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First Iranian English Economic Daily financialtribune.com twitter.com/fintribune Contacts, ads: @FTD_ADS_Bot Print subscription: +982142710123 Digital subscription: financialtribune.com/subscription-plans
Iran-Azerbaijan Railroad Linkup: 1st Astara-Astara Pilot Train in Dec.
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Iran 🇮🇷, Russia 🇷🇺 Sign MoU to Expand Cooperation in Housing and Construction Sectors
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Challenges in Setting up Effective Compliance Department in Iran Banks
Perspective
According to the CBI directive reported in Financial Tribune on Oct. 22, banks and financial institutions are obliged to set up an independent compliance department. Whilst this action is commendable on the part of policymakers, one cannot lose sight of the fact that establishing an independent compliance function is a complicated and sophisticated process and demands dedicated, determined and progressive management to embark on such a project with the necessary tools and means to ensure success.
The past experience of setting up compliance functions in Europe and US serves to provide a reminder that the key practical challenges in effective implementation of this function are manifold and should not be underestimated. Read More
Iran Passes New Regulations to Facilitate Foreign Finance
The government’s Economic Council has passed a new set of regulations with the aim of facilitating the approval of foreign finance for all eligible local applicants.
According to the recent regulations, the process of assessing the applications of executive bodies to use foreign finances for issuing letters of credit will be handled in the Central Bank of Iran within two months of the submission of the application. Read More
4 Favorite Autumn Destinations in Iran
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Iran Health Ministry Signs €1.8b Deal With UK's IHG
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2 Iranian Rating Firms Licensed
Securities and Exchange Organization of Iran, the country's stock market regulator, has for the first time issued permits for two Iranian private rating agencies.
According to Tehran Stock Exchange's CEO, companies willing to act as a rating firm can apply to SEO to acquire licenses provided they have a foreign company as a partner, Fars News Agency reported.
“Rating firms can make certain financing tools much more appealing for investors and securities' issuers on the stock market,” Hassan Qalibaf-Asl was also quoted as saying. Read More
Yadavaran Oilfield Total Output Tops 100 Million Barrels
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Iran-Iraq Bank Can Help Boost Trade
The head of Iran-Iraq Chamber of Commerce believes that the establishment of a joint bank could considerably facilitate bilateral trade between the two allies, in view of the significant volume of exports from Iran to its neighboring country.
“The establishment of an Iran-Iraq joint bank is both necessary and feasible, but lack of determination from both sides has been the most important obstacle to the formation of this bank,” Yahya Al-e Es’haq was also quoted as saying Read More
CI Ratings Affirms Iran’s Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, on Friday announced that it has affirmed Iran’s long-term foreign and local currency sovereign ratings at ‘BB-’ and its short-term foreign and local currency sovereign ratings at ‘B’.
The agency said the outlook for Iran’s ratings has been affirmed at ‘Stable’. Read More
Trade Deficits Scrutinized
Iran’s National Export Day was marked in a ceremony held in Tehran on Saturday.
“Given the country’s capacities and capabilities, including educated young people, engineers, technicians, skilled labor force, abundant mineral reserves, unique geopolitical situation, vast sea borders and access to free waters, it is not far off the mark to say Iran’s share of world trade should stand at 1% per year at least. As such, the government plans to increase exports to reach $180 billion by 2025,” Shariatmadari was quoted as saying by Mehr News Agency. Read More
4 Historical Hotels in Iran
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South Pars Crude Output at 19,000 bpd in Six Months
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Italian Firm to Build 910MW Power Station in Iran
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Dairy Exports to Hit $1b
Interview
Iran is one of the top milk producers and has ambitious plans to grab a bigger share of the global milk and dairy market.
In an interview with Financial Tribune, Deputy Agriculture Minister Hassan Rokni estimated that Iran’s dairy exports will hit a record high of $1 billion by the end of the current Iranian year (March 20, 2018). Read More
Caribbean #FLNG will be stationed at #Iran's South Pars gas field by mid-2018, NIOC announced
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Business-Friendly Forex Overhaul by March
The Central Bank of Iran will conclude the process of overhauling the country's foreign exchange policies and rules by the end of the current Iranian year in March 2018, making them more business-friendly.
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Iran Khodro, Hyundai PowerTech Sign Joint Venture Deal
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Iranian capital market beat all its rival markets, namely gold, forex and real estate, in terms of return on investment
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Majlis Think Tank:
Iran Construction Sector to Grow After Long Slump
The research arm of the Iranian Parliament has forecast a positive growth for the construction sector for the fiscal 2017-18 after a longstanding downturn took its toll on a sector deemed vital for the Iranian economy.
According to the analytical report by Majlis Research Center, the Iranian construction sector will register a positive growth for the first time in five years, as the housing sector was mired in recession, the government's construction spending had declined and so did investments in related sectors of the economy.
financialtribune.com/articles/economy-business-and-markets/74834
Iran, Chinese Firm Sign PV Panel Deal
The Industrial Development and Renovation Organization of Iran and China's Znshine PV-Tech Company signed a memorandum of understanding on Sunday to set up an automated production line of photovoltaic panels in Iran.
financialtribune.com/articles/energy/74810
Pretoria Hosts South Africa-Iran Business Forum
The South Africa-Iran Business Forum was held in Pretoria, South Africa on Monday, with Iran Foreign Minister Mohammad Javad Zarif addressing the opening ceremony.
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Tax Administration Defends Monitoring of Bank Transactions
H ead of the Iranian National Tax Administration Kamel Taqavi-Nejad said it’s perfectly legal for the administration to monitor banking transactions to prevent tax evasion.
“There are people who suggest that probing into people’s income and bank account is against the law, whereas they are either ignorant about the rules and regulations, or pursuing their own interests,” IRNA quoted Taqavi-Nejad as saying.
Noting that reforms have been introduced to criminalize tax evasion, the official said those involved with the illegal practice will face investigation. He had earlier said that tax evasion stands at between 140 and 300 trillion rials ($3.5-7.5 billion) in the country due to the underground economy, smuggling and lack of transparency.
Iran Business Environment Improves
Iran’s National Business Environment Index has improved in the first quarter of the current fiscal year (March 21-June 21) compared to the previous quarter, according to the results of a country-wide study undertaken by Iran Chamber of Commerce, Industries, Mines and Agriculture.
The index reached 5.69 points this spring, which signifies a slight improvement compared to last winter’s 5.83 on the back of better economic factors, Read More
Iran Keeping Hopes Alive for Natural Gas Export to Europe
In an interview with IRNA on Friday, Mohammad Hossein Adeli, the secretary-general of the Gas Exporting Countries Forum, kept the door open for Iran’s gas export to Europe through pipeline and in the form of liquefied natural gas.
“Both methods have their advantages,” said Adeli, whose second two-year term as the GECF chief will end by the end of the year. Read More
Banks Obliged to Set Up Compliance Department
The Central Bank of Iran in its latest directive publicized on Saturday obligates all certified financial institutions to establish an independent compliance department, as it moves to plug the hole on Iranian banks' shortfalls in meeting global anti-money laundering and combating terrorism financing regulations.
The "directive for adhering to rules and regulations in credit institutions" was officially communicated to all Iranian financial institutions on Thursday with the aim of "curbing potential damages resulting from legal fines and penalties, disciplinary punishments and adverse impacts on the reputation of banks", as mentioned in the directive's text. Read More
Iran, Turkey Finalize Nat’l Currency Swap Agreement
F ollowing several rounds of negotiations between Iranian and Turkish officials, governors of the two countries’ central banks announced on Thursday that the final agreement for conducting bilateral trade in local currencies has been signed.
According to the agreement, the central banks of Turkey and Iran have allocated a credit of 5 billion lira ($1.4 billion) and its equivalent in rial to their respective agent banks to be used as letters of credit with a repayment period of one year for both countries' traders, the Central Bank of Iran’s official website reported. Read More
Iran Monitoring Going Smoothly
The UN atomic watchdog chief said on Thursday his inspectors had yet to encounter problems with Iran a week after US President Donald Trump refused to certify that Tehran was complying with the 2015 nuclear deal. In a significant US policy shift on Oct. 13, Trump disavowed Iran’s compliance with the deal it sealed with world powers and launched a more aggressive approach toward the Islamic Republic over its missile development activity. Read More
Fate of Cryptocurrency in Iran Hangs in Balance
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The Iranian capital market’s first foreign currency exchange-traded fund is expected to come on stream next week goo.gl/Y6kCUa
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