Archive | Finance

Former Central Bank boss denies meeting Zarrab

From Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s former Central Bank head Mahmoud Bahmani, reacting to Iranian-Turkish tycoon Reza Zarrab’s recent statements in a US court, says he never met with Zarrab. In his testimony in a New York trial, Zarrab, who was arrested in the […]

Banking Problems between Iran & UK being Removed Gradually

Boris Johnson, the UK foreign secretary, has underlined Iran’s importance in the region and also reiterated his country’s support for maintaining the JCPOA, the 2015 nuclear agreement between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany). In a Sunday meeting in Tehran with Head of the Atomic Energy Organization of […]

Rouhani Submits Budget Blueprint to Parliament

Iran’s President Hassan Rouhani on Sunday submitted the budget bill for the next Iranian fiscal year to the parliament, which maintains a cap on monthly subsidy payments to public and allocates part of the Subsidy Reform spending to health care and reduction of poverty. President Rouhani gave a speech to an open session of the […]

Why is Iranian Rial suddenly Weakening?

By Saeid Jafari for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A recent devaluation of the rial on the so-called free market in Iran has raised concerns that the country’s economy will experience another collapse of the value of its national currency similar to what […]

Turkish-Iranian Gold Trader Pleads Guilty

By John Lee. Prosecutors in the United States have reportedly revealed that a wealthy Turkish-Iranian gold trader has agreed to testify about what is claimed to be a “vast corruption scheme they say reached into the upper levels of the Turkish government.“ Associated Press says that Reza Zarrab (34) is expected to outline how he […]

Imprudent Foreign Financing could Jeopardize 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. Facilitating foreign financing has been among the top items on Iranian President Hassan Rouhani’s agenda since the signing of the nuclear deal in 2015. Under the current circumstances, with domestic lenders grappling with a credit […]

New US Sanctions over Iran: Full Details

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated a network of individuals and entities involved in a large-scale scheme to help Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) counterfeit currency to support its destabilizing activities. This network employed deceptive measures to circumvent European export control restrictions and procured advanced […]

EU Commissioner to Help Resolve Iran’s Banking Problems

Visiting European Union Commissioner for Agriculture and Rural Development Phil Hogan vowed to make efforts to help resolve banking problems hampering Iran’s foreign trade with the 28-nation bloc. Speaking at a press conference in Tehran on Saturday, Hogan highlighted the reasons behind the existence of banking problems hampering Iran-EU trade two years after the Iran […]

Intimidated by US, Major Banks Avoid Working with Iran

A member of Iran’s Money and Credit Council attributed major global banks’ reluctance to build banking links with Iran to the US government’s intimidating policies and obstructionism. Conditions are not still set for Iranian banks to make connection with the world’s top banks, Bahman Abdollahi, member of the highest policy-making body in the Central Bank […]

Iran “Intends to Legalize Bitcoin”

By John Lee. The Iranian government reportedly intends to legalize the crypto-currency Bitcoin as a legal tender. Iran’s Minister of Information and Communication Technologies is quoted by Novinite as saying that his ministry has carried out research to prepare the necessary infrastructure for the use of Bitcoin. He said that he believes that the legalization of […]

Iran’s Debt Market emerges as Key to Economic future

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 rising issuance of various Islamic sukuk and, in particular, Islamic Treasury bills in the past three years in Iran is seen as evidence of the success and allure of the Iranian debt market. However, […]

Europe’s Efforts to Facilitate Banking Ties with Iran “Not Sufficient”

Iranian Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi said European countries have not made enough efforts to persuade their banks work with Iran. Addressing a conference in the French capital of Paris on Tuesday, Takht Ravanchi stressed the need for the European parties to the 2015 nuclear deal, known as the […]

New Int’l e-Wallet and Foreign Investment Capability

By Behnaz Ranjbar from Yekpay. Unveiling a new international e-wallet and Foreign Investment capability in the Iranian Stock Exchange in Kish INVEX 2017 After years of being cut off from global trade, the Iranian companies and businesses, which are steadily getting used to being reintegrated into the world’s economy, are now gradually enjoying the prospects […]

Iranian Banks Slowly Reconnect to the World

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 recent string of “financing agreements” that various governments and international banks have signed with Iran indicates that Tehran is finding solutions to leave behind the bottlenecks in financing its international projects. The question […]

Iranian, Turkish Central Banks Ink Currency Swap Deal

Governor of the Central Bank of Iran (CBI) Valiollah Seif and his Turkish counterpart, Murat Cetinkaya, signed an agreement, according to which the two countries can conduct trade transactions through using their national currencies. During a meeting between visiting Iranian First Vice-President Eshaq Jahangiri and Turkish Prime Minister Binali Yildirim in Ankara, Seif and Cetinkaya signed […]

Dentons advises Quercus on €500m Solar Energy Deal

Dentons Europe LLP has advised Quercus, one of the world’s largest renewable energy investors, on a deal worth more than €500 million with Iran’s Ministry of Energy for the development, construction and operation of a 600 MW solar energy photovoltaic (PV) plant in Iran. This is Quercus’ first investment outside of Europe and represents the […]

No Change in IMF Policy on Iran

By John Lee. The Managing Director of the International Monterey Fund (IMF) has said the IMF sees no reason to change its policy on granting loans to Iran, despite US pressures and bans. Christine Lagarde (pictured) told a news conference on Sunday: “You know, we operate with 189 members, and we only provide support and […]

Italian Group Buys into Iranian Asset Management Firm

Italian asset manager Azimut Group has signed an agreement to acquire 20 percent of Mofid Entekhab, the largest independent asset management company of Iran, which is part of the Mofid Group, the largest brokerage firm and financial advisory in the country. At the same time, Azimut and Mofid Securities have signed a shareholders agreement to […]

Iran, Turkey to Finalize Currency Swap Deal

The Governor of the Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to neighboring Turkey, said the two countries plan to finalize their trade exchanges based on currency swap. In remarks released on Tuesday, Seif referred to efforts to realize the goal of $30 billion of annual bilateral trade between […]

Iran, Turkey sign 4 Cooperation Pacts

Iran and Turkey have signed four Memorandums of Understanding (MoUs) to deepen relations between the two countries: between the Iranian Ministry of Economic Affairs and Finance and the Turkish Ministry of Customs and Trade; between the Central Bank of Iran (CBI) and the Turkish Central Bank; between the National Library of Iran and the Turkish […]