Economy

INSTEX Not Translated into Reality Yet: Iran

Iranian Parliament Speaker Ali Larijani says the financial mechanism proposed by the EU to normalize economic ties with Iran after the US withdrawal from the 2015 nuclear has not yet been translated into reality, and is only on paper.

Celebration of Queen Elizabeth II’s Birthday at Iranians’ Expense

An email has been sent to many Iranian economic players and brands asking them to pay for an annual celebration marking the 93rd birthday of the British Queen Elizabeth II in Tehran through a certain channel.

US Seeks to Kill INSTEX by Imposing New Sanctions

The Trump administration is now weighing sanctions on Iran’s counterpart to the European special-purpose vehicle for humanitarian trade, Bloomberg says.

Iran’s Parliament Approves Establishing Free Trade Zone with Eurasia

Iranian lawmakers have approved a bill to temporarily run a free trade zone between Iran and Eurasian Economic Union.

Turkey to Deepen Business Ties with Iran to Counter US Bans: Erdogan

Turkish President Recep Tayyip Erdogan has called for further expansion of mutual ties between Iran and Turkey in various areas including economy in the wake of the US sanctions against Tehran.

Iran Condemns US Trade War on China

Iran’s Foreign Ministry spokesman has censured the United States’ trade war on China, saying that it is necessary for Washington to seriously rectify its approach towards global trends and the growth in power of other world players.

Iran, Turkey to Establish Joint Bank to Promote Trade

Iran and Turkey are reportedly planning to establish a joint bank to promote trade in the face of the US sanctions campaign against the Islamic Republic.

Iran Best Way for Transit of Tajik Goods: Rouhani

Iranian President Hassan Rouhani says the Islamic Republic can be the safest and best transit route for goods imported to and exported from the Republic of Tajikistan.

Iran Blames Turkish Traders for Rising Prices of Agricultural Produce

A senior Iranian agriculture official says one of the reasons behind a sudden rise in the prices of agricultural produce in Iran is Turkish businessmen who come to Iran to buy products wholesale.

German Companies Staying in Iran despite US Pressures

Dozens of German companies have continued to cooperate with Iran and keep their offices in the country open despite the US pressures and sanctions.

Iran Denies Closure of British-Iranian Chamber of Commerce

Iran’s ambassador to London denied a report about closure of the British Iranian Chamber of Commerce, saying the chamber is doing its activities normally and has only morphed into a “virtual and digital” establishment due to rising rents in London.

Iran Says Ready to Connect Pakistan’s Gwadar to Chabahar Port

Iranian Foreign Minister Mohammad Javad Zarif says he is putting forward a "proposal" during his ongoing trip to Islamabad for connecting Pakistan's Gwadar port to its "complementary" port Chabahar in southeastern Iran.

Iran’s Reliance on Oil Revenues Down to 30 Percent: VP

Iran’s first vice president says the country’s reliance on oil revenues has reduced significantly due to the hard efforts made over the recent years.

‘US Renews Sanctions Waivers for Iran’s Chabahar Port’

The US Principal Deputy Assistant Secretary of State for South and Central Asia Alice Wells says Washington has agreed with the request of Kabul to exempt Iran’s Chabahar port from the US sanctions, considering the significance of the strategic port city for the development of Afghanistan.

Iran Says Ball of Implementing INSTEX in Europe’s Court

The CEO of Iran Special Trade and Finance Institute (STFI) says Tehran has set up the mirror mechanism proportionate to the EU's INSTEX channel and now the ball is in the Europeans’ court to run the Instrument in Support of Trade Exchanges to protect trade with Tehran.

Brazil Says Ready to Help Iran in Face of US Sanctions

The Brazilian ambassador to Iran says the US’ anti-Iran sanctions are cowardly and, if necessary, Tehran can count on Brazil in this regard.

US Seeking to Devaluate Iranian Currency: Rouhani

Iran’s president says the United States wants to have the Iranian currency devalued in order to achieve its illegitimate objectives.

‘Exporting Knowledge-Based Products Very Profitable after Rial Devaluation’

Iran’s Vice-President for Science and Technology says the devaluation of Iran’s national currency against the US dollar has made it quite profitable to export goods produced by Iranian knowledge-based firms.

Iran, Turkey to Establish INSTEX-Like Mechanism: Zarif

Iranian Foreign Minister Mohammad Javad Zarif says Iran and Turkey have agreed to establish a new financial mechanism in a number of areas similar to that of Europe's long-awaited financial initiative known as the Instrument in Support of Trade Exchange (INSTEX).

Syria to Give Priority to Iranian Firms in Reconstruction Era: PM

Syrian Prime Minister Imad Khamis says his country’s top priority in the reconstruction era is Iranian companies working in various areas.

Enemies Plotting to Disrupt Iran’s Forex Market, Chief Banker Warns

Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said enemies have hatched secret plots to hit the country’s foreign exchange market, calling for more efforts to foil the conspiracies.

Red Willow Production Cuts Unemployment in Iranian Village

A small village named Bezijan, located near the city of Arak in Iran’s Markazi Province, has come under the spotlight for its success in ending unemployment using red willow.

Iran Leader Names 1398 ‘Year of Boosting Production’

Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei says “boosting domestic production” is the pivotal issue of the Persian New Year.

Why Dedicated Translation Service and Not Machine Translation Is Key to Business Growth

Popular search engines use machine translation to translate one language to another in seconds. But the problem with machine translation is it merely substitutes the words without really understanding the meaning behind them.

Iran’s Exports Hit $70bn despite Sanctions: Customs Chief

Head of Iran’s Customs Administration says despite the cruel sanctions imposed by the US, the Islamic Republic’s oil and non-oil exports have reached $70 billion.

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