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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
Emami, the benchmark gold coin, fetched 14.41 million rials ($351.4) at its peak on Monday but it recorded respective drops of 170,000 rials and 180,000 rials during the next two days and sold for 14.05 million rials ($342.6) on Thursday.
This is while according to Tehran’s Gold and Jewelry Union, Bahar Azadi, the other benchmark gold coin also cooled down on Wednesday but on a lower scale compared to its sister Emami. It changed hands for 13.53 million rials ($330) until the end of the Iranian week on Thursday.
However, according to gold market analysts, there is still a 2-million-rial ($485) bubble in the price of gold coin–when compared to its global prices–which they deem anomalous, calling on regulating bodies to act swiftly for containing it. Read More
Latest statistics on the presence of foreign banks in 113 countries indicate that only 11 countries are bereft of foreign #banks, including #Iran and Saudi Arabia, according to a recent study by the Tehran Chamber of Commerce
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Iran, Russia, Turkey Presidents Discuss Syria's Political Process
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Iran’s Steel Output Up 21%
Iranian steel mills produced 17.9 million tons of steel since the beginning of January up to the end of October, showing a rise of 20.9% compared with last year’s corresponding period, the latest report released by World Steel Association shows.
According to WSA, Iran’s steel output in October grew by 24.2% year-on-year to hit an estimated 1.98 million tons. Read More
Stocks Gain 0.58% on Tuesday
Tehran Stock Exchange's main index gained 513.40 points or 0.58% to end Tuesday trade at 88,774.2. About 1.65 billion shares valued at $108.8 million changed hands in the day. Read More
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Iran Banking Issues With China, UAE Resolved
A senior Iranian official announced that there are no significant banking issues with China and the UAE, as hurdles with Turkish Halkbank are being removed.
“About two months ago, there were reports that bank accounts of Iranian petrochemical companies in China are being blocked but the issue was mostly resolved through a series of negotiations,” Hossein Yaqoubi, director general of International Affairs Department at the Central Bank of Iran, was also quoted as saying by Fars News Agency. Read More
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Iran Gov’t Sends AML/CFT Amendments to Majlis
President Hassan Rouhani has presented two bills for making amendments to the current Law of Combating the Financing of Terrorism and the Law of Anti-Money Laundering.
According to the introductory section of both laws published on the official news portal of the administration, reforms to the CFT law are meant to better address the definition and inclusion of terrorism-related crimes, differentiate between people or organizations engaged in terrorism, define the geographical inclusion of prosecuting financing of terrorism within and outside the country and following up on crimes against international organizations without a representative office in Iran. Read More
Delegations from #Iran and the European Union attended a political meeting in Tehran on Monday, marking the beginning of the third round of high-level bilateral talks that is to continue on Tuesday with discussions on nuclear cooperation goo.gl/jenU2P
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Insurers Assessing Iran Quake Losses
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No Restrictions on Bank Sepah’s German Operations
Bank Sepah, the oldest Iranian bank, has denied reports in the local media that its Frankfurt branch has been subject to a new round of sanctions, saying foreign exchange operations of the branch remain unhindered.
“The relationship of Bank Sepah with Germany is expanding as agreed upon with the banking officials of Germany. On Friday alone, more than €52 million worth of foreign exchange transactions were conducted in the Frankfurt branch of the bank,” reads a statement by the bank’s head of International Affairs Department published on its official website.
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Iran's Economic Ties With Qatar Booming, Exports Up 117%
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Electronic ID Scheme Ends in March 2019
Secretary of Iran High Council of Cyberspace says every Iranian will have a smart ID card, a cyber identification number, and a digital signature by March 2019.
According to the council’s website, Abolhassan Firouzabadi said, “Smart ID cards, cyber identification numbers and digital signatures are key to establishing and promoting e-governance. Read More
Iranian Banks Closer to Opening Munich, Austria Branches
Iranian banks are expected to open their first branches in Munich as early as the next few months while the next stop is Austria, the secretary-general of Tehran Chamber of Commerce, Industries, Mines and Agriculture in Vienna announced late Thursday, saying this will resolve many trade issues.
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Modern Vs. Traditional: Retail Trends Shifting in Iran
"Official data suggest there are 9,000 online retail stores in Iran. Online purchases in Iran have an annual growth rate of 60%"
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Caspian Oil Swap Steady
Operations to swap the fifth batch of crude oil consignment from the Caspian Sea littoral states to the port of Neka in northern Iran with deliveries in the Persian Gulf were carried out successfully, deputy operations manager at Iranian Oil Pipeline and Telecommunications Company said.
"Close to 1.8 million barrels have been transferred from Neka terminal to Tehran and Tabriz refineries via the 32-inch Sari-Rey pipeline between July 23 and November 14," Shirafkan Qorbani was also quoted as saying Read More
Roadmaps for Iran Social Security Organization Recovery
The research arm of the Iranian Parliament has conducted a thorough study on the dire condition of Social Security Organization–the country's largest pension fund–and offered short- and long-term roadmaps to steer the entity away from a full-blown crisis.
The study conducted by Majlis Research Center notes that SSO is "the biggest fund in terms of members in both its pension account and health insurance services" covering 42 million Iranians who constitute more than half the population of the country.
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TEDPIX Near 4-Year High
Tehran Stock Exchange’s main index TEDPIX gained 2,294 points or 2.7% during the eighth month of the current fiscal year, Aban (Oct. 23-Nov. 21) to end at a near 4-year high of 88,774 Read More
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Tehran Chamber of Commerce Doubles Down on Sound Forex Policies
By keeping the rial overvalued, the administration is in fact subsidizing foreign imports at the expense of domestic production, the head of Tehran Chamber of Commerce, Industries, Mines and Agriculture said, while criticizing the government’s foreign exchange policy again.
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Quake Damage to Kermanshah Agriculture Estimated
The recent earthquake that hit western Iran inflicted losses estimated to be 8 trillion rials ($200 million) on the agriculture sector of Kermanshah Province, the head of Kermanshah Agricultural Jihad Organization said on Tuesday Read more
Iran Turns to Europe to Shore Up Crude Exports
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IDRO Chief Renegotiating Renault Deal in Paris
Head of Iran Industrial Development and Renovation Organization Mansour Moazemi was in Paris over the weekend to renegotiate a deal with Re Read More
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Gold Coin Hits Record
Gold coin prices recorded multiple rallies in the past month to reach their highest value in Tehran’s market on Monday. After significant leaps in recent days, Emami gold coin fetched 14.41 million rials ($351.4)–the highest price in nearly six years.
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Iran’s Most Scenic Lakes🏞
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Iran, Austria Aspire for Pre-Sanctions Trade Target
At a joint event attended by the 36-strong delegation from Tehran Chamber of Commerce, Industries, Mines and Agriculture and its Viennese counterpart, an Austrian official heralded the imminent improvement in Iran-Austria trade ties as banking channels are being restored.
"In 2016, a number of good agreements of cooperation were signed with Iranian companies while one-third of these deals pertained to countries that are active and have representative offices in Vienna," Anton Aufner, director of WIFI International, which is a training institute for economic promotion of the Austrian Chamber of Commerce, said at the event. Read More
Iran Exports to China Up 27% in First Three Quarters of 2017
The value of Iran's exports to China during the nine months to Sept. 30, 2017, witnessed a 27.5% rise compared with last year's corresponding period to stand at $13.88 billion. Read More
Iran Oil Minister Plays Down Total's Exit From Binding Gas Deal
Iranian Oil Minister Bijan Namdar Zanganeh says Total S.A.'s contract with Tehran to develop Phase 11 of the South Pars Gas Field is "legally binding" and the French energy major cannot walk away from the deal under normal circumstances.
Zanganeh made the remark on Saturday on the sidelines of a meeting with Alisher Sultanov, Uzbekistan's deputy prime minister, in response to statements that the gas deal with the world's fourth biggest oil company could hit a roadblock.
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Iran Mulls Virtual Tour Operators
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Singaporean Company Signs MoU to Study Iran Oilfield
Singapore-based Berlanga Group has signed a memorandum of understanding and a non-disclosure agreement with the National Iranian Oil Company on Wednesday to study Iran’s Dalpari Oilfield in the western Ilam Province.
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Imminent Danger of Turkish Dam for Iran, Iraq
Turkey’s plan to construct Ilisu Dam over Tigris River can pose a serious environmental threat to Iraq and eventually Iran by reducing the entry of Tigris water to Iraqi territory by 56%, an official at the Department of Environment said.
Ilisu Dam is under construction. Tigris flows south from the mountains of southeastern Turkey through Iraq. Before flowing into the Persian Gulf, the river joins the Euphrates to form the Arvandroud (aka Shatt-al-Arab) whose water stream along with that of Karkheh River in Khuzestan Province feed Hour al-Azim Wetland on the Iran-Iraq border Read More
Foreign Auto JVs Under Gov’t Scrutiny
The Ministry of Industry has instructed local carmakers and their foreign partners to submit reports of their activities and achievements.
Deputy minister of industries, Mohsen Salehinia says, “Next week a joint session between ministry officials, local automotive companies, parts makers and their foreign partners will be held in Tehran.”
“The companies are required to present reports related to their performance and financial status. The companies are required to report what they have accomplished so far.” Read More
