Thursday , 28 March 2024

Economy

Iran’s Zarif Dismisses Trump, Hook Threats Over Sanctions

Radiofarda – Iran’s Foreign Minister Mohammad-Javad Zarif on Thursday lashed out at President Donald Trump and the Special Representative on Iran Brian Hook’s threats to trigger a return of all United Nations sanctions if the arms embargo under the Iran nuclear agreement is not extended in October. Hook wrote in the Wall Street Journal on Tuesday that the United States is …

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Iran’s industry minister sacked amid crumbling economy

Al-Monitor – President Hassan Rouhani sacked his minister of industry, mine and trade at one of the most chaotic moments for the country’s industry, particularly in the automotive sector. The Iranian auto industry has been on a downward path in the past two months with prices of domestic products soaring by up to 60%. Yet no mention of that turbulence was made in …

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Will The Stock Market Bubble Burst In Iran?

Radiofarda – Iran’s stock market is on a historic run as prices increased 190 percent in the twelve months ending March 20 and keep rising, outpacing any other investment opportunity in the country. While the economy has been in crisis for more than two years, the national currency has devalued more than fourfold and U.S. sanctions have brought its oil …

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Iran’s Food Price Inflation At An Alarming 43 Percent Rate

RFL/RE – In a new report on Thursday, the Statistical Center of Iran (SCI) announced that the inflation rate in the 12-month period ending March 20, 2020 in for foodstuff, drinking water, beverages and tobacco products passed the 42 percent mark. The new overall inflation rate is up from 34 to 37 percent in comparison with the previous year for …

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Iran’s Trade Balance With Asian Partners Negative For First Time

Radiofarda – Official data published by Turkey and Iran’s other Asian economic partners indicate that trade between Iran and these countries dropped significantly in the first quarter of 2020 with the balance going into negative for Iran for the first time in recent history. The international Monetary Fund (IMF) has predicted that Iran’s total oil, non-oil and service exports in 2020 …

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Iran Statistical Center Claims Unemployment Dipped Last Year

Radiofarda – The Statistical Center of Iran (SCI) claims that the unemployment rate in 2019 decreased by about 1.5 percent compared with 2018 and went down to 10.7 percent. Decreasing unemployment however runs counter to the factual economic conditions last year. Iran faced its worst economic downturn in 2019, with 6.5 to 9 percent contraction in Gross Domestic Product. The …

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Iran Hardliner Lawmaker Attacks Rouhani For ‘Wasting Public Money’

Radiofarda – An outspoken conservative legislator in Iran has lambasted the Islamic Republic government for wasting the national treasury by offering U.S. dollars to some companies at a preferential low rate in 2018. Currently, one dollar is exchanged for more than 160,000 rials in the local markets, but the government offers a rate almost fourfold lower. Based on the official …

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Chinese Trade With Persian Gulf Region Grows Despite Pandemic

Radiofarda – Chinese customs data for the first three months of 2020 show an increase in both exports to and imports from the Persian Gulf despite a 6.8 percent contraction of Beijing’s GDP brought on by the COVID-19 pandemic. The resilience of China’s trade relations with the Persian Gulf states, despite pandemic-related disruptions, indicates the potential for Beijing to further enhance its influence in …

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Iran Offers Shares of Loss-Making Banks At Stock Market To Raise Money

Radiofarda – The Iranian government is planning to offer its shares in three major Iranian banks and two insurance companies for sale at the Tehran Stock Market. This is part of the President Hassan Rouhani administration’s attempt to make up for the budget deficit caused by a catalogue of problems. These include U.S. sanctions on Iran’s oil exports and international …

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