Economy

The Chairman of the Board of the Securities and Exchange Organization of Iran Majid Eshghi confirmed on Saturday he resigned from the post after a long period that the markets have been in the red, and days into a reported row over low-rate bank loans he received.

Iranian media is abuzz with controversy after it was revealed that senior members of the country's Securities and Exchange Organization (SEO) granted themselves loans totaling 10.5 billion tomans. 

A massive cyberattack that hit Iran last month threatened the stability of its banking system and forced Tehran to agree to a ransom deal of millions of dollars, Politico reported citing people familiar with the case. The Islamic Republic has yet to respond to the claim.

Iran’s ban on importing iPhone cellphones has led to a capital flight of 900 million dollars to sneak the phones in high demand into the country through illegal channels and smuggling, the head of the country’s Association of Mobile Phone Importers says.

Iranian President Masoud Pezeshkian has described the expansion of international interactions as a key solution to the country's economic challenges. He also emphasized his administration's endeavours to foster such cooperation and attract foreign investment.

Iran and Turkmenistan have signed a number of cooperation agreements during a visit by the Chairman of the People's Council of Turkmenistan, Gurbanguly Berdimuhamedow to Tehran.

Iranian President Massoud Pezeshkian’s nominee for the ministry of industry, mine, and trade says developing exports and boosting the country’s trade balance through increasing non-oil exports is a top priority in his program.

A new poll found that a majority of Iranians are upbeat that the new Iranian President Masoud Pezeshkian and his administration can tame high levels of inflation in the country. The swearing-in ceremony for Pezeshkian was held at the Parliament on Tuesday.

Iran’s export of non-oil items has increased by $1.35 billion during the first four months of the current year on the Iranian calendar, staring on March 20, according to official figures.

The secretary of the policy-making council of the 14th Iranian financial industry event says Russia’s largest bank which holds an asset value of 290 billion dollars, will certainly participate in this year's Stock Exchange, Bank and Insurance Exhibition in the Islamic Republic.

Iran’s trade with its neighboring countries has reached 20 billion dollars, showing a 6-percent increase in the past 4 months.

Iran’s oil minister says the country has rendered the US-led Western sanctions on gas condensates exports completely ineffective.

China's ambassador to the Islamic Republic of Iran says that Chinese companies are willing to invest in various projects in Iran and to that end, seek a stable environment for investment.

Iran’s deputy foreign minister for economic diplomacy says Saudi Arabia is keen on boosting economic cooperation with Iran, adding a joint commission will be held within three months.

The Iran-China dual-load freight train was officially inaugurated at the Aprin Rail Dry Port near Tehran.

The Deputy for International Affairs at the Central Bank of Iran (CBI) detailed the monetary agreement between Iran and Russia aimed at achieving de-dollarization, stating that this move pushes the Iranian Rial towards being unsanctionable.

Iran’s Central Bank governor says from late August, Iranians can withdraw money from Russian ATMs with Iranian bank cards.

Iran’s national currency, the rial, is still in the doldrums having lost considerable value since last year – but it regained some lost ground at market open on Saturday. It comes after Reformist candidate Masoud Pezeshkian won Iran's presidential election, securing 53.3% of the votes and defeating his principlist rival Saeed Jalili

In a forward-looking proposal, Governor of the Central Bank of Iran Mohammad Reza Farzin suggested the establishment of an institution akin to the Financial Action Task Force (FATF) among BRICS nations.

In a recent statement, Ali Akbar Salehi, Iran's former Head of the Atomic Energy Organization, emphasized that whoever assumes the Iranian presidency will certainly have to seek the advice of experts on Iran's decision to join the Financial Action Task Force (FATF). 

Iranian President Ebrahim Raisi says the deep historical, cultural and religious relations between Iran and the neighboring Republic of Azerbaijan are unbreakable.

The Qiz Qalasi dam on the Aras River in northwestern Iran, tipped as the most important water project for Iran and the neighboring Republic of Azerbaijan, became operational on Sunday.

Iran’s minister of finance and economy says the exports by the country’s knowledge-based firms hit the $2.5bn mark last year on the Iranian calendar that ended on March 20, 2024.

The head of Iran's Chamber of Commerce says the trade volume between Iran and China is currently 30 billion dollars but the two countries have the potential to increase the figure to 50 billion dollars per year.

Iran’s Ham-Mihan newspaper says the country has experienced its highest inflation in 80 years during the administration of President Ebrahim Raisi’s tenure.