Monday , 6 July 2020

Economy

Iran To Force Exporters To Repatriate Their Hard Currency Earnings Amid Devaluation

Radiofarda – Iran’s Central Bank Governor Abdolnaser Hemmati on Sunday said exporters who have not transferred their foreign currency earnings to the government FOREX system will be summoned for explanations. In a note about the reasons for the drastic devaluation of the national currency, Hemmati said that the deadline for declaring foreign currencies received from exports was two weeks ago …

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Iran’s Rial Hits New Historic Low Against US Dollar, Other Currencies

Radiofarda – The Iranian currency rial fell to new lows against the U.S. dollar in trading on Sunday at Tehran’s exchange market, going above the 220,000 rial to the dollar mark. The battered currency was trading above 210,000 a day earlier and the Sunday, July 5 drop was almost 8,000 rials. The euro traded at 247,950. Iranian officials describe the …

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Central Bank; Where Iran’s Foreign Currency Resources Are Plundered

Radiofarda – The rate of exchange for the U.S. dollar has risen 2,700 times during the past 41 years since the start of clerical rule in Iran under the Islamic Republic system. During the past two weeks the rate has been nearing 210,000 rials per dollar due to an extremely sharp devaluation of Iran’s national currency. The decline has been …

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Striking Workers At Iran’s Agro-Industrial Complex Protest On Streets

Radiofarda – On day seventeen of the new round of strikes at Haft Tappeh agro-industrial complex on Wednesday, workers took to the streets in Shush and chanted slogans about poverty and hunger and against President Hassan Rouhani. Videos posted on social media show a large group of masked workers protesting and chanting “Unity, unity”, “Death to Rouhani”, “Workers will die …

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Iran Lawmakers Want To Set Up ‘Garlic And Lentil’ Caucus In Parliament

Radiofarda – A member of Iran’s parliament, Majles, says that the Board of Directors of the legislative body has so far received about 100 requests for forming parliamentary factions. Alireza Salimi, who is also a member of the parliament’s presidium, added that while the number of requests is increasing, some lawmakers have even proposed launching a “garlic and lentil” parliamentary …

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With Huge Decline In Oil Sales Iran’s Exports Drop Dramatically

Radiofarda – Customs statistics of Iran’s major foreign trade partners show a significant drop in their transactions with the Islamic Republic in the first five months of 2020. Since early 2019, Iran’s customs has stopped publishing its monthly reports and provides only general statistics on the country’s exports and imports of non-oil goods. The latest general figures released by Iran’s …

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Iran’s Rouhani says 2020 ‘most difficult’ year due to US sanctions, coronavirus

Al-Arabia – Iranian President Hassan Rouhani said on Sunday that his country is experiencing its toughest year because of US sanctions coupled with the COVID-19 pandemic. For more coronavirus news, visit our dedicated page. The coronavirus crisis has exacerbated economic problems that worsened after US President Donald Trump withdrew in 2018 from Iran’s nuclear deal with major powers and reimposed sanctions. …

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New U.S. Sanctions Hit Firms Linked To Iran’s Metals Sector

RFL/RE — The United States has unveiled new sanctions against the Iranian metallurgical sector, blacklisting several companies, including domestic and foreign subsidiaries of the country’s main steel producer.The Treasury Department said on June 25 that the sanctioned entities included four manufacturing companies and four sales agents as part of a crackdown on entities believed to fund Iran’s “destabilizing behavior” worldwide.The …

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Housing Prices, Rents Climb Fast As Iran’s National Currency Loses Value

Radiofarda – Real estate prices in Iran’s capital Tehran have risen by 23 percent in the past one month, the Ministry of Housing, Roads and Urban Development has announced. The unprecedented increase in house prices have been in parallel with the devaluation of the national currency and its fall against the U.S. dollar and other major currencies. Compared with the …

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