Economy

Radiofarda – The Iranian Parliament (Majles) says the existence of several intelligence agencies in Iran has led to corruption and losses in the country’s automobile manufacturing industry. An investigative report read out at the Majles on Monday May 19, added that parts of these factories including Iran Khodro Diesel and SAIPA Diesel have been turned into backyards for “political outcasts” …

Al-Arabia – Iran’s main stock index fell below one million points Saturday, a week after topping that mark, state affiliated media reported.The Tehran Stock Exchange’s benchmark TEDPIX index lost 30,000 points in early trading on Saturday, falling to 989,000 points.The stock exchange rose above the 1 million mark for the first time last Saturday amid warnings that the market was …

Radiofarda – The Iranian parliament has disclosed in a report that 95 percent of smuggling into the country is done through legal ports of entry and procedures, using 31 different techniques. The report covering a long period of more than a decade was read in the open session of the Iranian parliament on May 12. According to the report, contrary …

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 …

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 …

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 …

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 …

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 …

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 …

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 …