Economy

Radiofarda – Referring to the pressure placed on Iran by United States sanctions, Iranian President Hassan Rouhani claimed that Iran’s oil revenues dropped “from $120 billion in 2011” to “just over $ 20 billion” in 2019. In a joint video conference with the heads of the other two other branches of the government on Sunday, September 13, Rouhani said that …

Radiofarda – The Iranian rial fell to a record low against the U.S. dollar on Saturday as the Islamic Republic’s economy struggles with the COVID-19 pandemic and U.S. sanctions. Several media outlets and Telegram channels allocated to forex news in Iran reported that the dollar’s price in the Tehran foreign exchange market again reached the record level of 260,000 rials. …

Radiofarda – Farzad Piltan, the Director-General of the Islamic Republic’s Trade Promotion Organization (TPO) ‘s Office of Arabian and African Countries, says that $2.5 billion of non-oil goods were exported to Arab states in the Persian Gulf region in the first five months of the current Iranian calendar year beginning March 20, 2020. Iran’s total non-oil exports to Arab countries …

Al-Monitor – In an economy besieged by sanctions and handicapped by corruption, the Tehran Stock Exchange offered a rare opportunity for making profits and creating wealth. That opportunity, however, has proved to be a mirage. From a peak index of 2,065,114, the exchange — known as the TSE — fell to 1,631,941 last week, signaling a 20% drop, erasing millions of dollars of value …

Radiofarda — The dollar was sold at an almost-record level of more than 250,000 rials in Tehran’s exchange market on Tuesday. Some currency price information channels, which publish the Tehran market’s daily exchange rates, even set the dollar’s price at 25,250 rials during Tuesday’s spike. Earlier on July 19, the price of the dollar hit a new record, increasing to …

Radiofarda – A report published Saturday by the Central Bank of Iran (CBI) says that Iran exported $29 billion of crude oil, gas condensate, natural gas, and other oil products in the previous Iranian calendar year, dating from March 20, 2019 to March 20, 2020. The figure is much less than what Iran exported in the previous year. According to …

PayvandNews – Some 850,000 people have lost their jobs since the outbreak of COVID-19 in Iran until August 1, Masoud Babaei, an official with the Ministry of Cooperatives, Labour, and Social Welfare, said on Monday.  Since the first cases of the disease were identified in the country, numerous businesses were affected, 62 percent of which were in the service sector …

Radiofarda – Mohammad-Reza Pour-Ebrahimi, the Chairman of the Parliament’s Economic Committee, has repeated the allegations that Tehran Stock Exchange (TSE) is “manipulated,” furthering claims that the government of President Hassan Rouhani has manipulated the market and created a bubble the in TSE to augment its own budget deficit. The government of President Hassan Rouhani is expected to have a large …

Radiofarda – In unprecedented remarks, Mohammad Baqer Nobakht, the Vice President of Iran and Head of the Budget and Planning Organization, lamented that “Tehran cannot sell even a drop of oil.” In unprecedented remarks, Mohammad Baqer Nobakht, the Vice President of Iran and Head of the Budget and Planning Organization, lamented that “Tehran cannot sell even a drop of oil.” Speaking at …

VOA – The United States has sanctioned several companies for allegedly allowing the shipment and sale of Iranian petrochemicals. Six companies headquartered in Iran, China and the United Arab Emirates were sanctioned for supporting Triliance Petrochemical Co., Ltd., a Hong Kong-based dealer with operations in Iran, China, the UAE and Germany, the Treasury Department announced Thursday. The U.S. blacklisted Triliance Petrochemical in …