Economy

PayvandNews – The Iranian minister of cooperatives, labor and social welfare has said that the country has a potential to earn $7 billion in revenues through attracting one million health tourists on a yearly basis. Relative wallet-friendly services can be considered as the main advantage of medical tourism in Iran, Ali Rabiei said in an address to an international conference held …

Al-monitor – The Iranian economy consists of three distinct sectors: public, private and semi-state — which includes religious, revolutionary, military foundations and cooperatives, as well as social security and pension funds. Experts agree that as a result of flawed privatization processes in the past three decades, the ownership of top governmental enterprises has been transferred to the semi-state sector. Consequently, gradually the semi-state sector has become the …

Washington Post— Iran’s official news agency says two Iranian companies have signed the country’s biggest-ever car deal with French multinational automobile manufacturer Groupe Renault to produce 150,000 cars, beginning in 2018. IRNA says the deal was signed on Monday in Tehran. The €660 million — or $778 million — deal follows the lifting of international sanctions after Iran’s 2015 nuclear agreement …

PayvandNews – Speculations are rising that Iran’s oil exports to China would rise to the highest levels over the past 11 months in August.  Reuters in a report highlighted speculations that the rise in Iran’s exports to China would follow a recent decision by the Islamic Republic to cut the prices for its heavy crude oil. cartoon by Arvin Crude and …

CHRI – Eight workers at one of Iran’s largest and oldest agricultural companies remain detained without bail after being arrested for demanding unpaid wages and benefits. At least 13 workers who had been protesting since mid-July 2017 after not being paid their salaries and insurance allowances by the Haft Tappeh sugarcane company near Shush in Khuzestan Province were detained on July …

Al-monitor – The economy dominated Iran’s recent presidential election. Hassan Rouhani, the incumbent, argued that integration into the global economy is the only path to prosperity and job creation, while his rivals accused his administration of having ignored the poor. Rouhani’s opponents also promised to create millions of jobs,double the size of the economy and triple monthly cash payments to low-income families. In the end, most Iranian voters preferred Rouhani’s path. Whether President …

AL-monitor – In Iran, concerns are growing that banks may be facing the same fate as credit and financial institutions (CFIs), many of which are believed to be on the verge of collapse. CFIs, many of them unlicensed, have caused major disruption in the Iranian financial system in the past decade. The Central Bank of Iran (CBI) is under rising pressure from the …

Al-monitor – In terms of economic management, containing inflation has been one of the most significant achievements of Iranian President Hassan Rouhani’s first term in office. The Rouhani administration managed to reduce inflation from close to 40% in mid-2013 to 7.2% in the Iranian year ending on March 20, 2017. As a result, Iranian politicians have been promising a single-digit inflation rate over the next …

PayvandNews – The National Iranian South Oil Company (NISOC) and Russia’s Zarubezhneft have signed a memorandum of understanding to develop two oil fields in southwest Iran.  The agreement signed in Tehran Monday allows the state-run Russian company to conduct technical surveys on Shadegan and Rag Sefid fields in Khuzestan Province. NISOC Managing Director Bijan Alipour, who signed the agreement, said Zarubezhneft …

Al-monitor – Iran’s First Vice President Eshaq Jahangiri, who also serves as head of the Resistance Economy Command Headquarters, last month unveiled a comprehensive employment plan that envisions the creation of 971,700 jobs by the end of the current Iranian year (March 20, 2018). This target could be achieved if the allocated 215 trillion rials ($6.6 billion) in credit is secured, and most importantly, if …