Archive | Finance

How do Iran’s “Corrupt Networks” operate?

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. On Jan. 28, at an event celebrating 50 years of capital markets in Iran, the head of the Central Bank of Iran, Valiollah Seif, publicly stated, “The formidable power of illegal stakeholders on Iran’s economy has […]

Austrian Bank to Finance Iranian Nuclear Hospital

By John Lee. Austria’s Oberbank will reportedly provide $248 million to finance the construction of Iran’s first nuclear hospital. According to a report from Healthcare Global, the new facility will house up to a thousand beds and will be one of the largest of its kind in the Middle East, providing world-class radiotherapy services. Once […]

Iran has settled Gas Dues to Turkey: NIGC

The managing director of National Iranian Gas Company (NIGC) said Iran has settled its debt to Turkey for overcharging gas and from now on receives payments for its gas flow. Hamidreza Araghi told a press conference on Monday that if Iran does not play a crucial role in the international gas market, it does not […]

JICA to Finance two Iranian Power Plants

By John Lee. The Thermal Power Plants Holding Company has reportedly signed an agreement with the Japan International Cooperation Agency (JICA) for two power plants in Iran. Managing Director Mohsen Tarztalab said the agreement covers the Shahid Mofateh and Shahid Rajai power plants. He added that JICA’s estimated facilities for the two plants is $800 million. […]

France to Finance Exports to Iran, Sidestepping Sanctions

France will start offering euro-denominated credits to Iranian buyers of its goods later this year, a move to bolster trade while keeping it outside the reach of US sanctions, the head of state-owned investment bank Bpifrance said. “We put a lot of preparation into this in 2017 and we keep on working, every single day, […]

Foreign Exchange Revenue Well Above Costs: President

Iranian President Hassan Rouhani assured the nation that the country’s foreign exchange revenue far outstrips the spending, stressing that foreign exchange reserves will even grow in future. In comments at a live televised speech on Monday night, President Rouhani gave an assurance that Iran’s foreign exchange revenue greatly exceeds the total foreign exchange costs, saying […]

Iran, Belarus to Open €5bn Export Credit Line

By John Lee. The Minister of Industry, Mine and Trade has announced that the Export Development Bank of Iran (EDBI) will make available €5 billion of credit for the export of Iranian products to Belarus. Speaking on the sidelines of 14th Iran and Belarus Business Forum, Mohammad Shariatmadari said, “the bilateral development between Iran and […]

Iran Files $4.9bn Complaint against Deutsche Boerse

The Central Bank of Iran (CBI), also known as Bank Markazi, has filed a suit in Luxembourg against Deutsche Boerse’s Clearstream unit seeking to recover $4.9 billion in assets plus interest, the German stock exchange operator said on Thursday. The assets, frozen on suspicion of terror financing and in part paid to victims, include $1.9 […]

Iran Eyes Closer Banking Ties with Iraq

Iran’s president called for stronger banking relations with Iraq to allow for a growth in the bilateral trade and economic cooperation. In a meeting with Iraq’s parliament speaker in Tehran on Tuesday, President Hassan Rouhani said expansion of economic and trade ties between the two neighbors hinges on enhanced baking relations. The central banks of […]

Italy, Iran sign Agreement for Investment in Iran

The Italian Minister of Economy and Finance, Pier Carlo Padoan, and the Deputy Minister for Economic Affairs and Finance of the Islamic Republic of Iran and President of the OTII (Organization for Investment, Economic and Technical Assistance of Iran), Mohammad Khazaee, welcomed the signing of the Master Credit Agreement, which took place today (Thursday) between […]

Rouhani’s Bad News Budget

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. With the recent wave of protests in Iran igniting debate over the government’s budget bill for the next Iranian year (beginning March 20), it is important to understand how President Hassan Rouhani’s administration has been approaching the matter. In the bill […]

€260m Loan for Major Refinery Project

The National Development Fund of Iran (NDFI) will be tapped for a 260-million-Euro loan for completing the remaining phases of Bandar Abbas Gas Condensate Refinery Project, an official said. Managing Director of the National Iranian Oil Refining & Distribution Company (NIORDC) Alireza Sadighabadi said on Sunday that the refinery must reach full productivity by March […]

Video: Turkish banker Convicted in Iran Sanctions Case

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. A Turkish banker has been found guilty in a US court of taking part in a scheme to violate Washington’s sanctions against Iran. Mehmet Hakan Atilla and eight others were accused of moving […]

Korean Credit Line to Finance Refinery Project

A project to optimize Iran’s Isfahan Refinery will be financed by a South Korean credit line. South Korea will provide €1.9 billion worth of credit for upgrading and optimizing the refinery. Alireza Arman, Consolidated Planning Manager of National Iranian Oil Products Refining and Distribution Company (NIOPDC), said: “A contract for improving process and optimizing Isfahan […]

Russian Bank Opens Credit Line for Iran

The Eximbank of Russia, a leading group supporting exports and imports, signed a deal to supply a credit line for four Iranian banks to finance various projects in the Islamic Republic. According to the Central Bank of Iran, the Russian bank has signed an unlimited finance agreement with four Iranian banks, namely Sepah, the Export […]

Cryptocurrencies could offer Iran way around Sanctions

By Bijan Khajehpour, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Post-sanctions integration in the international financial sector has been one of the main challenges in the Iranian economy since the implementation of the Joint Comprehensive Plan of Action in January 2016. As such, one could […]

Airbus “Ready to Finance Plane Purchases”

European aviation giant Airbus has voiced readiness to fund the country’s purchases of passenger planes, Head of Iran’s Civil Aviation Organization (CAO) Ali Abedzadeh said. Airbus, the French-Italian aircraft manufacturer ATR, and American aviation giant Boeing have already approached Iran to fund the purchases, Abedzadeh said on Sunday. He added that talks to choose the […]

Iran could create its own “Energy Coin”

By John Lee. Iran could release crypto-currencies backed by oil and gas, according to a report from Trend. It quotes Sam Barden (pictured), Director of financial technology company SBI Markets, as saying: “Bitcoin would be secure, have intrinsic value, unlike the USD, and create direct trade between partners without the need for third party settlement. This […]

IMF sees 4.2% Growth, Urges Financial Sector Reform

IMF Staff Completes 2017 Article IV Mission to Islamic Republic of Iran Real GDP growth is forecast to reach 4.2 percent in 2017/18. Iran is urged to advance financial sector reform. The IMF welcomes the reform of the universal cash transfer system to target income support to the poor in the proposed 2018/19 budget. An […]