Latest Financial News in Iran – News and opinion on the banking and finance sectors domestically and abroad. It includes national-level policy-making, the Central Bank of Iran, the stock exchange, as well as private actors in the field.
The German ambassador to Tehran has denied the allegation that the European Union has set conditions for implementing its special purpose vehicle for trade with Iran, but at the same time noted that European banks would not work with Tehran if the country fails to adopt the FATF standards.
Iran’s Expediency Council was once failed to reach a consensus over a parliamentary bill on Iran’s accession to the United Nations Convention against Transnational Organized Crime, as members have postponed voting on the FATF-related bill.
They say every dream begins with a dreamer. But dreams cannot be realized through miracles and magic. They take hard work, determination, and lots of sweat. This is the current state of Iran. What started as a dream in the summer of 2018 seems to have become a reality as the country just unveiled a state-backed cryptocurrency.
Last week’s announcement by European powers that they are to launch a financial mechanism for Iran-EU trade would not affect Iran’s approach on joining the Financial Action Task Force (FATF), two Iranian officials said.
The European Union has announced a long overdue special mechanism, called INSTEX (Instrument for Supporting Trade Exchanges), aimed at facilitating trade with the Islamic Republic of Iran in the face of the US sanctions.
An Iranian lawmaker says the EU decision to launch a special financial mechanism to keep trade ties with Iran despite US sanctions was not made in a good-faith gesture.
The governor of Iran’s Central Bank says the US’ plan to organize an anti-Iran conference in Warsaw signals Washington’s frustration with its previous anti-Iran plots.
The spokesman for Iran’s Foreign Ministry has cautioned the European Union it should be quick to take measures to salvage the 2015 nuclear deal, since Iran is running out of patience with Europeans due to their failure to fulfill pledges to compensate for the US withdrawal.
Israel’s accession to the global anti-money laundering makes it more difficult for Iran to join the Financial Action Task Force, an Iranian media outlet said, arguing for quicker approval of parliamentary legislations required for Iran getting out of the body’s black list.
The Iranian rial continued its upward spiral on Saturday, pushing more and more of ordinary people to sell the US dollars they had purchased to prevent their money from losing its value.
Iranian president says without adoption of the standards set by the Financial Action Task Force (FATF) and cooperation with foreign banks, chances will be lost and it will be 20% more costly to resolve the country’s economic problems.
Mohammad Baqer Nobakht, head of Iran’s Budget and Planning Organization, says the budget bill for the next Iranian calendar year that begins on 21 March 2019 has been submitted to the Parliament.
Iranian lawmakers have approved an amendment to a bill on Iran’s accession to the Combating the Financing of Terrorism (CFT) convention, which was earlier rejected by the Guardian Council.
A court in Germany has ordered Deutsche Telekom, a partly state-owned telecom provider, to reactivate phone and internet service for the Hamburg branch of Bank Melli Iran.
The Governor of the Central Bank of Iran Abdolnaser Hemmati says the rates of foreign currencies in the Iranian market will continue to decline in coming days.
An Iranian official says problems with Iran-China banking relations have been resolved and financial transactions will be resumed as of this weekend, when Beijing will restart its oil imports from the Islamic Republic.
France and Germany will likely host the Special Vehicle Purpose (SPV), a special payment channel created by Europe as part of its efforts to keep trade flowing with Iran in defiance of US sanctions, senior diplomats told the Wall Street Journal.
Iran’s Central Bank says a financial mechanism is being developed to replace SWIFT system for transactions with Iran, and foreign banks are gradually joining the new system, known as SEPAM, to conduct financial transactions with the Islamic Republic.
Iranian Foreign Minister Mohammad Javad Zarif said Tehran is frustrated by the slow pace of EU moves to help Iran reap the full benefits of the JCPOA after Washington’s pullout from the international deal.
Iran’s deputy oil minister says Europe’s special payment channel, known as Special Purpose Vehicle (SPV), may be set up in France to facilitate trade with Tehran.
Market figures in Iran show the prices of the US dollar and gold – two key drivers of consumer prices - have been declining over the past week in what is seen as a clear defiance against earlier predictions that sanctions could trigger a price shock in the country.
The Iranian parliament’s National Security and Foreign Policy commission has summoned Foreign Minister Mohammad Javad Zarif to clarify his controversial remarks about “rampant” money laundering in Iran, which have drawn angry reactions from political and media circles.
Iran’s top diplomat has once again argued for Tehran’s adoption of standards set by the global anti-money laundering body, saying concerns that FATF accession harms national security interests are baseless and Iran’s failure to get itself out FATF blacklist would mean Tehran has shot itself in the leg.
