Archive | Finance

Iran Export Development Bank, Russian Bank sign MoU

The Export Development Bank of Iran (EDBI) and RFC Bank of Russia have signed a Memorandum of Understanding (MoU) on banking cooperation in the twelfth session of the Joint Commission on Economic and Trade Cooperation between Iran and Russia. Kamran Rezvani, head of Finance Management for International Affairs of the Export Development Bank of Iran, […]

Much-Awaited Future Energy Forum Opens for Membership

Beginning 2016 founders of The Iraq Club, will officially launch the Future Energy Forum (FEF), an exclusive business-focused community connecting a senior network of leaders specifically engaged in the development of emerging energy markets. A much anticipated forum, FEF is spearheaded by William Wakeham and Leanne Case, both of whom are leading experts on critical […]

South Africans Conclude Successful Visit to Iran

Deputy President Cyril Ramaphosa concluded a successful three-day working visit to the Islamic Republic of Iran on Monday, 9 November 2015 where he led a high level government and trade delegation to consolidate bilateral political, economic and trade relations between the two countries. Deputy President Ramaphosa’s visit took place following the signing of the Joint […]

GDP Growth of 1% in 1H

Iran’s economic output grew by 1 percent in the first half of the current fiscal year (started March 21), according to preliminary data released from the Statistical Center of Iran. Growth in agriculture (5.7 percent) and services (0.9 percent) outweighed a contraction in industrial output (-1.1 percent). GDP expanded 3 percent in 2014, after a […]

Deutsche Bank Fined for Sanctions Violations

The US Federal Reserve Board on Wednesday announced a $58 million penalty and consent cease and desist order against Germany’s Deutsche Bank AG related to violations of U.S. sanctions. The Federal Reserve’s order is being issued in conjunction with an action by the New York State Department of Financial Services for violations of various New […]

Iran Buys Shares of AIIB Bank

Iran’s Deputy Economy Minister, Mohammad Khazayee, has said that Iran has finalized the purchase of a 2.8 per cent stake in the Asian Infrastructure Investment Bank (AIIB) which has recently been launched by China. According to a report from Mehr News Agency, the Minister also announced plans to buy shares in the New Development Bank […]

Iran, Russia to Establish Joint Bank

By John Lee. Iran and Russia agreed on Thursday to set up a joint bank to help facilitate financial transactions between the two countries. The agreement was announced by the Central Bank of Iran (CBI), following a meeting between the visiting Russian Energy Minister Alexander Novak and CBI Governor Vaiollah Seif [Valiollah Seif] (pictured). The two […]

Russia to Open $5bn Iran Credit Line

By John Lee. Russia plans to open a US$5 billion credit line for Iran to help finance infrastructure projects in the country, according to a report from AFP. During a visit by Moscow’s energy minister, Alexander Novak (pictured), to Iran on Thursday he told Iranian Telecommunications Minister Mahmoud Vaezi, “we hope we can open a […]

French Insurers Eager to Invest in Iran

Chairman of the Board of French insurance group NASCO met and talked with the President of Iran Central Insurance and announced the company’s readiness to cooperate with Iranian insurance companies. During the meeting, Mohamed Ibrahim Amin offered his solutions for attracting foreign investment in the Iranian insurance companies. Gabriel Bejjani, Chairman of the Board of […]

British, Swedish Firms Shortlisted to Insure Iranian Tankers

The Director of Commerce of the National Iranian Tanker Company (NITC) has said that two major British and Swedish insurance companies have been selected to provide coverage for Iranian vessels. “Following the international political opening, numerous number of qualified international firms have approached NITC negotiating terms of insurance policies,” Nasrollah Sardashti told Shana. They are […]

Negotiations with 15 Int’l Petchem Financiers

Iran’s major petrochemical firm, Persian Gulf Holding, is in business talks with 15 major foreign companies in a bid to finance it projects. “In line with the policy to develop the petchem sector and stop crude sales, 3.5 billion euros from the National Development Fund has been allocated to the company. About 50 percent of […]

Iranian Stocks continue Two-Year Slump

By Morteza Ramezanpour, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Lingering ambiguities, cuts in company earnings, high interest rates, stubborn inflation and Western sanctions have combined to send the Tehran Stock Exchange’s TEDPIX to its lowest point in over two years. According to Tehran […]

Rouhani Outlines Plans for Growth

President Rouhani described the new plans and policies of the government for economic growth, the most important foreign relations plans, and regional and global issues in a live television interview. “People are getting ready to show their respect to the culture of Ashura which is the culture of dignity, freedom, and resistance against injustice and […]

British, Japanese Insurers visit Iran

The Chairman and CEO of the Iran Insurance Company has hosted representatives of the British United Insurance Brokers (UIB) and Japanese insurer, Sompo. The purpose of the meeting was to increase the level of interaction in the post-sanctions era, to develop reinsurance, to provide reinsurance coverage requirements, and to improve the coverage especially in property […]

Iran Insures Foreign Investors Against Non-Economic Risks

The President of the Organization for Investment, Economic and Technical Assistance of Iran says that any foreign investor wishing to enter the country will be fully insured against all non-economic risks by the government of the Islamic Republic of Iran. At the first international conference on Investment Opportunities in Transportation, Housing and Urban Development, Mohammad […]

Iran, Azerbaijan Plan Joint Bank

By John Lee. Iran and Azerbaijan are in discussions to set up a joint bank to facilitate financial transactions between the two countries. Iran’s Minister of Communications and Information Technology, Mahmoud Vaezi (pictured), told Azerbaijan’s Trend News Agency that in addition to the joint bank, the countries are also in talks to open branches of […]

Iraq, Iran to Resume Banking Ties

By John Lee. Delegations from two Iranian banks have visited Baghdad to discuss the resumption of banking ties between the two countries. Morteza Shahidzadeh (pictured), the Managing Director of Iran’s Keshavarzi Bank (also known as Agribank), and Managing Director Hassan Motamedi of Eghtesad Novin (EN) Bank, will meet with top Iraqi banking officials. According to […]