Archive | Finance

Iraqi Dinar may replace US Dollar in Iran-Iraq Trade

Iranian ambassador to Baghdad said Iran and Iraq are weighing plans to eliminate US dollar in trade transactions and also lift visa requirements for citizens of the two countries. Speaking at a TV program on Saturday night, Iraj Masjedi said Tehran and Baghdad are considering plans to use Iraqi dinar for trade transactions or develop […]

Iran “ready to establish Joint Bank with Iraq”

By John Lee. Iran’s private banks have reportedly laid the groundwork for setting up a joint bank with their counterparts in Iraq. Yahya Al-e Es’haq [Yahya Ale-Ishaq] (pictured), head of Iran-Iraq Chamber of Commerce, is quoted as saying that the bank would operate under the regulations of central banks of the two countries to facilitate […]

Iran Drops bid to transfer Millions out of Germany

By John Lee. Iran has reportedly dropped its request to transfer 300 million euros ($347 million) in cash out of Germany. The cash is understood to be held in accounts at the Iranian-owned trade bank Europäisch-Iranische Handelsbank (EIH). According to AP, the US had been pressuring German authorities to reject the request due to concerns about […]

US Dollar Ditched in Iran-Iraq Trade

Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Ishaq said that the US dollar is no longer used in the bilateral transactions between the two countries. Dollar-based transactions between Iran and Iraq have been discarded, Ale-Ishaq said on Saturday, adding that euro, the Iranian rial, and the Iraqi dinar are mostly used in the bilateral trade […]

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 […]