Tag Archives | Central Bank of Iran (CBI)

US Sanctions Threaten Iran’s Hopes for Tourism

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. Iran’s numerous tourist attractions, many of which stem from its rich history and civilization going back thousands of years, have the potential to transform into revenue streams far more sustainable than the country’s vast […]

Iran’s Housing Sector keeps Building

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 Iran, the housing sector — which accounts for a hefty 35% of all household expenses — has since 2011 been in the grip of its worst recession in recent history. Indeed, it was the only […]

US puts Sanctions on head of Central Bank

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on the Governor and a senior official of the Central Bank of Iran, an Iraq-based bank and its chairman, and a key Hizballah official, all of whom have moved millions of dollars on behalf of the Islamic Revolutionary Guard Corps-Qods Force […]

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 […]

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 […]

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 […]

Will Iran’s Banking Sector Collapse?

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. Iranian and international experts have opined for some time that Iran’s banking sector is at risk of a financial collapse due to toxic assets. It is no secret that over the past decade all Iranian […]

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 […]

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 […]

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 […]

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 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 […]

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 […]

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 […]

Cryptocurrencies could offer Iran way around Sanctions

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. Post-sanctions integration in the international financial sector has been one of the main challenges in the Iranian economy since the implementation of the Joint Comprehensive Plan of Action in January 2016. As such, one could […]

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 […]

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’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, […]