Ten exchange facilities have been closed down and 90 foreign currency dealers arrested in a police raid in Tehran aimed at controlling the surging forex rates mainly caused by non-economic factors.
The Iranian Parliament on Sunday disapproved the framework of the budget proposed by the Rouhani administration for the upcoming fiscal year (March 2018-19).
The Organisation for Economic Cooperation and Development (OECD) has upgraded Iran’s rating in the country risk classifications of the Participants to the Arrangement on Officially Supported Export Credits (CRE), moving it up one notch from 6 to 5.
Police in Tehran have shut down several currency exchange shops and arrested a number of money changers suspected of being behind a recent turmoil in exchange rates.
Mohammad Baqer Nobakht, the spokesman for the Iranian government, says the country's unemployment rate has decreased and economic growth rate has increased during the past Iranian fiscal year.
A document released on the website of the US Central Intelligence Agency shows that the Islamic Republic outstrips the United States in terms of reserves of foreign exchange and gold.
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.
Tehran and Rome on Thursday signed a framework credit agreement worth five billion euros whereby Italy will help its companies invest in Iran.
Iran says four of its banks have signed an agreement with the Export Insurance Agency of Russia (EXIAR) to provide “unlimited funds” for development projects to be carried out by domestic and international contractors in the Islamic Republic.
Iranian parliamentarians have given the go-ahead to “financing” sources of income proposed by the government in next fiscal year’s budget bill.