Archive | Finance

Iran’s Central Bank Unveils New Regulatory Package

The Governor of the Central Bank of Iran unveiled a new package of regulations on foreign currency trade which lifts a ban on the activity of money exchange markets. Speaking at a television talk show on Sunday night, Abdolnasser Hemati said the new package has been endorsed by President Hassan Rouhani’s administration in order to […]

EU “Struggles to Counter US Sanctions on Iran”

European efforts to protect businesses investing in Iran from US sanctions risk leaving executives with the tough choice of whether to obey EU or American rules. The EU is finalizing its plans to mitigate the punitive measures as the Trump administration prepares to impose a new wave of sanctions next month and in November, the […]

Iran Offers India Oil Cargo Insurance, Ships

Iran is offering to insure oil cargoes to India after some local insurers stopped providing the service in the face of impending US sanctions, industry sources said, a move that would help Tehran continue supplying its second-biggest oil client. Several refiners in Asia, Iran’s key market for oil sales, are gradually reducing the amount of […]

Iranian, Turkish Banks to use National Currencies in Trade

Iran’s Deputy Minister of Industry, Mine and Trade Sadeq Najafi announced that the two countries have reached an agreement on the exchange of Turkish lira with Iranian rial in banking transactions. Speaking to reporters on the sidelines of the 24th round of Electronic, Computer and E-Commerce Exhibition (Elecomp 2018) in Tehran on Monday, Najafi said […]

Iran Currency’s Value Continues to Fall

While Iran’s market has experienced a hike in the value of foreign currencies and gold coin prices in recent months, the Iranian money plunged to a record low against the US dollar in the unofficial market, which is being offered for as much as 110,000 rials Monday. The value of Iranian rial against euro also […]

Ingenico withdraws from Iran Market

Ingenico Group a French-based company providing the technology involved in secure electronic transactions, has said that it is withdrawing from the Iranian market. In its half-year results the company said that following the US withdrawal from the JCPOA the Group has anticipated the phasing out of its distribution partnership in Iran, in line with the […]

Cabinet Appoints New CBI Chief

Abdonnaser Hemmati was appointed as the new governor of the Central Bank of Iran (CBI), replacing Valiollah Seif, after the Iranian cabinet gave him a vote of confidence. In their meeting on Wednesday, the cabinet members also expressed their gratitude to Seif for his efforts during his term in office. During the session, President Hassan […]

Video: Iran Currency Halves in less than a Year

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The value of the Iranian Rial has halved in less than a year. There have been further threats to the economy posed by the imposition of US sanctions and the loss of oil […]

E3 Agrees to Replace Dollar in Iran Trade: Lavrov

Russia says the three European parties to the Iran nuclear deal have agreed to continue trade ties with Tehran without the US dollar. The European parties to the Joint Comprehensive Plan of Action –Britain, France and Germany- have agreed to maintain trade with Iran independent of the US dollar, Russia’s Foreign Minister Sergei Lavrov said. […]

Germany Probes Iranian request to Withdraw €300m Cash

By John Lee. Authorities in Germany have reportedly launched an investigation into a request from Tehran to withdraw €300 million from a German-based bank and fly the cash back to Iran. The request comes as the Islamic republic prepares itself for tough US sanctions. The cash is held in accounts at the Iranian-owned trade bank Europäisch-Iranische […]

FATF Gives Iran until October to Complete ‘Reforms’

The Financial Action Task Force (FATF) said Iran had until October to complete reforms that would “bring it into line with global norms or face consequences” that could further deter investors from the country. “The FATF is disappointed with Iran’s failure to implement its action plan to address its significant AML/CFT deficiencies,” the organization said […]

Iran to Launch Secondary Currency Market

Governor of the Central Bank of Iran (CBI) Valiollah Seif announced that the country plans to establish a secondary currency market in coming days as the Iranian rial has plunged to an all-time low against the US dollar. Speaking to reporters on the sidelines of a meeting with parliamentarians in Tehran on Monday, Seif said […]

Indian Bank to Stop Handling Iran Oil Payments

India’s oil imports from Iran will be affected from the end of August as the State Bank of India (SBI) has informed refiners it will not handle payments for crude from the Islamic Republic from November, the finance head of Indian Oil Corp said on Friday. “(Oil) loading will be affected from end-August under the […]

How Rial’s Devaluation may Boost Iranian Economy

By Navid Kalhor for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The money supply in the Iranian economy exceeds $355 billion at the official exchange rate, remarkably surpassing total economic output of $331 billion. Financial depth, a metric showing the ratio of liquidity to gross domestic […]

China Eyes Iran Trade in Own Currencies

China’s President Xi Jinping in a meeting with his Iranian counterpart offered plans for trade exchange between the two countries using their own currencies, namely rial and yuan. In a meeting with Iranian President Hassan Rouhani, held on the sidelines of the Shanghai Cooperation Organization summit in the city of Qingdao on Sunday, the Chinese […]

Iraqi Depositors ‘Trapped’ In Iranian Banking System

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. By Abbas Sarhan. The Iranian banking system was seen as an attractive alternative to Iraq’s shaky financial institutions. But a recent, drastic devaluation in the Iranian rial means Iraqi […]

German Credit Unions Stand by Iran

Six credit unions in southern Germany are still processing payments to Iran despite Washington’s withdrawal from the 2015 nuclear deal between Tehran and world powers and its impending new sanctions on Iran, a report said. While Germany’s big banks are avoiding Iran-related deals for fear of US reprisals, six credit unions, or Volksbanken, from southern […]

Swiss Bank starts Wind-Down of Iran Business

By John Lee. Swiss-based Banque de Commerce et de Placements (BCP) has reportedly stopped all new transactions with Iran, following the US pullout from the nuclear deal. Reuters reports that the bank has started a ‘wind down period‘ within the framework of OFAC announcement. (Source: Jerusalem Post)