Wednesday , 23 September 2020

Economy

Rial At Record Lows Against The Dollar As U.S Announces Sanctions

Radiofarda – Immediately after the United States announced the return of international sanctions on Iran on Sunday, the dollar exchange rate set a new record high with a 2.5 percent increase to the rate of 273,000 rials per dollar. The U.S. dollar exchange rate was 160,000 rials at the beginning of the current Iranian calendar year starting March 20, but …

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Iranian rial drops to lowest level as US pushes to restore UN sanctions

Al-Arabia – Iran dismissed US efforts to restore all UN sanctions on the country as mounting economic pressure from Washington pushed the local currency down to its lowest level ever on Sunday. Iran’s currency dropped to 272,500 to the US dollar at money exchange shops across Tehran. The rial has lost more than 30 percent of its value to the dollar since …

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Coronavirus Pushes Iran’s Tourism to the Point of No Return

Radiofarda – Ali Asghar Mounesan, Iran’s Minister of Cultural Heritage, Tourism and Handicrafts, says that if coronavirus-related restrictions persist, the country’s tourism industry will be eradicated and all parties involved will be “bankrupt.” Mounesan also announced that he would meet with Iran’s Health Minister, Saeed Namaki, to attempt to lift travel bans within the next week. “To prevent the destruction …

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CBI Will Heavily Inject Dollars Into Local Market

Radiofarda – With the rial, Iranian’s national currency, recently setting a new low record against the U.S. dollar, the Governor of the Central Bank of Iran (CBI), Abdol-Nasser Hemmati, says that, along with “heavily injecting” foreign currencies into the local forex market (NIMA), the bank has permitted the petrochemical, steel, and mineral conglomerates to sell their forex income from exports …

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Khamenei’s Office finds a way to circumvent US sanctions

Radiozamahe – Barkat Pharmaceutical Group wants to look legitimate in order to expand its international business and financial network. But Barkat is owned by Setad, an organization under the direct rule of Iran’s Supreme Leader and sanctioned by the US government. Barkat, therefore, found a way to mask its ownership. In 2019, a secretly quiet company, named Karandish Doran Moaser …

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High unemployment forces Iranian Kurds into smuggling, with deadly consequences

Al-Monitor – The plight of Iran’s mountain couriers is once again under the spotlight after the Islamic Republic’s border guards shot dead at least 15 of them this summer, local officials said. In Iranian Kurdistan, mountain couriers are relied on to carry commodities across the Iraqi border. They are locally known as a “kolbar,” a Kurdish word meaning someone carrying heavy loads over their shoulders. In recent years, …

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Iran’s Oil Minister Seeks Help From IRGC Controlled Firm To Export Oil

Radiofarda – Highlighting his “great efforts to circumvent the sanctions,” Islamic Republic Oil Minister Bijan Namdar Zanganeh disclosed that he had sought assistance from Khatam al-Anbia Headquarters (KAH) to export Iranian oil. KAH is an Iranian engineering firm controlled by the Iranian Revolution Guard Corps (IRGC). Speaking at a public session of Iran’s Majlis Parliament on Tuesday, September 15, Namdar …

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Iran’s Oil Revenue Dropped to Less than $20 Billion, Rouhani Says

Radiofarda – Referring to the pressure placed on Iran by United States sanctions, Iranian President Hassan Rouhani claimed that Iran’s oil revenues dropped “from $120 billion in 2011” to “just over $ 20 billion” in 2019. In a joint video conference with the heads of the other two other branches of the government on Sunday, September 13, Rouhani said that …

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Rial at its Lowest Against Dollar, Again

Radiofarda – The Iranian rial fell to a record low against the U.S. dollar on Saturday as the Islamic Republic’s economy struggles with the COVID-19 pandemic and U.S. sanctions. Several media outlets and Telegram channels allocated to forex news in Iran reported that the dollar’s price in the Tehran foreign exchange market again reached the record level of 260,000 rials. …

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