Iran Economy

Iran says it is preparing to roll out a pilot version of its first Central Bank Digital Currency (CBDC), named Crypto-Rial, in around two months, in a development that could transform the country’s financial canvas.

An Iranian daily says the administration of President Ebrahim Raisi has failed to make good on his promises to keep prices of basic commodities and products in check after removing the subsidies.

Iran’s monthly inflation has hit a four-decade record high of 12.2 percent over the Persian calendar month of Khordad – May 22 to June 21.

Iran’s Customs Administration says the country recorded a foreign trade of 25.5 billion dollars in the first three months of the current Persian calendar year that began on March 21.

Dozens of Iranian economists, in an open letter addressed to the government, have expressed concern about the current social and economic situation in the country saying public worries about their livelihoods and businesses have reached a point of explosion.

Iran’s government spokesman has dismissed reports that the president is considering a rise in gasoline prices, after Ebrahim Raisi’s comments on “difficult economic decisions” triggered panic about further economic woes, amid raging inflation.

Iranian President Ebrahim Raisi has unveiled 82 industrial, construction and agricultural projects in Iran’s free and special trade zones via video conference.

The secretary of Iran’s Supreme National Security Council has said Iran’s Islamic establishment is firmly resolved to push the country toward development.

Iranian President Ebrahim Raisi says the government is seeking an eight percent economic growth and management of the so-called preferential foreign currency rate, allocated to some basic goods to prevent a rise in their prices.

Iranian President Ebrahim Raisi says his administration seeks to reform the allocation of subsidies for essential goods but does not aim to eliminate them.

Iran’s first vice president says the administration is determined to enable a fair distribution of subsidies among the people, urging the public “not to worry” over purchases of essential items, amid a rise in prices of certain flour-based goods in the country.

Iranians have, in recent days, witnessed a steep hike in prices of essential items, mainly wheat-based food, in the aftermath of a government decision to eliminate the subsidy for industrial use of flour.

Iran’s Central Bank has released the economic indices for the third quarter of the last Persian-calendar year (ended March 20).

An Iranian customs official says the Islamic Republic registered a positive balance of trade in the first month of the Persian calendar year (ended April 20).

Iran’s Customs Administration says the country’s foreign trade registered a more than three-fold increase in the first quarter of 2022 year on year.

The value of Iran’s trade with neighboring countries grew 43% percent last Iranian calendar year, compared to the previous one, which ended on March 20.

Iran’s non-oil trade hit a record high figure in the Iranian calendar month ending March 20, an Iranian customs official says.

Iran’s President Ebrahim Raisi says his administration has not tied the Iranian people’s lives to the 2015 nuclear deal, JCPOA.

Iran exported upwards of 6.4 million tonnes of steel and steel products in the eleven months to late February 2022, registering a 9%-rise year on year.

Official figures show Iran's foreign trade increased by 50% in January and February of this year.

Iranian daily Jomhouri Eslami - Islamic Republic – has strongly criticized the government’s handling of the economic situation in the country, saying the pressure people are facing to provide for their livelihoods “has broken their backs”.

Iran’s service inflation rate reportedly hit a record high in the autumn of 2021.

A report by the Iranian parliament’s center for research show capital inventory will be in the negative zone this Iranian calendar year to March 2022 for the third consecutive year.

The 15th Iran Plast exhibition, the largest specialized expo on polymers in the Middle East, has opened in the Iranian capital Tehran in a ceremony with the presence of Oil Minister Javad Owji.

Iran’s Islamic Revolution Leader says the enemy has tried to deal a blow to the country’s economy by waging an economic war.