the above-mentioned states, all of which are located along the route.
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The Seventh International North-South Transport Corridor's Coordination Council Meeting and the eighth meeting of Expert Groups convened in Tehran on Monday.
High-ranking officials from Iran and 12 other countries, namely India, Russia, Turkey, Tajikistan, Armenia, Azerbaijan, Belarus, Bulgaria, Oman, Kyrgyzstan, Kazakhstan and Syria, gathered for the events, which is set to conclude on March 5.
The meetings were aimed at exploring ways of facilitating transportation of freight and passengers through the international corridor, as well as following up on earlier agreements made between the above-mentioned states, all of which are located along the route.
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Developing South Pars Phase 14 and Kish Gas Field, Iran's next Priority
Developing Phase 14 of South Pars Gas Field along with the Kish Gas Field are among priorities of Pars Oil and Gas Company in the next fiscal (begins March 21), the managing director said Monday.
Mohammad Meshkinfam said that as phases 13, 22 and 24 are ready for launch before the calendar year is out, POGC, a subsidiary of National Iranian Oil Company, will focus on Phase 14 as its main priority next year.
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Developing Phase 14 of South Pars Gas Field along with the Kish Gas Field are among priorities of Pars Oil and Gas Company in the next fiscal (begins March 21), the managing director said Monday.
Mohammad Meshkinfam said that as phases 13, 22 and 24 are ready for launch before the calendar year is out, POGC, a subsidiary of National Iranian Oil Company, will focus on Phase 14 as its main priority next year.
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Tehran Stocks Tumble in Wake of Foreign Exchange Volatility
Stocks sold off on Tuesday for a second session as investors digested the negative effects of the drop in foreign exchange rates. This comes as some analysts warn that the herd behavior of investors in response to forex fluctuations is not backed by fundamental reasons due to the multiple exchange rate system.
Since foreign exchange volatility last year led to the rial's steep fall, export-based companies have seen better revenues which has endeared their shares to investors.
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Stocks sold off on Tuesday for a second session as investors digested the negative effects of the drop in foreign exchange rates. This comes as some analysts warn that the herd behavior of investors in response to forex fluctuations is not backed by fundamental reasons due to the multiple exchange rate system.
Since foreign exchange volatility last year led to the rial's steep fall, export-based companies have seen better revenues which has endeared their shares to investors.
goo.gl/Q8DXzg
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Subsidy Choices Take Center Stage
Head of the Plan and Budget Organization says the government is weighing three options on allocating $14 billion for importing essential goods in the next fiscal that starts on March 21.
Mohammad Baqer Nowbakhat told state TV late Monday that there is a consensus among the government and Majlis Joint Commission over the matter. As for the first option, the government could continue the current procedure but under stricter supervision.
Within existing procedures, companies get subsidized currency for importing basic goods. Each subsidized USD=42,000 rials. Subsidized currency is cheaper than rates quoted in Nima (integrated forex deals system) where the greenback now is offered at 90,000 rials. Forex at Nima rates is fore importing non-essential goods.
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Head of the Plan and Budget Organization says the government is weighing three options on allocating $14 billion for importing essential goods in the next fiscal that starts on March 21.
Mohammad Baqer Nowbakhat told state TV late Monday that there is a consensus among the government and Majlis Joint Commission over the matter. As for the first option, the government could continue the current procedure but under stricter supervision.
Within existing procedures, companies get subsidized currency for importing basic goods. Each subsidized USD=42,000 rials. Subsidized currency is cheaper than rates quoted in Nima (integrated forex deals system) where the greenback now is offered at 90,000 rials. Forex at Nima rates is fore importing non-essential goods.
goo.gl/Qdqz4e
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Disparate Impact of Sanctions on SMEs
Mohsen Salehinia, head of Iran Small Industries and Industrial Parks Organization, says out of the 43,000 small and medium sized enterprises in industrial towns, 20% are facing recession, which means their production has come almost to a halt.
"However, ISIIPO was able to revive 1,400 of such units stuck in recession," Salehinia told a press conference on Tuesday.
He said the effort was not only about allocating credits to the units but also helping them find markets for their products, settling debts and paying overdue taxes.
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Mohsen Salehinia, head of Iran Small Industries and Industrial Parks Organization, says out of the 43,000 small and medium sized enterprises in industrial towns, 20% are facing recession, which means their production has come almost to a halt.
"However, ISIIPO was able to revive 1,400 of such units stuck in recession," Salehinia told a press conference on Tuesday.
He said the effort was not only about allocating credits to the units but also helping them find markets for their products, settling debts and paying overdue taxes.
goo.gl/yH9jqy
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Iran's PMI Growth Remarkable
The Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture has measured Iran's Purchasing Managers’ Index, under the Farsi acronym “Shamekh”, for the Iranian month of Bahman (Jan. 21-Feb. 19).
The new report indicates that despite a significant improvement in the index during the month, Iran’s economy is still in recession.
Results published on ICCIMA's website show that PMI stood at 47.63 in Bahman from 39.35 in the preceding month of Dey (Dec. 22, 2018-Jan. 20), indicating an 8.28-point or 21.04% growth month-on-month.
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The Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture has measured Iran's Purchasing Managers’ Index, under the Farsi acronym “Shamekh”, for the Iranian month of Bahman (Jan. 21-Feb. 19).
The new report indicates that despite a significant improvement in the index during the month, Iran’s economy is still in recession.
Results published on ICCIMA's website show that PMI stood at 47.63 in Bahman from 39.35 in the preceding month of Dey (Dec. 22, 2018-Jan. 20), indicating an 8.28-point or 21.04% growth month-on-month.
goo.gl/67NgdU
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Iran President Flags Off Train Along New Rail Section of INSTC
The long-awaited Qazvin-Rasht railroad project was officially inaugurated by the Iranian President Hassan Rouhani on Wednesday in the northern city of Rasht, Gilan Province.
A train was flagged off by the president from the northern city for the holy city of Mashhad in Khorasan Razavi Province.
This rail route was one of the main missing links along the International North-South Transport Corridor.
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The long-awaited Qazvin-Rasht railroad project was officially inaugurated by the Iranian President Hassan Rouhani on Wednesday in the northern city of Rasht, Gilan Province.
A train was flagged off by the president from the northern city for the holy city of Mashhad in Khorasan Razavi Province.
This rail route was one of the main missing links along the International North-South Transport Corridor.
goo.gl/Ha1TFu
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No Decision Yet on Subsidy Allocation
Governor of the Central Bank of Iran Abdolnaser Hemmati says “the government is not yet decided on the mechanism” of allocating $14 billion in subsidized currency for basic goods for the next fiscal that starts on March 20.
Hemmati told reporters Wednesday that 2-3 proposals have been made in this regard and the CBI, Ministry of Industries, Mining and Trade, and Ministry of Agricultural Jihad “have explored the subject from different perspectives.”
Head of the Plan and Budget Organization had said earlier that the government is looking at three options regarding allocating the multi-billion-dollar subsidies importing essential goods for the coming calendar year.
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Governor of the Central Bank of Iran Abdolnaser Hemmati says “the government is not yet decided on the mechanism” of allocating $14 billion in subsidized currency for basic goods for the next fiscal that starts on March 20.
Hemmati told reporters Wednesday that 2-3 proposals have been made in this regard and the CBI, Ministry of Industries, Mining and Trade, and Ministry of Agricultural Jihad “have explored the subject from different perspectives.”
Head of the Plan and Budget Organization had said earlier that the government is looking at three options regarding allocating the multi-billion-dollar subsidies importing essential goods for the coming calendar year.
goo.gl/bixkCx
@fintribune
Iran, France to Swap Envoys After Diplomatic Dispute
Iran and France are set to exchange ambassadors, officials said on Wednesday, after months of tensions, including over an alleged Iranian plot to carry out a bomb attack on a dissident rally near Paris and French officials’ interfering remarks about Tehran’s defense programs.
Bahram Qasemi, a former envoy to Spain and Italy and current spokesman of Iran’s Foreign Ministry, has been appointed as Iran’s new ambassador to France, an official source in Tehran told AFP.
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Iran and France are set to exchange ambassadors, officials said on Wednesday, after months of tensions, including over an alleged Iranian plot to carry out a bomb attack on a dissident rally near Paris and French officials’ interfering remarks about Tehran’s defense programs.
Bahram Qasemi, a former envoy to Spain and Italy and current spokesman of Iran’s Foreign Ministry, has been appointed as Iran’s new ambassador to France, an official source in Tehran told AFP.
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Iran's Euro-5 Gasoline Output Reaches 79 ml/d
Production of gasoline compliant with Euro-5 emission standards started in Tabriz Oil Refining Company in East Azarbaijan Province on Wednesday, managing director of the company said.
“The project to produce gasoline complying with Euro-5 emission standards was completed at a cost of €10 million," Gholamreza Baqeri was quoted as saying by ISNA.
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Production of gasoline compliant with Euro-5 emission standards started in Tabriz Oil Refining Company in East Azarbaijan Province on Wednesday, managing director of the company said.
“The project to produce gasoline complying with Euro-5 emission standards was completed at a cost of €10 million," Gholamreza Baqeri was quoted as saying by ISNA.
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