Economy

iranintl – The bloody invasion of Israel by the Iran-backed Palestinian Hamas has caused a tumble in the Iranian economy, with the rial falling and stock market in decline.  The bloody invasion of Israel by the Iran-backed Palestinian Hamas has caused a tumble in the Iranian economy, with the rial falling and stock market in decline.  At the opening of …

iranintl – Due to Iran’s raging inflation and stagnant economy, the minimum wage has fallen so far behind that tens of million have joined the ranks of “the working poor.” Etemad, a prominent reformist daily in Iran, published an article on Wednesday, highlighting the alarming growth of poverty affecting workers whose incomes have fallen below the poverty line. The paper …

iranintl – A new report by the World Bank has put Iran among the worst countries in the world in terms of Worldwide Governance Indicators.  The international financial institution collected data from over 30 think tanks, international organizations, non-governmental organizations, and private firms worldwide to encompass a wide range of perspectives on governance. However, in Iran’s secretive regime, even its latest …

iranintl – The chairman of Iran’s chamber of commerce says he has heard rumors that the government intends to meet the standards of FATF, the global money-laundering watchdog.  Hossein Selahvarzi, the chairman of Iran’s Chamber of Commerce, Industries, Mines and Agriculture said Sunday that there is “unofficial news about the accession to the money-laundering watchdog, the Financial Action Task Force (FATF) and the possibility of more serious economic negotiations.”  Iran’s previous …

iranintl – Amid rising oil prices, four OPEC+ sources said Friday that the organization is unlikely to tweak its current oil output policy when a panel meets next Wednesday. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, are set to meet on October 4. The panel, called the Joint Ministerial …

iranintl – Iran’s Statistical Center has reported an inflation rate of 46 percent, indicating no significant change despite rise in oil sales and the release of frozen assets. According to the latest report from ISC, the point-to-point inflation rate is approximately 40 percent, signifying that Iranian households now spend 40 percent more on purchasing an “identical set of goods and …

iranintl – Iran’s economic freedom ranking for 2023 has placed it at a dismal 160 out of 165 countries surveyed, Canada’s leading think tank said in its latest report.  The Fraser Institute, in its latest Economic Freedom of the World report, measured the extent to which a country’s policies and institutions support economic freedom, with data from 2021 serving as the …

iranintl – Faced with an apparent financial crunch to subsidize bread, the Iran is gradually raising prices, a move that can have both political and inflationary repercussion. To avoid public blame and anger the government is trying to redirect the responsibility to provincial officials, although the central government would remain the main decision maker. Iran’s economy minister Ehsan Khanzoudi said …

Al-Monitor – In September 2022, the massive “Woman, Life, Freedom” protests began in Iran. However, beyond the movement’s primary slogan, the eruption of social discontent one year ago was significantly fueled by the economic deficiencies  stemming from widespread corruption and incompetence. Davoud Souri, an economist at Saman Bank in Tehran, said in October 2022, “Economic dissatisfaction has a huge contribution” to the …

iranintl – As the Iranian government claims economic successes, a central bank report shows the money supply increased by 45% this year, heralding more high inflation. President Ebrahim Raisi has been making speeches claiming to have controlled inflation and reduced money printing, promising that the 50-percent inflation rate will drop to 30 percent in March 2024. However, a report by …