Archive | Finance

Iran Postpones Unification of Exchange Rates

By John Lee. The Central Bank of Iran (CBI) has reportedly indicated that it will not be able to unify the country’s “official” and”open market” currency exchange rates by March 20, as previously planned. According to the report from Forbes, unifying the rates has been one of the key policy goals of the Rouhani government. […]

Iran to Establish Bank in Azerbaijan

The Governor of the Central Bank of Iran (CBI) Valiollah Seif said the country plans to establish a bank in Azerbaijan with 100 percent Iranian ownership, a report said. Azerbaijan’s Trend news agency in a report quoted Seif as saying that the plan involves turning a branch of Bank Melli Iran in Azerbaijan into an […]

Japan, Iran to Cooperate on Banking

Japan’s Financial Services Agency (FSA) has reached an agreement on banking supervision with the Central Bank of Iran (CBI). An exchange of letters between the two bodies is intended to facilitate supervision and sound functioning of banking organizations in their respective countries. Under the agreement, the authorities will provide relevant information to their counterpart regarding […]

Japan Donates $6.9m to Iranian Projects

The Government of Japan has allocated $6.9 million to five projects in Iran. The assistance, aimed at building a “tolerant and stable society” in the region, will go to the following projects over the next five years: United Nations Development Programme (UNDP): $1 million towards the restoration of Lake Urmia “via local community participation in […]

Iran’s President Urges Closer Banking Ties with Brazil

Iranian President Hassan Rouhani stressed the need for Tehran and Brasilia to facilitate banking relations in a bid to boost trade exchanges between the two sides. The Islamic Republic of Iran sees no obstacle to the promotion of its relations with Brazil, President Rouhani said Sunday in a meeting in Tehran with new Brazilian Ambassador […]

US puts Sanctions on Iran after Missile Test

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned multiple entities and individuals involved in procuring technology and/or materials to support Iran’s ballistic missile program, as well as for acting for or on behalf of, or providing support to, Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This action reflects the […]

Bank Mellat Shares Lose 37.5% in One Day

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The sudden and sharp fall in the main index of the Tehran Stock Exchange (TSE) on Jan. 24 came as a real shock to investors. After allowing the resumption of trade in Bank Mellat shares, […]

Why Pension Funds could face Bankruptcy Tsunami

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. One of the key underlying economic challenges of Iran is the current underfunding of its pension system. Make no mistake: Pension reform must be a priority for the country. Figures posted by the Ministry of […]

IMIDRO Seeks $3bn Loan from NDFI

The mining sector needs to borrow $3 billion from the National Development Fund of Iran (NDFI) for its development and growth, chairman of the board of Iranian Mines and Mining Industries Development and Renovation (IMIDRO) said. Mehdi Karbasian added that with this loan the organization will be able to attract up to $9 billion in […]

Iran Falls in Corruption Ranking

By John Lee. Transparency International has said that Iran has fallen slightly in its global Corruption Perceptions Index (CPI) ranking. From at total of 176 countries, Iran came in at number 131, just lower than last year’s position of 130 out of 167 countries, and tying with Kazakhstan, Nepal, Russia and Ukraine. This result puts […]