Archive | Finance

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 […]

World Financial Watchdog keeps Punting on Iran

By Barbara Slavin for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The world’s financial watchdog is poised to continue suspending punitive measures against Iran for six more months to avoid creating a new crisis at a time of political fragility inside the country and uncertainty over the […]

How do Iran’s “Corrupt Networks” operate?

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 Jan. 28, at an event celebrating 50 years of capital markets in Iran, the head of the Central Bank of Iran, Valiollah Seif, publicly stated, “The formidable power of illegal stakeholders on Iran’s economy has […]

Austrian Bank to Finance Iranian Nuclear Hospital

By John Lee. Austria’s Oberbank will reportedly provide $248 million to finance the construction of Iran’s first nuclear hospital. According to a report from Healthcare Global, the new facility will house up to a thousand beds and will be one of the largest of its kind in the Middle East, providing world-class radiotherapy services. Once […]

Iran has settled Gas Dues to Turkey: NIGC

The managing director of National Iranian Gas Company (NIGC) said Iran has settled its debt to Turkey for overcharging gas and from now on receives payments for its gas flow. Hamidreza Araghi told a press conference on Monday that if Iran does not play a crucial role in the international gas market, it does not […]

JICA to Finance two Iranian Power Plants

By John Lee. The Thermal Power Plants Holding Company has reportedly signed an agreement with the Japan International Cooperation Agency (JICA) for two power plants in Iran. Managing Director Mohsen Tarztalab said the agreement covers the Shahid Mofateh and Shahid Rajai power plants. He added that JICA’s estimated facilities for the two plants is $800 million. […]

France to Finance Exports to Iran, Sidestepping Sanctions

France will start offering euro-denominated credits to Iranian buyers of its goods later this year, a move to bolster trade while keeping it outside the reach of US sanctions, the head of state-owned investment bank Bpifrance said. “We put a lot of preparation into this in 2017 and we keep on working, every single day, […]

Foreign Exchange Revenue Well Above Costs: President

Iranian President Hassan Rouhani assured the nation that the country’s foreign exchange revenue far outstrips the spending, stressing that foreign exchange reserves will even grow in future. In comments at a live televised speech on Monday night, President Rouhani gave an assurance that Iran’s foreign exchange revenue greatly exceeds the total foreign exchange costs, saying […]

Iran, Belarus to Open €5bn Export Credit Line

By John Lee. The Minister of Industry, Mine and Trade has announced that the Export Development Bank of Iran (EDBI) will make available €5 billion of credit for the export of Iranian products to Belarus. Speaking on the sidelines of 14th Iran and Belarus Business Forum, Mohammad Shariatmadari said, “the bilateral development between Iran and […]

Iran Files $4.9bn Complaint against Deutsche Boerse

The Central Bank of Iran (CBI), also known as Bank Markazi, has filed a suit in Luxembourg against Deutsche Boerse’s Clearstream unit seeking to recover $4.9 billion in assets plus interest, the German stock exchange operator said on Thursday. The assets, frozen on suspicion of terror financing and in part paid to victims, include $1.9 […]

Iran Eyes Closer Banking Ties with Iraq

Iran’s president called for stronger banking relations with Iraq to allow for a growth in the bilateral trade and economic cooperation. In a meeting with Iraq’s parliament speaker in Tehran on Tuesday, President Hassan Rouhani said expansion of economic and trade ties between the two neighbors hinges on enhanced baking relations. The central banks of […]

Italy, Iran sign Agreement for Investment in Iran

The Italian Minister of Economy and Finance, Pier Carlo Padoan, and the Deputy Minister for Economic Affairs and Finance of the Islamic Republic of Iran and President of the OTII (Organization for Investment, Economic and Technical Assistance of Iran), Mohammad Khazaee, welcomed the signing of the Master Credit Agreement, which took place today (Thursday) between […]

Rouhani’s Bad News Budget

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. With the recent wave of protests in Iran igniting debate over the government’s budget bill for the next Iranian year (beginning March 20), it is important to understand how President Hassan Rouhani’s administration has been approaching the matter. In the bill […]