Iran Economy

Iran’s vice president says knowledge-based economy makes the country resistant to sanctions.

Yalda is the longest night of the year in the Iranian calendar, during which Iranians celebrate winter solstice along with their families.

The International Organization of Securities Commissions has promoted the membership status of Iran’s Securities and Exchange Organization.

Iran says the number of foreign tourists visiting the country has been on the rise recently despite the US sanctions and the Iranophobia project pursued by the country’s enemies.

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.

Turkish President Recep Tayyip Erdogan has highlighted the need for further expansion of bilateral trade between Tehran and Ankara in the face of the US sanctions on the Islamic Republic.

Conservative media in Iran have harshly criticized President Hassan Rouhani for implying that the costs of living will be increased by 20% without cooperation with foreign banks.

Iranian President Hassan Rouhani says the US has failed to negatively impact the Iranian economy by re-imposing its sanctions in November, as life has been made much easier for people since then.

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.

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’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 President Hassan Rouhani says Tehran and Baghdad are determined to raise the value of their bilateral trade to $20 billion per year, from the current $12 billion.

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.

All the 700,000 barrels of crude oil released at Iran’s energy bourse were sold out at a rate of $64.97 in the second phase of supplying the Iranian crude oil through the market.

The Iranian government has officially exempted all schools from paying water, power, and gas bills in a bid to decrease the money parents are required to pay in order to enroll their children.

Ayatollah Seyyed Ali Khamenei , the Leader of Iran’s Islamic Revolution, has ordered top officials to take “decisive decisions” to handle key challenges facing the country’s economy, including a plunge in the value of national currency.

Governor of the Central Bank of Iran Abdolnasser Hemmati says Tehran and Moscow are seeking to carry out transactions using their national currencies, gradually ditching dollar and other currencies in their trade relations.

A senior Iranian official says the number of tourists who visited Iran in the first six months of the current Iranian year (started March 21) rose by 51 percent compared to the same period in the past year, and that cheap prices is expected to lure more tourists.

The Leader of Iran’s Islamic Revolution Ayatollah Seyyed Ali Khamenei says the country will definitely foil the enemy’s economic plot and overcome the sanctions through unity.

Lorry drivers in Iran have staged temporary strikes during the recent months, calling on the authorities to increase their wages and control the tyre market, which has put the drivers under great pressure.

Iran’s Statistics Centre says the country’s economy posted a 1.9-percent gain in the three months to June 21, 2018, exclusive of oil sales.

Media reports show that people of Iraq, and also other neighbours of Iran, are flocking to border markets of the Islamic Republic amid the historic devaluation of rial, turning basic commodities into rare goods for local residents.

A Turkish business official says Iran and Turkey could move to create a joint bank to facilitate economic cooperation, saying it would help the two countries achieve a $30 billion target for bilateral trade.

Apple’s latest flagship iPhone series, XR and XS, have been put up for pre-order in Iran, but the prices are so astronomical that only the super rich can afford them!