Economy

PayvandNews – Iran’s tourism chief has called for a partnership between domestic travel companies and associated businesses to help organize ‘Tabriz 2018‘, an event which marks the naming of Tabriz as the capital of Islamic tourism. In December 2015, the inter-governmental Organization of Islamic Cooperation selected Tabriz, northwestern East Azarbaijan province, as the capital of Islamic tourism for 2018. “The …

PayvandNews – Iran says it had received a proposal from Qatar to increase the level of trade between the two countries by five folds. The announcement was made by Iran’s Minister of Industry, Mines and Trade Mohammad Shariatmadari after a meeting with the visiting Qatari Economy Minister Ahmed bin Jassim al Thani.

PayvandNews- The Statistical Center of Iran announced that the inflation rate for the 12-month period ended on the last day of the eighth Iranian calendar month of Aban (November 21) compared to the same period in the previous year hit 8.4 percent.

Reuters – Iran is pushing to retain customers for its oil in Asia, hoping that price reductions will boost the appeal of its crude compared with other Middle Eastern supply even as the potential threat of further U.S. sanctions on the country looms. The National Iranian Oil Company has in the last few weeks offered spot cargoes, ranging from light …

PayvandNews – The value of the Iranian rial has again dropped in recent days, reaching a new record low for the national currency. On November 13, one U.S. dollar was exchanged at 41,100 rials, indicating an increase of more than 500 rials in just under two weeks. The euro showed a similar trend reaching 48,900 rials, jumping more than 1,000 …

Al-Monitor – In the early 2000s, as Iran drafted ambitious plans to exploit its huge gas potential, allocating some of the gas for the production of liquefied natural gas (LNG) was firmly on its agenda. In fact, three projects were outlined: Pars LNG, a joint venture between Total (50%), the National Iranian Oil Company (NIOC, 40%) and Petronas (10%); Persian …

Al-Monitor – The rising issuance of various Islamic sukuk and, in particular, Islamic Treasury bills in the past three years in Iran is seen as evidence of the success and allure of the Iranian debt market.However, it should be noted that widespread sales of Islamic Treasury bills on Iran’s nascent bond market come at a price. Perhaps the most important factor contributing to the sales of bonds has …

Al-Monitor – All countries face the phenomenon of an “informal economy.” Focusing on the definition of that term — which means all economic activities that are not covered or are insufficiently covered by formal arrangements, not including illicit activities — a World Bank report finds: “Informality arises both from a lack of development and poor governance, and each of them to a different …

PayvandNews – Iran’s crude steel exports are expected to reach a record high of 8 million tons by the end of the current Iranian calendar year (March 20, 2018). Mobarakeh steel plant in Isfahan, Iran (file photo by Islamic Republic News Agency) Head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), Mehdi Karbasian, said the country exported 3.5 …

RFL/RE – Russian President Vladimir Putin is due to discuss the conflict in Syria and energy cooperation with Iranian President Hassan Rohani and Supreme Leader Ayatollah Ali Khamenei when he visits Tehran on November 1, the Kremlin says. Kremlin spokesman Dmitry Peskov told a conference call with reporters on October 31 that “Syria-related issues will be on the agenda of the …