Archive | Finance

Iran Pushes for Transparency to deal with Currency Instability

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. On April 10, Iranian authorities announced a policy of unification of exchange rates — a move that has generated confusion, especially among those economic players who relied on the country’s free currency market. The fact […]

Video: Iran Currency Crunch hits Foreign Tourists

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Changing dollars or euros in Iran has become a challenge after Iran’s central bank on April 15 forbade “until further notice” all exchange bureaus from dealing in foreign currency, leaving banks as the sole […]

Iran Ordered to pay $6.27bn to 9/11 Victims’ Families

By John Lee. A US judge has ordered Iran to pay some family members of victims of the September 11, 2001 attacks a total of $6.27 billion as compensation for pain, suffering and mental anguish. Ahough the 9/11 Commission found no evidence of Iranian involvement in the plot, Judge George Daniels of the Southern District […]

Iran’s Currency Tensions spur Crypto Ban

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. Last week, Iran joined the growing list of nations to crack down on cryptocurrencies. But why did it choose this approach? Why now? What consequences will it have? As is the case with most […]

Can ‘De-Dollarization’ break Iran’s Economic Isolation?

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. While the nuclear deal struck between Iran and six world powers in 2015 lifted international sanctions, it failed to remove primary US restrictions on dollar transactions. As such, some in Iran have grown to […]

Capital Intelligence to open Office in Iran

By John Lee. Capital Intelligence (CI Ratings) reportedly intends to set up an office in Iran “by the end of the current year“. According to Tehran Times, Capital Intelligence Ratings Ltd. has been providing credit analysis and ratings since 1982, and now rates over 300 Banks, Corporates and Financial Instruments (Bonds & Sukuk) in 39 […]

Why Iran moved to Unify Dual Exchange Rates

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. In an abrupt move, Iran moved to unify its dual exchange rates — one official and the other the free market rate — on April 11 to prevent further depreciation of the rial, re-establish the […]

Iran’s Banks Banned from dealing in Cryptocurrencies

By John Lee. The Central Bank of Iran (CBI) has reportedly banned other banks from dealing in crypto-currencies. According to BBC News, the move comes on concerns that the technology could be used illegally, for money-laundering and financing terrorism. Earlier this month, Iran moved to formally unify its official and open market exchange rates, and […]

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 […]