Economy

Al-monitor — Iran is among the top wheat consumers in the world. Consumption per capita in the country is estimated at 167.6 kilograms (369 pounds) per year, almost three times the global average of some 67 kilograms (148 pounds). At the same time, Iran is one of the driest countries in the world, with an average rainfall of only 250 mm (10 inches) a year, causing huge …

PayvandNews – Asian and European companies are negotiating participation in Iran’s oil and gas development projects which need $200 billion worth of investment, according to Minister of Petroleum Bijan Zangeneh.  Iran looks to absorb 65% to 70% of this sum from abroad, the minister told Iran’s Parliament where he was Tuesday to answer questions about a $5 billion gas deal signed …

RFL/RE – The Iranian government is planning to announce tenders for the exploration of 14 oil-and-gas blocks over the next three months, a top executive at Iran’s NIOC state oil company has said. NIOC Deputy Director Rahim Nematollahi told Reuters in Istanbul on July 10 that the tenders would be offered for joint exploration together with NIOC. Most of the blocks …

RFL/RE – French energy giant Total will sign a multibillion-dollar agreement to develop an Iranian offshore gas field on July 3, Iran’s Oil Ministry said, in the biggest foreign deal since sanctions were eased last year. “The international agreement for the development of Phase 11 of South Pars will be signed on Monday in the presence of the oil ministry and …

Al-Monitor — In its latest plenary meeting June 23, the Financial Action Task Force (FATF) extended a temporary suspension of countermeasures against Iran for another year. The FATF, however, stated on its website that it will keep monitoring progress in the implementation of its action plan in Iran’s banking system. While President Hassan Rouhani’s administration had sought a permanent lifting of the group’s sanctions, pro-Reform media still …

PayvandNews – European aviation giant Airbus says it has signed basic agreements with two Iranian airlines over the purchase of a total of 73 planes. Second Airbus purchased by Iran Air arrives in Tehran on March 11, 2017 (photo by Islamic Republic News Agency) Airbus said in a statement that Iran’s Zagros Airlines would pick up 20 aircraft from the single-aisle Airbus A320neo family and …

PayvandNews – Iran’s growth of gross domestic product (GDP), including oil sector, hit 12.5 percent in the previous Iranian calendar year 1395 (ended on March 20, 2017), the Central Bank of Iran (CBI) reported.  Iran’s GDP stood at 6.691 quadrillion rials (about $178.5 billion) last year, based on the market prices in fiscal year 2011-12. GDP real growth rates for 2016 See: Gross …

Al-monitor – Despite all modernization efforts, Iran is still a cash-based economy where banks and financial institutions play a significant role. Ever since the privatization of the banking sector in the early 2000s, the Central Bank of Iran (CBI) has had to deal with a phenomenon of non-bank credit institutions, which are more commonly referred to as credit and financial institutions (CFIs). The …

Al-monitor – The Central Bank of Iran (CBI) is stepping up its efforts to reform the country’s ailing banking system amid fears that inflation may pick up again. The monetary regulator is “serious” about the reforms, CBI Gov. Valiollah Seif said on the sidelines of a Cabinet meeting May 31. He added that efforts to control inflation will continue and …

PayvandNews – In its latest report, the World Bank (WB) predicted a four-percent growth for Iran’s gross domestic product (GDP) in 2017. According to the same report, titled as Global Economic Prospects (June 2017), the forecasted Ian’s GDP growth in 2017 registers a 1.2 percent drop from the GDP growth previously predicted by WB in January 2017. The country’s GDP growth will …