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TEHRAN, Jan. 08 (MNA) – CBI deputy governor has reported on attraction of financial resources worth 7.2 billion dollars through three international banks. Deputy Governor of the Central Bank of Iran (CBI) for Foreign Exchange Affairs Gholamali Kamyab, while pointing to foreign exchange projects pursued by CBI in the field of Resistance Economy, said attraction of 10 billion dollars of external resources remained as one objective defined by the central bank in the area of Resistance Economy. Continue reading
Iran Air has taken the delivery of an Airbus A321, which will be the first jetliner to be delivered to Iran from among 100 planes the French planemaker has agreed to supply after the lifting of economic sanctions last year. Continue reading
The agreement this week between Royal Dutch Shell and National Iranian Oil Company has opened a new chapter in the company's relations with Iran after the lifting of sanctions, Hans Nijkamp, Shell's head of the department of Iran affairs said. He made the statement after signing three memoranda of understanding in Tehran on Wednesday which allows the Anglo-Dutch company to carry out studies on the South Azadegan and Yadavaran oil fields as well as Kish Gas Field, Shana reported. Continue reading
When it comes to opportunities in e-commerce and retail, Iran holds great promise. Multiple-years of sanctions have kept global giants like Amazon and Apple out of the country. But now that the sanctions against the country have ended, Brittain Ladd, a former senior manager with the leading consulting firm Deloitte and a globally recognized expert on business, strategy, supply chain management and operations, believes that it is in the best interest of all to work with Iran. Continue reading
Iran signed an array of deals worth a total of €30 billion ($33 billion) during President Hassan Rouhani's second leg of his Europe visit to France, according to Bloomberg calculations. Some media outlets like British newspaper The Independent put the overall figure at a whopping €40 billion. The deals were signed in a special ceremony attended by President Rouhani and his French counterpart Francois Hollande at the Elysée Palace in Paris. Continue reading
US Secretary of State John Kerry sent a letter to his Iranian counterpart Mohammad Javad Zarif on Sunday, reassuring him that the US administration will meet all its commitments under the July nuclear deal despite the new visa restrictions on travelers to Iran, signed into law by President Barack Obama on Friday. Continue reading
A high-ranking Swiss trade delegation is scheduled to visit Iran in February to explore new areas of economic relations with Iran, said Switzerland's former ambassador to Iran said. Livia Leu Agosti, who is currently a delegate for trade agreements at the State Secretariat for Economic Affairs (SECO), made the statement in a meeting with the head of Trade Promotion Organization, Valiollah Afkhamirad. The upcoming visit will be the second by a Swiss delegation to Iran in 2015, Mehr News Agency reported. Continue reading
The housing sector is languishing for a third consecutive year in recession with no respite in the foreseeable future. Analysts like Hesam Oqbaei, head of Tehran Association of Realtors hold the view that by the next Iranian year (starts March 21, 2016) the key sector will eventually awake from its slumber. However, he adds that if the government fails to take effective action to address the compounding ills of the housing market it may face total insolvency with stagnation persisting for another four years. Other experts like Hussein Abdo Tabrizi, advisor to the minister of roads and urban development, blame opportunists and greedy middlemen who refuse to sell their property waiting for fatter profits. Continue reading
The Central Bank of Iran will inject foreign exchange into the market in the coming days, the head of CBI's Export Department said late Sunday warning companies not to bank on higher rates for hard currencies. "The CBI can easily manage the supply of foreign exchange into the market after the nuclear sanctions are lifted, as more foreign investments would be attracted and international banking operations would become less costly," the CBI website quoted Samad Karimi as saying. Continue reading
Iran, one of the largest emitters of carbon dioxide, is targeting a 12% reduction in greenhouse gas emissions by 2030. Massoumeh Ebtekar, head of the Department of Environment, was quoted by the local media on Saturday as saying that Iran's climate action plan — approved by the government last week — aims to curb the country's greenhouse gas emissions by overhauling policies and investing in new technology. Continue reading
The nuclear deal reached between Iran and world powers could lead to better relations between Tehran and Washington if the United States apologized for past behavior and modified its policies, President Hassan Rouhani was quoted as saying on Thursday. The president, who championed the July 14 deal, has pushed for closer engagement with the West since his 2013 landslide election win. Continue reading
The Iranian government is raising 180 trillion rials ($5 billion at market exchange rate) by selling Ejareh Islamic bonds, says deputy economy minister and the country's treasurer, Seyyed Rahmatollah Akrami. The Ministry of Economy and Financial Affairs is coordinating with the Securities and Exchange Organization for the bond offer, Boursepress reported. Continue reading
In preparation for foreign investment, the administration of President Hassan Rouhani, including the Securities and Exchange Organization of Iran and other state bodies, has set up specialized task forces. Now, the Iranian private sector is also stepping up to the plate. Continue reading
Sanctions relief will allow Iran to reconnect to international financial markets, import previously restricted goods, expand export markets and receive greater foreign direct investment. Since signing the Joint Comprehensive Plan of Action on July 14, the Iranian government has sought immediate and maximum sanctions relief to alleviate external pressure and stabilize the economy. Continue reading
The latest economic incentive package unveiled by the government has been in the headlines since it was announced with much fanfare two weeks ago. It is seen by many as a change of course by the administration from strict monetary tightening to tackling recession by stimulating demand. The government's stated goals are mainly quantitative easing measures such as a cut in banks' reserve requirement ratio, increasing auto loans and loans for buying home appliances. Continue reading
Reinsurance, opening new branches, purchasing domestic insurers' shares and joint investments in the industry are among potential opportunities for cooperation with foreign firms, according to a senior official at the Central Insurance of Iran. Rahim Mosadeq, CII deputy for planning and development, pointed to the ongoing talks with foreign insurers regarding investment in Iran's insurance industry and said that there would be changes in regulations for foreign insurance companies willing to join the industry, Fars News Agency quoted him as saying on Friday. Continue reading
The Producer Price Index in the 12-month period ending September 22, which marks the end of summer, increased 6.6% compared to the same period of last year. Mehr News Agency also cited the Statistical Center of Iran's latest report as saying on Monday that the PPI index indicates a 0.6% decrease compared to last summer, the report said. Continue reading
The goods and services Consumer Price Index for urban areas increased 13.3% in the 12-month period ending October 22, which marks the end of the Iranian month of Mehr, compared to the similar period of last year, according to the latest report by the Statistical Center of Iran. Continue reading
The International Monetary Fund (IMF) says the recent agreement to remove most economic sanctions on Iran will be positive news for the global economy. According to the fund, the expected lifting of economic sanctions following Iran's nuclear deal means the combination of positive external demand, wealth, and terms-of-trade shocks would entail a cumulative 15 % increase in real GDP during the next five years relative to a baseline scenario of sustained sanctions. Continue reading