Economy

Radiofarda – The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) updated the list of Iranian ships subject to sanctions on Sunday, June 7, and added several other Iranian ships and oil tankers to the list. Titled as Iran Non-proliferation Weapons of Mass destruction Sanctions, the new list names 123 Iranian vessels, including cargo ships and oil tankers. However, the U.S. …

Radiofarda – Congressional Republicans are planning to introduce legislation this week to ensure tougher measures targeting Iran that would add to President Donald Trump’s “maximum pressure”. Washington Free Beacon first reported the story based on information it received from the Republican Study Committee (RSC), the largest GOP caucus in Congress. The report says that Iran, Russia and China will be affected by …

Al-Monitor – The Donald Trump administration sanctioned an Iranian shipping line and its Chinese subsidiary today after a six-month humanitarian deferral period ended. Secretary of State Mike Pompeo first announced sanctions on Mahan Air alongside the Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Company Ltd (E-Sail), in December. Pompeo noted in a statement today that the …

Radiofarda – Iran’s Economy and Finance Minister has said the coronavirus pandemic has cost his country a 15 percent drop in Gross Domestic Product and even if there were no American sanctions, it would not be possible to compensate for the loss. The minister, Farhad Dezhpasand told parliament on Sunday that Iran has to live without an oil income in …

VOA – OPEC and other key oil producers agreed Saturday to extend production cuts of nearly 10 million barrels of oil a day through July to boost oil prices severely hit by the COVID-19 pandemic. “All participating countries… agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month,” OPEC …

Radiofarda – The poverty-line income needed by a four-member household in Iran has risen from 25 million to 45 million rials monthly in the past two years, showing an eighty percent increase, the Islamic Parliament Research Center (IPRC) says in a new study. This means most ordinary workers and laborers do not even earn enough to reach the poverty-line income …

Radiofarda – In what appears to be candid remarks, Mohammad Qasemi, the head of the Iranian Parliament’s Research Center, has painted a bleak picture of Iran economy. He told parliament that structural flaws and weak management have plagued the Iranian economy during the past 40 years. Qasemi also warned that the potential for economic growth in Iran has been declining …

Radiofarda – Iran has decided to channel one billion dollars from its national reserves to prop up its ailing automakers amid a deep economic crisis gripping the country since 2018. Iran’s National Development Fund (NDF) is a foreign currency reserve meant to insure the economic well-being and progress of future generations. But the Islamic Republic has been forced to withdraw …

Radiofarda – The Islamic Republic customs data for the first two months of the new Iranian calendar year (beginning March 20, 2020) shows that the country’s non-oil exports fell 49 percent to $ 4.3 billion. In the same period last year, the figure was more than $ 8.4 billion. Meanwhile, the data also show that the country’s imports have declined …

VOA – Iran’s stock market has been booming for months, despite a collapse in the country’s economy and a rampant coronavirus that has struck the country hard. Even President Hassan Rouhani has sounded surprised. Rouhani has described the market’s performance as “astounding,” a view echoed by analysts and diplomats, who have been scratching their heads to understand why disease, runaway …