Archive | Finance

Iran Replaces US Dollar with Euro

Iran Replaces US Dollar with Euro as Official Reporting Currency The Iranian cabinet on Wednesday approved a plan to replace the US dollar with euro in reporting foreign currency amounts. During a meeting chaired by Iranian President Hassan Rouhani in Tehran on Wednesday, the cabinet obliged all ministries, and governmental organizations and companies to use […]

Iranian Banking Reforms Gain Steam after Long Delay

By Maziar Motamedi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The arduous path to independence in monetary decision-making from the government that many central banks have gone through remains the road not taken for Iran. But the new Iranian year, which began March 21, holds […]

What’s behind Iran’s massive Capital Flight?

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. A prominent Iranian member of parliament’s recent statement about a significant outflow of capital from the country has raised eyebrows. Commenting on the foreign exchange fluctuations in March, parliamentary economic commission head Mohammadreza Pourebrahimi said some $30 […]

MPs call on Central Bank boss to Resign as Rial Plummets

From Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. As the Iranian rial hit a record low, trading above 60,000 against the US dollar on April 9, criticism against President Hassan Rouhani and Central Bank Gov. Valiollah Seif has intensified. The rial has dropped in […]

Iranian Bank Cards to Be Activated in Russia, Turkey

Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari said Iran and Russia have agreed to link their bank card systems in a bid to boost the trade ties between the two countries. Addressing the opening ceremony of the 12th session of Iran-Uzbekistan Joint Economic Commission in Tehran on Monday, Shariatmadari said the establishment of […]

Iran Unifies Exchange Rates to Halt Currency Slide

The Governor of the Central Bank of Iran (CBI) Valiollah Seif said the country has unified its official and open market exchange rates as the Iranian rial plunged to an all-time low against the US dollar. Speaking at an open session of the parliament on Tuesday morning, Seif explained about the currency slide in recent […]

What’s really driving Currency Depreciation in Iran?

By Esfandyar Batmanghelidj, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Iranian rial has lost about a third of its value over the last year, burnishing claims that the economy is stumbling. But while the devaluation is concerning, it does not point directly to […]

Iran Forms Special Task Force on Currency Slide

Spokesman for the Iranian Administration Mohammad Baqer Nobakht said a special task force has been set up at the behest of President Hassan Rouhani to control the country’s currency market as the Iranian rial hit a record low against the US dollar. Speaking to reporters in Tehran on Monday, Nobakht regretted the recent currency depreciation […]

Oberbank puts Iran Deal ‘On Hold’ over Trump

Oberbank, Austria’s seventh-largest bank, has put projects “on hold” due to the uncertainties surrounding the 2015 nuclear deal between Tehran and world powers, a report said. In a presentation to shareholders by Oberbank CEO Franz Gasselsberger, said the financing of projects in Iran remains “on hold” because the current US policy “complicates the business massively”, […]

IMF Calls for Iran to Access Int’l Bond Markets

featured A new report from the International Monetary Fund (IMF) examining “selected issues” in Iran’s economy, including the expansion of non-oil exports and the role of women in the labor force, places special emphasis on the importance for Iran to develop the government securities market, which is a priority under the Sixth National Development Plan […]

MP: $30bn Has Been Transferred out of Iran

By John Lee. Iranians have transferred $30 billion out of the country in recent months, according to a claim from an Iranian member of parliament. MP Mohammad Reza Pourebrahimi, who is the head of the parliament’s economic committee, did not specify how the money has been moved out; without access to the international banking system, […]

Iran’s Break with Dollar Easier said than done

By Maziar Motamedi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A little over two weeks ago, Iran eliminated another function of the US dollar in its internal workings in a move positioned amid yearslong plans to reduce dependency on the greenback. The consequences will […]

Iranian Lawmakers Block Cuts to Cash Handouts

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. The discontinuation of cash handouts for a large segment of Iranians has become a controversial issue in the initial draft budget for the next Iranian year (beginning March 21). Some suggest that this prospect […]

Iran Moves Closer to Ditching Dollar in Trade Activities

Iran announced that purchase orders by merchants that are based on the dollar would no longer be allowed to go through import proceedings. By announcing the policy, which is in line with an official request by the Central Bank of Iran (CBI) and is specifically meant to address fluctuations in market rates of the dollar, […]

Central Bank Chief Hails Economic Growth in Iran

The Governor of the Central Bank of Iran (CBI) Valiollah Seif highlighted the administration’s success to push down inflation and stimulate economic growth after years, saying the country’s economic growth rate hit 12.5 percent last year. Addressing the 57th annual general assembly of the CBI on Sunday, Seif expected that the rate of economic growth […]

US Court Turns Away Dispute Involving Bank Melli

The US Supreme Court Monday declined to take up Iranian government-owned Bank Melli‘s appeal of a lower court ruling that allowed victims of militant attacks allegedly backed by Iran to seek millions of dollars in compensation from the bank. The justices left in place the lower court’s ruling that allowed some plaintiffs, trying to satisfy […]

Bank Melli Iran, Aresbank of Spain to Expand Ties

By John Lee. Gholam Reza Panahi, Deputy Governor for currency affairs at Bank Melli Iran (BMI), has met with officials of Spain’s Aresbank. Pointing to the special potentials of the BMI in providing effective services to Iranian and Spanish businessmen, Panahi stressed on the development of broker relations between the two banks. Given the fact […]

Currency Crisis shakes Rouhani’s Middle-Class Base

By Saeed Jalili for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Barely over a month after economic grievances, mainly among the working class, sparked deadly protests across the country, fluctuations in the value of the Iranian currency — the rial — have generated grave disappointment with another key […]

FATF Extends Suspension of Counter-Measures against Iran

The Financial Action Task Force (FATF) has decided that Iran should not be added to its blacklist. The organisation, which is charged with taking action against money laundering and combating the financing of terrorism, said “given that Iran has draft legislation currently before Parliament, the FATF decided at its meeting this week to continue the […]

Six Factors driving Iran’s sudden Currency Devaluation

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. A major and unexpected devaluation of the rial on the free currency market has taken many in Iran by surprise. Analysis of the behavior patterns in the Iranian foreign exchange market suggests that six […]