Economy

VOA – The U.S. government imposed new sanctions on 18 Iranian banks as Washington turned up the pressure on Tehran by further isolating it from the global banking system and hindering the country’s attempts to build nuclear weapons. The steps, which were announced by the Treasury Department in a news release, hit 18 banks that have so far avoided previous U.S. …

Radiofarda – Ten percent of Iran’s population is elderly, with the Gilan province home to the country’s oldest citizens, the head of Iran’s Elderly Health Department of the Ministry of Health disclosed on Tuesday. “Thirteen percent of the population in Gilan, bordering the Caspian Sea, north of Iran, is over sixty years old,” Mohsen Shati told the state-run Iran Labor …

Radiofarda – The chairman of the Iran-China Chamber of Commerce, Majid Reza Hariri, says Iran’s oil revenue this year is “at best $5 billion.” Speaking to the state-run Iran Labor News Agency (ILNA) on Monday, October 5, Hariri refused to present further details on Iran’s oil exports, but noted that Iran’s revenue from selling non-oil exports has also dropped. According …

Al-Monitor – Iran has seen the rial’s value fall by almost half this year as the currency now stands at a record low against the US dollar, triggered by ongoing sanctions, coronavirus restrictions and, according to some experts, Iran’s foreign policy adventures since the 1979 revolution. Iran’s currency dropped to its lowest value ever against the US dollar last week …

Radiofarda – According to data collected from TankerTrackers, Iran has managed to increase its oil exports significantly in September despite U.S. sanctions, Reuters reports. The independent online service reported that, “Iranian oil exports have risen sharply in September in defiance of U.S. sanctions, three assessments based on tanker tracking showed, throwing a lifeline to the Islamic Republic and its collapsing …

Radiofarda – Faramarz Tofiqi, the chairman of Iran’s Wage Committee of the Supreme Labor Council, says that the minimum rate of the “subsistence basket” in Iran increased from seventy-five million rials (about $1,780) in August to nearly eighty million rials (roughly $1900) in September. The subsistence basket is the Iranian version of a model the USSR Institute of Nutrition developed …

Al-Arabia – The Iranian rial fell to a new low against the dollar on Thursday as the country’s economy continues to suffer from the coronavirus pandemic and US sanctions, data showed. The US dollar was selling for as much as 300,000 rials on the unofficial market Thursday, data from foreign exchange website Bonbast.com showed, 2,000 rials up from Wednesday. Dollars …

RFL/RE – Iran has spent nearly $20 billion pushing its controversial foreign policy objectives in the region, the deputy commander of the Islamic Revolutionary Guards Corps (IRGC) said in an interview on state television.Speaking to state TV channel Ofogh on September 26, Ali Fadavi said Iran had spent $19.6 billion on the 1980-1988 war with Iraq while adding that the …

Radiofarda – China’s imports from Iran have dropped to the lowest record in the past decade, with Chinese customs data showing the number falling below $322 million in August. In total, Iran’s exports to China in the first eight months of the Iranian calendar year (beginning March 20, 2020) amounted to $3.85 billion, which is a 62% decrease compared with …

Radiofarda – Once again, the dollar’s value has gained momentum against the Iranian national currency, the rial. In another jump on Saturday, September 26, the dollar passed the 290,000 rials mark and sold for 29,3000 rials in the local open markets. In late July, after a few critical days in the foreign exchange market, the price of the dollar reached …