Economy

Al-Monitor – The benchmark Tehran Stock Exchange index managed to break above its all-time highs just before the Iranian fiscal year ended March 19. The annual total return reached a whopping 187%, registering the highest annual growth in the exchange’s existence. Interestingly, the equal-weighted index, the barometer applied to measure the performance of micro-size listed companies, rocketed up during the same …

Radiofarda – The Islamic Republic of Iran Red Crescent Society is set to financially assist two million Iranians who have lost their jobs amid the novel coronavirus outbreak, its acting chief said on Friday, April 3. Speaking at a news conference, Karim Hemmati said that nearly two million have been identified across the country who have lost their jobs and …

Al-Monitor – While the Iranian government is busy managing the public health fallout of the coronavirus pandemic, there are increasing calls to pay attention to the needs of the country’s economy and to develop a stimulus plan. But what can the Hassan Rouhani administration do in its current financial position? Not only does it face major financial shortcomings, it also cannot access its …

Al-Monitor – Iran hawks in Congress are unhappy with the Donald Trump administration’s announcement that it will extend four waivers enabling other countries to cooperate with Tehran on certain civil nuclear activities. The waivers are among the last remnants of former President Barack Obama’s nuclear deal with Iran, which President Trump withdrew from in 2018. And while Trump’s maximum pressure …

Al-Monitor – Iran’s vice president for economic affairs lamented the free fall of the country’s oil revenue. Mohammad Nahavandian told Iranian state TV that oil inventory has dropped to one-eighth of where it stood in 2011. The comments came after the global oil market was rattled by the coronavirus pandemic, which has slashed international demand for crude. The damage to Iran, the world’s fifth largest oil producer, has …

Radiofarda – A video leaked from a meeting of the COVID-19 Control Task Force highlighted the power and influence of the economic conglomerate that operates under the aegis of the office of Iran’s Supreme Leader Ali Khamenei. In the video President Hassan Rouhani tells state TV Chief Ali Asgari to air free of charge advertising for online retailers to encourage Iranians …

Radiofarda – A senior official of Iran’s Ministry of Cultural Heritage has said that the cotronavirus epidemic will cost $200 million to the country’s tourism industry in three months. Mr. Vali Taymuri, the ministry’s deputy in charge of tourism, told the official IRNA news website on March 28 the government has tried to help hotels by cancelling their insurance and …

VOA – Iran’s president on Sunday lashed out at criticism of its lagging response to the worst coronavirus outbreak in the Middle East as a “political war,” saying he had to weigh protecting the economy while tackling the pandemic. Hassan Rouhani said the government had to consider the effect of mass quarantine efforts on Iran’s beleaguered economy, which is under …

Radiofarda – Data received by Radio Farda show that since January Iran’s crude oil exports to China have dropped further to less than 220,000 barrels per day. Earlier, Washington had repeatedly insisted that one of its main goals in imposing economic sanctions on the Islamic Republic was pushing Iranian oil exports to zero. The United States and China signed an …

Al-Monitor – There is no doubt that the current coronavirus crisis will undermine the Iranian economy and lead to a major contraction in the country’s gross domestic product. Some early estimates project a contraction of up to 3%, though it is too early to offer a reliable assessment. The Iranian government has already announced a number of measures to support vulnerable social …