Economy

Radiofarda – Iran’s Supreme Leader Ayatollah Ali Khamenei has issued a decree, circumventing parliament by allowing members of the budget committee of the Parliament (Majles) to decide on Iran’s budget bill for the next year. Based on Khamenei’s decree, the 45 members of the budget committee will decide on the budget bill rather than the 290 members of the Parliament. …

Al-Monitor – The current crisis surrounding the spread of coronavirus in Iran is a complex and multilayered issue with political, social, health, environmental and economic consequences ranging from questions of how to sustain the economy to the notion of public trust in the government’s handling of the process. Yet with Iran already facing massive economic problems due to sanctions, mismanagement and …

Reuters – Iran’s rial hit a one-year low against the dollar on Wednesday as a sharp rise in coronavirus cases forced the closure of most of its borders, threatening the non-oil exports that are its main economic lifeline.FILE PHOTO: Iranian women wear protective masks to prevent contracting coronavirus, as they walk in the street in Tehran, Iran February 25, 2020. …

Radiofarda – After nationwide unrest in November, escalation with the U.S. following the killing of Qods Force Commander Qassem Soleimani and the Ukrainian airliner shot down by Iran’s Revolutionary Guards, all in a matter of three months, Iran’s economy has received yet another blow, this time from a coronavirus outbreak. The outbreak, officially announced on February 20 is likely to …

Radiofarda – Iran’s currency rial continued to lose value against major currencies on Saturday, reaching as low as 154,000 to the U.S. dollar at one point. The main reason for rial’s fall was the decision of an international financial watchdog to call on all countries for countermeasures against Iran for not ratifying legislation against money laundering and financing of terrorism. …

Reuters -A global dirty money watchdog is likely to place Iran on its blacklist on Friday after it failed to comply with international anti-terrorism financing norms, a move that would further isolate the country from financial markets, two diplomats said. The decision comes after more than three years of warnings from the Paris-based Financial Action Taskforce (FATF) urging Tehran to …

PayvandNews – The Iranian parliament has approved the details of a government bill to drop four zeros from the national currency rial. Reports in the local media on Wednesday said that the parliament’s economic committee had gone through all technical details of the bill which seeks to amend Article 1 of Iran’s Monetary and Banking Law to allow the government …

Radiofarda – The February plenary of the Financial Action Task Force (FATF) is underway in Paris. The outcome of this meeting could prove pivotal for Iran. The FATF, an intergovernmental body charged with setting standards and monitoring implementation of anti-money laundering and countering the financing of terrorism (AML/CFT) policies, has threatened to “fully lift the suspension of counter-measures and call on its …

Radiofarda – A Financial Action Task Force (FATF) meeting which has started in Paris is expected to review the situation of Iran’s commitment to international regulations against money laundering and financing terrorism also called the AML/CFT. The FATF meeting attended by over 800 delegates from 205 countries will continue until Friday February 21. International organizations such as the UN, International …

Radiofarda – The latest report from Iran’s Central Bank (CBI) released on Thursday indicates a steep rise in the volume of money supply and increased government borrowing from banks. According to the report, the volume of liquidity has risen to 20,262 trillion rials or $174 billion (free market rate) showing a growth of 28% and 56% in December 2019 compared …