Friday , 21 June 2019

Economy

Russian And Iran Turn To Barter Trade

Radiofarda – Iran imports Russian equipment and agricultural products in exchange for crude oil it had already sold to Moscow, Russian Energy Minister Aleksandr Novak said on Tuesday, June 18, in Tehran. Novak arrived in Tehran Monday to hold talks with the Iranian Oil Minister, Bijan Namdar Zangeneh. The Islamic Republic state-run monopolized TV&Radio news agency (IRIB) cited Namdar Zanganeh …

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Iran Reports A Huge Drop In GDP As Sanctions Halt Oil Exports

Radiofarda – Iran’s gross domestic product, including oil production, shrank 4.9 percent in fiscal year 2018-19 compared with the year before, according to the latest report by Statistical Center of Iran’s (SCI). Based on the report, published on SCI’s website on June 16, Iran’s overall GDP figure stood at 7,130 trillion rials ($52 billion at current market exchange rates) for …

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Iran Says it Fell Deeper into Recession Last Year than Previously Known

VOA – Iran says its economy fell into a worse recession last year than international organizations expected, as the United States began re-imposing tough sanctions on Tehran’s vital oil industry and other financial sectors. In a report published Sunday, the Statistical Center of Iran said Iranian gross domestic product contracted by 4.9% in the last Persian year that ended on March …

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Iran’s central bank tightens grip on national payment system

Al-Monitor – It is becoming increasingly vital in Iran, with its economy squeezed by US sanctions, to strike a semblance of financial stability. With that in mind, the Central Bank of Iran (CBI) has in recent months started implementing a series of measures in the country’s payment systems to better manage the monetary and foreign currency markets. The new measures, …

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Iran’s Frail Banking Sector Poses a Threat From Within

worldview –Since the 1979 Islamic Revolution, Iran’s banking sector has languished as Tehran has politicized its central bank and monetary policy far more than almost any other country in the world. U.S. sanctions are putting tremendous pressure on Iran’s extremely fragile financial system by sending Iran into a period of stagnant economic growth accompanied by high inflation. President Hassan Rouhani …

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How Iran’s startup sector can realize its potential

Al-Monitor – Experts agree that the promotion of knowledge-based startups would be a suitable remedy to address the intensifying unemployment in Iran. In fact, with youth unemployment at 27.5%, the Iranian authorities need to look for opportunities to create jobs for the country’s young, educated and tech-savvy population. While in recent years a considerable growth has been recorded in information technology (IT) …

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Iran scrambles to lift petrochemical sales as sanctions hammer oil

Reuters – Iran has been racing to step up exports of petrochemicals and tap new markets to compensate for sliding oil sales, Iranian and international industry sources said, but now risks losing that crucial revenue as Washington tightens the screw on sanctions.FILE PHOTO: A man counts Iranian rials at a currency exchange shop, before the start of the U.S. sanctions …

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Oil Minister Says Tehran Sidestepping ‘Smart’ Sanctions

Radiofarda – Iran’s oil minister says the new rounds of U.S. sanctions imposed on the country are markedly different than the previous round, but Iran is finding ways to circumvent them. Describing the new rounds over the past six years as “smart sanctions,” Oil Minister Bijan Namdar Zanganeh told the Iranian Parliament’s official website on June 8 that “the U.S. …

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Russia ‘In Talks With Europeans’ To Be Included In Iran Trade Mechanism

Radiofarda – A Russian diplomat has said that Moscow is in talks with Europeans to be included in the trade mechanism created by three EU members to ease sanctions pressures on Iran. The Russian Permanent Representative to the European Union Vladimir Chizov told Interfax news agency that Russia is holding talks with European countries on being included in the INSTEX …

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World Bank: Iran Likely to Suffer Worse Recession Than Previously Thought

VOA —The World Bank says Iran is likely to experience an even worse recession this year than previously thought, as U.S. sanctions largely choke off oil exports that have been Tehran’s main revenue source. In its latest Global Economic Prospects report published Wednesday, the Washington-based institution that provides loans to countries said it expects Iran’s Gross Domestic Product to shrink by 4.5% …

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