Economy

Radiofarda – An agreement between the National Iranian Oil Company (NIOC) and an organization controlled by Iran’s Supreme Leader was signed today to develop and expand an exisiting oil field. Shana news agency connected with NIOC reported the deal, without mentioning that the contractor, Persia Oil and Gas Industry Development Company, belongs to Imam’s Executive Headquarters, an organization operating under …

VOA – Iran’s economy must stay open despite a rise in the number of coronavirus infections, President Hassan Rouhani said Saturday. He called for a ban on large gatherings, such as at weddings and wakes, to limit the spread of the disease. Iran reported Saturday that in the previous 24 hours, there had been 2,397 new COVID-19 cases and 188 …

Radiofarda 0 Radio Farda has obtained a confidential letter that shows Iran’s IRGC, which holds 49 percent of Khuzestan Steel Mill Company, is attempting to “illegally acquire” the remaining shares belonging to workers. Meanwhile, reports say that the Revolutionary Guard financial holding involved in the case may be transferring its assets to Supreme Leader Khamenei’s office. The steel company is …

Al-Arabia – Iran is determined to develop its oil industry in spite of US sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. “We will not surrender under any circumstances … We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market …

Al-Monitor – Iran has a glut of unused oil as it cuts production amid the COVID-19 pandemic and US sanctions. Crude oil production was at its lowest level in 40 years in June and storage facilities and vessels are nearly full in Iran, Reuters reported today. Iran had 63 million barrels of onshore oil in June. There was a surge in April at …

Reuters – Desperate to afford her daughter’s overseas university fees, 58-year-old retired Iranian teacher Maryam Hosseini withdrew all her savings from the bank to buy U.S. dollars.People wear protective face masks as they look at the electronic currency board at Ferdowsi square in Tehran, Iran July 2, 2020. Picture taken July 2, 2020. Mohamadreza Nadimi/WANA (West Asia News Agency) via …

Radiofarda – Judicial Deputy of Tehran Prosecutor on Monday said many of the exporters flagged by the Central Bank of Iran (CBI) for not transferring currency earnings to the government FOREX system cannot be identified or are “fake entities”. Speaking on a state-run television program on Monday, Mohammad-Reza Sahebi said some of the people whose names are seen on government …

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 …

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 …

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 …