Tuesday, May 24, 2022

Iran Banking News

Iran’s National Currency Recovers Some of Its Lost Value

The Iranian currency rial has, in recent weeks, has recouped some of the losses it endured in the wake of the US sanctions, and is now traded at the highest value since mid-February in a market that Central Bank Governor, Abdolnaser Hemmati, says has stabilised.

Crypto Mining with Industrial Electricity Is Illegal: Iranian Speaker

It is illegal in Iran to use the subsidized electricity available to the industrial businesses for running cryptocurrency mining machines, Parliament Speaker Ali Larijani announced.

‘Iran Working on Forex Plans Independent of INSTEX’

The governor of the Central Bank of Iran (CBI) says the country has plans to work independently from the European Instrument in Support of Trade Exchanges (INSTEX), which has so far failed to help Iran reap the benefits of the Iran nuclear deal in the face of the US bans.

Cryptocurrency Miners in Iran Warned of Power Cut

An Iranian energy official has warned the people producing Bitcoins and other digital currencies in the country that they are going to be detected and face a power cut.

Iran-China Banking Ties Facilitated: Official

The obstacles to banking transactions between Iran’s official companies and China have been removed, president of Iran-China Joint Chamber of Commerce announced.

UK to Pay $1.6bn in Damages to Iran’s Bank Mellat

The UK government has reached an agreement with Bank Mellat to settle a $1.6-billion damages claim brought by the Iranian bank after 10 years of negotiations.

Chinese Bank ‘Kunlun’ Starts Work in Iran

Vice Chairman of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Pedram Soltani on Thursday revealed the start of activity of China’s Bank of Kunlun in the Islamic Republic of Iran.

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.

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.

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.

Rouhani Gov’t Denies Rumours It’s Behind Currency Hikes

The Iranian president's chief of staff has rejected rumours that this week’s hike in the value of foreign currencies in Iranian markets was planned by the government as part of efforts to meet FATF guidelines, saying the government would not “play games” with people’s livelihood.

‘EU Could Show Good Faith by Running Bank to Keep Ties with Iran’

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.

‘Anti-Iran Summit in Poland Shows US Frustration with Previous Plots’

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.

CBI Offers to Lop Four Zeroes Off National Currency

The governor of the Central Bank of Iran says the body has submitted a proposal to the government to remove four zeroes from the national currency, reviving a shelved plan to keep up with rampant inflation.

Is CBI Preparing to Lop Four Zeroes Off National Currency?

A new banknote unveiled by Iran’s CBI on Tuesday has fueled rumours the government is preparing to remove four zeros from the Iranian currency, rial.

‘Europeans to Launch Iran Payment Channel by Year-End’

Head of the Atomic Energy Organization of Iran says Tehran hopes the Europeans would establish the Special Purpose Vehicle (SPV), the mechanism aimed at bypassing the US bans on Iran, by the end of December.

Iran’s Red Crescent Opens Company in Switzerland for Medicine Imports

The Iranian Red Crescent Society says it has established a company in Switzerland to transfer pharmaceuticals to Iran more easily in the wake of the US sanctions.

Court in Hamburg Rules in Favour of Bank Melli Iran

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.

Forex Rates to Keep Going Down in Coming Days: 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.

‘Iran, China to Resume Banking Ties 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, Germany Step in to Bypass US Bans by Hosting SPV’

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.

‘Foreign Banks Being Connected to Iranian Alternative to SWIFT’

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.

Iran Says Frustrated by EU’s Slow Pace in Implementing SPV

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.

‘France May Host Europe-Iran Payment Channel’

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.

Iran to Keep Doing Business with World despite US Sanctions

Iran voiced defiance against returning US sanctions with the country’s top banker saying that all necessary arrangements to continue trade with partners had already been made.

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