Iran Economy

An Iranian parliamentarian says using alternative foreign currencies in international financial transactions will ease psychological pressure on the dollar market.

The Central Bank of Iran says it has never recognized bitcoin and other cryptocurrencies as official currency within the boundaries of the Islamic Republic and conducts no transactions in them.

Iran’s former minister of economy and finance, Ali Tayyeb-Nia, has been awarded the prestigious Lee Kuan Yew Prize, said Singapore’s Ministry of Foreign Affairs in a letter to Iranian embassy in Singapore.

Iran’s parliament has passed general outlines of President Hassan Rouhani’s new budget bill after initially rejecting it over concerns that the proposed cuts could hit vulnerable people the hardest.

The Iranian Parliament on Sunday disapproved the framework of the budget proposed by the Rouhani administration for the upcoming fiscal year (March 2018-19).

Police in Tehran have shut down several currency exchange shops and arrested a number of money changers suspected of being behind a recent turmoil in exchange rates.

Mohammad Baqer Nobakht, the spokesman for the Iranian government, says the country's unemployment rate has decreased and economic growth rate has increased during the past Iranian fiscal year.

A document released on the website of the US Central Intelligence Agency shows that the Islamic Republic outstrips the United States in terms of reserves of foreign exchange and gold.

Iranian President Hassan Rouhani assured the nation that the country’s foreign exchange revenue far outstrips the spending, stressing that foreign exchange reserves will even grow in future.

president Hassan Rouhani said improving the economic situation of Iranians tops the agenda of his government, in an attempt to appeal to the public, which has grown increasingly critical of his economic performance.

Iranian parliamentarians have given the go-ahead to “financing” sources of income proposed by the government in next fiscal year’s budget bill.

An Iranian lawmaker believes that the removal of the US dollar from Iran’s international transactions could facilitate banking relations.

A journalist says Russia and China’s support for Iran comes at the expense of Tehran’s trade and industrial development.

Unlike earlier estimations, Tehran Stock Exchange market has not only remained unaffected by the anti-Iran rhetoric of US President, but also has ridiculed his rhetoric by showing a significant growth in some terms.

The International Monetary Fund has in its latest World Economic Outlook announced that Iran's economic growth rate in 2016 was 12.518% year-on-year and its unemployment rate rose to 12.450%, while the inflation rate fell to 9.03%.

An Iranian analyst believes deregulation of the Iranian economy is the most suitable solution for strengthening the country's economy.

Extracting vegetable oil in front of customers has turned into a booming business in recent years in Iran as it is profitable and does not need much investment.

An Iranian official says the trade volume between Iran and Saudi Arabia stands at zero and the two sides have no economic relations with each other.

Which are the most profitable markets for investment in Iran? This is perhaps the main question lingering in the minds of all investors and even those who are seeking to launch a business in Iran with their savings.

Iran’s Parliament speaker says the Islamic Republic and South Korea have great potentials for investment and job creation, and both are interested in expanding their trade cooperation.

An official at the Iranian Ministry of Industry, Mine and Trade says an ultimatum has been given to the foreign clothing brands operating in Iran to increase their production in the country and boost exports of their products from the Islamic Republic.

Signs are emerging that show the Eurasian Economic Union (EEU) – the Russia-led single market – is seeking deeper links with Iran after the re-election of President Hassan Rouhani.

Assessments and reports by international organizations indicate an improvement in Iran’s performance and ranking in most of the international economic indices during 2013-16, the period of time when President Hassan Rouhani was in office.

Iranian presidential candidate Mohammad Baqer Qalibaf says, if elected, he will turn the foreign ministry into the “Ministry of Foreign Affairs and International Trade” so that the foreign policy apparatus can help improve Iran’s domestic economy.

With nominations now closed for the May 19 presidential election in Iran, the likely shape of the contest is beginning to emerge.