Archive | Finance

One of the First Funds Investing in Iran Launched

International law firm Simmons & Simmons has acted on the restructuring of the Sturgeon Central Asia Fund, to enable it to be one of the first funds to invest in Iran. In a statement, the company said: “Although the repeal of pre-existing sanctions is good news for those wanting to do business with Iran, restrictions […]

S Korea in 5bn EUR Iran Financing Deal

By John Lee. The state-run Export-Import Bank of Korea (KEXIM) has said it plans to sign an agreement with Central Bank of Iran (CBI) during the current quarter to provide up to 5 billion euros in financing for South Korean companies doing business there. The arrangement will support contracts that South Korean companies win in […]

Iranian Banks can Access SWIFT Int’l Payment System

The Central Bank of Iran (CBI) announced on Tuesday that Iranian banks and their foreign branches “received the opportunity to reconnect to SWIFT international payment system”. SWIFT said in a statement: “Those banks that are delisted by the Implementing Regulation will now automatically be able to reconnect to SWIFT, following the completion of our normal […]

Lloyds Resumes Insuring Iranian Oil Tankers

By John Lee. The managing director of the National Iranian Tanker Company (NITC) has said that Iranian oil tankers will be able to avail Lloyds insurance services from Monday, a few days after the removal of international sanctions against Iran. Ali Akbar Safaei added that the NITC has close to 60 Very Large Crude Carriers […]

US Imposes New Sanctions over Missile Test

By John Lee. The US has imposed fresh sanctions on 11 Iranian companies and individuals following Iran’s recent ballistic missile test. The new sanctions prevent those named from using the US banking system. Reuters cites Iranian Foreign Ministry spokesman Hossein Jaberi Ansari as saying that “the US sanctions against Iran’s ballistic missile program … have […]

Iran Moves to Tax its Way Out of Crisis

By Maysam Bizær, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Facing oil slump, Iran moves to tax its way out of crisis Amid warnings by some experts of the possibility of a further slump in oil prices in 2016, crude oil prices briefly hit […]

Full List of Newly Sanctioned Iranian Entities

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated the following 11 entities and individuals involved in procurement on behalf of Iran’s ballistic missile program: The following individuals have been added to OFAC’s SDN List: CHEN, Mingfu; DOB 30 Apr 1980; POB Anhui, China; citizen China; Additional Sanctions Information – […]

Rouhani Fires Back at Criticism of Economic Management

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The price of oil dropped to $31.56 per barrel on Jan. 11, a 12-year low. While the news has been tough on all oil-exporting countries, perhaps no one feels the pressure more than Iran’s […]

Iran Preparing for Unfreezing of $30bn

By John Lee. PressTV quotes the governor of the Central Bank of Iran (CBI), Valiollah Seif (pictured), as saying that the CBI has started preparation for the much-awaited unfreezing of around $30 billion in Iranian funds but have been frozen in overseas banks as a result of sanctions. Seif said the money could be made available […]

Russia likely to grant $5bn Loan to Iran

By John Lee. Sputnik reports that Russia may extend a $5-billion state export loan to Iran. Russian Industry and Trade Minister Denis Manturov (pictured) said on Tuesday: “We are talking about granting a state loan, naturally under the Iranian government’s guarantee … I think that if all formalities can be agreed upon in the first […]

Iran Cuts 2016 Budget

Iran has reduced its state budget for the coming year by 2.6 percent, as low oil prices put pressure on the country’s finances. A government spokesman is quoted as saying that the budget for the year starting on 20th March has been tentatively set at 2.670 trillion rials, down from an original plan for this […]

Iran seals Banking Deal with France

Iran says it has reached a basic agreement with France to re-establish mutual banking ties as soon as the sanctions against Tehran are removed. Iran’s Deputy Minister of Industry, Mine and Trade, Valiollah Afkhami-Rad, said the sanctions are the only obstacle on the way of the implementation of the agreement with France, and emphasized that […]

Export Development Bank of Iran Joins ADFIAP

The Export Development Bank of Iran, as a bank specialized in financing and facilitating the exports, has become a member of Association of Development Financing Institutions in Asia and the Pacific (ADFIAP). ADFIAP is the goal of the development banks and other financial institutions active in the field of financing development in Asia and the […]

Italian Firm to set up Private Iranian Bank

The Managing Director of Chabahar Free Trade and Industrial Zone, Hamed Ali Mobaraki, has said that Italian company Italconsult is willing to invest in setting up a private bank at Chabahar Free Trade Zone. He is also quoted as saying that Italian investors have said they are ready to contribute to such infrastructural projects as […]

Iran, Luxembourg Banking Cooperation

The governor of the Central Bank of Iran (CBI), Valiollah Seif (pictured), recently met with the visiting Luxembourg Foreign Minister Jean Asselborn in Tehran, and referred to Iranian bankers’ interest in bilateral cooperation: “We are ready to collaborate with Luxembourg in various banking areas including management of reserves, gold trading, short and long-term activities in financial […]

Italian Insurer signs Deals with three Iranian Banks

Italy’s state-owned export credit and insurance company SACE has signed three collaboration agreements with the major Iranian private banks – Bank Pasargad, Bank Parsian and Saman Bank – aimed at facilitating a more rapid and effective resumption of trade and investments in the country. The President of SACE, Giovanni Castellaneta (pictured) — himself a former […]

Iran, Switzerland Hold Talks in Tehran

The Deputy foreign minister for Euro-American affairs has said that now is the right time for planning further economic activities between Iran and Europe. Majid Takht-e Ravanchi made the remarks in a meeting with visiting State Secretary of Swiss Federal Department of Foreign Affairs (FDFA) Yves Rossier. Rossier also said his country, under the implementation […]

German, Iranian Banks to Cooperate

The Iranian Bank of Industry and Mines and the German KFW Development Bank have agreed to cooperate extensively after the removal of the sanctions, Ali Ashraf Afkhami, chairman of the board of directors and managing director of Bank of Industry and Mine told a conference of economic and financial opportunities in Frankfurt, Germany. So far, capable […]

Thailand, Iran Target Trade of $1.2bn

Thailand and Iran are aiming to boost trade between the countries to US$1.2 billion in three years, up from $300 million in 2014. The Thai government has just sent its first mission to Iran, meeting with key economic ministries – Trade, Petroleum, Roads and Urban Development, and Industry. The Nation quotes Thai Deputy Commerce Minister […]